/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170331.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, March 31, 2017, Vol. 21, No. 89 Headlines 1201 N. SWAN: Disclosures OK'd; Plan Confirmation Hearing on May 3 5 STAR WASHER: Court Extends Cash Collateral Use Until June 30 A.N.D.K WEALTH: Bay Mountain Wants to Ban Cash Collateral Use ACHAOGEN INC: Robert Duggan Holds 5.7% Equity Stake as of March 21 ACTIVECARE INC: Amends Preliminary 3.1-Mil. Units Prospects AFTOKINITO RALLY: DOJ Watchdog Directed to Appoint Ch. 11 Trustee AGRIEURO CORP: Limited Workforce Causes Delay in Form 10-Q Filing AMERIFLEX ENGINEERING: Taps R.K. Short as Financial Consultant AUDIENCE RESEARCH: Court Approves Disclosure Statement AUTO GOBBLER: Maltz to Auction Assets on May 24 AUTO TECH 101: Hires Trenk DiPasquale as Attorney AVINGER INC: Ernst & Young LLP Raises Going Concern Doubt AZURE MIDSTREAM: Seeks to Modify Severance Program B&G FOODS: Moody's Affirms B1 Corporate Family Rating BALLANTRAE LLC: Hires McMahon as Attorney BARIA AND SONS: Hires Chase Bylenga as Counsel BASS PRO: Bank Debt Trades at 4% Off BEHNEY CORP: Case Summary & 20 Largest Unsecured Creditors BISTRO AT CHERRY: Voluntary Chapter 11 Case Summary BONDHU LLC: Case Summary & Unsecured Creditor BOSTWICK LABORATORIES: Taps James Patrick Carroll as CRO BREVARD EYE: Needs Approval to Use SummitBridge Cash Collateral CAMPUS HABITATS: Hires McBreen & Kopko as Counsel CASTLE PINES: American Microloan to be Paid $70,000 Under Plan CENOVUS ENERGY: Moody's Affirms Ba2 CFR, Outlook Remains Stable CENTER DESIGNS: Carter Bank Asks Court to Ban Cash Collateral Use CHARLIE BROWN'S: Plan Confirmation Hearing on May 10 CHESAPEAKE ENERGY: 'Done More, Doing More... More to Do' CINRAM GROUP: April 3 Meeting Set to Form Creditors' Panel CLASSICAL DEVELOPMENT: Taps Marathon Realty as Real Estate Broker CLAYTON WILLIAMS: Facing Lawsuits Over Noble Merger Agreement COLD SPY: Seeks to Hire Roussos Glanzer as Legal Counsel COSI INC: Seeks Financing Increase to $7.5 Million CREATIVE REALITIES: Reports $6.37 Million Net Loss for 2016 CRR INC: U.S. Trustee Unable to Appoint Committee CRSI INC: U.S. Trustee Unable to Appoint Committee CYTOSORBENTS CORP: Bolsters IP Portfolio with New Patents Issuance DAVID GEERTS: Midwestern BioAg Replaces Kophamer as Panel Member DAVID'S BRIDAL: Bank Debt Trades at 15% Off DON GREEN: Hearing on Disclosure Statement Scheduled for May 4 DOUBLE J FARMS: Hires Markham as Bankruptcy Counsel DURECT CORP: Ernst & Young LLP Raises Going Concern Doubt EARL GAUDIO: May 9 Deadline Set for Refrigerated Warehouse Bids EKSO BIONICS HOLDINGS: Oum & Co. LLP Casts Going Concern Doubt ENDLESS SALES: U.S. Trustee Unable to Appoint Committee ERATH IRON: Gets Interim Nod to Use Cash Collateral Until May 20 ERICKSON INC: Chapter 11 Post-Confirmation Order Entered ESP RESOURCES: Panel Seeks Case Conversion to Chapter 7 FINJAN HOLDINGS: Adopts 2017 Executive Incentive Compensation Plan FREESEAS INC: LG Capital Reports 9.8% Stake as of March 24 FTS CAPITAL: Hires Ehrhard & Associates as Counsel GELTECH SOLUTIONS: Incurs $4.67 Million Net Loss in 2016 GETTY IMAGES: Bank Debt Trades at 12% Off GRAND PERFECTA: Negative Cash Flow Raises Going Concern Doubt HAMILTON SUNDSTRAND: Bank Debt Trades at 5% Off HAYDEL PROPERTIES: Hires McEnery Company as Appraiser HBT JV: DK8 Unit Hires Gardere Wynne as Counsel HBT JV: Hires Forshey & Prostok as Counsel HBT JV: Taps Focus Management as Financial Advisor HBT JV: Taps JND Corporate as Noticing and Claims Agent HD SUPPLY: Moody's Hikes Corporate Family Rating to Ba3 HEALTHIER CHOICES: Opens New Ada's Greenleaf Grill in Florida HUDSON'S BAY: Bank Debt Trades at 3% Off HUMAN CONDITION: Wants $425,000 DIP Financing From AIG PC OK'd INTERNATIONAL SHIPHOLDING: Cases of 2 Affiliates Dismissed ISAACSON IMPLEMENT: Wants to Continue Using Cash Until May 31 J&M FOOD: Taps Canterbury Law Group as Legal Counsel J. CIOFFI LEASING: Asks Court Approval to Use Cash Collateral JEFFREY P. ALEXANDER DDS: Trustee Hires McCord as Accountant JESUS MISSION: To Liquidate Assets under Chapter 11 Plan K.J.B. SPECIALTIES: Intends to Use Ameris Bank Cash Collateral KCST USA: Taps Darr of Huron Consulting as CRO KEMET CORP: Files Conflict Minerals Report for 2016 LINDLEY FIRE: U.S. Trustee Forms 3-Member Committee MF GLOBAL: Court Allows Claim That PwC's Services Led to Collapse MFR RENTAL: Hires Buddy Ford as Attorney MICROVISION INC: Director Richard Cowell to Retire After 20 Years MONTCO OFFSHORE: Seeks Nod of $3.15-Mil Loan, Cash Collateral Use MONTCO OFFSHORE: U.S. Trustee Forms 7-Member Committee MPM HOLDINGS: 36.5 Million Shares Up for Sale NEIMAN MARCUS: Bank Debt Trades at 20% Off NORTHWEST GOLD: Hires Erik LeRoy as Counsel NOVA TERRA: Taps Ruben Gonzalez Marrero as Legal Counsel NY COMMUNITY BANCORP: Fitch Affirms BB- Preferred Stock Rating OCEAN RIG: Reaches Restructuring Support Agreement with Creditors OMNICOMM SYSTEMS: Posts $102K Net Income for 2016 OPEXA THERAPEUTICS: Incurs $7.98 Million Net Loss in 2016 OVERTON & OGBURN: Needs Approval to Continue Cash Collateral Use PARKER DEVELOPMENT: Consent Order on Cash Use Entered PEABODY CORP: Management Team to Meet with Investors, Analysts PEABODY ENERGY: Reports $732 Million Net Loss for 2016 PETSMART INC: Bank Debt Trades at 5% Off PROINOS BREAKFAST: Hires Blanchard as Attorney PUERTO RICO: Bondholder Group Expresses Concerns on Fiscal Plan RECOM INC: Swift Financial Does Not Consent to Cash Collateral Use RETAIL DESIGNS: Carter Bank Seeks to Prohibit Cash Collateral Use RL ENTERPRISE: Hires Ballstaedt as Bankruptcy Attorney ROYAL HAWAIIAN: EKS&H LLLP Raises Going Concern Doubt RP BROADCASTING: Court Approves Chapter 11 Trustee Appointment RXI PHARMACEUTICALS: Copy of Presentation at Cancer Forum SEANIEMAC INTERNATIONAL: Shane O'Driscoll Quits as Director SNAP INTERACTIVE: Incurs $1.45 Million Net Loss in 2016 SQUARETWO FINANCIAL: Has Interim OK to Obtain $10M DIP Financing T-REX OIL: Reports $1.1 Million Net Loss for Third Quarter THIRTEEN EAST: Cash Collateral Moot as Case Dismissed TOSHIBA CORP: Owed $1.29B by Nuclear Unit, Sees JPY1.1-Tril. Loss TRIANGLE PETROLEUM: Receives NYSE MKT Delisting Notice TRIANGLE USA: Court Approves Severance for Departing Employees USI INC: Moody's Assigns B3 CFR; Outlook Stable VANGUARD NATURAL: Wants Plan Outline Hearing Moved to April 13 VMF INC: Seeks to Hire Doran & Doran as Legal Counsel WAGES MANOR: U.S. Trustee Unable to Appoint Committee WALTER INVESTMENT: Bank Debt Trades at 14% Off WEATHERFORD INTERNATIONAL: Dodge & Cox Owns 8.5% of Shares WESTINGHOUSE ELECTRIC: Balance Sheet as of Feb. 28, 2017 WESTINGHOUSE ELECTRIC: Goldman Beefs Up DIP Financing Offer WESTINGHOUSE ELECTRIC: Owes $49.7 Million to Employees WESTINGHOUSE ELECTRIC: Proposes to Pay $87.3M to Critical Vendors WESTMORELAND COAL: Promotes Gary Kohn to Chief Financial Officer WESTMOUNTAIN GOLD: Hires Schwabe Williamson as Special Counsel WL MECHANICAL: Hires Foster as Bankruptcy Counsel WRIGHT'S WELL: Hires Aguillard as Attorney [*] Kenneth Kase Conte Named Bridgepoint Dallas Office Director [*] New Jersey Resources Appoints Nancy Washington as Sr. VP, GC [^] BOOK REVIEW: Oil Business in Latin America: The Early Years ********* 1201 N. SWAN: Disclosures OK'd; Plan Confirmation Hearing on May 3 ------------------------------------------------------------------ The Hon. Brenda Moody Whinery of the U.S. Bankruptcy Court for the District of Arizona has approved 1201 N. Swan, LLC's disclosure statement dated Jan. 18, 2017, referring to the Debtor's plan of reorganization dated Nov. 10, 2016. The initial hearing to consider the confirmation of the Plan is set for May 3, 2017, at 10:00 a.m. Objections to the confirmation of the Plan must be filed by April 26, 2017. Acceptances or rejections of the Plan must be filed by April 26, 2014. The written report by proponent must be filed on April 28, 2017. The Troubled Company Reporter previously reported that under the Plan, holders of allowed Class 3 Claims will share pro rata in three $750 distributions. The first $750 distribution will be made on the first business day of the first month, starting 30 days after the Effective Date. The second $750 distribution will be distributed 120 days after the first payment. The third and final $750 distribution will be made 120 days after the second distribution. Headquartered in Tucson, Arizona, 1201 N. Swan, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 16-09256) on Aug. 11, 2016, estimating its assets and liabilities at between $100,001 and $500,000 each. Kasey C. Nye, Esq., at Kasey C. Nye, Lawyer, PLLC, serves as the Debtor's bankruptcy counsel. 5 STAR WASHER: Court Extends Cash Collateral Use Until June 30 -------------------------------------------------------------- Judge Michael J. Kaplan of the U.S. Bankruptcy Court for the Western District of New York authorized 5 Star Washer Technical Services Inc. to continue using cash collateral through June 30, 2017. The Debtor is authorized to use cash collateral on the same terms set forth in the Court's Twentieth Interim Cash Collateral Order, entered on Jan. 13, 2016. In addition, Judge Kaplan extended the Debtor's time to confirm its Small Business Plan through June 30, 2017. A further hearing and status report on confirmation of the Debtor's Plan and on approval of any further extension of both time to confirm the Debtor's Small Business Plan and the Debtor's continued use of cash collateral beyond June 30, 2017 will be held on June 21, 2017 at 10:00 a.m. A full-text copy of the Order dated March 22, 2017, is available at https://is.gd/QfZWzl About 5 Star Washer 5 Star Washer Technical Services Inc., successor-in-interest to 5 Star Washer Service Inc., filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 13-10738) on March 22, 2013. The petition was signed by Becki L. Spears, president. The case is assigned to Judge Michael J. Kaplan. The Debtor is represented by Daniel F. Brown, Esq. at Andreozzi, Bluestein, Fickess, Muhlbauer Weber, Brown, LLP. At the time of filing, the Debtor estimated assets at $1,000,001 to $10,000,000 and liabilities at $500,001 to $1,000,000. A.N.D.K WEALTH: Bay Mountain Wants to Ban Cash Collateral Use ------------------------------------------------------------- Bay Mountain Funding I LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia to prohibit A.N.D.K. Wealth Management, Ltd., from using cash collateral without provision for adequate protection of the Bay Mountain's interests in the cash collateral. The Debtor is indebted to Bay Mountain in the approximate outstanding balance of $980,232, as of the Petition Date, secured by an interest in real property -- rental income producing condominium -- commonly known as Hamilton Townhomes, 2400 Campbellton Road SW, Atlanta, GA 30311, and an interest in the rents from said Property. Bay Mountain believes that the Debtor continues to collect and use rents and income from the Property postpetition. But the Debtor is not delivering the rents to Bay Mountain, and has been dispersing the rents and not segregating them as Bay Mountain's cash collateral. Bay Mountain demands that the Debtor segregate all rents and other income from the Property in a separate account without offset or deduction of any kind and to hold the same for the benefit of Bay Mountain. Bay Mountain asserts that all rents and income generated by the Debtor's operation of the Property, constitute its cash collateral. However, since the Debtor did not file any first day motions in this case and has not sought leave of Court to use the Cash Collateral, Bay Mountain does not have information regarding the amount of Rents collected by Debtor each month. As such, Bay Mountain asks the Court to require Debtor to provide Bay Mountain an accounting of all rent and other income from the Property. A hearing on Bay Mountain's Motion will be held on April 6, 2017 at 11:00 a.m. Bay Mountain Funding I LLC is represented by: William O. Tate, Esq. Lisa A. Frank, Esq. McCalla Raymer Leibert Pierce, LLC 110 S.E. 6th Street Suite 2400 Ft. Lauderdale, FL 33301 Phone: (678) 281-6473 About A.N.D.K Wealth Management Decatur, Georgia-based A.N.D.K Wealth Management, Ltd., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 17-54317) on March 7, 2017. The petition was filed pro se. ACHAOGEN INC: Robert Duggan Holds 5.7% Equity Stake as of March 21 ------------------------------------------------------------------ In a Schedule 13D filed with the Securities and Exchange Commission, Robert W. Duggan, a private investor, disclosed that as of March 21, 2017, he beneficially owns 2,035,888 shares of common stock of Achaogen, Inc. representing 5.7 percent of the shares outstanding. The aggregate percentage of Shares reported owned by the Reporting Person is based on 35,781,564 Shares outstanding, as of March 1, 2017, which is the total number of Shares outstanding as reported in the Issuer's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 14, 2017. "The Reporting Person purchased the Shares based on the Reporting Person's belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Person, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Person may endeavor to increase or decrease his position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable," he said in the regulatory filing. A full-text copy of the Schedule 13D is available for free at: https://is.gd/9amERD About Achaogen, Inc. Achaogen, Inc. -- http://www.achaogen.com/-- is a clinical-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of novel antibacterials to treat multi-drug resistant gram-negative infections. The Company is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. In 2013, the Centers for Disease Control and Prevention identified CRE as a "nightmare bacteria" and an immediate public health threat that requires "urgent and aggressive action." Achaogen reported a net loss of $71.22 million on $41.77 million of contract revenue for the year ended Dec. 31, 2016, compared to a net loss of $27.09 million on $26.06 million of contract revenue for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Achaogen had $163.92 million in total assets, $57.19 million in total liabilities and $106.73 million in total stockholders' equity. ACTIVECARE INC: Amends Preliminary 3.1-Mil. Units Prospects ----------------------------------------------------------- ActiveCare, Inc., filed with the U.S. Securities and Exchange Commission an amended registration statement relating to the proposed offering of 3,090,910 units, each unit consisting of one share of its common stock, $0.00001 par value per share, and one warrant to purchase one share of its common stock. The Company anticipates a public offering price between $5.00 and $6.00 per unit. The warrants included within the units are exercisable immediately, have an exercise price of $6.88 per share (125% of the public offering price based on an assumed initial offering price of $5.50 per unit, the mid-point of the price range) and expire five years from the date of issuance. The Company amended the registration statement to delay its effective date. The units will not be issued or certificated. Purchasers will receive only shares of common stock and warrants. The shares of common stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of common stock issuable from time to time upon exercise of the warrants. The Company's common stock is quoted on OTC Markets Group Inc. OTCQB quotation system under the trading symbol "ACAR". The Company has applied to have its common stock and warrants listed on The Nasdaq Capital Market under the symbols "ACAR" and "ACARW," respectively. No assurance can be given that our application will be approved. On March 27, 2017, the last reported sale price for the Company's common stock on the OTCQB was $23.50 per share after giving effect to the 1-for-500 reverse stock split of its common stock which was effectuated on Jan. 27, 2017, in order to facilitate NASDAQ listing approval. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. Quotes for shares of the Company's common stock on the OTCQB may not be indicative of the market price on a national securities exchange, such as The Nasdaq Capital Market. A full-text copy of the amended Form S-1 is available at: https://is.gd/mA6Ykg About ActiveCare South West Valley City, Utah-based ActiveCare, Inc., develops and markets products for monitoring the health of and providing assistance to mobile and homebound seniors and the chronically ill. ActiveCare is organized into three businesses. The Stains and Reagents segment is engaged in the business of manufacturing and marketing medical diagnostic stains, solutions and related equipment to hospitals and medical testing labs. The CareServices segment is engaged in the business of developing, distributing and marketing mobile health monitoring and concierge services to distributors and customers. The Chronic Illness Monitoring segment is primarily engaged in the monitoring of diabetic patients on a real time basis. ActiveCare reported a net loss of $12.8 million on $6.59 million of chronic illness monitoring revenues for the year ended Sept. 30, 2015, compared with a net loss of $16.4 million on $6.10 million of chronic illness monitoring revenues for the year ended Sept. 30, 2014. As of June 30, 2016, ActiveCare had $1.91 million in total assets, $21.01 million in total liabilities and a total stockholders' deficit of $19.10 million. Tanner LLC, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, citing that the Company has recurring losses, negative cash flows from operating activities, negative working capital, negative total equity, and certain debt that is in default. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. AFTOKINITO RALLY: DOJ Watchdog Directed to Appoint Ch. 11 Trustee ----------------------------------------------------------------- Chief U.S. Bankruptcy Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the District of New Hampshire entered an Order directing the U.S. Trustee to appoint a disinterested Chapter 11 Trustee for Aftokinito Rally, Inc. Chief Judge Harwood added that neither the Debtor nor its principal, Stephan Condodemetraky, nor any other person or entity will be permitted to remove any vehicles or any other property from the Debtor's facility at 27 Airport Road, Nashua, NH.. Provided, however, Mr. Condodemetraky will be permitted to remove the five cars to a warehouse located at 8 Tinkham Ave., Unit D, Derry, NH currently being leased by Tenedos Holdings, Inc. Moreover, the Court ordered Mr. Condodemetraky to use the two flatbed trucks being leased by the Debtor to transport the five vehicles last March 24, 2017. About Aftokinito Rally Based in Nashua, New Hampshire, Aftokinito Rally, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.H. Case No. 17-10184) on Feb. 16, 2017. The petition was signed by Stephan Condodemetraky, president. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $1 million. AGRIEURO CORP: Limited Workforce Causes Delay in Form 10-Q Filing ----------------------------------------------------------------- AgriEuro Corp said that its quarterly report on Form 10-Q for the period ended Dec. 31, 2016, will not be submitted by the deadline due to a situation where the workload exceeds available personnel. The Company was unable to complete analysis of all financial and non-financial information needed to be included in the report. About AgriEuro AgriEuro Corp., formerly Artex Corp., is engaged in the business of agriculture, aquaculture and hospitality. The Company holds interests in S.C. Piscicola Tour A.P. Periteasca S.R.L. (SRL). SRL's investments and assets are located in the country of Romania in the Periteasca - Leahova area, on the administrative territory of Murighiol locality, Tulcea County, between Black Sea, Grindul Lupilor and Lagoon Complex Razim - Sinoe. As of Sept. 30, 2016, AgriEuro had $4.30 million in total assets, $2.46 million in total liabilities and $1.84 million in total stockholders' equity. "As of September 30, 2016, the Company has a working capital deficit of approximately $1.78 million. The Company completed its winter reed harvest and has recorded 349,088 raw bundles effective March 31, 2016 a portion of which were subsequently cleaned, culled and prepared for initial sales commencing late May 2016. As of September 30, 2016 the Company has sold approximately 55% of its total expected saleable inventory and holds 18,972 saleable bundles in inventory as well as approximately 114,619 raw bundles for processing. The Company expects to burn its crop fields during the fourth quarter of fiscal 2016 and should have completed sale of the finished reed bundles by close of the fourth quarter as well. As of the date of these financial statements, the Company has not acquired automated harvesting equipment and is again relying on manual labor in order to harvest and produce its saleable reed crop in 2016. The result of not purchasing automated harvesting equipment is an approximate 85% reduction in potential yield while at the same time increasing costs due to the required use of manual labor. These factors raise substantial doubt about the Company's ability to continue as a going concern." AMERIFLEX ENGINEERING: Taps R.K. Short as Financial Consultant -------------------------------------------------------------- Ameriflex Engineering, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Oregon to employ the R.K. Short & Associates, Inc., as financial consultant to the Debtor. Ameriflex Engineering requires R.K. Short to: a. evaluate the assets and liabilities of the Debtor; b. prepare financial and operating statements of the Debtor; c. prepare business plans and forecasts of the Debtor for the chapter 11 plan of reorganization; and d. review the potential financial alternatives of the Debtor. R.K. Short will be paid at the hourly rate of $220, and $110 per hour for out of town travel time. R.K. Short received a retainer from the Debtor in the amount of $25,000 on March 17, 2017. On March 22, 2017, prior to the filing of the petition, R.K. Short was paid $3,300, leaving a balance in R.K. Short 's Client Trust Account of $21,700. R.K. Short will also be reimbursed for reasonable out-of-pocket expenses incurred. R. Kim Short, partner of R.K. Short & Associates, Inc., 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 estates. R.K. Short can be reached at: R. Kim Short R.K. SHORT & ASSOCIATES, INC. 975 Oak St., Suite 700 Eugene, OR 97401-3121 Tel: (541) 484-2434 About Ameriflex Engineering, LLC Ameriflex Engineering LLC, based in White City, OR, filed a Chapter 11 petition (Bankr. D. Or. Case No. 17-60837) on March 22, 2017. The Hon. Thomas M Renn presides over the case. Tara J. Schleicher, Esq., at Farleigh Wada Witt, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Pacific Diamond & Precious Metals, Inc., member. AUDIENCE RESEARCH: Court Approves Disclosure Statement ------------------------------------------------------ The Hon. David E. Rice of the U.S. Bankruptcy Court for the District of Maryland has approved Audience Research Analysis, Inc.'s amended disclosure statement filed on Feb. 6, 2017, referring to the Debtor's plan of reorganization dated Feb. 6, 2017. As reported by the Troubled Company Reporter on Feb. 14, 2017, the Court conditionally approved the Disclosure Statement. According to the Debtor's amended Disclosure Statement, Class III - Unsecured Claims of Bank of America (unsecured portion of Claim 4-1), Bank of America (Claim 3-1), and Bank of America credit card (scheduled claim as adjusted by setoffs against the guarantor's personal account) is comprised of the aggregate balances of all unsecured claims not entitled to priority. The aggregate balances of the claims are $154,151.62 and consist of (a) Bank of America for the unsecured portion of Claim 4-1, i.e., $14,769.38; (b) the unsecured claim of Bank of America (Claim 3-1 $117,686.92); and (c) the remaining credit card balance of $21,695.32 owed to Bank of America. About Audience Research Headquartered in New Windsor, Maryland, Audience Research Analysis, Inc., started operations in the 1980s. It was formed to provide the public radio system with easy-to-understand, actionable audience research, at a time when audience research was just starting to be used to guide programming and management decisions. The Debtor uses the raw listening data (gathered on behalf of stations by the Nielsen company), and creates in-depth analyses of each station's audience, from who they are, to when they listen, and who is the competition, so each station can gauge the effectiveness of its programming. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 16-16988) on May 21, 2016, estimating its assets at up to $50,000 and its liabilities at between $100,001 and $500,000. Edward M. Miller, Esq., at Miller and Miller, LLP, serves as the Debtor's bankruptcy counsel. AUTO GOBBLER: Maltz to Auction Assets on May 24 ----------------------------------------------- Maltz Auctions will hold an auction for the 110,000 sq. ft. industrial assemblage owned by Auto Gobbler Parts Inc. on May 24, 2017, at 11:00 a.m. The auction will be conducted at NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, New York. Property will be sold free and clear of all liens, claims & encumbrances. In order to register to bid, all prospective bidders must present a cashier's check in an amount of; $200,000 to bid on Offering A, $50,000 to bid on Offering B, $250,000 to bid on Offering C and/or $300,000 to bid on Offering D. All checks for Offerings A, B & C must be made payable to "Robert J. Musso, Chapter 7 Trustee". All checks for Offering D must be made payable to Maltz Auctions, Inc. In addition, a 5% buyer's premium will be added to the successful bidder's high bid to determine the contract price to be paid by the successful bidder. A 1% commission will be paid to any properly licensed buyer broker who registers a successful buyer in accordance with the buyer broker guidelines. Additional information regarding the upcoming auction is available at https://is.gd/xa7fiy Maltz Auctions can be reached at: MALTZ AUCTIONS Richard B. Maltz, Auctioneer David A. Constantino, Auctioneer 39 Windsor Place Central Islip, NY 11722 Tel: 516.349.7022 Fax: 516.349.0105 Email: info@MaltzAuctions.com Robert J. Musso, Chapter 7 Trustee, retained as counsel: Rosenberg, Musso & Weiner, LLP Attorneys for the Chapter 7 Trustee 26 Court St. Brooklyn, NY 11242 Tel: 1-800-297-6840 Based in New York, Auto Gobbler Parts Inc. filed for Chapter 11 protection on June 16, 2015 (U.S. Bankr. E.D.N.Y. Case No. 15-42814). Hon. Elizabeth S. Stong presides over the Debtor's case. Narissa A Joseph, Esq., at Law Office of Narissa Joseph represents the Debtor's Case. The Debtor listed $0 in total assets and $2 million in total liabilities. AUTO TECH 101: Hires Trenk DiPasquale as Attorney ------------------------------------------------- Andrea Dobin, the Trustee of Auto Tech 101, Inc., seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ Trenk DiPasquale Della Fera & Sodono, P.C., as attorney to the Trustee. The Trustee requires Trenk DiPasquale to represent and assist the Chapter 11 Trustee in the investigation of the Debtor's affairs and to assist in the Debtor's reorganization. Trenk DiPasquale will be paid at these hourly rates: Partners $390-$600 Associates $225-$350 Law Clerks $190-210 Support Staff $140-$195 Trenk DiPasquale will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrea Dobin, partner of Trenk DiPasquale Della Fera & Sodono, 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 estates. Trenk DiPasquale can be reached at: Andrea Dobin, Esq. TRENK DIPASQUALE DELLA FERA & SODONO, P.C. 427 Riverview Plaza Trenton, NJ 08611 Tel: (609) 695-6070 About Auto Tech 101, Inc. Auto Tech 101, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 17-13314) on February 21, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Harrison Ross Byck, Esq., at Kasuri Byck, LLC. The Debtor also hired Trenk DiPasquale Della Fera & Sodono, P.C., as attorney. AVINGER INC: Ernst & Young LLP Raises Going Concern Doubt --------------------------------------------------------- Avinger, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $56.13 million on $19.21 million of revenues for the fiscal year ended December 31, 2016, compared to a net loss of $47.34 million on $10.71 million of revenues for the fiscal year ended December 31, 2015. Ernst & Young LLP notes that the Company's recurring losses from operations and its need for additional capital raise substantial doubt about its ability to continue as a going concern. The Company's balance sheet at December 31, 2016, showed total assets of $53.56 million, total liabilities of $49.32 million, and a stockholders' equity of $4.24 million. A full-text copy of the Company's Form 10-K is available at: https://is.gd/29phM2 About Avinger, Inc. Avinger, Inc., is a commercial-stage medical device company. The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease (PAD). The Company focuses on introducing products based on its lumivascular platform, which is an intravascular image-guided system. The Company manufactures and sells a suite of products in the United States and certain European markets. AZURE MIDSTREAM: Seeks to Modify Severance Program -------------------------------------------------- BankruptcyData.com reported that Azure Midstream Partners filed with the U.S. Bankruptcy Court an expedited motion for entry of an order authorizing the Debtors to pay severance to non-insider employees. The motion explains, "In consultation with the Lenders, the Debtors have agreed to modify the Severance Program to (a) adjust the size of the severance payment provided to each Eligible Employee depending on the employee's length of service with the Company per the terms set forth in the table below and up to an aggregate cap of $500,000, to which each Eligible Employee would share pro rata, and (b) clarify that Eligible Employees who are employed or retained in any capacity (including without limitation, as a consultant or independent contractor) by any Non-Debtor Affiliate Company within 3 months of termination are required to disgorge and return their Severance Payment back to the Debtors' Estates upon the commencement of such employment or retention. Debtors estimate that their net severance obligations, after deduction of the applicable retention payments, will be between approximately $225,000 and $517,000. Of these amounts, the Debtors estimate that between approximately $66,000 and $120,000 of the Debtors' aggregate severance obligations will be for amounts in excess of the $12,850 priority cap. Through this Motion, the Debtors seek authorization to continue the Severance Program, as modified, on a post-petition basis for Eligible Employees terminated on or after the effective date of the Sale Transaction, including to honor Severance Payments that may be owed in excess of the $12,850 priority cap." About Azure Midstream Partners Azure Midstream Partners, LP, is a publicly traded Delaware master limited partnership that was formed by NuDevco Partners, LLC, and its affiliates to develop, own, operate and acquire midstream energy assets. Azure Midstream and 11 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 17-30461) on Jan. 30, 2017. The petitions were signed by I.J. Berthelot, II, president. The cases are assigned to Judge David R Jones. Azure disclosed $375.53 million in assets and $179.38 million in liabilities as of as of Sept. 30, 2016. Vinson & Elkins LLP is serving as corporate counsel to the Debtors; Evercore Group LLC is serving as as financial advisor; Alvarez & Marsal North America LLC is serving as restructuring advisor; and Kurtzman Carson Consultants LLC is serving as claims, noticing & balloting agent B&G FOODS: Moody's Affirms B1 Corporate Family Rating ----------------------------------------------------- Moody's Investors Service affirmed its Corporate Family Rating (CFR) and Probability of Default Rating (PDR) for B&G Foods Inc., at B1 and B1-PD, respectively. Concurrently, Moody's assigned a B3 rating to the company's newly proposed $500 million 8-year senior unsecured notes issuance. In addition, Moody's upgraded the ratings for the company's existing senior secured debt ($750 million principal, $640 million outstanding term loan B; $500 million revolving credit facility), to Ba2 from Ba3, principally given the rating agency's reassessment of loss given default for secured and unsecured creditors following the shift in debt capitalization, wherein the former would now be expected to recover more at the expense of greater loss absorption for the latter in an event of default scenario. Finally, Moody's affirmed the B3 rating for the company's existing $700 million of senior unsecured notes due 2021, as well as the company's SGL-1 speculative grade liquidity rating. Moody's plans to withdraw the Ba3 rating for company's existing term loan A that is being refinanced in connection with this transaction. The ratings outlook remains stable. Proceeds from the newly proposed notes are expected to be used to term out $223 million of existing revolver borrowings and repay $234 million of existing term loan A borrowings, with the balance net of transaction fees and expenses expected to add $34 million of cash to the company's balance sheet. "Although the planned B&G Foods transaction will lock in long-term financing at a fixed rate, it is expected to moderately increase the company's cost of capital as lower interest bearing debt is being repaid with net proceeds from the issuance," said Moody's Vice President Brian Silver. "Also, while liquidity will be bolstered by the terming out of the company's current revolver borrowings, Moody's expects subsequent draws under the revolver will be used to fund future acquisitions, which may result in higher financial leverage relative to current levels," added Silver. The following rating has been assigned for B&G Foods, Inc.: $500 million newly proposed Senior Unsecured Notes due 2025 -- B3 (LGD5) The following ratings have been upgraded for B&G Foods, Inc.: $500 million Senior Secured Revolving Credit Facility due 2019 -- to Ba2 (LGD2) from Ba3 (LGD3) $750 million principal ($640 million outstanding) Senior Secured Term Loan B due 2022 -- to Ba2 (LGD2) from Ba3 (LGD3) The following ratings have been affirmed for B&G Foods, Inc.: Corporate Family Rating -- B1 Probability of Default Rating -- B1-PD $700 million Senior Unsecured Notes due 2021 -- B3 (LGD5) Speculative Grade Liquidity Rating -- SGL-1 The ratings outlook remains stable. The following rating will be withdrawn for B&G Foods, Inc. upon closing of the transaction: $300 million principal ($234 million outstanding) Senior Secured Term Loan A due 2019 -- Ba3 (LGD3) RATINGS RATIONALE B&G Foods' B1 CFR is largely reflective of the company's elevated leverage profile and relatively aggressive financial policies, highlighted by large dividend payments and the periodic use of debt to fund potentially large acquisitions. B&G's rating is also a function of its small but improving scale relative to more highly rated industry peers, and its acquisitive growth strategy. The company's FY16 debt-to-EBITDA, pro forma for its newly proposed capital structure and contributions from the ACH and Victoria acquisitions, was approximately 5.1x on a Moody's-adjusted basis. Moody's expects some deleveraging will occur over the next twelve to eighteen months, largely driven by EBITDA growth, but this could be delayed by debt-funded acquisitions. The rating also considers potential challenges associated with ongoing expansion into frozen food, a category that has been under pressure over the last few years. It also incorporates the potential for acquisition integration risk, specifically from the recent acquisition of the spices and seasonings business of ACH, and to a lesser degree from Green Giant now that much of the integration has been completed. The company's credit profile benefits from its relatively high margins, consistent cash flow generation, a broad product portfolio and a largely successful track record of integrating acquisitions. B&G's willingness to dividend a high portion (roughly 50% - 65%) of its cash from operations less capital spending is partially mitigated by the consistency of its cash flow generation, low cash tax and capital spending requirements (due in part to its extensive use of co-packers), and its success in recouping commodity cost increases through timely pricing actions within its niche branded product offerings. The stable ratings outlook is based on Moody's expectation that B&G's leverage will moderately improve but remain in excess of 4.5x over the next twelve to eighteen months. Leverage will also be subject to periodic increases for debt-funded acquisitions. In addition, the company is expected to continue to generate solid cash flow and maintain a very good liquidity profile. B&G's ratings could be upgraded if the company is able to sustain debt-to-EBITDA below 5.0x, even considering a continuation of its acquisition based growth strategy, and improve RCF-to-net debt such that it approaches 10%. In addition, Moody's would expect the company to grow its core base business prior to considering a prospective ratings upgrade. Alternatively, ratings could be downgraded if adjusted debt-to-EBITDA is sustained above 6.0x, RCF-to-net debt weakens and is sustained below 5%, or liquidity deteriorates and revolver borrowings increase materially. The principal methodology used in these ratings was Global Packaged Goods published in January 2017. B&G Foods, Inc., based in Parsippany, New Jersey, is a publicly traded manufacturer and distributor of a diverse portfolio of largely branded, shelf-stable food products, many of which have leading regional or national market shares in niche categories. The company also has a significant presence in frozen food following the 2015 acquisition of Green Giant and maintains a small presence in household products. B&G's brands include Cream of Wheat, Ortega, Maple Grove Farms of Vermont, Polaner, B&M, Las Palmas, Mrs. Dash, Green Giant, Pirate Brands, and Bloch & Guggenheimer, among others. B&G sells to a diversified customer base including grocery stores, mass merchants, wholesalers, clubs, dollar stores, drug stores, the military and other food service providers. Pro forma for the Victoria Fine Foods and ACH acquisitions, B&G generated net sales for the twelve months ended December 2016 of approximately $1.6 billion. BALLANTRAE LLC: Hires McMahon as Attorney ----------------------------------------- Ballantrae, LLC, d/b/a Oceanside Academy School, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Brian K. McMahon, P.A., as attorney to the Debtor. Ballantrae, LLC requires McMahon to: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the Debtor in negotiation with its creditors in the preparation of a plan. McMahon will be paid at the hourly rate of $400. McMahon will be paid a retainer in the amount of $5,000. McMahon will also be reimbursed for reasonable out-of-pocket expenses incurred. Brian K. McMahon, partner of Brian K. McMahon, P.A., 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 estates. McMahon can be reached at: Brian K. McMahon, Esq. BRIAN K. MCMAHON, P.A. 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Ballantrae, LLC Ballantrae, LLC, based in Sarasota, FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-13427) on March 22, 2017. Brian K. McMahon, Esq., at Brian K. McMahon, P.A., to serve as bankruptcy counsel. In its petition, the Debtor estimated $2.03 million in assets and $3.42 million in liabilities. The petition was signed by Corinne Gates, manager member. The Debtor has a fee simple interest in a property located at 5397 Roebuck Road, Jupiter, FL, Kiddie Haven North Lt 1 & 35-40-42, N 221 ft of S 281 ft of E 200 ft of W 625 ft of SW with a valuation of $2 million. American Business Lending, Inc. holds a secured claim against the Debtor amounting to of $3.38 million. In 2016, the Debtor recorded gross revenue of $1.067 compared to gross revenue of $1.069 million in 2015. BARIA AND SONS: Hires Chase Bylenga as Counsel ---------------------------------------------- Baria and Sons, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Michigan to employ Chase Bylenga Hulst, PLLC as counsel to the Debtor. Baria and Sons requires Chase Bylenga to: a. provide information to the Debtor with regard to its duties and responsibilities as required by the U.S. Bankruptcy Code of the debtor-in-possession; b. assist in the preparation of schedules and statement of affairs; c. assist in the preparation of financial statements, balance sheets, and business plans; d. pursue any and all claims of the Debtor against third parties, including, but not limited to, preferences, fraudulent conveyances and accounts receivable; e. represent the Debtor with regard to any actions brought against it by third parties in the bankruptcy proceeding; f. assist in the negotiations with secured, unsecured, and priority creditors and preparing a Plan of Reorganization with a likelihood of confirmation; g. obtain confirmation of a Plan of Reorganization; h. clarify the Debtor's ownership and authority to file the proceeding; and i. pursue damages against LQD Business Finance, LLC, for its behavior in relation to loans made to the Debtor, and actions LQD Business took in attempting to collect on the loans, as more specifically described in the Adversary Complaint. Chase Bylenga will be paid at these hourly rates: Partners $350 Associates $275 Legal Assistant $125 Chase Bylenga will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael P. Hanrahan, member of Chase Bylenga Hulst, PLLC, 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 estates. Chase Bylenga can be reached at: Michael P. Hanrahan, Esq. CHASE BYLENGA HULST, PLLC 25 Division Ave., S, Suite 500 Grand Rapids, MI 49503 Tel: (616) 608-3061 Fax: (616) 608-6521 E-mail: mike@chasebylenga.com About Baria and Sons, LLC Baria and Sons, LLC filed a Chapter 11 petition (Bankr. W.D. Mich. Case No. 17-00970), on March 6, 2017. The Petition was signed by Gurinder Baria, General Manager. The Debtor is represented by James R. Oppenhuizen, Esq. at Oppenhuizen Law Firm, PLC. At the time of filing, the Debtor had estimated both assets and liabilities to be between $500,000 to $1 million each. No Trustee or Examiner has been appointed in the Debtor's Chapter 11 case and no Committees have been appointed designated. BASS PRO: Bank Debt Trades at 4% Off ------------------------------------ Participations in a syndicated loan under Bass Pro Group LLC is a borrower traded in the secondary market at 94.27 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.22 percentage points from the previous week. Bass Pro pays 350 basis points above LIBOR to borrow under the $2.97 billion facility. The bank loan matures on Nov. 14, 2023 and carries Moody's B1 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. BEHNEY CORP: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Behney Corp aka By-Crete aka Behney Fabrication aka Behney Fabrication and Welding, Inc. aka Behney Construction and Supply 517 King Street Lebanon, PA 17042 Case No.: 17-01219 About the Debtor: Behney Corp -- http://www.behneycorp.com/-- is a manufacturer of concrete products from a combination of cement and aggregate. Chapter 11 Petition Date: March 29, 2017 Court: United States Bankruptcy Court Middle District of Pennsylvania (Harrisburg) Judge: Hon. Robert N Opel II Debtor's Counsel: Kathryn D Sallie, Esq. PILLAR+AUGHT 4201 E. Park Circle Harrisburg, PA 17111 Tel: 717-380-9627 E-mail: ksallie@pillaraught.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jay M. Behney, president and CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/pamb17-01219.pdf BISTRO AT CHERRY: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Bistro at Cherry Hill, Inc. 2000 Route 38 West, Store 1760 Cherry Hill, NJ 08002 Case No.: 17-16167 About the Debtor: Headquartered in Cherry Hill, New Jersey, Bistro at Cherry Hill is a casual dining restaurant offering American cuisines. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). Chapter 11 Petition Date: March 29, 2017 Court: United States Bankruptcy Court District of New Jersey (Camden) Judge: Hon. Andrew B. Altenburg Jr. Debtor's Counsel: Dimitri L Karapelou, Esq. LAW OFFICES OF DIMITRI L. KARAPELOU, LLC Two Penn Center 1500 JFK Boulevard, Suite 920 Philadelphia, PA 19102 Tel: (215) 391-4312 Fax: 215-701-8707 E-mail: dkarapelou@karapeloulaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew Cosenza, president. The Debtor did not file a list of its largest unsecured creditors together with the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/njb17-16167.pdf BONDHU LLC: Case Summary & Unsecured Creditor --------------------------------------------- Debtor: Bondhu, LLC 4111 Columbine Circle Charlotte, NC 28211 Case No.: 17-31656 About the Debtor: Bondhu is a single asset real estate, as defined in 11 U.S.C. Section 101(51B). Bondhu owns 100+/- acres of land commonly known as 3420 Warbro Road, Midlothian, VA. Chapter 11 Petition Date: March 29, 2017 Court: United States Bankruptcy Court Eastern District of Virginia (Richmond) Judge: Hon. Kevin R. Huennekens Debtor's Counsel: Kevin A. Lake, Esq. MCDONALD, SUTTON & DUVAL, PLC 5516 Falmouth Street, Suite 108 Richmond, VA 23230 Tel: 643-0000 Fax: 788-4427 E-mail: klake@mcdonaldsutton.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Joseph P. Pritchard, managing member. The required list of creditors who have the 20 largest unsecured claims that are not insiders contains a single entry: Erwin, Bishop, Capitano & Moss, holding a claim of $99,723. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/vaeb17-31656.pdf BOSTWICK LABORATORIES: Taps James Patrick Carroll as CRO -------------------------------------------------------- Bostwick Laboratories, Inc., et al, seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ James Patrick Carroll of Carroll Services LLC as independent director and chief restructuring officer to the Debtors. Bostwick Laboratories requires Carroll Services to render these services: Independent Director Role: (1) assist the Debtors' board of directors ("Board") in bringing to bear for the benefit of the Board the Independent Director's particular knowledge and experience; (2) faithfully, efficiently, competently and diligently perform his duties and exercise such powers as are appropriate to his role as an Independent Director; (3) attend all meetings of the Board and of any committees of the Board of which he is a member; (4) promptly declare, so far as he is aware, the nature of any interest, whether direct or indirect, in any contract or proposed contract entered into by any member of the Debtors; (5) comply with all reasonable requests, instructions and regulations given by the Chairman of the Board, or by any duly authorized committee thereof, and give to the Chairman of the Board such explanations, information and assistance as the Chairman of the Board may reasonably require; and (6) act in the best interests of the Debtors. CRO Role: (1) take any and all actions that are necessary, advisable or appropriate to assist the Debtors with their ongoing operations; (2) assist the Debtors in preparation for a transaction; and (3) assist the Debtors' counsel in the preparation of and support for any legal actions to be undertaken by the Debtors, including but not limited to, the filing of the chapter 11 cases and the sale of the Debtors' assets in a section 363 proceeding. Carroll Services will be paid at the hourly rate of $435. Carroll Services will be paid a retainer in the amount of $25,000. Carroll Services will also be reimbursed for reasonable out-of-pocket expenses incurred. James Patrick Carroll, sole and managing member of Carroll Services LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Carroll Services can be reached at: James Patrick Carroll CARROLL SERVICES LLC 4450 Bonita Beach Rd., Suite 9 Bonita Springs FL 34134 Tel: (508) 229-3366 About Bostwick Laboratories, Inc. Founded in 1999, Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings, Inc. -- http://www.bostwicklaboratories.com/ -- operate an independent, full-service anatomic pathology laboratory and are a specialty provider of diagnostic testing services for urologists and gynecologists in the U.S. The Debtors operate a reference laboratory offering a comprehensive suite of anatomic pathology and molecular testing services to independent physicians nationally. BLI is a wholly owned subsidiary of BLHI. BLHI has no business operations of its own. BLI provides laboratory services to the approximately $1.3 billion urology market, with over 15 years of experience in the field of diagnostic and prognostic testing for the approximately 7,500 non-hospital based urologists practicing in the United States. BLI also has testing capabilities to serve other select subspecialty markets outside of urology, including women's health / OBGYN, gastroenterology, nephrology, and dermatology. BLI has 193 employees, with 125 employees located at the laboratory facility in Uniondale, New York. The employees perform a variety of critical functions relating to the business, including billing and registration, sales and marketing, and laboratory operations. As of the bankruptcy filing, the Debtors estimated assets in the range of $1 million to $10 million and liabilities of up to $100 million. In August 2014, BLI entered into a settlement agreement with the Department of Justice, under which BLI agreed to pay the DOJ $7,000,000. The agreement resulted in a $3,200,000 unsecured installment note, payable in seventeen quarterly installments, beginning June 2016 with interest at 2.25%. The note matures in June 2020. As of the Petition Date, the amount owed to the DOJ is $2,702,020. Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings, Inc., based in Uniondale, NY, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 17-10570 and 17-10572) on March 15, 2017. The Hon. Brendan Linehan Shannon presides over the case. David B. Stratton, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP, serve as bankruptcy counsel. The Debtors hired Donlin Recano & Company as claims and noticing agent. In its petition, the Debtor estimated $1 million to $10 million in assets and $50 million to $100 million in liabilities. The petition was signed by Tommy Hunt, CFO. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed on March 23, 2017, three creditors to serve on the official committee of unsecured creditors. BREVARD EYE: Needs Approval to Use SummitBridge Cash Collateral --------------------------------------------------------------- Brevard Eye Center, Inc., and its affiliated debtors seek authorization from the U.S. Bankruptcy Court for the Middle District of Florida for the interim use of SummitBridge National Investments V LLC's cash collateral. The Debtors propose to use cash collateral to pay ordinary course operating expenses including, without limitation, payroll for 110 employees and payment of insurance and taxes. The proposed budget provides total cash outflows from operations in the aggregate sum of $8,372,071 for the period from March 2017 through December 2017. Dr. Rafael Trespalacios is the 100% owner of all of the Debtor entities. The Debtors relate that Dr. Trespalacios purchased 25% of the Debtor entities from another ophthalmologic surgeon seeking to retire, and thereafter in 2013, purchased the remaining 75% interests. The purchase was financed by loans to Dr. Trespalacios and to the entities by Bank of America, N.A. In addition, Bank of America, the Debtors, and Dr. Trespalacios entered in nine business loan agreements and promissory notes, and in July 2016, Brevard Eye Center and Bank of America entered into a tenth business loan agreement, which were secured by various mortgages, commercial security agreements, and commercial guaranties on all of the Debtors' real and personal property. Subsequently, SummitBridge National Investments purchased the Bank of America loans and has been assigned the Loan Documents from Bank of America. The outstanding indebtedness at the time of the assignment of the Loan Documents is approximately $10,597,317. SummitBridge and debtors Brevard Eye Center, Brevard Surgery Center, and Medical City Eye Center, along with Wells Fargo Bank N.A., entered into Deposit Account Control Agreements designating certain of the Debtors' deposit accounts as collateral accounts and purporting to grant SummitBridge National Investments certain rights with respect to the Debtors' funds within those accounts such as the ability to re-direct the distribution of all of the Debtors' funds without notice to the Debtors. The Debtors relate that prior to the filing of their bankruptcy petitions, SummitBridge sent a DACA notice to Wells Fargo, restricting the Debtors from accessing their own bank accounts and which caused Wells Fargo to transfer all of the funds in the Debtors' bank accounts to SummitBridge on March 15, 16, 17, 20, and 21 in the aggregate amount of $266,577. The Debtors tell the Court that without these funds, which are the Debtors' only cash, the Debtors will be unable to fund payroll for their employees or pay other necessary ordinary expenses. As such, the Debtors need to use the cash collateral that has been and will be deposited in the DACA accounts on a going-forward basis. The Debtors will provide these periodic adequate protection to SummitBridge, among other things: (a) Upon the return of the DACA funds, the Debtors will provide periodic monthly payments of $35,000 to SummitBridge commencing immediately; (b) The Debtors will grant SummitBridge a running replacement lien on all cash generated by the Debtors from and after the Petition Date; (c) The Debtors will escrow 1/12 of all real estate taxes on a going forward basis, which escrow will be available to pay postpetition real estate taxes when due; (d) The compensation to Dr. Trespalacios and the CEO will be reduced by 10% per annum and amortized in equal payment reductions; (e) The Debtors will maintain comprehensive insurance coverage on all their real property located in Melbourne, Merritt Island, and Orlando, and standard business risk liability coverage on all property; (f) The Debtors will maintain all medical malpractice insurance coverage; (g) The Debtors will maintain all licenses and permits necessary and appropriate to continue medical services; (h) The Debtors will file their DIP Financial Reports on a timely basis; (i) On reasonable notice, SummitBridge may review the Debtors' books and records; and (j) On reasonable notice, SummitBridge may inspect the business operations of the Debtors. A full-text copy of the Debtor's Motion, dated March 21, 2017, is available at https://is.gd/TaXc02 About Brevard Eye Center, et al. Brevard Eye Center Inc., Brevard Surgery Center Inc., Medical City Eye Center, P.A. and THMIH, Inc., own and operate four retail optometry centers and clinics and a surgical center. The optometry centers/clinics are located in Melbourne, Merritt Island, Palm Bay, and Orlando, Florida. The surgical center and the corporate offices are located in Melbourne, Florida. Brevard Eye Center operates three of the four optometry centers, Medical City Eye Center operates only the Orlando optometry center, and Brevard Surgery Center operates the surgical center. THMIH owns the real estate leased to the surgical center/corporate offices located at 665 S. Apollo Blvd., Melbourne, FL. THMIH also owns the real estate leased to the optometry centers at 250 N. Courtenay Pkwy., Merritt Island, FL and 214 E. Marks St., Orlando, FL. Medical City Eye Center has been serving East Central Florida as The Brevard Eye Center for over 28 years and serving Downtown Orlando as Yager Eye Institute for over 50 years. Dr. Rafael Trespalacios, an ophthalmologic surgeon, is the 100% owner of Brevard Eye Center, et al. Brevard Eye Center, et al., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 17-01828 to 17-01831) on March 21, 2017. The petitions were signed by Dr. Trespalacios, as president. At the time of the filing, each debtor estimated its assets at $1 million to $10 million and liabilities at $10 million to $50 million. The Debtors are represented by Geoffrey S Aaronson, Esq., and Tamara D. McKeown, Esq., at Aaronson Schantz Beiley P.A. CAMPUS HABITATS: Hires McBreen & Kopko as Counsel ------------------------------------------------- Campus Habitats, LLC, Cortland Habitats, Inc., and their debtor affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ McBreen & Kopko as counsel to the Debtor. The Debtors require McBreen & Kopko to: (a) give the Debtor guidance with respect to its power and responsibility as a debtor-in-possession in the continued management of their property; (b) attend creditors' meetings and Section 341 hearings; (c) negotiate with creditors of the Debtor in formulating a plan of reorganization and to take the necessary legal steps in order to institute plans of reorganization; (d) aid the Debtor in the preparation and drafting of disclosure statement; (e) prepare on behalf of the Debtor, all necessary petitions, reports, applications, orders and other legal papers; (f) assist the Debtor with the collection of outstanding receivables; (g) appear before the U.S. Bankruptcy Court and to represent the Debtor in all matters pending before said Court; and (h) perform all legal services which may be necessary and appropriate. McBreen & Kopko will be paid at these hourly rates: Partners $400 Associates $250-$275 Paralegals $125 McBreen & Kopko will be paid a retainer in the amount of $12,500. McBreen & Kopko will also be reimbursed for reasonable out-of-pocket expenses incurred. Kenneth A. Reynolds, partner of McBreen & Kopko, 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 estates. McBreen & Kopko can be reached at: Kenneth A. Reynolds, Esq. MCBREEN & KOPKO 500 N. Broadway, Suite 129 Jericho, NY 11753 Tel: (516) 364-1095 About Campus Habitats & Cortland Habitats Cortland Habitats, Inc. (Bankr. S.D.N.Y. Case No. 17-71523), College Hill Realty, LLC (Case No. 17-71524), Campus Habitats, LLC (Case No. 17-71525), Committed 2 Cortland, LLC (Case No. 17-71526), filed a Chapter 11 petition on March 15, 2017. The Hon. Alan S. Trust presides over the cases. Michael J Macco, Esq., at Macco & Stern, LLP, and Kenneth A. Reynolds, Esq., at McBreen & Kopko, serve as bankruptcy counsel. Each of the Debtors listed between $1 million and $10 million in both assets and liabilities. The petition was signed by Jeff D. Grodinsky, CEO. CASTLE PINES: American Microloan to be Paid $70,000 Under Plan -------------------------------------------------------------- Castle Pines Group, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a disclosure statement referring to the Debtor's plan of reorganization. Debts owed to creditors will be paid from the funds accumulated by the Debtor since the filing of the bankruptcy petition, from funds generated from the continued operation of the Debtor's business, and from the capital contributions to be paid by investors. The Debtor's primary source of income is rental income. The Debtor leases its Habersham County real property to North Georgia Converting, Inc., at a monthly rate of $9,500. The Debtor doesn't believe there are Class III General Unsecured Claims against it except for the claim of American Microloans. Class II - American Microloan, LLC, holds an unsecured claim against the Debtor of $100,000. This creditor also holds the same claim against North Georgia Converting, Inc., along with a personal guaranty from the Debtor's member, Vernon Mintz. The claim of this creditor will be paid by payment of $70,000 payable at $25,000 on the Effective Date and then the remaining $45,000 accruing interest on the unpaid balance at the simple rate of 5% per annum and being paid in monthly payments of $1,974.21 for 24 months with the first month's payment being due 30 days after the Effective Date. The Disclosure Statement is available at: http://bankrupt.com/misc/ganb16-21508-37.pdf About Castle Pines Group Castle Pines Group, LLC, based in Clarkesville, Ga., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-21508) on Aug. 1, 2016. The petition was signed by Vernon Mintz, managing member. The Debtor is represented by Bradley J. Patten, Esq., at Smith, Gilliam, Williams and Miles, P.A. The Debtor disclosed $1.7 million in total assets and $1.65 million in total liabilities. CENOVUS ENERGY: Moody's Affirms Ba2 CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Investors Service affirmed Cenovus Energy Inc.'s Ba2 Corporate Family Rating (CFR), Probability of Default Rating and senior unsecured notes rating and the Not Prime commercial paper rating. The Speculative Grade Liquidity Rating was lowered to SGL-3 from SGL-1. The outlook remains stable. "The affirmation of Cenovus' Ba2 rating reflects the immediate doubling in its production and improving credit metrics in 2018 when debt repayment from asset sales proceeds is completed," said Terry Marshall, Moody's Senior Vice President. "Cenovus will need to execute a large disposition program in a timely manner to reduce short term bridge financing and restore credit metrics from weak 2017 levels and will also need to economically develop unfamiliar non-oil sands assets." Downgrades: Issuer: Cenovus Energy Inc. -- Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-1 Outlook Actions: Issuer: Cenovus Energy Inc. -- Outlook, Remains Stable Affirmations: Issuer: Cenovus Energy Inc. -- Probability of Default Rating, Affirmed Ba2-PD -- Corporate Family Rating, Affirmed Ba2 -- Senior Unsecured Commercial Paper, Affirmed NP -- Senior Unsecured Regular Bond/Debenture, Affirmed Ba2(LGD4) RATINGS RATIONALE Cenovus' Ba2 CFR reflects improving leverage and coverage metrics in 2018 (about 20% retained cash flow/debt and 5-6x EBITDA/interest) post the completion of a large divestiture program in 2017, while liquidity will be adequate assuming debt issuance and asset sales are completed inside of their bridge maturity dates. The rating favorably considers the company's substantial oil sands reserves and steam assisted gravity drainage (SAGD) production and its 50% interest in two downstream refineries that reduce exposure to volatile light/heavy oil differentials. Cenovus is doubling its ownership of operated SAGD assets, with low geologic risk, but it is also acquiring conventional reserves and production and associated infrastructure in western Canada which should provide a platform for growth, but present execution risk associated with unfamiliar assets. These conventional assets have received limited capital investment recently and will need to be delineated by Cenovus to fully understand the capital investment and growth opportunity it represents. The SGL-3 Speculative Grade Liquidity Rating reflects adequate liquidity for the 12 month period ending March 31, 2018. Post-closing of the acquisition, Cenovus will have about C$500 million of negative free cash flow during this period, which can be funded by about $800 million of cash on hand or drawings under the two tranches of the revolving credit facility, which will have combined availability of about C$3.1 billion. The term debt and asset divestiture bridges total $7.5 billion, and range from 12 to 24 months. The key liquidity risk that Cenovus faces is the 1-year maturities on large portions of its bridge facilities, leaving the company potentially exposed to liquidity shortfalls if the market driven and divestiture takeouts are not implemented prior to maturity. Cenovus should be well in compliance with its only financial covenant. Cenovus has assets through which it could raise alternate liquidity via outright sale or joint venture arrangements. In accordance with Moody's Loss Given Default (LGD) Methodology, the senior unsecured notes are rated Ba2, at the CFR, as all the debt in the capital structure is unsecured. If the revolving credit facility becomes secured, the notes would likely be notched lower than the CFR. The stable rating outlook reflects Moody's expectations of a timely and successful completion of relevant divestitures and repayment of bridge facilities, leading to substantially improved credit metrics in 2018. Moody's expects oil prices to remain in a range of $40 to $60 per barrel for the medium term with significant volatility both within and outside that band. The ratings could be upgraded if retained cash flow to debt trends towards 30% (18% as of December 2016) and the leveraged full-cycle ratio is greater than 1x. The ratings could be downgraded if retained cash flow to debt appears likely to fall below 15%. Cenovus is a Calgary, Alberta-based exploration and production company, focused primarily on steam assisted drainage oil sands, with interests in downstream refinery assets. The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. CENTER DESIGNS: Carter Bank Asks Court to Ban Cash Collateral Use ----------------------------------------------------------------- Carter Bank & Trust requests the U.S. Bankruptcy Court for the Middle District of Florida to prohibit Center Designs, LLC, from using its cash collateral. Carter Bank asserts that the Debtor is indebted to it in the total principal amount of $49,299,889 plus interest, costs, fees and expenses, as of the Petition Date. As such, Carter Bank asserts it holds a properly perfected first priority security interest in the collateral. Carter Bank tells the Court that it has never consented to the Debtor's use of its cash collateral, and in fact, its counsel has transmitted a letter to the Debtor's counsel advising him of its non-consent and has requested certain information as a condition in considering consent to use of cash collateral. However, no substantive response has been received. Accordingly, Carter Bank asks the Court to require the Debtor to account for all the cash collateral that the Debtor has used and to segregate all cash collateral currently in Debtor's possession, custody or control. In addition, Carter Bank requests the Court to require the Debtor to immediately provide Carter Bank adequate protection for all of the cash collateral that the Debtor has used. Center Designs, LLC, is represented by: Michael R. Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Phone: 239-571-6877 E-mail: mike@dallagolaw.com Carter Bank & Trust is represented by: Jonathan L. Hauser, Esq. TROUTMAN SANDERS LLP 222 Central Park Avenue, Suite 2000 Virginia Beach, VA 23462 Phone: (757) 687-7768 E-mail: jonathan.hauser@troutmansanders.com -- and -- Luis E. Rivera II, Esq. HENDERSON, FRANKLIN, STARNES & HOLT, P.A. Post Office Box 280 Fort Myers, Florida 33902-0280 Phone: (239) 344-1323 E-mail: luis.rivera@henlaw.com About Center Designs Center Designs, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-02045) on March 13, 2017. The petition was signed by William A. Abruzzino, managing member. The Debtor is represented by Michael R. Dal Lago, Esq. at Dal Lago Law. At the time of filing, the Debtor had both assets and liabilities estimated to be less than $50,000. CHARLIE BROWN'S: Plan Confirmation Hearing on May 10 ---------------------------------------------------- The Hon. Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida has conditionally approved Charlie Brown's Hauling & Demolition Inc.'s disclosure statement referring to the Debtor's plan of reorganization. A hearing to consider the final approval of the Disclosure Statement and the plan confirmation is set for May 10, 2017, at 9:30 a.m. Objections to the Disclosure Statement must be filed with the Court no later than seven days prior to the date of the hearing on plan confirmation. Written ballot accepting or rejecting the Plan must be filed no later than eight days before the date of the Confirmation Hearing. The plan proponent will file a ballot tabulation no later than 96 hours prior to the time set for the Confirmation Hearing. All creditors and parties in interest that assert a claim against the Debtor which arose after the filing of this case, including all professionals seeking compensation from the estate of the Debtor pursuant to Section 330 of the Bankruptcy Code, must file motions or applications for the allowance of the claims with the Court no later than 15 days after the March 22 court order conditionally approving the Disclosure Statement. Three days prior to the Confirmation Hearing, the plan proponent will file a confirmation affidavit which will contain the factual basis upon which the plan proponent relies in establishing that each of the requirements of Section 1129 of the Bankruptcy Code are met. About Charlie Brown's Hauling Charlie Brown's Hauling & Demolition, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-08863) on Oct. 14, 2016. The petition was signed by Charlie W. Brown, president. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $500,000. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as the Debtor's bankruptcy counsel. CHESAPEAKE ENERGY: 'Done More, Doing More... More to Do' -------------------------------------------------------- The management of Chesapeake Energy Corporation presented at the Scotia Howard Weil Energy Conference 2017 on Tuesday, March 28, 2017. A slide presentation of materials used at the conference entitled "Done More, Doing More...More to Do" is accessible via the Investor Presentations section of the Company's website: http://www.chk.com/investors/presentations. The Company's near term focus is on increasing return on capital, margin growth, base optimization improvement, portfolio management, and safety and environmental stewardship. The Company also disclosed the following publicly listed securities: PUBLICLY TRADED SECURITIES CUSIP TICKER ========================== ========== ====== 7.25% Senior Notes due 2018 #165167CC9 CHK18A 3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK19 6.625% Senior Notes due 2020 #165167CF2 CHK20A 6.875% Senior Notes due 2020 #165167BU0 CHK20 6.125% Senior Notes due 2021 #165167CG0 CHK21 5.375% Senior Notes due 2021 #165167CK21 CHK21A 8.00% Senior Secured Second Lien Notes due 2022 #165167CQ8 N/A #U16450AT2 N/A 4.875% Senior Notes due 2022 #165167CN5 CHK22 5.75% Senior Notes due 2023 #165167CL9 CHK23 8.00% Senior Notes due 2025 #165167CT2 N/A #U16450AU99 N/A 5.50% Contingent Convertible Senior Notes due 2026 #165167CR6 N/A 2.75% Contingent Convertible Senior Notes due 2035 #165167BW6 CHK35 2.50% Contingent Convertible Senior Notes due 2037 #165167BZ9/ #165167CA3 CHK37/ CHK37A 2.25% Contingent Convertible Senior Notes due 2038 #165167CB1 CHK38 4.5% Cumulative Convertible Preferred Stock #165167842 CHK PrD 5.0% Cumulative Convertible Preferred Stock (Series 2005B) #165167834/ N/A #165167826 5.75% Cumulative Convertible Preferred Stock #U16450204/ N/A #165167776/ #165167768 5.75% Cumulative Convertible Preferred Stock (Series A) #U16450113/ N/A #165167784/ #165167750 Chesapeake Common Stock #165167107 CHK The information in this Form 8-K is being furnished, not filed, pursuant to Item 7.01. Accordingly, the information will not be incorporated by reference into any document filed by Chesapeake Energy Corporation under the Securities Act of 1933, as amended, except as set forth by specific reference in such filing. About Chesapeake Energy Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NYSE: CHK) operations are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. The company also owns oil and natural gas marketing and natural gas gathering and compression businesses. Chesapeake Energy reported a net loss available to common stockholders of $4.92 billion on $7.87 billion of total revenues for the year ended Dec. 31, 2016, compared to a net loss available to common stockholders of $14.85 billion on $12.76 billion of total revenues for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Chesapeake had $13.02 billion in total assets, $14.23 billion in total liabilities and a total deficit of $1.20 billion. * * * As reported by the TCR on Jan. 25, 2017, S&P Global Ratings raised its corporate credit rating on Oklahoma City-based exploration and production company Chesapeake Energy Corp. to 'B-' from 'CCC+, and removed the ratings from CreditWatch with positive implications where S&P placed them on Dec. 6, 2016. The rating outlook is positive. The TCR reported on Dec. 8, 2016, that Moody's upgraded Chesapeake's Corporate Family Rating to Caa1 from Caa2, its second lien secured notes rating to Caa1 from Caa2, and affirmed its senior unsecured notes rating at Caa3. CINRAM GROUP: April 3 Meeting Set to Form Creditors' Panel ---------------------------------------------------------- Andy Vara, United States Trustee for Region 3, will hold an organizational meeting on April 3, 2017, at 11:00 a.m. in the bankruptcy case of Cinram Group, Inc. The meeting will be held at: United States Trustee's Office One Newark Center, 1085 Raymond Blvd. 21st Floor, Room 2106 Newark, NJ 07102 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. CGI was formed as part of a 2012 acquisition of substantially all of the assets and businesses of Cinram International Income Fund in the United States, Canada, the United Kingdom, France, and Germany. CLASSICAL DEVELOPMENT: Taps Marathon Realty as Real Estate Broker ----------------------------------------------------------------- Classical Development, Ltd., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Marathon Realty Advisors, LLC as real estate broker to the Debtor. Classical Development requires Marathon Realty to market, negotiate and sell the Debtor's real property the 1.113 acres, or 48,466 square feet, of land, situated in the August Whitlock Survey, Abstract 792, Harris County, Texas, also known as 1240 Clear Lake City Blvd., Houston, Texas 77062. Marathon Realty will be paid a commission of 6% of the sales price. Steven Dome, managing director of Marathon Realty Advisors, LLC, 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 estates. Marathon Realty can be reached at: Steven Dome MARATHON REALTY ADVISORS, LLC 1700 Post Oak Boulevard Houston, TX 77056 Tel: (713) 864-3232 Fax: (713) 864-3233 About Classical Development, Ltd. Classical Development, Ltd. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 17-31113) on February 27, 2017. The petition was signed by Fred Forshey, president of Music Management LLC, general partner for the Debtor. The case is assigned to Judge Karen K. Brown. At the time of the filing, the Debtor disclosed $3.25 million in assets and $1.43 million in liabilities. CLAYTON WILLIAMS: Facing Lawsuits Over Noble Merger Agreement ------------------------------------------------------------- Two separate class action lawsuits have been filed against Clayton Williams Energy, Inc. and each of its directors alleging Securities Exchange Act violations in connection with its proposed merger with Noble Energy, Inc. Clayton Williams previously entered into an Agreement and Plan of Merger with Noble Energy, Inc., Wild West Merger Sub, Inc., an indirect wholly owned subsidiary of Noble Energy, and NBL Permian LLC, an indirect wholly owned subsidiary of Noble Energy, pursuant to which Noble Energy will acquire the Company in exchange for a combination of shares of common stock, par value $0.01, per share of Noble Energy and cash. In connection with the Merger, on March 23, 2017, Clayton Williams filed with the U.S. Securities and Exchange Commission a definitive proxy statement, which was first mailed to the stockholders of the Company on or about March 27, 2017. On March 22, 2017, a putative class action lawsuit relating to the Merger, captioned Alan Sobel, Individually And On Behalf Of All Others Similarly Situated v. Clayton Williams Energy, Inc., Clayton W. Williams, Jr., Mel G. Riggs, Davis L. Ford, Ph.D., P. Scott Martin, Ronald D. Scott, Jordan R. Smith, and Nathan W. Walton was filed in the United States District Court for the District of Delaware. A second putative class action lawsuit was filed on March 23, 2017, relating to the Merger, captioned Nadav Poms, On Behalf of Himself and All Others Similarly Situated v. Clayton Williams Energy, Inc., Clayton W. Williams, Jr., Jordan R. Smith, Davis L. Ford, Mel G. Riggs, P. Scott Martin, Nathan W. Walton and Ronald D. Scott was filed in the United States District Court for the District of Delaware. The Complaints allege that the defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 14a-9 promulgated thereunder, by causing a materially incomplete and misleading Form S-4 Registration Statement to be filed by Noble Energy with the SEC on March 21, 2017. The complainants seek various forms of relief, including to preliminarily and permanently enjoin (i) the shareholder vote on the Merger pursuant to the Proxy Statement and (ii) the consummation of the Merger, unless Clayton Williams Energy discloses certain information alleged to be material and to have been omitted from the Registration Statement and an award of plaintiff's fees and expenses in connection with this litigation. Each of the defendants believes the claims asserted in the Complaints are without merit and intends to vigorously defend against this lawsuit. However, at this time, it is not possible to predict the outcome of the proceeding or its impact on Clayton Williams Energy or the Merger. About Clayton Williams Midland, Texas-based Clayton Williams Energy, Inc. is an independent oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas and New Mexico. On Dec. 31, 2015, the Company's estimated proved reserves were 46,569 MBOE, of which 78% were proved developed. The Company's portfolio of oil and natural gas reserves is weighted in favor of oil, with approximately 83% of its proved reserves at Dec. 31, 2015, consisting of oil and natural gas liquids and approximately 17% consisting of natural gas. During 2015, the Company added proved reserves of 3,542 MBOE through extensions and discoveries, had downward revisions of 26,158 MBOE and had sales of minerals-in-place of 472 MBOE. The Company also had average net production of 15.8 MBOE per day in 2015, which implies a reserve life of approximately 8.1 years. Clayton Williams reported a net loss of $292.15 million on $289.41 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $98.19 million on $232.37 million of total revenues for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Clayton Williams had $1.49 billion in total assets, $1.33 billion in total liabilities and $160.53 million in shareholders' equity. * * * In July 2016, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on Clayton Williams Energy. The ratings reflect S&P's assessment that the company's debt leverage is unsustainable, debt to EBITDA expected to average above 15x over the next three years. The ratings also reflect S&P's assessment of liquidity as adequate. In January 2017, Moody's Investors Service placed the ratings of Clayton Williams Energy (Caa3) under review for upgrade following the announcement of a definitive agreement to be acquired by Noble Energy (Baa3 stable) in a transaction valued at $3.2 billion, including the assumption of Clayton Williams' approximately $500 million of net debt. The review for upgrade is based on the potential benefit of Clayton Williams being supported by the stronger credit profile and greater financial flexibility of Noble. COLD SPY: Seeks to Hire Roussos Glanzer as Legal Counsel -------------------------------------------------------- Cold Spy on the Inside, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Roussos, Glanzer & Barnhart, P.L.C. to give legal advice regarding the administration of its bankruptcy estate, prepare a bankruptcy plan, and provide other legal services. The firm received a retainer in the amount of $7,500. Kelly Barnhart, Esq., disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Kelly M. Barnhart, VSB No. 65246 Roussos, Glanzer & Barnhart, PLC 580 E. Main St., Ste. 300 Norfolk, VA 23510 Tel: (757) 622-9005 Fax: 757) 624-9257 Email: barnhart@rgblawfirm.com About Cold Spy on the Inside Cold Spy on the Inside, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 17-71004) on March 22, 2017. The case is assigned to Judge Stephen C. St. John. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. No trustee, receiver or creditors' committee has been appointed. COSI INC: Seeks Financing Increase to $7.5 Million -------------------------------------------------- BankruptcyData.com reported that Cosi filed with the U.S. Bankruptcy Court to motion to (1) increase amount of borrowing under its D.I.P. loans and (2) amend the final order authorizing the Debtors to obtain post-petition financing and utilize cash collateral and granting adequate protection to prepetition secured parties. The motion explains, "By this Motion, the Debtors request entry of the Proposed DIP Order ordering that (a) borrowing under the DIP Loans be increased such that the total amount of permitted borrowing is increased from $6,500,000 to $7,500,000, with $3,500,000 of that borrowing permitted as additional borrowings for the uses permitted and contemplated by the Interim Operating Agreement, and (b) the Final DIP Order . . be amended to authorize such increased borrowing. Pursuant to the Interim Operating Agreement, LIMAB is currently operating the Debtor's business. As part of that process, LIMAB has been considering renovating and reopening certain store locations, which are intended to be part of the reorganized Debtor's footprint going forward after the Plan is confirmed. Among other things, LIMAB is working toward reopening a location in the Boston South Station train station and refreshing its American Airlines location and kiosks in the Boston Logan Airport. In order to ensure the Debtors' have sufficient liquidity during this reopening and renovation process, as well as to deal with other contingencies including operating losses and other expenses that may be incurred prior to the effective date of the Plan, this Motion requests an increase of $1,000,000 in permitted borrowings under the DIP Loans above the currently contemplated $6,500,000 limit." About Cosi Inc. Cosi, Inc., is an international fast-casual restaurant company featuring its crackly-crust flatbread and specializing in a variety of made-to-order hot and cold sandwiches, salads, bowls, breakfast wraps, "Squagels" (square bagels), melts, soups, flatbread pizzas, S'mores, snacks, deserts and a large offering of handcrafted, coffee-based, and specialty beverages. The company was first established in New York in 1996 and incorporated in Delaware in 1998. In 2002, Cosi became publicly traded company on the Nasdaq exchange under the symbol "COSI". Cosi and its subsidiaries filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016. The cases are assigned to Judge Melvin S. Hoffman. Prior to the petition date, the Debtors had 72 debtor-owned locations and 35 franchised locations and employed 1,555 people. The Debtors tapped Joseph H. Baldiga, Esq., and Paul W. Carey, Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel; DLA Piper LLP (US) as special counsel; The O'Connor Group as financial consultant; BDO USA, LLP, as auditor and accountant; and Randy Kominsky of Alliance for Financial Growth, Inc., as chief restructuring officer. The Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee is represented by Lee Harrington, Esq., at Nixon Peabody LLP. Deloitte Financial Advisory Services LLP serves as its financial advisor. CREATIVE REALITIES: Reports $6.37 Million Net Loss for 2016 ----------------------------------------------------------- Creative Realities, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to common shareholders of $6.37 million on $13.67 million of total sales compared to a net loss attributable to common shareholders of $8.31 million on $11.47 million of total sales for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Creative Realities had $24.41 million in total assets, $18.51 million in total liabilities, $3.92 million in convertible preferred stock and $1.97 million in total shareholders' equity. The Company has incurred net losses and negative cash flows from operating activities for the years ended Dec. 31, 2016 and 2015. As of Dec. 31, 2016, the Company had cash and cash equivalents of $1,352,000 and a working capital deficit of $(8,029,000). At Dec. 31, 2016, its outstanding debt was due during 2017. In March 2017, the Company received a letter from our lender, Slipstream Communications, LLC, a related party, extending the maturity date for its debt to May 2018. Additionally, the Company entered into a substantial business transaction with one of its customers resulting in a large cash receipt in the first quarter of 2017 that increased its cash and cash equivalents to $3.6 million in March 2017. Management believes that due to the extension of its debt maturity date, its current cash balance and its operational forecast for 2017, the Company can continue as a going concern through at least March 31, 2018. However, the Company can provide no assurance that its ongoing operational efforts will be successful which could have a material adverse effect on its results of operations and cash flows. A full-text copy of the Form 10-K is available for free at: https://is.gd/wYl4wW About Creative Realities, Inc. Creative Realities, Inc., is a Minnesota corporation that provides innovative shopper marketing and digital marketing technology and solutions to retail companies, individual retail brands, enterprises and organizations throughout the United States and in certain international markets. Creative Realities have expertise in a broad range of existing and emerging shopper and digital marketing technologies, as well as the related media management and distribution software platforms and networks, device management, product management, customized software service layers, systems, experiences, workflows, and integrated solutions. Its technology and solutions include: digital merchandising systems and omni-channel customer engagement systems, interactive digital shopping assistants, advisors and kiosks, and other interactive marketing technologies such as mobile, social media, point-of-sale transactions, beaconing and web-based media that enable its customers to transform how they engage with consumers. CRR INC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------- The Office of the U.S. Trustee on March 28 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of CRR, INC. Headquartered in Silver Spring, Maryland, CRR, INC., a Maryland Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 17-12433) on Feb. 23, 2017, estimating its assets at between $100,001 and $500,000 and its liabilities at between $500,001 and $1 million. Richard Whalen Lawlor, Esq., at Richard W. Lawlor, P.A., serves as the Debtor's bankruptcy counsel. CRSI INC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of CRSI, Inc. as of March 29, according to a court docket. Based in Phoenix, Arizona, CRSI, Inc., formerly known as Concrete Resoration Systems Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-00864) on January 27, 2017. The petition was signed by Keri Lemons, president. The case is assigned to Judge Daniel P. Collins. James F. Kahn, P.C. Bankruptcy Legal Center serves as the Debtor's legal counsel. At the time of the filing, the Debtor disclosed $1.23 million in assets and $1.76 million in liabilities. CYTOSORBENTS CORP: Bolsters IP Portfolio with New Patents Issuance ------------------------------------------------------------------ CytoSorbents Corporation disclosed on March 28, 2017, the issuance of U.S. Patent No. 9,604,196 entitled, "Size Selective Hemocompatible Polymer System". This composition of matter patent provides additional coverage of the Company's base polymer system, and this and other U.S. and foreign patents in this family extend protection of CytoSorb and CytoSorbents' core technologies into 2026 in the U.S. and into 2031 in China, Japan, Russia, and Australia. Related patent applications are ongoing in other territories worldwide. Mr. Vincent Capponi, chief operating officer of CytoSorbents stated, "We are pleased to announce the addition of these novel patents to our intellectual property portfolio. This patent family adds significant strength and patent life to our core polymer technology in key markets around the world." About Cytosorbents Cytosorbents Corporation is a leader in critical care immunotherapy commercializing its CytoSorb blood purification technology to reduce deadly uncontrolled inflammation in hospitalized patients around the world, with the goal of preventing or treating multiple organ failure in life-threatening illnesses. The Company, through its subsidiary CytoSorbents Medical Inc. (formerly known as CytoSorbents, Inc.), is engaged in the research, development and commercialization of medical devices with its blood purification technology platform which incorporates a proprietary adsorbent, porous polymer technology. The Company, through its European Subsidiary, conducts sales and marketing related operations for the CytoSorb device. CytoSorb, the Company's flagship product, is approved in the European Union and marketed in and distributed in thirty-two countries around the world, as a safe and effective extracorporeal cytokine absorber, designed to reduce the "cytokine storm" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. CytoSorb is also being used during and after cardiac surgery to remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure. In March 2011, the Company received CE Mark approval for its CytoSorb device. CytoSorbents Corporation recognized a net loss of $11.93 million on $9.52 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss of $8.13 million on $4.79 million of total revenue for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Cytosorbents had $9.69 million in total assets, $10.16 million in total liabilities and a total stockholders' deficit of $474,000. DAVID GEERTS: Midwestern BioAg Replaces Kophamer as Panel Member ---------------------------------------------------------------- U.S. Trustee Patrick S. Layng on March 28 has replaced Ken Kophamer at Kophamer/Blean Realty with Stacy Wellford at Midwestern BioAg, Inc., as a member of the official committee of unsecured creditors in the Chapter 11 cases of David and Julie Norman-Geerts. As reported by the Troubled Company Reporter on March 21, 2017, the U.S. Trustee on March 17 appointed three creditors to serve on the Committee. The committee members now include: (1) Brent Schmitz Acting Chairperson Soil Service, Inc. 91 S. Adams Carthage, IL 62321 Tel: (888) 313-2360 E-mail: bschmitz@soilserviceinc.com (2) Kay Spidahl Chadwick Oil & AG Service, Inc. P.O. Box 205 Chadwick, IL 61014 Tel: (815) 684-5800 Email: ehinrichs@chadwickoilag.com (3) Stacy Wellford Midwestern BioAg, Inc. 918 Deming Way, Ste 200 Madison, WI 53717 Tel: (608) 841-1664 E-mail: stacy.wellford@midwesternbioag.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 David and Julie Norman-Geerts David L. Geerts and Julie A. Norman-Geerts sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-80321) on Feb. 17, 2017. The case is assigned to Judge Thomas J. Lynch. The Debtors are represented by Jocelyn L. Koch, Esq., at Holmstrom & Kennedy PC. DAVID'S BRIDAL: Bank Debt Trades at 15% Off ------------------------------------------- Participations in a syndicated loan under David's Bridal Inc is a borrower traded in the secondary market at 84.50 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.90 percentage points from the previous week. David's Bridal pays 375 basis points above LIBOR to borrow under the $0.52 billion facility. The bank loan matures on Oct. 11, 2019 and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. DON GREEN: Hearing on Disclosure Statement Scheduled for May 4 -------------------------------------------------------------- The Hon. Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida will hold on May 4, 2017, at 10:45 a.m., Eastern Time, a hearing to consider the approval of Don Green Farms, Inc.'s disclosure statement filed on March 20, 2017, referring to the Debtor's Chapter 11 plan filed on March 20, 2017. Objections to the Disclosure Statement must be filed by April 27, 2017. The Troubled Company Reporter previously reported that the Plan impairs Class 3 General Unsecured Claims totaling $2,742,872.37. The holders will receive the proceeds from the liquidation of the Debtor's assets in excess of Regions Bank's secured claim. The proceeds from the sale will be paid in proportion to each unsecured creditor's claim in relation to the Debtor's total unsecured debt. The Plan provides for the liquidation of the Debtors' non-exempt assets. The Plan will be implemented by (a) liquidating the Debtors' assets; (b) nominating a liquidating agent to ensure all of the Debtor's non-exempt assets are liquidated for the benefit of creditors. Copies of the Disclosure Statement and the Plan are available at: http://bankrupt.com/misc/flnb16-10261-133.pdf http://bankrupt.com/misc/flnb16-10261-133_plan.pdf About Don Green Farms Don Green Farms, Inc., filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 16-10261), on Nov. 16, 2016. The petition was signed by Donald R. Green, president. The Debtor is represented by Seldon J. Childers, Esq., at ChildersLaw, LLC. The Debtor disclosed total assets at $13,987 and total liabilities at $3.95 million. DOUBLE J FARMS: Hires Markham as Bankruptcy Counsel --------------------------------------------------- Double J Farms, LLC, seeks authority from the U.S. Bankruptcy Court for the District of South Carolina to employ Markham Law Firm, LLC, as bankruptcy counsel to the Debtor. Double J Farms requires Markham to: a. advise the Debtor of its rights, powers, and duties; b. attend meetings with the Debtor and hearings before the bankruptcy Court; c. assist other professionals retained by the Debtor in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, and any other matters relevant to the case or the formulation of a plan of reorganization or liquidation; d. investigate the validity, extent, and priority of secured claims against the Debtor's estates, investigate the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; e. advise the Debtor on preparation and filing of all applications, motions, pleadings, draft orders, notices, schedules, and other documents, and review all financial and other reports to be filed in the case; f. advise the Debtor on the preparation and filing of responses to applications, motions, pleadings, notices and other papers that may be filed and served in the Chapter 11 case by other parties; and g. perform other necessary legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of the Chapter 11 case. Markham will be paid at these hourly rates: Attorney $200-$300 Paralegal $80-$100 Markham will be paid a retainer in the amount of $20,000. Markham will also be reimbursed for reasonable out-of-pocket expenses incurred. Sean Markham, partner of Markham Law Firm, LLC, 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 estates. Markham can be reached at: Sean Markham, Esq. MARKHAM LAW FIRM, LLC P.O. Box 20074 Charleston, SC 29413-0074 Tel: (843) 284-3646 Fax: (843) 637-7499 E-mail: sean@markhamlawsc.com About Double J Farms, LLC Double J Farms, LLC, based in Galivants Ferry, SC, filed a Chapter 11 petition (Bankr. D.S.C. Case No. 17-01132) on March 7, 2017. The Hon. John E. Waites presides over the case. Sean Markham, at Markham Law Firm, LLC, to serve as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Connie Hardwick, authorized representative. DURECT CORP: Ernst & Young LLP Raises Going Concern Doubt --------------------------------------------------------- DURECT Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $34.51 million on $14.02 million of total revenues for the fiscal year ended December 31, 2016, compared to a net loss of $22.66 million on $19.12 million of total revenues for the fiscal year ended December 31, 2015. Ernst & Young LLP in Redwood City, Calif., issued a going concern qualification on the consolidated financial statements for the year ended December 31, 2016, stating that DURECT Corporation's recurring losses and negative cash flows from operations and the need for additional capital raise substantial doubt about the Company’s ability to continue as a going concern. The Company's balance sheet at December 31, 2016, showed total assets of $40.51 million, total liabilities of $32.17 million, and a stockholders' equity of $8.34 million. A full-text copy of the Company's Form 10-K is available at: https://is.gd/JTH1u8 About DURECT Corporation DURECT Corporation is a biopharmaceutical company with research and development programs. The Company's products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products. EARL GAUDIO: May 9 Deadline Set for Refrigerated Warehouse Bids --------------------------------------------------------------- Hilco Real Estate, LLC on March 29, 2017, announced the upcoming bankruptcy sale of a 69,000 SF refrigerated distribution warehouse in Tilton, IL. The property is ideally located along Interstate 74 just east of Champaign, IL, which places the property within 100 miles of both Chicago and Indianapolis, and only 160 miles east of Saint Louis, MO. The site was built for and utilized by an Anheuser-Busch beverage and food distributor, Earl Gaudio & Son, Inc., which went into bankruptcy in July 2013. Built in 2008, the building is a high quality, modern refrigerated warehouse with impressive features, including 21,800+/- SF of refrigerated storage, 8,000 SF of walk-in freezer/cooler space, four (4) docks and eight (8) drive-in doors. Additionally, the 9,500 +/- SF high-end office space makes this property a unique headquarters option for a business looking to relocate or expand in the Midwest. Alternatively, the office space could be remodeled to serve other complimentary functions. The site is less than one mile south of Interstate 74 which connects Indianapolis and Illinois' capital, Springfield, granting the property easy access to almost anywhere in the Midwest. A strong, centralized location with superior Interstate access is key in today's economy as the e-commerce market continues to grow rapidly. Distribution and logistics services are growing in conjunction with rising internet-based spending, and more companies need well-located, highly functional distribution space to meet their requirements. As retail sales, including groceries and other perishable categories continue to move online, the need for refrigerated distribution buildings are at an all-time high. The promise of ever-shortened delivery times to consumers is increasing the demand for distribution-oriented real estate similar to this property in Tilton. In accordance with the court-approved Bidding Procedures, a copy of which will be made available on Hilco Real Estate's website, all interested parties must submit a written offer of at least $2,000,000 (the minimum cash purchase price) to Hilco Real Estate by 4:00 p.m. (Central Time) on May 9, 2017, along with other materials required by the Bidding Procedures, in order to be qualified to bid. Qualified Bidders will then be able to participate in an auction that is currently scheduled to be held telephonically on May 25, 2017 at 10:00 a.m. (Central Time). Commenting on the upcoming sale, Joel Schneider, Senior Vice President of Hilco Real Estate, said, "The sale offers the opportunity to step into a state-of-the-art, turn-key distribution property located on an Interstate within a two-hour drive time of three major metropolitan areas. This site could essentially be the keystone for any distribution business in the Midwest who needs high-quality refrigerated space. This is truly an unmatched Midwest real estate opportunity." According to Vermillion Advantage, the economic development organization for Vermillion County where the property is located, 97% of area companies project the economic outlook as "steady to steady growth" in a First Quarter 2017 survey. This survey included responses from 32 of the largest companies in the area, accounting for over 11,000 employees. The Tilton, IL market is a strong centralized market, and growth is continuing to support the region. Mr. Schneider continued, "This property represents a premier option for a distributor looking to expand or relocate in this part of the Midwest. The property's condition and quality, as well as a strong surrounding labor force and Interstate highway access, combine to make this offering one the best opportunities this year to acquire a high-quality property that a business can move into immediately." For more information about the bidding process, please visit www.HilcoRealEstate.com or contact a member of the transactional team at 855-755-2300. About Hilco Real Estate, LLC Hilco Real Estate, LLC ("HRE"), a Hilco Global company, is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. About Earl Gaudio & Son, Inc. Earl Gaudio & Son, Inc., filed a Chapter 11 petition (Bankr. C.D. Ill. Case No. 13-90942) on July 19, 2013. The petition was signed by Angela E. Major Hart, as authorized signer of First Midwest Bank, custodian. Judge Gerald D. Fines presides over the case. The Debtor disclosed $11,849,187 in assets and $8,489,291 in liabilities as of the Chapter 11 filing. John David Burke, Esq., and Ben T. Caughey, Esq., at Ice Miller, LLP, serve as the Debtor's counsel. The U.S. Trustee appointed five creditors to serve in the Official Committee of Unsecured Creditors. The Committee retained Evans, Forehlich, Beth & Chamley as its local counsel, and Rubin & Levin, P.C., as its counsel. EKSO BIONICS HOLDINGS: Oum & Co. LLP Casts Going Concern Doubt -------------------------------------------------------------- Ekso Bionics Holdings, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $23.47 million on $14.22 million of total revenue for the fiscal year ended December 31, 2016, compared to a net loss of $19.59 million on $8.66 million of total revenue for the fiscal year ended December 31, 2015. Oum & Co. LLP notes that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. The Company's balance sheet at December 31, 2016, showed total assets of $24.42 million, total liabilities of $17.89 million, and a stockholders' equity of $6.53 million. A full-text copy of the Company's Form 10-K is available at: https://is.gd/KrFhOf About Ekso Bionics Holdings, Inc. Ekso Bionics Holdings, Inc., designs, develops, and sells exoskeletons that augment human strength, endurance and mobility. The Company's exoskeletons have applications in health care, industrial, military, and consumer markets. ENDLESS SALES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Endless Sales, Inc. as of March 29, according to a court docket. Endless Sales, Inc., which conducts business under the name of Discount Forklift, Discount Forklift Brokers and Octane Forklifts, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 17-11037) on February 13, 2017. The petition was signed by Brian Firkins, president. The case is assigned to Judge Elizabeth E. Brown. The Debtor is represented by Jeffrey S. Brinen, Esq. and Keri L. Riley, Esq. at Kutner Brinen, P.C. At the time of filing, the Debtor disclosed total assets of approximately $2.56 million and total liabilities in the amount of $1.78 million. A list of the Debtor's 10 unsecured creditors is available for free at http://bankrupt.com/misc/cob17-11037.pdf ERATH IRON: Gets Interim Nod to Use Cash Collateral Until May 20 ---------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas authorized Erath Iron and Metal, Inc., to use cash collateral on an interim basis through May 20, 2017. Judge Mullin held that the Debtor's right to use cash collateral will terminate on April 20, 2017 if the Debtor has failed to secure a commitment from a lender or lenders that will provide post-petition funding to the Debtor in the aggregate amount of at least $750,000, together with an aggregate advance of not less than $3,000,000 for operations. The Debtor is authorized to operate its business and to use cash collateral to pay expenses in accordance with the Second Interim Budget. The Debtor's proposed Second Interim Budget covers the period from March 24, 2017 through April 14, 2017 reflecting net operating cash flow of approximately $57,564. However, the Debtor is prohibited from paying any amount: (a) to Brad Boyd or Spitfire Metals, (b) for equipment rental, (c) to any professional, or (d) to any bank for non-sufficient funds charges. Coleman County State Bank - Abilene Banking Center holds a pre-petition security interest, lien or mortgage in all of the Debtor's property. Coleman State Bank is granted with valid, perfected and enforceable new, first-priority liens and security interests upon any property of the Debtor upon which Coleman State Bank held prepetition liens and security interests, including all proceeds, accounts receivable, products or profits thereof. Additionally, Coleman State Bank will have a lien on all property of the Debtor and will have a lien of up to $150,000 on the equipment owned by EIM Operations, LLC. Furthermore, Judge Mullin also directed the Debtor, among other things, to: (a) provide reconciliation of all payments made; (b) allow Coleman State Bank access to bank records of the Debtor, which shows its cash flows; (c) allow Coleman State Bank access to records showing the purchase and sale of inventory; (d) identify the location of equipment and titled vehicles, on a current basis, to Coleman State Bank and to Plains; (d) provide current information reflecting sales, payment of expenses and compliance with the order of the Court; (d) grant access to Coleman State Bank and to Plains to inspect their respective collateral; and (d) provide Coleman State Bank with substantially complete drafts of the third quarter and year-end financial statements for 2016. A full-text copy of the Agreed Order, dated March 20, 2017, is available at https://is.gd/v75DZd About Erath Iron and Metal Based in Stephenville, Texas, Erath Iron and Metal, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-40693) on Feb. 22, 2017. The petition was signed by Nicolle Boyd, president. The case is assigned to Judge Mark X. Mullin. At the time of the filing, the Debtor disclosed $21.87 million in assets and $4.73 million in liabilities. The Debtor is represented by Russell W. King, Esq., and Tracy L. King, Esq., at King Law Offices, P.C. No trustee, examiner or creditors' committee has been appointed in the case. ERICKSON INC: Chapter 11 Post-Confirmation Order Entered -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas entered a Post-Confirmation Order in the Chapter 11 case of Erickson Incorporated to provide a schedule for final action in the case. The Post-Confirmation Order provides that: -- all applications for the award of compensation or expenses, if any, for professional persons in this case and motions for administrative expenses, if any, shall be filed and served within 60 days after entry of this order, unless the confirmation order or plan provides otherwise. Objections to any application or motion must be filed within 21 days of service, -- objections to claims, if any, shall be filed and served within 60 days after entry of this order, unless the confirmation order or plan provides otherwise. Responses to the objections must be filed within 30 days of service, -- the Debtor(s) or plan proponent(s) shall obtain settings for hearings on all applications for the award of compensation or expenses and motions for administrative expenses, and, consistent with the notice requirements of Bankruptcy Rule 3007, to determine objections to claims, -- the Debtor(s), plan proponent(s), or other responsible party, after substantial consummation as defined under 11 U.S.C. Sec. 1101(2), shall file an application for final decree, -- if the application for final decree is not filed within 180 days of the entry of this Order, a status conference will be held on Sept. 6, 2017, at 9:00 a.m., and -- if the Debtor(s), plan proponent(s) or other responsible party do(es) not appear at the status conference, the Court, on its own motion, may enter a final decree closing the case pursuant to Bankruptcy Rule 3022 or dismiss the case. On March 22, the Court entered an Order confirming Erickson's Second Amended Joint Plan of Reorganization. The Court entered a separate Order (I) Authorizing Entry Into and Performance Under (A) The Exit Financing Commitment Letter, and (B) the Fee Letter, (II) Authorizing the Payment of Certain Fees Associated with the Commitment Letter and the Fee letter, and (III) Granting Related Relief. A copy of the Court's Findings of Fact and Conclusions of Law Regarding Confirmation of the Second Amended Joint Plan of Reorganization is available at: http://bankrupt.com/misc/txnb16-34393-0579.pdf On March 23, Erickson filed a Form 15 with the Securities and Exchange Commission to cancel the registration of its Common Stock, $0.0001 par value per share, and suspend the duty to file reports with the SEC. Early this month, Erickson filed Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 (File No. 333-180778), to deregister any unsold shares issuable under the Company's 2012 Long-Term Incentive Plan. The Company also deregistered securities that remain unsold under these Registration Statements: -- Registration Statement on Form S-3 (File No. 333-189196), filed on June 10, 2013 and amended on July 11, 2013 and July 22, 2013, registering 4,000,000 shares of Common Stock, par value $0.001 per share offered by the Company and 5,602,970 shares of Common Stock offered by selling stockholders; and -- Registration Statement on Form S-3 (File No. 333-195826), filed on May 9, 2014, registering 3,233,332 shares of Common Stock. "As a result of the Chapter 11 Petition and the contemplated Plan of Reorganization, the Company has terminated any and all offerings of its securities pursuant to the Registration Statements. In accordance with an undertaking made by the Company in Part II of the Registration Statements to remove from registration, by means of a post-effective amendment, any securities that remain unsold at the termination of the offering, the Company hereby removes from registration any and all securities of the Company registered but unsold under the Registration Statements," the Company said in SEC filings dated March 7. About Erickson Inc. Founded in 1971, Erickson Incorporated (otcmkts:EACIQ) -- http://www.ericksoninc.com/-- is a vertically-integrated manufacturer and operator of the powerful heavy-lift Erickson S-64 Aircrane helicopter, and is a leading global provider of aviation services. Erickson Incorporated, based in Portland, OR, and its affiliates each filed a Chapter 11 petition (Bankr. N.D. Tex.; Erickson Incorporated, Case No. 16-34393; Evergreen Helicopters International, Inc., Case No. 16-34392; EAC Acquisition Corporation, Case No. 16-34394; Erickson Helicopters, Inc., Case No. 16-34395; Erickson Transport, Inc., Case No. 16-34396; Evergreen Equity, Inc., Case No. 16-34397; Evergreen Unmanned Systems, Inc., Case No. 16-34398) on Nov. 8, 2016. In its petition, Erickson estimated $942.8 million in assets and $881.5 million in liabilities. The Hon. Harlin D. Hale is the case judge. Haynes and Boone is serving as bankruptcy counsel to the Debtors. Kenric D. Kattner, and Kourtney P. Lyda, Esq., of the firm's Houston office and Ian T. Peck and David Lawrence Staab of the firm's Fort Worth office, head the engagement. Imperial Capital is serving as investment banker to the debtors, with Christopher Shephard, co-head of the firm's Investment Banking Group and head of Capital Markets, leading the engagement. Alvarez & Marsal is serving as financial advisor, with managing director Steven Varner leading the engagement. Kurtzman Carson Consultants, LLC, is the Debtors' claims, noticing and balloting agent and the subscription agent in the rights offering. No statutory committee of creditors has been appointed in the case. Goldberg Kohn, Ltd., is lead counsel for DIP revolving agent and existing first lien agent Wells Fargo Bank, and revolving lenders Deutsche Bank, Bank of the West and HSBC. Randall Klein, principal at Goldberg and chair of the firm's Bankruptcy & Creditors' Rights Group, heads the engagement. David Weitman, a partner at K&L Gates, LLP, is local counsel to Wells Fargo. Akin Gump Strauss Hauer & Feld LLP is representing the ad hoc group of holders of 8.25% Second Priority Senior Secured Notes due 2020. Partner Scott L. Alberino heads the engagement. Seyfarth Shaw LLP and The Law Offices of Mark A. Weisbart are representing Wilmington Trust, as indenture trustee for the 8.25% notes. Edward M. Fox, a partner in the litigation department of Seyfarth Shaw, and James Brouner, attorney at the Law Offices of Mar A. Weisbart, head the engagement. Katten Muchin Rosenman LLP is representing funds managed by Quinn Morgan at Centre Lane Partners. Managing partner Brian F. Antweil leads the engagement. Ropes & Gray LLP is representing Wilmington Savings Fund Society, FSB, the administrative agent under the proposed new second lien credit facility. Mark Somerstein, a partner at the firm, heads the engagement. ESP RESOURCES: Panel Seeks Case Conversion to Chapter 7 ------------------------------------------------------- BankruptcyData.com reported that ESP Resources' official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion for conversion of the Company's Chapter 11 reorganization to a liquidation under Chapter 7. The motion explains, "The Debtors in this case have no prospect of rehabilitation. At best, a placeholder liquidating plan providing releases to all insiders has been filed to preserve exclusivity. This case is simply the use of the bankruptcy courts as a convenient foreclosure forum for the benefit of the secured creditors and the professionals. There is no provision for any recovery whatsoever for unsecured creditors in this case. Unsecured creditors will receive nothing under the current proposed liquidating plan. The assets will not bring anywhere near the secured debt of the second and third lien holders, which hold a combined principal indebtedness of approximately $4,000,000. Additionally, the added expense of the investment bankers sought by the Debtors will, if they find a buyer, assuredly reduce the available funds by no less than $320,000. Essentially, this case is existing in Chapter 11 solely for the principals' hopes that some portion of the withholding tax obligation owed to the IRS in excess of $1.28 million might be reduced, which is increasingly unlikely, and for the purpose of pushing a plan of liquidation providing them personal releases for any of their prepetition activities. The interest on the defaulted secured debt is increasing by approximately $25,000 each and every month further diminishing the value of the Debtors' assets to the estate every month." About ESP Resources Lafayette, Louisiana-based ESP Resources, Inc. is a manufacturer, distributor and marketer of specialty chemicals and supply specialty chemicals for a range of oil and gas field applications, including killing bacteria, separating suspended water and other contaminants from crude oil and separating oil from gas. The company also offers analytical services and custom-blended chemicals for oil and gas wells. ESP Resources, Inc., and its affiliate ESP Petrochemicals, Inc. filed chapter 11 petitions (Bankr. S.D. Tex. Case Nos. 16-60021 and 16-60020) on March 10, 2016. The cases are jointly administered under Case No. 16-60020. The petitions were signed by David A. Dugas, chief executive officer. The cases are assigned to Judge David R. Jones. ESP Resources disclosed assets of $4.08 million and debt of $9.55 million. ESP Petrochemicals, Inc. estimated both assets and liabilities in the range of $1 million to $10 million. The Debtors are represented by Melissa Anne Haselden, Esq., and Edward L Rothberg, Esq., at Hoover Slovacek LLP. Chiron Financial LLC has been tapped as financial advisor. The U.S. Trustee has appointed three creditors to serve in the official committee of unsecured creditors in the Debtors' cases. FINJAN HOLDINGS: Adopts 2017 Executive Incentive Compensation Plan ------------------------------------------------------------------ The Board of Directors of Finjan Holdings, Inc., following the recommendation of the Compensation Committee of the Board of Directors of the Company, adopted the 2017 Executive Incentive Compensation Plan. The 2017 Plan is designed to tie executive compensation to the Company's achievement of certain financial and strategic objectives and the executive's achievement of individual performance goals. The 2017 Plan is intended to recognize outstanding contribution to the Company and value creation for the Company's stockholders and is structured by the Compensation Committee to provide for cash bonuses to the Company's executives at 100% to 200% of each executive's current base salary, though in exceptional circumstances, the bonuses may exceed those levels. The discretionary nature of the 2017 Plan allows for the Compensation Committee to make recommendations to the Company's Board of Directors to award Company executives on a monthly, quarterly or annual basis, on a discrete event, or any of the above. The 2017 Plan runs from Jan. 1, 2017, to Dec. 31, 2017, and only those participants in good standing with the Company are eligible to participate. 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. FREESEAS INC: LG Capital Reports 9.8% Stake as of March 24 ---------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, LG Capital Funding, LLC disclosed that as of March 24, 2017, it beneficially owns 262,271 shares of common stock of FreeSeas, Inc. representing 9.883% (based on the total of [2,653,644] outstanding shares of Common Stock). A full-text copy of the regulatory filing is available at https://is.gd/vlSs6E About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. Freeseas reported a net loss of US$52.94 million on US$2.30 million of operating revenues for the year ended Dec. 31, 2015, compared to a net loss of US$12.68 million on US$3.77 million of operating revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, FreeSeas had US$18.71 million in total assets, US$35.47 million in total liabilities and a total shareholders' deficit of US$16.76 million. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements and is in default in other agreements with various counter parties. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. FTS CAPITAL: Hires Ehrhard & Associates as Counsel -------------------------------------------------- FTS Capital, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Ehrhard & Associates, P.C., as counsel to the Debtor. FTS Capital requires Ehrhard & Associates to: a) give the Debtor legal advice with respect to its powers and duties as a Debtor in the Chapter 11 proceeding; b) perform on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers required for the proceedings; c) perform all other legal services to the Debtor which may be necessary herein, and it is necessary for the Debtor to employ an attorney for such professional services; and d) represent the Debtor with the sale, refinance or restructuring of the property of the Debtor. Ehrhard & Associates will be paid at these hourly rates: Senior Attorney $300 Junior Attorney $225 Paralegal $110 The Debtor paid Ehrhard & Associates a retainer of $6,717 of which $5,000 is being held in escrow for legal fees and $1,717 is used for the filing fee. Ehrhard & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. James P. Ehrhard, partner of Ehrhard & 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 estates. Ehrhard & Associates can be reached at: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. 250 Commercial Street, Ste 410 Worcester, MA 01608 Tel: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About FTS Capital, LLC FTS Capital, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 17-40490) on March 22, 2017, listing under $1 million in both assets and liabilities. GELTECH SOLUTIONS: Incurs $4.67 Million Net Loss in 2016 -------------------------------------------------------- GelTech Solutions, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $4.67 million on $1.20 million of sales for the year ended Dec. 31, 2016, compared with a net loss of $6.02 million on $1.31 million of sales for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Geltech had $2.30 million in total assets, $8.66 million in total liabilities, and a total stockholders' deficit of $6.36 million. As of March 24, 2017, the Company had approximately $240,000 in available cash. "Until we generate sufficient revenue to sustain the business, our operations will continue to rely on Mr. [Michael] Reger's investments and the Purchase Agreement with Lincoln Park. If Mr. Reger were to cease providing us with working capital or we are unable to generate material revenue, we will have to scale back our operations or cease doing business. Although we do not anticipate the need to purchase significant additional material capital assets in order to carry out our business, it may be necessary for us to purchase additional support vehicles in the future, depending on demand. "Ultimately, if GelTech is unable to generate substantial cash flows from sales of its products or complete financings, it may not be able to remain operational," the Company said in the report. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has a net loss and net cash used in operating activities in of $4,672,043 and $3,344,593, respectively, for the year ended December 31, 2016 and has an accumulated deficit and stockholders' deficit of $47,957,926 and $6,363,616, respectively, at December 31, 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/w0iGy0 About GelTech Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware corporation organized in 2006. The Company markets four products: (1) FireIce(R), a water soluble fire retardant used to protect firefighters, structures and wildlands; (2) Soil2O(R) 'Dust Control', its new application which is used for dust mitigation in the aggregate, road construction, mining, as well as, other industries that deal with daily dust control issues; (3) Soil2O(R), a product which reduces the use of water and is primarily marketed to golf courses, commercial landscapers and the agriculture market; and (4) FireIce(R) Home Defense Unit, a system for applying FireIce(R) to structures to protect them from wildfires. GETTY IMAGES: Bank Debt Trades at 12% Off ----------------------------------------- Participations in a syndicated loan under Getty Images Inc is a borrower traded in the secondary market at 87.70 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.92 percentage points from the previous week. Getty Images pays 350 basis points above LIBOR to borrow under the $1.9 billion facility. The bank loan matures on Oct. 14, 2019 and carries Moody's B3 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. GRAND PERFECTA: Negative Cash Flow Raises Going Concern Doubt ------------------------------------------------------------- Grand Perfecta, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $346,135 on $3.00 million of total revenues for the three months ended January 31, 2017, compared to a net loss of $1.50 million on $3.67 million of total revenues for the three months ended January 31, 2016. For the six months ended January 31, 2017, the Company listed a net loss of $485,671 on $6.72 million of total revenues, compared to a net loss of $1.59 million on $7.25 million of total revenues for the same period in the prior year. The Company's balance sheet at January 31, 2017, showed total assets of $12.00 million, total liabilities of $12.66 million, and a stockholders' deficit of $665,018. As of January 31, 2017, the Company had cash of $13,337 and a working capital deficit of $7,998,081 as compared to cash of $83,295 and a working capital deficit of $8,926,656 as at July 31, 2016. The decrease in cash as of January 31, 2017 was primarily the result of cash used in operations and to pay down outstanding notes payable during the period, offset by an increase in cash due to the sale of common stock, as well as additional note payable borrowing during the period. Based on continuing operating losses and negative cash from operations, substantial doubt exists about the Company's ability to continue as a going concern. Management's plan is to improve sales through the introduction of new contents and products and further reduce costs, including a shift of its broadcast program from satellite television to web TV. To finance operations while it improves operating results, the Company sold $1 million of common stock in August 2016 and is in the process of finalizing a private placement of $3 million. If necessary, the Company will continue financing activity such as taking loans and asking existing creditors to convert their loans to shares of the Company's common stock. The Company continues to have a significant working capital deficit that adversely affects its business by limiting the resources it has available to pursue the promotion of its information services and develop new service opportunities for potential customers. Historically, the Company has relied on extensions of note payment due dates and new debt financing to repay note obligations as they came due in order to continue operations. Going forward the Company will continue to use extensions and new debt financing to address note obligations that come due, endeavor to gradually reduce obligations with cash flow provided by operations, and pursue over the next 12 months equity financing that it can apply to debt reduction and business development. Nevertheless, the shortage of working capital adversely affects its ability to develop, sponsor, or participate in activities that promote the Company's information services to prospective customers and to develop new content, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. A full-text copy of the Company's Form 10-Q is available at: https://is.gd/bXcUhn About Grand Perfecta, Inc. Grand Perfecta, Inc., is engaged in the business of transmitting and providing horse racing information via different types of media, including websites owned and operated by its wholly owned subsidiaries. The Company maintains its headquarters in Tokyo, Japan. HAMILTON SUNDSTRAND: Bank Debt Trades at 5% Off ----------------------------------------------- Participations in a syndicated loan under Hamilton Sundstrand Industrial is a borrower traded in the secondary market at 94.85 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.71 percentage points from the previous week. Hamilton Sundstrand pays 300 basis points above LIBOR to borrow under the $1.675 billion facility. The bank loan matures on Dec. 10, 2019 and carries Moody's B3 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. HAYDEL PROPERTIES: Hires McEnery Company as Appraiser ----------------------------------------------------- Haydel Properties, LP, seeks authority from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ The McEnery Company as appraiser to the Debtor. Haydel Properties requires McEnery Company to provide appraisal report and analyses of the Debtor's real property known as: 1. The West side of Highway 49 at Ashley Drive Gulfport, MS 39503; and 2. The East Side of Highway 49, Frontage Road Wiggins, MS 39503. McEnery Company will be paid at these hourly rates: -- Deposition and expert witness $400 -- Preparation of appraisal $300 McEnery Company will be paid a retainer in the amount of $5,000. McEnery Company will also be reimbursed for reasonable out-of-pocket expenses incurred. P.M. McEnery, partner of The McEnery Company, 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 estates. McEnery Company can be reached at: P.M. McEnery THE MCENERY COMPANY 810 Union Street, Fourth Floor New Orleans, LO 70112 Tel: (504) 274-2701 About Haydel Properties, LP Haydel Properties, LP, based in Gulfport, Miss., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 16-51259) on July 27, 2016. The Hon. Katharine M. Samson presides over the case. William J. Little, Jr., Esq., at Lentz & Little, P.A., serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Michael D. Haydel, manager of general partner. HBT JV: DK8 Unit Hires Gardere Wynne as Counsel ----------------------------------------------- DK8 LLC, a debtor affiliate of HBT JV, LLC, et al., seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Gardere Wynne Sewell LLP as counsel to DK8. Formed in 2008, DK8 is limited liability company organized under the laws of the State of Texas. DK8 owns 52% of HBT JV, LLC. DK8 requires Gardere Wynne to: a. advise the Debtor of its powers and duties in the management of its business; b. attend meetings and negotiate with representatives of creditors and other parties in interest; c. assist the Debtor in the preparation of all administrative documents required to be filed or prepared herein, and to prepare, on behalf of the Debtor, all necessary applications, motions, answers, responses, orders, reports, and other legal documents required; d. take such action as is necessary to preserve and protect the Debtor's assets and interests therein, including to prosecute actions on the Debtor's behalf, defend any action commenced against the Debtor, and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the estate; e. advise the Debtor in connection with any potential sale of assets; f. assist the Debtor in the formulation of a disclosure statement and in the formulation, confirmation, and consummation of a chapter 11 Plan; g. appear before the Court, any appellate courts and the U.S. Trustee and protect the interests of the Debtor and the assets in its estate before such courts and the U.S. Trustee; h. consult with the Debtor regarding tax matters; and i. perform any and all other legal services that may be necessary to protect the rights and interests of the Debtor and its estate in the proceeding and any actions hereafter commenced in the Chapter 11 Case. Gardere Wynne will be paid at these hourly rates: Stephen A. McCartin, Partner $700 Todd A. Murray, Partner $640 Nicole L. Hay, Associate $385 Mark C. Moore, Associate $340 As of the Petition Date, Gardere Wynne held a retainer in the amount of $300,000 for its services. Post-Petition, Gardere Wynne agreed to refund $10,000 to the Debtor to provide cash available for the payment of fees to the U.S. Trustee's office. The remainder of the Retainer in the amount of $290,000 is held in trust by Gardere Wynne. Gardere Wynne has been compensated for services provided to the Debtor prior to the Petition Date in the ordinary course in the amount of $111,428.37. Gardere Wynne will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. The rates may be adjusted at times to reflect economic or other conditions. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Gardere Wynne began representing the Debtor in connection with both the Dealership and the State- Court Lawsuit in June 21, 2013. Gardere Wynne began representing the Debtor in connection with preparations for filing the bankruptcy case and consummating the sale of HBT's assets in February 2017. The rates charged by Gardere Wynne have not changed post-bankruptcy filing. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Debtor has approved a prospective budget and staffing plan for the period of the Petition Date through consummation of the proposed sale, which is projected to be August 1, 2017. Stephen A. McCartin, partner of Gardere Wynne Sewell LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Gardere Wynne can be reached at: Stephen A. McCartin, Esq. GARDERE WYNNE SEWELL LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: smccartin@gardere.com About HBT JV, LLC Each of HBT JV, LLC and DK8 LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-40659 and 17-30621) on Feb. 20, 2017. Forshey & Prostok, LLP is serving as counsel to HBT. Gardere Wynne Sewell LLP is serving as counsel to DK8 LLC. The Debtors have employed Focus Management USA, Inc., as financial advisor, and JND Corporate Restructuring as noticing, claims and balloting agent. HBT JV, LLC listed $10 million to $50 million in both assets and liabilities. DK8 LLC listed $10 million to $50 million in assets and under $10 million in liabilities. The petition was signed by Kenneth L. Schnitzer, manager. HBT JV: Hires Forshey & Prostok as Counsel ------------------------------------------ HBT JV, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Forshey & Prostok, LLP, as counsel to the Debtors. HBT JV requires Forshey & Prostok to: a. advise the Debtor of its powers and duties in the management of its business; b. attend meetings and negotiate with representatives of creditors and other parties in interest; c. assist the Debtor in the preparation of all administrative documents required to be filed or prepared herein, and to prepare, on behalf of the Debtor, all necessary applications, motions, answers, responses, orders, reports, and other legal documents required; d. assist the Debtors in obtaining Court approval for use of cash collateral or debtors-in-possession financing and other negotiations with secured creditors; e. take such action as is necessary to preserve and protect the Debtor's assets and interests therein, including to prosecute actions on the Debtor's behalf, defend any action commenced against the Debtor, and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the estate; f. advise the Debtor in connection with any potential sale of assets; g. assist the Debtor in the formulation of a disclosure statement and in the formulation, confirmation, and consummation of a chapter 11 Plan; h. appear before the Court, any appellate courts and the U.S. Trustee and protect the interests of the Debtor and the assets in its estate before such courts and the U.S. Trustee; i. consult with the Debtor regarding tax matters; and j. perform any and all other legal services that may be necessary to protect the rights and interests of the Debtor and its estate in the proceeding and any actions hereafter commenced in the Chapter 11 Case. Forshey & Prostok will be paid at these hourly rates: Jeff P. Prostok, Partner $575 Bobby Forshey, Partner $575 Lynda Lankford, Associate $400 Forshey & Prostok was be paid a retainer in the amount of $75,000. Out of the retainer, the amount of $50,278 was paid to Forshey & Prostok for all legal services rendered and expenses incurred. The balance of $24,721.20 is held in trust by Forshey & Prostok. Forshey & Prostok will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Jeff P. Prostok, partner of Forshey & Prostok, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Forshey & Prostok can be reached at: Jeff P. Prostok, Esq. FORSHEY & PROSTOK, LLP 777 Main Street, Suite 1290 Forth Worth, TX 76102 Tel: (817) 877-8855 Fax: (817) 877-4151 E-mail: jprostok@forsheyprostok.com About HBT JV, LLC Each of HBT JV, LLC and DK8 LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-40659 and 17-30621) on Feb. 20, 2017. Forshey & Prostok, LLP is serving as counsel to HBT. Gardere Wynne Sewell LLP is serving as counsel to DK8 LLC. The Debtors have employed Focus Management USA, Inc., as financial advisor, and JND Corporate Restructuring as noticing, claims and balloting agent. HBT JV, LLC listed $10 million to $50 million in both assets and liabilities. DK8 LLC listed $10 million to $50 million in assets and under $10 million in liabilities. The petition was signed by Kenneth L. Schnitzer, manager. HBT JV: Taps Focus Management as Financial Advisor -------------------------------------------------- HBT JV, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Focus Management USA, Inc., as financial advisor to the Debtors. HBT JV requires Focus Management to: a. assist in connection with the Debtors' Chapter 11 filing including preparation of cash forecasts, budgets, projections and filing documents; b. review, prepare, assist, and review the Debtors' business plans, cash flow projections, restructuring programs, and other reports or analyses prepared by the Debtors or its professionals in order to advise the Debtor on the viability of the continuing operations and the reasonableness of projections and underlying assumptions; c. assist the Debtor in preparing SOFAs, Schedules and Monthly Operating Reports to be filed in connection with the Debtors' Chapter 11 case; d. assist the Debtors in preparing an operational restructuring plan to be presented to the Debtors' provider of post-filing financing; e. review, evaluate, assist and analyze the financial ramifications of proposed transactions for which the Debtors seeks Bankruptcy Court approval, including, to DIP Financing and cash management, assumption or rejection of real property leases and other contracts, asset sales, management compensation and retention and severance plans; f. review, evaluate and analyze the Debtors' internally prepared financial statement and related documentation, in order to evaluate the performance of the Debtors as compared to projected results on an ongoing basis; g. attend and advise at meetings with the Debtors, its counsel other financial advisors and representatives of the Creditors Committee, if formed; h. assist and advise the Debtors and its counsel in the development, evaluation and documentation of any plans of reorganization or strategic transactions, including developing, structuring and negotiating the terms and conditions of potential plans or strategic transactions and the consideration that is to be provided to unsecured creditors thereunder; i. render testimony in connection with the above procedures, as required on behalf of the Debtors; j. coordinate operations with the Debtors its management and counsel, and assist management with monitoring and reporting thereon to the Bankruptcy Court and all interested parties; and k. provide such other services, as specifically requested by the Debtors. Focus Management will be paid at these hourly rates: Managing Directors $400 Senior Consultants $350 Focus Management will be paid a retainer in the amount of $50,000. Prior to the petition date, Focus Management drew down from the retainer the amount of $11,327.64 for pretition services rendered and expenses incurred, leaving a balance of $38,672.36. Focus Management will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Doland, chief operating officer of Focus Management Group USA, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Focus Management can be reached at: Michael Doland FOCUS MANAGEMENT GROUP USA, INC. 5001 W. Lemon Street Tampa, FL 33609 Tel: (813) 281-0062 About HBT JV, LLC Each of HBT JV, LLC and DK8 LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-40659 and 17-30621) on Feb. 20, 2017. Forshey & Prostok, LLP is serving as counsel to HBT. Gardere Wynne Sewell LLP is serving as counsel to DK8 LLC. The Debtors have employed Focus Management USA, Inc., as financial advisor, and JND Corporate Restructuring as noticing, claims and balloting agent. HBT JV, LLC listed $10 million to $50 million in both assets and liabilities. DK8 LLC listed $10 million to $50 million in assets and under $10 million in liabilities. The petition was signed by Kenneth L. Schnitzer, manager. HBT JV: Taps JND Corporate as Noticing and Claims Agent ------------------------------------------------------- HBT JV, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ JND Corporate Restructuring as noticing, claims and balloting agent to the Debtors. HBT JV requires JND Corporate to: a. prepare and serve required notices and documents in the bankruptcy case in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtor and the Bankruptcy Court, including any notices, orders, pleadings, publications and other documents as the Debtor or Court may deem necessary or appropriate for an orderly administration of the Bankruptcy Case; b. maintain an official copy of the Debtor's Schedules of Assets & Liabilities and Statement of Financial Affairs, listing the Debtors' known creditors and the amounts owed thereto; c. for all notices, motions, orders, or other pleadings or documents served, prepare and file or caused to be filed with the Clerk and affidavit or certificate of service within 7 business days of service which includes: (i) either a copy of the notice served or the docket numbers and titles of the pleadings served, (ii) a list of persons to whom it was mailed, in alphabetical order, with their addresses, (iii) the manner of service, and (iv) the date served; d. perform and assist the Debtor and its retained professionals with such other tasks, duties and projects it deems necessary to the overall operation of the Bankruptcy Case; and e. assist in the dissemination of information to the public and respond to requests for administrative information regarding the cases as directed by the Debtors or the Court, including through the use of cases website and call center. JND Corporate will be paid at these hourly rates: Clerical $30 Case Assistant $60 IT Manager $90 Case Consultant $130 Case Manager $180 JND Corporate will be paid a retainer in the amount of $20,000. JND Corporate will also be reimbursed for reasonable out-of-pocket expenses incurred. Travis Vandell, managing director of JND Corporate Restructuring, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. JND Corporate can be reached at: Travis Vandell JND CORPORATE RESTRUCTURING 8269 E. 23rd Avenue, Suite 275 Denver, CO 80238 Tel: (855) 812-6112 About HBT JV, LLC Each of HBT JV, LLC and DK8 LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-40659 and 17-30621) on Feb. 20, 2017. Forshey & Prostok, LLP is serving as counsel to HBT. Gardere Wynne Sewell LLP is serving as counsel to DK8 LLC. The Debtors have employed Focus Management USA, Inc., as financial advisor, and JND Corporate Restructuring as noticing, claims and balloting agent. HBT JV, LLC listed $10 million to $50 million in both assets and liabilities. DK8 LLC listed $10 million to $50 million in assets and under $10 million in liabilities. The petition was signed by Kenneth L. Schnitzer, manager. HD SUPPLY: Moody's Hikes Corporate Family Rating to Ba3 ------------------------------------------------------- Moody's Investors Service upgraded HD Supply, Inc.'s Corporate Family Rating to Ba3 from B1 and its Probability of Default Rating to Ba3-PD from B1-PD, since Moody's projects financial performance and key debt credit metrics to improve over the next 12 to 18 months. In related rating actions, Moody's upgraded HDS's senior secured term loans and senior secured notes to Ba3 from B1 and its senior unsecured notes to B2 from B3. The company's SGL-1 liquidity rating is affirmed, and its rating outlook was changed to stable from positive. The following ratings/assessments are affected by action: Corporate Family Rating upgraded to Ba3 from B1; Probability of Default Rating upgraded to Ba3-PD from B1-PD; Senior secured term loan due 2021 upgraded to Ba3 (LGD3) from B1 (LGD4); Senior secured notes due 2021 upgraded to Ba3 (LGD3) from B1 (LGD4); Senior secured term loan due 2023 upgraded to Ba3 (LGD3) from B1 (LGD4); Senior unsecured notes due 2024 upgraded to B2 (LGD5) from B3 (LGD5); Speculative Grade Liquidity Rating affirmed at SGL-1; Rating Outlook, changed to Stable from Positive. RATINGS RATIONALE HDS's Corporate Family Rating upgrade to Ba3 from B1 results from Moody's expectations of improved credit metrics, due to a combination of better earnings and debt reduction from free cash flow. Over the next 12 to 18 months, Moody's projects revenues growing by 8% to about $8.0 billion, from $7.4 billion for 2016, and operating margins remaining around 11%, resulting in record levels of profitability. Moody's project adjusted debt leverage nearing 3.0x by year-end 2018 (ending February 3, 2019) versus 4.2x at FYE16 (ended January 29, 2017). Moody's forward view focuses on deleveraging from earnings growth and debt reduction using free cash flow. Adjusted interest coverage, defined as EBITA-to-interest expense, will continue to improve towards 4.5x over Moody's time horizon. Moody's anticipates gains coming from all lines of business, but particularly from Facilities Maintenance. This business, derived mainly from living-space maintenance, repair and operation (MRO) needs, is the company's largest and most profitable, representing about 37% of total revenues. The relatively constant demand for supplies and services needed to maintain and upgrade buildings is a source of stable earnings and potential growth as institutions increase operating budgets, and multifamily vacancies decline. The company also derives about 26% of revenues from non-residential construction and 18% of sales from residential construction. Moody's projects new housing starts could reach 1.25 million in 2017 (a 7% increase from about 1.17 million in 2016) and maintains a positive outlook for the domestic homebuilding industry. Moody's expects infrastructure spending, from which HDS earns 17% of revenues, to be a source of solid growth prospects towards the end of Moody's forward views. The change in rating outlook to stable from positive reflects Moody's expectation that HDS's credit profile and financial performance will support the upgraded Ba3 Corporate Family Rating over the next 12 to 18 months. Positive rating actions could ensue if HDS continues to benefit from strength in multiple end markets, resulting in performance that exceeds Moody's forecasts and yield the following credit metric (ratio includes Moody's standard adjustments): -- Debt-to-EBITDA comfortably below 3.5x -- EBITA-to-interest expense sustained above 4.5x A downgrade is not anticipated over the next 12 to 18 months. However, negative rating pressures may result if HDS's operating performance falls below Moody's expectations, resulting in the following credit metrics (ratios include Moody's standard adjustments) and characteristics: -- Debt-to-EBITDA sustained above 4.5x -- EBITA-to-interest expense remains below 2.0x -- Significant deterioration in the company's liquidity profile -- Large shareholder distributions -- Large debt-financed acquisitions The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. HD Supply, Inc., headquartered in Atlanta, GA, is one of the largest North American industrial distributors providing products and services to the maintenance, repair and operations, infrastructure and specialty construction sectors. HDS operates three segments: Facilities Maintenance, Waterworks, and Construction and Industrial. Revenues for the 12 months through January 29, 2017, totaled approximately $7.4 billion. HEALTHIER CHOICES: Opens New Ada's Greenleaf Grill in Florida ------------------------------------------------------------- Healthier Choices Management Corp. announced the opening of Ada's Greenleaf Grill in the new, state-of-the-art Golisano Children's Hospital in Fort Myers, Florida, on May 10, 2017. Ada's Greenleaf Grill will be serving a casual menu prepared from natural and organic ingredients sourced directly from HCMC's flagship store, Ada's Natural and Organic Market, also located in Fort Myers. The Golisano Children's Hospital is part of the Lee Health system. "HCMC is ecstatic to begin the expansion of The Greenleaf Grill with Lee Health as its initial partner," said Christopher Santi, president and COO of HCMC. "For decades, Ada's has been a staple in the Fort Myers community, representing a total health and wellness lifestyle. To have the opportunity to service the community through a state-of-the-art children's hospital like Golisano is an incredible and groundbreaking event." Mr. Santi continued, "The Greenleaf Grill expects to draw diners from both the hospital and surrounding medical facilities and we are hopeful that this will be the first of many Greenleaf Grill's to open in such venues." About Healthier Choices Healthier Choices Management Corp., formerly Vapor Corp, is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. One segment of the Company's business is a U.S. based retailer of vaporizers and e-liquids. The other segment is our natural and organic grocery operations in Ft. Myers, Florida. Healthier Choices Management Corp. sells direct to consumer via company-owned brick-and-mortar retail locations operating under "The Vape Store" and "Ada's Natural and Organic" brands. Vapor Corp reported a net loss allocable to common shareholders of $36.26 million in 2015 following a net loss allocable to common shareholders of $13.85 million in 2014. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that Company has incurred net losses and needs to raise additional funds to meet its obligations and sustain its operations. In addition, the Company currently does not have enough authorized common shares to settle all of its outstanding warrants if those warrants were exercised pursuant to their cashless exercise provisions. As a result, the Company could be required to settle a portion of these warrants with cash. These conditions, the auditors said, raise substantial doubt about the Company's ability to continue as a going concern. HUDSON'S BAY: Bank Debt Trades at 3% Off ---------------------------------------- Participations in a syndicated loan under Hudson's Bay Co is a borrower traded in the secondary market at 97.05 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.75 percentage points from the previous week. Hudson's Bay pays 325 basis points above LIBOR to borrow under the $0.500 billion facility. The bank loan matures on Sept. 30, 2022 and carries Moody's B1 rating and Standard & Poor's N.R.* rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. HUMAN CONDITION: Wants $425,000 DIP Financing From AIG PC OK'd -------------------------------------------------------------- Human Condition Safety Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to obtain secured postpetition financing from AIG PC Global Services, Inc., on a super-priority basis and use cash collateral. A copy of the Debtor's request for permission to obtain financing is available at http://bankrupt.com/misc/nysb17-10585-2.pdf AIG PC is a shareholder holding approximately 18% of Debtor's outstanding equity interests. AIG PC also holds a prepetition unsecured note issued by the Debtor in the original principal amount of $108,466.46 in connection with AIG PC's exercise of a put right with respect to certain of the Debtor's common stock. As of the Petition Date, the full principal amount of that prepetition unsecured note, plus accrued and unpaid interest and any fees and other costs provided under that note, are owing to AIG PC. AIG PC recently agreed to give Debtor a bridge loan to fund the Debtor's operations until commencement of the Chapter 11 case under a promissory note, dated as of Feb. 16, 2017, in the original principal amount of $375,000 secured by a first priority lien on substantially all the Debtor's assets. As the holder of that secured Bridge Note, AIG PC is, as of the Petition Date, the Debtor's only secured creditor. AIG PC also agreed to provide the DIP Financing for which the Debtor now seeks approval which will provide funding for the Debtor to continue operating in bankruptcy while implementing a dual-track process to maximize value for stakeholders and preserve employees' jobs by simultaneously pursuing (i) a reorganization plan, and (ii) a sale of substantially all the Debtor's assets pursuant to Section 363 of the Bankruptcy Code with the transition of its employees, operations, and files. The Debtor's primary objective in filing the Chapter 11 case is to continue its recently commenced operations under Chapter 11 protection, and with additional financing needed to do so, in order to demonstrate the success of the Debtor's business and revenue generation, which will fund a successful reorganization plan and attract the commitment of interested potential purchasers to maximize value under a sale of substantially all assets. To achieve this objective, the Debtor has obtained a commitment for debtor-in-possession financing in an aggregate principal amount not to exceed $3 million. The proposed DIP financing contemplates the Court permitting the Debtor to, among others: (i) obtain credit and incur debt on an interim basis for a period from the commencement of the case through and including the date of the final hearing up to the aggregate principal amount of $425,000, secured by first priority liens and security interests in and upon all of the assets of the Debtor and be entitled to super-priority claim status; (ii) consistent with the Postpetition Loan Agreement, establish a DIP financing arrangement by and among the Debtor and the Postpetition Lender; (iii) authorize the use of the proceeds of the DIP Facility in accordance with an agreed-upon budget; (iv) provide the Postpetition Lender with first priority liens upon substantially all of the Debtor's real and personal property; and (v) grant the Postpetition Lender a super-priority claim over any and all administrative expenses (subject to the carveout). The termination date for the financing is on the earliest to occur of: (a) the date on which the lender provides written notice to the Debtor, counsel for the Debtor, and counsel for any official committee of unsecured creditors of the occurrence of an event of default under the DIP Facility; (b) the date of the acceleration of any outstanding extension of credit under the DIP Facility; (c) the effective date of a confirmed plan in the case; (d) the closing date of any sale of assets in the case; (e) the entry of an order converting the case to a case under Chapter 7; (f) the entry of an order dismissing the case; (g) the entry of an order appointing a Chapter 11 trustee or examiner in the case; (h) the failure of the Debtor to timely obtain entry of an interim order and final order approving the DIP Facility, each of which must be in a form acceptable to the lender in its sole discretion; and (i) 180 days after the Petition Date. The DIP Facility will have an interest rate of LIBOR plus 7.0% per annum, payable in cash monthly in arrears. It will have a default interest rate of 1.25% in excess of the otherwise applicable non-default interest rate, payable in cash monthly in arrears. The Debtor will pay the Lender a one-time facility fee equal to 1.25% of the maximum DIP Facility amount, payable in cash upon closing of the DIP Facility. The Debtor will also pay the Lender a one-time exit fee equal to 1.25% of the maximum DIP Facility amount, payable in cash upon the termination of the DIP Facility. For financing/operations milestones, the Debtor will: (a) on the Petition Date, file a motion to approve the DIP Facility, in form and substance acceptable to the Lender; (b) no later than three business days after the Petition Date, obtain entry of an interim DIP court order of the Court, in form and substance acceptable to the Lender, approving the DIP Facility on an interim basis; (c) no later than 30 days after the Petition Date, obtain entry of a final DIP court order of the Court, in form and substance acceptable to the Lender, approving the DIP Facility on a final basis; (d) no later than 45 days after the Petition Date, deliver to the Lender an analysis and recommendation on reducing the Debtor's real property lease expenses; (e) no later than the last business day of each month from and after the Petition Date, execute agreements with no fewer than two new clients and generate additional revenue of not less than $100,000; (f) no later than 30 days after the Petition Date, have the Basic SafeStart Application and VR modules ready for sale; (g) no later than 60 days after the Petition Date, finalize all of the Borrower’s pending patent applications; (h) no later than 60 days after the Petition Date, have the Borrower’s wearable sensors ready for sale; (i) no later than 60 days after the Petition Date, have the Advanced SafeStart Application and VR ready for sale; and (j) no later than 120 days after the Petition Date, have the SafeStart Application and wearable sensors integrated into a central platform. Additional milestones from and after April 2017 to be mutually agreed upon by the Debtor and Lender. As adequate protection for the use of cash collateral, the Prepetition First Priority Lender is granted priority of prepetition liens/allowance of Prepetition First Priority Lender's claim/release, replacement liens, and allowed Code Section 507(b) claim. About Human Condition Headquartered in New York, New York, Human Condition Safety Inc. -- http://www.hcsafety.com/-- develops wearable devices, artificial intelligence, building information modeling, and cloud computing solutions that assists workers and their managers prevent injuries before they happen at their workplace. Human Condition Safety was incorporated in 2014. Human Condition Safety filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 17-10585) on March 10, 2017, estimating its assets at between $500,000 and $1 million and its liabilities at between $1 million and $10 million. The petition was signed by Greg Wolyniec, president, director and chief executive officer. Judge Sean H. Lane presides over the case. John D. Giampolo, Esq., at Wollmuth Maher & Deutsch LLP, is serving as the Debtor's bankruptcy counsel. INTERNATIONAL SHIPHOLDING: Cases of 2 Affiliates Dismissed ---------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved International Shipholding's motion to dismiss the Chapter 11 cases of Dry Bulk Australia and Dry Bulk Americas. As previously reported, "The chapter 11 petitions for the cases in question in this motion were filed out of an abundance of caution in anticipation of multiple possible forms that an ultimate restructuring of the debtors might take. Now, as a joint plan of reorganization has been solicited and voted upon and the dry bulk debtors have no continuing operations and will not be part of the reorganized debtors, it has become clear that these two cases should be dismissed." 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 October 28, 2016, the Debtors filed a motion to sell certain assets contained in the Specialty Business Segment. On November 18, 2016, the Bankruptcy Court entered an order approving the bidding and auction procedures in connection with such sale. The Auction was held on December 15, 2016. The Bankruptcy Court held a hearing to consider approval of the sale on December 20. On January 30, 2017, the Bankruptcy Court entered an order authorizing the sale. The sale closed on February 28, 2017. On November 14, 2016, the Debtors filed their Plan of Reorganization and the Disclosure Statement. The Bankruptcy Court approved the Disclosure Statement on January 10, 2017. On March 2, 2017, the Bankruptcy Court entered an order confirming the Plan. ISAACSON IMPLEMENT: Wants to Continue Using Cash Until May 31 ------------------------------------------------------------- Isaacson Implement Company, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota for the continued use of cash collateral through May 31, 2017. The Debtor has prepared a budget that reflects total cash disbursements of approximately $106,090 for the month of March 2017, $126,534 for the month of April 2017, and $107,537 for the month of May 2017. The Court has previously granted the Debtor the interim use of cash collateral and has granted replacement liens to these secured creditors: Bremer Bank, TCF Inventory Finance, Inc., AGCO Corporation and AGCO Finance, LLC. The Debtor believes that based on the value of the collateral, the Secured Creditors are protected by an equity cushion, in addition to replacement lien that has been granted pursuant the Court's Order dated March 8, 2017. Currently, the Debtor and the Secured Creditors are still negotiating the terms of a stipulation for the use of cash collateral, and such stipulation has not yet been finalized. The Debtor, however, anticipates that the stipulation will be filed with the Court, as soon as it is finalized. In the event a stipulation is not filed, the Debtor requests permission to utilize cash collateral consistent with its Motion. A full-text copy of the Debtor's Motion, dated March 21, 2017, is available at https://is.gd/Cy6K5p About Isaacson Implement Company Based in Nerstrand, Minnesota, Isaacson Implement Company, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 17-30382) on Feb. 10, 2017. The petition was signed by David Isaacson, president. The case is assigned to Judge William J Fisher. At the time of the filing, the Debtor disclosed $5.92 million in assets and $1.84 million in liabilities. Mark J. Kalla, Esq., at Lapp, Libra, Thomson, Stoebner & Pusch, Chartered, is serving as bankruptcy counsel to the Debtor. Judd, Ostermann & Demro, Ltd., has been tapped as accountant, and Rich Advice, LLC, as consultant. J&M FOOD: Taps Canterbury Law Group as Legal Counsel ---------------------------------------------------- J&M Food Services LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Canterbury Law Group LLP to give legal advice regarding its duties under the Bankruptcy Code, negotiate with creditors, give advice on any potential sale of assets, assist in the preparation of a bankruptcy plan, and provide other legal services. The hourly rates charged by the firm for paralegals and law clerks range from $140 to $195. Attorneys charge $400 per hour for their services. Jonathan Ibsen, Esq., the attorney designated to represent the Debtor, and Bobby Patton, will charge $400 per hour and $150 per hour, respectively. Canterbury does not hold or represent any interest adverse to the Debtor, according to court filings. The firm can be reached through: Jonathan P. Ibsen, Esq. Craig P. Cherney, Esq. Canterbury Law Group LLP 14300 N. Northsight Blvd., Suite 129 Scottsdale, AZ 85260 Tel: (480) 240-0040 Email: jibsen@clgaz.com About J&M Food Services J&M Food Services LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-01466) on February 18, 2017. The petition was signed by Maggie Liao, managing member. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $100,000. J. CIOFFI LEASING: Asks Court Approval to Use Cash Collateral ------------------------------------------------------------- J. Cioffi Leasing & Trucking, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The Debtor believes that Columbia Bank has a purported security interest on the all of the Debtor's inventory, chattel paper, accounts, equipment, general intangibles, and fixtures. The Debtor also believes that De Lage Landen Financial Services, Inc., has a purported security interest on two of the Debtor's leased warehouse forklifts. The Debtor proposes to protect Columbia Bank's and De Lage Landen's interests by: (a) maintaining property and business insurance, (b) maintaining and managing the business, (c) providing Columbia Bank and De Lage Landen with replacement liens, and (d) remitting monthly payments to Columbia Bank and De Lage Landen. The Debtor contends it is a significant impediment to its attempt to reorganize and to promulgate an acceptable plan of reorganization if the Debtor does not have access to all of its income producing assets during its initial reorganization efforts. A full-text copy of the Debtor's Motion, dated March 21, 2017, is available at https://is.gd/9CFQjh About J. Cioffi Leasing & Trucking J. Cioffi Leasing & Trucking, Inc., doing business as J. Cioffi Cargo Management, is a trucking/warehousing vendor for various clients including U.S. Customs, picking up and storing seizures made out of Port NY/NJ. It operates out of a warehouse located in Carteret, New Jersey. In June of 2014, J. Cioffi and landlord, CenterPoint Minue, LLC, entered into a five-year and six-month commercial lease agreement for the leasing of the warehouse. J. Cioffi Leasing & Trucking filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 17-14967) on March 14, 2017. The petition was signed by Joseph Cioffi, president. The Debtor is represented by Christopher J. Balala, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP. At the time of filing, the Debtor had $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. JEFFREY P. ALEXANDER DDS: Trustee Hires McCord as Accountant ------------------------------------------------------------ Randy Sugarman, the Chapter 11 Trustee of Jeffrey P. Alexander, DDS, Inc., d/b/a A Youthful Tooth, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ the Shawn F. McCord, C.P.A., P.S. as tax accountant to the Debtor. Jeffrey P. Alexander, DDS requires McCord to prepare the Debtor's federal income tax returns due from the estate for the years 2014 and 2015 through closing of the Chapter 11 case. McCord will be paid as follows: -- preparation of 2014 income tax return $1,100 flat fee/annual -- preparation of 2015 income tax return $1,600 flat fee/annual Shawn F. McCord, principal of Shawn F. McCord, C.P.A., P.S., 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 estates. McCord can be reached at: Shawn F. McCord SHAWN F. MCCORD, C.P.A., P.S. 14205 SE 36th St., Suite 100 Bellevue, WA 98006 Tel: (425) 865-0312 About Jeffrey P. Alexander, DDS, Inc. Jeffrey P. Alexander, DDS, Inc., dba A Youthful Tooth, in Oakland, Calif., filed for Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 14-43851) on Sept. 19, 2014. Judge William J. Lafferty presides over the case. Chris D. Kuhner, Esq., at Kornfield, Nyberg, Bendes and Kuhner, P.C., serves as the Debtor's counsel. In its petition, the Debtor listed total assets of $3.55 million and total liabilities of $3.95 million. The petition was signed by Jeffrey P. Alexander, president. JESUS MISSION: To Liquidate Assets under Chapter 11 Plan -------------------------------------------------------- Jesus Mission Church of Atlanta, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a disclosure statement dated March 22, 2017, referring to the Debtor's plan of reorganization. Class C Allowed General Unsecured Claims will be paid in full, subject to the availability of funds after payment of allowed administrative claims. If there are inadequate funds to pay Class C claim in full, then claimants will be paid pro rata from available funds. Class C is impaired by the Plan. The Debtor will liquidate its assets and disburse all proceeds to creditors. The Debtor has entered into a contract to sell the Church Property located at 3840 Summit Ridge Parkway in Duluth Georgia to Glory Church of Jesus Christ, Inc., a California based Christian Church, for the amount of $1,450,000. While the name of the purchaser is similar to the name used by Debtor, there is no affiliation between Debtor and the purchaser, except that Rev. Heung Lee attended seminary with one of the ministers affiliated with the purchaser. All net proceeds from the sale of the Church Property will go to pay the first priority deed to secure debt in full, with the balance to the second priority deed to secure debt. Concurrent with the sale of the Church Property Glory Church of Jesus Christ, Inc., will purchase Debtor's personal property, like furniture, crosses, computers, musical instruments and sound system, for an additional amount of $50,000. Proceed from the sale of personal Church Property will be applied, first, toward the payment of administrative claims, next allowed general unsecured claims, and any remaining amounts to the deficiency claim of holder of the second priority deed to secure debt. Within 30 days after the Effective Date of the Plan, the Debtor will close its Debtor-in-Possession bank account and the remaining balance will be distributed to claimants. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/ganb16-67623-47.pdf About Jesus Mission Church of Atlanta Jesus Mission Church of Atlanta, Inc., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-67623) on Oct. 3, 2016. The petition was signed by Heung Lee, secretary. The Debtor is represented by Edward F. Danowitz, Jr., Esq., at Danowitz & Associates, P.C. The Debtor estimated assets and liabilities at $1 million to $10 million. The Debtor's business is Christian ministry, religious services, education, counseling, and related activities. K.J.B. SPECIALTIES: Intends to Use Ameris Bank Cash Collateral -------------------------------------------------------------- K.J.B. Specialties, Inc., asks the U.S. Bankruptcy Court for the Middle District of Florida for authorization to use cash collateral. The Debtor has prepared a detailed Budget which projects total operating expenses of approximately $37,160 per month. The Jacksonville Bank holds a perfected security interest on the Debtor's personal property, including inventory and the proceeds of such property. Recently, Jacksonville Bank was purchased, along with its assets, by Ameris Bank. The Debtor will provide replacement liens to Ameris Bank in order to protect its interest. In addition, the Debtor will make monthly interest only payment to Ameris Bank in the amount of $161. This payment is based upon the principal balance of the note, which is approximately $38,588, at 5% interest. A full-text copy of the Debtor's Motion, dated March 21, 2017, is available at https://is.gd/Qc86r3 About K.J.B. Specialties K.J.B. Specialties, Inc., owns Jerome Brown Barbecue & Wings, a barbecue sauce manufacturing operation on Commonwealth Avenue, in Jacksonville, Florida. The Company is equally owned by Jerome Brown and Joann Brown. The city of Jacksonville sued the Company in January 2017 to recover a $210,000 grant after the Company failed to comply with the promise of creating 56 jobs at the manufacturing plant. K.J.B. Specialties filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-00913) on March 20, 2017. The petition was signed by Joann M. Brown, president. The case is assigned to Judge Jerry A. Funk. The Debtor is represented by Jason A Burgess, Esq. at the Law Offices of Jason A. Burgess, LLC. At the time of filing, the Debtor had $243,048 in total assets and $3.25 million in total liabilities. KCST USA: Taps Darr of Huron Consulting as CRO ---------------------------------------------- KCST USA, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Stephen Darr of Huron Consulting Services, LLC, as chief restructuring officer to the Debtor. KCST USA requires Darr of Huron Consulting to provide restructuring and turnaround services, including and in relation to: a. budgeting and related reporting requirements; b. vendor relationship management; c. restructuring support; d. testimony before the bankruptcy Court, as necessary; e. plan development and negotiations; and f. general Chapter 11 services, including preparation of required monthly operating reports. Huron Consulting will be paid at these hourly rates: Managing Directors $750-$950 Senior Directors $650-$725 Directors $550-$650 Manager $475-$550 Associate $400-$435 Analyst $350 Huron Consulting will be paid a retainer in the amount of $150,000. Prior to the petition date Huron Consulting incurred fees and expenses in the amount of $48,480, leaving a balance retainer of $101,519.31. Huron Consulting will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen Darr, managing director of Huron Consulting Services, LLC, 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 estates. Huron Consulting can be reached at: Stephen Darr HURON CONSULTING SERVICES, LLC 92 Hayden Avenue Lexington, MA 02421 Tel: (781) 652-7200 Fax: (781) 652-7202 About KCST USA, Inc. KCST USA, Inc., based in Concord, MA, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-40501) on March 22, 2017. The Hon. Elizabeth D. Katz presides over the case. Andrew G. Lizotte, Esq., and Harold B. Murphy, Esq., at Murphy & King, P.C., to serve as bankruptcy counsel. Stephen Darr of Huron Consulting Services, LLC, as chief restructuring officer. In its petition, the Debtor estimated $500,000 to $1 million in assets and $10 million to $50 million in liabilities. The petition was signed by Terrence Fergus, president. KEMET CORP: Files Conflict Minerals Report for 2016 --------------------------------------------------- KEMET Corporation filed a conflict minerals report to comply with Section 13(p) of the Securities Exchange Act of 1934, as amended, and Rule 13p-1 thereunder for the reporting period from Jan. 1 to Dec. 31, 2016. KEMET is a global manufacturer of a wide variety of capacitors. KEMET manufactures capacitors with different dielectrics and electrical termination configurations. These materials and configurations define the capacitor product categories. The types of capacitors that KEMET manufactures are tantalum, ceramic, film, aluminum, paper and electrolytic. The electrical termination configurations include surface mount capacitors, which are attached directly to the circuit board without lead wires, and non-surface mount capacitors. Non-surface mount capacitors include capacitors that are attached to the circuit board using lead wires, chassis mounts, or other pin through-hole board mounts such as screw terminal or snap-in. Additionally, KEMET manufactures non capacitor electronic products which include: * Inductors * Electrical Coils * Electrical Chokes * Electrical Magnetic Transformers * Electrical Filters * Electronic Control Boards As set forth in Section 13(p) of the Securities Exchange Act of 1934, as amended, and Rule 13p-1 thereunder, "tantalum," "tin," and "tungsten" refer to the derivatives of the metal ores from which those minerals are extracted, namely, columbite-tantalite, cassiterite and wolframite, respectively. KEMET has concluded in good faith that during 2016: 1. KEMET manufactured or contracted to manufacture products as to which conflict minerals are necessary to the functionality or production; 2. Tantalum material was sourced either directly through its Closed Pipe Supply Chain (which refers to its effort, started in fiscal year 2012, to vertically integrate its tantalum business and develop a "closed pipe" source for its conflict-free tantalum material) or through external third party suppliers. All tungsten, tin and gold material was sourced from external third party suppliers; and 3. Based on a reasonable country of origin inquiry, KEMET knew or had reason to believe that a portion of its necessary conflict minerals originated or may have originated in the Democratic Republic of the Congo or an adjoining country as defined in the Rule (collectively, sometimes referred to as the "Covered Countries"), and knew or had reason to believe that those necessary conflict minerals may not be from recycle or scrap sources. The results of the Company's reasonable country of origin inquiry conducted on these conflict minerals were as follows: * For tantalum, tin, and gold, KEMET determined a portion of the material came from recycle or scrap material. * For tantalum, not from recycle or scrap, the Company determined the country of origin for all materials and confirmed that the country of origin included a Covered Country. * For tin, despite diligent efforts the Company was not able to determine the country of origin for all materials but did confirm the country of origin included a Covered Country. * For gold, despite diligent efforts the Company was not able to determine the country of origin for all materials. For those materials where the country of origin was determined, the origins did not include, and KEMET has no reason to believe they were sourced from, a Covered Country. * For tungsten, the Company was not required to determine the country of origin or otherwise provide information related to tungsten because all tungsten necessary to the functionality or production of KEMET's products was acquired in 2011 and considered to be "outside the supply chain" (or fully smelted). DRC Conflict Free Products The Company said it has designated its products as "DRC conflict free" if it is able to reasonably determine that they do not contain conflict minerals necessary to their functionality or production that directly or indirectly finance or benefit armed groups in a Covered Country, or that are obtained from recycled or scrap sources, all as further defined by applicable SEC rules. KEMET's products manufactured in 2016 were determined to be DRC conflict free if (a) all KEMET's external third party suppliers who contributed necessary conflict minerals to those products provided a response to the supply chain survey confirming they had identified all of the smelters or refiners in their supply chain and (b) all of those smelters/refiners were either EICC/GeSI Conflict Free Smelter Program compliant or sourced outside the Covered Countries. As a result of the RCOI and due diligence conducted and in accordance with the Rule as originally promulgated, KEMET has determined the following product categories to be "DRC conflict free" for 2016: * Tantalum Surface Mount Capacitors (MnO2) * Tantalum Non-Surface Mount Capacitors (MnO2) * Tantalum Polymer Surface Mount Capacitors (KO) * Ceramic Surface Mount Capacitors (MLCC) * Ceramic Non-Surface Mount Capacitors * Electrolytic Non-Surface Mount Capacitors * Aluminum Polymer Surface Mount Capacitors (AO) KEMET has insufficient information from suppliers or other sources regarding all smelters and refiners that processed the necessary conflict minerals to make a determination for the other product categories set forth below and provides below the known facilities used to process the necessary conflict minerals and country of origin. The country of origin information is based on the EICC/GeSI Conflict Free Sourcing Initiative's Reasonable Country of Origin Inquiry data as of March 3, 2017. * Film and Paper Surface Mount Capacitors * Film and Paper Non-surface Mount Capacitors * Electrical Filters * Electrical Magnetic Transformers * Electrical Chokes * Electrical Coils * Inductors * Electronic Control Boards A total of 210 operational smelter and refiner facilities were identified by our suppliers. As of March 21, 2017: * 175 were audited and found to be compliant to the CFSP * 5 were actively participating in the CFSP * 30 had not yet participated in an independent third party audit program A full-text copy of the Conflict Minerals Report is available for free at https://is.gd/TJlgpE About KEMET KEMET, based in Greenville, South Carolina, is a manufacturer and supplier of passive electronic components, specializing in tantalum, multilayer ceramic, film, solid aluminum, electrolytic, and paper capacitors. KEMET's common stock is listed on the NYSE under the symbol "KEM." KEMET reported a net loss of $53.6 million on $735 million of net sales for the fiscal year ended March 31, 2016, compared with a net loss of $14.1 million on $823 million of net sales for the fiscal year ended March 31, 2015. As of Dec. 31, 2016, Kemet Corporation had $662.5 million in total assets, $572.1 million in total liabilities and $90.44 million in total stockholders' equity. * * * KEMET carries a 'Caa1' corporate family rating, with stable outlook, from Moody's and a 'B-' issuer credit rating with stable outlook from Standard and Poor's. LINDLEY FIRE: U.S. Trustee Forms 3-Member Committee --------------------------------------------------- The Office of the U.S. Trustee on March 29 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Lindley Fire Protection Co., Inc. The committee members are: (1) Response Fire Supply Devin Doyle 2040 South Yale Street, Suite D Santa Ana, CA 92704 Phone (714) 754-7100 (2) S & J Supply Co., Inc. Chuck Bridges 13105 Florence Ave. Santa Fe Springs, CA 90670 Phone (562) 944-7433 (3) Roundbrix Edwin L. Leard 23172 Plaza Pointe Drive, Suite 285 Laguna Hills, CA 92653 Phone (949) 273-5200 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 Lindley Fire Protection Co. Established in 1986 in Anaheim, California, Lindley Fire Protection Co., Inc. -- www.lindleyfire.com -- provides fire protection services and contracts with large industrial warehouses and facilities. The Debtor performs construction services worldwide and its personnel have performed work in various locations such as Western Somoa, Puerto Rico, Texas, Illinois, Nevada, Colorado, Utah, Montana, Idaho and Mexico. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 17-10929) on March 12, 2017. The petition was signed by Leslie L. Lindley, II, president. The case is assigned to Judge Catherine E. Bauer. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. MF GLOBAL: Court Allows Claim That PwC's Services Led to Collapse ----------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that New York District Judge Victor Marrero has denied PricewaterhouseCoopers' bid to prevent MF Global Holdings Ltd from advancing at trial a "new theory" about how its services allegedly led to the Company's bankruptcy. PwC, William Gorta at Law360 relates, had accused the Company of conducting a trial by ambush and asked Judge Marrero to stop the Company from pursuing what PwC called a new theory of causation, to strike evidence related to that theory, and to give the jury of five women and five men a curative instruction. Citing PwC, Law360 notes that the Company's stated causation theory throughout the case was that PwC's mistaken policy of allowing the investment firm to carry its European repurchase-to-maturity bond holdings off the balance sheet led the Company to acquire more European sovereign debt than it should have, which allegedly led to the Company's eventual bankruptcy. However, the Company advanced at trial the theory that the euro bonds were rock-solid investments and that the market lost faith in the Company when PwC's alleged auditing failures was exposed, the report adds. The Company's former CEO, Jon S. Corzine, admitted that none of the reasons Moody's downgraded the Company's rating was the auditors' fault, Law360 reports. According to Law360, Judge Marrero said that while it was true that the Company had leaned more heavily on a different argument throughout the proceedings, it had raised the new argument often enough that PwC should have been able to prepare for it. The report quoted the judge as saying, "PwC had sufficient notice prior to the time it filed this motion to conclude that the plan administrator alleges PwC's advice caused a crisis of confidence in MF Global's financial statements; that theory was previously disclosed in this litigation." Law360 relates that the Company claimed during trial that the market lost faith in the Company when PwC's alleged accounting failures came to light, leading PwC to accuse the firm of "trial by ambush" in its motion to force the Company to back off that argument. Stephen Sorensen, Esq., the attorney for the Company, said in a statement, "We are pleased the court denied PwC's motion, which clearly was an act of desperation that you make when you're losing. All of those bonds -- every single one -- paid off. That the Company engaged in 'risky bond trading' is simply a myth. PwC's gross negligence killed this Company. When PwC's off balance sheet advice proved wrong, the market was shocked . . . and pulled out its money like a run on the bank, killing the company in five days." Rich Marooney, Esq., the attorney for PwC, said in a statement, "We are confident in our position and expect to win this case on the merits, regardless of the causation theory the plan administrator decides to utilize. The bottom line is that PwC had no role in any of the events that led to the demise of MF Global. As [former MF Global CEO] Jon Corzine himself testified last week, PwC was not responsible for MF Global's strategy or business decisions." About MF Global New York-based MF Global -- http://www.mfglobal.com/-- was one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm also was one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058), after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. On Nov. 7, 2011, the United States Trustee appointed the statutory creditors' committee in the Debtors' cases. At the behest of the Statutory Creditor's Committee, the Court directed the U.S. Trustee to appoint a chapter 11 trustee. On Nov. 28, 2011, the Bankruptcy Court entered an order approving the appointment of Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC, as Chapter 11 trustee. On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and 11-15810). On Dec. 27, the Court entered an order installing Mr. Freeh as Chapter 11 Trustee of the New Debtors. On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr. Freeh also was installed as its Chapter 11 Trustee. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel; (ii) FTI Consulting Inc., as restructuring advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper Hamilton as special counsel. The Official Committee of Unsecured Creditors has retained Capstone Advisory Group LLC as financial advisor, while lawyers at Proskauer Rose LLP serve as counsel. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. In April 2013, the Bankruptcy Court approved MF Global Holdings' plan to liquidate its assets. Bloomberg News reported that the court-approved disclosure statement initially told creditors with $1.134 billion in unsecured claims against the parent holding company why they could expect a recovery of 13.4% to 39.1% from the plan. As a consequence of a settlement with JPMorgan, supplemental materials informed unsecured creditors their recovery was reduced to the range of 11.4% to 34.4%. Bank lenders will have the same recovery on their $1.174 billion claim against the holding company. As a consequence of the settlement, the predicted recovery became 18% to 41.5% for holders of $1.19 billion in unsecured claims against the finance subsidiary, one of the companies under the umbrella of the holding company trustee. Previously, the predicted recovery was 14.7% to 34% on bank lenders' claims against the finance subsidiary. MFR RENTAL: Hires Buddy Ford as Attorney ---------------------------------------- MFR Rental Properties, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A., as attorney to the Debtor. MFR Rental requires Ford to: a. analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, U.S. Code; b. advise the Debtor with regard to its powers and duties of the Debtor and as a Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Bankruptcy Court; d. represent the Debtor at the Section 341 Creditor's meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property; f. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for the Debtor as Debtor- in-Possession which may be necessary herein. Ford will be paid at these hourly rates: Buddy D. Ford $425 Senior Associate $375 Junior Associate $300 Senior Paralegal $150 Junior Paralegal $100 Prior to petition date, the Debtor paid in advance Ford the amount of $9,500, comprising of $1,000 pre-filing fee retainer, $6,783 post-filing fee retainer, and $1,717 filing fee. Ford will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford, partner of Buddy D. Ford, P.A., 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 estates. Ford can be reached at: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 About MFR Rental Properties, LLC MFR Rental Properties, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-02334) on March 22, 2017, listing under $1 million in both assets and liabilities. MICROVISION INC: Director Richard Cowell to Retire After 20 Years ----------------------------------------------------------------- MicroVision, Inc., disclosed on March 27, 2017, that Colonel (Ret.) Richard A. Cowell will not stand for re-election to the board of directors and will step down when his current term expires at the Company's 2017 annual meeting of shareholders. Colonel (Ret.) Cowell, who currently chairs the audit committee, has been a member of MicroVision's board of directors since August 1996 when it first became a publicly traded company. His extensive military experience, from 25 years of service in the US Army and later as a Principal at Booz Allen Hamilton focused on Department of Defense and other agency contracts, aided MicroVision in its first ten years which were characterized by defense-related contracts. As the Company turned its focus in 2006 to consumer electronics and other commercial markets, Colonel (Ret.) Cowell's administrative and executive experience continued to benefit the company. "Rich Cowell has been a cornerstone of MicroVision's board, and we wish him well," said Brian Turner, chairman and independent director at MicroVision. "Not only has he provided great insight and guidance from his distinguished service in the Army and his experience as a Principal at Booz Allen Hamilton, but he is a fantastic person to know and work alongside and will be greatly missed." "Watching the evolution of MicroVision and its laser beam scanning technology for these many years has been an extraordinary experience," said Colonel (Ret.) Cowell. "I plan to continue watching the company's progress as it looks to broaden its applications beyond projection to 3D sensing and exciting new applications like autonomous vehicles. It is also gratifying to see the company engage in augmented and virtual reality eyewear, an application with roots in the early days of MicroVision when I joined the board." Robert Carlile, a former partner at KPMG LLP, was recently named to the board of directors and to the audit committee. About MicroVision Redmond, Washington-based MicroVision, Inc., is developing its PicoP(R) display technology that can be adopted by its customers to create high-resolution miniature laser display and imaging modules. This PicoP display technology incorporates the company's patented expertise in two-dimensional Micro-Electrical Mechanical Systems (MEMS), lasers, optics and electronics. MicroVision reported a net loss of $16.47 million for the year ended Dec. 31, 2016, compared to a net loss of $14.54 million for the year ended Dec. 31, 2015. As of Dec. 31, 2016, MicroVision had $20.10 million in total assets, $12.63 million in total liabilities and $7.47 million in total shareholders' equity. Moss Adams LLP, in Seattle, Washington, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. MONTCO OFFSHORE: Seeks Nod of $3.15-Mil Loan, Cash Collateral Use ----------------------------------------------------------------- Montco Offshore, Inc. its affiliate Montco Oilfield Contractors, LLC, seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to obtain postpetition superpriority secured financing from JPMorgan Chase Bank, N.A., and to use Chase's cash collateral. The Debtors believe that an immediate and orderly transition into chapter 11 is critical to the viability of their operations and the success of these chapter 11 cases. Chase served as the Debtor's prepetition lender/agent under a Second Amended and Restated Credit Agreement, as amended, dated as of Jan. 29, 2016, among (i) debtor Montco Offshore, Inc. ("MOI"), Orgeron Real Estate, LLC ("ORE") (collectively, "Prepetition Borrowers"), and (ii) Chase, as administrative agent (the "Agent") for the prepetition lenders "thereto (collectively, the "Prepetition Lenders"). By this Motion, the Debtors seek the Bankruptcy Court's approval to obtain secured postpetition superpriority financing on an interim basis from Chase, up to the amounts provided in the Approved Budget, with the maximum amount to be borrowed not to exceed $3.15 million. The Debtors' proposed Budget for Montco Offshore during the period of March 20, 2017 until June 18, 2017 projects total operating disbursements of approximately $5,705,561 and non-recurring disbursements in the amount of $3,860,000. The proposed Budget for Montco Oilfield Contractors during the same 13-week period reflects operating disbursements in the aggregate sum of $702,072 and non-recurring disbursements of $550,000. Chase will be granted a first priority security interest in and liens on all of the DIP Collateral and the Carve-Out, to secure the DIP Facility and all obligations owing and outstanding under the DIP Loan Documents. JPMorgan Chase will also be granted an allowed superpriority administrative expense claims on all prepetition and postpetition property of the Debtors' estates and all proceeds thereof. The material terms of the proposed DIP Facility are as follows: A. Interest Rate. The Emergency DIP Loans comprising each borrowing will bear interest at a rate equal to 10% per annum. B. Use of DIP Facility Proceeds and Cash Collateral. The DIP Loans are needed: (a) to maximize and preserve the value of the Debtors' businesses, and to satisfy payroll obligations and other necessary working capital and general corporate purposes of the Debtors, (b) to pay fees and expenses related to the DIP Loan Documents and necessary and reasonable fees incurred in connection with these Chapter 11 Cases, and (c) for such other purpose as set forth in the DIP Loan Documents. C. Carve-Out. The Carve-Out comprises of (a) fees payable to the U.S. Trustee or to the Clerk of the Bankruptcy Court, (b) unpaid professional fees and expenses payable to each professional retained by the Debtors and, if appointed, the Creditors' Committee that are incurred or accrued prior to the date of the occurrence of a Termination Event, and (c) Case Administration Fees and Professional Fees paid on or after JPMorgan Chase's termination of the DIP Facility in an aggregate amount not to exceed $300,000, subject to the aggregate amounts accrued for or paid as set forth in the Approved Budget. D. Maturity Date: The earliest to occur of: (a) April 21, 2017, (b) the effective date of a plan of reorganization or liquidation of the Debtors that is confirmed pursuant to an order entered by the Bankruptcy Court, (c) the liquidation or consummation of any sale or other disposition of all or substantially all of the assets of the Debtors, (d) the date of acceleration of the Emergency Loans and the termination of JPMorgan Chase's commitment to make Emergency Loans hereunder in accordance with the terms of the Loan Documents, (e) the appointment by the Bankruptcy Court of a trustee or an examiner with expanded powers, and (f) the entry of any order dismissing any Chapter 11 bankruptcy case of the Debtors or converting any of the cases to a case under Chapter 7 of the U.S. Bankruptcy Code. As adequate protection in respect of the use of cash collateral, the prepetition lenders are granted replacement liens and a superpriority claim. Counsel to Chase: NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas TX Attn: Louis R. Strubeck, Jr. Kristian W. Gluck Ryan E. Manns E-mail: louis.strubeck@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com ryan.manns@nortonrosefulbright.com A full-text copy of the Debtors' Motion, dated March 20, 2017, is available at https://is.gd/4xUbfU About Montco Offshore Based in Galliano, Louisiana, Montco Offshore, Inc. -- http://www.montco.com/mo-- was founded by the Orgeron family in 1948. Over its 60+ years, the Company has served the offshore energy industries with crew boats, ocean-going tugs, deck barges, supply boats, and liftboats. Currently, Montco specializes in liftboats ranging in size from 235 feet to 335 feet which provide the best quality and safety of service for customers requiring versatile elevated vessels/work-platforms. Montco has total fleet of six vessels includes (a) two 335' class liftboats, known as (i) "Robert," which was unveiled in the first quarter of 2012, and (ii) "Jill," which was completed in 2014; (b) two 245' class liftboats, known as (i) "Kayd," which was completed in 2006, and (ii) "Myrtle;" which was completed in 2002; and (c) two 235' class liftboats, each completed in 2009, known as (i) "Paul," and (ii) "Caitlin." Montco Offshore, Inc. and its affiliate Montco Oilfield Contractors, LLC, filed Chapter 11 petitions (Bankr. S.D. Tex. Case Nos. 17-31646 and 17-31647), on March 17, 2017. The petitions were signed by Derek C. Boudreaux, the CFO. The cases are assigned to Judge Marvin Isgur. As of the Petition Date, on a book basis, MO had an aggregate of approximately $265 million in total assets and approximately $136 million in total liabilities. MOC had approximately $84 million in total assets (which are mostly made up of receivables) and approximately $126 million in total liabilities. As of the Petition Date, the Debtors estimate that approximately $5.3 million was due and owing to holders of prepetition trade claims against MO, and approximately $75 million was due and owing to holders of prepetition trade claims against MOC, not including the intercompany obligations. The Debtors tapped Vincent P. Slusher, Esq., David E. Avraham, Esq., and Adam C. Lanza, Esq. at DLA Piper LLP (US), as bankruptcy counsel. The Debtors also engaged Blackhill Partners, LLC, as their financial advisor, and BMC Group, Inc., as their claims & noticing agent. No request for the appointment of a trustee or examiner has been made and no official committee of unsecured creditors has been appointed in the Chapter 11 cases. MONTCO OFFSHORE: U.S. Trustee Forms 7-Member Committee ------------------------------------------------------ The Office of the U.S. Trustee on March 29 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Montco Offshore, Inc. and Montco Oilfield Contractors, LLC. The committee members are: (1) Alliance Energy Services, LLC Attn: Eric Trosclair P.O. Box 999 Larose, LA 70373 Tel: 985-851-8801 Email: etrosclair@allianceoffshore.com (2) Offshore Specialty Fabricators, LLC Attn: Tambrey Naron 115 Menard Road Houma, LA 70363 Tel: 832-255-1502 Email: tnaron@osf-llc.com (3) Deepcor Marine Inc. Attn: Brooks Bourque P.O. Box 723945 Dallas, TX 75373 Tel: 337-857-5906 Email: bbourque@deepcoremarine.com (4) Proserv Operations, Inc. Attn: Alexander Church 15151 Sommermeyer Street Houston, TX 77041 Tel: 713-373-3050 Email: alexander.church@proserv.com (5) G & J Land and Marine Food Distribution, Inc. Attn: Erik Lind P.O. Box 649 Morgan City, LA 70380 Tel: 985-385-2620 Email: eland@gjfood.com (6) Ecoserv, LLC Attn: Rob Driskell 9525 U.S. Highway 167 Abbeville, LA 70510 Tel: 337-898-2104 Email: rdriskell@ecoserv.net (7) B & J Martin, Inc. Attn: Jimmie Martin P.O. Box 448 Cutoff, LA 70345 Tel: 98-632-2727 Email: beau@bjmartininc.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. The Debtors are represented by: Vincent P. Slusher, Esq. DLA Piper LLP (US) 1717 Main Street, Suite 4600 Dallas, TX 75201-4629 Tel: (214) 743-4500 Fax: (214) 743-4545 Email: vince.slusher@dlapiper.com -- and -- David E. Avraham, Esq. Adam C. Lanza, Esq. DLA Piper LLP (US) 444 W. Lake Street, Suite 900 Chicago, Illinois 60606-0089 Tel: (312) 368-4000 Fax: (312) 236-7516 Email: david.avraham@dlapiper.com Email: adam.lanza@dlapiper.com About Montco Offshore Montco Offshore, Inc. -- http://www.montco.com/mo-- was founded by the Orgeron family in 1948. For over 60 years, the Debtor has served the offshore energy industries with crew boats, ocean-going tugs, deck barges, supply boats, and liftboats. Today, Montco specializes in liftboats ranging in size from 235 feet to 335 feet which provide the best quality and safety of service for customers requiring versatile elevated vessels/work-platforms. Montco and Montco Oilfield Contractors, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 17-31646) on March 17, 2017. The petitions were signed by Derek C. Boudreaux, chief financial officer. The case is assigned to Judge Marvin Isgur. At the time of the filing, the Debtors estimated their assets and debts at $100 million to $500 million. The Debtors hired Blackhill Partners, LLC as financial advisor, and BMC Group, Inc. as claims and noticing agent. MPM HOLDINGS: 36.5 Million Shares Up for Sale --------------------------------------------- MPM Holdings, Inc., filed with the Securities and Exchange Commission a Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 (File No. 333-201338), as originally declared effective by the Securities and Exchange Commission on July 2, 2015. MPM filed the POS AM document to: (i) include the information contained in Momentive's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, that was filed with the SEC on March 10, 2017; (ii) reduce the number of shares of common stock of Momentive covered by the Registration Statement due to sales of shares of common stock by certain of the selling stockholders; and (iii) update certain other information in the Registration Statement. The POS AM document includes a prospectus that relates to the offer and resale of up to an aggregate of 36,512,329 shares of common stock of MPM Holdings by selling stockholders identified in this prospectus. MPM is not selling any shares under this prospectus, and will not receive any proceeds from the sale of shares being offered by the selling stockholders. No additional securities are being registered under this Post-Effective Amendment No. 2. All applicable registration fees were paid at the time of the original filing of the Registration Statement. A copy of the POS AM document and prospectus is available at https://is.gd/xI8v4U As reported by the Troubled Company Reporter, MPM Holdings posted a Net loss of $118 million for the fourth quarter of 2016 from a net loss of $37 million for the same period in 2015. It posted a Net loss of $163 million for 2016 from a net loss of $83 million for 2015. About Momentive Performance Momentive is a producer of silicones and silicone derivatives. Momentive has a 70-year history, with its origins as the Advanced Materials business of General Electric Company. In 2006, investment funds affiliated with Apollo Global Management, LLC, acquired the company from GE. Momentive Performance Materials Inc., Momentive Performance Materials Holdings Inc., and their affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14, 2014, with a deal with noteholders on a balance-sheet restructuring. As of Dec. 31, 2013, the Debtors had $4.11 billion of outstanding indebtedness, including payments due within the next 12 months and short-term borrowings. The Debtors said that the restructuring will eliminate $3 billion in debt. The Debtors tapped Willkie Farr & Gallagher LLP as bankruptcy counsel with regard to the filing and prosecution of these chapter 11 cases; Sidley Austin LLP as special litigation counsel; Moelis & Company LLC as financial advisor and investment banker; AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers as auditor; and Crowe Horwath LLP as benefit plan auditor. Kurtzman Carson Consultants LLC served as notice and claims agent. The Official Committee of Unsecured Creditors tapped Klee, Tuchin, Bogdanoff & Stern LLP as its counsel; FTI Consulting, Inc., as its financial advisor; and Rust Consulting Omni Bankruptcy serves as its information agent. Wilmington Trust, National Association, the Trustee for the Momentive Performance Materials Inc. 10% Senior Secured Notes due 2020 -- 1.5 Lien Notes -- under the Indenture, dated as of May 25, 2012, by and between Momentive Performance, and The Bank of New York Mellon Trust Company, National Association, was represented by Mark R. Somerstein, Esq., Mark I. Bane, Esq., and Stephen Moeller-Sally, Esq., at Ropes & Gray LLP. U.S. Bank National Association -- as successor Indenture Trustee under the indenture dated as of Dec. 4, 2006, among Momentive Performance, the Guarantors named in the Indenture, and Wells Fargo Bank, N.A. as initial trustee, governing the 11.5% Senior Subordinated Notes due 2016 -- was represented in the case by Susheel Kirpalani, Esq., Benjamin I. Finestone, Esq., David L. Elsberg, Esq., Robert Loigman, Esq., K. John Shaffer, Esq., and Matthew R. Scheck, Esq., at Quinn Emanuel Urquhart & Sullivan, LLP; and Clark Whitmore, Esq., and Ana Chilingarishvili, Esq., at Maslon Edelman Borman & Brand, LLP. BOKF, NA -- as successor First Lien Trustee to The Bank of New York Mellon Trust Company, N.A., as trustee under an indenture dated as of Oct. 25, 2012, for the 8.875% First-Priority Senior Secured Notes due 2020 issued by Momentive Performance and guaranteed by certain of the debtors -- was represented by Michael J. Sage, Esq., Brian E. Greer, Esq., and Mauricio A. Espana, Esq., at Dechert LLP. Counsel to Apollo Global Management, LLC and certain of its affiliated funds were Ira S. Dizengoff, Esq., Philip C. Dublin, Esq., Abid Qureshi, Esq., Deborah J. Newman, Esq., and Ashleigh L. Blaylock, Esq., at Akin Gump Strauss Hauer & Feld LLP. Attorneys for Ad Hoc Committee of Second Lien Noteholders were Dennis F. Dunne, Esq., Michael Hirschfeld, Esq., and Samuel A. Khalil, Esq., at Milbank, Tweed, Hadley & McCloy LLP. The Court entered an order confirming the Plan on Sept. 11, 2014. The Debtors' Chapter 11 plan of reorganization became effective as of Oct. 24, 2014. MPM Holdings Inc. trades under the symbol OTCQX: MPMQ. * * * Momentive continues to carry Moody's Investors Service's "Caa1" and S&P's "B" corporate ratings. In late January 2016, Moody's downgraded Momentive Performance's corporate family rating (CFR) to Caa1 from B3. NEIMAN MARCUS: Bank Debt Trades at 20% Off ------------------------------------------ Participations in a syndicated loan under Neiman Marcus Group Inc is a borrower traded in the secondary market at 80.28 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.03 percentage points from the previous week. Neiman Marcus pays 300 basis points above LIBOR to borrow under the $2.9 billion facility. The bank loan matures on Oct. 16, 2020 and carries Moody's Caa1 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. NORTHWEST GOLD: Hires Erik LeRoy as Counsel ------------------------------------------- Northwest Gold, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Alaska to employ the Erik LeRoy, P.C., as counsel to the Debtor. Northwest Gold requires LeRoy to: a. prepare records and reports as required by the Bankruptcy Code; b. prepare applications and orders submitted to the Bankruptcy Court; c. formulate, prepare and advocate for a plan of reorganization; d. identify and prosecute of claims or causes of action on behalf of the Debtor and the bankruptcy estate; e. review and object to claims filed in the bankruptcy proceedings; f. conduct litigation and representation of the Debtor in all hearings and other proceedings in the Bankruptcy Court; g. advise the Debtor on its rights, powers and duties under the Bankruptcy Code; and h. perform such other legal duties and may be necessary in accordance with the Debtor's powers and duties under the Bankruptcy Code; LeRoy will be paid at the hourly rate of $350. Prior to the filing of the bankruptcy case, LeRoy received from the Debtor the amount of $23,000. LeRoy rendered prepetition services and billed the Debtor in the amount of $5,067,85, leaving a balance in LeRoy's Trust Account of $17,932.15. LeRoy will also be reimbursed for reasonable out-of-pocket expenses incurred. Erik LeRoy, partner of Erik LeRoy, 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 estates. LeRoy can be reached at: Erik LeRoy, Esq. ERIK LEROY, P.C. 500 L St., Sute 302 Anchorage, AK 99501 Tel: (907) 277-2006 About Northwest Gold, LLC Northwest Gold LLC, based in Ester, AK, filed a Chapter 11 petition (Bankr. D. Alaska Case No. 17-00100) on March 21, 2017. Erik LeRoy, Esq., at Erik LeRoy, P.C., to serve as bankruptcy counsel. In its petition, the Debtor estimated $26.02 million in assets and $12.01 million in liabilities. The petition was signed by Robert Knappe, Jr., manager. NOVA TERRA: Taps Ruben Gonzalez Marrero as Legal Counsel -------------------------------------------------------- Nova Terra, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire legal counsel. The Debtor proposes to hire Ruben Gonzalez Marrero & Associates to give legal advice regarding its duties under the Bankruptcy Code, and provide other legal services related to its Chapter 11 case. Ruben Gonzalez Marrero, Esq., will charge an hourly rate of $250 for his services. Mr. Marrero disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Ruben Gonzalez Marrero, Esq. Ruben Gonzalez Marrero & Associates Carr. 174, Bloque 21-24, Urb. Santa Rosa Bayamon, PR 00959 Tel: (787) 798-8600 Email: rgmattorney1@hotmail.com Email: rgm@microjuris.com About Nova Terra Inc. Based in Arecibo, Puerto Rico, Nova Terra, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-01968) on March 23, 2017. The case is assigned to Judge Edward A. Godoy. NY COMMUNITY BANCORP: Fitch Affirms BB- Preferred Stock Rating -------------------------------------------------------------- Fitch Ratings has affirmed the ratings for New York Community Bancorp, Inc. (NYCB) at 'BBB+/F2'. The Rating Outlook remains Stable. Fitch reviewed NYCB as part of its U.S. Niche Real Estate Bank Peer Review, which also includes Astoria Financial Corporation, Inc. (AF) and Dime Community Bancshares, Inc. While the business models of the U.S. Niche Real Estate Banks vary, these banks are generally characterized by their limited deposit franchises and geographic concentrations when compared to larger U.S. banks. Fitch views these limitations as ratings constraints across the peer group. The group is composed of banks with total assets ranging from approximately $5 billion to approximately $50 billion that lend primarily in the New York City metropolitan residential real estate market. KEY RATING DRIVERS IDRS AND VRS NYCB's ratings primarily reflect the bank's business model and solid underwriting, which is driven by rent regulated multi-family loans in New York City. The business model results in strong asset quality with low credit losses over many business cycles. Ratings are further supported by stable earnings during the most recent financial crisis and other real estate downturns. These strengths are partially offset by NYCB's concentrated loan portfolio and relatively higher reliance on wholesale funding. More recently, NYCB did not successfully execute on its planned merger with Astoria Financial (AF). This was due in part to delays with NYCB receiving the required regulatory approvals to complete the merger before year-end. Although neutral to the ratings, the merger termination raises questions on NYCB's ability to execute its strategy to acquire a sizeable institution and grow its market share within the New York City rent regulated multi-family market. Fitch continues to view the company's operating fundamentals as supportive of the current ratings and Outlook. Fitch views NYCB's business model and resulting asset quality as a primary rating strength. The company's net charge-offs (NCOs) peaked at 35 basis points (bps) in 2011 and were zero in 2016. Fitch expects asset quality to remain strong due to the company's conservative underwriting practices across its multifamily and commercial real estate portfolios. Further, NYCB's New York City multifamily loan portfolio is collateralized predominantly by rent controlled/regulated properties (88%). These properties are characterized by very low vacancy rates and predictable cash flows, resulting in a superior and sustainable asset quality performance. NYCB's steady earnings performance over time is reflective of the relatively low credit risk embedded in the bank's asset portfolio. Although credit costs are expected to remain low, in 2017, Fitch expects earnings to be pressured by increased spending on SIFI-related infrastructure and low loan growth as the company manages its balance sheet below $50 billion. Further, based on the company's interest rate risk modelling, NYCB is also moderately liability sensitive. In a +200 bps interest rate rise scenario, net interest income is estimated to decline by 5.56%. Currently, earnings measures remain within expectations for the rating level. Although not expected, should liability sensitivity increase materially beyond current levels, negative ratings pressure could build. Fitch views NYCB's capital position as reasonable relative to the bank's overall risk profile. Over 2017, Fitch expects risk-based capital ratios to rise driven by lower than normal loan growth, a reduction in the common dividend, and the company's $500 million preferred stock raise in March. NYCB raised preferred capital to lower its commercial real estate loan concentration and augment its Tier 1 capital given legacy trust preferred securities no longer qualify for Tier 1 treatment. Fitch views NYCB's liquidity profile as a ratings constraint. The company is relatively more reliant on non-core funding sources, such as FHLB advances and repurchase agreements, than banks of its size. NYCB also maintains a lower level of balance sheet liquidity (cash and securities) than other depositories, which Fitch views as an overall weakness to the rating. The Stable Outlook assumes that asset quality will remain strong and capital levels will remain relatively stable over the near term. The Outlook also incorporates the expectation that earnings will be lower in 2017 by up to 10 bps on a ROA basis. SUPPORT RATING AND SUPPORT RATING FLOOR NYCB's Support Rating and Support Rating Floor of '5' and 'NF' reflect Fitch's view that the company is unlikely to procure extraordinary support should such support be needed. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Preferred stock is rated five notches lower than NYCB's Viability Rating (VR) of 'bbb+', in accordance with Fitch's 'Global Bank Rating Criteria' dated Nov. 25, 2016. The preferred stock rating includes two notches for loss severity given the securities' deep subordination in the capital structure, and three notches for non-performance given that the coupon of the securities is non-cumulative and fully discretionary. HOLDING COMPANY NYCB's IDR and VR are equalized with those of its operating companies and banks, reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Ratings are also equalized reflecting the very close correlation between holding company and subsidiary default probabilities. SUBSIDIARY AND AFFILIATED COMPANY The IDRs and VRs of NYCB's bank subsidiary benefits from the cross-guarantee mechanism in the U.S. under FIRREA, and therefore the IDRs and VRs of New York Community Bank are equalized across the group. LONG- AND SHORT-TERM DEPOSIT RATINGS NYCB's uninsured deposit ratings are rated one notch higher than the company's IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. Fitch believes U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. RATING SENSITIVITIES IDRS AND VRS Fitch foresees limited upside in NYCB's ratings given the company's concentrated and limited business model and its relatively weak liquidity profile. NYCB's ratings are sensitive to its future strategic direction, particularly as it relates to M&A. Fitch would evaluate any M&A in the context of whether it is consistent with NYCB's strategy, provides NYCB beneficial diversification, or enhances its overall funding and liquidity profile. NYCB's ratings are also sensitive to the multifamily market in the New York City area. Changes in rent regulations in the New York area would likely be a negative rating driver for the institution since rent regulations help maintain stable cash flows and valuations for multifamily properties. NYCB's ratings would be sensitive to its ability to pass the annual regulatory CCAR stress tests if and when it becomes subject to this requirement. Aggressive capital management would also be viewed negatively. NYCB's tangible common equity ratio of 7.9% is on the lower end compared to its rating category. However, given recent reduction in the common dividend and limited asset growth, Fitch expects modest improvement in 2017. SUPPORT RATING AND SUPPORT RATING FLOOR NYCB's Support Rating and Support Rating Floor are sensitive to Fitch's assumption around capacity to procure extraordinary support in case of need. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES NYCB's preferred stock rating is sensitive to changes in NYCB's VR, and would move in tandem with any changes to the VR. HOLDING COMPANY Should NYCB begin to exhibit signs of weakness, demonstrate trouble accessing the capital markets, or have inadequate cash flow coverage to meet near-term obligations, there is the potential that Fitch could notch the holding company's IDR and VR below the ratings of its bank subsidiaries. SUBSIDIARY AND AFFILIATED COMPANIES As the IDRs and VRs of the subsidiaries are equalized with those of NYCB to reflect support from their ultimate parent, they are sensitive to changes in the parent's propensity to provide support, which Fitch currently does not expect, or from changes in NYCB's IDRs. LONG- AND SHORT-TERM DEPOSIT RATINGS The ratings of long- and short-term deposits issued by NYCB and its subsidiaries are primarily sensitive to any change in NYCB's long- and short-term IDRs. Fitch has affirmed the following ratings: New York Community Bancorp, Inc. -- Long-Term IDR at 'BBB+'; Outlook Stable; -- Preferred stock at 'BB-'; -- Viability Rating at 'bbb+'; -- Short-Term IDR at 'F2'; -- Support at '5'; -- Support floor at 'NF'. New York Community Bank -- Long-Term IDR at 'BBB+'; Outlook Stable; -- Long-term deposits at 'A-'; -- Viability Rating at 'bbb+'; -- Short-Term IDR at 'F2'; -- Support at '5'; -- Support floor at 'NF'; -- Short-term deposits at 'F2'. New York Commercial Bank -- Long-Term IDR at 'BBB+'; Outlook Stable; -- Long-term deposits at 'A-'; -- Viability rating at 'bbb+'. -- Short-Term IDR at 'F2'; -- Support at '5'; -- Support floor at 'NF'; -- Short-term deposits at 'F2'. OCEAN RIG: Reaches Restructuring Support Agreement with Creditors ----------------------------------------------------------------- Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, on March 28, 2017, disclosed that it and its subsidiaries Drill Rigs Holdings Inc. ("DRH"), Drillships Financing Holding Inc. ("DFH") and Drillships Ocean Ventures Inc. ("DOV" and collectively, the "Scheme Companies") have entered into a Restructuring Support Agreement (the "RSA") with creditors representing over 72% of Ocean Rig's outstanding consolidated indebtedness for a financial restructuring (the "Restructuring"). The RSA provides that the Restructuring will be implemented by four separate but interconnected schemes of arrangement under Cayman Islands law (the "Company Scheme," the "DRH Scheme," the "DFH Scheme," the "DOV Scheme" and collectively, the "Schemes"). Pursuant to the terms of the RSA, the Scheme Companies presented winding up petitions to the Grand Court of the Cayman Islands (the "Grand Court") on March 24, 2017 and sought the appointment of joint provisional liquidators (the "JPLs") for the purpose of the Restructuring. On March 27, 2017, the Grand Court appointed Simon Appell and Eleanor Fisher of AlixPartners as the JPLs. By virtue of the appointment of the JPLs, provisional liquidation proceedings were commenced in the Cayman Islands (the "Provisional Liquidation Proceedings") and the Scheme Companies are beneficiaries of a moratorium in the Cayman Islands. The JPLs will work together with the Scheme Companies' directors to implement the Restructuring and are anticipated to promote the Schemes alongside the directors on behalf of the Scheme Companies. The Schemes are required to be approved by the Grand Court. In addition, on March 27, 2017, the JPLs (in their capacity as foreign representatives of the Scheme Companies) commenced cases under Chapter 15 of the U.S. Bankruptcy Code for each of the Scheme Companies seeking, among other things, recognition of the Provisional Liquidation Proceedings as foreign main proceedings. Restructuring Support Agreement The RSA became effective on March 23, 2017. It requires the Scheme Companies to apply to the Grand Court before, or as soon as practicable after, May 8, 2017 for permission to convene a meeting of creditors to vote on the Schemes. Pursuant to the RSA, the Company will not make any further payments of any kind on or relating to its existing financial indebtedness. The Schemes will affect only the financial indebtedness of the Scheme Companies and their guarantor affiliates. Operations of the Scheme Companies will continue to be unaffected and trade creditors/vendors of the Scheme Companies will continue to be paid in the ordinary course of business and will not be affected by the Schemes. If conditions of the Schemes are satisfied, the Scheme Companies will be substantially deleveraged through an exchange of approximately $3.69 billion principal amount of debt for (i) new equity of the Company (the "New Equity"), (ii) approximately $288 million of cash (the "Cash Consideration"), and (iii) $450 million of new secured debt (the "New Secured Loans"). More particularly: (a) In the Company Scheme, the approximately $131 million of claims outstanding in respect of the Company's senior unsecured notes (the "SUNs") and those in respect of the Company's guarantees of the debt facilities of DRH, DFH and DOV (the "Company Guarantees") will be discharged in exchange for New Equity. The New Equity will have a value equal to the asset value of the Company prior to the restructuring of the debt facilities at DRH, DFH and DOV, and will be allocated among the holders of the Company Guarantees and the SUNs pro rata on the basis of the notional amount of the claims of such holders. (b) If the DRH Scheme is sanctioned, the approximately $460 million of claims outstanding in respect of DRH's senior secured notes (the "SSNs") will be transferred to the Company in exchange for (i) New Equity and (ii) Cash Consideration. The Cash Consideration will be shared pro rata with the DOV Lenders (defined below) and DFH Lenders (defined below). The value of the New Equity provided to the holders of the SSNs will be equal to the asset value of DRH, less the Cash Consideration received by such holders. Holders of SSNs who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the SSNs held by each consenting holder) of an early consent fee of $2.5 million. (c) In the DOV Scheme and the DFH Scheme, the lenders under DOV's $1.3 billion credit facility (the "DOV Lenders") and the lenders under DFH's $1.9 billion credit facility (the "DFH Lenders") will transfer their loans to the Company in exchange for (i) New Equity, (ii) the New Secured Loans and (iii) Cash Consideration. The Cash Consideration will be shared pro rata among the DOV Lenders, the DFH Lenders and the holders of the SSNs. However, if the DRH Scheme is not sanctioned, the Cash Consideration will be distributed among the holders of the DFH Loans and the DOV Loans only. The New Secured Loans will be shared pro rata among the DOV Lenders and the DFH Lenders. The value of the New Equity provided to the DFH Lenders and the DOV Lenders will be equal to the asset value of DFH and DOV, respectively, less the Cash Consideration and New Secured Loans received by the DFH Lenders and the DOV Lenders. DOV Lenders and DFH Lenders who agree to be bound to the terms of RSA in the manner specified therein by no later than 5:00 pm (New York time) on April 11, 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the loans held under the DFH and DOV credit facilities by such each consenting DFH Lender and DOV Lender) of an early consent fee of $30 million. The Company Scheme, the DOV Scheme and the DFH Scheme are all inter-conditional, meaning that for any one of those Schemes to become effective, all three must be sanctioned by the Grand Court. If all four Schemes are sanctioned and become effective, the holders of the SUNs and the beneficiaries of the Company Guarantees will receive approximately 20.9% of the New Equity under the Company Scheme, the holders of the SSNs will receive approximately 2.9% of the New Equity under the DRH Scheme, the DFH Lenders will receive approximately 40.2% of the New Equity under the DFH Scheme, and the DOV Lenders will receive approximately 36% of the New Equity under the DOV Scheme, in each case subject to dilution in respect of New Equity of 9.5% to be reserved under a new management equity plan. If the Schemes are sanctioned, the existing shareholders of the Company will be diluted to an insignificant amount of the post-restructuring equity of the Company. George Economou, Ocean Rig's Chairman and Chief Executive Officer, commented: "Ocean Rig, similar to all rig operators, faces a deep and prolonged industry downturn. Given these conditions, Ocean Rig is taking the appropriate steps to allow us to emerge as a much stronger company that can take advantage of opportunities as they emerge. Our entire team at Ocean Rig is wholly committed to the success of the company and looks forward to our emergence from this financial restructuring that will ultimately enable us to better service our customers in the long term." Court Protection in the Cayman Islands and the United States As previously noted, on March 27, 2017, the Grand Court appointed the JPLs for the purpose of the Restructuring. By virtue of the Provisional Liquidation Proceedings, the Scheme Companies are beneficiaries of a moratorium in the Cayman Islands. Pursuant to the Order of the Grand Court appointing the JPLs, any creditor of the Company has liberty to apply to the Grand Court at any time to vary or discharge the appointment order, on not less than 14 clear days' notice to the JPLs. On March 27, 2017, the JPLs commenced Chapter 15 proceedings for the Scheme Companies under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Under these proceedings, the Scheme Companies will seek recognition in the United States of the Provisional Liquidation Proceedings in the Cayman Islands as foreign main proceedings under the U.S. Bankruptcy Code. Recognition of the Provisional Liquidation Proceedings as foreign main proceedings will result, inter alia, in the imposition of a stay of virtually all actions against the Scheme Companies and their property within the territorial jurisdiction of the United States for the duration of the Chapter 15 proceedings. Subsequently, the JPLs will seek an enforcement order recognizing and giving effect to the Schemes in the United States if and when the Schemes are sanctioned by the Grand Court. Recognition of the Schemes and the subsequent enforcement order by the U.S. Bankruptcy Court will result, inter alia, in a permanent injunction on creditors taking any actions in the United States against the Scheme Companies that would be in contravention to the terms of the Schemes. Simon Appell, a JPL and foreign representative of the Scheme Companies said: "The appointment of the JPLs will give the Grand Court comfort that the affairs of the Scheme Companies will be subject to the supervision of independent office holders. Our role will be to consider the Restructuring and, if appropriate, to promote the Schemes on behalf of the Scheme Companies and help ensure that all creditors are treated fairly." He added, "The Chapter 15 proceedings are also an important step for implementing a successful restructuring of the Company, as recognition of the Provisional Liquidation Proceedings as foreign main proceedings in the United States will stay creditor actions against the Scheme Companies in the United States. In addition, an order of the U.S. Bankruptcy Court giving effect to the Schemes in the United States, should they be sanctioned by the Grand Court, will ensure that the Restructuring will be enforceable in the United States." Additional Information Ocean Rig has retained Prime Clerk LLC as the Information Agent for the purposes of the Restructuring. Copies of the RSA and further information on the Ocean Rig group can be obtained from Prime Clerk LLC: Email: oceanrigteam@primeclerk.com Telephone: (855) 631-5346 (United States and Canada toll-free) (917) 460-0913 (international) Mailing Address: Ocean Rig Processing c/o Prime Clerk LLC 830 Third Avenue, 3rd Floor New York, NY 10022 In the course of negotiating the RSA, the Company and its advisors made available certain information regarding its business plan and financial restructuring proposal to its creditors. The Company has made a copy of this presentation available on its website at www.ocean-rig.com under the Investor Relations section. Contact details for the JPLs are as follows: Eleanor G. Fisher of AlixPartners (Cayman) Limited 38 Market Street 2nd Floor, Suite 4208 Camana Bay, Grand Cayman KY1-9006 Cayman Islands Email: EFisher@alixpartners.ky Simon Appell, of AlixPartners Services UK LLP 6 New Street Square London EC4A 3BF United Kingdom Email: Sappell@alixpartners.com About Ocean Rig UDW Inc. Ocean Rig. (NASDAQ: ORIG) -- http://www.ocean-rig.com-- is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "ORIG." * * * As reported by the Troubled Company Reporter on Feb. 23, 2016, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Marshall Islands-incorporated drilling company Ocean Rig UDW Inc. to 'CCC+' from 'B-'. S&P also placed the rating on CreditWatch with negative implications. The downgrade reflects S&P's view that Ocean Rig's capital structure is unsustainable in the long term and that its liquidity is currently less than adequate. S&P believes that customers' recent cancellations of rig contracts are a reflection of the rapid decline in oil prices and oil companies' consequent very high focus on reducing costs and capital expenditure (capex). OMNICOMM SYSTEMS: Posts $102K Net Income for 2016 ------------------------------------------------- OmniComm Systems, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $101,880 on $25.41 million of total revenues for the year ended Dec. 31, 2016, compared with net income of $2.58 million on $20.71 million of total revenues for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Omnicomm had $8.13 million in total assets, $29.25 million in total liabilities, and a total shareholders' deficit of $21.12 million. The Company's top five customers accounted for approximately 37% of its revenues for the year ended Dec. 31, 2016, and approximately 34% of its revenues for the year ended Dec. 31, 2015. One customer accounted for 16% of the Company's revenues for the year ended Dec. 31, 2016, or approximately $4,167,000. One customer accounted for 16% of its revenues for the year ended December 31, 2015, or approximately $3,237,000. These customers can terminate its services at any time. "The loss of any of our major customers could have a material adverse effect on our results of operations or financial condition. We may not be able to maintain our customer relationships, and our customers may not renew their agreements with us, which could adversely affect our results of operations or financial condition. A significant change in the liquidity or financial position of any of these customers could also have a material adverse effect on the collectability of our accounts receivables, our liquidity and our future operating results," the Company said in the report. The Company has historically experienced negative cash flows and have relied on the proceeds from the sale of debt and equity securities to fund its operations. In addition, the Company has utilized stock-based compensation as a means of paying for consulting and salary related expenses. At Dec. 31, 2016, the Company had working capital deficit of approximately $9,336,792. A full-text copy of the Form 10-K is available for free at: https://is.gd/lP8m30 About OmniComm Systems Ft. Lauderdale, Fla.-based OmniComm Systems, Inc. -- http://www.omnicomm.com/-- is a healthcare technology company that provides Web-based electronic data capture ("EDC") solutions and related value-added services to pharmaceutical and biotech companies, clinical research organizations, and other clinical trial sponsors principally located in the United States and Europe. OPEXA THERAPEUTICS: Incurs $7.98 Million Net Loss in 2016 --------------------------------------------------------- Opexa Therapeutics, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $7.98 million on $2.90 million of option revenue for the year ended Dec. 31, 2016, compared to a net loss of $12.01 million on $2.55 million of option revenue for the year ended Dec. 31, 2015. "During 2016, the focus of our efforts was on conducting and completing the Abili-T study, the Phase 2b clinical trial in patients with Secondary Progressive Multiple Sclerosis (SPMS) using Opexa's T-cell immunotherapy, Tcelna," said Neil K. Warma, president and chief executive officer of Opexa. "We reported the top-line results of this study in Q4 2016 and were disappointed by the outcome, which showed that the trial did not meet the predefined endpoints. We were pleased to have signed an agreement with KBI Biopharma in February 2017, whereby Opexa assigned its facility lease and a related lease on a major piece of equipment to KBI. KBI also paid Opexa a lump sum for Opexa's manufacturing and laboratory equipment. In addition to providing us some cash, it also eliminated key liabilities for Opexa. We are focused on cash preservation as we evaluate our strategic opportunities and have conducted two reductions in head count over the past several months." As of Dec. 31, 2016, Opexa had $3.86 million in total assets, $1.16 million in total liabilities and $2.70 million in total stockholders' equity. Malonebailey, LLP -- www.malonebailey.com -- in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses, negative operating cash flows and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Corporate Activities * On Oct. 28, 2016, Opexa announced that the Phase 2b Abili-T clinical trial designed to evaluate the efficacy and safety of Tcelna (imilecleucel-T) in patients with SPMS did not meet its primary endpoint of reduction in brain volume change (atrophy), nor did it meet the secondary endpoint of reduction of the rate of sustained disease progression. Tcelna did show a favorable safety and tolerability profile. Further details regarding the Abili-T trial results can be found in Opexa's 2016 Annual Report on Form 10-K, filed with the Securities and Exchange Commission. * The Company is conducting a review of its other research and development programs, including its preclinical program for OPX-212 for the treatment of neuromyelitis optica (NMO), to assess the viability of continuing to pursue one or more of these programs. The Company is also exploring its strategic alternatives. * On Feb. 1, 2017, Opexa entered into an assignment and assumption of lease with KBI Biopharma, Inc. for Opexa's 10,200 square foot corporate headquarters facility located in The Woodlands, Texas, and a related assignment of a lease on a major piece of equipment. Opexa also sold certain furniture, fixtures and equipment, as well as its laboratory supplies, located at its corporate headquarters to KBI for a lump sum cash consideration. * On Nov. 2, 2016, Opexa announced a reduction in workforce of 40% of the Company's then 20 full-time employees while the Company evaluated its programs and various strategic alternatives. The Company incurred incremental aggregate cash charges of approximately $95,000 associated with this workforce reduction. Additionally, on Jan. 31, 2017, Opexa further reduced its workforce by terminating the employment of seven full-time employees, incurring additional costs of approximately $219,000 associated with this workforce reduction. Financial Results for the Year Ended Dec. 31, 2016 * Cash position: Cash and cash equivalents were $3,444,952 as of Dec. 31, 2016, compared to $12,583,764 as of Dec. 31, 2015. * R & D Expense: Research and development expenses were $6,497,531 for the year ended Dec. 31, 2016, compared to $10,039,496 for the year ended Dec. 31, 2015. The decrease in expenses was primarily due to decreases in the need for supplies used both in research and clinical trial product manufacturing operations and decreased clinical investigator costs associated with a decreased number of patients in the Abili-T clinical study. Also, contributing to this decrease was the reduction in staff compensation expenses due to the reductions-in-force implemented during 2016. Offsetting these decreases in research and development expense was an increase in the stability testing of the Company's custom reagent during 2016. The Company's expense research and development costs as incurred. Property and equipment for research and development that has an alternative future use is capitalized and the related depreciation is expensed. * G & A Expense: The Company's general and administrative expenses were $3,122,337 for the year ended Dec. 31, 2016, compared to $4,258,147 for the year ended Dec. 31, 2015. The decrease is mainly due to a reduction in professional service fees, corporate governance expenses and a decrease in staff compensation due to the 2016 workforce reductions. Further reducing its general and administrative expense is the decrease in its option expense, driven by the factors used to evaluate the Black Scholes pricing model. These decreases were partially offset by an increase in directors' fees and the valuation of their stock-based compensation. A full-text copy of the Form 10-K is available for free at: https://is.gd/mm1CdJ About Opexa Opexa Therapeutics, Inc. is a biopharmaceutical company developing a personalized immunotherapy with the potential to treat major illnesses, including multiple sclerosis (MS) as well as other autoimmune diseases such as neuromyelitis optica (NMO). These therapies are based on its proprietary T-cell technology. The Company's mission is to lead the field of Precision Immunotherapy by aligning the interests of patients, employees and shareholders. OVERTON & OGBURN: Needs Approval to Continue Cash Collateral Use ---------------------------------------------------------------- Overton & Ogburn Associates, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Maryland to use the cash collateral of JTS Capital 2 LLC through July 31, 2017. The Debtor's current sole source of income is the rents it collects from the tenants of the Commercial Property, known as 909 Baltimore Boulevard, Westminster, Maryland 21157. The Debtor has guaranteed two commercial loans made by OBA Bank to related parties of the Debtor. Prior to the Petition Date, both loans were acquired by First National Bank of Pennsylvania, as successors to OBA Bank. As of the Petition Date, the aggregate indebtedness outstanding and owed by the Debtor pursuant to the First Note is $1,518,521 and $743,161 pursuant to the Second Note. The indebtedness is secured by all of the Debtor's assets. The Debtor relates that on April 6, 2016, the Court approved a Consent Order with First National Bank approving the Debtor's use of cash collateral through July 31, 2016. Subsequently, the Debtor's use of cash collateral has been extended through Oct. 31, 2016. The Debtor further relates that in late September 2016, the Debtor has been notified that JTS Capital has acquired the First National Bank's notes. Consequently, the Debtor has been unable to negotiate a further extension of the cash collateral order, although representatives from JTS Capital have indicated that they have no objection to the Debtor continuing to use the rents from the Commercial Property to make the note payments and pay U.S. Trustee quarterly fees. As such, the Debtor believes that it needs authorization from the Court to continue to use cash collateral despite the acquiescence of JTS Capital to allow the Debtor to continue to use cash collateral in the same manner as previously approved by the Court. As adequate protection for JTS Capital, the Debtor proposes to grant JTS Capital the identical adequate protection terms previously approved by First National Bank. A full-text copy of the Debtor's Motion, dated March 22, 2017, is available at https://is.gd/5Klp7k JTS Capital Servicing LLC/JTS Capital 2 LLC can be reached through: c/o David Porter, VP PO Box 21505 Waco, TX 76702 About Overton & Ogburn Associates Overton & Ogburn Associates, Inc., is a Maryland Corporation formed in 1976 with its principal office at 4626 Annapolis Road, Bladensburg, Maryland 20781. It is owned by John A. Overton. It is licensed to handle construction projects in the Commonwealth of Virginia and also owns a parcel of real property, commonly known as 909 Baltimore Boulevard, Westminster, Carroll County, Maryland 21157, improved by an office building. Overton & Ogburn Associates filed a Chapter 11 petition (Bankr. D. Md. Case No. 16-14029) on March 29, 2016. The petition was signed by John Overton Jr., president. The case is assigned to Judge David E. Rice. At the time of filing, the Debtor had both assets and liabilities estimated at $1 million to $10 million. The Debtor engaged Alan M. Grochal, Esq. at Tydings & Rosenberg, LLP, as counsel. The Debtor has retained Lee & Associates Chesapeake Region, LLC as Sales and Leasing Agent. PARKER DEVELOPMENT: Consent Order on Cash Use Entered ----------------------------------------------------- Judge Stephen C. St. John of the U.S. Bankruptcy Court for the Eastern District of Virginia signed a consent order authorizing Parker Development, LLC, to use the cash collateral of SummitBridge National Investments III LLC until April 18, 2017. Branch Banking and Trust Company made a loan to the Debtor, secured by a first-priority duly perfected lien and security interest in, to and against certain real property located at 1130 Tabb Street, 850 Tidewater Drive and 852 Tidewater Drive, Norfolk, VA and other assets of the Debtor. Subsequently, BB&T assigned and transferred all supporting Loan Documents to SummitBridge. As of the Petition Date, the aggregate amount due and owing to SummitBridge was approximately $1,345,439. The Debtor acknowledged that SummitBridge holds a valid, enforceable and properly perfected first-priority lien and security interest in the Debtor's real property, the leases, the rents and all products and proceeds thereof. SummitBridge consented to the Debtor's use of cash collateral, subject to these terms and conditions: (a) the Debtor will deliver to SummitBridge National Investments: (i) variance report reflecting, on a line-item basis, the actual cash receipts and disbursements for the preceding month; (ii) copies of the Debtor's current accounts receivable and accounts payable agings; (iii) spreadsheet documenting the composition and source of all funds transferred to and deposited into the DIP Account; and (iv) written report setting forth the Debtor's actual revenues, detailed expenses, and profit or loss during the previous month, with a comparison of such numbers to the Debtor's projected numbers as set forth in the Budget. (b) the Debtor will make all payments to the Internal Revenue Service, the Commonwealth of Virginia and all other taxing authorities with respect to all forms of taxes that come due after the Petition Date; and (c) the Debtor will maintain fire, casualty and other hazard insurance with respect to the Property and its improvements, and name SummitBridge as a sole loss payee, mortgagee or additional insured under each such policy. The Debtor is authorized to use cash collateral solely to ongoing expenses of the Property, as set forth in the Budget, as well as to pay for adequate insurance for the Property and for any real estate taxes owed against the Property. The Debtor was allowed to use cash collateral not exceeding $100 for any one purpose or in a total cumulative amount of $1,000 for a mount. Amounts in excess of this will require the consent of SummitBridge. In addition, SummitBridge is granted a valid, choate, perfected, enforceable and non-avoidable first-priority security interests and liens in, to and against all present and future rents, proceeds, receipts, accounts, accounts receivable, products and profits arising from or as a result of the Property or any other pre-petition collateral. The Debtor's authorization to use cash collateral will terminate upon the earlier of: (a) April 18, 2017; (b) the entry by the Court of an Order denying the Debtor's authorization to use cash collateral; or (c) upon the occurrence of an Event of Default. A full-text copy of the Consent Order, dated March 20, 2017, is available at https://is.gd/yu1SJU SummitBridge National Investments III LLC is represented by: Robert M. Marino, Esq. Redmon Peyton & Braswell, LLP 510 King Street, Suite 301 Alexandria, VA 22314 Phone: (703) 684-2000 Fax: (703) 694-5109 E-mail: rmmarino@rbp-law.com About Parker Development Parker Development, LLC, also known as Parker Development I, LLC, is a Virginia limited liability company that owns and operates certain commercial real estate in the City of Norfolk, Virginia. Parker Development filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 16-73359) on Sept. 28, 2016. The petition was signed by George G. Parker, president. Judge Stephen C. St. John presides over the case. Greer W. McCreedy, II, Esq., at The McCreedy Law Group, PLLC, serves as bankruptcy counsel. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. PEABODY CORP: Management Team to Meet with Investors, Analysts -------------------------------------------------------------- Peabody Energy Corporation disclosed in a regulatory filing with the Securities and Exchange Commission that beginning on March 22, 2017, and in connection with the anticipated effectiveness of the Debtors' Second Amended Joint Plan of Reorganization, certain members of the Company's senior management team will meet from time to time with analysts and investors. A copy of the materials used in connection with these meetings is available at https://is.gd/8WOza5 As reported by the Troubled Company Reporter, the United States Bankruptcy Court for the Eastern District of Missouri on March 17, 2017, entered an order confirming Peabody's Second Amended Plan. On December 22, 2016, the Debtors filed with the Bankruptcy Court a Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code and a related Disclosure Statement. On January 25, 2017, the Debtors filed with the Bankruptcy Court the First Amended Joint Plan of Reorganization and the First Amended Disclosure Statement. On January 27, the Debtors filed with the Bankruptcy Court the Second Amended Joint Plan of Reorganization and the Second Amended Disclosure Statement to address certain modifications resulting from a hearing before the Bankruptcy Court on January 26. Thereafter, on January 27, the Bankruptcy Court issued an order approving the Disclosure Statement. In addition, on March 6 and 15, the Debtors filed supplements to the Plan with the Bankruptcy Court. On March 16, the Bankruptcy Court confirmed the Plan through a bench ruling. Under the Amended Plan, General Unsecured Claims: -- against Peabody Energy will receive a pro rata share of $5 million in cash plus an amount of additional cash (up to $2 million) not otherwise paid to holders of Convenience Claims. -- against the Encumbered Guarantor Debtors will receive (1) Reorganized Peabody Common Stock and subscription rights in the Rights Offering or (2) at the election of the claim holder, cash from a pool of $75 million in cash to be paid by the Debtors and the Reorganized Debtors into a segregated account in accordance with the terms set forth in the Plan. "Encumbered Guarantor Debtors" means all Debtors entities (other than Peabody Energy and Gib 1 and the Gold Field Debtors (each as defined below)) that serve as guarantors under the Company's first lien credit agreement, second lien notes and unsecured senior notes and are subject to liens under the first lien credit agreement and the second lien notes. -- against the Gold Fields Debtors will receive Units in the Gold Fields Liquidating Trust. "Gold Fields Debtors" means five legacy Debtor entities that have no current operations and that had been conducting environmental clean-up and performing remediation obligations related to non-coal mining activities. -- against Peabody Holdings (Gibraltar) Limited ("Gib 1") will have no recoveries. -- against the Unencumbered Debtors will receive Cash in the amount of such holder's allowed claim, less any amounts attributable to late fees, postpetition interest or penalties. "Unencumbered Debtors" means the Debtor entities that do not guaranty, and are not subject to the liens arising under, the Company's first lien credit agreement or the second lien notes indenture, nor are they guarantors of the unsecured senior notes. Holders of First Lien Lender Claims will be paid in full in cash or will receive a combination of cash and a replacement secured first lien term loan. Holders of Second Lien Notes Claims will receive a combination of (1) $450 million of cash, first lien debt or new second lien notes and (2)(a) new common stock, par value $0.01 per share, of Reorganized Peabody Common Stock and (b) subscription rights in the Rights Offering. 1974 Pension Plan Settlement As disclosed in the Disclosure Statement and other filings with the Securities and Exchange Commission (the “SEC”), on January 25, 2017, the United Mine Workers of America 1975 Pension Plan and Trust, the Debtors and certain other subsidiaries of the Company agreed to a settlement of all claims by the 1974 Pension Plan arising, or related to the period, prior to the effective date of the Plan. On March 13, 2017, the Parties executed a final settlement agreement whereby the 1974 Pension Plan will be entitled to a claim in Class 7 of $75 million to be paid in cash over several years as follows: $5 million upon the effective date of the Plan, $10 million paid within 90 days after the Effective Date, $15 million paid within one year after the last payment and $15 million a year for the following three years. The non-disparagement clause between the Parties will remain. In consideration for the Settlement Agreement, the trustee for the 1974 Pension Plan agreed to support the Plan. A copy of the Settlement Agreement is available at https://is.gd/vWwPlb On March 16, 2017, the Debtors filed with the Bankruptcy Court a Stipulation and Agreed Order Approving Settlement among the Gold Fields Debtors, certain insurance companies and Blue Tee Corp. to resolve claims arising out of and in connection with certain Historic Gold Fields Policies and the adversary proceeding initiated by the insurance carriers. On March 16, 2017, the Bankruptcy Court entered the First Stipulation. On March 17, 2017, the Debtors filed with the Bankruptcy Court a Stipulation and Agreed Order Approving Settlement among the Debtors and the United States of America, on behalf of multiple different entities, relating to the Governments' proofs of claim and their various objections to the Plan. Exit Facility Pursuant to the Plan and as a condition to its effectiveness, the Company expects to enter into the Exit Facility as contemplated by the exit facility commitment letter, dated as of January 11, 2017, from Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Credit Suisse AG, Credit Suisse Securities (USA) LLC, Macquarie Capital Funding LLC and Macquarie Capital (USA) Inc. (the "Exit Facility Commitment Letter"). The Exit Facility Commitment Letter was filed with the Bankruptcy Court on January 11, 2017 and previously disclosed on the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on January 12, 2017. The Exit Facility would be entered into on the Effective Date. The Exit Facility provides for a $950 million senior secured term loan, matures in 2022 and bears interest at a fluctuating rate of LIBOR plus 4.50% per annum with a 1.00% LIBOR floor. Securitization Facility On the Effective Date, the Company expects to extend and amend the Fifth Amended and Restated Receivables Purchase Agreement, dated as of March 25, 2016 (as amended), among P&L Receivables Company, LLC, as the seller, the Company, as the servicer, the sub-servicers party thereto, the various purchasers and purchaser agents party thereto and PNC Bank, National Association, as administrator, in order to, among other things, (i) increase the purchase limit to an amount not to exceed $250.0 million, (ii) extend the facility termination date, and (iii) add certain Australian subsidiaries of the Company as originators. Rights Offering, Backstop Commitment Agreement and Private Placement The Plan contemplates two separate capital raises through the sale of equity interests in the Reorganized Company. First, the Plan provides for a $750 million rights offering (the "Rights Offering") pursuant to which all holders of allowed Second Lien Notes Claims and specified allowed General Unsecured Claims (including unsecured notes claims) as of January 27, 2017 received subscription rights to purchase units consisting of (a) shares of Reorganized Peabody Common Stock and (b) penny warrants exercisable for 2.5% of the fully diluted Reorganized Peabody Common Stock on the Effective Date (after giving effect to the reservation and deemed issuance of shares of common stock for issuance upon the conversion of the Series A Convertible Preferred Stock, but subject to dilution by the shares of common stock to be issued pursuant to the LTIP and any post-Effective Date issuance of capital stock). The purchase price for the units in the Rights Offering will be 55% of the Plan Equity Value (as defined in the Plan) of the shares of Reorganized Peabody Common Stock that are to be issued in connection with the exercise of the subscription rights in the Rights Offering. Pursuant to the backstop commitment agreement, dated as of December 22, 2016 (as amended, the "Backstop Commitment Agreement"), among the Company and the other parties thereto (collectively, the "Backstop Parties") previously disclosed on the Company's Current Report on Form 8-K filed with the SEC on December 23, 2016, the Backstop Parties have agreed to backstop 100% of the Rights Offering on the terms set forth in the Backstop Commitment Agreement. Second, the Plan contemplates raising an additional $750 million through the sale of shares of a series of new mandatory convertible preferred stock of the Reorganized Company (the "Series A Convertible Preferred Stock") in a private offering (the "Private Placement"). Pursuant to the private placement agreement, dated as of December 22, 2016 (as amended, the "Private Placement Agreement"), among the Company and the other parties thereto (collectively, the "Private Placement Parties") previously disclosed on the Company's Current Report on Form 8-K filed with the SEC on December 23, 2016, the Private Placement Parties have agreed to purchase the Series A Convertible Preferred Stock at a purchase price equal to the Plan Equity Value per share of Reorganized Peabody Common Stock. Each share of Series A Convertible Preferred Stock will be convertible into shares of Reorganized Peabody Common Stock at a conversion ratio reflecting a 35% discount to the Plan Equity Value per share of Reorganized Peabody Common Stock, which ratio will be subject to adjustment as set forth in the certificate of designation for the Series A Convertible Preferred Stock. The aggregate purchase price for the shares of Series A Convertible Preferred Stock to be issued and sold in the Private Placement is $750 million. The Series A Convertible Preferred Stock will have a dividend rate of 8.5% per annum, payable semi-annually in kind as a dividend of additional shares of Series A Convertible Preferred Stock and will have a liquidation preference, optional and mandatory conversion provisions, anti-dilution protection, voting rights and certain other terms and conditions as set forth in the certificate of designation for the Series A Convertible Preferred Stock. Long Term Incentive Plan Pursuant to the Plan, the Reorganized Company will adopt a long-term incentive plan ("LTIP"). The LTIP will provide for a pool of 10% of the fully diluted equity of the Reorganized Company (after giving effect to the exercise of the penny warrants and the conversion of the Series A Convertible Preferred Stock). Of this amount, 25.8% will be granted to employees and executives in connection with the Effective Date in the form of restricted stock or units. Equity Securities to be Authorized, Issued and Reserved for Issuance After Emergence As of March 1, 2017, the Company had 18,491,188 shares of common stock, par value $0.01 per share, issued and outstanding. On the Effective Date, all outstanding shares of the Company's common stock will be cancelled and extinguished, and any rights of any holder in respect thereof will be deemed cancelled, discharged and of no force or effect. The New Certificate of Incorporation will authorize the issuance of 450,000,000 shares of Reorganized Peabody Common Stock and 100,000,000 shares of preferred stock, par value $0.01 per share, of the Reorganized Company, of which 50,000,000 shares will be designated as Series A Convertible Preferred Stock. On the Effective Date, the Reorganized Company will issue or reserve for issuance shares of Reorganized Peabody Common Stock for distribution in accordance with the Plan. Pursuant to the Plan, on the Effective Date 71,836,154 shares of Reorganized Peabody Common Stock and 30,000,000 shares of Series A Convertible Preferred Stock will be issued. The Reorganized Company will also reserve for issuance a sufficient number of shares to be issued pursuant to the exercise of the penny warrants, the payment of dividends on the Series A Convertible Preferred Stock, the conversion of the Series A Convertible Preferred Stock and awards granted under the LTIP. Treatment of Executory Contracts or Unexpired Leases On the Effective Date, pursuant to sections 365 and 1123 of the Bankruptcy Code, each executory contract and unexpired lease to which any Debtor is a party shall be deemed automatically rejected by the Debtors, except for any executory contract or unexpired lease that (i) has been assumed or rejected pursuant to an order of the Bankruptcy Court entered before the Effective Date, (ii) is the subject of a motion to assume or reject pending on the Effective Date, (iii) is assumed, rejected or otherwise treated pursuant to Article III of the Plan, or (iv) is listed on Exhibit III.A.1 of the Plan. Assets and Liabilities As of January 31, 2017, the total assets and liabilities of Peabody Energy were approximately $11,763,200,000 and $11,360,200,000, respectively. This financial information has not been audited or reviewed by Peabody Energy's independent registered public accounting firm and may be subject to future reconciliation or adjustments. 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: Reports $732 Million Net Loss for 2016 ------------------------------------------------------ Peabody Energy Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016. Peabody posted a net loss of $731.9 million for 2016, compared to net losses of $1.98 billion for 2015 and $777.3 million for 2014. Total revenues were $4.71 billion for 2016, compared to $5.61 billion for 2015 and $6.79 billion for 2014. At Dec. 31, 2016, Peabody Energy had total assets of $11.78 billion against total liabilities of $11.43 billion and total stockholders' equity of $337.8 million. The Debtors on March 7, 2017, filed with the Bankruptcy Court a notice regarding the successful bidder and next highest bidder in connection with the sale of the Debtors' interest in Dominion Terminal Associates. The successful bid provides for a purchase price of $20,450,000, and the next highest bid provides for a purchase price of $20,000,000. The "stalking horse" bid previously approved by the Bankruptcy Court was in the amount of $10,000,000, plus a breakup fee and expense reimbursement of $350,000. The Debtors on Jan. 27, 2017, filed with the Bankruptcy Court the Second Amended Joint Plan of Reorganization. Also on Jan. 27, the Bankruptcy Court issued an order approving the Disclosure Statement. In addition, on March 6, the Debtors filed with the Bankruptcy Court a supplement to the Plan. Subsequently, they solicited votes on the Plan. On March 9, 2017, the Debtors filed with the Bankruptcy Court the declaration of Evan Gershbein, Senior Vice President of Corporate Restructuring Services at Kurtzman Carson Consultants LLC, with respect to the tabulation of votes on the Plan. On March 15, the Debtors filed a revised version of the Plan. On March 16, the Bankruptcy Court held a hearing to determine whether the Plan should be confirmed. On March 17, the Bankruptcy Court entered an order confirming the Plan. According to Peabody, although the Bankruptcy Court has confirmed the Plan, the Debtors have not yet consummated all of the transactions that are contemplated by the Plan. Rather, the Debtors intend to consummate these transactions in the near future, on or before the Plan Effective Date. As set forth in the Plan, there are certain conditions precedent to the occurrence of the Plan Effective Date, which must be satisfied or waived in accordance with the Plan in order for the Plan to become effective and the Debtors to emerge from the Chapter 11 Cases. The Debtors anticipate that each of these conditions will be either satisfied or waived by early April 2017, which is the target for the Debtors' emergence from the Chapter 11 Cases. On the Plan Effective Date, the Debtors will, generally, no longer be governed by the Bankruptcy Court's oversight. A copy of the 2016 Annual Report is available at https://is.gd/yAFD1R On March 10, 2017, Peabody Energy released its unaudited fourth quarter and full year 2016 financial results. A copy of the financial results available at https://is.gd/Dw3qZ4 Management Changes Peabody Energy announced on March 15 that Charles Meintjes has been named to the new position of Executive Vice President - Corporate Services and Chief Commercial Officer. George Schuller Jr. will succeed Meintjes as Peabody Energy President - Australia. Both positions will report to President and Chief Executive Officer Glenn Kellow as part of a six-member executive leadership team. Meintjes will have executive responsibility for Sales and Marketing, Corporate Development, Information Technology, Peabody Business Services, Technical Services, and Coal Generation and Emissions Technology. He also will have temporary oversight of the Human Resources areas, which includes global travel, aviation, security and corporate office services and has been under interim leadership. The role is effective post-emergence from Chapter 11, and Meintjes will return to St. Louis to Peabody's global headquarters. "Charles is a skilled Peabody leader with extensive mining and management experience on three continents over multiple decades," said Peabody Energy President and Chief Executive Officer Glenn Kellow. "This executive role is aimed at unlocking greater competitiveness through an emphasis on synergies from several dimensions - commercial, portfolio, technology, technical and people." With extensive senior management, operational, continuous improvement and technology experience, Meintjes joined Peabody in 2007. In addition to serving as President of Australian Operations and Acting President of the Americas, he has led technical functions, large re-engineering programs, information technology system implementations and large industrial construction projects. Meintjes holds dual Bachelor of Commerce degrees in accounting from Rand Afrikaans University and the University of South Africa. He is a Chartered Accountant in South Africa, and completed the advanced management program at the University of Pennsylvania's Wharton School of Business. Schuller will have executive responsibility for Peabody's Australia operating platform, which includes overseeing the areas of health and safety, operations, sales and marketing, product delivery and support functions. Schuller has more than three decades of experience with Peabody in senior management roles in both surface and underground operations in the United States and Australia, most recently serving as Chief Operating Officer for Australia, a position he held nearly four years. His experience also includes global roles in Continuous Improvement and Technical Services. The company does not intend to replace the Australian COO position. "George is uniquely suited to serve as President of our Australia business unit given his knowledge of the platform and extensive expertise in all facets of operations," said Kellow. "I am pleased to welcome him to this role and look forward to new contributions from him and the team." Schuller has a bachelor's degree in Engineering - Mining from West Virginia University and a Masters of Business Administration from the University of Charleston. 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. PETSMART INC: Bank Debt Trades at 5% Off ---------------------------------------- Participations in a syndicated loan under Petsmart Inc is a borrower traded in the secondary market at 94.42 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 2.76 percentage points from the previous week. Petsmart Inc pays 300 basis points above LIBOR to borrow under the $4.426 billion facility. The bank loan matures on March 10, 2022 and carries Moody's Ba3 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. PROINOS BREAKFAST: Hires Blanchard as Attorney ---------------------------------------------- Proinos Breakfast Club, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A., as attorney to the Debtor. Proinos Breakfast requires Blanchard to: a. give the Debtor legal advice with respect to its powers and duties as the Debtor and Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare, on behalf of the Debtor, necessary applications, answers, orders, reports, complaints, and other legal papers and appear at hearings thereon; and c. perform all other legal services for the Debtor as Debtor- in-Possession which may be necessary herein. Blanchard will be paid at these hourly rates: Partners $250 Associates $225 Paralegal $70 Blanchard will be paid a retainer in the amount of $2,600, exclusive of $1,717 filing fee. Blanchard will also be reimbursed for reasonable out-of-pocket expenses incurred. Jake C. Blanchard, partner of Blanchard Law, P.A., 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 estates. Blanchard can be reached at: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 1501 Belcher Road Sout, Unit 2B Largo, FL 33771 Tel: (727) 531-7068 Fax: (727) 535-2086 E-mail: jake@jakeblanchardlaw.com About Proinos Breakfast Club, Inc. Proinos Breakfast Club, Inc., operates a family restaurant serving breakfast and lunch in leased premises at 201 West Bay Drive, Suite E-5, Largo FL 33770 and has only one location. Proinos is owned and managed by George Soulellis. Proinos Breakfast Club filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-01819), on March 7, 2017. The petition was signed by George Soulellis, President. The Debtor is represented by Jake C. Blanchard, Esq., at Blanchard Law, P.A. At the time of filing, the Debtor had estimated both assets and liabilities to be less than $50,000. PUERTO RICO: Bondholder Group Expresses Concerns on Fiscal Plan --------------------------------------------------------------- On March 27, 2017, creditors and insurers representing approximately $12 billion of bonds issued by the Commonwealth of Puerto Rico and its instrumentalities sent a joint letter to Members of the Federal Oversight Board created by PROMESA. The signers of the letter represent thousands of investors in municipal debt across the United States, many of whom are the very same investors that will be called upon to lend money to Puerto Rico in the future. The letter from these investors outlines specific concerns and questions the signers have relating to the Fiscal Plan for Puerto Rico that was certified by the Board on March 13, 2017. The signers of the letter have again made clear their willingness to engage the Commonwealth and the Oversight Board in a consensual process. Indeed, they have made many previous attempts to do so. The letter specifically outlines how the Fiscal Plan certified by the Board violates PROMESA along with its other shortcomings, including: The Plan fails to comply with lawful priorities as established by Puerto Rico's Constitution and required by PROMESA. The Plan does not differentiate between expenses for essential services and expenses for non-essential services and, in fact, prioritizes all non-debt expenses above debt service. The Plan contains rampant expense growth and assumes that the Commonwealth will not adhere to its own budget by requesting a $600 million annual "cushion" to pay for non-budgeted expenses. The Plan contains certain omissions, unexplained numbers and assumptions including those related to tax collection rates and macro-economic assumptions. The plan undermines investor confidence in Puerto Rico, making it very unlikely that the Commonwealth will be able to access the capital markets any time soon. The signers of the letter have respectfully asked for the opportunity to immediately discuss these issues with the Oversight Board and the Commonwealth, with the expressed goal of advancing negotiations and achieving a consensual resolution under Title VI of PROMESA. * * * The Troubled Company Reporter-Latin America reported on June 15, 2016, that the U.S. Supreme Court struck down a Puerto Rico law that would have let its public utilities restructure their debt over the objection of creditors leaving it to Congress to help the island resolve its fiscal crisis. Siding with bondholders challenging the law, the court ruled 5-2 that the measure was barred under federal bankruptcy law. Puerto Rico is struggling with $72 billion in debt and has argued that it needs to restructure at least some of it under Chapter 9, the part of the bankruptcy code for insolvent local governments. But Puerto Rico is not permitted to do so, because Chapter 9 specifically excludes it. The federal law, Justice Thomas wrote, "bars Puerto Rico from enacting its own municipal bankruptcy scheme to restructure the debt of its insolvent public utilities." Chief Justice John G. Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and Elena Kagan joined him. Consequently, Puerto Rico opted to default on $911 million in constitutionally guaranteed debt, or roughly half of the $2 billion in principal and interest that came due July 1, EFE News reported. The reported further noted that Puerto Rico enacted a debt moratorium due to liquidity restraints -- a move that coincided with a new U.S. law signed by President Obama that installs a financial control board to restructure the island's debt and provides a retroactive stay on lawsuits by bondholders. On July 11, 2016, the TCR-LA reported that S&P Global Ratings downgraded the Commonwealth of Puerto Rico's general obligation secured debt to 'D' (default) from 'CC' following the commonwealth's default. On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from 'C' and general obligation (GO) bond rating to 'D' from 'C' following the payment default on certain GO bonds on July 1, 2016. The Fiscal Agency and Financial Advisory Authority of Puerto Rico has selected Dentons US as its legal advisor on all aspects of its restructuring and revitalization efforts, including development and implementation of the Fiscal Plan, restructuring and renegotiation of municipal bond debt, communications with creditors and with the PROMESA Oversight Board, among others. RECOM INC: Swift Financial Does Not Consent to Cash Collateral Use ------------------------------------------------------------------ Swift Financial Corporation, d/b/a Swift Capital, asks the U.S. Bankruptcy Court for the Northern District of Illinois to prohibit Recom, Inc., from using cash collateral. Swift Financial also asks the Court to direct the Debtor to segregate cash collateral and to file a specific accounting of the sources and amounts of all funds on deposit on the Petition Date, as well as those amounts received by the Debtor on and after the Petition Date to the present. Swift Financial requires a specific listing of the payees and amounts disbursed by the Debtor during that period. Swift Financial has entered into a Future Receivables Sales Agreement with the Debtor, and pursuant to which Swift Financial asserts a claim in the amount of $311,733, which is more than 30% of the aggregate amount of all claims scheduled by the Debtor. The FRSA defines receivables as any and all payment rights arising from or occurring as a result of the Debtor's customers' purchases of goods and/or services. Swift Financial asserts ownership over the receivables. Swift Financial does not consent and never has consented to the use of its cash collateral, and as such, the Debtor is not authorized to use any portion of the receivables and the proceeds thereof. Swift Financial contends that the Debtor has been in default of its obligations under the FRSA for months, and has failed and refused to pay the Purchased Percentage to for months. Swift Financial believes that the Debtor has continuously converted property and used cash collateral, for the entire six weeks since the commencement of its case, without consent and without providing adequate protection to Swift Financial's rights and interest, and has been in breach of its representations and warranties contained in the FRSA. Swift Financial Corporation is represented by: Charles S. Stahl, Jr., Esq. Swanson, Martin &Bell, LLP 2525 Cabot Drive, Suite 204 Lisle, IL 60532 Telephone: (630) 799-6990 Facsimile: (630) 799-6901 E-mail: cstahl@smbtrials. com -- and -- Troy M. Sphar, Esq. Swanson, Martin &Bell, LLP 330 North Wabash Avenue, Suite 3300 Chicago, Illinois 60611 Telephone: (312) 321-9100 Facsimile: (312) 321-0990 E-mail: tsphar@smbtrials.com About Recom, Inc. Recom, Inc., based in Bolingbrook, IL, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17- 3733) on Feb. 9, 2017. The petition was signed by Earl Miller, CEO. The Hon. Donald R Cassling presides over the case. The Debtor is represented by David P. Lloyd, Esq., at David P. Lloyd, Ltd. In its petition, the Debtor estimated $116,716 in assets and $1.02 million in liabilities. RETAIL DESIGNS: Carter Bank Seeks to Prohibit Cash Collateral Use ----------------------------------------------------------------- Carter Bank & Trust asks the U.S. Bankruptcy Court for the Middle District of Florida to prohibit Retail Designs, LLC, from using its cash collateral. Carter Bank asserts a properly perfected first priority security interest in the collateral. Carter Bank further asserts that as of the Petition Date, the Debtor is indebted to Carter Bank in the total principal amount of $49,299,889 plus interest, costs, fees and expenses. Carter Bank tells the Court that has never consented to the Debtor's use of its cash collateral. In fact, according to the Bank, the counsel of Carter Bank has transmitted a letter to the Debtor's counsel advising him of its non-consent and requesting certain information as a condition in considering consent to use of cash collateral. However, the Bank says no substantive response has been received. Accordingly, Carter Bank also asks the Court to require the Debtor to account for all the cash collateral that the Debtor has used and to segregate all cash collateral currently in Debtor's possession, custody or control. In addition, Carter Bank requests the Court to require the Debtor to immediately provide Carter Bank adequate protection for all of the cash collateral that the Debtor has used. Carter Bank & Trust is represented by: Jonathan L. Hauser, Esq. TROUTMAN SANDERS LLP 222 Central Park Avenue, Suite 2000 Virginia Beach, VA 23462 Phone: (757) 687-7768 E-mail: jonathan.hauser@troutmansanders.com - and - Luis E. Rivera II, Esq. HENDERSON, FRANKLIN, STARNES & HOLT, P.A. Post Office Box 280 Fort Myers, Florida 33902-0280 Phone: (239) 344-1323 E-mail: luis.rivera@henlaw.com About Retail Designs Retail Designs, LLC, operates the Super 8 Motel located at 9020 Fayette Landings Shopping Center, in Oak Hill, West Virginia. Retail Designs filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-02044) on March 13, 2017. The petition was signed by William A. Abruzzino, Managing Member. The Debtor is represented by Michael R. Dal Lago, Esq. at Dal Lago Law. At the time of filing, the Debtor had estimated both assets and liabilities to be less than $50,000. RL ENTERPRISE: Hires Ballstaedt as Bankruptcy Attorney ------------------------------------------------------ RL Enterprise, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ The Ballstaedt Law Firm as attorney to the Debtor. RL Enterprise requires Ballstaedt to: a. institute, prosecute, or defend any contested matters arising out of the bankruptcy proceeding in which the Debtor may be a party; b. assist in the recovery and liquidation of estate assets, and to assist in protecting and preserving the same when necessary; c. assist in determining the priorities and statuses of claims and in file objections thereto when necessary; d. assist in preparation of a disclosure statement and Chapter 11 plan of reorganization; and; e. advise the Debtor and perform all other legal services for the Debtor which may be or become necessary in the bankruptcy proceeding. Ballstaedt will be paid at these hourly rates: Attorneys $300 Paralegals $150 Ballstaedt will be paid a retainer in the amount of $3,717, including the filing fee of $1,717. Ballstaedt will also be reimbursed for reasonable out-of-pocket expenses incurred. Seth D. Ballstaedt, partner of The Ballstaedt Law Firm, 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 estates. Ballstaedt can be reached at: Seth D. Ballstaedt, Esq. THE BALLSTAEDT LAW FIRM 9555 S. Eastern Ave., Suite 210 Las Vegas, NV 89123 Tel: (702) 715-0000 Fax: (702) 666-8215 E-mail: help@ballstaedlaw.com About RL Enterprise, LLC RL Enterprise, LLC, based in Costa Mesa, CA, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 15-11423) on March 18, 2015. The Hon. August B. Landis presides over the case. Seth D. Ballstaedt, Esq., at The Ballstaedt Law Firm, to serve as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Roman Libonao, member. ROYAL HAWAIIAN: EKS&H LLLP Raises Going Concern Doubt ----------------------------------------------------- Royal Hawaiian Orchards, L.P., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $2.00 million on $26.65 million of total revenues for the fiscal year ended December 31, 2016, compared to a net loss of $2.19 million on $18.51 million of total revenues for the fiscal year ended December 31, 2015. EKS&H LLLP states that the management does not believe that the Partnership has sufficient working capital to meet its current obligations and debt service requirements for at least the next year. This raises substantial doubt about the Partnership's ability to continue as a going concern. The Company's balance sheet at December 31, 2016, showed total assets of $63.86 million, total liabilities of $26.81 million, and a total partners' capital of $37.04 million. A full-text copy of the Company's Form 10-K is available at: https://is.gd/GSwjvc About Royal Hawaiian Orchards, L.P. Royal Hawaiian Orchards, L.P., is a producer, marketer and distributor of macadamia nut-based products. The Company operates in two segments: orchards and branded products. The orchards segment includes the Company's orchard, farming and processing operations. The branded products segment includes the development, manufacture and sale of branded products and the sale of processed kernel. RP BROADCASTING: Court Approves Chapter 11 Trustee Appointment -------------------------------------------------------------- Judge William T. Thurman of the U.S. Bankruptcy Court for the District of Utah, in a findings and conclusions, held that the appointment of a Chapter 11 Trustee for RP Broadcasting Idaho, LLC, is in the interests of the creditors and the estate. Judge Thurman also held that: (1) the Joint Motion to Appoint a Trustee for the Debtor and the hearing on the Motion was adequate and appropriate; (2) no party-in-interest has filed an objection or response to the Motion except the Debtor, and the Debtor's objection was withdrawn pursuant to the Stipulation; and (3) the Stipulation resolves the issues raised in the Motion in a fair, reasonable and equitable manner. The Court said it will enter a separate order directing the appointment of a Chapter 11 Trustee for the Debtor. About RP Broadcasting Idaho RP Broadcasting Idaho, LLC, filed a Chapter 11 petition (Bankr. D. Utah Case No. 16-28578) on Sept. 28, 2016. The petition was signed by Richard O. Mecham, president and CEO. The Debtor is represented by Penrod W. Keith, Esq., at Durham Jones & Pinegar, P.C. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. RXI PHARMACEUTICALS: Copy of Presentation at Cancer Forum --------------------------------------------------------- RXi Pharmaceuticals Corporation disclosed on March 28, 2017, that Alexey Eliseev, PhD, RXi's chief business officer, presented at the 5th Annual Cancer BioPartnering & Investment Forum. The forum provided a platform to present to and meet with thought leaders from cancer research institutes, leading pharmaceutical and biotech companies as well as institutional investors. This event took place at the New York Academy of Sciences in New York City, New York on March 28, 2017. Presentation -- Targeting Immune Checkpoints in Adoptive Cell Transfer Using Self-Delivering RNAi (sd-rxRNA) Technology A copy of the presentation used during the conference is available for free at https://is.gd/IPXFQ4 About RXi RXi Pharmaceuticals Corporation, a biotechnology company, focuses on discovering and developing therapies primarily in the areas of dermatology and ophthalmology. The company develops therapies based on siRNA technology and immunotherapy agents. Its clinical development programs include RXI-109, a self-delivering RNAi compound, which is in Phase IIa clinical trial that is used to prevent or reduce dermal scarring following surgery or trauma, as well as for the management of hypertrophic scars and keloids; and Samcyprone, an immunomodulation agent, which is in Phase IIa clinical trial for the treatment of various disorders, such as alopecia areata, warts, and cutaneous metastases of melanoma. The company's preclinical program includes the development of products for ocular indications with RXI-109, including retinal and corneal scarring. Its discovery stage development programs include a dermatology franchise for the discovery of collagenase and tyrosinase targets for its RNAi platform; and ophthalmology franchise, a program for the discovery of sd-rxRNA compounds for oncology indications, including retinoblastoma. The company was incorporated in 2011 and is headquartered in Marlborough, Mass. RXi reported a net loss of $10.22 million in 2015 following a net loss of $8.80 million in 2014. As of Sept. 30, 2016, RXi Pharmaceuticals had $4.90 million in total assets, $1.86 million in total liabilities and $3.03 million in total stockholders' equity. "The Company has limited cash resources, has reported recurring losses from operations since inception and has not yet received revenues from sales of products. These factors raise substantial doubt regarding the Company's ability to continue as a going concern, and the Company's current cash resources may not provide sufficient capital to fund operations for at least the next twelve months. Historically, the Company's primary source of financing has been through the sale of its securities. The continuation of the Company as a going concern depends upon the Company's ability to raise additional capital through an equity offering, debt offering or strategic opportunity to fund its operations. There can be no assurance that the Company will be successful in accomplishing these plans in order to continue as a going concern," the Company stated in its quarterly report for the period ended Sept. 30, 2016. SEANIEMAC INTERNATIONAL: Shane O'Driscoll Quits as Director ----------------------------------------------------------- Shane O'Driscoll resigned from his position as a director of Seaniemac International, Ltd. due to personal reasons. Mr. O'Driscoll did not resign due to any disagreement with the Company, including any disagreement related to the Company's operations, practices or policies. Mr. O'Driscoll's departure is unrelated in any manner to any past, present or contemplated accounting or finance issue or to any disagreement over accounting treatment or policy. Prior to his resignation, Mr. O'Driscoll appointed Barry M. Brookstein, the Company's CEO, CFO, and secretary, to the Board of Directors to fill one of two vacancies on the Board. Mr. Brookstein had previously served on the Board of Directors and resigned in January 2017 with the stated intention of being reappointed in February 2017. Mr. Brookstein is excited to resume his position as a director with the Company. About Seaniemac Based in Huntington, N.Y., Seaniemac International, Ltd., is engaged in maintaining a Website for online gambling, including sports betting and casino gaming in Ireland under the brand name, Seaniemac.com. The Company utilizes a third-party white-label online gaming Web site provider to develop and operate its branded Website, apollobet.com (apollobet.com), operations, sports book trading, Website hosting, payment solutions, security and first line support of gaming related questions. Seaniemac reported a net loss of $3.73 million for the year ended Dec. 31, 2015, following a net loss of $2.85 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Seaniemac had $1.70 million in total assets, $11.96 million in total liabilities, all current, and a total deficit of $10.25 million. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that Company has suffered recurring losses from operations and has an accumulated deficit and working capital deficit as of Dec. 31, 2015, which raises substantial doubt about its ability to continue as a going concern. SNAP INTERACTIVE: Incurs $1.45 Million Net Loss in 2016 ------------------------------------------------------- Snap Interactive, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.45 million on $20.98 million of total revenue for the year ended Dec. 31, 2016, compared with a net loss of $265,926 on $20.12 million of total revenue for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Snap Interactive had $27.52 million in total assets, $6.68 million in total liabilities, and $20.84 million in total stockholders' equity. "We have historically financed our operations through cash generated from operations. "Currently, our primary source of liquidity is cash on hand and cash flows from continuing operations. As of December 31, 2016, we had $4,162,596 in cash and cash equivalents, as compared to cash and cash equivalents of $6,676,557 as of December 31, 2015, and no long-term debt. Cash and cash equivalents were reduced primarily from the repayment of a senior secured convertible note in the aggregate principal amount of $3,000,000 term note in connection with the Merger and approximately $1,100,000 of Merger related costs. "We are focused on reducing costs and increasing profitability following the Merger and we believe that our cash balance and our expected cash flow from operations will be sufficient to meet all of our financial obligations for the twelve months from the filing date of this Form 10-K. It is possible that we would need additional capital in the future to fund our operations, particularly growth initiatives, which we expect we would raise through a combination of equity offerings, debt financings, other third-party funding and other collaborations and strategic alliances. Our future capital requirements will depend on many factors including our growth rate, headcount, sales and marketing activities, research and development efforts, and the introduction of new features, products, acquisitions and continued user engagement. "Our primary use of working capital is related to user acquisition costs, including sales and marketing expense and product development expense. Our sales and marketing expenditures are primarily spent on channels where we can estimate the return on investment without long-term commitments. Accordingly, we can adjust our advertising and marketing expenditures quickly based on the expected return on investment, which provides flexibility and enables us to manage our advertising and marketing expense. In addition, we allocate significant resources to product development in order to maintain and create new features and products which will enable a better user experience and increase interactions. "We are continuously evaluating and implementing cost reduction initiatives to manage the expense of our operations. Our cost reduction initiatives implemented during 2016 have included the decision to outsource our data center and physical servers to cloud web hosting services, headcount reorganization, and vendor consolidation and subsequent contract renegotiations. During 2017, we plan to continue to reduce costs by the consolidation of vendors (such as office space, payment processing, licensing agreements, etc.), consolidation of advertising affiliate partners, consolidation of internal departments (such as customer service) and incremental offshore product development resources." A full-text copy of the Form 10-K is available for free at: https://is.gd/gEe4Zr About Snap Interactive Snap Interactive, Inc. -- http://www.snap-interactive.com/-- develops, owns and operates dating applications for social networking websites and mobile platforms. The Grade is a patent-pending mobile dating application catering to high-quality singles. SNAP's flagship brand, FirstMet, is a multi-platform online dating site with a large user database of approximately 30 million users. SQUARETWO FINANCIAL: Has Interim OK to Obtain $10M DIP Financing ---------------------------------------------------------------- The Hon. James L. Garrity, Jr., of the U.S. Bankruptcy Court for the Southern District of New York has granted SquareTwo Financial Services Corporation, et al., interim authorization to obtain from Cerberus Business Finance, LLC, as collateral agent and administrative agent of the lenders, secured postpetition financing of up to $10 million. A final hearing on the Motion is set for April 13, 2017, at 2:00 p.m. (prevailing Eastern Time). The Debtors have an immediate need to obtain the DIP Facility and to continue to use cash collateral to permit the Debtors to, among other things, continue the orderly operation of their businesses, preserve their going concern value, make payroll and satisfy other working capital and general corporate purposes, and pay other expenses associated with administration of the Chapter 11 cases. In the absence of the authority of the Court to borrow under the DIP agreement and use cash collateral, the Debtors' estates would suffer immediate and irreparable harm. The DIP Parties and the Prepetition Secured Parties have consented to the Debtors' proposed use of cash collateral on the terms and conditions set forth in this interim court order, and consent is binding on all the DIP Parties and the Prepetition Secured Parties. The Debtors are authorized to use cash collateral to repay revolving loans outstanding as of the Petition Date and for other purposes as may be contemplated hereunder and by the approved budget. Until the indefeasible repayment in full in cash of the DIP obligations, the DIP Parties are granted: (i) DIP liens; and (ii) superpriority administrative expense claims. The loans will mature on Sept. 22, 2017. The DIP Agent, on behalf of itself and the DIP Lenders, and (b) each of the Prepetition Agents, on behalf of itself and its respective Prepetition Lenders, will have the right to "credit bid" the amount of each their respective claims during any sale of all or any portion of the Debtors' assets. A copy of the court order, the budget, and the DIP agreement is available at: http://bankrupt.com/misc/nysb17-10659-60.pdf About SquareTwo Financial SquareTwo Financial Services Corporation, et al.'s primary business is to acquire, manage, and collect charged-off consumer and commercial accounts receivable, which are accounts that credit issuers have charged off as uncollectible, but that remain owed by the borrower and subject to collection. The Debtors filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 17-10659) on March 19, 2017. The Debtors are represented by Matthew A. Feldman, Esq., Paul V. Shalhoub, Esq., Robin Spigel, Esq., and Debra C. McElligott, Esq., at Willkie Farr & Gallagher LLP, in New York. The Debtors' CCAA Counsel is D.J. Miller, Esq., Asim Iqbal, Esq., and Mitch Grossell, Esq., at Thornton Grout Finnigan LLP, in Toronto, Ontario. The Debtors' Restructuring Advisor is Alixpartners, LLP; Investment Bankers are Keefe, Bruyette & Woods, Inc., and Miller Buckfire & Co. The Debtors' Claims & Noticing Agent is Prime Clerk LLC. At the time of filing, the Debtors had estimated assets of $100 million to $500 million and estimated debts of $100 million to $500 million. The petition was signed by J.B. Richardson, Jr., authorized signatory. T-REX OIL: Reports $1.1 Million Net Loss for Third Quarter ---------------------------------------------------------- T-Rex Oil, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.07 million on $300,015 of total revenues for the three months ended Dec. 31, 2016, compared to a net loss of $1.50 million on $102,612 of total revenues for the three months ended Dec. 31, 2015. For the nine months ended Dec. 31, 2016, the Company reported a net loss of $3.12 million on $1.02 million of total revenues compared to a net loss of $2.99 million on $390,705 of total revenues for the same period during the prior year. As of Dec. 31, 2016, T-Rex Oil had $3.17 million in total assets, $4.01 million in total liabilities and a stockholders' deficit of $842,385. During the nine months ended Dec. 31, 2016, the Company as part of a private placement sold 99,378 shares of its restricted common stock for $74,613 in cash and 378,510 shares for $567,164 in cash. During the nine months ended Dec. 31, 2016, the Company issued 175,000 shares or restricted common stock in connection with the cash exercise of $17,500 and 50,000 shares in connection with the exercise of an option as payment of debt of $2,000. Further, during the nine months ended Dec. 31, 2016, the Company issued shares and warrants for services valued at $313,437. On Nov. 3, 2016, the Company in exchange for $300,000 cash issued a convertible promissory note. The convertible promissory note has an interest rate of 12% per annum and a due date of Jan. 31, 2017, which has been extended to May 1, 2017. "The Company will need substantial additional capital to support its proposed future energy operations. While we recognize revenues from our oil operations, they are not sufficient to support operations. The Company has no committed source for any funds, but as of December 31, 2016, we have $130,051 in cash. No representation is made that any funds will be available when needed. In the event funds cannot be raised when needed, we may not be able to carry out our business plan and we may never achieve sales sufficient to support our operations. "Decisions regarding future participation in oil and gas development or geophysical studies or other activities will be made on a case-by-case basis. We may, in any particular case, decide to participate or decline participation. If participating, we may pay our proportionate share of costs to maintain our proportionate interest through cash flow or debt or equity financing. If participation is declined, we may elect to farmout, non-consent, sell or otherwise negotiate a method of cost sharing in order to maintain some continuing interest in the prospect." The Company used cash flows in operations of $1,279,389 during the nine months ended Dec. 31, 2016, that was adjusted by non-cash items including: depreciation, depletion, amortization and accretion of $164,672, equity based compensation of $264,589, common stock and warrants issued for services of $313,437, issuance of shares with convertible promissory note of $49,753, gain on forgiveness of debt of $24,502 and an asset impairment of $425,000. The Company used cash flows in investing activities of $268,535 during the nine months ended Dec. 31, 2016, that was primarily comprised of: additions to oil and gas properties of $268,498 and additions to other assets of $37. The Company was provided cash flows from financing activities of $1,249,771 during the nine months ended Dec. 31, 2016, through $659,277 from the sale of restricted common stock, the cash exercise of options and the cash contribution of a director and shareholder of $200,000 and net proceeds from notes payable of $390,494. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Cp2R1L About T-Rex T-Rex Oil, Inc., f/k/a Rancher Energy Corp., is an energy company, focused on the acquisition, exploration, development and production of oil and natural gas. T-Rex Oil reported a net loss of $15.70 million for the year ended March 31, 2016, compared to a net loss of $11.04 million for the year ended March 31, 2015. B F Borgers CPA PC, in Denver, Colo., the Company's independent registered public accounting firm, which audited the Company's financial statements as of March 31, 2015, and for each of the years in the two-year period then ended, raised substantial doubt about the Company's ability to continue as a going concern in a July 14, 2015 letter to the Company's board of directors and stockholders. The letter was filed with the Securities and Exchange Commission together with the Company's revised Annual Report on Form 10-K delivered to the Commission in December. B F Borgers said the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. THIRTEEN EAST: Cash Collateral Moot as Case Dismissed ----------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts rendered moot Thirteen East Main Corporation's motion to use of cash collateral as the case has been dismissed. Judge Panos also cancelled the hearing scheduled to be held on April 7, 2017. About Thirteen East Main Corp Thirteen East Main Corporation filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 16-41294) on July 22, 2016. The petition was signed by Nathan Till, president. Judge Christopher J. Panos presides over the case. The Debtor estimated assets and liabilities at $100,001 to $500,000 at the time of the filing. The Debtor was represented by James P. Ehrhard, Esq., at Ehrhard & Associates, PC. TOSHIBA CORP: Owed $1.29B by Nuclear Unit, Sees JPY1.1-Tril. Loss ----------------------------------------------------------------- Toshiba Group says that its U.S. nuclear unit that recently sought bankruptcy protection, Westinghouse Electric Company LLC, owes it $1.287 billion, and it now projects that its annual loss could more than double to a record JPY1.101 trillion ($9.1 billion). Westinghouse Electric Company (WEC), WEC's U.S. subsidiaries and affiliates, and Toshiba Nuclear Energy Holdings (UK) Limited (TNEH (UK)), a holding company for Westinghouse Group operating companies outside the U.S. -- WEC Group -- have resolved to and then filed for a voluntary petition under Chapter 11 under the U.S. Bankruptcy Code on March 29, 2017, with the U.S. Bankruptcy Court for the Southern District of New York. Business as Usual Toshiba said in a statement that WEC Group companies will continue ordinary business operations, in anticipation of reorganizing their business lines under Chapter 11. WEC Group, as debtor in possession, has received a commitment for Chapter 11 financing in the amount of US$800 million during the rehabilitation proceeding, of which Toshiba will provide maximum US$200 million as a backstop guarantee of WEC Group's Chapter 11 financing. Toshiba and the WEC Group are working cooperatively with the owners of the two sites where WEC is constructing nuclear power plants to develop arrangements for the continuation of construction during an interim period. Such arrangements would contemplate that the owners would make payments for construction-related costs while the parties continue to explore and assess a comprehensive solution regarding the sites. Toshiba said it is hopeful that the arrangements can be finalized and presented to the U.S. Bankruptcy Court promptly. Toshiba will continue to cooperate with parties to the Chapter 11 rehabilitation process with all sincerity, in order to ensure smooth proceedings. For Toshiba, the WEC Group's commencement of Chapter 11 proceedings means that Toshiba's claims against certain members of the WEC Group will be subject to the provisions of the United States Bankruptcy Code, and any recovery by Toshiba on account of such claims will be subject to the claims reconciliation process and other applicable provisions of the Bankruptcy Code. In addition, as WEC Group will no longer be under the control of Toshiba, WEC Group will be deconsolidated from Toshiba Group, starting from FY2016 full year business results. Cost Overruns As announced on February 14, 2017, in "Provisional Outlook for FY2016 3Q Business Results and FY2016 Forecast, and Outline of Loss in Nuclear Power Business and Countermeasures," it became clear during the Purchase Price Allocation (PPA) process of acquiring CB&I Stone & Webster, a former subsidiary of Chicago Bridge & Iron, that WEC would be required to book a US$6.1 billion write down for cost overruns at two project sites to construct a total of four nuclear power plants in the U.S. Since December 2016, WEC and Toshiba have been working to determine the scale of the possible loss, investigate the causes, and to implement preventive measures and actions. In considering cash flow prospects, other circumstances, and in order to maintain WEC's business value, the Board of Directors of WEC has resolved to file for Chapter 11 protection as a means to rebuild the company. In addition, the Board of Directors at TNEH (UK) also resolved to file for Chapter 11. TNEH (UK), a holding company for the group of WEC operating companies outside the U.S., has a complementary relationship with WEC, and in practical terms management of both companies works closely together. In order to rebuild WEC Group, Toshiba recognizes that it is essential that WEC Group and its customers, including the power utility companies, should be provided with appropriate coordination, under the guidance of the court. In addition, Toshiba concluded that the Chapter 11 filings were essential to rebuild WEC Group, and that the resulting deconsolidation would help to meet the objective of working to eliminate risk in the overseas nuclear power business. Total Debt Accruing to WEC and TNEH (UK) US$9.811 billion (as of December 31, 2016) with US$1.287 billion accruing to Toshiba and Toshiba Group WEC and TNEH (UK) Equity and Credit Held by Toshiba As of the bankruptcy filing date, the WEC and TNEH (UK) equity and credit held by Toshiba are: Toshiba Group's equity holding in WEC and TNEH (UK): WEC: 417.6 billion yen TNEH (UK): 146.2 billion yen * The figure for WEC is the equity of WEC's holding company, Toshiba Nuclear Energy Holdings (US) (TNEH (US)) As announced on February 17, 2017, in "Notice of Acquisition of IHI Corporation's Stake in Westinghouse," IHI Corporation exercised a put option for the shares -- 3% ownership as of February 16, 2017 -- that it holds in WEC's holding company. If actual acquisition of the shares is conducted on May 17, 2017, the "Date of Payment and Closing Date of the Purchase" pursuant to the put option agreement, Toshiba's equity holding will change as it will acquire shares with a value of approximately 18.9 billion yen, and will be recorded to FY2016 business results. The purchase price is determined to be calculated by converting IHI's ownership ($157 million) into Japanese yen at the currency exchange rate of approx. 120 yen to the US dollar in October 2006. Furthermore, Kazatomprom, a state-owned company in Kazakhstan, owns 10% of equity in WEC's holding company. Kazatomprom is entitled to sell this holding to Toshiba under certain conditions, pursuant to put option agreements, however that can be exercised on or after October 1, 2017. WEC and TNEH (UK) credits held by Toshiba Group (as of February 2017): Approx. 175.6 billion yen in total Future Outlook and Impact on Toshiba's Business Results The rehabilitation proceedings of WEC, WEC's affiliates and TNEH (UK) will begin immediately with the participation of WEC, TNEH (UK), creditors and other related parties under the supervision of the Bankruptcy Court. With the commencement of the rehabilitation proceedings, WEC Group will be deconsolidated from Toshiba's FY2016 full year business results. However, the impact on Toshiba's FY2016 business results and forecast has yet to be determined. Toshiba's provisional FY2016 business results forecast, announced on February 14, 2017, made provision for a 712.5 billion yen operating loss due to goodwill impairment, and for minus 620.4 billion yen after deduction of non-controlling interests to the net income and loss, shareholders' equity and net assets as the outcomes of the purchase of S&W. In conclusion, the provisional forecast for net income was minus 390 billion yen, shareholders' equity was minus 150 billion yen, and net asset was 110 billion yen. In addition, these impacts to the FY2016 business results are expected as a result of commencement of the WEC Group's rehabilitation proceedings; i. Impact from deconsolidation of WEC Group As WEC Group will be deconsolidated, causes of financial deterioration, such as goodwill impairment, will be excluded from figures for non-operating profit and loss in Toshiba's FY2016 business results. Despite the negative impact stemming from impairment of the total investment in WEC and TNEH (UK), Toshiba expects to book a positive impact of more than 200 billion yen for net income. ii. Impact from provisions for credits and losses in relation to the parent company guarantee and WEC Group With commencement of WEC Group's rehabilitation proceedings, Toshiba must reconsider booking provisions for losses in non-operating income, mainly related to the parent company guarantee provided to the power utility companies for the U.S. Nuclear Projects, and for credits related to WEC group. However, depending on the plan determined during the course of the rehabilitation proceedings, there is a possibility that the amounts to be reported may change significantly. In addition, it is essential to consider Toshiba Group's FY2016 Q4 results in the calculation. As a result, Toshiba has yet to determine the details of the impact of the deconsolidation of WEC Group. In addition to (i), if Toshiba were to make provision for the full contractual amount of the parent company guarantee (650 billion yen as of end of February 2017) and also a reserve for possible loan losses detailed in (ii) above, net income will further deteriorate by a scale of 620 billion yen. As a result, there is a possibility that the FY2016 net income loss will be minus 1,010 billion yen, against the minus 390 billion yen announced on February 14, 2017. Shareholders' equity basis will see an additional deterioration of minus 470 billion yen, after incorporating the positive impact of comprehensive income and minus 620 billion yen deterioration in net income, against the minus 150 billion yen announced on February 14, 2017. Consolidated net assets basis will see an additional deterioration of minus 450 billion yen, after incorporating the positive impact of non-controlling interests and minus 470 billion yen deterioration in shareholders' equity, against the 110 billion yen announced on February 14, 2017. However, in the course of the rehabilitation proceedings, through discussions with the power utility companies and other related parties, Toshiba will seek to minimize the cost effect. Furthermore, the impact from IHI exercising the put option right will be incorporated to the consolidated shareholder's equity and net assets of FY2016 business results (reduction of 35 billion yen in consolidated shareholder equity, and 18.9 billion yen in consolidated net assets), the consideration and the impact of Kazatomprom exercising its put option rights are not incorporated. Also, on commencement of the rehabilitation proceedings, when WEC Group will be classified as a discontinued operation, it is possible that amounts already recorded in the income statement prior to commencement of the proceedings and amounts resulting from the commencement may be recorded as profit and loss from discontinued operations. Toshiba will closely monitor the progress of the rehabilitation proceedings, and disclose information, including impacts on business results, in a timely manner. WEC Group WEC Group's business operations in the U.S. are the responsibility of WEC, and in regions other than the U.S. they are the responsibility of Westinghouse Electric U.K. Holdings Limited, a wholly owned subsidiary of TNEH (UK). However, WEC manages group-wide functions and operation of the Group as a whole. (1) Company Name: Westinghouse Electric Company LLC (2) Address: 1000 Westinghouse Drive, Cranberry Township, PA 16066, USA (3) Name of Representative: Jose Emeterio Gutierrez (4) Business Outline: Delivers nuclear products and services to utilities, including nuclear fuel, service and maintenance, instrumentation, control and design of nuclear power plants. (5) Date of Establishment: January 8, 1886 (6) Number of Employees: approx. 12,000 employees (as WEC Group) (7) Major Shareholders and Shareholding Ratios: TNE practically owns all the shares. Toshiba owns 87% of the voting rights of TNEH (US). (8) Relationship between Toshiba and Westinghouse Electric Company LLC: * Capital Relationship: As stated above in (7) * Personnel Relationship: Concurrent posts of executives * Business Relationship: Part of the overall sales come from business with Toshiba Group. And part of the products and/or services are supplied from Toshiba Group. TNEH (1) Company name: Toshiba Nuclear Energy Holdings (UK) Limited (2) Headquarters: Furzeground Way, Stockley Park, Uxbridge, Middlesex, UB11 1EZ, United Kingdom (3) Name of Representative: Mamoru Hatazawa (4) Business Outline: Holding Company of Westinghouse Electric U.K. Holdings Limited (5) Capital Stock: US$1,400 million (6) Date of Establishment: September 8, 2006 (7) No. of Outstanding Shares: 1,400 stocks (8) Major Shareholders and Shareholding Ratios: * Toshiba Corporation: 87% * National Atomic Company Kazatomprom JSC: 10% * IHI Corporation 3% (9) Relationship between Toshiba and Toshiba Nuclear Energy Holdings (UK) Limited * Capital Relationship: As mentioned above in (8) * Personnel Relationship: Dispatches two non-executive directors * Business: No actual businesses relationship Financial Condition and Operating Performance of WEC Group in the past three years (unit in million yen): FY2014 FY2015 FY2016 ------ ------ ------ Net Assets (Equity) 428,121 385,935 387,482 Total Assets 837,439 895,836 813,070 Net Sales 459,842 441,744 499,385 Operating Income ^64,613 16,933 20,346 EBIT ^64,158 18,404 19,140 Net Income (loss) ^54,316 9,932 13,023 Furthermore, in respect to the FY2016 business results, despite the steady growth in fuel and service businesses, WEC Group was expecting to book a large loss accruing from a US$6.1 billion write down for cost overruns at U.S. Nuclear Projects. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large- scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba Corp's corporate family rating (CFR) and senior unsecured rating to 'Caa1' from 'B3'. Moody's has also downgraded Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and affirmed its commercial paper rating of Not Prime. At the same time, Moody's has placed Toshiba's 'Caa1' CFR and long-term senior unsecured bond rating, as well as its 'Ca' subordinated debt rating under review for further downgrade. The TCR-AP reported on Jan. 26, 2017, that S&P Global Ratings said it has lowered its long-term corporate credit rating on Toshiba Corp. to 'CCC+' and its short-term corporate credit and commercial paper program ratings on the company to 'C', all by one notch. All of these ratings remain on CreditWatch with negative implications. S&P also lowered its senior unsecured debt rating on Toshiba two notches to 'B-' from 'B+' and kept the rating on CreditWatch negative. About Westinghouse Electric Headquartered in Cranberry Township, Pennsylvania, Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse has 12,000 employees worldwide. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017, before the Honorable Michael E. Wiles. TRIANGLE PETROLEUM: Receives NYSE MKT Delisting Notice ------------------------------------------------------ Triangle Petroleum Corporation on March 27, 2017, disclosed that the Company received a notice from the NYSE MKT LLC (the "NYSE MKT") that the NYSE MKT has determined to commence proceedings to delist the common stock of the Company -- ticker symbol TPLM -- from the NYSE MKT. Trading in the Company's common stock was suspended at the market opening on March 27, 2017. The NYSE MKT has indicated that it will begin delisting proceedings pursuant to Section 1002(c) of the NYSE MKT Company Guide following the Company's disclosure on March 24, 2017 of the effectiveness of the Chapter 11 plan of reorganization for Triangle USA Petroleum Corporation, the Company's former wholly-owned subsidiary. The Company has a right to a review of the NYSE MKT's delisting determination; however, the Company does not intend to appeal the determination. Therefore, it is expected that the NYSE MKT will apply to the Securities and Exchange Commission to delist the Company's common stock upon completion of all applicable procedures and that the common stock will be delisted from the NYSE MKT upon the completion of such procedures. As a result of the delisting notice, the Company's common stock is expected to begin trading on the OTC Pink marketplace. The Company can provide no assurance that its common stock will continue to trade on this marketplace, whether broker-dealers will continue to agree to provide public quotes of the Company's common stock on this marketplace, or whether the trading volume of the Company's common stock will be sufficient to provide for an efficient trading market. About Triangle USA Petroleum Corporation Triangle USA Petroleum Corporation is an independent exploration and production company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. TUSA is a wholly owned subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM nor its affiliated company, RockPile Energy Services, LLC, is included in TUSA's Chapter 11 filing. Triangle USA Petroleum Corporation and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11566) on June 29, 2016. The cases are pending before Judge Mary F. Walrath. At the time of the filing, TUSA estimated assets in the range of $500 million to $1 billion and liabilities of up to $1 billion. The Debtors have engaged Sarah E. Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP as counsel, AP Services, LLC, as financial advisor, PJT Partners Inc. as investment banker and Prime Clerk LLC as claims & noticing agent. Andrew R. Vara, Acting U.S. Trustee, has informed the U.S. Bankruptcy Court for the District of Delaware that a committee of unsecured creditors has not been appointed in the Chapter 11 case of Triangle USA Petroleum Corporation due to insufficient response to the U.S. Trustee ommunication/contact for service on the committee. TRIANGLE USA: Court Approves Severance for Departing Employees -------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order approving Triangle USA Petroleum's motion to make severance payments to certain departing employees. As previously reported, "After a thoughtful and careful review of their post-emergence business plan and cost-structure requirements, the Debtors have decided to eliminate two management positions: Interim Chief Financial Officer ('Interim CFO') and Vice President of Corporate Development ('VP - Corporate Development'). The functions associated with these roles will be assumed by other management employees. Each employee agreed to execute a customary release of claims against the Debtors; in exchange, the Debtors agreed, subject to Court approval, to provide severance compensation consistent with the Severance Program -- that is, one month's base salary and benefits for each year of service (rounded to the next highest whole year). The contemplated Severance Payments for these individuals total approximately $185,000." About Triangle USA Petroleum Corporation Triangle USA Petroleum Corporation is an independent exploration and production company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. TUSA is a wholly owned subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM nor its affiliated company, RockPile Energy Services, LLC, is included in TUSA's Chapter 11 filing. Triangle USA Petroleum Corporation and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11566) on June 29, 2016. The cases are pending before Judge Mary F. Walrath. At the time of the filing, TUSA estimated assets in the range of $500 million to $1 billion and liabilities of up to $1 billion. The Debtors have engaged Sarah E. Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP as counsel, AP Services, LLC, as financial advisor, PJT Partners Inc. as investment banker and Prime Clerk LLC as claims & noticing agent. Andrew R. Vara, Acting U.S. Trustee, has informed the U.S. Bankruptcy Court for the District of Delaware that a committee of unsecured creditors has not been appointed in the Chapter 11 case of Triangle USA Petroleum Corporation due to insufficient response to the U.S. Trustee communication/contact for service on the committee. USI INC: Moody's Assigns B3 CFR; Outlook Stable ----------------------------------------------- Moody's Investors Service has assigned a B3 corporate family rating to USI, Inc. following the announcement of a $4.2 billion leveraged buyout of the company sponsored by KKR & Co. L.P. and Caisse de dépôt et placement du Québec along with members of the company's management team. Moody's has also assigned ratings to the credit facilities and notes being issued to help fund the buyout (see rating list below). Total funding for the buyout will include a $1.8 billion senior secured term loan, $705 million of senior unsecured notes, equity investments and cash on hand. Proceeds will be used to purchase equity from current owners, repay existing debt and pay related fees and expenses. The rating outlook for USI New is stable. The sponsors expect to complete the buyout during Q2 2017, pending regulatory approvals and other customary closing conditions. At that time, Moody's will withdraw all existing ratings of USI, Inc. (USI Old) as its credit facilities and notes will be repaid/terminated. RATINGS RATIONALE The ratings of USI New reflect its favorable market position, good balance of property & casualty and employee benefits business, and healthy free cash flow. The company seeks a team approach to middle market brokerage to make its full range of products and services available to a given client. This approach has helped the company improve its organic growth to the low single digits and expand its EBITDA margins over the past few years. Offsetting these strengths is the substantial increase in financial leverage to help fund the buyout. The company also faces integration risk from acquisitions along with potential liabilities from errors and omissions in its delivery of professional services. Following the buyout, USI New will have a pro forma debt-to-EBITDA ratio just above 8x and (EBITDA - capex) interest coverage of about 2x, per Moody's calculations. These metrics include Moody's adjustments for operating leases and contingent earnout obligations as well as run-rate EBITDA from completed acquisitions. The rating agency views such leverage as aggressive for the rating category and expects the company to reduce it below 8x through EBITDA growth over the next few quarters. Factors that could lead to an upgrade of USI New's ratings include: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of interest consistently exceeding 2x, and (iii) free-cash-flow-to-debt ratio consistently exceeding 5%. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio remaining above 8x, (ii) (EBITDA - capex) coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below 2%. Moody's has assigned the following ratings and loss given default (LGD) assessments to USI New: Corporate family rating B3; Probability of default rating B3-PD; $200 million five-year senior secured revolving credit facility B2 (LGD3); $1,795 million seven-year senior secured term loan B2 (LGD3); $705 million eight-year senior unsecured notes Caa2 (LGD5). The rating outlook for USI New is stable. Once the buyout closes, Moody's will withdraw all ratings of USI Old as its credit facilities and notes will be repaid/terminated. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in December 2015. Based in Valhalla, New York, USI New is a major US insurance broker, distributing property & casualty insurance and employee benefits products and services to small and mid-sized businesses across the country. The company generated revenues of just over $1 billion in 2016. VANGUARD NATURAL: Wants Plan Outline Hearing Moved to April 13 -------------------------------------------------------------- Vanguard Natural Resources, LLC and its affiliated debtors ask the U.S. Bankruptcy Court for the Southern District of Texas to continue to April 13 at 1:30 p.m. (prevailing Central Time), the hearing to consider approval of the Disclosure Statement relating to the Debtors' Joint Plan of Reorganization. The Debtors explain that they continue to be engaged in discussions to resolve outstanding issues with certain parties in interest. The request is without prejudice to the Debtors' right to further adjourn the Disclosure Statement. On March 27, 2017, the Debtors filed a Notice extending the objection deadline to April 3 at 4:00 p.m. (CT). The Debtors now agree to extend the deadline to object to the Disclosure Statement to April 10 at 4:00 p.m. (CT). About Vanguard Natural Resources Vanguard Natural Resources, LLC -- http://www.vnrllc.com/-- is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. Vanguard's assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Permian Basin in West Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Anadarko Basin in Oklahoma and North Texas, the Piceance Basin in Colorado, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, and the Powder River Basin in Wyoming. The Debtors listed total assets of $1.54 billion and total debts of $2.3 billion as of Feb. 1, 2017. Paul Hastings LLP is serving as legal counsel and Evercore Partners is acting as financial advisor to Vanguard. Opportune LLP is the Company's restructuring advisor. Prime Clerk LLC is serving as claims and noticing agent. Judy R. Robbins, the U.S. Trustee for Region 7, on Feb. 14 appointed three creditors to serve on the official committee of unsecured creditors appointed in the Chapter 11 case of Vanguard Natural Resources, LLC. Attorneys for Citibank, N.A, as administrative agent under the Third Amended and Restated Credit Agreement, dated as of September 30, 2011, are Chris Lopez, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil Gotshal & Manges LLP. VMF INC: Seeks to Hire Doran & Doran as Legal Counsel ----------------------------------------------------- VMF, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Doran & Doran, P.C. to give legal advice regarding its duties under the Bankruptcy Code, assist in the preparation of a bankruptcy plan, represent the Debtor in its dealings with creditors, and provide other legal services. John Doran, Esq., and Lisa Doran, Esq., the attorneys designated to represent the Debtor, will charge $300 per hour and $285 per hour. Ms. Doran disclosed in a court filing that her firm does not represent any interest adverse to the Debtor or its bankruptcy estate. The firm can be reached through: John H. Doran, Esq. Lisa M. Doran, Esq. Doran & Doran, P.C. 69 Public Square, Suite 700 Wilkes-Barre, PA 18701 About VMF Inc. VMF, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 17-01128) on March 23, 2017. The case is assigned to Judge John J. Thomas. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $500,000. WAGES MANOR: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The Office of the U.S. Trustee on March 28 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Wages Manor, LLC. Headquartered in Everett, Washington, Wages Manor, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No. 17-10684) on Feb. 16, 2017, estimating its assets at between $1 million and $10 million and its liabilities at between $500,000 and $1 million. The petition was signed by Thomas Wages, member. Judge Marc Barreca presides over the case. Thomas D. Neeleman, Esq., at Thomas D. Neelman, Esq., L.C., serves as the Debtor's bankruptcy counsel. WALTER INVESTMENT: Bank Debt Trades at 14% Off ---------------------------------------------- Participations in a syndicated loan under Walter Investment Management Corp is a borrower traded in the secondary market at 86.17 cents-on-the-dollar during the week ended Friday, March 24, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 2.02 percentage points from the previous week. Walter Investment pays 375 basis points above LIBOR to borrow under the $1.5 billion facility. The bank loan matures on Dec. 18, 2020 and carries Moody's B3 rating and Standard & Poor's CCC rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended March 24. WEATHERFORD INTERNATIONAL: Dodge & Cox Owns 8.5% of Shares ---------------------------------------------------------- Dodge & Cox disclosed with the Securities and Exchange Commission that as of Dec. 31, 2016, it beneficially owns 83,371,421 ordinary shares of Weatherford International public limited company representing 8.5 percent of the shares outstanding. A full-text copy of the Schedule 13G/A is available for free at: https://is.gd/AeNSDz About Weatherford Ireland-based Weatherford International plc (NYSE: WFT) -- http://www.weatherford.com/-- is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 100 countries and has a network of approximately 1,000 locations, including manufacturing, service, research and development, and training facilities and employs approximately 31,000 people. Weatherford International reported a net loss attributable to the Company of $3.39 billion on $5.74 billion of total revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to the Company of $1.98 billion on $9.43 billion of total revenues for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Weatherford had $12.66 billion in total assets, $10.59 billion in total liabilities and $2.06 billion in total shareholders' equity. * * * In November 2016, Fitch Ratings has downgraded the ratings for Weatherford and its subsidiaries, including the companies' Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B+'. In November 2016, S&P Global Ratings lowered its corporate credit rating on Weatherford International to 'B+' from 'BB-'. "The downgrade reflects our revised free operating cash flow estimates for Weatherford following weaker-than-anticipated cash inflows in the third quarter," said S&P Global Ratings credit analyst Carin Dehne-Kiley. WESTINGHOUSE ELECTRIC: Balance Sheet as of Feb. 28, 2017 -------------------------------------------------------- Westinghouse Condensed Consolidated Balance Sheet As of Feb. 28, 2017 (Unaudited) In millions (US$) Assets Current Assets Cash and Cash Equivalents $106 Accounts Receivable 657 Allowance for Doubtful Accounts (2) Inventories, Net 295 Costs & Estimated Earnings in Excess of Billings 563 Other Current Assets 464 ------ Total Current Assets $2,083 Noncurrent Assets Plant, Property & Equipment - Gross, Net $617 Goodwill 512 Other Intangible Assets, Net 984 Other Noncurrent Assets 133 ------ Total Assets $4,329 ====== Liabilities Current Liabilities Accounts Payable $624 Billings in Excess of Costs & Est. Earnings 1,720 Reserve for Contract Loss 4,007 Other Current Liabilities 1,363 ------ Total Current Liabilities $7,714 Noncurrent Liabilities Reserves for Decommissioning Matters $128 Benefit Obligations 521 Deferred Income Tax Liabilities 291 Other Noncurrent Liabilities 737 ------ Total Liabilities $9,391 Equity Capital Stock $3,677 Retained (Deficit) Earnings (8,543) Accumulated Other Comprehensive Loss (196) Noncontrolling Interests - ------ Total Equity $(5,062) ------ Total Liabilities + Shareholder's Equity $4,329 ====== About Westinghouse Electric Headquartered in Cranberry Township, Pennsylvania, Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse has 12,000 employees worldwide. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017, before the Honorable Michael E. Wiles. WESTINGHOUSE ELECTRIC: Goldman Beefs Up DIP Financing Offer ----------------------------------------------------------- Westinghouse Electric Company LLC on March 29, 2017, sought bankruptcy protection with a deal for an $800 million of bankruptcy financing from the credit arm of Apollo Global Management. Apollo was selected following a competitive bidding that attracted offers from investment banks, private equity houses and hedge funds for a debtor-in-possession loan that would provide a lifeline for Toshiba Corp.'s U.S. nuclear unit. According to Mark Buschmann, a Partner in the Restructuring and Special Situations Group at PJT Partners LP and one of the lead restructuring advisors to Westinghouse, after soliciting offers from 32 parties, the Debtors invited eight prospective lender groups to participate in meetings with management, and subsequently received seven final binding term sheets for consideration. The Debtors received "final and best" proposals from each bidder. Based on the Debtors' judgment, Apollo's proposal was not only in line with the most favorable economic terms received by the Debtors, but also offered the least restrictive covenants and the most promising prospects for a successful restructuring in the chapter 11 cases. According to Mr. Buschmann, unlike most debtor-in-possession financing facilities, the Apollo DIP Facility does not subject the Debtors to any milestones related to a sale or plan process, leaving the Debtors with adequate time and flexibility to develop and implement a restructuring that is in the best interests of their estates. Further, he says that the DIP Term Sheet contains significantly less restrictive financial covenants than the other competing proposals did. Under the terms of the DIP Facility, there is a minimum liquidity covenant, as well as a variance covenant test based on a business plan to be developed that does not go into effect until September 30, 2017. Mr. Buschmann can be reached at: Mark Buschmann Partner PJT PARTNERS, LP 280 Park Avenue New York, New York 10017 Rival Offer From Goldman A letter sent to Westinghouse on March 29, 2017, a copy of which was posted on the bankruptcy court docket, by Goldman Sachs, HPS Investment and Silver Point Finance, provides as follows: To: Westinghouse Electric Company, LLC c/o PJT Partners LP 280 Park Ave., 16th Floor New York, NY 10017 Attention: Tim Coleman, Mark Buschmann, John Singh, Harold Kim March 29, 2017 Re: Offer to Provide DIP Financing Gentlemen: As you are aware, by letter dated March 24, 2017 Goldman Sachs Bank USA, HPS Investment Partners, LLC, and Silver Point Finance, LLC ("SP", and together with HPS and Goldman Sachs, the "Commitment Parties" or "we") offered a commitment to provide an $800 million DIP facility to Westinghouse Electric Company LLC. Since we exited the bid process on Sunday evening, it has come to our attention that Toshiba Corporation is prepared to provide a backstop guarantee of up to $200 million of the Company's currently proposed DIP facility. Subject to our reviewing the terms of such guarantee commitment, we are prepared to materially reduce the funded spread on the DIP facility and provide other concessions to be discussed. We would also be willing to reimburse the Company's estates for any additional costs arising from the Company pursuing our DIP proposal up to an appropriate amount. In addition to our improved pricing, we expect to offer otherwise the same terms as the Company's current DIP proposal, including the Company's budget proposal raised on Sunday, as soon as we have the opportunity to review those documents. Please let us know when you are available to discuss. We believe we can provide a much more favorable financing than the alternative currently being considered. We look forward to your response. Very truly yours, GOLDMAN SACHS BANK USA Thomas H. Tormey HPS Investment Partners, LLC Jeffrey Fitts Managing Director Silver Point Finance, LLC Michael Gatto Principal About Westinghouse Electric Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. In their petition, the Debtors listed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, chief transition and development officer. The Hon. Michael E. Wiles presides over the cases. Gary T. Holtzer, Esq., Robert J. Lemons, Esq., Garrett A. Fail, Esq., and David N. Griffiths, Esq., at Weil, Gotshal & Manges LLP, serve as counsel to the Debtors. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. AlixPartners LLP serves as the Debtors' financial advisor. The Debtors' investment banker is PJT Partners Inc. Their claims and noticing agent is Kurtzman Carson Consultants LLC. WESTINGHOUSE ELECTRIC: Owes $49.7 Million to Employees ------------------------------------------------------ Westinghouse Electric Corporation, along with its subsidiaries, currently employs approximately 11,500 individuals in 19 countries, with approximately 9,200 of these employees working in the United States. Lisa J. Donahue, a Managing Director and the Leader of the Global Turnaround and Restructuring Group at AlixPartners LLC, who was tapped by Westinghouse to act as Chief Transition and Development Officer, explains, "The Debtors' employees perform a variety of critical functions for the Debtors, including tasks pertaining to engineering, construction, product manufacturing, facility and machine maintenance, testing, decommissioning and decontaminating, quality assurance, management, purchasing and sales administration, finance and accounting, human resources, customer service, safety, security, and other areas crucial to the Debtors' businesses. The skill and expertise of the employees are fundamental to the success of the Debtors' businesses and operations and, as a result, critical to these chapter 11 cases." Accordingly, the Debtors have filed a motion seeking interim and final orders authorizing the Debtors to pay prepetition wages, salaries, and other compensation and benefits, (ii) maintain employee benefit programs and pay related administrative obligations, and (iii) to authorize banks to honor and process related checks and transfers. A hearing on the first day motions was scheduled for March 30, 2017 at 11:00 a.m. ET before the Honorable Michael E. Wiles, U.S. Bankruptcy Judge, U.S. Bankruptcy Court for the Southern District of New York, One Bowling Green, Room 617, New York. Prepetition Obligations The various components and approximate amounts of the unpaid Prepetition Employee Obligations are: Category of Prepetition Amount to Pay Amount to Pay Employee Obligation Interim Basis Final Basis ------------------- ------------- ----------- Compensation Obligations $4,500,000 $4,500,000 Payroll Processing Obligations $205,000 $205,000 Employee Bonus Obligations $300,000 $300,000 Reimbursable Expenses $3,600,000 $7,200,000 Withholding Obligations $750,000 $750,000 Employee Benefit Obligations $4,520,000 $9,020,000 Temp. Worker Benefit Obligations $750,000 $750,000 Staffing Agency Fees $15,000,000 $27,000,000 ----------- ----------- Total Prepetition Employee Obligations: $29,625,000 $49,725,000 Westinghouse is divided into two sibling chains of corporate entities: (i) a chain of U.S.-domiciled entities that are directly and indirectly owned by debtor Westinghouse Electric Company LLC ("WEC", and together with its direct and indirect subsidiaries, "WEC U.S."), a Delaware limited liability company; and (ii) a chain of entities in the rest of the world ("WEC EMEA") that are directly and indirectly owned by Debtor Toshiba Nuclear Energy Holdings (UK) Limited ("TNEH UK"), a holding company registered in England and Wales whose only assets in the United States are funds held in New York, New York. Westinghouse global operations are divided into five major business lines—the Nuclear Fuel & Component Manufacturing business ("NFCM" or the "Nuclear Fuel and Component Manufacturing Business"); the Operating Plant Business; the Decontamination, Decommissioning, Remediation & Waste Management business ("DDR" or the "Decommissioning Business"); the combined WECTEC Services business (the "Services Business"); and New Plants & Major Projects business (the "Construction Business", and collectively with the Services Business, the "New Projects Business" or "NPB"). The Company employs approximately 9,190 Employees, primarily in the United States (with many employed at the Debtors' global headquarters in Cranberry Township, Pennsylvania), but with a small number in Canada, Brazil, Europe, and Asia. The Debtors' Employees include approximately (i) 2,265 full-time hourly Employees, regularly scheduled to work a minimum of 40 hours per week, (ii) 15 part-time hourly Employees, regularly scheduled to work fewer than 40 hours per week, (iii) 6,555 full-time salaried Employees, who are employed to work a minimum of 40 hours per week, (iv) 355 part-time salaried Employees, who are employed to work fewer than 40 hours per week. In addition to the Employees, PCI Energy Services LLC ("PCI") employs approximately 904 temporary workers (the "Temporary Workers") who work exclusively for the Operating Plant Business. The Debtors also engage independent contractors through the Staffing Agencies to work at the Debtors' various plants and facilities, primarily for the Operating Plant Business. Although the number of Independent Contractors at any given time varies significantly, the Debtors estimate that on average they spend approximately $15 million each month to engage Independent Contractors. Approximately 1,946 Employees work primarily for the Nuclear Fuel Business, approximately 1,745 Employees work primarily for the Operating Plant Business, approximately 21 Employees work primarily for the Decommissioning Business, approximately 469 Employees work primarily for the Services Business, and approximately 2,311 Employees work primarily for the Construction Business. In addition, 1,206 Employees provide central corporate services to all of the Debtors' business lines, and 1,492 Employees work primarily in the Debtors' engineering center of excellence. As of the Petition Date, approximately 713 of the Debtors' Employees are represented by a union (the "Union Employees"). Approximately 904 of Debtor PCI Energy Services LLC's ("PCI") Temporary Workers are also members of various national unions. The Debtors are party to three collective bargaining agreements (each, a "CBA"): (i) the Association of Westinghouse Salaried Employees ("AWSE") CBA, (ii) the International Brotherhood of Boilermakers, Iron Shipbuilders, Blacksmiths, Forgers and Helpers ("NWB") CBA, and (iii) the International Brotherhood of Electrical Workers ("IBEW") CBA (collectively, the "CBAs," and AWSE, NWB, and IBEW, collectively, the "Unions"). Approximately 386 of the Debtors' Salaried employees at the Cranberry Township headquarters are party to the AWSE CBA, which expires in July 2017. Approximately 172 of the Debtors' Employees at the Newington, Connecticut component manufacturing facility are party to the NWB CBA, which expires in April 2017. Approximately 155 of the Debtors' Employees are party to the IBEW CBA, which expires in July 2017. $49.7M to Employees According to Ms. Donahue, the Employees, Temporary Workers, and Independent Contractors perform a variety of critical functions for the Debtors, including tasks pertaining to engineering, construction, product manufacturing, facility and machine maintenance, testing, decommissioning and decontaminating, quality assurance, management, purchasing and sales administration, finance and accounting, human resources, customer service, safety, security, and other areas crucial to the Debtors' businesses. Due to the highly technical and specialized nature of the nuclear power industry, the skill and expertise of the Employees, Temporary Workers, and Independent Contractors are fundamental to the success of the Debtors' businesses and operations and, as a result, critical to the chapter 11 cases. Further, there is a limited supply of workers with the specialization, training, certificates, and licenses that the Debtors require of their Employees. For these reasons, the Debtors believe it would be difficult and expensive -- if not impossible -- to replace Employees who might quit or seek other employment if prepetition amounts are not paid. According to the Debtors, a shortage of employees at this critical time would severely damage the Debtors' ability to meet the needs of customers to their Core Businesses, maintain the requisite safety standards, and continue to innovate in a highly competitive industry, thus jeopardizing the entire reorganization. Payroll First 30 Days Postpetition Pursuant to Local Rule 1007-2(b)(1)-(2)(A) and (C), the following provides the estimated amount of payroll to the Debtors' employees (not including officers, directors and stockholders) and the estimated amount to be paid to officers, stockholders, directors, and financial and business consultants retained by the Debtors for the 30-day period following the filing of the chapter 11 petitions: * Payments to Employees (Not Including Officers, Directors, and Stockholders): $88.4 million * Payments to Officers, Directors, and Stockholders: $0.6 million * Payments to Financial and Business Consultants: $0 Cash Disbursements First 30 Days Postpetition Pursuant to Local Rule 1007-2(b)(3), the following provides, for the 30-day period following the filing of the chapter 11 petition, the estimate cash receipts and disbursements, net cash gain or loss, and obligations and receivables expected to accrue that remain unpaid, other than professional fees. * Cash Receipts $927,030,000 * Cash Disbursements $519,310,000 * Net Cash Gain $407,720,000 * Unpaid Obligations $52,070,000 * Uncollected Receivables $24,730,000 About Westinghouse Electric Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. In their petition, the Debtors listed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, chief transition and development officer. The Hon. Michael E. Wiles presides over the cases. Gary T. Holtzer, Esq., Robert J. Lemons, Esq., Garrett A. Fail, Esq., and David N. Griffiths, Esq., at Weil, Gotshal & Manges LLP, serve as counsel to the Debtors. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. AlixPartners LLP serves as the Debtors' financial advisor. The Debtors' investment banker is PJT Partners Inc. Their claims and noticing agent is Kurtzman Carson Consultants LLC. WESTINGHOUSE ELECTRIC: Proposes to Pay $87.3M to Critical Vendors ----------------------------------------------------------------- At the so-called First Day hearing on March 30, 2017, in bankruptcy court in Manhattan, Westinghouse Electric Company LLC and its affiliated debtors sought Bankruptcy Court approval to pay claims of critical vendors in a total amount not to exceed $87.3 million, including $58.9 million to be paid upon interim approval of the motion. The Debtors also sought approval to (i) pay those prepetition charges to shippers, warehousemen, equipment manufacturers, tool makers, and other lien claimants in an amount not to exceed $23.5 million, including $16.8 million on an interim basis; and (ii) pay certain suppliers, service providers, and other entities outside of the United States in the amount not to exceed $20.1 million, including $14.7 million on an interim basis; In identifying the critical vendors, the Debtors and their professionals reviewed more than 3,000 open accounts and approximately $485 million in trade payables. Areas of focus included: (i) whether interruption would cause environmental hazards or pose significant risk to the environment; (ii) whether interruption would pose a threat to health and public safety, or compromise the Company's customers' ability to provide power to the electrical grid; (iii) whether the vendor provides goods or services to the AP1000 projects; (iv) whether a contract exists and the Debtors could compel performance in time to prevent loss of value to the Debtors business; and (v) other general criteria typically used to determine whether a vendor is critical to the continued operations of a company. Westinghouse Electric Company LLC and its affiliated debtors operate a nuclear power business that delivers a range of products and services to customers worldwide that span the full lifespan of a nuclear power generator -- from construction to decommissioning and all maintenance in between. The Debtors rely heavily on certain Critical Vendors to provide them with services related to health and safety, specialized and unique parts, equipment, materials, and other services necessary to conduct the business operations detailed above. Due to, among other things, the specialized goods and services required to operate the Debtors' business lines and maintain compliance with strict environmental, health, and safety regulations, the Debtors have limited alternatives when going to market for necessary goods and services. Replacing such vendors, even in the infrequent instances where possible, could result in substantially higher costs for the Debtors and their estates and risk delays that could create safety and/or environmental risks and harm the Debtors' value, the Debtors tell the Court. The Debtors did not release the names of the critical vendors in their court filings. Business Lines Among others, the Debtors rely on the following vendors to operate their five primary business lines: * The Nuclear Fuel and Component Manufacturing Business relies on specialized suppliers to provide components to build fuel assemblies in nuclear reactor vessels. Many of these suppliers are unique to the nuclear industry and, in many cases, are unique to the Debtors' business operations. The vast majority of these suppliers are the sole source of components that are necessary for the Debtors to continue to operate the Nuclear Fuel and Component Manufacturing Business. * The Operating Plant Business relies on several different types of suppliers and service providers to provide custom-built equipment and essential services for nuclear operating plant upgrades, maintenance, inspection and testing, and outage support. The equipment provided by these vendors includes equipment specially-designed for use in the nuclear industry, equipment designed for general commercial use but tested for suitability for use in the nuclear industry, and equipment custom-designed and tested for use specifically by the Debtors. Generally, it takes anywhere from six months to four years to complete the qualification of equipment for use in the nuclear industry. The Debtors' customers require that the Debtors use the specific suppliers of proprietary tools and services to perform under the Debtors' customer contracts. Accordingly, such vendors also provide proprietary tools and services necessary to support such contracts. If the Debtors were unable to obtain the required tools and services from these specific vendors, the Debtors would be unable to comply with, and perform under, many of their customer contracts. Goods and services from these vendors are also necessary to enable the Debtors to provide round-the-clock emergency support to operating nuclear plants that have unplanned shut downs and require immediate support to safely shut down for necessary repairs. * The Decommissioning Business relies on several different types of vendors to survey radioactive sites and characterize radioactive materials, as well as qualified vendors to safely handle, transport, and dispose of such materials. The Decommissioning Business also requires the services of vendors that have experience in engineering, planning, and carrying out complex radioactive site remediation and decommissioning. These include niche vendors who possess experience in nuclear decontamination and decommissioning, and who provide protection to public safety by reducing the risk of additional contamination through their remediation services. * The WECTEC Services Business relies on a variety of vendors to provide custom built equipment and essential services for nuclear operating plant upgrades, maintenance, inspection and testing, and outage support as well as support for U.S. government nuclear projects. Similar to the Operating Plant Business, the equipment provided by these vendors is either specially designed or qualified for use in the nuclear industry, which may take up to four years to complete. Certain suppliers also provide proprietary tools and services necessary to support the Debtors' customer contracts. * The New Nuclear Plants / Major Projects and Construction Business relies on special heavy manufacturing vendors for reactor vessels, steam generators, reactor coolant systems, and plant support systems. All of such equipment is specially designed for the New Nuclear Plants / Major Projects and Construction Business in accordance with specialized requirements, qualifications, and certifications. Additionally, certain vendors provide specialized electrical instrumentation and control systems and computers which they design and qualify. U.S. AP1000 Projects The Debtors' future involvement in construction of the U.S. AP1000 Projects is uncertain. Accordingly, the Debtors do not expect to pay prepetition claims of vendors that provide goods or services exclusively in connection with the AP1000 business segment pursuant to the Critical Vendors Motion. However, the WECTEC Services Business and the New Nuclear Plants / Major Projects and Construction Business rely on vendors that provide goods and services to both the AP1000 and non-AP1000 business segments ("Overlap Vendors") that may refuse to continue providing goods and services to the non-AP1000 projects if they are not paid in connection with the goods and services they provide to the AP1000 projects. Additionally, this category encompasses certain vendors and professionals that provide services necessary for the Debtors to maintain numerous patents used in connection with all five of their business lines, such as vendors who manage the Debtors' international patent database and the Debtors' payment of its patent maintenance fees. The Debtors propose to pay the Overlap Vendors if, in the Debtors' business judgment, the failure to pay such claims would diminish the value of non-AP1000 projects or the Debtors' other business lines, including by failing to maintain appropriate safety and/or environmental standards. Anticipating a situation where vendors become increasingly unwilling to extend trade credit to the Company, the Debtors took painstaking efforts to ensure the stability of the goods and services essential to their ongoing business prior to commencing these chapter 11 cases -- including developing a narrowly-tailored critical vendor program. The process of developing the critical vendor program involved a core, centralized team comprised of members of the Debtors' purchasing and supply team with the assistance of AlixPartners and Weil and was subject to the personal supervision of the Debtors' Vice President of Finance, Daniel Sumner. The Debtors will authorize payment only to those suppliers critical to the Debtors' operations and subject to the vendors' own obligations to provide customary trade terms. With the assistance of AlixPartners and Weil, the Debtors spent significant time reviewing and analyzing their books and records, consulting operations management and purchasing personnel, reviewing contracts and supply agreements, and analyzing applicable laws, regulations, and historical practices to identify certain critical business relationships and Critical Vendors -- the loss of which could materially harm the Debtors' businesses or impair going-concern viability. As a result of that analysis and review, the Debtors have identified two general categories of Critical Vendors: (i) health and safety suppliers and servicers -- the interruption of goods or services from these vendors would either (a) cause environmental hazards or pose significant risk to the environment, (b) pose a threat to health and public safety, or (c) compromise the Company's customers' ability to provide power to the electrical grid; and (ii) specialized servicers and suppliers to businesses other than the U.S. AP1000 projects -- sole source suppliers, vendors unique to the nuclear industry or the Debtors' specific business operations, suppliers of proprietary tools and services necessary to support the Debtors' customer contracts, vendors with specialized qualifications, or vendors that otherwise provide specialized goods or services related to the nuclear power industry. As to lien claimants, the Debtors propose to pay shippers and warehousemen who hold Goods for delivery to or from the Debtors as they may refuse to release the goods pending receipt of payment for their prepetition services. As to foreign creditors, the Debtors propose to pay foreign creditors that supply raw materials in order to keep operating costs low at a critical time in the Debtors' reorganization and to meet customer delivery schedules. In the ordinary course of conducting their businesses, the Debtors incur various obligations to and rely on many of the Foreign Creditors, which are located in, among other places, Belgium, Bulgaria, Canada China, Croatia, France, Germany, Israel, Italy, Japan, Korea, Spain, Sweden, Switzerland, and the United Kingdom, to supply various goods or services that are crucial to the Debtors' ongoing operations. About Westinghouse Electric Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. In their petition, the Debtors listed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, chief transition and development officer. The Hon. Michael E. Wiles presides over the cases. Gary T. Holtzer, Esq., Robert J. Lemons, Esq., Garrett A. Fail, Esq., and David N. Griffiths, Esq., at Weil, Gotshal & Manges LLP, serve as counsel to the Debtors. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. AlixPartners LLP serves as the Debtors' financial advisor. The Debtors' investment banker is PJT Partners Inc. Their claims and noticing agent is Kurtzman Carson Consultants LLC. WESTMORELAND COAL: Promotes Gary Kohn to Chief Financial Officer ---------------------------------------------------------------- Westmoreland Coal Company disclosed on March 28 that Gary Kohn has been promoted to chief financial officer effective March 6, 2017. Kohn has been serving as interim chief financial officer since November 2016. "I am thrilled to welcome Gary into the CFO role on a permanent basis," said Kevin Paprzycki, Westmoreland's chief executive officer. "Gary's demonstrated leadership, strong execution and clear understanding of Westmoreland's goals and culture have been instrumental to the success of the team since he stepped into the interim role in November. I am confident in his ability to make an immediate positive impact in this new role." Mr. Kohn will receive salary and benefits, and is eligible to participate in the Company's Long-Term Incentive Program and its Annual Incentive Program, each of which is described in further detail in the Company's most recent Definitive Proxy Statement filed on April 4, 2016. The Company's Compensation and Benefits Committee also determined certain aspects of Mr. Kohn's compensation package. Mr. Kohn will be awarded restricted stock units with a value equal to 80% of his base salary under the LTIP, 50% of which are time-vested restricted stock units vesting each year on April 1st, and 50% of which are performance-based restricted stock units which vest every three years, depending on the achievement of certain pre-established performance goals. Mr. Kohn is also eligible to participate in the Company's AIP at 60% of his base salary, under which his financial performance payout will be determined based on the Company's actual versus budgeted consolidated free cash flow metric in accordance with the AIP. Kohn joined Westmoreland in April 2016 and served as vice president of Investor Relations and treasurer until his promotion to interim chief financial officer in November 2016. Prior to joining Westmoreland, Kohn served in leadership roles in investor relations, treasury and finance at companies including First Data, Western Union, Ciber, and Intrepid Potash. Kohn received his B.S. in Accounting from the University of Northern Colorado in 1988 and was a licensed Certified Public Accountant from 1989 through 2000. About Westmoreland Coal Company Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland reported a net loss applicable to common shareholders of $203 million on $1.41 billion of revenues for the year ended Dec. 31, 2015, compared to a net loss applicable to common shareholders of $173 million on $1.11 billion of revenues for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Westmoreland Coal had $1.71 billion in total assets, $2.30 billion in total liabilities and a total deficit of $581.2 million. * * * Moody's Investors Service at the end of February 2016 downgraded the ratings of Westmoreland, including its corporate family rating to 'Caa1' from 'B3'. Standard & Poor's Ratings Services in March 2016 affirmed its 'B' corporate credit rating on Westmoreland and revised the rating outlook to "negative" from "stable". "The negative outlook reflects weaker-than-expected liquidity as a result of a combination of exposure to a lower price environment and difficult-to-secure favorable new volume commitments," said Standard & Poor's credit analyst Vania Dimova. WESTMOUNTAIN GOLD: Hires Schwabe Williamson as Special Counsel -------------------------------------------------------------- Westmountain Gold, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Colorado to employ Schwabe Williamson & Wyatt, P.C., as special counsel to the Debtor. Westmountain Gold requires Schwabe Williamson to: a. assist the Debtor to determine the best way to address alleged tax filing noncompliance, including whether to file amended returns; and b. assist the Debtor in obtaining a collection alternative from the Internal Revenue Service. Schwabe Williamson will be paid at these hourly rates: Marc Sellers $525 Dan Eller $490 Jennifer Woodhouse $340 Attorneys $235-$795 Paralegal $120-$270 Schwabe Williamson will also be reimbursed for reasonable out-of-pocket expenses incurred. Dan Eller, shareholder of Schwabe Williamson & Wyatt, 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 estates. Schwabe Williamson can be reached at: Dan Eller, Esq. SCHWABE WILLIAMSON & WYATT, P.C. 1211 SW Fifth Avenue, Suite 1500 Portland, OR 97204 Tel: (503) 796-3762 Fax: (503) 796-2900 E-mail: deller@schwabe.com About Westmountain Gold, Inc. Based in Fort Collins, Colorado, WestMountain Gold, Inc. is a precious metals exploration company. Its major project is known as the Terra or TMC Project, which consists of a gold mining operation in Alaska. WestMountain Gold, Inc. and Terra Gold Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 17-11527) on March 1, 2017. The petitions were signed by Rick Bloom, authorized representative. At the time of the filing, the Debtors estimated their assets and debts at $1 million to $10 million. Kutner Brinen, P.C. represents the Debtors as bankruptcy counsel. WL MECHANICAL: Hires Foster as Bankruptcy Counsel ------------------------------------------------- WL Mechanical Corporation, trading as Westlake Heating and Air Conditioning, seeks authority from the U.S. Bankruptcy Court for the Western District of Virginia to employ Richard E. B. Foster, PLLC, as attorney to the Debtor. WL Mechanical Corporation requires Foster to: a. advise the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and properties; b. advise and consult on the conduct of the Bankruptcy Case, including all the legal and administrative requirements of operating in Chapter 11; c. attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; d. take all necessary action to protect and preserve the Debtor's estate, including to prosecute actions on the Debtor's behalf, defend any actions commenced against the Debtor, and represent the Debtor's interests in negotiations concerning all litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estates; e. prepare all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. represent the Debtor in connection with obtaining post- petition financing; g. advise the Debtor in connection with any potential sale of assets; h. appear before the Bankruptcy Court to represent the interests of the Debtor's estate before the Bankruptcy Court; i. take any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a Chapter 11 plan and documents related; and j. perform all other necessary legal services to the Debtor in connection with the prosecution of the Bankruptcy Case, including to (i) analyze the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof; (ii) analyze the validating liens against the Debtor; and (iii) advise the Debtor on corporate litigation matters. Foster will be paid at these hourly rates: Richard E. B. Foster $300 Paralegals $100 Foster will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard E. B. Foster, sole member of Richard E. B. Foster, PLLC, 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 estates. Foster can be reached at: Richard E. B. Foster, Esq. RICHARD E. B. FOSTER, PLLC 30 West Franklin Road, Suite 302 Roanoke, VA 24011 Tel: (540) 777-4838 Fax: (540) 777-5595 E-mail: rfoster@rebflaw.com About WL Mechanical Corporation WL Mechanical Corporation trading as Westlake Heating and Air Conditioning, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Va. Case No. 17-70312) on March 9, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Richard E. B. Foster, at Richard E. B. Foster, PLLC. WRIGHT'S WELL: Hires Aguillard as Attorney ------------------------------------------ Wright's Well Control Services, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Louisiana to employ H. Kent Aguillard as attorney to the Debtor. Wright's Well requires Aguillard to: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of the Debtor's business and of the Debtor's property; and b. perform all legal services for the Debtor-in-possession which may be necessary in the Chapter 11 case. Aguillard will be paid at the hourly rate of $390-$425. Aguillard was be paid a retainer of $25,000 by the Debtor. Out of the retainer, $1,717 was drawn for filing fee, and the amount of $4,321.25 for pre-petition services, leaving a balance of $18,961.75 in Aguillard's trust account. Aguillard will also be reimbursed for reasonable out-of-pocket expenses incurred. Kent H. Aguillard, partner of H. Kent Aguillard, assured the Court that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Aguillard can be reached at: Kent H. Aguillard, Esq. H. KENT AGUILLARD 141 S. 6th Street Eunice, LA 70535 Tel: (337) 457-9331 Fax: (337) 457-2917 E-mail: kaguillard@yhalaw.com About Wright's Well Control Services, LLC Wright's Well Control Services, LLC, based in Lake Charles, Louisiana, filed a Chapter 11 petition (Bankr. W.D. La. Case No. 17-50354) on March 22, 2017. The Hon. Robert Summerhays presides over the case. Kent H. Aguillard, Esq., at H. Kent Aguillard, serves as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David Christopher Wright, manager/member. [*] Kenneth Kase Conte Named Bridgepoint Dallas Office Director --------------------------------------------------------------- Bridgepoint Consulting, aTexas-based finance, IT and management consulting firm, has named Kenneth Kase Conte as Director of its Turnaround & Restructuring practice in Dallas. Mr. Conte will help organizations realign themselves with new strategic plans, crisis management, dispute resolution, repositioning and divestiture. Mr. Conte is a Chief Restructuring Officer (CRO) with deep experience in operations, due diligence, mergers and acquisitions, and corporate restructuring. Most recently, Mr. Conte has served as Chief Restructuring Officer for Backwoods Retail Inc.; consulting CFO for Universal Well Services through its Chapter 11 proceeding and CFO for Frontier Oilfield Services, Inc. through its restructuring. Prior experience includes Managing Director of an investment banking firm performing mergers and acquisitions (M&A), distressed company advisory services and capital raises as well as leadership roles in commercial banking. "Ken's extensive background in M&A solutions and corporate restructuring across industries will play a key role in strengthening our firm's capabilities in the Dallas market," said Bill Patterson, Principal at Bridgepoint Consulting. "We're delighted he has joined our team." Throughout his career, Mr. Conte has worked in a number of industries, including banking, manufacturing, oil services and retail. He has significant industry expertise, including banking, finance, private equity and corporate reorganizations. He earned a Bachelor of Business Administration in Accounting/Finance from Niagara University in NY and a Masters of Business Administration in Finance from the Simon School of Business at the University of Rochester, in NY. He is also a Chartered Financial Analyst (CFA). Bridgepoint Consulting has offices in Dallas, Houston and Austin. The firm has supported a broad range of clients including financial institutions, government organizations, law firms, family offices and corporations. About Bridgepoint Consulting Bridgepoint Consulting -- http://www.BridgepointConsulting.com/-- is a Texas-based professional services firm that provides strategic services and highly qualified professionals to solve complex financial, management and technology challenges. Since 1999, we've been helping executives and management teams reduce their business and operational risks, bridge resource gaps and improve overall performance. Whether an organization needs interim expertise to improve infrastructure and processes, or strategic management of a major transition or transaction, Bridgepoint's team of 140+ qualified professionals can help. The firm has offices in Austin, Dallas and Houston. [*] New Jersey Resources Appoints Nancy Washington as Sr. VP, GC ---------------------------------------------------------------- New Jersey Resources on March 27, 2017, announced the appointment of Nancy A. Washington of Sea Girt, NJ as senior vice president and general counsel. In this role, Ms. Washington will be responsible for developing and directing the corporate legal function and overseeing corporate compliance. "We are very pleased to welcome Nancy Washington to our team," said Laurence M. Downes, chairman and CEO of New Jersey Resources. "Nancy is a talented, well-respected leader and an accomplished corporate attorney and litigator. I am confident she will play a key role as we continue to grow our business and meet our customers' expectations." Before joining NJR, Ms. Washington served as senior vice president and chief litigation counsel for CIT Group Inc., a Livingston, NJ-based financial services firm. Prior to her work at CIT, she was a partner at Saiber, LLC, where she focused on commercial litigation and corporate matters. She also served as counsel in the commercial litigation and creditors' rights practice at McCarter & English, LLP and was an associate at Drinker, Biddle & Reath, LLP. Ms. Washington began her law career with a clerkship for the Honorable Vincent J. Commisa, former Chief Judge of the United States Bankruptcy Court for the District of New Jersey. A graduate of The College of New Jersey, Ms. Washington received her undergraduate degree in accounting in 1986. She went on to study law at Seton Hall University School of Law and earned her juris doctor degree in 1989. She is a member of the American Bar Association, Federal Bar Association, New Jersey State Bar Association, International Women's Insolvency and Restructuring Confederation and Executive Women of New Jersey. About New Jersey Resources New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is comprised of five primary businesses: New Jersey Natural Gas, NJR's principal subsidiary, operates and maintains over 7,300 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey's Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of nearly 280 megawatts, providing residential and commercial customers with low-carbon solutions. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the PennEast Pipeline Project. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its more than 1,000 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve(R) and initiatives such as The SAVEGREEN Project(R) and The Sunlight Advantage(R). [^] BOOK REVIEW: Oil Business in Latin America: The Early Years --------------------------------------------------------------- Author: John D. Wirth Ed. Publisher: Beard Books Softcover: 282 pages List price: $34.95 Review by Gail Owens Hoelscher Buy a copy for yourself and one for a colleague on-line at http://is.gd/DvFouR This book grew out of a 1981 meeting of the American Historical Society. It highlights the origin and evolution of the state- owned petroleum companies in Argentina, Mexico, Brazil, and Venezuela. Argentina was the first country ever to nationalize its petroleum industry, and soon it was the norm worldwide, with the notable exception of the United States. John Wirth calls this phenomenon "perhaps in our century the oldest and most celebrated of confrontations between powerful private entities and the state." The book consists of five case studies and a conclusion, as follows: * Jersey Standard and the Politics of Latin American Oil Production, 1911-30 (Jonathan C. Brown) * YPF: The Formative Years of Latin America's Pioneer State Oil Company, 1922-39 (Carl E. Solberg) * Setting the Brazilian Agenda, 1936-39 (John Wirth) * Pemex: The Trajectory of National Oil Policy (Esperanza Duran) * The Politics of Energy in Venezuela (Edwin Lieuwen) * The State Companies: A Public Policy Perspective (Alfred H. Saulniers) The authors assess the conditions at the time they were writing, and relate them back to the critical formative years for each of the companies under review. They also examine the four interconnecting roles of a state-run oil industry and distinguish them from those of a private company. First, is the entrepreneurial role of control, management, and exploitation of a nation's oil resources. Second, is production for the private industrial sector at attractive prices. Third, is the integration of plans for military, financial, and development programs into the overall industrial policy planning process. Finally, in some countries is the promotion of social development by subsidizing energy for consumers and by promoting the government's ideas of social and labor policy and labor relations. The author's approach is "conceptual and policy oriented rather than narrative," but they provide a fascinating look at the politics and development of the region. Mr. Brown provides a concise history of the early years of the Standard Oil group and the effects of its 1911 dissolution on its Latin American operations, as well as power struggles with competitors and governments that eventually nationalized most of its activities. Mr. Solberg covers the many years of internal conflict over oil policy in Argentina and YPF's lack of monopoly control over all sectors of the oil industry. Mr. Wirth describes the politics and individuals behind the privatization of Brazil's oil industry leading to the creation of Petrobras in 1953. Mr. Duran notes the wrangling between provinces and central government in the evolution of Pemex, and in other Latin American countries. Mr. Lieuwin discusses the mixed blessing that oil has proven for Venezuela., creating a lopsided economy dependent on the ups and downs of international markets. Mr. Saunders concludes that many of the then-current problems of the state oil companies were rooted in their early and checkered histories." Indeed, he says, "the problems of the past have endured not because the public petroleum companies behaved like the public enterprises they are; they have endured because governments, as public owners, have abdicated their responsibilities to the companies." Jonh D. Wirth is Gildred Professor of Latin American Studies at Standford University. ********* 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 ***