TCR_Public/170610.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, June 10, 2017, Vol. 21, No. 160

                            Headlines

CAESARS ENTERTAINMENT: Posts $36.3 Million Net Income in April
GRANDPARENTS.COM INC: Incurs $226,343 Net Loss at April 30
PARAGON OFFSHORE: Reports $9.58 Million Net Loss in April
VANGUARD NATURAL: Net Loss Decreases to $1.6MM in April

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CAESARS ENTERTAINMENT: Posts $36.3 Million Net Income in April
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Caesars Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, et. al.,
filed with the U.S. Securities and Exchange Commission its monthly
operating report for April 2017.

The Debtors' statement of operations for April showed a net income
of $36.3 million on net revenue of $323.1 million, lower as
compared to the $58.3 million net income recorded for March.

As of April 30, 2017, the Debtors posted $11.47 billion in total
assets, $21.65 billion in total liabilities, and $10.17 billion in
total shareholders' deficit.

A copy of the monthly operating report is available for free at the
SEC at http://bit.ly/2rc3Ho0   

                     About Caesars Entertainment

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

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

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

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

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

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

The U.S. Trustee has appointed an official committee of second
priority noteholders and an official unsecured creditors'
committee.

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

                       *     *     *

On Jan. 17, 2017, the U.S. Bankruptcy Court for the Northern
District of Illinois confirmed the Third Amended Joint Plan of
Reorganization of Caesars Entertainment Operating Company, Inc. and
its affiliated debtors.


GRANDPARENTS.COM INC: Incurs $226,343 Net Loss at April 30
----------------------------------------------------------
Grandparents.com Inc. filed with the U.S. Securities and Exchange
Commission its corporate monthly operating report for the period
from April 14, 2017 through April 30, 2017.

The Debtor reported a net loss of $226,343 on net revenues of
$3,315 for the current reporting period.

At April 30, 2017, Grandparents.com posted total assets of
$3,563,580, total liabilities of $13,677,219, and total
shareholders' equity of -$10,113,639.

At April 14, the Debtor had $52,067 cash.  It listed $71,842 in
total receipts and $95,639 in total disbursements for the period.
Thus, the Debtor had $28,270 cash at April 30.

A copy of the monthly operating report is available at the SEC at:

                    http://bit.ly/2rpeFs5

                 About Grandparents.com, Inc.

New York-based Grandparents.com, Inc., together with its
consolidated subsidiaries, is a family-oriented social media
company that through its Web site, http://www.grandparents.com/,  
serves the age 50+ demographic market.  The website offers
activities, discussion groups, expert advice and newsletters that
enrich the lives of grandparents by providing tools to foster
connections among grandparents, parents, and grandchildren.

Granparents.com, Inc. and Grand Cards LLC filed separate Chapter 11
petitions (Bankr. S.D. Fla. Case Nos. 17-14711 and  17-14704,
respectively) on April 14, 2017.  The petitions were signed by
Joshua Rizack, chief restructuring officer, The Rising Group
Consulting, Inc.  The Hon. Laurel M. Isicoff presides over the
cases.

The Debtors listed combined assets of $1 million and combined
liabilities of $24.9 million.

The Debtors are represented by Steven R. Wirth, Esq. and Eyal
Berger, Esq., at Akerman LLP.  EisnerAmper LLP acts as accountants
and financial advisors.


PARAGON OFFSHORE: Reports $9.58 Million Net Loss in April
---------------------------------------------------------
Paragon Offshore plc, et. al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for April 2017.

Paragon Offshore plc reported a net loss of $9.58 million on
operating revenues of $2.98 million for April, a slight decrease
from $12.01 million net loss recorded for the previous month.

As of April 30, 2017, Paragon Offshore plc posted total assets of
$4.03 billion, total liabilities of $2.61 billion, and total
shareholder's equity of $1.43 billion.

The Debtors started the month with $497 million cash.  They
listed $10.41 million in total receipts and $20.63 million in total
disbursements.  At month end, the Debtors had $484.85 million
cash.

A copy of the monthly operating report is available at the SEC at:

                   http://bit.ly/2skLrxc   

                   About Paragon Offshore

Houston, Texas-based Paragon Offshore plc (OTC: PGNPQ) --
http://www.paragonoffshore.com/-- is a global provider of offshore
drilling rigs.  Paragon is a public limited company registered in
England and Wales.

Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016,
after reaching a deal with lenders on a reorganization plan that
would eliminate $1.1 billion in debt.  The petitions were signed by
Randall D. Stilley as authorized representative.

Judge Christopher S. Sontchi is assigned to the cases.

The Debtors reported total assets of $2.47 billion and total debt
of $2.96 billion as of Sept. 30, 2015.

The Debtors engaged Weil, Gotshal & Manges LLP as general counsel;
Richards, Layton & Finger, P.A. as local counsel; Lazard Freres &
Co. LLC as financial advisor; Alixpartners, LLP, as restructuring
advisor; PricewaterhouseCoopers LLP as auditor and tax advisor;
and Kurtzman Carson Consultants as claims and noticing agent.

No request has been made for the appointment of a trustee or an
examiner in the cases.

On Jan. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Paul, Weiss, Rifkind,
Wharton & Garrison LLP serves as main counsel to the Committee and
Young Conaway Stargatt & Taylor, LLP acts as co-counsel.  The
committee retained Ducera Partners LLC as financial advisor.

Counsel to JPMorgan Chase Bank, N.A. (a) as administrative agent
under the Senior Secured Revolving Credit Agreement, dated as of
June 17, 2014, and (b) as collateral agent under the Guaranty and
Collateral Agreement, dated as of July 18, 2014, are Sandeep Qusba,
Esq., and Kathrine A. McLendon, Esq., at Simpson Thacher & Bartlett
LLP. PJT Partners serves as its financial advisor.

Delaware counsel to JPMorgan Chase Bank, N.A. are Landis Rath &
Cobb LLP's Adam G. Landis, Esq.; Kerri K. Mumford, Esq.; and
Kimberly A. Brown, Esq.

Counsel to Cortland Capital Market Services L.L.C. as
administrative agent under the Senior Secured Term Loan Agreement,
dated as of July 18, 2014, are Arnold & Porter Kaye Scholer LLP's
Scott D. Talmadge, Esq.; Benjamin Mintz, Esq.; and Madlyn G.
Primoff, Esq.

Delaware counsel to Cortland Capital Market Services L.L.C. are
Potter Anderson & Corroon LLP's Jeremy W. Ryan, Esq.; Ryan M.
Murphy, Esq.; and D. Ryan Slaugh, Esq.

Counsel to Deutsche Bank Trust Company Americas as trustee under
the Senior Notes Indenture, dated as of July 18, 2014, for the
6.75% Senior Notes due 2022 and the 7.25% Senior Notes due 2024,
are Morgan, Lewis, & Bockius LLP's James O. Moore, Esq.; Glenn E.
Siegel, Esq.; and Joshua Dorchak, Esq.

Freshfields Bruckhaus Deringer LLP serves as legal counsel to the
Term Loan Agent and FTI Consulting, Inc. serves as its financial
advisor.

                          *     *     *

Under the Consensual Plan of Reorganization announced May 2, 2017,
approximately $2.4 billion of previously existing debt will be
eliminated in exchange for a combination of cash and to-be-issued
new equity.  If confirmed, the Secured Lenders will receive their
pro rata share of $410 million in cash and 50% of the new,
to-be-issued common equity, subject to dilution.  The Bondholders
will receive $105 million in cash and an estimated 50% of the new,
to-be-issued common equity, subject to dilution.  The Secured
Lenders and Bondholders will each appoint three members of a new
board of directors to be constituted upon emergence of the Company
from bankruptcy and will agree on a candidate for Chief Executive
Officer who will serve as the seventh member of the board of
directors of the Company.

As a necessary component of the Consensual Plan, Paragon Offshore
filed before the High Court of Justice, Chancery Division,
Companies Court of England and Wales an application for
administration in the United Kingdom and sought an order appointing
two partners of Deloitte LLP as administrators of the company.  The
application was granted on May 23, 2017.

Neville Barry Kahn and David Philip Soden were appointed Joint
Administrators of Paragon Offshore Plc on May 23, 2017.  The
affairs, business and property of the Company are managed by the
Joint Administrators. The Joint Administrators act as agents of the
Company and contract without personal liability.


VANGUARD NATURAL: Net Loss Decreases to $1.6MM in April
-------------------------------------------------------
Vanguard Natural Resources, LLC, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating
report for April 2017.

The Debtors' statement of operations showed a net loss of
$1,632,000 on revenues of $42,392,000 in April, as compared to
$22,958,000 net loss reported for the previous month.

As of April 30, 2017, the Debtors recorded total assets of $1.28
billion, total liabilities of $2.20 billion, and total
shareholders' equity of -$913.09 million.

At April 1, the Debtors had $58.51 million cash.  They listed total
cash receipts of $54.73 million and total disbursements of $44.28
million.  The Debtors ended the month with $68.95 million cash.

A copy of the monthly operating report is available at the SEC at:

                    http://bit.ly/2sYofBu   

               About Vanguard Natural Resources

Vanguard Natural Resources, LLC -- http://www.vnrllc.com/-- is a  
publicly traded limited liability company focused on the
acquisition, production and development of oil and natural gas
properties.  Vanguard's assets consist primarily of producing and
non-producing oil and natural gas reserves located in the Green
River Basin in Wyoming, the Permian Basin in West Texas and New
Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and
Alabama, the Anadarko Basin in Oklahoma and North Texas, the
Piceance Basin in Colorado, the Big Horn Basin in Wyoming and
Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston
Basin in North Dakota and Montana, the Wind River Basin in Wyoming,
and the Powder River Basin in Wyoming.

Vanguard Natural Resources, LLC, and certain subsidiaries filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 17-30560) on Feb. 2, 2017.
The Chapter 11 cases are assigned to the Hon. Judge Marvin Isgur.

The Debtors listed total assets of $1.54 billion and total debt
of $2.3 billion as of Feb. 1, 2017.

Paul Hastings LLP is serving as legal counsel and Evercore
Partners is acting as financial advisor to Vanguard.  Opportune
LLP is the Company's restructuring advisor.  Prime Clerk LLC is
serving as claims and noticing agent.

Judy R. Robbins, the U.S. Trustee for Region 7, on Feb. 14, 2017,
appointed three creditors to serve on the official committee of
unsecured creditors appointed in the Debtor's case.  The Committee
hired Akin Gump Strauss Hauer & Feld LLP as counsel and FTI
Consulting, Inc., as financial advisor.

The Company on March 16, 2017, filed a motion with the Bankruptcy
Court disclosing a Stipulation and Agreed Order entered into on
March 15, 2017, by and between the Debtors and certain unaffiliated
holders of its Preferred Units and common units pursuant to which
the Debtors and the Ad Hoc Equity Committee agreed, among other
things, that professionals for the Ad Hoc Equity Committee would be
funded by the Debtors' estates for services performed within a
defined scope and subject to agreed caps on fees and expenses as
described in the Stipulation and Agreed Order.

Counsel to the Ad Hoc Equity Committee are Sharon M. Beausoleil,
Esq., Alexander Chae, Esq., and Holland N. O'Neil, Esq., at
Gardere Wynne Sewell LLP.

Attorneys for Citibank, N.A, as administrative agent under the
Third Amended and Restated Credit Agreement, dated as of Sept. 30,
2011, are Chris Lopez, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil Gotshal & Manges LLP.

                           *    *     *

The Court has approved the disclosure statement explaining Vanguard
Natural Resources, LLC and certain subsidiaries' Second Amended
Joint Plan of Reorganization, dated May 31, 2017.

Upon consummation of the Plan, the Company will sell all of its
assets to a corporation owned by those parties participating in the
rights offering and the second lien lenders in exchange for the
assumption of the Company's first lien debt, the assumption of the
Company's second lien debt, a cash payment from the Acquiring
Corporation, common stock of the Acquiring Corporation and warrants
to acquire common stock of the Acquiring Corporation.


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