/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170414.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, April 14, 2017, Vol. 21, No. 103 Headlines 1550 BLUE JAY: Hires Douglas Elliman as Real Estate Broker 71 CLINTON INC: DOJ Watchdog Re-appoints J. DiPasquale as Trustee A&D PROPANE: Hires Bryan Brassell to Prepare Tax Return AFFATATO 1 SERVICES: Wants Interim Approval to Use Cash Collateral AKORN INC: S&P Puts 'B+' CCR on CreditWatch Positive ALBAUGH LLC: S&P Affirms 'B+' CCR & Revises Outlook to Positive ALLIED UNIVERSAL: Moody's Rates Proposed $100MM Term Loan B2 AMERIGO INC: Hires Gray Law Offices as Attorney B&T ENTERPRISES: Hires Suzy Tate as Bankruptcy Counsel BE MY GUEST LLC: Hires Metropolitan Valuation as Appraiser BIRCH COMMUNICATIONS: S&P Puts 'B' CCR on CreditWatch Negative BLANKENSHIP FARMS: Ch.11 Trustee Hires Baker Donelson as Counsel BLOCKSPORT VOLLEYBALL: Hires Eric Liepins as Counsel BOOZ ALLEN: S&P Affirms 'BB' CCR & Revises Outlook to Stable BUCKTAIL MEDICAL: PCO Files 8th Interim Report CALIFORNIA PROTON: Scripps Clinic Tries to Block DIP Financing CAPITOL CABLE: Seeks to Hire Rosenblatt as Legal Counsel CARRINGTON FARMS: Authorized to Use Cash Collateral Until May 31 CENTURY COMMUNITIES: Moody's Puts B3 CFR on Review for Upgrade CHECKERS DRIVE-IN: S&P Assigns 'B-' CCR; Outlook Stable CIBER INC: Files Voluntary Chapter 11 Bankruptcy Petition CLINTONDALE COMMUNITY: Moody's Hikes GOULT Rating to Ba1 CONCH HOUSE: Hires Burgess as Bankruptcy Counsel CUMULUS MEDIA: Moody's Cuts CFR to Caa2; Outlook Negative DAILY HAVEN: Files Projected Income for Dec. 2016 to Oct. 2017 DAVITA INC: Moody's Hikes CFR to Ba2; Outlook is Stable DIFFUSION PHARMACEUTICALS: Will Hold Annual Meeting on June 15 ENERGY FUTURE: Court Gives Interim OK to $32M in Professional Fees EVERETT'S AUTOMOTIVE: Hires Schechter and Smith Firms as Counsel FERRARA CANDY: S&P Lowers CCR to 'B-' on Operational Misses FIELDPOINT PETROLEUM: LeRoy Landhuis Hikes Equity Stake to 8.29% GAINESVILLE HOSPITAL: Moody's Rates $19.54MM Limited Tax Bonds Ba1 GASTAR EXPLORATION: Moody's Withdraws Caa3 Corporate Family Rating GENERAL WIRELESS: Hires Crowe Horwath as Tax Accountants GENERAL WIRELESS: Taps CR3 Partners as Consultant GLOBAL PAYMENTS: S&P Retains 'BB+' Corporate Credit Rating GREENE TECHNOLOGIES: Hires Fintel and Associates as Attorneys HALYARD HEALTH: S&P Affirms 'BB-' CCR & Revises Outlook to Neg. HARRINGTON & KING: Court Allows Further Use of Cash Collateral HCR MANORCARE: Enters Into Forbearance Agreement with Quality Care HOUSTON PLATE: Hires Mark Eyring as Accountant ICSH PARENT: Moody's Assigns B3 Corporate Family Rating ICSH PARENT: S&P Assigns 'B' CCR on Acquisition by Centerbridge ILIANA NEUROSPINE: Hires Powers Pyles Sutter as Healthcare Counsel IMPLANT SCIENCES: Equity Panel Denied More Leeway to Sue Lenders IPAYMENT INC: Moody's Hikes CFR to B3; Outlook Stable IPAYMENT INC: S&P Lowers CCR to 'SD' on Distressed Debt Exchange JAZZ SECURITIES: Moody's Affirms Ba3 CFR & Alters Outlook to Stable JET SERVICES INC: Asks Court Permission to Use Cash Collateral JEVIC HOLDING: Structured Dismissal Can't Breach Creditor Hierarchy KENTUCKY ASSOCIATES: Taps Zipp Tannenbaum as Special Counsel LA PALOMA: Fee Examiner Taps Goldstein & McClintock as Counsel LAKE NAOMI REAL ESTATE: Taps Mark Kneeream as Accountant LILY ROBOTICS: Committee Retains Richards Layton as Co-counsel LINCOLN MEDICAL: Disclosure Statement Hearing Set for May 11 MACIEJ PAINT: Hires Faelon Partners as Business Broker MARBLES HOLDINGS: Spin Master Approved as Stalking Horse Bidder MCNEILL PROPERTIES: Plan Outline Okayed, Plan Hearing on May 10 MEDIACOM COMMUNICATIONS: S&P Affirms 'BB' CCR, Outlook Stable MIDWEST FARM: Has Preliminary Authority to Use Cash Collateral NAKED BRAND: Amends LOI to Reflect $34M in Balance Sheet Change NAKED BRAND: Gets $5.5-Mil. in Gross Proceeds from Stock Offering NEXT GROUP: Will Buy Back 75% of Finance Groups' Outstanding Notes NORTH COAST TOOL: Hires Foster Law as Counsel OLD BOXCAR: Hires Michael O'Connor as Counsel OLD FASHION BUTCHER: Hires Corash & Hollender as Attorneys OLIVE BRANCH: To Pay Unsecureds in Full, with 0.91% Interest PANDA TEMPLE: S&P Cuts Secured Debt Rating to 'D' on Nonpayment PAYLESS SHOESOURCE: Bankruptcy Judge Approves First-Day Motions POST EAST: Unsecureds to Get 100% Over 6 Months Under Plan PRATT WELL: Hires Evenson Auctioneers as Auctioneer & Appraiser RADIO SYSTEMS: S&P Affirms 'B' CCR & Revises Outlook to Stable RAIN TREE: Bankr. Administrator Appoints Victor Orija as PCO RAIN TREE: Bankr. Administrator Seeks Trustee, Examiner Appointment RATAMESS CHIROPRACTIC: To Pay Unsecureds in Full Over 60 Months RELATIVITY FASHION: Wants 2nd Circuit to Affirm Win Against Netflix RELIABLE HUMAN: Unsecured Creditors to be Paid 5% Over 180 Days RENNOVA HEALTH: Will be Required to Raise Capital to Fund Operation RFI MANAGEMENT: Hires Padgett as Accountant RHP HOTEL: S&P Assigns 'BB' Rating on Proposed $200MM Term Loan A ROBSTOWN, MI: Fitch Withdraws BB+ Issuer Default Ratings ROCKY MOUNTAIN: Lily Li Acquires Majority Stake ROGERS & SON: Hires Wolgamuth as Accountant RP BROADCASTING: Ch.11 Trustee Hires Piercy Bowler as Accountants RPM HARBOR: Case Summary & 20 Largest Unsecured Creditors RUBLE HOLDINGS: Hires R. Ben Young as Accountant SCS HOLDINGS I: S&P Affirms 'B+' CCR & Revises Outlook to Stable SHIFFER INC: Hires Cunningham Chernicoff as Counsel STANDARDAERO AVIATION: S&P Affirms 'B-' Corp. Credit Rating STEVE'S FROZEN: Hires Gasparri Law Office as Attorney STRIDE ACADEMY: S&P Lowers Rating on 2016A/B Revenue Bonds to CCC- TALOS ENERGY: S&P Lowers CCR to 'SD' on Distressed Exchange TAUREN EXPLORATION: Hires Orenstein Law as Co-Counsel TRANSDIGM GROUP: Fitch Affirms B Long-Term IDRs, Outlook Stable TUTOR PERINI: Fitch Assigns First-Time B+ Issuer Default Rating UCP INC: S&P Puts 'B-' CCR on Watch Pos. on Acquisition Notice ULURU INC: Velocitas Holds 76.7% Equity Stake as of Feb. 27 UMPQUA MASTER: Fitch Assigns BB Trust Preferred Securities Rating UNIQUE VENTURES: Ch.11 Trustee Hires MacDonald Illig as Counsel UNITED MOBILE: Can Continue Using Cash Collateral Until May 31 UNITI GROUP: Southern Light Deal No Impact on Fitch's 'BB-' IDR W&T OFFSHORE: S&P Affirms 'CCC' CCR on Capital Structure Review YULONG ECO-MATERIALS: April 12 NASDAQ Listing Compliance Deadline ZEST HOLDINGS: Moody's Assigns B3 Rating to Sr. Secured Term Loan ZEST HOLDINGS: S&P Assigns 'B' Rating on Proposed $268MM Loan [*] Charles Kline, Jason Domark & Reid Kline Join Cozen O'Connor [*] Moody's: Global Speculative-Grade Default Rate Falls in Q1 [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ********* 1550 BLUE JAY: Hires Douglas Elliman as Real Estate Broker ---------------------------------------------------------- 1550 Blue Jay Way, LLC, a Delaware limited liability company, seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Douglas Elliman of California, Inc., as real estate broker. The Debtor requires the Broker to market and sell the Debtor's property located at 1550 Blue Jay Way, Los Angeles, CA 90069. The firm will render services at a flat, commission rate of a 5%, to be calculated based on the total sale price of the Property, which is payable immediately upon close of escrow. Commission will be split 50/50 to the agent who procures the buyer. Joshua Altman, associate with Douglas Elliman of California, 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. The Broker may be reached at: Joshua Altman Douglas Elliman of California, Inc. 150 S El Camino Drive, Suite 150 Beverly Hills, CA 90212 Tel: 310-819-3250 About 1550 Blue Jay Way, LLC 1550 Blue Jay Way, LLC, a Delaware Limited Liability Company, of Newport Beach, California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-15171) on December 22, 2016. The petition was signed by Jeffrey Yohai, managing member of Baylor Holding, LLC. The Hon. Catherine E. Bauer presided this case. The Debtor is represented by Marc C. Forsythe, Esq. of Goe & Forsythe, LLP. The Debtor disclosed $1 million to $10 million in assets and liabilities at the time of the filing. 71 CLINTON INC: DOJ Watchdog Re-appoints J. DiPasquale as Trustee ----------------------------------------------------------------- William K. Harrington, the United States Trustee, filed a Notice of Re-appointment with the U.S. Bankrutcy Court for the Southern District of New York of Joseph J. DiPasquale as Chapter 11 Trustee for the estate of 71 Clinton, Inc., subject to Court approval. The Notice provides that no bond is necessary for the re-appointment of Mr. DiPasquale. On March 1, 2017, the United States Trustee moved to re-open the case and for other relief. It was on July 29, 2015 that an Order was entered approving the appointment of DiPasquale as Trustee, but the case was moved to dismiss on November 13, 2015. About 71 Clinton 71 Clinton, Inc. filed a Chapter 11 petition (Bankr. S.D. N.Y. Case No. 14-12830) on October 7, 2014, and is represented by David Carlebach, Esq., in New York, New York. At the time of filing, the Debtor had $1 million to $10 million in estimated assets and $1 million to $10 million in estimated liabilities. The petition was signed by Steven Rosenfeld, president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. A&D PROPANE: Hires Bryan Brassell to Prepare Tax Return ------------------------------------------------------- A&D Propane, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Bryan Brassell, EA of Padgett Business Services to act as enrolled agents for the estate. The Debtor requires Mr. Brassell to: (a) prepare the Debtor's 2016 Federal Income Tax Return; (b) prepare the Debtor's 940 and 941 Tax Reports; and (c) prepare the monthly operating reports for this Court. Mr. Brassell will be paid on a monthly basis without the necessity for filing a fee application. Mr. Brassell has agreed to charge the following flat fees for work performed: -- $1,500 to prepare the Debtor's 2016 Federal Income Tax Return; -- $200 to prepare the Debtor's 940 and 941 Tax Reports; and -- $260 to prepare each monthly operating report. Mr. Brassell will also be reimbursed for reasonable out-of-pocket expenses incurred. Pre-petition, Mr. Brassell was owed $959 by the Debtor but has agreed to waive these fees. Bryan Brassell assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Mr. Brassell Law can be reached at: Bryan Brassell PADGETT BUSINESS SERVICES 9950 Cypresswood Dr Ste 217 Houston, TX 77070 Tel: (281) 897-9141 Fax: (281) 897-9026 About A&D Propane Inc. Based in Huntsville, Texas, A&D Propane, Inc. filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-31502) on March 7, 2017. The Hon. Jeff Bohm presides over the case. Julie M. Koenig, Esq., at Cooper & Scully, PC, to serve as bankruptcy counsel. In its petition, the Debtor estimated $883,060 in assets and $1.56 million in liabilities. The petition was signed by Robert Dobyns, president. AFFATATO 1 SERVICES: Wants Interim Approval to Use Cash Collateral ------------------------------------------------------------------ Affatato 1 Services, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral on an interim basis. The Debtor intends to use the cash collateral of Wells Fargo for (a) the care, maintenance and preservation of the estate's assets; (b) payment of necessary payroll and other operating expenses; (c) the purchase of goods and services, including inventory; and (d) the continued business operations. As reflected on the Debtor's operating budget, the Debtor anticipates to incur an average monthly expenses of approximately $95,339. As of the Petition Date, the unpaid outstanding balance of the Debtor's indebtedness to Wells Fargo Bank, N.A. is: (a) approximately $2,050,193 under the Loan #42 Documents, which includes principal and interest, late charges, and other charges due, which is secured by the Warehouse, as well as all inventory, chattel paper, accounts, equipment, and general intangibles of the Debtor. (b) approximately $100,015 under the Loan #26 Documents, which includes principal and interest, late charges, and other charges due, which is secured by all accounts, deposit accounts, contract rights, chattel paper, commercial tort claims, general intangibles, inventory, fixtures, furniture and equipment of the Debtor. A full-text copy of the Debtor's Motion, dated April 7, 2017, is available at http://tinyurl.com/m5rokmn A copy of the Debtor's Budget is available at http://tinyurl.com/kh8lmnw About Affatato 1 Services, LLC Affatato 1 Services, LLC, operates three corporate-owned 123 Dollar Stores in Clermont Florida; Orlando, Florida; and Ocoee, Florida. It owns a 35,000 square foot warehouse located at 2017 Sprint Boulevard, Apopka, Florida. Currently, there are 3 franchisees operating 123 Dollar Store locations as well as two in Orlando, Florida and one in Kissimmee, Florida. Affatato 1 Services, LLC, based in Apopka, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-01425) on March 6, 2017. The petition was signed by Francisco Affatato, chief executive officer. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Debtor is represented by Aldo G. Bartolone, Jr., Esq., at Bartolone Law, PLLC. AKORN INC: S&P Puts 'B+' CCR on CreditWatch Positive ---------------------------------------------------- S&P Global Ratings placed its ratings on Akorn Inc., including the 'B+' corporate credit rating and 'BB-' issue-level ratings, on CreditWatch with positive implications. The rating action is in response to Akorn's announcement that is in discussions with a subsidiary of Fresenius SE & Co. KGaA (BBB-/Stable/A-3) about a potential acquisition of the company. The details on the transaction's funding have yet to be announced. "The rating action reflects the potential for higher ratings on Akorn as a part of the consolidated entity if the acquisition is completed," said S&P Global Ratings credit analyst Tulip Lim. Upon the completion of the transaction, S&P expects to resolve the CreditWatch listings to reflect the final ratings on the consolidated entity, the status of Akorn relative to the consolidated whole, and the status of the debt. If the acquisition is not consummated as planned, S&P would likely affirm the ratings and remove the ratings from CreditWatch. ALBAUGH LLC: S&P Affirms 'B+' CCR & Revises Outlook to Positive --------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Albaugh LLC to positive from stable and affirmed its 'B+' corporate credit rating on the company. At the same time, S&P raised its issue-level ratings on Albaugh's senior secured credit facility to 'BB' from 'BB-' and revised S&P's recovery ratings on the facility to '1' from '2'. The '1' recovery rating indicates S&P's expectation for very high recovery (90% to 100% range; rounded estimate 90%) in the event of a payment default. "The revision of the outlook to positive reflects our expectation of improved credit measures in 2017 and 2018," said S&P Global Ratings credit analyst Michael McConnell. "Credit measures improved in 2016 due to a combination of improved volumes, an improving margin product mix, and better than expected performance from the acquired Consagro business in Brazil. In our view, the company is also benefiting from customers trading down to more affordable off-patent crop protection chemicals as a way to cut costs relative to more-expensive patented products. While we continue to believe there will be high volatility in the company's profitability going forward, we expect EBITDA to remain above levels achieved in 2015." The revision of the senior secured recovery rating to '1' from '2', which results in higher issue level ratings, is due to the improved earnings experienced in 2016, and S&P's expectation that at least a portion of this improvement is sustainable. S&P has revised its emergence EBITDA assumption modestly higher to reflect that expectation. S&P Global Ratings could raise the rating within the next 12 months if the company sustains or improves upon the level of EBITDA achieved in 2016, such that FFO/debt exceeds 20% on a weighted average sustainable basis. Based on S&P's upside scenario forecast, it could consider a higher rating if revenue grows in excess of 10% while EBITDA margins are sustained at 2016 levels. Additionally, S&P would need to gain more clarity regarding the company's growth initiatives and future financial policies, before considering a higher rating. S&P could revise the outlook to stable within the next 12 months if the company's profitability is adversely impacted by factors such as weakening pricing, unfavorable weather patterns affecting volumes, or unfavorable currency impacts. If such conditions led to a decline in EBITDA margins of 200 basis points or more from 2016 levels, S&P would expect that FFO to total debt would remain below 20% on a sustained basis. S&P could also lower the rating if, against its expectations, the company's financial policies suddenly became more aggressive. ALLIED UNIVERSAL: Moody's Rates Proposed $100MM Term Loan B2 ------------------------------------------------------------ Moody's Investors Service assigned a B2 rating to Allied Universal Holdco LLC's proposed $100 million Delayed Draw Term Loan due 2022. There is no change to the company's B3 Corporate Family Rating (CFR) or existing instrument ratings. The outlook is unchanged at stable. In addition to the delayed draw facility the company is seeking to amend its existing $1.4 billion add-on first lien term loan, reducing pricing by 75 bps. Moody's views the proposed amendment as credit positive as it would save the company around $10 million in annual interest expense, although pro-forma credit metrics are relatively unchanged. Leverage and interest coverage (EBITA / Interest Expense) are slightly weaker than at the time of the merger as a result of higher debt levels used to fund acquisitions and lower organic EBITDA which has been impacted by wage pressure. However metrics remain in line with the B3 rating. Proceeds of the proposed delayed draw term loan are expected to be used for pending tuck-in acquisitions which is consistent with Moody's expectations and incorporated in the company's B3 rating. Since the merger between Allied Security Holdings LLC and USAGM Holdco LLC in August of 2016 the company has made four tuck in acquisitions totaling over $150 million with proceeds from the company's $250 million delayed draw facility that has since expired. Moody's took the following rating action: Issuer: Allied Universal Holdco LLC $100 million senior secured first lien delayed draw term loan due 2022, Assigned at B2 (LGD3) RATINGS RATIONALE Allied Universal's B3 CFR reflects the company's highly leveraged capital structure resulting from the debt-financed merger of Allied Security Holdings LLC and USAGM Holdco LLC, as well as a history of aggressive financial policies at both entities that included debt financed dividend recapitalizations and acquisitions. The rating is also constrained by integration risks related to the merger and acquisitions, as well as the intensely competitive and fragmented US security services industry in which the company operates, resulting in relatively low operating margins. Moody's expects the company will remain acquisitive, as organic growth will be modest. The rating is supported by Allied Universal's meaningful position in the US security services industry and Moody's expectation that over the longer term the company's meaningful operating scale and cost reduction synergies will support EBITDA growth. The rating also benefits from the recession resistant nature of the security services business and the company's good liquidity profile. The stable outlook reflects Moody's expectation that steady operating performance supported by the company's scale, synergy realization, and organic revenue growth will drive credit metric improvement. The ratings could be upgraded if Allied Universal is able to successfully execute on its growth strategy resulting in revenue growth and improved reported margins (before run-rate and synergy add backs) such that debt to EBITDA is sustained below 6.0 times and retained cash flow to debt exceeds 10%. It would also require the company to maintain its good liquidity profile and an expectation that financial policies will support credit metrics sustained at those levels. Allied Universal's ratings could be downgraded if the company is unable to execute on the merger and recent acquisitions as expected, resulting in fewer operating synergies, weaker margins, lower earnings or the loss of contracts with key customers. A downgrade could be warranted if EBITA to interest falls below one time or debt-to-EBITDA is sustained above 7 times. In addition, a deterioration of liquidity characterized by persistently weak cash flows that would require increasing reliance on revolver drawings to cover operational needs, could pressure the rating lower, as well as aggressive financial policies such as shareholder returns or debt-financed acquisitions. Allied Universal Holdco LLC the largest North American security services company with pro-forma revenue of approximately $5.1 billion. The company is majority owned by private equity firms Warburg Pincus LLC and French investment company Wendel Group (Wendel). AMERIGO INC: Hires Gray Law Offices as Attorney ----------------------------------------------- Amerigo, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Idaho to employ the Gray Law Offices, PLLC as Chapter 11 counsel. The Debtor requires the Firm to: a. assist the Debtor in Possession in preparing Schedules, Statement of Financial Affairs, a Disclosure Statement and Chapter 11 Plan for Reorganization; and b. assist in all other activities necessary to carry out its duties and responsibilities as Debtor in possession in a Chapter 11 bankruptcy. The Debtor will compensate the Firm at $180 per hour. The Debtor has paid the law firm of Gray Law Offices, PLLC a retainer fee of $21,171 for services rendered or to be rendered in this case. Of that amount $1,457 was applied to pre-petition fees and $1,717 for cost of filing, for a total of $3,174 for fees and costs incurred in the preparation and filing of the case. The balance of $18,543 is being held trust with the understanding that said sum will be applied to post-petition fees and costs incurred. Monte Gray, Esq., sole owner of Gray Law Offices, PLLC, assured the Court that the firm and does not represent any interest adverse to the Debtor and its estates. The Firm may be reached at: Monte Gray, Esq. Gray Law Offices, PLLC 427 N. Main Street, Suite L PO Box 37 Pocatello, ID 83204-0037 Tel: (208)232-4471 Fax: (888)900-1610 E-mail: montegray@cableone.net Amerigo, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Idaho Case No. 15-40350) on April 20, 2015, listing under $50,000 in assets and between $1 million to $10 million in liabilities. The Hon. Jim D Pappas presides over the case. B&T ENTERPRISES: Hires Suzy Tate as Bankruptcy Counsel ------------------------------------------------------ B&T Enterprises Services, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ the firm of Suzy Tate, PA as Chapter 11 counsel for the Debtor. The Debtor requires Suzy Tate to: a. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against them, negotiations concerning all bankruptcy litigation in which they are involved, and objections, when appropriate, in objecting to claims filed against the estate; b. prepare, on behalf of the Debtor, any applications, answers, orders, reports, and/or papers in connection with the administration of the estate; c. counsel the Debtor with regard to its rights and obligations as debtor-in- possession; d. negotiate, prepare, and file a chapter 11 plan of reorganization and corresponding disclosure statement, seek approval of such disclosure statement and confirmation of such plan; and e. perform all other necessary legal services in connection with these chapter 11 cases. Suzy Tate lawyers who will work on the Debtor's case and their hourly rates are: Suzy Tate $300 Chris Broussard $260 Prior to the Petition Date, Suzy Tate received a total of $11,717 in connection with the preparation for the filing the bankruptcy case for the Debtor. The balance of the Pre-Petition Retainer is $9,100. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Suzy Tate, Esq., at Suzy Tate, P.A, assured the Court that the firm does not represent any interest adverse to the Debtor and its estates. STPA may be reached at: Suzy Tate, Esq. Chris Broussard, Esq. Suzy Tate, P.A. 14502 N. Dale Mabry, Suite. 200 Tampa, FL 33618 Telephone: (813) 264-1685 Facsimile: (813) 264-1690 E-mail: suzy@suzytate.com cbrouss@suzytate.com B&T Enterprise Services, Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-02515) on March 28, 2017, listing under $1 million in both assets and liabilities. BE MY GUEST LLC: Hires Metropolitan Valuation as Appraiser ---------------------------------------------------------- Be My Guest, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Metropolitan Valuation Services, as appraiser to the Debtor. The Debtor is a New York limited liability company which was formed for the purpose of assuming a commercial lease to develop and operate a restaurant at the premises located at 14 East 58th Street, New York, New York 10022 ("Lease"). Be My Guest, LLC, requires Metropolitan Valuation to: a. evaluate the value of the Debtor's Lease; b. review all pertinent documents in connection with providing a Lease valuation; c. conduct a comparable exchanges and review of restaurant leases in the general area of 58th Street; d. meet with the Debtor and its attorney as necessary; and e. appear, if requested, before the Bankruptcy Court during the term of its retention, to testify or to consult with the Debtor in connection with the valuation of the Lease. Metropolitan Valuation will be paid at these hourly rates: Martin B. Levine $550 Staff $150-$350 Metropolitan Valuation will be paid $5,000 to prepare the appraisal report. Metropolitan Valuation will also be reimbursed for reasonable out-of-pocket expenses incurred. Martin B. Levine, chairman of Metropolitan Valuation Services, 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. Metropolitan Valuation can be reached at: Martin B. Levine METROPOLITAN VALUATION SERVICES, INC. 44 East 32nd Street New York, NY 10016 Tel: (212) 213-8650 About Be My Guest, LLC Be My Guest, LLC, based in New York, NY, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-10692) on March 22, 2017. The Hon. Sean H. Lane presides over the case. Douglas J. Pick, Esq., at Pick & Zabicki, LLP, serves as bankruptcy counsel. In its petition, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Lucy Balan, authorized member. BIRCH COMMUNICATIONS: S&P Puts 'B' CCR on CreditWatch Negative -------------------------------------------------------------- S&P Global Ratings said it placed its 'B' corporate credit rating and 'B' senior secured debt rating on Atlanta-based Birch Communications Holdings Inc. on CreditWatch with negative implications. "The CreditWatch placement reflects the potential for a downgrade stemming from challenging operating conditions, unexpected litigation, and a possible near-term breach of Birch's maximum net leverage covenant," said S&P Global Ratings credit analyst Ryan Gilmore. S&P intends to resolve the CreditWatch placement over the coming weeks when more information becomes available regarding potential covenant relief in the form of an amendment to the credit agreement and waiver. In addition, S&P's resolution of the CreditWatch will also incorporate an update to its longer-term expectations for the company's performance. If Birch is unable to obtain an amendment and waiver from its lenders or negotiations result in ongoing tight covenant compliance of less than 15%, S&P could lower the rating multiple notches. Conversely, if the company is able to obtain covenant relief with favorable terms and sufficient headroom over the next 12 to 18 months, S&P could still lower the rating one notch or affirm its ratings on the company. BLANKENSHIP FARMS: Ch.11 Trustee Hires Baker Donelson as Counsel ---------------------------------------------------------------- Marianna Williams, the Chapter 11 Trustee for Blankenship Farms, LP, asks the U.S. Bankruptcy Court for the Western District of Tennessee for authority to retain Baker Donelson Bearman Caldwell & Berkowitz, PC as his counsel. The Chapter 11 Trustee requires Baker Donelson to render necessary representation of the Trustee in the administration of this case, in related litigation, and in the Trustee's efforts to move forward with reorganization of this estate. Baker Donelson will be paid at these hourly rates: Shareholders $390-$480 Associates and Paralegals $175-$345 Baker Donelson will also be reimbursed for reasonable out-of-pocket expenses incurred. E. Franklin Childress, Jr, Esq., shareholder with the law firm of Baker Donelson Bearman Caldwell & Berkowitz, PC , 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. Baker Donelson LLP may be reached at: E. Franklin Childress, Jr, Esq. Baker Donelson Bearman Caldwell & Berkowitz, PC 165 Madison Avenue, Suite 2000 Memphis, TN 38103 Tel: 901.577.2147 Fax: 901.577.0845 E-mail: fchildress@bakerdonelson.com About Blankenship Farms, LP Headquartered in Parsons, Tennessee, Blankenship Farms, LP, is an active Tennessee limited partnership whose primary business is farming operations for row crop and cattle. It filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10840) on April 27, 2016, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by James Trent Blankenship, president of TWB Management Inc., general partner of Debtor. The case is assigned to Judge Jimmy L. Croom. The Debtor is represented by Robert Campbell Hillyer, Esq., at Butler Snow LLP. The Debtor employed Adam Vandiver of Vandiver Enterprises, LLC, as a farm equipment appraiser; Brasher Accounting, as accountant; and Evans Real Estate as real estate broker. Marianna Williams has been named as the Chapter 11 Trustee for Blankenship Farms, LP. BLOCKSPORT VOLLEYBALL: Hires Eric Liepins as Counsel ---------------------------------------------------- Blocksport Volleyball Club, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Eric A. Liepins and the law firm of Eric A. Liepins, P.C. as counsel, effective April 3, 2017. The firm will be paid at these hourly rates: Eric A. Liepins $275 Paralegals and Legal Assistants $30-$50 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm has received a retainer of $5,000 plus the filing fee. Eric A. Liepins, sole shareholder of the 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 estate. The firm can be reached at: Eric A. Liepins, Esq. ERIC A. LIEPINS, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 Blocksport Volleyball Club, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 17-40676) on April 3, 2017, listing under $50,000 in assets and under $500,000 in liabilities. A Meeting of Creditors under Sec. 341(a) is set for May 5 at 1:30 PM at SMU in Plano, Texas. Proofs of Claim are due August 3. Government Proofs of Claim are due Oct. 2. BOOZ ALLEN: S&P Affirms 'BB' CCR & Revises Outlook to Stable ------------------------------------------------------------ S&P Global Ratings said it affirmed its 'BB' corporate credit rating on McLean, Va.-based Booz Allen Hamilton Inc. (BAH) and revised the outlook to stable from positive. "Our revision of the outlook to stable from positive reflects our view that the company's leverage could be in excess of 3x from time to time as it pursues its capital allocation strategy, which may include acquisitions and shareholder returns," said S&P Global Ratings credit analyst Adam Lynn. Its recent acquisition of Acquilent in BAH's fiscal third quarter ending Dec. 31, 2017, for $250 million is one example of a recent increase in leverage. Additionally, in January 2017, the board of directors approved a 13% increase in the regular quarterly dividend along with a $230 million increase in share repurchase authorization. The stable outlook reflects S&P's expectation for BAH's stable business performance, positive free operating cash flow generation, and opportunistic acquisitions or shareholder return policy to lead to leverage remaining in the 2x-4x area over the next 12 months. BUCKTAIL MEDICAL: PCO Files 8th Interim Report ---------------------------------------------- Laura W. Patt, the Patient Care Ombudsman for The Bucktail Medical Center, has filed an eighth interim report for the period of January 20, 2017, through March 20, 2017. The PCO reported that the Debtor's Administration and Staff were open and cooperative during each on-site visit. Each personnel were fully transparent in discussing their roles and responsibilities as well as providing any and all requested information and data. Further, the PCO was informed that the management embraced the process of having a PCO on site and encouraged exchange between the PCO and management, which enabled the PCO to efficiently discharge her responsibilities. According to the report, the established theme at the Debtor's Facility is that resident care is first and foremost. A strong sense of teamwork between the administration and staff was observed, as well as amongst staff members. The residents, staff, and administration have each expressed that they feel like a "family" and there is a genuine concern for the residents. The PCO further noted that the stable and steady leadership of the Facility has strengthened staff unity; all staff interviewed express faith in the management team and their resolve to continually improve. The PCO did not note any circumstances or issues that would impact resident care at any of the facilities as a result of the bankruptcy during the reporting period. If the Debtor has not emerged from bankruptcy, the next report will be issued no later than June 1, 2017, and will cover the seventh reporting period of March 21, 2017 through May 20, 2017. About Bucktail Medical Center The Bucktail Medical Center owns and operates a 21-bed Critical Access Hospital, a 43 bed skilled nursing care facility, a basic life-support ambulance, and a community health clinic. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 15-04297) on Oct. 2, 2015. The Debtor's petition was signed by Timothy Reeves, CEO. Hon. John J. Thomas presides over the case. Kevin Joseph Petak, Esq., and James R. Walsh, Esq., at Spence, Custer, Saylor, Wolfe & Rose, LLC, serves as counsel to the Debtors. In its petition, Bucktail Medical Center estimated $0 to 50,000 in assets and $1 million to $10 million in liabilities. CALIFORNIA PROTON: Scripps Clinic Tries to Block DIP Financing -------------------------------------------------------------- Vince Sullivan, writing for Bankruptcy Law360, reports that Scripps Clinic Medical Group and Scripps Health, which operates a cancer treatment facility for California Proton Treatment Center LLC, objected to the Debtor's proposed $32 million post-petition loan. According to Law360, Scripps Clinic claims that the loan subordinates its purported interest in the San Diego facility against its will. About California Proton Treatment Center California Proton Treatment Center filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 17-10477) on March 1, 2017, estimating its assets and debt at $100 million to $500 million. The petition was signed by Jette Campbell, chief restructuring officer. Judge Selber Silverstein presides over the case. Locke Lord LLP serves as the Debtor's general counsel. The Debtor hired Polsinelli PC as co-counsel with Locke Lord; Cain Brothers & Company, LLC as investment banker; and Carl Marks Advisory Group LLC as financial advisor. On March 16, 2017, the Office of the U.S. Trustee appointed Melanie L. Cyganowski as patient care ombudsman. CAPITOL CABLE: Seeks to Hire Rosenblatt as Legal Counsel -------------------------------------------------------- Capitol Cable & Technology, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire the Law Offices of Richard B. Rosenblatt, PC to, among other things, give legal advice regarding its duties under the Bankruptcy Code and prepare a plan of reorganization. Richard Rosenblatt, Esq., and Linda Dorney, Esq., the attorneys designated to represent the Debtor, will charge $350. Other attorneys of the firm and paralegals will charge $295 per hour and $125 per hour, respectively. Rosenblatt received $12,500 on March 21 in contemplation of the Debtor's bankruptcy filing. Prior to this, the firm received $4,500 for negotiations with the Debtor's landlord and other pre-bankruptcy services. In a court filing, Mr. Rosenblatt disclosed that his firm does not represent any interest adverse to the Debtor or its bankruptcy estate. The firm can be reached through: Richard B. Rosenblatt, Esq. Linda M. Dorney, Esq. The Law Offices of Richard B. Rosenblatt, PC 30 Courthouse Square, Suite 302 Rockville, MD 20850 Phone: (301) 838-0098 Email: rrosenblatt@rosenblattlaw.com About Capitol Cable & Technology Capitol Cable & Technology, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 17-14644) on April 4, 2017. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. CARRINGTON FARMS: Authorized to Use Cash Collateral Until May 31 ---------------------------------------------------------------- Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the District of New Hampshire signed a stipulated order authorizing Carrington Farms Condominium Owners' Association's use of cash collateral through May 31, 2017. The Debtor is authorized to use and expend up to $170,464 in cash collateral in order to pay the costs and expenses incurred by the Debtor in the ordinary course of business, to the extent provided for in the Budget during the period from March 27, 2017 through May 31, 2017. Granite Bank, formerly known as Colebrook Bank, asserts a claim in the amount of $395,408, which is secured by all of the Debtor's deposit accounts, and an assignment of the right to assess and collect condominium fees, as well as all proceeds and products thereof . The Debtor had cash in the amount of $226,998 on deposit at Granite Bank as of March 23, 2017, which amount is subject to Granite Bank's perfected first-priority security interest. Consequently, the Debtor will deposit all funds received during the pendency of its case in a deposit account maintained at Granite Bank. Granite Bank is granted additional and replacement security interests and liens in, to and on the collateral with the same perfection and priority that it had in such assets prior to the Petition Date, and the Debtor's postpetition assets of the same kind, nature and types as Granite Bank's collateral, as well as the proceeds thereof. Additionally, the Debtor will pay Granite Bank: (a) $11,540, plus Granite Bank's attorney fees and costs incurred through the entry of the Stipulated Order; and (b) $5,343 on the last business day of each of April and May 2017. The Debtor will also provide Stipulated Order each of the following reports, duly certified by a member of the Debtor's board of directors: (a) weekly cash flow statements, showing all deposits to and disbursements from the Debtor's deposit accounts; and (b) monthly variance reports showing the variance of cash inflows and disbursements from the corresponding budgeted amounts for the immediately preceding fiscal month. Moreover, the Debtor may file a further application for ongoing usage of cash collateral on or before May 17, 2017. Any objections to such application are due on or before May 24, 2017. A hearing on the further motion for permission to use cash collateral will be held on May 31, 2017 at 1:30 p.m. A full-text copy of the Order, dated April 6, 2017, is available at http://tinyurl.com/m33yj9m About Carrington Farms Condominium Owners Carrington Farms Condominium Owners' Association filed a Chapter 11 bankruptcy petition (Bankr. D.N.H. Case No. 17-10137) on Feb. 3, 2017. The petition was signed by Gary Woscyna, President. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. William S. Gannon, Esq., at William S. Gannon PLLC, is serving as counsel to the Debtor. CENTURY COMMUNITIES: Moody's Puts B3 CFR on Review for Upgrade -------------------------------------------------------------- Moody's Investors Service placed all of the ratings of Century Communities, Inc. on review for upgrade following the announcement that it was acquiring UCP, Inc. ("UCP"). Century, currently rated B3 stable, will be acquiring UCP (formerly rated B3; currently not rated) for $336 million, which will be financed with new Century equity of $116 million, cash of $13 million, and a revolver draw of $259 million. The $336 million purchase price will include Century's repaying $162 million of UCP debt. Issuer: Century Communities, Inc. On Review for Upgrade: -- Corporate Family Rating, Placed on Review for Upgrade, currently B3 -- Probability of Default Rating, Placed on Review for Upgrade, currently B3-PD -- $125 Million Senior Unsecured Global Notes, Placed on Review for Upgrade, currently B3 (LGD4) -- $260 Million Senior Unsecured Global Notes, Placed on Review for Upgrade, currently B3 (LGD4) Outlook Actions: -- Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE Pro forma for the transaction, Century will have an adjusted total debt to book capitalization ratio of approximately 56%. Importantly, Century will have pro forma revenues exceeding $1 billion and tangible net worth exceeding $500 million, which are two of the size hurdles for US homebuilders to achieve in order to move from a B3 rating to a B2 rating. The review will focus on Century's plans to reduce debt leverage, integrate UCP which is Century's largest acquisition to date, and compete essentially on a nationwide basis with the much larger industry players. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Founded in 2002 and headquartered in Greenwood Village, Colorado, Century Communities is a builder of single-family homes, townhomes, and flats in select major metropolitan markets in Colorado, Georgia, Nevada, Texas, and Utah. The company has had 14 consecutive years of profitability since its formation, and based on 2015 deliveries, as ranked by BUILDER Online, it is a top 25 US homebuilder. Revenues and net income in 2016 were approximately $979 million and $50 million, respectively. Headquartered in San Jose, CA, UCP was established, through its predecessor, in 2004 principally as a land developer under the name Union Community Partners, LLC by its founder and current CEO, Dustin Bogue (who will remain with Century Communities). Revenues and net income in 2016 were approximately $349 million and $14 million, respectively. CHECKERS DRIVE-IN: S&P Assigns 'B-' CCR; Outlook Stable ------------------------------------------------------- S&P Global Ratings said that it assigned its 'B-' corporate credit rating to quick service restaurant Checkers Drive-In Restaurants Inc. The outlook is stable. Checkers is being acquired by private equity firm Oak Hill Capital Partners for approximately $525 million, to be funded with debt and equity. At the same time, S&P assigned its 'B-' issue-level rating and a '3' recovery rating to the company's proposed $25 million first-lien revolver and $192.5 million term loan, indicating S&P's expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of default. S&P does not rate the proposed $87.5 million second-lien term loan. "The rating on Tampa-based Checkers reflects the company's relatively small total system-wide restaurant count with about 850 units, lack of significant market share in the quick service industry, geographic concentration in the eastern U.S., lack of concept diversity, and limited product offering," said credit analyst Olya Naumova. "Checkers differentiates itself from quick-service peers with a diversified, low-priced menu, and a daypart mix with late night sales representing a high 22% of overall sales, twice the industry average. Leverage is 6.2x pro forma for the transaction and we expect it to modestly decline to the high 5x range by 2019, primarily due to improvements in its operating performance as opposed to debt reduction." The stable rating outlook on Checkers reflects S&P's expectation that the company will be able to continuously grow the franchise base to reduce the ownership of operated restaurants to below 30% in the next two years with corresponding improvements of stable franchised revenue contribution to the overall EBITDA. Additionally, S&P expects remodel initiatives and an increasing sales mix with higher margin soft drinks to allow the company to maintain its current AUVs, margins, and modest deleveraging to about 6.1x in 2018. S&P could consider a downgrade if liquidity becomes constrained or if operating performance and credit measures deteriorate such that EBITDA interest coverage declines below 1.0x leading S&P to believe that the capital structure is unsustainable. Events that could cause a downgrade include free operating cash flow turning negative, a sharp deterioration in operating performance, increased labor or commodity costs, or significant changes in financial policy that leads to near-term debt financed dividend to company's private equity sponsors. S&P could also lower the ratings if it believes performance will deteriorate to levels that could cause covenant compliance issues under the company's credit facilities. Although not likely in the next year given the company's financial sponsor ownership dictates financial policy, S&P could consider a positive rating action if it meaningfully improves same-store sales and EBITDA growth, with leverage falling below mid-5x level and FFO to debt rising above 15%. This would result from more than 6% increase in comparable store sales and a gross or EBITDA margin increase 200 bps beyond S&P's expectations. Cameron Bybee and Conor Prunty contributed to this report. CIBER INC: Files Voluntary Chapter 11 Bankruptcy Petition --------------------------------------------------------- Ciber, Inc., a global information technology consulting, services and outsourcing company, on April 10, 2017, disclosed that it and certain U.S. subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in the District of Delaware. This initiates a process intended to preserve value and accommodate an orderly going-concern sale of the Company's business operations. Ciber has a commitment for up to $45 million in debtor-in-possession ("DIP") financing, subject to bankruptcy court approval, which is expected to provide the Company with liquidity to maintain its U.S. operations in the ordinary course of business during the Chapter 11 process. Prior to the Chapter 11 filing, and subject to Bankruptcy Court approval, Ciber entered into a "stalking horse" Purchase Agreement with Capgemini to acquire substantially all of the assets of the Company in North America and India in a sale process under Section 363 of the Bankruptcy Code that will be subject to higher and better offers. Through this proposed transaction Ciber's clients will benefit from the high levels of service Capgemini is known to provide its clients. Ciber's employees, who bring with them a wide range of highly valued skills and expertise, will benefit from joining a global leader in its markets. In accordance with the sale process under Section 363 of the Bankruptcy Code, notice of the proposed sale to Capgemini will be given to third parties and competing bids will be solicited. Ciber will manage the bidding process and evaluate the bids, in consultation with independent professional advisors and as overseen by the Bankruptcy Court. President and Chief Executive Officer Michael Boustridge commented, "With the advice and support of outside advisors, we've explored multiple paths, including selling the Company outside the bankruptcy process, selling certain assets of the Company, and other transactions to restructure the balance sheet or raise capital, while also focusing on attempting to improve sales, reduce costs, and exit underperforming operations. After careful consideration of the alternatives available to maximize the value of the Company, it's become clear that the best path forward for the Company, its employees, customers and stakeholders is to accomplish a sale through the bankruptcy process." Mr. Boustridge continued, "We are keenly focused on minimizing disruption to our customers, partners, and employees during the Chapter 11 process. The proposed sale will preserve jobs, ensure customers can benefit from continuity of services, and enable a smooth transition of Ciber's U.S. business to Capgemini or any other bidder providing a higher and better offer in accordance with Court approved procedures." In order to help facilitate the Company's financial restructuring, Ciber's Board of Directors has named Jon Goulding as Chief Restructuring Officer. Mr. Goulding is a noted financial restructuring expert and a Managing Director of Alvarez and Marsal, a leading restructuring firm. Interested parties must sign a confidentiality and non-disclosure agreement to gain access to confidential detailed due diligence materials, and must demonstrate financial ability to be considered qualified bidders. Parties interested in the sale process may contact Adam Dunayer, Managing Director, Houlihan Lokey at 214-220-8483. About Ciber, Inc. Ciber -- http://www.ciber.com/-- partners with organizations to develop technology strategies and solutions that deliver tangible business value. Founded in 1974, the company trades on the New York Stock Exchange CBR. CLINTONDALE COMMUNITY: Moody's Hikes GOULT Rating to Ba1 -------------------------------------------------------- Moody's Investors Service has upgraded Clintondale Community Schools, MI's underlying general obligation unlimited tax (GOULT) rating to Ba1 from Ba3. The Ba1 rating applies to $220,000 of outstanding rated GOULT debt. The district's net direct debt totals $59.4 million. The district's outlook is stable. The upgrade to Ba1 reflects an improved financial position following the district's elimination of its deficit fund balance. The rating also incorporates its modestly sized, suburban Detroit (B2 stable) tax base; weakened socioeconomic characteristics; lack of long-term enrollment stability; and high debt and pension burdens. Rating Outlook The stable outlook reflects recent improvements in the district's financial position that, while expected to remain narrow, reduces the likelihood of a negative rating change. Factors that Could Lead to an Upgrade Sustained growth in student enrollment Material improvement in fund balance and liquidity Moderate of the district's debt and pension burdens Factors that Could Lead to a Downgrade Deterioration of the district's tax base or weakening of socioeconomic indices Reversal of currently positive enrollment trend Narrowed fund balance and liquidity Growth in the district's debt and pension burden Legal Security The district's outstanding rated bonds are secured by the pledge and authority to levy a dedicated, voter-approved property tax levy, unlimited as to both rate and amount, to pay debt service. Use of Proceeds Not applicable. Obligor Profile The district is located in Macomb County, approximately 20 miles north of Detroit. The district encompasses approximately 3.9 square miles within the Charter Township of Clinton. The district's enrollment totals 3,297 students. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. CONCH HOUSE: Hires Burgess as Bankruptcy Counsel ------------------------------------------------ Conch House Builders, LLC seeks approval from the US Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to employ Jason A. Burgess as counsel for the Debtor Nunc Pro Tunc to April 6, 2017. The professional services that Jason A. Burgess will render are: a. to give advice to the Debtor with respect to its powers and duties as debtor-in-possession and the continued management of its business; b. to advise the Debtor with respect to its responsibilities in complying with the US Trustee's Operating Guidelines and Reporting Requirements and with the Local Rules of this Court; c. to prepare motions, pleadings, orders, applications, disclosure statements, plans of reorganization, commence adversary proceedings, and prepare other such legal documents necessary in the administration of this case; d. to protect the interest of the Debtor in all matters pending before the Court; and e. to represent the Debtor in negotiations with their creditors and in preparation of the disclosure statement and plan of reorganization. Jason A. Burgess attests that he does not represent (a)any interests adverse to the Debtor or the estate; (b) any of the Debtor's creditors; (c) any other attorneys, accountants, or representatives who have represented the Debtor's creditors or any other parties in interest, or any other attorneys, accountants, or representatives currently representing the Debtor. Burgess further attests that he is a disinterested person. Jason A. Burgess's hourly rate for attorney services is $295.00 per hour and will be billed by tenths of an hour. The Firm's paralegal time will be billed at $75.00 per hour. The Counsel can be reached through: Jason A. Burgess ATTORNEY-AT-LAW 1855 Mayport Road Atlantic Beach, FL 32233 Phone: (904) 372-4791 Facsimile: (904) 853-6932 About Conch House Builders Conch House Builders, LLC and its affiliate Conch House Builders II, LLC, f/d/b/a Conch House Marina Resort, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Case Nos. 17-00767 and 17-00768, respectively), on March 8, 2017. The petitions were signed by David M. Ponce, Jr., manager. The Debtors are represented by Jason A Burgess, Esq., at the Law Offices of Jason A Burgess, LLC. At the time of filing, both Debtors had less than LLC in estimated assets. Conch House Builders, LLC, had $10 million to $50 million in estimated liabilities while Conch House Builders II, LLC, $100,000 to $500,000 in estimated liabilities. CUMULUS MEDIA: Moody's Cuts CFR to Caa2; Outlook Negative --------------------------------------------------------- Moody's Investors Service downgraded Cumulus Media Inc.'s (Cumulus) Corporate Family Rating to Caa2 from Caa1, the secured credit facilities to Caa1 from B3, and senior unsecured notes to Ca from Caa3. The outlook was changed to negative from stable. The downgrade reflects the elevated risk of a restructuring of its balance sheet and its unsustainable leverage level of 11.3x (excluding Moody's standard lease adjustments) as of Q4 2016. Despite recent operational improvements, EBITDA continued to decline in 2016 and is expected to remain under pressure due to higher content expense and lower political ad revenue. A summary of Moody's actions are: Issuer: Cumulus Media Inc. -- Corporate Family Rating: Downgraded to Caa2 from Caa1 -- Probability of Default Rating: Downgraded to Caa3-PD from Caa1-PD -- Speculative Grade Liquidity Rating: affirmed at SGL3 -- Outlook changed to Negative from Stable Issuer: Cumulus Media Holdings Inc. -- $200 million 1st Lien Senior Secured Revolver due 2018 (undrawn): Downgraded to Caa1, LGD2 from B3, LGD3 -- 1st Lien Senior Secured Term Loan due 2020 ($1.8 billion outstanding): Downgraded to Caa1, LGD2 from B3, LGD3 -- $610 million of 7.75% senior notes due 2019: Downgraded to Ca, LGD5 from Caa3, LGD5 RATINGS RATIONALE Cumulus' Caa2 Corporate Family Rating reflects the company's unsustainable debt-to-EBITDA leverage of 11.3x as of Q4 2016 (excluding Moody's standard lease adjustments) as well as the elevated potential for a restructuring of its balance sheet. Cumulus maintains a diversified market position in 90 different markets and is one of the leading radio operators in the US. However, EBITDA has declined substantially over the past several years and higher content costs and lower political ad revenue in 2017 are expected to offset recent improvements in operational performance and lead to continued pressure on EBITDA. The ratings also incorporate the secular pressures and cyclical nature of radio advertising demand which have the potential to exert substantial pressure on EBITDA performance over time. Free cash flow has also declined and was less than 1% as a percentage of outstanding debt as of Q4 2016. The company does not have access to its revolving credit facility due to covenant constraints, but has a $50 million revolving securitized facility in place and $131 million in cash as of Q4 2016. A pending asset sale is expected to add additional cash to the balance sheet in the second half of 2017. The nearest debt maturity is the $610 million senior notes due May 2019, but the maturity date of the term loans springs to 91 days ahead of the maturity date of the senior notes if more than $200 million of the senior notes are still outstanding at the springing maturity date. The SGL-3 Speculative Grade Liquidity Rating reflects the lack of access to its revolving credit facility due to covenant constraints and limited free cash flow. Liquidity does benefit from $131 million in cash as of Q4 2016 and expectations that a pending asset sale could add additional cash to the balance sheet. Moody's expects free cash flow to be minimal in 2017 after approximately $30 million in expected capex in 2017. The company has an undrawn $50 million securitized facility in place which matures in 2018 (unrated). Its $200 million revolving credit facility due 2018 is unavailable as the first lien covenant ratio is in excess of the required ratio of 5.0x as of Q4 2016 and the covenant decreases to 4.0x in Q1 2018. The term loan is covenant-lite and the revolver requires compliance with a consolidated total net leverage ratio covenant only if the revolver is drawn or if there are letters of credit under the revolver commitment that are not 103% cash collateralized. Alternate sources of liquidity are limited given the revolver and term loan are secured by substantially all assets of the borrower and subsidiaries with a 12 month reinvestment period for dispositions. The negative outlook reflects the heightened potential for a restructuring of its balance sheet and the challenging outlook due to higher contractual content expense and reduced political revenue in a non-election year. An exchange of existing debt for another security would likely be considered a Distressed Exchange (DE) by Moody's. An upgrade is not expected in the near term given the high leverage level and potential for a restructuring of its balance sheet. However, Moody's could considers an upgrade if the company sustains leverage under 7.5x with expectations for stable operating performance. Liquidity would also need to be good with improved availability under the company's committed revolver facilities and free cash flow-to-debt in the mid to high single digit percentage range. Ratings could be downgraded upon a restructuring of its balance sheet or an exchange of existing debt for another security which Moody's would likely consider a Distressed Exchange. Elevated concern regarding the ability to service its debt could also lead to negative rating action. Headquartered in Atlanta, GA, Cumulus Media Inc. is one of the largest radio broadcasters in the U.S. with approximately 445 stations in 90 markets, a nationwide network serving over 8,200 broadcast affiliates and numerous digital channels. Cumulus is publicly traded with Crestview Radio Investors, LLC owning an estimated 30% interest. The company reported $1.1 billion of net revenue for FY2016. The principal methodology used in these ratings was Global Broadcast and Advertising Related Industries published in February 2017. DAILY HAVEN: Files Projected Income for Dec. 2016 to Oct. 2017 -------------------------------------------------------------- Daily Haven Inc. filed court papers detailing its projected income and expenses for December 2016 through October 2017 in support of its proposed plan to exit Chapter 11 protection. The documents filed on March 31 are available for free at: https://is.gd/VbHwTn Under the company's plan of reorganization, Class 4 general unsecured claims will not be paid until a complete satisfaction of Class 2 secured claim of RREF II PB-GA, LLC, and Class 3 priority tax claims. Holders of Class 4 claims are comprised of general unsecured creditors unrelated in some manner to Daily Haven, according to the company's disclosure statement filed on March 31 with the U.S. Bankruptcy Court for the Northern District of Georgia. A copy of the disclosure statement is available for free at: https://is.gd/BKoMOd About Daily Haven Daily Haven, Inc. operates a Home Health Care and Day Center for individuals with special needs in the Conyers area. Daily Haven, Inc. filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-63419) on Aug. 1, 2016. The petition was signed by Suzann Maughon, owner and chief officer. The Debtor is represented by James B. Cronon, Esq., at the Law Office of James B. Cronon, LLC. The Debtor estimated assets and liabilities at $500,000 to $1 million at the time of the filing. DAVITA INC: Moody's Hikes CFR to Ba2; Outlook is Stable ------------------------------------------------------- Moody's Investors Service upgraded the ratings of DaVita, Inc., including the Corporate Family Rating to Ba2 from Ba3 and the Probability of Default Rating to Ba2-PD from Ba3-PD. Moody's also upgraded DaVita's senior secured credit facilities to Baa3 from Ba1 and its senior unsecured notes to Ba3 from B1. Lastly, Moody's affirmed DaVita's Speculative Grade Liquidity Rating of SGL-1. The outlook is stable. The upgrade of DaVita's Corporate Family Rating to Ba2 reflects Moody's expectation that the company will benefit from US dialysis patient population growth of approximately 4% and stabilization of its integrated care business. Moody's expects that DaVita will maintain adjusted debt to EBITDA in the mid-to-high 3 times range even in the face of several business uncertainties relating to biosimilars and the availability of charitable premium assistance. Ratings upgraded: DaVita, Inc. Corporate Family Rating to Ba2 from Ba3 Probability of Default Rating to Ba2-PD from Ba3-PD Senior secured revolving credit facilities expiring 2019 to Baa3 (LGD 2) from Ba1 (LGD 2) Senior secured term loan A due 2019 to Baa3 (LGD 2) from Ba1 (LGD 2) Senior secured term loan B due 2021 to Baa3 (LGD 2) from Ba1 (LGD 2) Senior unsecured notes due 2022 to Ba3 (LGD 5) from B1 (LGD 5) Senior unsecured notes due 2024 to Ba3 (LGD 5) from B1 (LGD 5) Senior unsecured notes due 2025 to Ba3 (LGD 5) from B1 (LGD 5) Ratings affirmed: DaVita, Inc. Speculative Grade Liquidity Rating at SGL-1 The outlook is stable. RATINGS RATIONALE DaVita's Ba2 Corporate Family Rating reflects the company's considerable scale and extensive network of dialysis outpatient clinics across 43 US states. The rating is also supported by the recurring revenue stream attributed to dialysis, the patients for which receive treatment three times per week indefinitely. The Ba2 CFR acknowledges DaVita's strong free cash flow, the vast majority of which is derived from those dialysis patients who are currently covered by commercial insurance. Finally, the CFR is supported by stabilizing business trends at the company's integrated care business, DaVita Medical Group (DMG). The Ba2 CFR is constrained by DaVita's moderately high financial leverage and its heavy reliance on its commercially insured dialysis patients for its profitability. The rating also reflects DaVita's ongoing challenge of maintaining a sufficiently large commercially insured end stage renal disease (ESRD) patient population. These ESRD patients automatically convert to Medicare after a maximum of 33 months on dialysis, for which DaVita is reimbursed a fraction of what it earns from commercial payors. The CFR also reflects uncertainties regarding the availability of charitable premium assistance for ESRD patients and the potential for reimbursement cuts as anemia management biosimilars become approved in the US over the next 12 to 18 months. The stable outlook reflects Moody's expectation that DaVita's revenue will continue to grow in the mid-single digit range, driven by increasing volumes and the opening of new dialysis centers. Furthermore, the rating outlook also anticipates that DaVita will be able to mitigate any additional reimbursement pressures without significant detriment to its credit metrics. The SGL-1 reflects Moody's expectation that DaVita will maintain a very good liquidity over the next 12 to 18 months through its combination of cash, marketable securities and revolver availability. The ratings could be upgraded if DaVita repays debt and/or grows earnings such that Moody's expects debt to EBITDA to be sustained below 3.25 times. A ratings upgrade would also require DaVita to remain disciplined with regards to acquisitions and shareholder returns. The ratings could be downgraded if DaVita experiences significant reimbursement cuts, from either government or commercial insurers. A downgrade could also ensue if Moody's expects debt to EBITDA to be sustained above 4.0 times, or if there is a deterioration in operating performance. DaVita, Inc., headquartered in Denver, CO, is an independent provider of dialysis services primarily in the US for patients suffering from end-stage renal disease (chronic kidney failure). The company also provides home dialysis services, inpatient dialysis services through contractual arrangements with hospitals, laboratory services and other ancillary services. Through its rebranded DaVita Medical Group, DaVita provides patient-and physician-focused integrated health care delivery services. DaVita reported $14.6 billion of revenues for fiscal year ended December 31, 2016. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. DIFFUSION PHARMACEUTICALS: Will Hold Annual Meeting on June 15 -------------------------------------------------------------- Diffusion Pharmaceuticals Inc. announced that its Board of Directors has established June 15, 2017, as the date for the Company's 2017 Annual Meeting of Stockholders and set April 17, 2017, as the record date for the Annual Meeting. Due to the fact that the date of the Annual Meeting has been changed by more than 30 days from the anniversary date of the 2016 Annual Meeting of Stockholders, the Company is providing the due date for submission of any qualified stockholder proposal or qualified stockholder nominations. In accordance with Rule 14a-5(f) and Rule 14a-8(e) under the Securities Exchange Act of 1934, as amended, and the Company's Amended and Restated Bylaws, the deadline for receipt of stockholder proposals for inclusion in the Company's proxy statement for the Annual Meeting pursuant to Rule 14a-8 will be no later than 5:00 p.m., Eastern Time, April 21, 2017. Stockholder proposals must comply with all of the applicable requirements set forth in the rules and regulations of the Securities and Exchange Commission, including Rule 14a-8 under the Exchange Act and the Company's Amended and Restated Bylaws. About Diffusion Pharmaceuticals Diffusion Pharmaceuticals, as surviving entity in its merger with RestorGenex, is a clinical stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments including radiation therapy and chemotherapy. Diffusion is developing its lead drug, trans sodium crocetinate (TSC), for use in the many cancer types in which tumor hypoxia (oxygen deprivation) is known to diminish the effectiveness of current treatments. TSC targets the cancer's hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more vulnerable to the therapeutic effects of treatments such as radiation therapy and chemotherapy, without the apparent addition of any serious side effects. TSC has potential application in other indications involving hypoxia, such as stroke and neurodegenerative diseases. Diffusion reported a net loss of $18.03 million for the year ended Dec. 31, 2016, compared to a net loss of $6.71 million for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Diffusion had $17.48 million in total assets, $8.29 million in total liabilities and $9.18 million in total stockholders' equity. KPMG LLP, in McLean, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities. The conditions raise substantial doubt about its ability to continue as a going concern. ENERGY FUTURE: Court Gives Interim OK to $32M in Professional Fees ------------------------------------------------------------------ Matt Chiappardi, writing for Bankruptcy Law360, reports that the Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware gave interim approval to a new batch of professional fees that totaled about $32 million, plus roughly $1.2 million in expenses. Citing the committee overseeing costs in the Chapter 11 that restricted some $42 billion in debt, Law360 relates that professional fees and expenses have grown to roughly $450 million. The figure, according to the report, is expected to increase before a final reckoning. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring Agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for The second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of only Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. * * * In December 2015, the Bankruptcy Court confirmed the Debtors' reorganization plan, which contemplated a tax-free spin of the company's competitive businesses, including Luminant and TXU Energy, and the $20 billion sale of its holdings in non-debtor electricity transaction unit Oncor Electric Delivery Co. to a consortium of investors. But the Plan became null and void after certain first lien creditors notified the occurrence of a "plan support termination event." The Debtors filed a new plan of reorganization on May 1, 2016, as subsequently amended. The new Chapter 11 plan features alternative options for dealing with the Company's stake in electricity transmission unit Oncor. On Aug. 29, 2016, Judge Sontchi confirmed the Chapter 11 exit plans of two of Energy Future Holdings Corp.'s subsidiaries, power generator Luminant and retail electricity provider TXU Energy Inc. (the "T-Side Debtors"). The Plan became effective on Oct. 3, 2016. On Sept. 21, 2016, the Debtors filed the E-Side Plan and the Disclosure Statement for the Fourth Amended Joint Plan of Reorganization of Energy Future Holdings Corp., et al., Pursuant to Chapter 11 of the Bankruptcy Code as it Applies to the EFH Debtors and EFIH Debtors. EVERETT'S AUTOMOTIVE: Hires Schechter and Smith Firms as Counsel ---------------------------------------------------------------- Everett's Automotive, LLC seeks approval from the US Bankruptcy Court for the Northern District of Illinois, Eastern Division, to employ as its Chapter 11 counsel: -- Joel A. Schechter of the Law Offices of Joel A. Schechter, and -- Ted A. Smith of Smith Ortiz P.C. The professional services to be rendered by Schechter and Smith are: (a) to give Debtor and Debtor-in-Possession legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business; (b) to prepare on behalf of the Debtor and Debtor-in-Possession necessary motions, answers, orders, reports and other legal papers necessary and appurtenant to these proceedings; (c) to perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary in this proceeding. The Debtor's principal met with Schechter and Smith and on March 13,2017, a retention agreement was executed which provided for retainer to be paid in the amount of $19,383. The retainer was paid to Schechter. Schechter, in turn, paid to Smith a portion of the retainer in the amount of $6,461. The hourly rate Schechter agreed to charge the Debtor for this case is $450. Joel A. Schechter attests that he is a disinterested party as the term is defined in 11 U.S.C. 101(14). The firms can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 1522 Chicago, IL 60604 Tel: (312)332-0267 -- and -- Ted A. Smith, Esq. Smith Ortiz P.C. 4309 West Fullerton Avenue Chicago, IL 60639 Tel: (773) 384-7400 About Everett's Automotive Everett's Automotive, LLC, d/b/a Midas Auto Service Experts, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-07795) on March 13, 2017. The petition was signed by Andrea Brown, Member. The Debtor is represented by Joel A. Schechter at the Law Offices of Joel A. Schechter. At the time of filing, the Debtor listed less than $50,000 in estimated assets and $500,000 to $1 million in estimated liabilities. FERRARA CANDY: S&P Lowers CCR to 'B-' on Operational Misses ----------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating to 'B-' from 'B' on Chicago-based Ferrara Candy Co. The outlook is stable. At the same time, S&P lowered its issue-level rating on the company's $535 million first-lien term loan maturing in 2023 to 'B-' from 'B' with a '3' recovery rating, indicating S&P's expectation for meaningful recovery (50%-70%, rounded estimate: 55%) in the event of a payment default. In addition, S&P lowered its issue-level rating on the company's $140 million second-lien term loan maturing in 2023 to 'CCC' from 'CCC+', with a '6' recovery rating, indicating S&P's expectation for negligible recovery (0%-10%, rounded estimate: 0%) in the event of payment default. S&P estimates that for the fiscal year-end 2016 the company had about $815 million of total debt outstanding. "The downgrade reflects the operational missteps in pricing and distribution within the private-label and nonorganic brands, and challenges in the scale-up of the branded organics platform that strained capacity to fulfill customer orders," said S&P Global Ratings credit analyst Stephanie Harter. The downgrade also reflects more competitive conditions with some convenience stores that have chosen more private-label offerings. These challenges resulted in estimated leverage of about 11x for the 12 months ended Dec. 31, 2016, including restructuring and transaction related expenses. S&P believes adjusted leverage is currently around 8.5x, excluding certain costs that may be one-time, but that Ferrara will experience continued tough conditions into the first half of 2017. It's possible the company could realize meaningful adjusted leverage improvement in the second half of 2017. However S&P's view of this likelihood is tempered given Ferrara's history of significant nonrecurring costs, recent negative free cash flow, and a large performance shortfall in 2016. The stable outlook reflects S&P's forecast that Ferrara will maintain adequate liquidity while improving its very weak credit ratios, which are currently depressed by sizable one-time costs. Nevertheless, S&P forecasts adjusted leverage will remain high, potentially at or well above 6.5x. S&P expects negative free cash flow through the end of the second quarter (June) 2017. S&P could lower the ratings if Ferrara Candy were to experience another business interruption resulting in sustained negative free cash flow--which S&P believes would strain liquidity as the company would enter its seasonal working capital needs early in the calendar year--or if S&P views the capital structure as unsustainable. S&P could raise the rating if the company restores and sustains positive free cash flow generation such that leverage is kept at or below 7.5x. S&P believes that EBITDA margins would need to be restored to the low-teens with no higher levels of capital expenditures for this to occur. FIELDPOINT PETROLEUM: LeRoy Landhuis Hikes Equity Stake to 8.29% ---------------------------------------------------------------- LeRoy Landhuis disclosed in a regulatory filing with the Securities and Exchange Commission that as of Jan. 15, 2017, he would be deemed to be the beneficial owner, within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, of an aggregate of 884,664 shares of commons stock or 8.29% of the total of 10,669,229 issued and outstanding shares of common stock of Fieldpoint Petroleum Corporation. On Oct. 11, 2016 Mr. Landhuis purchased 442,282 shares of Common Stock of the Company at $0.45 per share. On Jan. 15, 2017, Mr. Landhuis purchased an additional 442,282 shares at $0.45 per share. The funds used for the purchase were Mr. Landhuis personal funds. A full-text copy of the Schedule 13D is available for free at: https://is.gd/LfpFWO About Fieldpoint Petroleum FieldPoint Petroleum Corporation acquires, operates and develops oil and gas properties. Its principal properties include Block A-49, Spraberry Trend, Giddings Field, and Serbin Field, Texas; Flying M Field, Sulimar Field, North Bilbrey Field, Lusk Field, and Loving North Morrow Field, New Mexico; Apache Field, Chickasha Field, and West Allen Field, Oklahoma; Longwood Field, Louisiana; and Big Muddy Field, Wyoming. As of Dec. 31, 2015, the Company had varying ownership interests in 472 gross wells (113.26 net). FieldPoint Petroleum Corporation was founded in 1980 and is based in Austin, Texas. Fieldpoint incurred a net loss of $2.47 million for the year ended Dec. 31, 2016, compared to a net loss of $10.98 million for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Fieldpoint had $8.76 million in total assets, $9.82 million in total liabilities and a total stockholders' deficit of $1.05 million. Hein & Associates LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses, and has a working capital deficit. This raises substantial doubt about the Company's ability to continue as a going concern. GAINESVILLE HOSPITAL: Moody's Rates $19.54MM Limited Tax Bonds Ba1 ------------------------------------------------------------------ Moody's Investors Service has assigned a Ba1 rating to Gainesville Hospital District, TX's $19.54 million Limited Tax Refunding Bonds, Taxable Series 2017. Moody's also maintains the developing outlook. The rating reflects ongoing developments in bankruptcy including interim cash flow relief provided by the DIP loan, transition of hospital management from the district to McAllen Medical Center Physicians, Inc, a subsidiary of Universal Health Services, Inc. (UHS; Ba1 stable), as well as the lack of objections filed from creditors and stakeholders and plans to pay all debts in full with GOLT refundings. The Ba1 also considers elements of the long-term lease to be signed with McAllen Medical Center Physicians, potential challenges due to the district's payor mix and uncertainties surrounding the future of supplemental funding in the state. The district's stable tax base and ample headroom below the tax rate cap are also incorporated in the rating. Rating Outlook The developing outlook reflects the likelihood of a rating change over the near term as the district works through bankruptcy and upcoming debt validation hearings and finalizes its long term lease agreement with McAllen Medical Center Physicians. Factors that Could Lead to an Upgrade A sustained trend of improved operating margins and patient volumes Favorable outcomes in upcoming bankruptcy hearings Successful emergence from bankruptcy and full transition of hospital management Factors that Could Lead to a Downgrade Material unfavorable changes to Medicaid supplemental funding Further declines in patient volumes McAllen Medical Center Physicians backs out of long-term lease Legal Security The bonds are secured by a continuing direct ad valorem tax on all taxable property within the district. The tax rate is limited to $7.50 per $1,000 assessed valuation, provided that no more than $6.50 per $1,000 is levied for debt service. Use of Proceeds Proceeds will be used for the purpose of refunding the district's Series 2007 GOLT and to pay bond issuance costs. The refunding will result in an estimated net present value cost of -11% of refunded bond par. Obligor Profile The district owns and operates the North Texas Medical Center (NTMC), a 60-bed acute care hospital located in the City of Gainesville, TX. The city is located 60 miles north of the Dallas-Fort Worth metroplex and five miles south of the Texas-Oklahoma Border. The service area is predominantly Cooke County. The NTMC also sees patients from eastern Montague County, western Grayson County, northern Denton County and southern Love County, Oklahoma. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. GASTAR EXPLORATION: Moody's Withdraws Caa3 Corporate Family Rating ------------------------------------------------------------------ Moody's Investors Service has withdrawn all assigned ratings for Gastar Exploration Inc., including the Caa3 Corporate Family Rating, following the elimination of all of its rated debt. The following ratings were withdrawn: Issuer: Gastar Exploration Inc. -- Probability of Default Rating, Withdrawn, previously rated Caa3-PD -- Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-4 -- Corporate Family Rating, Withdrawn, previously rated Caa3 Outlook Actions: Issuer: Gastar Exploration Inc. -- Outlook, Changed To Rating Withdrawn From Negative RATINGS RATIONALE Gastar's Senior Secured Bonds were eliminated effective March 24, 2017. Gastar Exploration Inc. previously known as Gastar Exploration USA, Inc., is an independent oil and gas exploration and production (E&P) company, headquartered in Houston, Texas. GENERAL WIRELESS: Hires Crowe Horwath as Tax Accountants -------------------------------------------------------- General Wireless Operations, Inc., dba RadioShack, and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Crowe Horwath LLP as tax and financial accountants, nunc pro tunc to the March 8, 2017 petition date. The Debtors require Crowe Horwath to perform these services: (a) General Recurring Tax Planning - pursuant to the Debtors' request, perform research and respond to requests for analysis, assistance and advice regarding the tax implications of transactions arising in the ordinary course of the Debtors' business; (b) Non-recurring Tax Planning and Advice - pursuant to the Debtors' request, perform research and respond to requests for analysis, assistance and advice regarding the tax implications of transactions arising as a result of the Debtors' bankruptcy filings including but not limited to asset dispositions and disclosure statement and plan of reorganization issues; and (c) Accounting and Financial Advisory - pursuant to the Debtors' request, perform research and respond to requests for analysis, assistance and advice regarding the financial accounting and reporting issues relating to the Debtors including but not limited to the application of Generally Accepted Accounting Principles ("GAAP") and Accounting Standards Codifications. Crowe Horwath will be paid at these hourly rates: Stephen Lalor, managing director $585 Carl Karpiak, manager $460 Partners/Managing Directors/Directors $565-$650 Managers/Senior Managers $285-$480 Associate and Senior Accountants/ Consultants including Computer Consultants $155-$295 Paraprofessionals $80-$180 Crowe Horwath will also be reimbursed for reasonable out-of-pocket expenses incurred. During the 90-day period prior to the petition date, Crowe Horwath was paid a retainer by the Debtors in the amount of $15,000. Stephen J. Lalor, managing director of Crowe Horwath, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: (a) Crowe Horwath did not agree to a variation of its standard or customary billing arrangement for this engagement; (b) none of the professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 cases; (c) Crowe Horwath provided services to the Debtors prior to the petition date in connection with the filing of these Chapter 11 cases. Crowe Horwath is billing the Debtors post-petition at the same effective rates is billed pre- petition; and (d) the Debtors and Crowe Horwath expect to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures and any order of this Court. The Debtors have approved Crowe Horwath's proposed rates. The Court will hold a hearing on the application on April 24, 2017, at 10:30 a.m. Objections, if any, are due April 17, 2017, at 4:00 p.m. Crowe Horwath can be reached at: Stephen J. Lalor CROWE HORWATH LLP 488 Madison Avenue, Floor 3 New York, NY 10022-5722 Tel: (212) 572-5500 Fax: (212) 572-5572 About General Wireless Operations Based in Fort Worth, Texas, General Wireless Operations Inc., doing business as RadioShack -- http://www.RadioShack.com-- operates a chain of electronics stores. Its predecessor, RadioShack Corp., then with 4,000 locations, sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10197) in February 2015 and announced plans to close underperforming stores. In March 2015, General Wireless, a Standard General affiliate, won court approval to purchase RadioShack Corp.'s assets, gaining ownership of around 1,700 RadioShack locations. Two years later, General Wireless commenced its own bankruptcy case, announcing plans to close 200 of 1,300 remaining stores. General Wireless Operations Inc., and its affiliates based in Fort Worth, Texas, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 17-10506) on March 8, 2017. In its petition, General Wireless estimated $100 million to $500 million in both assets and liabilities. The petition was signed by Bradford Tobin, SVP, general counsel. The Debtors tapped Pepper Hamilton LLP as legal counsel; Loughlin Management Partners & Company, Inc. as financial advisor; and Prime Clerk, LLC as claims and noticing agent. GENERAL WIRELESS: Taps CR3 Partners as Consultant ------------------------------------------------- General Wireless Operations, Inc., dba Radioshack, and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ CR3 Partners, LLC as real estate consultant and advisor, nunc pro tunc to the March 8, 2017 petition date. The Debtors require CR3 Partners to: (a) assist the Debtor in the development and implementation of a key employee incentive plan ("KEIP"), a key employee retention plan ("KERP"), and matters related to the proposed KEIP and KERP programs; and (b) provide advice and analysis with respect to other matters to support the Debtors, as requested by the Debtors. CR3 Partners will be paid at these hourly rates: Partner $500-$695 Director $350-$500 Manager $300-$400 Associate $250-$350 CR3 Partners will also be reimbursed for reasonable out-of-pocket expenses incurred. No individual out-of-pocket expense shall exceed $100 without the prior consent of the Debtors. Prior to the petition date, the Debtors paid CR3 Partners a retainer fee in the amount of $15,000. Eric A.W. Danner, partner of CR3 Partners, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Court will hold a hearing on the application on April 24, 2017, at 10:30 a.m. Objections, if any, are due April 17, 2017, at 4:00 p.m. CR3 Partners can be reached at: Eric A.W. Danner CR3 Partners, LLC 100 Park Avenue, 16th Floor New York, NY 10017 Tel: (617) 875-6403 E-mail: eric.danner@cr3partners.com About General Wireless Operations Based in Fort Worth, Texas, General Wireless Operations Inc., doing business as RadioShack -- http://www.RadioShack.com-- operates a chain of electronics stores. Its predecessor, RadioShack Corp., then with 4,000 locations, sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10197) in February 2015 and announced plans to close underperforming stores. In March 2015, General Wireless, a Standard General affiliate, won court approval to purchase RadioShack Corp.'s assets, gaining ownership of around 1,700 RadioShack locations. Two years later, General Wireless commenced its own bankruptcy case, announcing plans to close 200 of 1,300 remaining stores. General Wireless Operations Inc., and its affiliates based in Fort Worth, Texas, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 17-10506) on March 8, 2017. In its petition, General Wireless estimated $100 million to $500 million in both assets and liabilities. The petition was signed by Bradford Tobin, SVP, general counsel. The Debtors tapped Pepper Hamilton LLP as legal counsel; Loughlin Management Partners & Company, Inc. as financial advisor; and Prime Clerk, LLC as claims and noticing agent. GLOBAL PAYMENTS: S&P Retains 'BB+' Corporate Credit Rating ---------------------------------------------------------- S&P Global Ratings assigned its 'BBB-' issue-level rating and '2' recovery rating to Atlanta -based payments technology provider Global Payments Inc.'s proposed $5 billion senior secured credit facility, comprising a $1.25 billion revolver due 2022, term loan A due 2022, term loan A-2 due 2022, and term loan B due 2023 (allocation between tranches not yet finalized). The '2' recovery rating indicates S&P's expectation for substantial (70% to 90%; rounded estimate: 70%) recovery in a default scenario. The company will use proceeds of the issuance to retire the existing credit facility. S&P's 'BB+' corporate credit rating and stable outlook on Global Payments remain unchanged. RATINGS LIST Global Payments Inc. Corporate Credit Rating BB+/Stable/-- New Rating Global Payments Inc. Global Payments Direct Inc. Senior Secured $1.25 bil. revolver due 2022 BBB- Recovery Rating 2 (70%) Term loan A due 2022 BBB- Recovery Rating 2 (70%) Term loan A-2 due 2022 BBB- Recovery Rating 2 (70%) Term loan B due 2023 BBB- Recovery Rating 2 (70%) GREENE TECHNOLOGIES: Hires Fintel and Associates as Attorneys ------------------------------------------------------------- Greene Technologies Incorporated seeks authorization from the U.S. Bankruptcy Court for the Northern District of New York to employ Edward J. Fintel and Associates as attorneys. The Debtor requires Fintel and Associates to: a. advise the Debtor as to its rights, duties and powers as a Debtor-in-Possession; b. prepare and file the necessary applications, answers, reports, orders, and other legal papers necessary to be file by the Debtor in this case; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and d. perform other legal services as may be necessary in connections with this case; and it is necessary for the Debtor, as Debtor-in-Possession, to employ an attorneys for such professional services. The Debtor will compensate Fintel & Associates at $270 per hour. Fintel and Associates has received from the Debtor a retainer of $5,000 in this proceeding, as well as $1,717.00 for the Chapter 11 filing fee. Prior to the Filing Date, Fintel & Associates has been paid $$2,750.00 for legal services performed pre-petition from said retainer. Debtor also paid the filing fee of $1,717.00. Edward J. Fintel and Associates has no connection with the creditors or any other party in interest or their respective attorneys and accountants, the United States Trustee or any person employed in the office of the United States Trustee. Fintel & Associates can be reached at: Edward J. Fintel, Esq. Edward J. Fintel & Associates 227 West Fayette Street, Suite 200 Syracuse, New York 13202 Tel: (315) 424-8252 E-mail: ejfintel@aol.com About Greene Technologies Incorporated Greene Technologies Incorporated filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y.. Case No. 17-60389) on March 31, 2017. Edward J. Fintel and Associates represents the Debtor as counsel. The Debtor disclosed total assets of $795,274 and total liabilities of $1.01 million. The petition was signed by Carol M. Rosenkrantz, president. HALYARD HEALTH: S&P Affirms 'BB-' CCR & Revises Outlook to Neg. --------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Halyard Health Inc., including the 'BB-' corporate credit rating, and revised the outlook to negative from stable. The issue-level rating on the secured debt is 'BB-', with a '3' recovery rating. The '3' recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The issue-level rating on the unsecured debt is 'B', with a '6' recovery rating. The '6' recovery rating indicates expectations for negligible (0%-10%; rounded estimate: 5%) recovery in a payment default. "The negative outlook follows Halyard's announcement that a California jury found against Halyard and its former parent, Kimberly-Clark Corp., and awarded both compensatory [$4 million] and punitive [$450 million] damages to the plaintiffs," said S&P Global Ratings credit analyst David Kaplan. Halyard had previously indemnified Kimberly-Clark for damages relating to the case, thus Halyard would be responsible for the full amount. Halyard was accused of concealing certain information regarding its MICROCOOL Breathable High Performance Surgical Gowns and that it deliberately sold defective protective equipment used in the recent Ebola pandemic preparedness. Halyard Health denies the allegations and continues to sell its MICROCOOL gowns, which contribute less than $40 million of annual revenue. The company intends to file a motion to reverse the jury's verdict. In addition, the court is likely to significantly reduce the award amount. However, Halyard will have to operate under a significant legal uncertainty over the long term, given that this is a multi-step legal process. Also, further litigation could emerge, if other states follow suit. The negative outlook reflects downside risk to the 'BB-' rating from the uncertain financial impact from reputational, legal, and regulatory risks, as well as the potential impact this may have on the company's competitive dynamics. S&P believes there is a strong likelihood that the court will subsequently significantly reduce the initial damage award. However, should the judgement be entered at the awarded amount, S&P would consider a downgrade, despite the likelihood that Halyard would appeal the outcome and that the process would be lengthy. The ultimate credit impact could range from immaterial to severe depending on the extent to which the courts deem Halyard to be liable. S&P also notes that the litigation could result in operational underperformance, due to potential reputational damage, significant litigation costs, and because it is a distraction to management. In addition, the company has been acquisitive, as it seeks to expand its higher-margin medical devices business (30% of revenues). Debt-financed acquisitions that result in leverage above 4x over the longer term could also lead to a downgrade. S&P would consider a revision back to stable should it receives greater clarity regarding the litigation, including a reduction of the award and that there would not be significant subsequent litigation from other states. Additionally, S&P would see if litigation matters have any significant adverse impact on the company's operating performance and credit metrics before contemplating revising the outlook back to stable. HARRINGTON & KING: Court Allows Further Use of Cash Collateral -------------------------------------------------------------- Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois signed an Agreed Ninth Interim Order authorizing The Harrington & King Perforating Co., Inc. and its affiliated debtors to use the cash collateral of Inland Bank and Trust. The Debtors are indebted to Inland Bank and Trust in the amount of $4,057,788 as of the Petition Date. Inland Bank consented to the Debtors' use of cash collateral. Inland Bank is granted replacement liens as security for payment of the prepetition debt, to the same extent of the Inland Bank's priority in the prepetition collateral. Inland Bank is also authorized to collect upon, convert to cash and enforce checks, drafts, instruments and other forms of payment on behalf and for the benefit of the bankruptcy estate. Prior to the termination date, Inland Bank will remit to the Debtors all cash collateral as and when necessary to pay the expenses set forth in the Budget. The approved budget for April 14, 2017 through June 2, 2017 provides total operating expenses in the aggregate sum of $133,388 and total operating disbursements of approximately $1,327,123. On the other hand, the Debtors will remit any excess cash collateral to Inland Bank to the extent that the cash collateral held by the Debtors exceeds: (a) $150,000 cash reserve; (b) the disbursements set forth in the Budget for the following week; and (c) any budgeted items not paid in the prior weeks, but still payable by the Debtors. At the election of Inland Bank, all cash collateral received in excess of expenses set forth in the Budget and the $150,000 reserve will be applied: first, to the payment of the Prepetition Debt, and second, payment of the Allowable 506(b) Amounts. At the election of Inland Bank, the Debtors' right to use cash collateral will terminate the earliest to occur of: (a) the date on which Inland Bank & Trust provides written notice to counsel for the Debtors and counsel for the Official Committee of Unsecured Creditors of the occurrence and continuance of an Event of Default; (b) the date on which the Prepetition Debt is indefeasible paid in full in cash; and (c) April 18, 2017. A further hearing on the Debtors' Motion has been scheduled for April 13, 2017 at 10:00 a.m. A full-text copy of the Agreed Ninth Interim Order, dated April 7, 2017, is available at http://tinyurl.com/m4ekbeq About The Harrington & King Perforating The Harrington & King Perforating Co., Inc., and Harrington & King South Inc. are in the business of manufacturing perforating metal sheets and rolled coils of varying gauges and types to produce hole patterns of various sizes, shapes, and spacing. Most of the work is done to customer specifications and consists of high value-added jobs, not typical of most metal punching. The products are used in automotive, acoustics, architecture, food and pharmaceutical straining and filtering, interior design, manufacturing, safety flooring, pollution control, transportation and mining cleaning and grading, electronics and other fields. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case Nos. 16-15650 and 16-15651) on May 7, 2016. The petitions were signed by Greg McCallister, chief restructuring officer and chief operating officer. The cases are jointly administered under Case No. 16-15650. The Debtors estimated assets and liabilities in the range of $1 million to $10 million. The cases are assigned to Judge Deborah L. Thorne. The Debtors hired William J. Factor, Esq., at The Law Office of William J. Factor, Ltd., as bankruptcy counsel. The Debtors tapped Patricia A. Shlonsky, Esq., and Ulmer & Berne LLP as special counsel; Miles P. Cahill, Esq. at Spiegel & Cahill, P.C. as Special Workers' Compensation Counsel; Vito Mitria and the Beacon Management Advisors LLC as financial advisor; and Larry Goldwasser and Cushman & Wakefield of Illinois, Inc. as real estate broker. The Official Committee of Unsecured Creditors retained Thomas R. Fawkes, Esq. and Brian J. Jackiw, Esq. of Goldstein & McClintock LLLP as its legal counsel. The Committee also engaged John B. Pidcock and Conway MacKenzie, Inc. as its financial advisor. HCR MANORCARE: Enters Into Forbearance Agreement with Quality Care ------------------------------------------------------------------ Quality Care Properties, Inc. on April 5, 2017, disclosed that it entered into a forbearance agreement (the "Agreement") with its principal tenant, HCR III Healthcare, LLC and its parent HCR ManorCare, Inc. (together, "HCR ManorCare"). Among other things, the Agreement would require HCR ManorCare to make cash rent payments of $32 million for each of April, May and June of 2017, with a deferral of the additional $7.5 million per month otherwise due until the earlier of (i) July 5, 2017 and (ii) an early termination of the Agreement, with all deferred amounts becoming immediately due and payable upon an early termination. The Agreement also requires HCR ManorCare to deliver its 2016 audited financial statements and auditor consent to QCP not later than April 10, 2017, which is expected to include a "going concern" exception for HCR ManorCare in the auditor opinion. Importantly, during the term of the Agreement, which will end on July 5, 2017, unless earlier terminated, QCP and HCR ManorCare intend to engage in good faith discussions concerning a long-term restructuring of the terms of the master lease, the guaranty of the master lease and certain other matters. To facilitate the exploration of restructuring alternatives, QCP also agreed to provide HCR ManorCare with a temporary secured extension of credit of up to $7 million per month during each of April, May and June of 2017 (up to $21 million in the aggregate), which would be due and payable in full not later than December 31, 2017, subject to acceleration upon certain events. "We are pleased to have reached this agreement and are working with HCR ManorCare to reach a comprehensive, long-term solution to the master lease that seeks to both preserve and enhance the value of our properties, while supporting the ability of HCR ManorCare and its thousands of employees and caregivers to provide high-quality care for their patients and residents. We remain open to all appropriate solutions, including possibly transitioning to increased equity ownership in HCR ManorCare," said Mark Ordan, QCP's Chief Executive Officer. Additional details regarding the Agreement are available in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on April 5, 2017. HCR ManorCare accounted for 94% of QCP's total revenues during the year ended December 31, 2016. About QCP Quality Care Properties, Inc. -- http://www.qcpcorp.com-- is one of the nation's largest actively managed real estate companies focused on post-acute/skilled nursing and memory care/assisted living properties. QCP's properties are located in 29 states and include 257 post-acute/skilled nursing properties, 61 memory care/assisted living properties, a surgical hospital and a medical office building. HOUSTON PLATE: Hires Mark Eyring as Accountant ---------------------------------------------- Houston Plate Processing, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Mark W. Eyring as certified public accountant. The Debtor requires Mr. Eyring to assimilate the data necessary to prepare monthly internal financial statements, which will include implementation of QuickBooks accounting system; preparing the annual Corporate Federal Tax Return; preparing the annual State Franchise Tax Return; and assisting in the workout process with creditors and any other business services directly related to these proceedings. Mr. Eyring will charge a flat fee of $475 per month for his services. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Eyring assured the Court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. The accountant can be reached at: Mark W. Eyring 3119 East Hickory Park Circle Sugar Land, TX 77479 Tel: (281) 240-8000 About Houston Plate Processing Houston Plate Processing, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-30603) on Feb. 2, 2017. The petition was signed by Jeremiah E. Thompson, president. The case is assigned to Judge Karen K. Brown. Margaret M. McClure, Esq., at the Law Office of Margaret M. McClure serves as the Debtor's bankruptcy counsel. At the time of the filing, the Debtor disclosed $1.13 million in assets and $2.3 million in liabilities. ICSH PARENT: Moody's Assigns B3 Corporate Family Rating ------------------------------------------------------- Moody's Investors Service assigned first time ratings to ICSH Parent, Inc., including a B3 corporate family rating and a B3-PD probability of default rating. Instrument ratings are detailed below. The rating outlook is stable. The proceeds from the new facilities will be used to finance the acquisition of ICS by Centerbridge Partners, as well as pay fees and expenses associated with the transaction. The purchase price is supported by an undisclosed equity investment by Centerbridge Partners. The equity investment is pure common stock and not expected to have a dividend, PIK or accrete. The transaction is expected to close in early May. Moody's took the following actions: Assignments: Issuer: ICSH Parent Inc. -- Probability of Default Rating, Assigned B3-PD -- Corporate Family Rating, Assigned B3 -- Senior Secured Bank Credit Facility, Assigned B2 (LGD 3) Outlook Actions: Issuer: ICSH Parent Inc. -- Outlook, Assigned Stable RATINGS RATIONALE The assignment of the B3 corporate family rating reflects weak pro forma credit metrics for the rating category and a primarily commoditized product line with significant exposure to cyclical end markets. The company operates in a fragmented and competitive industry where it has greater scale than most competitors but is significantly smaller than other rated packaging manufacturers. The rating also reflects a mixed contract position that lacks contractual raw material cost pass-through provisions and are subject to competitive pricing. ICS is expected to remain financially aggressive, focusing mainly on small tuck-in acquisitions. The rating is supported by the company's exposure to the higher-margin reconditioning business, where ICS generates over 60% of its revenue. The company also has long-standing customer relationships with low customer concentration of sales as the top ten account for approximately 13% of revenue and no single customer accounts for more than 2%. The ratings are also supported by some exposure to more stable end markets with roughly 14% of sales emanating from food and beverage customers. Free cash flow is expected to be used for accretive acquisitions or debt reduction. The stable outlook reflects the expectation that ICS will continue to execute its operating plan as it integrates acquisitions and benefits from productivity initiatives and the dedication of free cash flow to debt reduction. The ratings could be upgraded if the company sustainably improves credit metrics within the context of a stable operating and competitive environment while also maintaining adequate liquidity. Specifically, the ratings could be upgraded if debt/EBITDA declines below 5.5 times, EBITDA to interest expense increases above 3.0 times and funds from operations to debt increases above 8.5%. The ratings could be downgraded if credit metrics, the operating and competitive environment, or liquidity deteriorates, or if the company undertakes a large debt-financed acquisition. The ratings could also be downgraded if the company fails to execute on its integration and operating plans. Specifically, the ratings could be downgraded if debt/EBITDA remains above 6.0 times, EBITDA to interest expense declines below 2.0 times and funds from operations to debt remains below 6.0%. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass, and Plastic Containers published in September 2015. Headquartered in Maitland, Florida, Industrial Container Services is a provider of industrial container solutions, container services and container management systems. Steel reconditioning services accounted for about 48% of 2016 sales, intermediate bulk container reconditioning services for about 10%, specialty distribution for about 21%, manufacturing for about 10%, and other for 11%, which includes environmental and decontamination services. The company generated approximately $353 million of sales in 2016. Industrial Container Services will be a portfolio company of Centerbridge Partners LP. ICSH PARENT: S&P Assigns 'B' CCR on Acquisition by Centerbridge --------------------------------------------------------------- S&P Global Ratings said that it assigned its 'B' corporate credit rating to ICSH Parent Inc. (d/b/a Industrial Container Services). The outlook is stable. ICSH has signed an agreement to be acquired by Centerbridge Partners L.P. The acquisition is to be partially funded with a 1st lien credit facility ($40 revolving credit facility, $360 million 1st lien term loan, and $65 million 1st lien delayed draw term loan) and a 2nd lien credit facility ($135 million 2nd lien term loan and a $25 million 2nd lien delayed draw term loan). At the same time, S&P assigned its 'B' issue-level ratings and '3' recovery ratings to the company's proposed 1st lien credit facility, which consists of a $40 million revolving credit facility, a $360 1st lien term loan, and a $65 million 1st lien delayed draw term loan. The '3' recovery ratings indicate S&P's expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of a default. The company's 2nd lien credit facility is unrated. Maitland, Fla.-based ICSH Parent Inc. (d/b/a Industrial Container Services) is a vertically integrated provider of industrial container products and services, operating through 49 facilities located throughout the U.S. and Canada. The company's services include container reconditioning (58% of pro forma 2016 sales), distribution (21%), manufacturing (10%), and other ancillary services (11%). The company's reconditioning services entail the treatment of used containers (i.e. steel drums, intermediate bulk containers [IBC], and plastic drums) for reuse in various end-markets, including the petro-chemical, chemical, and food sectors. The company's distribution segment offers a range of both new and refurbished industrial container and packaging solutions, including ICSH's reconditioned products. The company recently entered into container manufacturing, producing steel drums, plastic drums, and other related products. "The stable outlook on ICSH Parent reflects our expectation that improving petrochemical and chemical end-markets and a sustained recovery in steel prices will support overall sales volumes. We expect the company to continue aggressively pursuing bolt-on acquisitions, but nothing that would cause credit metrics to remain elevated for a prolonged period of time," said S&P Global Ratings credit analyst Daniel Lee. S&P expects the aforementioned factors to drive moderate sales growth and improving operating margins over the next 12 to 18 months. S&P expects ICSH will de-leverage to an adjusted debt-to-EBITDA ratio of approximately 7x over the next 12 to 18 months, which combined with its positive free cash flow generation, covenant-lite capital structure, and modest amortization requirements, is appropriate for the current rating. S&P could lower its ratings on ICSH if weaker demand trends in the company's key end-markets, and or the failure to execute on management's various operating initiatives could result in deteriorating operating performance and negative free cash flow. Under such a scenario, S&P would expect the company's adjusted debt-to-EBITDA to remain above 7x with no near-term prospects for improvement. This could occur if operating margins fall by 300 basis points (bps). S&P could also downgrade the company if it pursues shareholder rewards that further deteriorate its credit measures. Although unlikely over the next 12 months, S&P could raise its rating on ICSH if better than expected demand trends result in a significant improvement in sales volumes and operating margins. Under such scenario, S&P would expect the company's adjusted debt-to-EBITDA ratio to improve to below 5x on a sustained basis. This could occur if operating margins improve by 400 bps, combined with mid-single digit revenue growth. In conjunction with improved credit measures, S&P would require a commitment from the company and its financial sponsor to maintain financial policies that support the current rating. ILIANA NEUROSPINE: Hires Powers Pyles Sutter as Healthcare Counsel ------------------------------------------------------------------ Iliana Neurospine Institute, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Indiana to employ Powers Pyles Sutter & Verville PC as special counsel for certain healthcare matters. The Debtor requires Powers to represent the Debtor in connection with certain healthcare issues, including but not limited to the interpretation of Health Insurance Portability and Accountability Act ("H.I.P.A.A.") and its application to the information sought by the Federal Deposit Insurance Corporation, as Receiver for First Union Bank ("FDIC"). Powers will be paid at these hourly rates: Robert M. Portman, Esq. $620 Associates $300 Powers will receive $5,0000 as retainer. Powers will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert M. Portman, Esq., principal in the law firm of Powers Pyles Sutter & Verville PC, assured the Court that the firm is does not represent any interest adverse to the Debtor and its estates. Powers may be reached at: Robert M. Portman, Esq. Powers Pyles Sutter & Verville PC 1501 M Street, NW 7th Floor Washington, DC 20005 Phone: 202-872-6756 E-mail: rob.Portman@powerslaw.com About Iliana Neurospine LLC Iliana Neurospine Institute, LLC -- dba Illinois Neurospine Institute fdba successor by merger to Illinois Neurospine Institute, LLC -- filed a chapter 11 petition (Bankr. N.D. Ind. Case No. 16-23444) on Dec. 8, 2016. Illinois Neurospine Institute, P.C., was an Illinois professional corporation. On July 22, 2014, the assets of Illinois Neurospine Institute were merged into Iliana Neurospine Institute, LLC, which is the surviving entity. Prior to the merger, Ronald Michael, M.D. Was the president and employee of Illinois Neurospine Institute, and owned 100% of its outstanding shares. The Debtor owns 100% of the membership interest of Iliana Neurospine Institute. The Debtor is the entity through which Dr. Michael provides healthcare services, resulting in the creation of accounts receivable that funds its business operations. It is also the primary source of the Debtor's income. Dr. Michael is a board certified specialist in neurological surgery. He earned A.B. and S.M. degrees from the University of Chicago in Biological Sciences and Biochemistry, respectively in 1981 and 1984. Dr. Michael graduated from the University of Illinois, Chicago College of Medicine in 1986 and completed residency in neurological surgery at Northwestern University in 1993. Dr. Michael has been practicing medicine for approximately 30 years including seven years of residency training. The bulk of Dr. Michael's work invovles spine surgery. He treats patients suffering from a variety of debilitating ailments, including degenerative and traumatic disc disease. Dr. Michael helps his patients manage their pain and improve their overall life. The Chapter 11 petition was signed by Ronald Michael, M.D., managing member. The Debtor is represented by Gordon E. Gouveia, Esq., at Gordon E. Gouveia, LLC. The case is assigned to Judge Philip J. Klingeberger. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. IMPLANT SCIENCES: Equity Panel Denied More Leeway to Sue Lenders ---------------------------------------------------------------- The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware has entered a memorandum order denying the request of the Official Committee of Equity Security Holders for clarification and reconsideration, on a limited basis, of order granting in part and denying part the Equity Committee's request for entry of an order granting standing to commence and prosecute certain claims on behalf of the Debtors' estates against lenders DMRJ Group, LLC, and Montsant Partners, LLC. A copy of the memorandum order is available at: http://bankrupt.com/misc/deb16-12238-629.pdf Rick Archer, writing for Bankruptcy Law360, reports that the Court denied on April 3 a bid by a stockholders committee to expand its limited standing to sue the lenders, saying the standing issue had "played itself out." The Court, according to Law360, denied the committee's request for an order finding that they could file new claims in the future against the lenders, saying the question had been settled and leaving it open could endanger future debtor-in-place financing. Jeff Montgomery at Law360, relates that the Court said that a bid by a stockholders committee to expand its limited standing file a lawsuit against the lenders could send ripples well beyond the case. Law360 relays that a hearing was held on a motion for reconsideration of a Jan. 30 court order allowing the official equity security holders committee to pursue insider trading, usury and related claims against lenders DMRJ Group LLC and Montsant Partners LLC. The lenders opposed the Reconsideration Motion, which is the target of the litigation the Equity Committee seeks leave to prosecute. At the outset of the proceedings, the Court entered interim orders and later, final financing that provided, inter alia, for a limited period within which the parties could investigate the secured liens and claims of DMRJ. If claims were not brought by a party with standing to sue within that period, DMRJ would obtain a release. The Equity Committee requested that the Court clarify that the standing order doesn't limit the Equity Committee's ability to pursue other or different claims against DMRJ/Montsant in the future. The Equity Committee reported that it did not receive all of the discovery it sought from DMRJ/Montsant: if further investigation or discovery in the litigation reveals a basis for claims that were not articulated in the proposed complaint, the Equity Committee reasons that it should have the opportunity to return to this Court in the future for leave to pursue these claims. DMRJ/Montsant opposes the reconsideration motion. DMRJ/Montsant accurately notes that the Equity Committee's argument (regarding the ability to bring new claims in the future) was previously presented to, and rejected by, the Court. On the merits of the issue, DMRJ/Montsant notes that both the DIP court order and the procedures governing derivative standing provide that claims are released if standing is not sought and obtained by the challenge deadline. DMRJ/Montsant has the better argument. The Equity Committee's interpretation misconstrues the role and function of the Court as gatekeeper: the Court is obliged to consider a standing motion and the individual counts in the proposed complaint on a count-by-count basis prior to expiry of the challenge deadline. The prospect of the Equity Committee returning to the Court, possibly repeatedly, in the future for leave to sue on new and different claims and theories appears demonstrably at odds with both the expectations of the secured lenders under a DIP financing court order and the procedural construct whereby derivative standing is obtained. The Court is not unsympathetic to the challenges faced by the Equity Committee, particularly where its investigation may have been hampered by the indictment of individuals related to DMRJ/Montsant. Nevertheless, the process played itself out: the Court heard the standing motion, applied the "colorability" standard, and granted standing to sue as to those claims deemed colorable. About IMX Acquisition IMX Acquisition Corp., also known as Ion Metrics Inc., and its affiliates, comprise a leading designer and manufacturer of systems and sensors that detect trace amounts of explosives and drugs. Their products, which include handheld and desktop detection devices, are used in a variety of security, safety, and defense industries, including aviation, transportation, and customs and border protection. The Debtors have sold more than 5,000 of their detection products to customers such as the United States Transportation Security Administration, the Canadian Air Transportation Security Authority, and major airports in the European Union. IMX Acquisition Corp. sought Chapter 11 protection (Bankr. D. Del. Case No. 16-12238) on Oct. 10, 2016. Its affiliates, Implant Sciences, C Acquisition Corp. and Accurel Systems International Corp. also sought Chapter 11 protection. The cases are assigned to Judge Brendan Linehan Shannon. IMX estimated assets and liabilities in the range of $100 million to $500 million. The Debtors tapped Paul V. Shalhoub, Esq. and Debra C. McElligott, Esq., and Jennifer J. Hardy, Esq., at Willkie Farr & Gallagher, LLP, as counsel. The petitions were signed by William J. McGann, president. Andrew Vara, acting U.S. trustee for Region 3, on Oct. 24, 2016, appointed Harold Coe and four others to serve on the official committee of equity security holders. Co-counsel to the Official Committee of Equity Security Holders are William R. Baldiga, Esq., and Gerard T. Cicero, Esq., at Brown Rudnick LLP, in New York, and Sunni P. Beville, Esq., at Brown Rudnick LLP, in Boston, Massachusetts; and Mark Minuti, Esq., at Saul Ewing LLP, in Wilmington, Delaware. The Equity Committee tapped FTI Consulting, Inc., as financial advisor. Tannor Partners Credit Fund, LP., the New DIP Lender, is represented in the case by Andrew M. Felner, Esq., at Sheppard, Mullin, Richter & Hampton, LP. * * * L3 Technologies on Jan. 5, 2017, disclosed that it has completed its acquisition of the explosives trace detection (ETD) business of Implant Sciences. L3 had entered into an asset purchase agreement (APA) to acquire certain assets of Implant for $117.5 million in cash, plus the assumption of specified liabilities. The Debtors have changed their names following the sale: FIAC Corp. from IMX Acquisition Corp.; Secure Point Technologies from Implant Sciences; FCAC Corp. from C Acquisition Corp.; and FASIC Corp. from Accurel Systems International Corporation. IPAYMENT INC: Moody's Hikes CFR to B3; Outlook Stable ----------------------------------------------------- Moody's Investors Service upgraded iPayment, Inc.'s (iPayment) Corporate Family Rating (CFR) to B3 from Caa2, Probability of Default Rating (PDR) to B3-PD/LD from Caa3-PD, and affirmed the B1 and Caa2 ratings of the company's new first lien and second lien debt, respectively. Moody's also upgraded the rating for iPayment's 9.5% notes due 2019 that did not participate in the debt exchange offer to Caa2, from Ca. iPayment's ratings outlook was changed to stable from negative. The ratings changes reflect the completion of iPayment debt exchange offer. Moody's will withdraw the ratings for iPayment's existing first lien credit facility and the notes due 2018 upon the repayment of debt at the close of the refinancing. RATINGS RATIONALE Moody's characterized iPayment's exchange of its senior second lien notes for preferred and common equity and cash as a distressed debt exchange. Moody's appended iPayment's PDR with an "/LD" designation indicating limited default, which will be removed after three business days. Moody's estimates that the debt restructuring will reduce iPayment's total debt to EBITDA from 7.5x to 5.6x and annual interest expense by approximately $10 million. Moody's expects iPayment will have adequate liquidity, including at least about $15 million of cash on hand, upon the close of the recapitalization. iPayment has generated year-over-year net revenue growth over the last 10 quarters but EBITDA growth remains elusive and merchant accounts continue to decline. The upgrade of the CFR to B3 reflects Moody's view that iPayment's improved liquidity, extension of debt maturities and the resolution of the lawsuit by its co-founder and former CEO will allow management to focus on its growth strategy. Moody's analyst Raj Joshi said, "The company will have adequate flexibility to execute its strategy of growing merchant accounts by expanding third-party distribution channels and increasing spending on acquisitions of merchant portfolios and residual buyouts." Moody's expects iPayment's free cash flow to increase from about 3% of total debt in 2017 to 4% in 2018, with potential upside from improved sales execution and increased investments. The B3 CFR reflects iPayment's high leverage, small operating scale and the intensely competitive merchant acquiring and payment processing industry. Moody's expects iPayment to manage total debt to EBITDA near 5x. The rating is supported by iPayment's recurring, transactions-based revenues generated from a diverse customer base. Moody's believes that rising consumer spending in the US and the ongoing shift to electronic forms of payments mitigate iPayment's challenges from intense competition. The stable outlook reflects Moody's expectation that iPayment will maintain net revenue growth of at least 3% to 4%, generate free cash flow of about 3% to 4% of total debt and maintain adequate liquidity over the next 12 to 18 months. The ratings could be upgraded if iPayment's generates EBITDA growth and free cash flow of approximately 7% to 8% of total debt on a sustained basis, while maintaining total debt to EBITDA (Moody's adjusted) below 5x. Conversely, the ratings could be downgraded if iPayment's liquidity deteriorates, free cash flow is expected to remain at or below the low single digit percentages of total debt and total debt to EBITDA (Moody's adjusted) exceeds 6x. iPayment's senior secured credit facilities are rated B1 with a loss given default assessment of LGD 3, reflecting a first priority security interest and a substantial layer of junior debt. The $175 million of senior 2nd lien are rated Caa2 (LGD 5) and benefit from a second priority security interest in the collateral that is pledged to the bank credit facilities. The senior 2nd lien notes due 2019 that did not participate in the debt exchange offer are rated Caa2 (LGD 6) as these notes no longer have guarantees and will become unsecured obligations in new capital structure. Moody's has taken the following rating actions: Issuer - iPayment, Inc. -- Corporate Family Rating -- B3, upgraded from Caa2 -- Probability of Default Rating -- B3-PD/LD, upgraded from Caa3-PD -- Senior 1st lien revolving credit facility due 2022 -- B1 (LGD 3), Affirmed -- Senior 1st lien term loan due 2023 -- B1 (LGD 3), Affirmed -- Senior 2nd lien notes due 2024 -- Caa2 (LGD 5), Affirmed -- Outstanding amounts of existing senior 2nd lien notes due 2019 (will become unsecured as part of exchange) -- Caa2 (LGD 6), upgraded from Ca (LGD 4) Outlooks: iPayment, Inc. -- Outlook -- Revised to Stable, from Negative The following ratings will be withdrawn upon the close of the financing: Issuer: iPayment, Inc. -- Senior secured credit facility due 2017 -- B2 (LGD 2) -- 10.25% senior unsecured notes due 2018 -- Ca (LGD 5) Issuer: iPayment Holdings, Inc. -- Senior PIK notes due 2018 -- Ca (LGD 5) iPayment, Inc. is a merchant acquirer that provides credit and debit card-based payment processing services to small business merchants in the United States. iPayment generated an estimated $349 million in revenues (net of interchange) in 2016. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. IPAYMENT INC: S&P Lowers CCR to 'SD' on Distressed Debt Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on New York-based iPayment Inc. to 'SD' (selective default) from 'CC'. At the same time, S&P lowered its issue-level ratings on the company's 9.5% second-lien notes to 'D' from 'C'. "The downgrades follow iPayment's agreement with noteholders to exchange about 95% of its second-lien notes for a combination of common stock, new preferred stock, and cash," said S&P Global Ratings credit analyst Craig Sabatini. The remaining balance of the second-lien notes will remain on the balance sheet and mature in 2019. S&P treats the exchange transactions as tantamount to a default, based on its criteria, because investors will receive less principal and interest than the securities promised. JAZZ SECURITIES: Moody's Affirms Ba3 CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Investors Service affirmed the ratings of Jazz Securities Limited, a subsidiary of Jazz Pharmaceuticals plc (collectively "Jazz"). The affirmed ratings include the Ba3 Corporate Family Rating, the Ba3-PD Probability of Default Rating, and the Ba2 (LGD 3) senior secured rating. In addition, Moody's raised the Speculative Grade Liquidity Rating to SGL-1 from SGL-2. At the same time, Moody's revised Jazz's rating outlook to stable from negative. Rating affirmed: Jazz Securities Limited: Corporate Family Rating at Ba3 Probability of Default Rating at Ba3-PD Senior secured term loan facility due 2021 at Ba2 (LGD3) Senior secured revolving credit facility due 2021 at Ba2 (LGD3) Rating raised: Speculative Grade Liquidity Rating to SGL-1 from SGL-2 Outlook actions: Jazz Securities Limited Revised to stable from negative "The outlook change to stable from negative reflects reduced likelihood of near-term generic competition for Xyrem following a patent settlement, combined with recent improvement in credit metrics," stated Michael Levesque, Moody's Senior Vice President. RATINGS RATIONALE Jazz's Ba3 rating reflects the company's position as a niche, specialty pharmaceutical company with about $1.5 billion of annual revenue. The rating considers Jazz's good growth prospects and its strong market position with Xyrem, the only FDA-approved drug to treat excessive daytime sleepiness (EDS) and cataplexy in narcolepsy. Xyrem and other Jazz products treat critical medical conditions and have limited competition, affording Jazz considerable pricing power. The ratings are constrained by Jazz's limited scale and high product concentration in Xyrem, which generates over 70% of sales. This risk is elevated by several unresolved patent challenges on Xyrem. However, risk of a near-term generic launch has substantially declined following recent settlements with several generic companies, including Roxane (acquired by Hikma), which had received final FDA approval for its generic version of Xyrem. The ratings are also constrained by Moody's view that the company will continue to make debt-funded acquisitions. However, this strategy will also aid the company in sustaining long-term growth and improving its product diversification. The upgrade of the Speculative Grade Liquidity Rating to SGL-1 from SGL-2 reflects strong and rising free cash flow, increasing revolver capacity due to revolver repayments, and ample cushion under financial maintenance covenants. The stable outlook reflects Moody's expectation for solid earnings growth and low likelihood of a Xyrem generic launch over the next few years, offset by continuation of limited revenue diversity. Factors that could lead to an upgrade include greater revenue diversity arising from a launch of Vyxeos and growth in Defiteleo, favorable resolution of the unresolved Xyrem patent challenges, and debt/EBITDA sustained below 2.5 times. Conversely, factors that could lead to a downgrade include operating challenges such as a generic Xyrem launch or supply disruptions, large debt-funded acquisitions, or debt/EBITDA sustained above 3.5 times. The principal methodology used in these ratings was Global Pharmaceutical Industry published in December 2012. Jazz Securities Limited is an Irish subsidiary of Jazz Pharmaceuticals plc (collectively referred to as "Jazz"), a specialty pharmaceutical company with a portfolio of products that treat unmet needs in narrowly focused therapeutic areas. Total revenues in 2016 were approximately $1.5 billion. JET SERVICES INC: Asks Court Permission to Use Cash Collateral -------------------------------------------------------------- Jet Services, Inc., asks permission from the U.S. Bankruptcy Court for the Southern District of Alabama to use the funds from its receivables in the ordinary course of business. The Debtor relates that prior to its bankruptcy filing, the Internal Revenue Service issued a levy upon receivables due to the Debtor from various sources. The IRS has also issued a levy upon the Debtor's operating account at Trustmark Bank. As such, the Debtor also requests the Court to permit payment of receivables to be made directly to the Debtor for it has an urgent need of funds to continue the operation of its business. In addition, the Debtor asks the Court to release the levy on its operating account so that it may be able to access the funds in that account in order to transfer said funds to its Chapter 11 Debtor-In-Possession Account for the operation of its business. The Debtor contends that if the IRS' levies remain in place, the Debtor will be unable to maintain the operation of its business as a going concern. A full-text copy of the Debtor's Motion, dated April 7, 2017, is available at http://tinyurl.com/n2z2j96 Jet Services, Inc., is represented by: Robert M. Galloway, Esq. Galloway, Wettermark, Everest & Rutens, LLP Post Office Box 16629 Mobile, AL 36616 Phone: (251) 476-4493 E-mail: bgalloway@gallowayllp.com About Jet Services, Inc. Jet Services, Inc., filed a Chapter 11 petition (Bankr. S.D. Ala. Case No. 17-01296) on April 7, 2017. The Debtor is represented Robert M. Galloway, Esq., at Galloway, Wettermark, Everest & Rutens, LLP. JEVIC HOLDING: Structured Dismissal Can't Breach Creditor Hierarchy ------------------------------------------------------------------- Alex Wolf, writing for Bankruptcy Law360, reports that attorneys who represented parties on the losing side of the U.S. Supreme Court's decision in Czyzewski et al. v. Jevic Holding Corp. et al., were relieved after the justices ruled that courts cannot authorize a distribution of Chapter 11 estate assets in violation of creditor priority scheme as part of a structured dismissal without proper consent. Citing experts, Law360 relates that the Supreme Court avoided going so far as to prohibit deviation from the scheme at any time during a case, instead making a carefully tailored decision that doesn't disturb routine practices. Law360 states that the court evidently wanted to avoid a broader conclusion that there can never be a deviation from the U.S. Bankruptcy Code's absolute priority rule governing the order in which classes of creditors are paid in Chapter 11. Experts said that a broader decision could have effectively eliminated "first-day motions" that allow a debtor to pay critical vendors, employee wages, taxes and other expenses before paying secured or higher-priority creditors, Law360 adds. Law360 quoted Rob Feinstein, Esq., at Pachulski Stang Ziehl & Jones who represents a group of unsecured Jevic creditors, as saying, "If they had issued a broader opinion, I think it could have really wreaked havoc in day-to-day bankruptcy practice and, fortunately, that didn't happen. We wanted to win our own case, but if we lost, we didn't want to lose on a basis that would break bankruptcy." About Jevic Transportation Based in Delanco, New Jersey, Jevic Transportation Inc. -- http://www.jevic.com/-- provided trucking services. Two affiliates -- Jevic Holding Corp. and Creek Road Properties-- have no assets or operations. Jevic et al. sought Chapter 11 protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008. Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represented the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on an Official Committee of Unsecured Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Before filing for bankruptcy, the Debtors initiated an orderly wind-down process. As a part of the wind-down process, the Debtors ceased substantially all of their business and terminated roughly 90% of their employees. The Debtors continue to manage the wind-down process in an attempt to deliver all freight in their system and to retrieve their assets. When the Debtors sought protection from their creditors, they estimated assets and debts between $50 million and $100 million. At Oct. 31, 2010, the Debtor had total assets of $425,000, total liabilities of $12.2 million, and a stockholders' deficit of $11.8 million. KENTUCKY ASSOCIATES: Taps Zipp Tannenbaum as Special Counsel ------------------------------------------------------------ Kentucky Associates, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Zipp Tannenbaum Caccavelli, LLC as special counsel to assist the Debtor in the prosecution of a real estate tax appeal before the Atlantic County Board of Taxation and, if necessary, to appeal to the New Jersey Tax Court. The Debtor requires Zipp Tannenbaum to give legal advice with respect to the Debtor's tax appeal, to prepare necessary pleadings, and all other legal services which may be necessary. Zipp Tannenbaum agreed to handle the Debtor's tax appeal for a fee of 15% of the annual savings, if any, if the tax appeal is successful, with Debtor's paying filing fee and experts' fees. Paul Tannenbaum of Zipp Tannenbaum assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Zipp Tannenbaum can be reached at: Paul Tannenbaum, Esq. ZIPP TANNENBAUM CACCAVELLI, LLC 280 Raritan Center Parkway Edison, NJ 08837 Tel: (732) 605-1000 About Kentucky Associates Kentucky Associates, L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-21083) on June 7, 2016. The petition was signed by Michael Joffe, member. The case is assigned to Judge Jerrold N. Poslusny Jr. The Debtor disclosed total assets of $1.75 million and total debts of $1.23 million. Deiches & Ferschmann represents the Debtor as bankruptcy counsel. The Debtor hired Thompson & Thompson as tax appeal counsel, and Eisenberg Gold Cettei Agrawal, P.C. as special counsel. No official committee of unsecured creditors has been appointed in the case. LA PALOMA: Fee Examiner Taps Goldstein & McClintock as Counsel -------------------------------------------------------------- Maria Aprile Sawczuk, the Fee Examiner of La Paloma Generating Company, LLC and its debtor-affiliates, seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Goldstein & McClintock LLLP as counsel to the fee examiner, nunc pro tunc to March 13, 2017. The Fee Examiner requires Goldstein & McClintock to: (a) assist the Fee Examiner with her review of Fee Applications and related invoices for compliance with: -- Sections 328, 329, 330 and 331 of the Bankruptcy Code; -- Rule 2016 of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"); -- Local Rule 2016-2; -- The United States Trustee Guidelines for Reviewing Applications for Compensation & Reimbursement of Expenses Filed under 11 U.S.C. section 330; and -- The Order Establishing Procedures for Interim Compensation and Reimbursement of Expenses of Professionals, entered on January 17, 2017 [D.I. 164] (the "Compensation Order" and together with the Local Rules and the UST Guidelines, the "Guidelines"); (b) assist the Fee Examiner in any hearings or other proceedings before the Court to consider the Fee Applications including, without limitation, advocating positions asserted in the reports filed by the Fee Examiner and on behalf of the Fee Examiner to the extent that such positions are not resolved prior to the hearing; (c) assist the Fee Examiner with legal issues raised by inquiries to and from the Retained Professionals and any other professional services provider retained by the Fee Examiner; (d) where necessary, attend meetings between the Fee Examiner and the Retained Professionals; (e) assist the Fee Examiner in developing protocols and making reports and recommendations; and (f) provide other services as the Fee Examiner may request. Goldstein & McClintock will be paid at these hourly rates: Kavin Tedamrongwanish, associate $275 Teresa Gomez, paraprofessional $235 Partners $355-$735 Associates $275-$315 Paraprofessionals $155-$235 Goldstein & McClintock will also be reimbursed for reasonable out-of-pocket expenses incurred. Maria Aprile Sawczuk, the Fee Examiner and partner of Goldstein & McClintock, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Court will hold a hearing on the application on May 10, 2017, at 10:00 a.m. Objections, if any, are due April 18, 2017, at 4:00 p.m. Goldstein & McClintock can be reached at: Maria Aprile Sawczuk, Esq. GOLDSTEIN & MCCLINTOCK LLLP 222 Delaware Avenue, Suite 900 Wilmington, DE 19801 Tel: (302) 444-6710 Fax: (302) 444-6709 E-mail: marias@restructuringshop.com About La Paloma Generating La Paloma Generating Company, LLC, a D.C.-based merchant power generator, and its affiliates La Paloma Acquisition Co, LLC, and CEP La Paloma Operating Company, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-12700 to 16-12702) on Dec. 6, 2016. The Hon. Christopher S. Sontchi presides over the cases. The petitions were signed by Niranjan Ravindran, as authorized person. The Debtors are represented by John J. Rapisardi, Esq., and George A. Davis, Esq., at O'Melveny & Myers LLP, as lead bankruptcy counsel; and Mark D. Collins, Esq., Andrew Dean, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., as Delaware counsel. Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP serve as conflicts counsel. Jefferies LLC serves as the Debtors' financial advisor and investment banker, while their claims and noticing agent is Epiq Bankruptcy Solutions. Alvarez & Marsal North America, LLC, as financial advisor. La Paloma Generating estimated $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Maria Aprile Sawczuk has been appointed fee examiner in the bankruptcy case. LAKE NAOMI REAL ESTATE: Taps Mark Kneeream as Accountant -------------------------------------------------------- Lake Naomi Real Estate, Inc. seek approval from the US Bankruptcy Court for the Middle District of Florida to employ Mark Kneeream, CPA of Mark Kneeream & Associates PC as accountant. The professional services the Accountant shall render are: a. prepare and file tax returns and conduct tax research; b. perform normal accounting and other accounting services as required by the Debtor; and c. prepare and/or assist the Debtor in preparing Court-ordered reports, including the United States Trustee Reports (i.e., Monthly Operating Reports and corporate Periodic Reports if necessary) and any documents necessary for the Debtor's disclosure statement. The firm will be paid an hourly rate of $175.00 for services rendered by the Accountant; and $50 to $100 per hour for services rendered by the accounting staff. The firm will be reimbursed for out of pocket costs such as computer charges, copies and postage for the accounting services. The Firm can be reached through: Mark Kneeream, CPA MARK KNEEREAM & ASSOCIATES PC 269 Pierce St Kingston, PA 18704 Tel: (570)714-5222 Email: mkneeream@570pak.com About Lake Naomi Real Estate Lake Naomi Real Estate, Inc. filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-02419) on March 24, 2017, listing under $1 million in both assets and liabilities, and is represented by Buddy D. Ford, Esq., at Buddy D. Ford, P.A. LILY ROBOTICS: Committee Retains Richards Layton as Co-counsel -------------------------------------------------------------- The Official Committee of Unsecured Creditors of Lily Robotics, Inc seeks approval from the US Bankruptcy Court for the District of Delaware to retain Richards, Layton & Finger, P.A. as co-counsel to the Committee nunc pro tunc to March 24, 2017. Professional services RL&F will render are: (a) advise the Committee of its rights, powers, and duties in this Chapter 11 Case; (b) assist and advise the Committee in its consultations with the Debtor relative to the administration of this Chapter 11 Case; (c) assist the Committee in analyzing the claims of the Debtor's creditors and in negotiating with such creditors; (d) assist with the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor’s business; (e) assist the Committee in its analysis of, and negotiations with, the Debtor or its creditors concerning matters related to, among other things, the terms of any plan or plans of reorganization or liquidation or any section 363 sale; (f) prepare on behalf of the Committee any necessary motions, applications, objections, answers, orders, reports and papers in furtherance of the Committee’s interests and objectives; and (g) perform all other necessary legal services as may be required and are deemed to be in the interests of the Committee in connection with this Chapter 11 Case. Mark D. Collins, director of Richards, Layton & Finger, P.A., attests that RL&F is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The principal professionals and paraprofessionals designated to represent the Committee and the hourly rates they will charge are: Mark D. Collins $900 per hour Amanda R. Steele $530 per hour Brett M. Haywood $385 per hour Ann Jerominski $250 per hour The Firm can be reached through: Mark D. Collins Amanda R. Steele Brett M. Haywood RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: collins@rlf.com steele@rlf.com haywood@rlf.com About Lily Robotics Based in Atherton, California, Lily Robotics, Inc., is the developer of the Lily Camera, a throw-and-shoot camera that captures pictures and videos from the skies. Its camera flies and uses GPS and computer vision to follow user's adventure activities. Lily sells its products internationally through its Web site https://www.lily.camera/ Lily Robotics filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 17-10426) on Feb. 27, 2017, listing $32.99 million in total assets as of Dec. 31, 2016, and $37.53 million in total liabilities as of Dec. 31, 2016. The petition was signed by Spencer L. Wells, director. Judge Kevin J. Carey presides over the case. Robert J. Dehney, Esq., Andrew R. Remming, Esq., and Marcy J. McLaughlin, Esq., at Morris, Nichols, Arsht & Tunnell LLP; Laura Metzger, Esq., and Jennifer Asher, Esq., and Douglas S. Mintz, Esq., at Orrick Herrington & Sutcliffe LLP serve as the Debtor's bankruptcy counsel. Prime Clerk LLC is the Debtor's claims and noticing agent. LINCOLN MEDICAL: Disclosure Statement Hearing Set for May 11 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey is set to hold a hearing on May 11, at 10:00 a.m., to consider approval of the disclosure statement, which explains the Chapter 11 plan for Lincoln Medical Supply Company, LLC. The hearing will take place at Courtroom 4B, 4th and Cooper Street, Camden, New Jersey. Objections to the disclosure statement must be filed no later than 14 days prior to the hearing. Lincoln Medical is represented by: Scott H. Marcus, Esq. Scott H Marcus & Associates 121 Johnson Road Turnersville, NJ 08012 Tel: (856) 227-0800 Fax: (856) 227-7939 Email: smarcus@marcuslaw.net About Lincoln Medical Supply Company Lincoln Medical Supply Company, LLC, a Pleasantville, New Jersey-based seller of medical supplies, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 16-24206) on July 25, 2016. The petition was signed by Paul Reses, president. The case is assigned to Judge Andrew B. Altenburg Jr. The Debtor is represented by Scott H. Marcus, Esq., at Scott H. Marcus & Associates. The Debtor disclosed total assets at $478,623 and total liabilities at $1.47 million. MACIEJ PAINT: Hires Faelon Partners as Business Broker ------------------------------------------------------ Maciej Paint Corporation dba Industrial Paint Specialists, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota to employ Faelon Partners, Ltd. as business broker for the Debtor. The Debtor filed this case on January 13, 2017 and is acting as a Debtor-In-Possession operating its business from property located at 5858 – 152nd Street North, Hugo, Minn. 55038. The Debtor's business consists of commercial and industrial painting. The property at 5858 – 152nd Street North in Hugo, Minn. is owned by an entity known as RJM, LLC. RJM is not currently in a Chapter 11 proceeding. RJM's business is to own and operate the real estate in Hugo, Minn. The Debtor and RJM were formerly owned by Richard Maciej. Mr. Maciej died in December 2015. The Debtor and RJM are currently owned and managed by Carol Maciej. The Debtor is interested, as is RJM, in finding and locating a buyer for the Debtor as well as the real estate owned by RJM. The Debtor's Agreement with Faelon Partners obligates the Debtor to pay to the Broker a commission fee equal to 7% of the Purchase Price. The Broker has agreed to file a Fee Application seeking authority to be paid in the event a sale is negotiated. Thomas W. Lyons, president of Faelon Partners, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Faelon Partners can be reached at: Thomas W. Lyons FAELON PARTNERS, LTD. 4979 Olson Memorial Highway, Suite 101 Golden Valley, MN 55422 Tel: (763) 231-4200 Maciej Paint Corporation dba Industrial Painting Specialist, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.MN. Case No. 17-30094) on Jan. 13, 2017. The petition was signed by Carol Maciej, president. The Debtor is represented by Steven B. Nosek, Esq., at the Law Office of Steven B. Nosek, PA. The case is assigned to Judge Katherine A. Constantine. At the time of the filing, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. MARBLES HOLDINGS: Spin Master Approved as Stalking Horse Bidder --------------------------------------------------------------- The stalking horse bid of Spin Master, Ltd., to acquire the e-commerce and wholesale business assets of Marbles: The Brain Store(R) was approved by the United States Bankruptcy Court for the Northern District of Illinois. The stalking horse offer is $2,500,000, and is subject to higher and better offers, with a Bid Deadline set for Thursday, April 20, 2017 at 5:00 PM CT. Hilco Streambank is managing the sale process and will be overseeing an auction to consider additional bids for the Assets in Chicago, Illinois, on April 24, 2017 at 10:00 a.m. CT. Important dates for the sale process are as follows: -- Bid Deadline: Thursday, April 20, 2017 at 5:00 PM CT -- Auction Date: Monday, April 24, 2017 at 10:00 AM CT -- Sale Hearing: Wednesday, April 26, 2017 at 11:00 AM CT Marbles: The Brain Store(R) is a developer, wholesaler and specialty retailer of games, toys, puzzles, books, and software designed to strengthen and stimulate the brain. Last year, the Company generated $28 million in revenue through its multi-channel distribution platform. Marbles has a portfolio of proprietary game and toy content available at http://www.marblesthebrainstore.com/ According to Hilco Streambank EVP – David Peress: "Marbles' unique product offering responds to the demand for games and toys that stimulate and engage the brain in a variety of ways. The brand's wholesale footprint continues to grow." "Management has identified several areas of opportunity for future development including institutional partnerships, licensing, and subscription-based services," added Mr. Peress. Parties interested in learning more about the Marbles intellectual property assets, the sale process and other bidding requirements should contact Hilco Streambank directly using the contact information provided below. About Hilco Streambank Hilco Streambank -- http://www.hilcostreambank.com/-- is a market leading advisory firm specializing in intellectual property disposition and valuation. Hilco Streambank has completed numerous sell-side transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank is part of Northbrook, Illinois based Hilco Global -- http://www.hilcoglobal.com/-- a worldwide financial services company and leader in helping companies maximize the value of their assets. About Marbles Holdings Marbles LLC is a privately-held company engaged in the development, curating, wholesaling and retail sale of unique brain-stimulating games, puzzles, software, and books. Its principal place of business and principal office are located at 1918 North Mendell Street, Chicago, Illinois. Marbles Holdings, LLC, along with Marbles LLC and Marbles Brain Workshop, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Lead Case No. 17-03309) on Feb. 3, 2017. Adelman & Gettleman LTD. serves as bankruptcy counsel, while Garden City Group LLC acts as noticing, claims and solicitation agent. The Debtors have also tapped Hilco IP Services LLC dba Hilco Streambank to help monetize its intellectual property, and Gordon Brothers Retail Partners, LLC in connection with the store closing sales at its retail stores. At the time of the filing, Marbles Holdings and Marbles LLC estimated assets of $1 million to $10 million and liabilities of $10 to $50 million. Marbles Brain Workshop estimated assets of less than $500,000 and liabilities of less than $50,000. On February 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Pachulski Stang Ziehl & Jones LLP and Freeborn & Peters LLP serve as lead counsel and local counsel to the committee, respectively. Berkeley Research Group, LLC is the financial advisor. No trustee or examiner has been appointed. MCNEILL PROPERTIES: Plan Outline Okayed, Plan Hearing on May 10 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania will consider approval of the Chapter 11 plan of reorganization for McNeill Properties V, LLC at a hearing on May 10. The hearing will start at 9:30 a.m., and will be held at the U.S. Bankruptcy Court, Courtroom 3, 900 Market Street, Philadelphia, Pennsylvania. The court had earlier approved the company's disclosure statement, allowing it to start soliciting votes from creditors. The order set a May 5 deadline for creditors to file their objections and cast their votes accepting or rejecting the plan. About McNeill Properties V McNeill Group, Inc., and McNeill Properties V, LLC, filed Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 16-14943 and 16-14944) on July 12, 2016. The petitions were signed by Edward J. McNeill, Jr., president. The Debtors are represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944). The Debtors each estimated assets and liabilities of $10 million to $50 million at the time of the filing. MEDIACOM COMMUNICATIONS: S&P Affirms 'BB' CCR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings said it affirmed its 'BB' corporate credit rating, and all other ratings, on Mediacom Park, N.Y.-based Mediacom Communications Corp. The outlook remains stable. "The affirmation reflects performance that is in line with our expectations, as leverage fell to 4.0x in 2016 from about 4.5x in 2015 from a combination of higher earnings and continued debt reduction," said S&P Global Ratings credit analyst Chris Mooney. S&P believes that the company has the ability to de-lever by about 0.5x per year and leverage could approach S&P's upgrade trigger of 3.5x by the end of 2017, though rating upside is currently limited by uncertainty around financial policy and whether leverage would stay below 3.5x longer term. Furthermore, the company will be investing a significant amount of capital to improve network speeds and grow commercial revenue over the next few years, which will limit improvement in free operating cash flow (FOCF) to some degree. The stable outlook reflects S&P's expectation that leverage will continue to decline to about 3.5x by the end of 2017 from 4.0x in 2016, based on debt repayment and moderate earnings growth. However, S&P is uncertain whether leverage will be sustained at levels comfortably below 3.5x longer term given the potential for acquisitions or dividends. S&P also believes that elevated capital spending will constrain FOCF to debt to around 9%-10% over the next one to two years. MIDWEST FARM: Has Preliminary Authority to Use Cash Collateral -------------------------------------------------------------- Judge Charles L. Nail, Jr., of the U.S. Bankruptcy Court for the District of South Dakota has given Midwest Farm, L.L.C., preliminary authority to use the cash collateral of Plains Commerce Bank. Plains Commerce Bank is granted as adequate protection: (1) a replacement lien on property of the estate, excluding any lien on Debtor's 2017 crops, products and proceeds from Debtor's 2017 crops, insurance on Debtor's 2017 crop, and government program proceeds or payments regarding Debtor's 2017 crops. Said replacement lien will be in the same form and priority as the lien Plains Commerce Bank held prepetition, subject to the valid existing prior liens of record, and will be subject to any adequate protection that the Debtor may provide Bill Landsman under any order authorizing Debtor to obtain secured credit from Bill Landsman; (2) a right to inspect its collateral upon reasonable notice to Debtor and Debtor's counsel; and (3) the Debtor's obligation to keep Plains Commerce Bank's collateral insured and to maintain Plains Commerce Bank's collateral in its present condition, ordinary wear and tear excepted. A full-text copy of the Order, dated April 4, 2017, is available at http://tinyurl.com/mehw2tr About Midwest Farm, L.L.C. Midwest Farm, L.L.C., is engaged in the business of grain farming and custom farming with facilities located in and around Aurora, South Dakota, and farms real estate located in Brookings County, South Dakota; Moody County, South Dakota; and Lincoln County, Minnesota. Each of Douglas Stein and Dana Stein owns a 50% membership interest in the Debtor. Midwest Farm, L.L.C., filed a Chapter 11 petition (Bankr. D. S.D. Case No. 17-40091) on March 24, 2017. At the time of filing, the Debtor had $9.69 million in total assets and $6.66 million in total liabilities. The case is assigned to Judge Charles L. Nail, Jr. Gerry & Kulm Ask, Prof. LLC, is serving as bankruptcy counsel, with the engagement led by Laura L. Kulm Ask, Esq. Kathy Meland is the Debtor's agricultural financial consultant. A meeting of creditors pursuant to 341(a) of the Bankruptcy Code has been set for April 25, 2017, at 2:00 p.m. at Suite 300, 314 S Main Ave, Sioux Falls. Proofs of claim are due on June 26, 2017. NAKED BRAND: Amends LOI to Reflect $34M in Balance Sheet Change --------------------------------------------------------------- Naked Brand has entered into Amendment No. 3 to the Letter of Intent, dated Dec. 19, 2016, as amended on Feb. 9, 2017, and March 9, 2017, entered into by Naked and Bendon Limited in connection with the previously announced proposed business combination. The Amendment includes $34 million in positive adjustments to the net debt target for the anticipated combined company's balance sheet at the close of the transaction. As contemplated under the Amendment, the combined company would have total net debt of approximately $13 million upon transaction close, with approximately $6 million in assets under Naked, and $19 million in net debt under Bendon. This compares to the previously contemplated total net debt of approximately $51 million, with $1 million in assets under Naked and $52 million in debt under Bendon. Pursuant to the LOI, it is contemplated that Naked will merge into a subsidiary of a newly formed Australian holding company and the shareholders of Naked and Bendon, respectively, will be issued shares of NewCo, which will become the new public company following consummation of the proposed transactions. As a result of the changes in the structure of the Business Combination, the parties have agreed in Amendment No. 3 to extend the deadline by which they are required to enter into a definitive agreement until May 26, 2017. In addition, the parties have agreed to amend the terms of the transaction to reflect certain corporate developments that have occurred or are expected to occur with respect to the parties to the transaction that positively impact the projected balance sheet of NewCo and impact the target Net Asset Amount and Net Debt Amount (each as defined in the LOI) and, thereby, the relative number of shares issuable to shareholders of Naked and the shareholders of Bendon (each as defined in the LOI). Carole Hochman, Naked's chief executive officer and chief creative officer, stated, "We have been working very closely with Bendon to ensure that the proposed merger is structured in such a way that it is advantageous to the combined go-forward company as well as our current shareholders. To that end, we are very pleased that we will have a stronger balance sheet, which should provide a solid platform for both organic growth and future potential acquisitions. Importantly, we are committed to and diligently working toward completion of this merger." Justin Davis-Rice, executive chairman of Bendon, commented, "I am pleased with the hard work that has been done to recapitalize the business, re-domicile the company, and ensure that we are optimally positioned as a go-forward combined company. We remain committed to completing the merger with Naked and continue to believe that this transformative merger will create a global intimate apparel leader with strong growth prospects." Completion of the Business Combination remains subject to the negotiation of a definitive merger agreement, satisfaction of the conditions negotiated therein and approval of the Business Combination by Naked's shareholders. Accordingly, there can be no assurance that a Merger Agreement will be entered into or that the proposed Business Combination will be consummated. Further, readers are cautioned that those portions of the LOI, as amended, that describe the proposed Business Combination, including the consideration to be issued therein, are non-binding. About Naked Brand Naked Brand Group Inc. designs, manufactures, and sells men's innerwear and lounge apparel products in the United States and Canada. It offers various innerwear products, including trunks, briefs, boxer briefs, undershirts, T-shirts, and lounge pants under the Naked brand, as well as under the NKD sub-brand for men. The company sells its products to consumers and retailers through wholesale relationships and direct-to-consumer channel, which consists of an online e-commerce store, thenakedshop.com. Naked Brand Group Inc. is based in New York. Naked Brand reported a net loss of US$19.06 million on US$1.38 million of net sales for the year ended Jan. 31, 2016, compared to a net loss of US$21.07 million on US$557,000 of net sales for the year ended Jan. 31, 2015. As of Oct. 31, 2016, Naked Brand had US$2.46 million in total assets, US$2.04 million in total liabilities and US$420,941 in total stockholders' equity. BDO USA, LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Jan. 31, 2016, noting that the Company incurred a net loss of $19,063,399 for the year ended Jan. 31, 2016, and the Company expects to incur further losses in the development of its business. This condition raises substantial doubt about the Company's ability to continue as a going concern, the auditors said. NAKED BRAND: Gets $5.5-Mil. in Gross Proceeds from Stock Offering ----------------------------------------------------------------- Naked Brand Group Inc. has raised gross proceeds of $5.5 million under its previously announced at the market offering program. Naked sold 2,189,052 shares of common stock at an average price of $2.51 pursuant to the At The Market Offering Agreement with Maxim Group, LLC. Naked raised approximately $5.3 million in net proceeds under the ATM, and currently has no further capacity to sell shares under its $7.5 million shelf registration statement filed on Oct. 6, 2016. About Naked Brand Naked Brand Group Inc. designs, manufactures, and sells men's innerwear and lounge apparel products in the United States and Canada. It offers various innerwear products, including trunks, briefs, boxer briefs, undershirts, T-shirts, and lounge pants under the Naked brand, as well as under the NKD sub-brand for men. The company sells its products to consumers and retailers through wholesale relationships and direct-to-consumer channel, which consists of an online e-commerce store, thenakedshop.com. Naked Brand Group Inc. is based in New York. Naked Brand reported a net loss of US$19.06 million on US$1.38 million of net sales for the year ended Jan. 31, 2016, compared to a net loss of US$21.07 million on US$557,000 of net sales for the year ended Jan. 31, 2015. As of Oct. 31, 2016, Naked Brand had US$2.46 million in total assets, US$2.04 million in total liabilities and US$420,941 in total stockholders' equity. BDO USA, LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Jan. 31, 2016, noting that the Company incurred a net loss of $19,063,399 for the year ended Jan. 31, 2016, and the Company expects to incur further losses in the development of its business. This condition raises substantial doubt about the Company's ability to continue as a going concern, the auditors said. NEXT GROUP: Will Buy Back 75% of Finance Groups' Outstanding Notes ------------------------------------------------------------------ Next Group Holdings, Inc., signed on April 5, 2017, definitive agreements with three separate Finance Groups that hold an aggregated value of $1,106,500 in Convertible Notes. These Agreements allow NXGH to buy back up to 75% of the outstanding notes through June 30, 2017. These finance groups are locked up from converting any notes for 90 days from the date of this agreement. The conversion price floor will increase from $0.02 per share to $0.10 per share if NXGH raises between $2,000,000 - $2,999,999 and will increase to $0.15 per share if NXGH is successful in raising $3 million or above in the 90 day period. The renegotiated notes are with the following entities: 1. LG Capital Funding LLC -- $738,250 (NXGH may redeem up to $526,710) 2. Cerberus Finance Group, Ltd. -- $218,250 (NXGH may redeem up to 149,665) 3. Quarum Holdings, LLC -- $150,000 (NXGH may redeem up to $102,743) About Next Group Holdings Next Group Holdings, Inc., formerly Pleasant Kids, Inc., through its operating subsidiaries, is engaged in the business of using its technology and certain licensed technology to provide mobile banking, mobility and telecommunications solutions to underserved, unbanked and emerging markets. Its subsidiaries are Meimoun and Mammon, LLC (100% owned), Next Cala, Inc (94% owned). NxtGn, Inc. (65% owned) and Next Mobile 360, Inc. (100% owned). Additionally, Next Cala, Inc. has a 60% interest in NextGlocal, a joint venture formed in May 2016. Pleasant Kids reported a net loss of $1.82 million for the year ended Sept. 30, 2015, following a net loss of $1.72 million for the year ended Sept. 30, 2014. As of Sept. 30, 2016, Next Group had $4.79 million in total assets, $9.04 million in total liabilities, all current, a total stockholders' deficit of $1.62 million, and $2.62 million in total non-controlling interest in subsidiaries. Anton & Chia, LLP, in Newport Beach, California, issued "going concern" qualification on the consolidated financial statements for the year Sept. 30, 2015, citing that the Company has a minimum cash balance available for payment of ongoing operating expenses, has experienced losses from operations since inception, and it does not have a source of revenue sufficient to cover its operating costs. These factors raise substantial doubt about the Company's ability to continue as a going concern. NORTH COAST TOOL: Hires Foster Law as Counsel --------------------------------------------- North Coast Tool, Incorporated, seeks authority from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ the Foster Law Offices, as counsel to the Debtor. North Coast requires Foster Law to: a. prepare the bankruptcy petition and attend at the first meeting of creditors; b. represent the Debtor in relation to acceptance or rejection of executor contracts; c. advise the Debtor with regard to its rights and obligations during the Chapter 11 case; d. advise the Debtor regarding possible preference actions; e. represent the Debtor in relation to any motions to convert or dismiss the Chapter 11 case; f. represent the Debtor in relation to any motions for relief from stay filed by creditors; g. prepare the Plan of Reorganization and Disclosure Statement; h. prepare any objection to claims in the Chapter 11; and i. represent the Debtor in general in relation to the bankruptcy case. Foster Law will be paid at these hourly rates: Attorney $250 Paralegal $75 On April 4, 2017, the Debtor provided Foster Law a retainer in the amount of $11,800. Prior to the petition date, Foster Law incurred and billed the Debtor $1,844 in legal fees and $1,717 in filing fee. The remaining balance of $8,239 being held by Foster Law in its IOLTA account as a retainer for post-petition fees and expenses, subject to the filing of a fee application and approval of the Court. Foster Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel P. Foster, principal of Foster Law Offices, 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 Law can be reached at: Daniel P. Foster, Esq. FOSTER LAW OFFICES PO Box 966 Meadville, PA 16335 Tel: (814) 724-1165 Fax: (814) 724-1158 About North Coast Tool, Incorporated North Coast Tool, Incorporated, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 17-10342-TPA) on April 5, 2017. The Debtor hired Foster Law Offices, as counsel. OLD BOXCAR: Hires Michael O'Connor as Counsel --------------------------------------------- Old Boxcar Brewing Co., LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ Michael O'Connor Attorney, as counsel to the Debtor. Old Boxcar requires Michael O'Connor to: a. prepare necessary applications, notices, motions, answers, orders, adversary proceedings and other legal papers; b. assist the Debtor in negotiating and formulating a plan of reorganization; and c. perform the legal services necessary to administer the Bankruptcy Case. Michael O'Connor will be paid at the hourly rate of $300. Prior to the filing of the petition, the Debtor paid Michael O'Connor. Michael O'Connor will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael J. O'Connor, member of Michael O'Connor Attorney, 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. Michael O'Connor can be reached at: Michael J. O'Connor, Esq. MICHAEL O'CONNOR ATTORNEY 8118 Datapoint Drive San Antonio, TX 78229 Tel: (210) 614-6400 Fax: (210) 614-6401 About Old Boxcar Brewing Co., LLC Old Boxcar Brewing Co., LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 17-50813) on April 4, 2017. The Debtor hired Michael O'Connor Attorney, as counsel. OLD FASHION BUTCHER: Hires Corash & Hollender as Attorneys ---------------------------------------------------------- Old Fashion Butcher Shop Inc., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of New York to employ Corash & Hollender, PC as attorneys. The Debtor requires Corash & Hollender to: a. give the Debtor legal advice with respect to its powers and duties, as Debtor and Debtor-in-Possession, in the continued operation of its business and management of its property; b. take all necessary steps to enjoin and stay creditors who have already instituted, or who are about to institute suits against the Debtor; c. negotiate with the Debtor's creditors on working out a plan of reorganization or liquidation and take necessary legal steps to consummate such plan, including, if need be negotiations to finance said plan; d. prepare, in behalf of the Debtor and as Debtor-in-Possession, necessary petitions, answers, applications, orders, reports and other necessary legal papers; e. appear before the Bankruptcy Judge,and to protect Debtor's interest, as Debtor and Debtor-in-Possession before said Judge, and to represent the Debtor in all matters before said Judge; f. assist the Debtor in working out an arrangement with the Director of Internal Revenue, and other tax agencies which may file claims in this proceeding; g. represent the Debtor before various administrative agencies, Federal State and City, having jurisdiction over the Debtor's business activities; and h. assist the Debtor-in-Possession in negotiations with creditors, potential asset purchasers and other interested parties, and in disposition of any assets, enable the Debtor to successfully conclude this Chapter 11 case, and perform other legal services for the Debtor as Debtor-in-Possession, as may be necessary herein. Corash & Hollender will be paid at these hourly rates: Partners $450 Associates/Of Counsel $425 Paralegals $175 Prior to the original application, Corash & Hollender received a $10,000 retainer, all of which was applied to pre-petition services. In addition, Corash & Hollender received $1,717 for the filing fee. Paul Hollender, Esq., principal in the law firm of Corash & Hollender, PC, 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. Corash & Hollender may be reached at: Paul Hollender, Esq. Corash & Hollender, PC 1200 South Avenue, Suite 120 Staten Island, NY 10314 Tel: (718)442-4424 Fax: (718)273-4847 About Old Fashion Butcher Shop Inc. Old Fashion Butcher Shop Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. Wash. Case No. 17-10943) on March 2, 2017. Darrel B. Carter, Esq., at Corash & Hollender, PC serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. OLIVE BRANCH: To Pay Unsecureds in Full, with 0.91% Interest ------------------------------------------------------------ Unsecured creditors of Olive Branch Real Estate Development LLC will be paid in full under the company's proposed plan to exit Chapter 11 protection. The restructuring plan proposes to pay Class 5 general unsecured creditors 100% of their claims 30 days after confirmation of the plan. These creditors will also receive interest on their claims pursuant to the Federal Judgment Rate as of March 20, 2017, which is 0.91%. Class 5 is not impaired. Olive Branch anticipates that the unsecured claims total $10,595.64. The U.S. Bankruptcy Court for the District of New Hampshire had earlier approved the sale of the company's real estate located at 6 Gould Terrace in Plymouth, New Hampshire. This sale generated funds that will allow payment of unsecured and priority claims in full, according to the company's disclosure statement filed on March 30. The restructuring plan also proposes to pay secured creditors and the Town of Holderness taxes from the rental income generated from Olive Branch's development and rental of its property located at 832 Route 3, Holderness, New Hampshire. The property generates $800 per month in rent, however, it is still under renovation and the company is still making necessary improvements to the property to generate additional rental income to pay secured creditors, according to the disclosure statement. A copy of the disclosure statement is available for free at: https://is.gd/IXktQx About Olive Branch Real Estate Development Olive Branch Real Estate Development, LLC, is a real estate development company with a principal address of 832 Route 3, Unit #1, Holderness, New Hampshire. It is owned and operated by Gerard M. Healey. The business has been in operation since 2011. Olive Branch filed a Chapter 11 petition (Bankr. D.N.H. Case No. 16-11444) on Oct. 13, 2016. The petition was signed by Gerard M. Healey, managing member. The Debtor is represented by S. William Dahar II, Esq., at Victor W. Dahar, P.A. At the time of filing, the Debtor had less than $50,000 in estimated assets and liabilities at $100,000 to $500,000. PANDA TEMPLE: S&P Cuts Secured Debt Rating to 'D' on Nonpayment --------------------------------------------------------------- S&P Global Ratings said it lowered its ratings on Panda Temple Power LLC's senior secured debt to 'D' from 'CCC+'. S&P's '3' recovery rating on the debt is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. "The downgrade reflects the project's failure to make a scheduled debt service payment on March 31 due to insufficient liquidity and the expiration of the forbearance agreement, which was given by the lenders to the project as a result of a financial covenant breach in the fourth quarter of 2016," said S&P Global Ratings credit analyst Tony Mok. According to S&P's criteria, it assigns a rating of 'D' when a payment is missed on its due date and, if there is no stated grace period, no payment will be made within five business days of the payment due date. It's unclear at this point whether the debt would be restructured or an asset sale would be initiated because the discussion among lenders is still ongoing. PAYLESS SHOESOURCE: Bankruptcy Judge Approves First-Day Motions --------------------------------------------------------------- Payless ShoeSource, the largest specialty family footwear retailer in the Western Hemisphere, on April 5, 2017, disclosed that first-day motions to help facilitate continued operations in the ordinary course of business while the Company operates under Chapter 11 protection were approved by Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri. As part of the Court's approval of first day motions, Payless received authorization on an interim basis from the Court to provide employee wages, healthcare coverage, and other benefits without interruption, and pay certain vendors and suppliers for all authorized goods and services. All vendors and suppliers will be paid in the ordinary course for those goods and services provided on or after the date of the Chapter 11 filing. The Court's approvals also affirmed on an interim basis access to $245 million of the $305 million Debtor-in-Possession (DIP) financing facility provided by a lender group led by Wells Fargo. As a result of the April 5 hearing, all Payless stores and Payless.com will be able to continue offering without interruption the wide range of affordably priced family footwear for which they are relied on by families across America. Related to these activities, Payless has retained Kirkland & Ellis as its legal advisor, Guggenheim Securities as its investment banker and financial advisor and Alvarez & Marsal as its restructuring advisor. About Payless Holdings Payless -- http://www.payless.com/-- was founded in 1956 as an everyday footwear retailer. It has more than 4,000 stores in more than 30 countries, and employs approximately 22,000 people. It is headquartered in Topeka, Kansas, but its operations span across Asia, the Middle East, Latin America, Europe, and the United States. Payless first traded publicly in 1962, and was taken private in May 2012. Payless Holdings, LLC currently owns, directly or indirectly, each of its 91 subsidiaries. Payless Holdings LLC (Bankr. E.D. Mo. Case No. 17-42267) and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code on April 4, 2017. The petitions were signed by Paul J. Jones, chief executive officer. At the time of the filing, the Debtors estimated their assets at $500 million to $1 billion and liabilities at $1 billion to $10 billion. The Debtors have requested for joint administration of their cases. The Debtors hired Guggenheim Securities LLC as financial advisor and investment banker; Alvarez & Marsal North America LLC as restructuring advisor; Prime Clerk LLC as claims, balloting and administrative agent; and Osler, Hoskin & Harcourt LLP as CCAA counsel. POST EAST: Unsecureds to Get 100% Over 6 Months Under Plan ---------------------------------------------------------- Post East, LLC, filed with the U.S. Bankruptcy Court for the District of Connecticut a disclosure statement describing its plan of reorganization, dated March 31, 2017. The Debtor is a Connecticut limited liability company formed and owned by Michael Calise. The LLC owns the commercial real estate at 740-748 Post Road East, Westport, Connecticut. Class 1, Connect REO, LLC, is impaired under the Plan. Class 1 will be paid the monthly sum of $5,679 of principal and interest until settled or paid, and will receive cash at the closing of the Proposed Patriot Refinance equal to the Debtor's Share of Net Refinance Proceeds in full settlement of the Class 1 claim, or, should such closing not occur, then cash at closing upon an Alternative Refinance within one year of the Effective Date, or should such closing not occur, then cash at closing upon a sale of the Property in accordance with provisions set forth. From the Alternative Refinance or sale the holder of the Class 1 claim will receive full payment of its Class 1 claim, to the extent Allowed, with any outstanding interest to date of payment at the applicable rate under the contract without application of the default provisions. The Class 1 claim will retain its lien upon the assets of the Debtor until paid. Class 2, General Unsecured Claims, is impaired under the Plan. Class 2 will be paid 100% without interest payable in cash in six monthly payments commencing on the Effective Date and the same date of the five succeeding calendar months each equal to 1/6 of the Allowed Claim. The plan proposes closing within 60 days of the Effective Date a new loan with Patriot Bank upon which Calise, Uncas, LLC, Post East, LLC, and Westport Fish & Poultry Market, LLC shall be obligors, and which shall be secured by 1st mortgage liens on the following properties: -- 740-748 Post Road East, Westport, owned by Post East, LLC, -- 2A Owenoke Park, Westport, owned by Uncas, LLC, which entity is managed by and is owned 5% by Calise, -- 215 Post Road West, Westport, owned by Calise, and -- 732 Post Road East, Westport, owned by Westport Fish & Poultry Market, LLC, which entity is managed by and is owned 50% by Calise. The net proceeds of the loan available for disbursement to Connect REO are the remaining proceeds after paying all loan costs and adjustments at closing, bank and broker fees and commissions of the loan, and the payoff balance of the first mortgage held by third parties (creditors other than Connect REO) on the property owned by Westport Fish & Poultry Market, LLC. The Troubled Company Reporter previously reported that under the plan of Connect REO, a secured creditor of the Debtor, unsecureds will get its pro rata share of $3,000 to be paid by Connect. The Disclosure Statement is available at: http://bankrupt.com/misc/ctb16-50848-138.pdf About Post East LLC Post East, LLC, owns real estate at 740-748 Post Road East, Westport, Connecticut. The property is a commercial real estate which presently has seven leased spaces. The secured creditor is Connect REO, LLC, which is owed $1,043,000. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 16-50848) on June 27, 2016. The petition was signed by Michael F. Calise, member. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. PRATT WELL: Hires Evenson Auctioneers as Auctioneer & Appraiser --------------------------------------------------------------- Pratt Well Service, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Kansas to employ Evenson Auctioneers, Inc., as auctioneer and appraiser. The Debtor requires Evenson to sell various oil and gas interests, which are non-exempt property. Evenson will receive a 10% commission plus reasonable advertising and expenses. The Debtor will pay Evenson a fee of $125 per hour for appraisal work. Mark Evenson, owner of Evenson Auctioneers, Inc., assured the Court that the firm does not represent any interest adverse to the Debtor and its estates. Evenson may be reached at: Mark Evenson Evenson Auctioneers, Inc. PO Box 780516 Wichita, KS 67278-0516 Tel: (316)683-7733 E-mail: mark@evensonauctions.com About Pratt Well Service, Inc. Pratt Well Service, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Kan. Case No. 16-11224) on June 30, 2016. The petition was signed by Kenneth C. Gates, president. The case is assigned to Judge Robert E. Nugent. The Debtor is represented by J. Michael Morris, Esq., at Klenda Austerman LLC. The Debtor disclosed $7.47 million in assets and $4.94 million in liabilities. RADIO SYSTEMS: S&P Affirms 'B' CCR & Revises Outlook to Stable -------------------------------------------------------------- S&P Global Ratings affirmed all ratings on Knoxville, Tenn.-based Radio Systems Corp., including the 'B' corporate credit rating, and revised the outlook to stable from negative. S&P also assigned a 'B' issue-level rating on the new term loan B with a '3' recovery rating, indicating S&P's expectations for meaningful recovery (50%-70%; rounded estimate: 55%). The ratings on the second-lien notes will be withdrawn at the close of the transaction. S&P estimates RSC had about $250 million in reported debt as of Dec. 30, 2016. "The outlook revision to stable from negative reflects the company's EBITDA margin improvement, and its reducing leverage to below 7x from over 8x after it refinanced its preferred equity in February 2016," said S&P Global Ratings credit analyst Jessica Paige. S&P views the preferred equity as a debt obligation that will require refinancing prior to its seven-year maturity. Leverage without the preferreds is about 3.8x. The company's EBITDA margin growth is driven by sustained growth in categories such as waste management, containment, and pet doors, as well as from acquisitions. In addition, S&P expects cash flows to be prioritized for debt repayment as the new term loan B features a 50% cash flow sweep. Also, given the incentives to limit future dividends to the majority founder and owner, and the company's stated intentions, S&P do not expect dividends to exceed $15 million. These factors should offset the leverage accretion from the company's preferred equity. The outlook revision is also based on S&P's expectation for stronger debt service ratios (including funds from operations (FFO), cash interest coverage increasing to closer to 4x over the next year) on improving EBITDA, and for cash interest to not materially increase since the majority of the interest on the preferred securities will be paid in kind (PIK). Operating performance and cash flows have improved both organically and through acquisitions, and S&P expects that to continue, with cash flows deployed for debt repayment. The stable outlook reflects deleveraging to below 7.0x from EBITDA growth due to acquisitions and expansion into new product categories, the use of cash flows for debt repayment, and dividend payments capped at $15 million annually. S&P could lower the rating if leverage returns above 7.5x. S&P believes this could occur if the company does not grow EBITDA, either organically or through acquisitions, or profitability deteriorates (possibly from supply disruptions), resulting in gross margins contracting by about 200 basis points. Although unlikely in the near term, S&P could raise the ratings if the company delevers to below 5x while maintaining FFO to cash interest above 3x. S&P believes this could happen if the company continues to grow organically and through acquisitions, dividends remain modest, and cash flow is deployed for debt repayment. RAIN TREE: Bankr. Administrator Appoints Victor Orija as PCO ------------------------------------------------------------ The Assistant U.S. Bankruptcy Administrator, Robert E. Price, Jr., notified the U.S. Bankruptcy Court for the Middle District of North Carolina that he has appointed Victor Orija of the State Long Term Care Ombudsman for the State of North Carolina, as Patient Care Ombudsman for Rain Tree Healthcare of Winston Salem, LLC. The appointment was made pursuant to the Court's Order dated April 3, 2017 directing the appointment of a patient care ombudsman for the Debtor. Rain Tree Healthcare of Winston Salem, LLC, filed the Chapter 11 petition (Bankr. M.D.N.C. Case No. 17-50375) on April 1, 2017, and is represented by Robert Lewis, Jr., Esq., at Gordon & Melun, PLLC. RAIN TREE: Bankr. Administrator Seeks Trustee, Examiner Appointment ------------------------------------------------------------------- William P. Miller, Esq., the U.S. Bankruptcy Administrator, asks the U.S. Bankruptcy Court for the Middle District of North Carolina to enter an order directing the appointment of a Chapter 11 Trustee or Examiner. The Bankruptcy Administrator asserts that the appointment of a Trustee is necessary to manage the Debtor, while the Examiner is necessary to make an investigation of the financial circumstances of the Debtor would be in the best interests of creditors and the estate. Rain Tree Healthcare of Winston Salem, LLC, filed the Chapter 11 petition (Bankr. M.D.N.C. Case No. 17-50375) on April 1, 2017, and is represented by Robert Lewis, Jr., Esq., at Gordon & Melun, PLLC. RATAMESS CHIROPRACTIC: To Pay Unsecureds in Full Over 60 Months --------------------------------------------------------------- Unsecured creditors of Ratamess Chiropractic Clinic, P.C., will receive full payment of their claims, according to the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, Class 6 general unsecured creditors will be paid 100% of their claims on a pro rata basis, without interest, over a period not to exceed 60 months. These creditors will receive $1,236.23 per month. Class 6 is impaired under the plan. All payments under the plan will start on the "effective date" which is the 15th day after its confirmation. Ratamess' profit/loss statements do not show the ability of the company to make monthly payments under the plan, thus, the company is prepared to enter into a line of credit and borrow funds using the equity in its commercial building, according to its disclosure statement filed on March 30 with the U.S. Bankruptcy Court for the District of South Carolina. A copy of the disclosure statement is available for free at: https://is.gd/72i1bP About Ratamess Chiropractic Clinic Ratamess Chiropractic Clinic, P.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 16-04993) on September 30, 2016. The petition was signed by Dr. Scott Ratamess, owner. Robert H. Cooper, Esq., at The Cooper Law Firm represents the Debtor as bankruptcy counsel. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. RELATIVITY FASHION: Wants 2nd Circuit to Affirm Win Against Netflix ------------------------------------------------------------------- Cara Salvatore, writing for Bankruptcy Law360, reports that Relativity Media urged the Second Circuit to affirm rulings that prevented Netflix from releasing two movies online in 2016 before they hit theaters. Law360 recalls that the Hon. Michael Wiles of the U.S. Bankruptcy Court for the Southern District of New York granted in May 2016 an injunction preventing Netflix from leapfrogging theatrical release dates for these movies: "Masterminds," and "The Disappointments Room," which resulted in a district court appeal, which Netflix lost. The report says that Netflix again filed an appeal to the Second Circuit. Netflix's agenda would have dismantled the Debtor's court-approved bankruptcy plan, Law360 states, citing the Debtor. Law360 quoted the Debtor as saying, "Unrebutted testimony at trial showed that such a move by Netflix . . . would decimate the value of these films to Relativity and its creditors, and thus 'collapse' the plan. The plan, and repayment of Relativity's creditors, was predicated on the revenues to be realized from the first-run, theatrical releases of 'Masterminds,' 'The Disappointments Room' and other films on Relativity's postbankruptcy slate." About Relativity Fashion Relativity -- http://relativitymedia.com/-- is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, television, sports, digital and music. More than just a collection of entertainment-related businesses, Relativity is a content engine with the ability to leverage each of these business units, independently and together, to create content across all mediums, giving consumers what they want, when they want it. Relativity Studios, the Company's largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity's films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter. Relativity Media LLC and its affiliates, including Relativity Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 15-11989) on July 30, 2015. The case is assigned to Judge Michael E. Wiles. The Debtors are represented by Craig A. Wolfe, Esq., Malani J. Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq., Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in New York. Brian Kushner of FTI Consulting, Inc., serves as chief restructuring officer and crisis and turnaround manager. Luke Schaeffer of FTI Consulting, Inc., serves as deputy CRO. Blackstone Advisory Partners L.P. serves as the Debtors' investment banker. The team is led by Timothy Coleman, Senior Managing Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice President, and Joseph Goldschmid, Associate. The Debtors' noticing and claims agent is Donlin, Recano & Company, Inc. * * * An investor group composed of Anchorage Capital Group, L.L.C., Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct. 21, 2015, completed its purchase of the assets of Relativity Television. After selling their TV business, the Debtors and CEO Ryan C. Kavanaughfiled a proposed plan of reorganization that will allow the Debtors to reorganize their non-TV business units with a substantially de-levered balance sheet utilizing new equity investments and new financing. Jim Cantelupe, of Summit Trail Advisors, LLC, assisted the Debtors in raising up to $100 million of new equity to fund the Plan. The Bankruptcy Court on Feb. 8, 2016 confirmed the Debtors' Fourth Amended Plan. A copy of the Fourth Amended Plan is available at http://is.gd/wZI1gd RELIABLE HUMAN: Unsecured Creditors to be Paid 5% Over 180 Days --------------------------------------------------------------- Unsecured creditors of Reliable Human Services, Inc., will be paid 5% of their claims under the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, creditors holding Class 3 claims, which consist of unsecured non-priority claims, will receive payments 180 days from the effective date of the plan. The company calculates unsecured non-priority claims in Class 3 to total approximately $419,948, including the Internal Revenue Service's claim in the amount of $137,196.34, and the Minnesota Department of Revenue's claim in the amount of $38,380.66. Reliable Human Services will not sell any of its assets or enter into any bank financing. The company intends to make payments to creditors from cash flow derived from future operations, according to its disclosure statement filed on March 30 with the U.S. Bankruptcy Court for the District of Minnesota. A copy of the disclosure statement is available for free at: https://is.gd/RDcu1F In a separate filing, the company asked the bankruptcy court to approve the disclosure statement, set a timetable for the filing of objections and votes by creditors, and schedule a hearing on confirmation of the plan. About Reliable Human Services Reliable Human Services, Inc. was incorporated on October 24, 2006 in Minnesota. The Debtor provides home health care services for clients who require assistance on a daily basis while living in their home or with a family member. It provides care for clients on Medical Assistance, UCare, Medica and BlueCross. The Debtor, which is owned by its executive director Christian K. Kolleh, employs 20 nurses and 90 personal care attendants. The company's office is located at 5701 Shingle Creek Parkway, Suite 470, Brooklyn Center, Minnesota. The Debtor filed a Chapter 11 petition (Bankr. D. Minn. Case No. 16-43368) on November 15, 2016. The petition was signed by Christian K. Kolleh, president. The Debtor is represented by Steven B. Nosek, Esq., Steven B. Nosek, P.A. At the time of filing, the Debtor estimated assets at $0 to $50,000 and liabilities at $500,000 to $1 million. RENNOVA HEALTH: Will be Required to Raise Capital to Fund Operation ------------------------------------------------------------------- Rennova Health, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $32.61 million on $5.24 million of net revenues for the year ended Dec. 31, 2016, compared to a net loss of $35.96 million on $18.39 million of net revenues for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Rennova had $6.48 million in total assets, $21.36 million in total liabilities and a total stockholders' deficit of $14.88 million. The Company had historically utilized cash generated from operations and various credit facilities to fund working capital needs, acquisitions and capital expenditures. Since the consummation of the Merger on Nov. 2, 2015, the Company has financed its operations primarily from the sale of its equity securities, short-term advances from related parties and the proceeds it received from pledging certain of our accounts receivable as discussed below. Future cash needs for working capital, capital expenditures and potential acquisitions will require management to seek additional equity or obtain additional credit facilities. The sale of additional equity will result in additional dilution to the Company's stockholders. A portion of the Company's cash may be used to acquire or invest in complementary businesses or products or to obtain the right to use complementary technologies. From time to time, in the ordinary course of business, the Company evaluates potential acquisitions of such businesses, products or technologies. At Dec. 31, 2016, the Company had cash on hand of approximately $78,000 and a working capital deficit of $16.3 million. "As of the date of this report, our cash position is critically deficient and payments critical to our ability to operate are not being made in the ordinary course. Our fixed operating expenses, including payroll, rent, capital lease payments and other fixed expenses, including the costs required to reopen Big South Fork Medical Center, are approximately $2.1 million per month. Our failure to raise additional capital in the coming weeks will have a material adverse effect on our ability to operate our business. In addition, we will be required to raise additional capital in order to fund our operations for the next twelve months. There can be no assurances that we will be able to raise the necessary capital on terms that are acceptable to us, or at all. If we are unable to secure the necessary funding as and when required, it will have a material adverse effect on our business and we may be required to downsize, further reduce our workforce, sell some of our assets or possibly curtail or even cease operations, raising substantial doubt about our ability to continue as a going concern," the Company stated in the report. Green & Company, CPAs, in Temple Terrace, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has significant net losses and cash flow deficiencies. Those conditions 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/ILVLk8 About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, it is creating the next generation of healthcare. RFI MANAGEMENT: Hires Padgett as Accountant ------------------------------------------- RFI Management, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Padgett Business Services of NC as accountant. The Debtor requires Padgett to: a. prepare 2106 income tax returns; b. prepare profit and loss statements, Balance Sheets and Projections of cash flows; c. prepare and review of financial information included in Debtor's Plan; and d. prepare general accounting needs of Debtor as they arise. The Debtor will pay Padgett at an hourly rate of $175. Scott J. Scarano, president of Padgett Business Services of NC, 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. Padgett may be reached at: Scott J. Scarano Padgett Business Services of NC 5920 S Miami Blvd, Suite 202 Morrisville, NC 27560 Phone: 919-544-9060 Fax: 919-544-9063 About RFI Management RFI Management, Inc., works as a subcontractor installing a full range of flooring products and wall materials, principally in Hotel Properties across the United States and in Puerto Rico. RFI Management filed a Chapter 11 bankruptcy petition (Bankr. M.D.N.C. Case No. 17-80247) on March 29, 2017. James C. White, Esq. and Michelle M. Walker, Esq. at Parry Tyndall White, are serving as counsel to the Debtor. RHP HOTEL: S&P Assigns 'BB' Rating on Proposed $200MM Term Loan A ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level and '1' recovery ratings to Nashville, Tenn.-based hotel owner Ryman Hospitality Properties Inc.'s proposed $200 million term loan A due in 2022 and proposed $400 million term loan B due in 2024 (both issued by subsidiary RHP Hotel Properties LP). The '1' recovery rating reflects S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. The company also plans to extend the maturity of its existing $700 million revolving credit facility to 2021 from 2019. The 'BB' issue-level and '1' recovery ratings on the revolver are unchanged. The 'BB' issue-level and '1' recovery ratings on the company's $350 million of senior unsecured notes due in 2021 and its $400 million of senior unsecured notes due in 2023 are also unchanged. Ryman intends to use the proceeds from the proposed term loan A and term loan B to pay down a portion of the borrowings under its revolving credit facility, to refinance its existing term loan B, and to pay fees and expenses. S&P's 'B+' corporate credit rating and stable rating outlook on Ryman are unchanged. RECOVERY ANALYSIS Key analytical factors: -- S&P's '1' recovery ratings on Ryman's senior secured revolving credit facility, proposed senior secured term loan A, proposed senior secured term loan B, and 5% senior notes indicate S&P's expectation for very high (90%-100%) recovery for investors in the event of a default. Issue-level ratings on these debt issuances are 'BB'. S&P's simulated default scenario contemplates a default in 2021, incorporating a significant reduction in the company's property values as a result of prolonged economic weakness and deteriorating cash flows in the company's hotel business. -- S&P assumes Ryman's assets would be sold to other hotel investors. As a result, S&P used a discrete asset approach to value the company on a property-by-property basis. -- S&P applies a 30% stress to net operating income (NOI) and it uses a 9.9% capitalization rate to arrive at the gross discrete asset value. Simplified waterfall: -- Net discrete asset value (after 5% property-level sales and marketing expenses and 5% bankruptcy administrative expenses): $1.9 billion -- Estimated secured first-lien debt: $1.2 billion -- Value available for first-lien claims: $1.9 billion -- Recovery expectations: 90%-100%; rounded estimate: 95% -- Estimated senior unsecured debt: $769 million -- Value available for unsecured claims: $698 million -- Recovery expectations: 90%-100%; rounded estimate: 90% Note: All debt amounts include six months of prepetition interest. RATINGS LIST Ryman Hospitality Properties Inc. Corporate Credit Rating B+/Stable/-- New Rating RHP Hotel Properties LP $200 mil. term loan A due 2022 Senior Secured BB Recovery Rating 1 (95%) $400 mil. term loan B due 2024 Senior Secured BB Recovery Rating 1 (95%) ROBSTOWN, MI: Fitch Withdraws BB+ Issuer Default Ratings -------------------------------------------------------- Fitch Ratings has withdrawn the following Issuer Default Ratings as they are no longer considered by Fitch to be relevant to the agency's coverage. -- Adams County School District No. 50 (CO) Previous Rating: 'AA'/Outlook Stable; -- Alachua County (FL) Previous Rating: 'AA'/Outlook Stable; -- Avondale (AZ) Previous Rating: 'AA-'/Outlook Stable; -- Cave Creek Unified School District No. 93 (AZ) Previous Rating: 'AA'/Outlook Stable. -- Cherokee Nation (OK) Previous Rating: 'BBB'/Outlook Stable; -- Cherry Creek North Business Improvement District No. 1 (CO) Previous Rating: 'A+'/Outlook Stable; -- Corte Madera (CA) Previous Rating: 'A-'/Outlook Stable; -- Douglas (AZ) Previous Rating: 'A'/Outlook Stable; -- East Grand Rapids (MI) Previous Rating: 'AAA'/Outlook Stable; -- Eastside Union School District (CA) Previous Rating: 'A-'/Outlook Stable; -- Edcouch-Elsa Independent School District (TX) Previous Rating: 'A-'/Outlook Stable; -- Fairfax (CA) Previous Rating: 'AA'/Outlook Stable; -- Gloucester County (VA) Previous Rating: 'AA'/Outlook Stable; -- Grand Blanc Township (MI) Previous Rating: 'AA'/Outlook Stable; -- Griswold (CT) Previous Rating: 'AA-'/Outlook Stable; -- Heath (TX) Previous Rating: 'AA'/Outlook Stable; -- Henderson County (NC) Previous Rating: 'AA'/Outlook Stable; -- Hillsborough City School District (CA) Previous Rating: 'AAA'/Outlook Stable; -- Hollywood (FL) Previous Rating: 'A'/Outlook Positive; -- Hudson County (NJ) Previous Rating: 'AA-'/Outlook Stable; -- Jefferson Parish (LA) Previous Rating: 'AA'/Outlook Negative; -- Kentwood (MI) Previous Rating: 'AA+'/Outlook Stable; -- Little Salt Intercounty Drainage District (MI) Previous Rating: 'AA-'/Outlook Stable; -- Los Angeles County Flood Control District (CA) Previous Rating: 'AAA'/Outlook Stable; -- Manistee County (MI) Previous Rating: 'AA-'/Outlook Stable; -- Martin County (FL) Previous Rating: 'AA'/Outlook Stable; -- Marysville (MI) Previous Rating: 'AA-'/Outlook Stable; -- Mountain Village (CO) Previous Rating: 'A+'/Outlook Stable; -- North Olmsted (OH) Previous Rating: 'AA-'/Outlook Stable; -- Novato Unified School District (CA) Previous Rating: 'AA+'/Outlook Stable; -- Oakley (CA) Previous Rating: 'AA-'/Outlook Stable; -- Parker (CO) Previous Rating: 'AA'/Outlook Stable; -- Perrysburg Exempted Village School District (OH) Previous Rating: 'A+'/Outlook Positive; -- Pico Rivera Public Financing Authority (CA) Previous Rating: 'A+'/Outlook Stable; -- Port Orange (FL) Previous Rating: 'AA-'/Outlook Stable; -- Port St. Lucie (FL) Previous Rating: 'AA-'/Outlook Negative; -- Reef-Sunset Unified School District (CA) Previous Rating: 'A'/Outlook Stable; -- Regional School District No. 12 (CT) Previous Rating: 'AA+'/Outlook Stable; -- Renton (WA) Previous Rating: 'AA+'/Outlook Stable; -- Robstown (TX) Previous Rating: 'BB+'/Outlook Stable; -- Romulus (MI) Previous Rating: 'A-'/Outlook Stable; -- San Benito Consolidated Independent School District (TX) Previous Rating: 'BBB+'/Outlook Negative; -- St. Joseph County (IN) Previous Rating: 'AA-'/Outlook Stable; -- Taylorsville (UT) Previous Rating: 'AA'/Outlook Stable; -- Tulare County (CA) Previous Rating: 'AA-'/Outlook Stable; -- Unified Government of Wyandotte County/Kansas City (KS) Previous Rating: 'AA-'/Outlook Stable; -- Warren County R-III School District (MO) Previous Rating: 'AA'/Outlook Stable; -- Wilson County (NC) Previous Rating: 'AA'/Outlook Stable; -- Yuma Union High School District No. 70 (AZ) Previous Rating: 'A+'/Outlook Negative; -- Zapata County (TX) Previous Rating: 'A-'/Outlook Stable. ROCKY MOUNTAIN: Lily Li Acquires Majority Stake ----------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Lily Li disclosed that as of Feb. 28, 2017, she beneficially owns 1,216,000,000 shares of common stock of Rocky Mountain High Brands, Inc. representing 61.66% based on 772,235,383 shares of common stock issued and outstanding as of March 14, 2017, together with 1,000,000 shares of Series A Preferred Stock convertible to 1,200,000,000 shares of common stock. The amount consists of: (i) 1,000,000 shares of Series A Preferred Stock beneficially owned through LSW Holdings, LLC, which are convertible to common stock of the Company at a ratio of 1,200 for 1 and which vote together with the common stock on an as-if-converted basis; and (ii) 16,000,000 shares of common stock. Ms. Li acquired 1,000,000 shares of Series A Preferred Stock for a total purchase price of $3,500,000. As recently amended, these shares represent the equivalent of 1,200,000,000 shares of common stock, or approximately 60.84% of the Company's voting equity securities. The reporting person has not effected any other transactions in the Company's common stock during the past sixty days. The source of funds was the working capital of LSW Holdings, LLC, through which Ms. Li holds her beneficial ownership. The purpose of Ms. Li's acquisition of controlling interest was to assist the Company with the growth and development of its business. Her plans in this regard include, but are not necessarily limited to: (i) expansion of the Company's brand world-wide; (ii) the merger of Rocky Mountain High China, the exclusive distributor for Rocky Mountain High Brands in China, into the Company as a wholly-owned subsidiary; and (iii) the introduction of a new hemp-infused ginseng plum drink into the Asian market. Following the acquisition of control by Ms. Li, the Company's board of directors approved an amendment to the terms of its Series A Preferred Stock to increase the voting and rights and conversion rate of Series A Preferred Stock to 1,200 for 1. As a result of this amendment, the 1,000,000 shares of Series A Preferred Stock acquired by Ms. Li represent the equivalent of 1,200,000,000 shares of common stock, or approximately 60.84% of the Company's voting equity securities. A full-text copy of the regulatory filing is available at: https://is.gd/odK4Rp About Rocky Mountain Rocky Mountain High Brands, Inc., (RMHB) is a consumer goods brand development company specializing in developing, manufacturing, marketing, and distributing high quality, health conscious, hemp-infused food and beverage products and spring water. The Company currently markets a lineup of five hemp-infused beverages. RMHB is also researching the development of a lineup of products containing Cannabidiol (CBD). The Company's intention is to be on the cutting edge of the use of CBD in consumer products while complying with all state and federal laws and regulations. Rocky Mountain reported net income of $2.32 million on $1.07 million of sales for the fiscal year ended June 30, 2016, compared with a net loss of $16.62 million on $489,849 of sales for the fiscal year ended June 30, 2015. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has a shareholders' deficit of $1,477,250, an accumulated deficit of $16,878,382 at June 30, 2016, and has generated operating losses since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. ROGERS & SON: Hires Wolgamuth as Accountant ------------------------------------------- Rogers & Son Lawn Care & Landscaping, LLC d/b/a Affordable Tree Services seeks authorization from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Jan P. Wolgamuth, CPA as accountant for the Debtor in Possession. The Debtor requires Wolgamuth to provide general bookkeeping accounting services and preparing Debtor's tax returns. The Debtor will compensate Wolgamuth at $150 per hour. Jan P. Wolgamuth, CPA, 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. Wolgamuth may be reached at: Jan P. Wolgamuth, CPA 1291 Greenbriar Road York, PA 17401 Phone: (717)764-6800 About Rogers & Son Lawn Care & Landscaping, LLC Rogers & Son Lawn Care & Landscaping, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D.Pa. Case No. 17-00367) on February 1, 2017. Lawrence V. Young, Esq., at CGA Law Firm serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. RP BROADCASTING: Ch.11 Trustee Hires Piercy Bowler as Accountants ----------------------------------------------------------------- Mark Hashimoto, the Chapter 11 Trustee of RP Broadcasting Idaho, LLC, seeks authorization from the U.S. Bankruptcy Court for the District of Utah to employ Piercy Bowler Taylor & Kern as accountants for the Trustee, effective March 29, 2017. The Trustee requires Piercy Bowler to: (a) provide forensic accounting analysis of the transactions of the Debtor and investigating various financial and accounting transactions and required by the Trustee; (b) compile any outstanding and future tax returns for the Debtor; and (c) assist the Trustee in providing additional accounting and valuation services that may be needed in connection with the liquidation of the Debtor's assets or the administration of the Debtor's case. The current hourly rates for Piercy Bowler's professionals range from $70 to $325. Piercy Bowler will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Hashimoto, principal of Piercy Bowler, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Piercy Bowler can be reached at: Mark Hashimoto PIERCY BOWLER TAYLOR & KERN 7050 Union Park Ave. Suite 140 Salt Lake City, UT 84047 Tel: (801) 990-1120 Fax: (801) 665-1400 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. Mark Hashimoto has been appointed as the Chapter 11 Trustee for the Debtor's estate. RPM HARBOR: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: RPM Harbor Services, Inc. 2338 West Gaylord St Long Beach, CA 90813 Case No.: 17-14484 Business Description: The Company provides container delivery to import and export customers in California. Its primary assets are located at 2338 West Gaylord St Long Beach, CA 90813. Chapter 11 Petition Date: April 12, 2017 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Julia W. Brand Debtor's Counsel: Vanessa M Haberbush, Esq. HABERBUSH & ASSOCIATES LLP 444 W Ocean Blvd Ste 1400 Long Beach, CA 90802 Tel: 562-435-3456 Fax: 562-435-6335 E-mail: vhaberbush@lbinsolvency.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shawn Duke, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb17-14484.pdf RUBLE HOLDINGS: Hires R. Ben Young as Accountant ------------------------------------------------ Ruble Holdings, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ R. Ben Young, CPA as accountant. The Debtor requires Ben Young to: a. close out the Debtor's books as of the filing date of the petition and maintain new books and records consistent with the dictates of the Bankruptcy Code; b. assist in preparing the filing of all required state and federal payroll tax; c. assist in preparing the filing of all required financial reports and operating reports; and d. assist in preparing the filing of the Plan of Reorganization and Disclosure Statement. The Debtor will compensate R. Ben Young, CPA at $180 per hour. R. Ben Young, CPA, 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. R. Ben Young may be reached at: R. Ben Young, CPA 400 Security Square Gulfport, MS 39507 About Ruble Holdings Ruble Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 14-51336) on Aug. 26, 2014. The petition was signed by John H. Ruble, managing member. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debt at $500,000 to $1 million. The Debtor is represented by Patrick A. Sheehan, Esq., at Sheehan & Johnson, PLLC as Chapter 11 counsel. SCS HOLDINGS I: S&P Affirms 'B+' CCR & Revises Outlook to Stable ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' corporate credit rating on San Antonio, Texas-based SCS Holdings I Inc. and revised the outlook to stable from negative. At the same time, S&P affirmed its 'B+' issue-level rating on the company's $575 million first-lien credit facility, comprising a $60 million revolving credit facility due 2020 and a $515 million first-lien term loan due 2022. The recovery rating remains '3', indicating S&P's expectation of meaningful (50% to 70%; rounded estimate: 60%) recovery for first-lien debtholders in the event of default. S&P also affirmed its 'B-' issue-level rating on company's $150 million second-lien term loan due 2023. The recovery rating remains '6', indicating S&P's expectation of negligible (0% to 10%; rounded estimate: 0%) recovery for second-lien debtholders. The outlook revision reflects S&P's expectation that leverage will fall below 5x following the expected $50 million of debt repayment in fiscal 2017, including $15 million at the end of April 2017, coupled with organic and inorganic EBITDA expansion. After the $15 million debt repayment in April, S&P expects trailing-12-month adjusted debt to EBITDA to be below 5x at June 30, 2017. S&P could lower the rating if U.S. corporate IT spending declines, leading to increased competition and diminished operating earnings, such that leverage stays above 5x without prospects for improvement, or the company does not commit to planned debt repayments. Although unlikely, S&P could raise the rating in the next 12 months if EBITDA growth or debt repayment results in sustained leverage below 4x, with prospects for further leverage reduction, as well as financial sponsor control dropping below 40% and the relinquishment of board control. SHIFFER INC: Hires Cunningham Chernicoff as Counsel --------------------------------------------------- Shiffer, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Cunningham Chernicoff & Warshawsky, P.C., as counsel to the Debtor. Shiffer, Inc. requires Cunningham Chernicoff to: a. give the Debtor legal advice regarding its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare and file on behalf of the Debtor, as Debtor-in- Possession, all necessary applications, complaints, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor, as Debtor- in-Possession, which may be necessary. Cunningham Chernicoff will be paid at these hourly rates: Robert E. Chernicoff $350 Partners $200-$300 Associate Attorneys $150-$200 Paralegals $100 Prior to the filing of the Petition, the Debtor paid a total of $3,385. Cunningham Chernicoff will be paid a retainer in the amount of $10,000, of which $898 has already been paid by the Debtor. Cunningham Chernicoff will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert E. Chernicoff, partner of Cunningham Chernicoff & Warshawsky, 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. Mette Evans can be reached at: Robert E. Chernicoff, Esq. CUNNINGHAM CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About Shiffer, Inc. Shiffer, Inc., filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 17-01234) on March 29, 2017, listing between $100,000 to $500,000 in both assets and liabilities. STANDARDAERO AVIATION: S&P Affirms 'B-' Corp. Credit Rating ----------------------------------------------------------- S&P Global Ratings said that it has affirmed its 'B-' corporate credit rating on StandardAero Aviation Holdings Inc. The outlook is stable. StandardAero Aviation Holdings Inc. is issuing a $240 million add-on to its existing first-lien term loan to fund an acquisition and repay its outstanding revolver borrowings, which will cause its leverage to modestly increase compared with S&P's previous expectations. At the same time, S&P affirmed its 'B-' issue-level rating on the company's upsized first-lien credit facility. The '3' recovery rating remains unchanged, indicating S&P's expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in a default scenario. Additionally, S&P affirmed its 'CCC' issue-level rating on StandardAero's unsecured notes. The '6' recovery rating remains unchanged, indicating S&P's expectation for minimal recovery (0%-10%; rounded estimate: 5%) in a default scenario. "The affirmation reflects our expectation that, although StandardAero's leverage will be modestly higher than we had previously expected, the combination of organic growth and earnings contributions from the company's acquisitions should cause its credit metrics to improve over the next 12 months," said S&P Global credit analyst Tennille Lopez. S&P expects the company's pro forma debt-to-EBITDA to be around 7.0x in 2017 (which compares with S&P's previous expectation of 6.5x) before improving to 6.3x-6.7x in 2018. The stable outlook on StandardAero Aviation Holdings Inc. reflects S&P's expectation that the company's credit ratios will improve over the next 12-24 months as its revenue and earnings increase on contributions from its recent acquisitions, new and extended contracts, increased participation in the military aircraft MRO market, and management's cost-savings initiatives. Pro forma for the proposed acquisition, S&P expects the company to maintain debt-to-EBITDA of around 7.0x in 2017 before decreasing its leverage metric to the 6.3x-6.7x area in 2018. S&P could raise its ratings on StandardAero over the next year if the company's leverage declines faster than S&P expects (with a debt-to-EBITDA metric of less than 6.0x) and S&P come to believe that management and the company's equity sponsor will allow it to maintain that level regardless of any future dividends or acquisitions. This decline would most likely be caused by higher-than-expected contributions from its recent acquisitions, additional business wins, and higher earnings from management's cost-savings initiatives, though it could also occur if the company pays down its debt faster than S&P expects using excess cash flow. It is unlikely that S&P will lower its ratings on the company in the next year unless its liquidity deteriorates materially due to operational or other challenges, or if its leverage increases from current levels due to debt-financed dividends or acquisitions that lead S&P to believe that the company's capital structure is no longer sustainable. STEVE'S FROZEN: Hires Gasparri Law Office as Attorney ----------------------------------------------------- Steve's Frozen Chillers, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Office of Angelo A. Gasparri as attorney, nunc pro tunc to March 27, 2017. The Debtor requires Gasparri to: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; 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; e. represent the debtor in negotiation with its creditors in the preparation of a plan. Angelo A. Gasparri, Esq., The Law Office of Angelo A Gasparri, 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. Gasparri may be reached at: Angelo A. Gasparri, Esq. The Law Office of Angelo A Gasparri 1080 S. Federal Highway Boynton Beach, FL 33435 Phone: (561) 826-8986 Fax: (561) 935-9706 About Steve's Frozen Chillers Steve's Frozen Chillers, Inc. -- http:/ stevesfrozenchillers.com/ -- is engaged in the frozen drink machine business. Founded in 2001, the Company offers over 20 flavors of frozen drink mixes, both for alcoholic drinks and non-alcoholic, including frozen cappuccinos, frozen energy drinks and skinny iced coffee. In 2016, the Company recorded gross revenue of $2.56 million compared to gross revenue of $3.09 million in 2015. Steve's Frozen Chillers, Inc. filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-13690) on March 27, 2017. The petition was signed by Steven D Schoenberg, CEO. At the time of filing, the Debtor had $744,658 in assets and $1.94 million in liabilities. The case is assigned to Judge Erik P. Kimball. Angelo A. Gasparri, Esq., at the Law Office of Angelo A Gasparri, serves as bankruptcy counsel to the Debtor. STRIDE ACADEMY: S&P Lowers Rating on 2016A/B Revenue Bonds to CCC- ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating three notches to 'CCC-' from 'B-' on the city of St. Cloud, Minn.'s series 2016A and series 2016B lease revenue bonds, issued for the STRIDE Academy (academy). The outlook is negative. "The lowered rating reflects the school's authorizer, Friends of Education's final determination on April 6, 2017 to not renew the school's charter," said S&P Global Ratings credit analyst Kaiti Wang. "The lowered rating and negative outlook further reflect our view that there is greater than a one-in-two likelihood of default, given the impending closure of the school's operations by June 30, 2017," Ms. Wang added. "Finally, given the resignation of the academy's executive director in February 2017 and the board's limited involvement with the charter reauthorization process, it is our opinion that the organization lacks dedicated leaders to reach a resolution to ensure timely debt service payments, raising the risk regarding management's willingness to repay its debt, which could lead to a further lowered rating. We will continue to monitor the situation and take rating action accordingly," Ms. Wang said. As S&P noted in its report published Feb. 10, 2016 on RatingsDirect, on Nov. 10, 2016 Friends of Education issued a notice of its intent to not renew the school's charter because the school has failed to improve its pupil learning and student achievement as reflected by the school's declines in academic performance. Currently, a lower rating is precluded by the potential for Stride Academy to make advance lease payments prior to June 30, 2017, or to have another charter school assume its lease agreement. It is S&P's opinion that these possibilities limit our consideration of virtual certainty of default. The academy's charter was issued in 2004 and the academy commenced operations in fall 2005. It currently serves kindergarten through eighth grade (K-8) in one facility in St. Cloud, Minn. It had 705 students in fall 2016. The charter term expires on June 30, 2017. TALOS ENERGY: S&P Lowers CCR to 'SD' on Distressed Exchange ----------------------------------------------------------- S&P Global Ratings said that lowered its corporate credit rating on Talos Energy LLC to 'SD' (selective default) from 'CCC+'. Talos has announced that it has closed an exchange offer, which S&P views as a distressed exchange. S&P also lowered its issue-level rating on the company's senior unsecured notes to 'D' from 'B-'. The recovery rating on the notes remains '2', indicating S&P's expectation for substantial recovery (70%-90%; rounded estimate: 85%) in the event of a payment default. "The downgrade follows Talos Energy's announcement that it has completed an exchange offer to existing holders of its $300 million senior unsecured 9.75% notes due February 2018," said S&P Global Ratings' credit analyst Michael McConnell. A portion of these notes have been replaced by a $172 million senior secured second-lien 11% bridge loan due 2022 and $102 million 9.75% senior unsecured notes due 2022. Both exchanges occurred at par. The $102 million notes are held by affiliates of Talos Energy's sponsors. $26 million of the existing senior unsecured notes due 2018 remain outstanding. S&P views the transaction as a distressed exchange because the unsecured notes maturity is being extended to 2022 from 2018 and investors that are affiliates of the sponsors are receiving less than the original promise on this tranche of the unsecured notes. Additionally, S&P considers the offer distressed rather than opportunistic, given the continued difficult operating environment and the company's meaningful upcoming debt maturities in 2017. The company's revolving credit facility has a springing maturity in August 2017 if more than $25 million of the senior unsecured notes due 2018 remain outstanding. S&P expects the company to reduce the outstanding $26 million unsecured notes below this threshold prior to the springing maturity date. "We expect to review our corporate credit and issue-level ratings on the company during the next few weeks, and assign ratings to the new debt, to reflect ongoing default risk," said Mr. McConnell. TAUREN EXPLORATION: Hires Orenstein Law as Co-Counsel ----------------------------------------------------- Tauren Exploration, Inc., seeks authorization from the U.S. Bankruptcy Court for the Northern District of Texas to employ Orenstein Law Group, PC as co-counsel, nunc pro tunc. On December 16, 2016, the Debtor filed its Application to Employ Special Litigation Counsel, seeking an order authorizing the employment of Nathan M. Nichols and the firm of Orenstein Law Group, P.C. ("OLG") as special litigation counsel to represent the Debtor as a defendant in Adversary Proceeding. On January 9, 2017, Gloria's Ranch, LLC filed an objection to the Special Litigation Application. Gloria Ranch's Objection was largely based on the argument that the Debtor's owner, Calvin Wallen, III, was to be the source of payments to OLG for its services as special litigation counsel. Although the Special Litigation Application was solely designed to provide representation to the Debtor as a defendant in the Adversary, Gloria's Ranch morphed the requested relief in to something else altogether by arguing that Mr. Wallen should not be in charge of and the source of income for the Debtor because Gloria's Ranch wanted the Debtor to sue Mr. Wallen for alleged fraudulent transfers -- i.e., Mr. Wallen should not be the source of funding to the Debtor when he is also a target of such litigation. The Debtor subsequently filed an Amended Application to Employ Special Litigation Counsel to Convert to Application to Employ Co-Bankruptcy Counsel. The Debtor says OLG will serve as co-counsel with Mr. Frank Broyles. The Debtor requires Orenstein to: a. determine what post-confirmation obligations the Debtor has under the confirmed plan of Gloria's Ranch and assist the Debtor to fulfill such obligations; b. file and prosecute any necessary claim objections related to the Retained Appellate Rights (as defined in Gloria's Ranch's plan); c. take any other actions on behalf of the Debtor on a post-confirmation basis deemed necessary by the Debtor; d. review various records of the Debtor regarding privileges; and e. draft and file appropriate motions with respect to OLG's compensation. OLG lawyers who will work on the Debtor's case and their hourly rates are: Rosa R. Orenstein $425 Nathan M. Nichols $275 Legal Assistants $120 OLG has requested a $3,000 retainer from the Debtor to be used for work performed on a post-Effective Date basis. OLG will also be reimbursed for reasonable out-of-pocket expenses incurred. Nathan M. Nichols, Esq., at Orenstein Law Group, 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. OLG may be reached at: Nathan M. Nichols, Esq. Orenstein Law Group 1910 Pacific Avenue Suite 8040 Dallas, TX 75201 Tel: (214) 757-9101 Fax: (972) 764-8110 About Tauren Exploration Tauren Exploration, Inc., filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-32188) on June 3, 2016, listing under $1 million in both assets and liabilities. Its core business historically has been in the oil and gas industry. The Debtor is represented by Frank L. Broyles, Esq., as counsel. The Debtor hired Nathan M. Nichols, Esq., at Orenstein Law Group, P.C., as special litigation counsel. TRANSDIGM GROUP: Fitch Affirms B Long-Term IDRs, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of TransDigm Group, Inc. (NYSE: TDG) and its subsidiary TransDigm Inc. (TDI) at 'B'. Fitch has also affirmed the ratings of TDI's senior secured credit facilities at 'BB/RR1' and TDI's senior subordinated notes at 'B-/RR5'. The Rating Outlook is Stable. The ratings cover approximately $11 billion of outstanding debt. KEY RATING DRIVERS The ratings are supported by the company's strong FCF (cash from operations less capital expenditures and regular dividends), good liquidity, strong margins, healthy commercial aerospace markets, higher U.S. defense spending, and a favorable debt maturity schedule. TDG has good diversification in its portfolio of products that supports a variety of commercial and military platforms/programs, and it is a sole source provider for the majority of its sales. Rating concerns include the company's high leverage, declining interest coverage, the long-term cash deployment strategy which focuses on acquisitions and occasional debt-funded special dividends, and weak collateral support for the secured bank facility in terms of asset coverage. TDG generates significant cash flows due to its ability to demand a premium for its products, partially driven by a large percentage of sales from a relatively stable and highly profitable aftermarket business; low research and development costs; and low capital expenditures. Additionally, TDG's cash flows benefit from the lack of material pension liabilities and no other post-employment benefit (OPEB) obligations. TDG's leverage metrics have been stable over the past four years, as leverage remained at 6.5x-7.5x. Fitch expects the company's leverage will increase in fiscal 2017 and will remain at 7.0x-8.0x for the rating horizon. Fitch projects TDG's leverage at approximately 7.7x by the end of fiscal 2017 after giving effect to the Fitch-estimated debt issuances throughout the year. Even though TDG's leverage metrics are stable, TDG's coverage ratios have steadily deteriorated, as FFO interest coverage declined to 2.7x at the end of 2016 from 3.2x at the end of 2012. Fitch anticipates continued deterioration of coverage ratios to 2.3x - 2.5x over the rating horizon due to an expected increase in indebtedness and the corresponding rise of cash interest expenses. Fitch believes TDG has the capacity to make approximately $700 million of acquisitions per annum with internally generated cash, but a larger acquisition would likely require debt financing. Fitch views TDG's projected metrics as consistent with the 'B' IDR, but the level of support for this rating has been reduced by the new leverage paradigm. Issuance of additional debt to fund shareholder cash distributions could pressure the ratings of the senior subordinated notes. TDG's ratings are also supported by positive trends in most of the company's end markets. The Large Commercial Aircraft (LCA) market continues to be in a solid upturn. Both LCA manufacturers are currently experiencing a record operating environment in terms of backlog and deliveries. The large order book, overbooked delivery slots, and geographic diversity support the outlook for continued modest growth. Higher U.S. defense spending in fiscal year (FY) 2016 supported Fitch's credit outlook for the U.S. Aerospace & Defense sector. Investment spending turned upward after a three-year trough, and Fitch expects continued solid spending levels in FY2017and beyond, assuming budget caps are overridden. Although not yet enacted, Fitch views the FY2017 budget request as a conservative indicator of spending trends. Share repurchases have not been the company's preferred cash deployment strategy, but that may change in fiscal 2017. On March 8, 2017, the company's board approved a $600 million share repurchase program, which brought total availability of allowable repurchases to $812.9 million as of mid-March of 2017. On March 7, 2017, one day prior to the new share repurchase program authorization, the company amended the credit agreement governing its senior secured credit facility to allow for cash distributions of up to $1.5 billion in share repurchases or dividends over the next 12 months subject to maintaining secured leverage below 4x and net total leverage below 6.5x. The company had already distributed approximately $1.4 billion in special dividends prior to the amendment in fiscal 2017. Fitch expects the company will either declare a second dividend or will utilize share repurchases to increase shareholder cash deployment in fiscal 2017. Fitch estimates the company can make up to $700 million in shareholder cash distributions without accessing the capital markets for the remaining of fiscal 2017. Capital deployment towards either shareholders or acquisitions beyond $700 million would require issuance of additional debt. TDG is exposed to the cyclicality of the aerospace industry, as it reported several quarters of organic sales declines during fiscal 2009 and 2010 driven by lower demand for aftermarket parts and production cuts by commercial original equipment manufacturers (OEMs). The market cyclicality is somewhat mitigated by growth from acquisitions, high margins, and sales diversification. During the first quarter of 2017, Citron Research (Citron) published two reports covering TDG. While Fitch does not have any information regarding the accuracy of the comments in Citron's reports, Fitch understands Citron's reports accused TDG of price gouging, improper relationships, and fraudulent activities. The reports also speculated that the company's significant price hikes for acquired products hid negative organic growth and compared TDG's business model to that of Valeant in the pharmaceutical industry. On March 21, 2017, shortly after the publishing of the second Citron report, Congressman Ro Khanna sent a letter to the Department of Defense Inspector General asking for an investigation into the business practices of TDG. The letter alleged, among other things, that the company defrauded the U.S. government by operating as a hidden monopolist by disguising its cost structure and identity from procurement officers while taking unreasonable price increases for sole-source products. Fitch expects a possible investigation (if any) caused by Congressman Khanna's letter will likely be a prolonged process, and views the letter and allegations of fraudulent activities as a long-term event risk. Based on the top customer disclosure in the company's SEC filings, Fitch expects TDG's direct DoD sales are less than 10%, which limits the exposure to possible sanctions (if any) from a potential DoD investigation. Fitch believes the reports published by Citron Research correctly state that TDG aggressively cuts costs and significantly increases prices of product made by newly acquired businesses, but the company had not disclosed material organic revenue declines over the past five years and had not reported significant declines in sales due to increased pricing activities. Fitch estimates TDG is able to price its product aggressively because more than 90% of sales are derived from proprietary products and about 80% of sales are from products in which it is the sole supplier. The Recovery Ratings and notching in the debt structure reflect Fitch's recovery expectations under a scenario in which distressed enterprise value is allocated to the various debt classes. TDG's capital structure includes senior secured credit facilities and senior subordinated notes. In case of insolvency, Fitch assumes TDG will be restructured and assesses the going concern EBITDA at approximately $1.3 billion based on the company's stable operations, high operating margins, and significant percentage of revenues derived from aftermarket products. Fitch uses a 7x multiple when calculating the enterprise value of the post-restructured TDG, which is higher than an average post-restructuring multiple of 5.5x observed in the industry. The higher than the industry average post-restructuring multiple is driven by high margins of the company and by the high percentage of proprietary and sole source products. As a result of Fitch's estimated post-restructuring enterprise value, the expected Recovery Rating for the senior secured credit facilities is 'RR1', indicating recovery prospects of 91%-100%. Fitch anticipates the senior subordinated notes will receive recovery in the range of 11% to 30%, commensurate with the 'RR5' Recovery Ratings. Fitch's rating scenarios assume TDG will issue up to $800 million in incremental debt in fiscal 2017. While the company may use the proceeds to make acquisitions, TDG may use proceeds to make another special dividend or repurchase shares (both subject to leverage covenants). The ratings and recovery prospects of the senior subordinated notes are sensitive to a composition of the future debt and may be negatively impacted if the majority of the future debt is secured. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for TDG include: -- Revenues will grow by approximately 12% and 10% in fiscal 2017 and fiscal 2018, respectively, driven by acquisitions and anticipated growth of the aerospace and defense sector. The growth will slow to high single-digits thereafter. -- Margins will remain in the range of 44% to 46% over the rating horizon; -- The company will issue additional debt over the next three years, offsetting expected growth in EBITDA; -- Leverage will remain in the range of 7x to 8x over the rating horizon; -- TDG will make $1.5 billion acquisitions annually; -- The company will maintain cash balances in the range of $700 million to $1 billion through fiscal 2018. RATING SENSITIVITIES Fitch does not anticipate positive rating actions in the near term given current credit metrics and the company's cash deployment strategies. Positive rating actions could be considered if the company modifies its cash deployment strategy and focuses on debt reduction. A negative rating action may be considered if there is significant cash flow margin erosion without commensurate de-leveraging of the company. Additionally, Fitch may consider a negative rating action should TDG's leverage (debt-to-EBITDA) and FFO adjusted leverage increase and remain between 8x to 8.25x and above 9.5x, respectively, driven by weakening of the global economy, a downturn in the aerospace sector, or by issuance of additional debt to fund special dividends or acquisitions. In addition, Fitch may take a negative rating action on the senior subordinated notes if their recovery prospects deteriorate due to an issuance of new senior secured debt. LIQUIDITY TDG has adequate financial flexibility and good liquidity supported by a $600 million revolving credit facility and a sizable cash balance, as the company typically holds above $500 million in cash. Fitch anticipates recently completed and future acquisitions will allow TDG to accelerate its revenue, EBITDA and FCF growth over the rating horizon. As of Dec. 31, 2016, TDG held $972 million in cash and equivalents. The company does not have significant debt maturities until 2020 when $500 million of senior subordinated notes become due and the $1.2 billion tranche C of its credit facility matures. Fitch anticipates the company will refinance the maturing debt and estimates TDG's liquidity will fluctuate between $1 billion to $1.5 billion over the rating horizon. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: TDG -- Long-term IDR at 'B'. TDI -- IDR at 'B'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior secured term loans at 'BB/RR1'; -- Senior subordinated notes at 'B-/RR5'. The Rating Outlook is Stable. TUTOR PERINI: Fitch Assigns First-Time B+ Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'B+' to Tutor Perini Corporation (TUT) and a rating of 'BB-/RR3' to the company's planned senior unsecured eight-year fixed-rate notes. Fitch has also assigned a rating of 'BB+/RR1' to the company's existing senior secured credit facility and a rating of 'BB-/RR3' to the senior unsecured convertible notes due 2021. The Rating Outlook is Stable. Approximately $800 million of outstanding debt, including the planned notes, is covered by Fitch's ratings. The new notes will mature in 2025 and will be unconditionally guaranteed by each of the issuer's domestic subsidiaries that guarantee the company's revolving credit facility. Concurrent with the company's senior note offering, TUT has entered into a new $350 million revolving credit facility. The company intends to utilize proceeds from the note offering to execute a cash tender offer for any and all of its outstanding 7.625% senior notes due 2018. The company will also use the proceeds to pay off the remaining balance of its senior secured term loan. The tender is scheduled to expire on April 17, 2017. KEY RATING DRIVERS TUT's rating is supported by the firm's significant scale and market position. The company maintains operations across the U.S., in addition to a diverse set of customers across a wide range of end markets. This geographic and end-market diversity, along with its extensive long-standing customer relationships, allow its segments to be highly competitive on projects of all sizes while maintaining limited exposure to a single region, industry or customer. The company's end markets include bridges, tunnels, highways, industrial buildings, mass-transit systems, condominiums, hospitality & gaming, aviation, education, sports facilities and health care. The company features a balanced split between private and public customers with approximately 55% of its 2016 revenue generated from federal, state and local government agencies while the remaining 45% came from private project owners. The company's current backlog of over $6 billion is composed of 43% civil projects, 32% building projects and the remaining 25% consisting of specialty contractor projects. Individual customer concentration is limited, as the 10 largest projects represented roughly 33% of revenue in 2016. Rating concerns include TUT's limited available liquidity given the inherent capital intensity and cyclicality of the sector. The company had roughly $300 million of cash and revolver availability as of Dec. 31, 2016 though roughly $100 million of this included cash residing in joint ventures which the company has limited flexibility to deploy. The company has stated an intention to grow cash balances in-part by improved working capital management with a target of roughly $200 million of working capital improvement by year-end 2017. Fitch remains concerned with TUT's elevated leverage, as the firm had an adjusted Debt/EBITDAR of 3.4x as of Dec. 31, 2016 which was down from 5.5x at the same time in 2015. The elevated 2015 leverage was largely driven by project losses suffered in the company's Tower C project at Hudson Yards in New York City that year. Fitch notes that this was the firm's worst individual project loss in over 20 years and is not expected to be repeated, as the firm continues to operate profitably on several other contracts within the Hudson Yards project to-date. Fitch further notes the company's willingness to maintain significant long-term debt balances, as well as consistent revolver utilization, as credit negatives in the highly cyclical Engineering and Construction (E&C) sector. Fitch expects TUT to maintain adjusted Debt/EBITDAR within the 3.0x to 3.5x range through the medium term. Fitch views the company's overall project risk profile as reasonable and within sector expectations. Fitch further views the firm's profit margins as consistent with similar projects performed by its peers. Fitch views the company's working capital management as adequate, as the firm has produced moderately positive aggregate FCF over the previous four years. The company's working capital flows feature limited volatility, largely driven by the firm's proven ability to accurately forecast projects costs, which allows client advances to satisfy most funding needs. The 'BB+/RR1' rating on TUT's senior secured credit facility reflects substantial recovery prospects in a distressed scenario, which Fitch estimates to be in the 90% to 100% range. Collateral consists of nearly all U.S. assets of TUT's restricted subsidiaries, including such assets which may be under lease agreements. This includes without limitation, account receivables, inventory, equipment, investment property, intellectual property, other general intangibles, and owned (but not leased) real property. The equity interest of the borrower and all equity interests of any wholly owned subsidiaries are also included within the collateral package. The rating of 'BB-/RR3' on the company's senior unsecured notes and senior unsecured convertible notes reflects the good recovery prospects on the notes, estimated by Fitch to be in the 51% to 70% range in a distressed scenario. KEY ASSUMPTIONS -- The successful tender of all of the outstanding 7.625% senior notes due 2018; -- No major acquisitions or mergers over the medium term; -- EBITDA margins of at least 4%-5% over the medium term; -- Claims or disputes do not result in a significant reduction in liquidity or FCF which could impair TUT's ability to meet cash requirements needed to perform on contracts or control debt and leverage; -- Capital expenditures within the range of $10 million to $25 million annually over the medium term. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a positive rating action include: -- An increase in available liquidity to above $750 million, including at least $500 million in cash and equivalents (excluding cash held in joint ventures [JVs]), for a prolonged period; -- Decreased adjusted debt/EBITDAR to below 2.0x for a sustained period; -- FCF margin above 5% for a prolonged period; -- A material improvement in EBITDA margins to above 8% for a sustained period; Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- A deterioration in adjusted debt/EBITDAR to above 4.5x for a prolonged period; -- A material decline in EBITDA margins to below 3%; -- Failure to maintain at least $350 million in available liquidity (excluding cash held in JVs) for a prolonged period; -- Consistently negative FCF; -- Any indication of meaningful impending project losses, or legal or contingent liabilities; -- Debt-funded shareholder-friendly activities. LIQUIDITY TUT had approximately $150 million of cash and equivalents as of Dec. 31, 2016, not including restricted cash held for insurance-related obligations. Roughly $100 million of this was held in JVs and is only available for use in specific projects or to be distributed to the respective JV partners. This compares to $75 million of cash available as of Dec. 31, 2015, of which $57 million was held in JVs. In addition the company had $150 million of revolver availability and $50 million of restricted cash, which the company holds primarily to secure insurance-related contingent obligations, as of Dec. 31, 2016. Under its new credit agreement, the company can maintain a consolidated net leverage ratio of 4.0x, which trends toward 3.25x by 2019. As a result, the firm's leverage ratio at any point in time may impact revolver availability. Fitch expects the company to pay down much of its current capital lease balance and have roughly $100 million of cash and equivalents, including cash held at JVs, on hand at year-end 2017. FULL LIST OF RATING ACTIONS Fitch has assigned the following ratings: Tutor Perini Corporation -- LT IDR at 'B+'; -- Senior secured credit facility at 'BB+/RR1''; -- Senior unsecured notes at 'BB-/RR3'; -- Senior unsecured convertible notes at 'BB-/RR3'. The Rating Outlook is Stable. UCP INC: S&P Puts 'B-' CCR on Watch Pos. on Acquisition Notice -------------------------------------------------------------- S&P Global Ratings said it placed its 'B-' corporate credit rating on UCP Inc. on CreditWatch with positive implications. UCP Inc. announced that it has entered into a definitive agreement to be acquired by Century Communities Inc. The company expects the transaction to be completed in the third quarter of 2017. The CreditWatch listing follows UCP's announcement that Century Communities has agreed to acquire all of the company's outstanding common stock in a cash and stock transaction. The company expects to complete the transaction in the third quarter of 2017. "We plan to resolve the CreditWatch placement following the close of the transaction, which is subject to customary closing conditions and regulatory approval," said S&P Global Ratings credit analyst Thomas O'Toole. "Assuming the transaction closes as planned, we would subsequently raise our ratings on UCP to equalize them with our ratings on Century before withdrawing our corporate credit rating on UCP." ULURU INC: Velocitas Holds 76.7% Equity Stake as of Feb. 27 ----------------------------------------------------------- Velocitas Partners LLC and Velocitas I LLC disclosed in a Schedule 13D filed with the Securities and Exchange Commission that as of Feb. 27, 2017, they beneficially own 153,337,294 shares of common stock of ULURU Inc. representing 76.7 percent based upon 76,349,431 shares of common stock outstanding as of March 31, 2017. The amount includes shares held by Velocitas and certain other persons with whom they shares voting control and shares that may be currently acquired upon conversion of convertible securities beneficially owned by Velocitas, which amount is limited by the number of authorized but unissued shares of common stock as of March 31, 2017. Without this limitation, Velocitas would beneficially own 236,741,782 shares of common stock, representing 83.5% of the outstanding shares. A full-text copy of the regulatory filing is available at: https://is.gd/IAgteA About ULURU Inc. ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex Aggregate technology and OraDisc transmucosal delivery system. For further information about ULURU Inc., please visit its website at www.uluruinc.com. For further information about Altrazeal, please visit our website at www.altrazeal.com. ULURU reported a net loss of $2.69 million for the year ended Dec. 31, 2015, following a net loss of $1.93 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, ULURU had $6.71 million in total assets, $2.51 million in total liabilities and $4.19 million in total stockholders' equity. Lane Gorman Trubitt, PLLC, in Dallas, TX, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and is dependent upon raising additional funds from strategic transactions, sales of equity, and/or issuance of debt. The Company's ability to consummate such transactions is uncertain. As a result, there is substantial doubt about the Company's ability to continue as a going concern, the auditors noted. UMPQUA MASTER: Fitch Assigns BB Trust Preferred Securities Rating ----------------------------------------------------------------- Fitch Ratings has assigned a Long-term Issuer Default Rating (IDR) of 'BBB+' and a Short-term IDR of 'F2' to Umpqua Holdings Corporation (UMPQ). The Rating Outlook is Stable. KEY RATING DRIVERS IDRs and VR UMPQ's ratings are supported by its solid franchise in its core markets, which Fitch views as a product of management's innovative branch and digital strategies. Strong asset quality metrics and solid capital and liquidity levels also support UMPQ's ratings. Offsetting these strengths is UMPQ's limited non-interest income versus rating peers with a high reliance on mortgage banking and earnings performance that has fallen short of the company's goals at the time of the Sterling Financial Corporation (Sterling) merger in 2014. Additionally, Fitch views cautiously UMPQ's growth in its commercial and industrial (C&I), leasing, and construction portfolios. These areas have produced higher loss content for the bank than its other commercial real estate (CRE) and consumer portfolios, which have performed well through the cycle. Fitch views UMPQ's management team as a key credit strength. Fitch believes management has successfully implemented its customer experience-oriented culture at the company along with an innovative branch model, which have resulted in a strong franchise position in the company's core markets; UMPQ's solid deposit market share in its core markets support this view, along with the company's low funding costs relative to its peer group. Additionally, Fitch believes the company is ahead of many peers in developing its digital platforms, which will continue to benefit UMPQ's franchise moving forward. UMPQ has a solid 10.5% deposit market share in its home state of Oregon, along with strong market positions in certain areas of Washington, northern California, and Idaho. This has provided the bank with a stable, low cost deposit base that allows the bank to benefit from a high net interest margin relative to peers due to funding costs below the mid-tier and large regional bank peer group averages. This should position the bank well for a rising rate environment, especially given its solid position in more isolated, rural markets and its sound liquidity position. UMPQ has solid underwriting standards, particularly in its residential mortgage, multifamily, and non-owner and owner occupied CRE portfolio, evidenced by the low net charge-off (NCO) rates in these portfolios through the past credit cycle. Fitch notes that over the past 40 quarters, UMPQ's NCO rate has been slightly above the mid-Tier median with somewhat higher volatility, as measured by standard deviation. UMPQ has exited its land development lending business, which was a significant driver of its weaker than peer performance during the crisis. Moving forward, Fitch expects UMPQ's NCOs to be roughly in line with the peer group median. This has been the case over the past 20 quarters. UMPQ's asset quality metrics are currently among the best in the mid-tier peer group and for Fitch-rated U.S. banks. Fitch views this as a product of the company's solid underwriting practices in its core lending segments, sound risk controls framework, and the benign credit environment. While UMPQ's overall loan growth (excluding acquisitions) has been moderate, Fitch views cautiously its growth in certain asset classes, particularly construction (44% growth in 2016) and leasing (33% growth in 2016). These asset classes have historically had higher loss content than in other portfolios for UMPQ. Additionally, the bank has recently indicated it expects to expand more in its C&I lending business, which Fitch also views cautiously given that this has been a very competitive asset class since the financial crisis. Since the Sterling merger in 2014, UMPQ's earnings, excluding merger costs and accretion gains, have lagged slightly below its peer group average as measured by ROA despite the company's solid net interest margin. Fitch also views UMPQ's non-interest income as relatively weak given its lower percentage of revenue relative to peers and a high level of mortgage banking income, which can be more volatile over time than other fee businesses. Overall, UMPQ's earnings profile serves as a constraint on the ratings. Over time, Fitch does expect modest earnings improvement from better operating efficiency because of the Sterling merger and from UMPQ's various business initiatives and digital strategy; however, this could be somewhat offset by more normalized provision levels. Additionally, Fitch notes UMPQ's balance sheet is moderately asset sensitive and should benefit from a rising rate environment due to the company's strong deposit base; however, lower origination volumes in its mortgage banking business could offset this. UMPQ's capital position is adequate for the rating level and the company's risk profile. UMPQ's Basel III Common Equity Tier 1 (CET1) ratio is reasonable at 11.46%, which is roughly average for the mid-tier peer group. Fitch expects UMPQ to maintain its capital ratios at or modestly below current levels due to its growth initiatives and a relatively high dividend payout level, which is above average at 60% or more. Fitch views this high payout level as reasonable given the company's conservative management of capital over many years and its overall solid financial profile. LONG- AND SHORT-TERM DEPOSIT RATINGS UMPQ's uninsured deposit ratings at the subsidiary bank are rated one notch higher than the company's IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES UMPQ's trust preferred securities are notched two times below its VR for loss severity and two times for non-performance. These ratings are in accordance with Fitch's criteria and assessment of the instruments non-performance and loss severity risk profiles. SUPPORT RATING AND SUPPORT RATING FLOOR UMPQ has a Support Rating of '5' and Support Rating Floor of 'NF'. In Fitch's view, UMPQ is not systemically important and therefore, the probability of support is unlikely. IDRs and VRs do not incorporate any support. HOLDING COMPANY Umpqua Holding Corporation's IDR and VR are equalized with those of its chief operating company, Umpqua Bank, 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. RATING SENSITIVITIES IDRs and VR Fitch believes UMPQ's ratings are currently at the higher end of their potential spectrum and that positive rating momentum is unlikely within the Rating Outlook horizon. Over the longer term, UMPQ's ratings could gain positive momentum if the bank succeeds in building a more diverse fee income base and achieves a higher level of earnings more in line with higher rated peers while maintaining stable or higher capital levels and solid credit metrics ahead of the peer group average. The Stable Rating Outlook reflects Fitch belief that UMPQ will maintain strong asset quality metrics relative to its peer group and good levels of capital as it pursues initiatives to grow and diversify its loan portfolio. Negative rating momentum could develop should Fitch observe underwriting standards weaken in order to achieve growth targets or if asset quality measures decline to below peer averages, particularly if this decline is as a result of adverse outcomes in areas of growth for UMPQ. While not expected, should UMPQ manage capital more aggressively, such that its CET1 Ratio falls towards the bottom of its peer group or if earnings performance over time is materially worse than the peer group average, negative rating momentum could develop. LONG- AND SHORT-TERM DEPOSIT RATINGS The ratings of long- and short-term deposits issued by Umpqua Bank are primarily sensitive to any change in the company's IDR. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for UMPQ's trust preferred securities are sensitive to any change to UMPQ's VR. SUPPORT RATING AND SUPPORT RATING FLOOR Since UMPQ's Support and Support Rating Floors are '5' and 'NF', respectively, there is limited likelihood that these ratings will change over the foreseeable future. HOLDING COMPANY Should UMPQ's holding company 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 IDR and VR from the ratings of the operating companies. Fitch has assigned the following ratings with a Stable Outlook: Umpqua Holdings Corporation -- Long-term IDR 'BBB+'; -- Short-term IDR 'F2'; -- Viability Rating 'bbb+'; -- Support '5'; -- Support Rating Floor 'NF'. Umpqua Bank -- Long-term IDR 'BBB+'; -- Short-term IDR 'F2'; -- Viability Rating 'bbb+'; -- Long-term deposits 'A-'; -- Short-term deposits 'F2'; -- Support '5'; -- Support Rating Floor 'NF'. Umpqua Statutory Trust II - V -- Trust preferred securities 'BB'. Umpqua Master Trust I and IB -- Trust preferred securities 'BB'. Sterling Capital Trust III - IV and VI - IX Sterling Capital Statutory Trust V -- Trust preferred securities 'BB'. Lynnwood Financial Statutory Trust I and II -- Trust preferred securities 'BB'. Klamath First Capital Trust I -- Trust preferred securities 'BB'. HB Capital Trust I Humboldt Bancorp Statutory Trust I - III -- Trust preferred securities 'BB'. CIB Capital Trust -- Trust preferred securities 'BB'. Western Sierra Statutory Trust I - IV -- Trust preferred securities 'BB'. UNIQUE VENTURES: Ch.11 Trustee Hires MacDonald Illig as Counsel --------------------------------------------------------------- M. Collete Gibbons, the Chapter 11 Trustee for Unique Ventures Group, LLC, asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to retain MacDonald Illig Jones & Britton LLP as his counsel. The Chapter 11 Trustee requires MacDonald Illig to: a. provide the Trustee with legal advice with respect to her powers and duties as a trustee; b. prepare the necessary applications, pleadings, briefs, memoranda and other such documents and reports as may be required; c. investigate the validity of various security interests allegedly given by the Debtor; d. represent the Trustee at hearings and other proceedings; e. represent the Trustee in her dealings with the Debtor, creditors, and other parties-in-interest; and f. perform all other legal services for the Trustee, except as may be performed by other special counsel. MacDonald Illig will be paid at these hourly rates: Nicholas R. Pagliari $330 Attorneys $220-$360 Paralegals $115-$135 MacDonald Illig also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas R. Pagliari, Esq., partner of the law firm of MacDonald Illig Jones & Britton 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. MacDonald Illig can be reached at: Nicholas R. Pagliari, Esq. MacDonald Illig Jones & Britton LLP 100 State Street, Suite 700 Erie, PA 16507-1459 Tel: (814) 870-7754 Fax: (814) 454-4647 Email: npagliari@mijb.com About Unique Ventures Unique Ventures Group, LLC, based in Pittsburgh, Pennyslvania, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 17-20526) on February 13, 2017. Unique Ventures owns 28 Perkins Restaurant & Bakery locations in Pennsylvania and Ohio. Unique may have an interest in 10 Burger Kings, all in Ohio, through a related entity, according to a Pittsburgh Business Times report. The Hon. Thomas P. Agresti presides over the Chapter 11 case. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Eric E. Bononi, receiver, CEO and CRO. Unique Ventures has hired Leech Tishman Fuscaldo & Lampl, LLC and RudovLaw as counsel. It has also hired Scott M. Hare, Attorney at Law, to provide legal advice on litigation-related issues. Andrew R. Vara, Acting U.S. Trustee for Region 3, on March 2, 2017, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Unique Ventures Group, LLC. The committee members are: (1) 3D Acquisitions, LP; (2) Perkins & Marie Callenders, LLC; (3) Osterberg Refrigeration, Inc.; (4) T & D Landscape & Lawn Care, Inc.; (5) Cintas Corporation; (6) Access Point Inc.; and (7) Thomas Quality Cleaning. The Committee has hired Whiteford Taylor & Preston, as counsel, Albert's Capital Services, LLC as financial advisor. The Committee retained Albert's Capital Services, LLC as financial advisor. The Acting United States Trustee has named M. Colette Gibbons, Esq., as the Chapter 11 Trustee for Unique Ventures Group. The Court later approved the appointment. UNITED MOBILE: Can Continue Using Cash Collateral Until May 31 -------------------------------------------------------------- Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the Northern District of Georgia issued a fourth order extending the period within which United Mobile Solutions, LLC, can use cash collateral through May 31, 2017, on the terms contained in the cash collateral order. T-Mobile USA, Inc., MetroPCS Georgia, LLC, and MetroPCS Texas, LLC, have agreed on the extension of the cash collateral period in accordance with the approved budget, which reflects total expenses in the amount of $211,607 for April 2017 and $206,607 for May 2017. A full-text copy of the Fourth Order, dated April 4, 2017, is available at http://tinyurl.com/ks8y5vz About United Mobile Solutions United Mobile Solutions, LLC, is a carrier master dealer that operates and manages approximately 20 retail cellular phone stores. Its corporate offices are located in Norcross, Georgia. United Mobile Solutions filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-62537) on July 20, 2016. The petition was signed by Kil Won Lee, president. The Debtor estimated its assets at $0 to $50,000 and its liabilities at $1 million to $10 million at the time of the filing. The Debtor is represented by Cameron M. McCord, Esq., at Jones & Walden, LLC. No official committee of unsecured creditors has been appointed in the case. UNITI GROUP: Southern Light Deal No Impact on Fitch's 'BB-' IDR --------------------------------------------------------------- Uniti Group Inc.'s ratings are not affected by the acquisition of Southern Light, LLC, according to Fitch Ratings. Permanent financing for the transaction, as well as the previously announced acquisition of Hunt Telecommunications, LLC, is expected to be leverage neutral. Uniti has announced a definitive agreement to acquire privately-held Southern Light in a transaction valued at approximately $700 million. Initially, the transaction will be financed by $635 million in cash (subject to adjustments) and the issuance of approximately 2.5 million operating partnership units by Uniti, with more permanent financing to be put in place. Uniti has secured committed financing for the entire initial cash portion of the transaction. The transaction is expected to be funded with cash on hand, proceeds from potential debt or equity financings and borrowings under the revolving credit facility (RCF). Permanent financing for the transaction is expected to include approximately $250 million of debt and $450 million of equity, with proceeds expected to be used to pay for the cash consideration in the Southern Light transaction and the cash consideration for the previously announced Hunt acquisition. The Southern Light transaction is expected to close in the third quarter of 2017 following customary approvals. Fitch believes the acquisition is a strategic fit with Uniti Fiber's operating footprint. Southern Light adds approximately 540,000 strand miles of fiber and connects Uniti Fiber's network across the Southeastern U.S. Uniti expects to achieve approximately $10 million of run rate synergies within 24 months after the close of the transaction, and $2.5 million of synergies from the previously announced Hunt acquisition. Pro forma for the transactions, Uniti Fiber will have approximately $100 million in EBITDA and $1.2 billion of revenues under contract. Including the contractual revenues from Uniti's operating businesses, the company's cash flows are expected to be very stable due to the substantial portion of current revenues generated under a master lease with Windstream Holdings. The lease currently produces slightly more than $650 million in cash revenues annually. Fitch believes the acquisition of Southern Light and Hunt Telecom will continue to provide diversification of revenues away from the master lease with Windstream (Long-Term IDR 'BB-'). Pro forma for the two acquisitions, Windstream is expected to provide approximately 70% of Uniti's revenues. While still high, the percentage of revenues is significantly lower than at the spin-off from Windstream, as at that time nearly all revenues were from Windstream. Uniti's IDR was initially capped at the same level as Windstream's. In Fitch's view, the improved diversification is a positive for Uniti's credit profile. Uniti's liquidity is solid owing to its cash and RCF. The company had $172 million in cash at Dec. 31, 2016. Uniti's $500 million RCF (due 2020), which had $500 million available on Dec. 31, 2016, provides sufficient backstop for liquidity needs. Fitch expects Uniti will restore revolver availability following transactions by terming out borrowings over time by more permanent means of equity and debt funding. In February 2017, the company completed a repricing of the term loan, reducing the interest rate 50bps to LIBOR plus 3.00%. The repricing will save $10 million annually. Other than the RCF, which matures in 2020, there are no major maturities until 2022 when the $2.1 billion term loan matures. Uniti has an at the market stock offering program (ATM) that allows for the issuance of up to $250 million of common equity to keep the capital structure in balance when funding capital expenditures in the tower or fiber operating businesses as well as to finance small transactions. Fitch rates Uniti and CSL Capital LLC as follows: -- Long-Term IDR 'BB-'; -- Senior secured revolving credit facility due 2020 'BB+'/'RR1'; -- Senior secured term loan credit facility due 2022 'BB+'/'RR1'; -- Senior secured notes 'BB+'/'RR1'; -- Senior unsecured notes 'BB-'/'RR4'. W&T OFFSHORE: S&P Affirms 'CCC' CCR on Capital Structure Review --------------------------------------------------------------- S&P Global Ratings said that it affirmed its 'CCC' corporate credit rating on U.S.-based oil and gas exploration and production (E&P) company W&T Offshore Inc. The rating outlook is negative. At the same time, S&P affirmed its 'B-' issue-level rating on the company's senior secured notes. The '1' recovery rating is unchanged, indicating S&P's expectation for very high recovery (90%-100%; rounded estimate: 95%) for creditors in the event of a payment default. S&P also affirmed its 'CC' issue-level rating on the company's senior unsecured notes. The '6' recovery rating is unchanged, indicating S&P's expectation for negligible recovery (0%-10%; rounded estimate: 0%) for creditors in the event of a payment default. In addition, S&P affirmed its 'CCC' issue-level rating on the company's second-lien notes due 2020 and second-lien payment-in-kind (PIK) toggle notes due 2020. The '3' recovery rating is unchanged, indicating S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) for creditors in the event of a payment default. "The affirmations follow our review of W&T's capital structure and credit profile in light of challenging conditions in the offshore E&P industry," said S&P Global Ratings credit analyst Kevin Kwok. The 'CCC' corporate credit rating reflects S&P's expectation that the company will likely face a liquidity shortfall or consider a distressed exchange during the next 12 months, absent an unforeseen positive development. In particular, S&P believes the company may be unable to repay or refinance the remaining $190 million of its 8.5% senior unsecured notes by the Feb. 28, 2019, due date and prevent the acceleration of the 1.5-lien term loan and the senior third-lien PIK term loan maturities (for a combined amount of $248 million). The negative rating outlook on W&T reflects the possibility that its liquidity will continue to deteriorate, such that it won't be able to meet its financial or other obligations. S&P could lower the corporate credit rating if W&T misses an interest payment. This would most likely occur if the company were unable to extend its credit facility beyond 2018, refinance its unsecured notes by Feb. 28, 2019, or to provide additional financial security to BOEM. S&P could also lower the rating if the company announced what it would consider a distressed exchange. S&P could raise the rating if the company improves its liquidity, which would most likely occur if it were able to extend its credit facility beyond 2018 and refinance its senior unsecured notes due 2019. YULONG ECO-MATERIALS: April 12 NASDAQ Listing Compliance Deadline ----------------------------------------------------------------- Yulong Eco-Materials Ltd., a vertically integrated manufacturer of eco-friendly building products located in Henan Province, on April 5, 2017, disclosed that on March 31, 2017, the Company received a determination letter (the "Letter") from the NASDAQ Stock Market LLC (the "NASDAQ") notifying the Company of the NASDAQ Staff's determination (the "Determination") to delist the Company's securities from The NASDAQ Capital Market due to its failure to regain compliance with Listing Rule 5250(c)(1) (the "Rule") because it had not filed its Annual Report on Form 10-K for the period ended June 30, and Quarterly Reports on Forms 10-Q for the periods ended September 30, and December 31, 2016, respectively (the "Delinquent Reports"). Pursuant to the Letter, unless the Company requests an appeal of the Determination by 4:00 Eastern Time on April 7, 2017, trading of the Company's common stock will be suspended at the opening of business on April 11, 2017, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), causing the Company's securities to be removed from listing and registration on The NASDAQ Stock Market. On Oct. 14 and Nov. 22, 2016, the Company received two notification letters (the "Notice") from NASDAQ advising the Company that it did not comply with the "Rule" because it had not filed its Annual Report on Form 10-K for the period ended June 30, and Quarterly Reports on Forms 10-Q for the periods ended September 30, and December 31, 2016, respectively. The Company was provided an exception until April 12, 2017, to regain compliance with the Rule. On March 24, 2017, the Company advised that it would be unable to regain compliance with the Rule by April 12, 2017. As of the date of this press release, the Company has not regained compliance with the Rule though it is in the process of preparing its annual report. The Company intends to evaluate available options to resolve the deficiency and regain compliance with the Rule. The Company currently intends to request a hearing before a Hearings Panel (the "Panel"). Such a request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. At the hearing, the Company intends to present a plan to regain compliance with the Rule and request that the Panel allow the Company additional time within which to regain compliance. While the Company believes that it will be able to present a viable plan to regain compliance, there can be no assurance that the Panel will grant the Company's request for a suspension of delisting or continued listing on NASDAQ. About Yulong Eco-Materials Ltd. Yulong Eco-Materials Ltd. is incorporated in Cayman Island and is located in Pingdingshan City, Henan Province, China. Yulong is the leading producer of eco-friendly fly-ash bricks and concrete in Pingdingshan. The Company has a market share of 51% in the brick market and 30% in the concrete market in Pingdingshan in both fiscal year 2014 and 2013. The Company currently owns its assets and conducts its operations through its subsidiary, Zhengzhou Xing De Enterprise Management & Consulting Co., Ltd. ZEST HOLDINGS: Moody's Assigns B3 Rating to Sr. Secured Term Loan ----------------------------------------------------------------- Moody's Investors Service assigned B3 ratings to Zest Holdings, LLC's recently repriced senior secured credit facilities. The repricing will push out both the $268 million term loan maturity and $20 million revolver expiration by 3 years apiece. Further, Moody's expects that the repricing will generate annual interest savings in excess of $1 million for the company. Given the leverage-neutral nature of the transaction, all other ratings, including the B3 Corporate Family Rating and B3-PD Probability of Default Rating, are unchanged. The outlook is stable. Ratings assigned: Zest Holdings, LLC Senior secured revolving credit facility expiring in 2021 at B3 (LGD 4) Senior secured term loan due 2023 at B3 (LGD 4) Ratings to be withdrawn upon close: Zest Holdings, LLC Senior secured revolving credit facility expiring in 2018 at B3 (LGD 4) Senior secured term loan due 2020 at B3 (LGD 4) The outlook is stable. RATINGS RATIONALE The B3 Corporate Family Rating reflects Zest's small size on both an absolute basis and relative to larger competitors, as well as the company's high financial leverage with adjusted debt to EBITDA of approximately 5.3 times as of December 31, 2016. In addition, the company's narrow product focus within the dental manufacturing sector is a further constraint on the rating. Zest's rating is supported by favorable market trends within the dental sector, good organic growth and strong EBITDA margins. The stable rating outlook reflects Moody's expectation that the company will remain small, highly concentrated in a niche market, and highly leveraged. The ratings could be downgraded if revenues or profitability weaken, debt to EBITDA is sustained above 6 times, liquidity deteriorates, or free cash flow becomes negative. The ratings could be upgraded if the company effectively manages its growth by balancing its expansion, sustains debt to EBITDA below 4 times, and maintains very strong liquidity. Headquartered in Carlsbad, California, Zest Holdings, LLC is a global developer, manufacturer and distributor of medical devices used in dental implants and for the treatment of natural teeth. Zest Dental Solutions is owned by private equity sponsor Avista Capital Partners. Pro forma for recent acquisitions, annual revenues approximated $88 million as of December 31, 2016. The principal methodology used in these ratings was Global Medical Product and Device Industry published in October 2012. ZEST HOLDINGS: S&P Assigns 'B' Rating on Proposed $268MM Loan ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to U.S.-based dental products manufacturer Zest Holdings LLC's proposed $268 million senior secured term loan. The recovery rating on this debt is '3', indicating S&P's expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The company plans to use the proceeds to refinance its existing term loan, in a leverage-neutral repricing transaction that will push out maturities on the term loan to 2023. S&P's 'B' corporate credit rating on Zest reflects S&P's assessment of the company's business risk as weak and the financial risk profile as highly leveraged. The outlook is stable. S&P's assessment of business risk reflects significant product concentration with its well-engineered Locator product, which has a patent expiring in October 2018, the elective nature of procedures incorporating the Locator product, and a relatively small addressable market. S&P's business risk assessment also incorporates the company's development of its next-generation Locator RTX product, high loyalty among dental practitioners to Zest's Locator product including in markets outside the U.S. where the company does not have patent protection, and the low percentage of overall cost of the Locator product in the dental procedure, all leading to very strong EBITDA margins. The business profile is also enhanced by the company's leading position in removable overdenture attachment systems and a broadening portfolio of products helped by the acquisition of Danville Materials LLC in 2016. The highly leveraged financial risk profile reflects adjusted debt leverage of 5.9x in 2016, and our expectation for leverage to remain in the range of 5x-6x for 2017, but then rise following the patent loss in 2018. RATINGS LIST Zest Holdings LLC Corporate Credit Rating B/Stable/-- New Ratings Zest Holdings LLC Senior Secured $268 Mil. Term Loan Due 2023 B Recovery Rating 3 (50%) $20 Mil Revolver Due 2021 B Recovery Rating 3 (50%) [*] Charles Kline, Jason Domark & Reid Kline Join Cozen O'Connor ---------------------------------------------------------------- Cozen O'Connor expanded its Miami office with the addition of three commercial litigators: Charles C. Kline, Jason Domark and Reid Kline, all joining as members. Charles Kline and Mr. Domark were both formerly with White & Case. Reid Kline joins the firm from Kelly Tractor Co. "We are excited to welcome these talented litigators to our team," said Jeffrey G. Weil, chair of Cozen O’Connor's Commercial Litigation Group. "All three are recognized for their litigation prowess and bring the same tenacity to solving our clients' litigation matters that built our firm." For more than 40 years, Mr. Kline, formerly a partner and the office managing partner of White & Case's Miami office, has focused his practice on complex commercial and international litigation. He represents clients in a wide variety of matters, including antitrust litigation involving price fixing, attempts to monopolize, price discrimination and unfair trade practices; RICO and foreign corrupt practices; constitutional claims against municipal, state and federal agencies; fraudulent conveyance litigation in bankruptcy and non-bankruptcy situations; and government contract litigation at the local, state and federal levels. He also conducts arbitrations under the International Chamber of Commerce and American Arbitration Association rules. Mr. Domark is a commercial litigator who handles real estate transactions and construction litigation, matters involving fiduciary relations, trusts and estates, directors and officers liability insurance, and bankruptcy proceedings, among many others. Mr. Domark has spent his 12-year career with White & Case, working with Charles Kline on many matters. Reid Kline has held several respected positions both in-house and in law firms throughout his career -- focusing his practice on commercial and corporate litigation. He has handled commercial litigation matters at trial and appellate levels, breach of contract, business torts, professional malpractice defense and family law. In the past three years, Cozen O'Connor's Miami office has grown from seven lawyers to 35. As the office expands, so too does its offerings for clients doing business in South Florida. In addition to these three lawyers, the Miami office recently welcomed four leading immigration lawyers. Earlier in 2016, the firm welcomed 15 intellectual property lawyers to the Miami office following a combination with the Feldman Gale firm. "We're excited to continue to grow our presence in Miami by welcoming these three highly regarded litigators to the firm," said Martin Schrier, office managing partner of the Miami office. "Their experience in complex litigation matters will support our already nationally recognized litigation practice and provide additional expertise for our Florida and international clients." Charles Kline, Mr. Domark, and Reid Kline all received their J.D.s from the University of Miami School of Law. About Cozen O'Connor Established in 1970 and ranked among the top 100 law firms in America, Cozen O'Connor -- https://www.cozen.com/ -- has more than 600 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate and regulatory law. Cozen O'Connor services its clients' needs through 24 offices across two continents. [*] Moody's: Global Speculative-Grade Default Rate Falls in Q1 -------------------------------------------------------------- Moody's global speculative-grade default rate dropped to 3.8% in the first quarter, for the trailing 12-month period ended March 31, 2017, down from 4.1% in the same period a year ago, and from 4.5% at the end of the prior quarter, the rating agency says in its latest global default report. The default rate declined as the commodity sector recovered against a backdrop of stable global growth and favorable conditions for companies seeking access to financing. Moody's expects the global speculative-grade default rate to drop to 2.5% by the end of the year. In the US, the default rate is forecast to drop to 3% from its current rate of 4.7%, and in Europe it will fall to 2% from 2.5%. "In the US, the retail sector is set to become the most troubled sector," said Sharon Ou, a Moody's Vice President and Senior Credit Officer. "This forecast is supported by the rising share of distressed issuers in the sector, which now stands at nearly 14% and has reached the highest level since the Great Recession." Twenty one Moody's-rated issuers defaulted in the first quarter, ten of which were in the oil & gas sector. By comparison, there were 41 defaults in the same period of last year with two thirds of them being in the commodity sector. Meanwhile, in the leveraged loan market, Moody's recorded nine defaults in the first quarter, four of which were in the US. The issuer-weighted US loan default rate ended the first quarter at 1.9%, down from 2.8% from the prior quarter. The rate was higher at 3.2% in the first quarter of 2016. [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ------------------------------------------------------------- Author: Sallie Tisdale Publisher: BeardBooks Softcover: 270 pages List Price: $34.95 Review by Henry Berry Order your own personal copy at http://is.gd/9SAfJR An earlier edition of "The Sorcerer's Apprentice" won an American Health Book Award in 1986. The book has been recognized as an outstanding book on popular science. Tisdale brings to her subject of the wide nd engrossing field of health and illness the perspective, as well as the special sympathies and sensitivities, of a registered nurse. She is an exceptionally skilled writer. Again and again, her descriptions of ill individuals and images of illnesses such as cancer and meningitis make a lasting impression. Tisdale accomplishes the tricky business of bringing the reader to an understanding of what persons experience when they are ill; and in doing this, to understand more about the nature of illness as well. Her style and aim as a writer are like that of a medical or science journalist for leading major newspaper, say the "New York Times" or "Los Angeles Times." To this informative, readable style is added the probing interest and concern of the philosopher trying to shed some light on one of the central and most unsettling aspects of human existence. In this insightful, illuminating, probing exploration of the mystery of illness, Tisdale also outlines the limits of the effectiveness of treatments and cures, even with modern medicine's store of technology and drugs. These are often called "miracles" of modern medicine. But from this author's perspective, with the most serious, life-threatening, illnesses, doctors and other health- care professionals are like sorcerer's trying to work magic on them. They hope to bring improvement, but can never be sure what they do will bring it about. Tisdale's intent is not to debunk modern medicine, belittle its resources and ways, or suggest that the medical profession holds out false hopes. Her intent is do report on the mystery of serious illness as she has witnessed it and from this, imagined what it is like in her varied work as a registered nurse. She also writes from her own experiences in being chronically ill when she was younger and the pain and surgery going with this. She writes, "I want to get at the reasons for the strange state of amnesia we in the health professions find ourselves in. I want to find clues to my weird experiences, try to sense the nature of being sick." The amnesia of health professionals is their state of mind from the demands placed on them all the time by patients, employers, and society, as well as themselves, to cure illness, to save lives, to make sick people feel better. Doctors, surgeons, nurses, and other health-care professionals become primarily technicians applying the wonders of modern medicine. Because of the volume of patients, they do not get to spend much time with any one or a few of them. It's all they can do to apply the prescribed treatment, apply more of it if it doesn't work the first time, and try something else if this treatment doesn't seem to be effective. Added to this is keeping up with the new medical studies and treatments. But Tisdale stepped out of this problem- solving outlook, can-do, perfectionist mentality by opting to spend most of her time in nursing homes, where she would be among old persons she would see regularly, away from the high-charged atmosphere of a hospital with its "many medical students, technicians, administrators, and insurance review artists." To stay on her "medical toes," she balanced this with working occasional shifts in a nearby hospital. In her hospital work, she worked in a neonatal intensive care unit (NICU), intensive care unit (ICU), a burn center, and in a surgery room. From this combination of work with the infirm, ill, and the latest medical technology and procedures among highly-skilled professionals, Tisdale learned that "being sick is the strangest of states." This is not the lesson nearly all other health-care workers come away with. For them, sick persons are like something that has to be "fixed." They're focused on the practical, physical matter of treating a malady. Unlike this author, they're not focused consciously on the nature of pain and what the patient is experiencing. The pragmatic, results-oriented medical profession is focused on the effects of treatment. Tisdale brings into the picture of health care and seriously-ill patients all of what the medical profession in its amnesia, as she called it, overlooks. Simply in describing what she observes, Tisdale leads those in the medical profession as well as other interested readers to see what they normally overlook, what they normally do not see in the business and pressures of their work. She describes the beginning of a hip-replacement operation, the surgeon "takes the scalpel and cuts--the top of the hip to a third of the way down the thigh--and cuts again through the globular yellow fat, and deeper. The resident follows with a cautery, holding tiny spraying blood vessels and burning them shut with an electric current. One small, throbbing arteriole escapes, and his glasses and cheek are splattered." One learns more about what is actually going on in an operation from this and following passages than from seeing one of those glimpses of operations commonly shown on TV. The author explains the illness of meningitis, "The brain becomes swollen with blood and tissue fluid, its entire surface layered with pus...The pressure in the skull increases until the winding convolutions of the brain are flattened out...The spreading infection and pressure from the growing turbulent ocean sitting on top of the brain cause permanent weakness and paralysis, blindness, deafness...." This dramatic depiction of meningitis brings together medical facts, symptoms, and effects on the patient. Tisdale does this repeatedly to present illness and the persons whose lives revolve around it from patients and relatives to doctors and nurses in a light readers could never imagine, even those who are immersed in this world. Tisdale's main point is that the miracles of modern medicine do not unquestionably end the miseries of illness, or even unquestionably alleviate them. As much as they bring some relief to ill individuals and sometimes cure illness, in many cases they bring on other kinds of pains and sorrows. Tisdale reminds readers that the mystery of illness does, and always will, elude the miracle of medical technology, drugs, and practices. Part of the mystery of the paradoxes of treatment and the elusiveness of restored health for ill persons she focuses on is "simply the mystery of illness. Erosion, obviously, is natural. Our bodies are essentially entropic." This is what many persons, both among the public and medical professionals, tend to forget. "The Sorcerer's Apprentice" serves as a reminder that the faith and hope placed in modern medicine need to be balanced with an awareness of the mystery of illness which will always be a part of human life. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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 ***