TCR_Public/170708.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, July 8, 2017, Vol. 21, No. 188


RMS TITANIC: Has $584,575 Ending Cash Balance at May 31
TIDEWATER INC: Posts $82.57 Million Net Income at May 31
VANGUARD NATURAL: Reports $6.80 Million Net Loss in May


RMS TITANIC: Has $584,575 Ending Cash Balance at May 31
RMS Titanic, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for May 2017.

In its schedule of receipts and disbursements, the Debtor noted
that it had $559,479 in bank funds at May 1, 2017.  It listed
$25,096 in total receipts and no disbursements for the month.
Thus, at May 31, 2017, the Debtor had a $584,575 ending cash

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


                 About About RMS Titanic, Inc.

Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta,
Georgia, is a presenter of museum quality exhibitions throughout
the world. Premier -- develops

and displays unique exhibitions for education and entertainment
including Titanic: The Artifact Exhibition, BODIES...The
Exhibition, Tutankhamun: The Golden King and the Great Pharaohs,
Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in
partnership with National Geographic. The success of Premier
Exhibitions lies in its ability to produce, manage, and market

RMS Titanic and seven of its subsidiaries filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 16-02230) on June 14, 2016.  Michael J.
Little, RMS Titanic's Former Chief Financial Officer and Chief
Operating Officer, signed the petitions. The Chapter 11 cases are
assigned to Judge Paul M. Glenn.

The Debtors estimated both assets and liabilities of $10 million to
$50 million.

The Debtors are represented by Daniel F. Blanks, Esq. and Lee D.
Wedekind, III, Esq. at Nelson Mullins Riley & Scarborough LLP. The
Debtors employ Brian A. Wainger, Esq. at Kaleo Legal as special
litigation counsel, outside general counsel, securities counsel,
and conflicts counsel; Robert W. McFarland, Esq. at McGuireWoods
LLP as special litigation counsel; Steven L. Berson, Esq. at
Dentons US LLP and Dentons Canada LLP as outside general counsel
and securities counsel; Oscar N. Pinkas, Esq. at Dentons LLP as
outside general counsel and securities counsel.

The Debtors also employed Ronald L. Glass as Chief Restructuring
Officer and GlassRatner Advisory & Capital Group, LLC, as financial

On August 24, 2016, the United States Trustee appointed an official
committee of unsecured creditors, as well as an official committee
of equity security holders. The Creditors Committee consists of TSX
Operating Co., LLC, Dallian Hoffen Biotechnique Co., Ltd., and B.E.
Capital Management Fund, LP. The Equity Committee consists of
Jonathan Heller, Lawndale Capital Management LLC, Ian Jacobs, ACK
Investments, LLC, and Frank Gerber.

The Creditors Committee retained Avery Samet, Esq. and Jeffrey
Chubak, Esq. at Storch Amini & Munves PC, and Richard R. Thames,
Esq. and Robert A. Heekin, Jr., Esq. at Thames Markey & Heekin,
P.A. as counsel.

The Equity Committee retained Peter J. Gurfein, Esq. at Landau
Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq. and
Katherine C. Fackler, Esq. at Akerman LLP as Co-Counsel; and Teneo
Securities LLC as financial advisor.

TIDEWATER INC: Posts $82.57 Million Net Income at May 31
Tidewater, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for the period
from May 18, 2017 through May 31, 2017.

The Debtors' consolidated statement of operations showed a net
income of $82.57 million on $27.61 million of revenue for the

As of May 31, 2017, the Debtors listed $4.16 billion in
consolidated total assets, $2.44 billion in consolidated total
liabilities, and -$1.72 billion in consolidated total shareholders'

At May 18, 2017, the Debtors had $21.18 million beginning cash
balance.  They listed total cash receipts of $8.22 million and
total cash disbursements of $6.68 million.  Taking into account net
intercompany transfer activity of $4.30 million, the Debtors had
$18.42 million ending cash balance at May 31, 2017.

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


                     About Tidewater Inc.

Founded in 1955, Tidewater, Inc. (NYSE: TDW), is a publicly traded
international petroleum service company headquartered in New
Orleans, Louisiana, U.S.  It operates a fleet of ships, providing
vessels and marine services to the offshore petroleum industry.

Tidewater Inc. and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 17-11132) on May 17, 2017.
The petitions were signed by Bruce Lundstrom, executive vice
president, general counsel and secretary.

Tidewater, Inc., disclosed $4.31 billion in total assets and $2.34
billion in debt as of Dec. 31, 2016.

The Debtors tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; Jones Walker LLP,
as corporate counsel; AlixPartners, LLP, as financial advisors;
Lazard Freres & Co. LLC, as investment banker; KPMG LLP, as
restructuring tax consultant; Deloitte & Touche LLP as auditor and
tax consultant; and Epiq Bankruptcy Solutions, LLC, as
administrative advisors, and claims and solicitation agent.

An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Tidewater Inc. as of May 31,
according to a court docket.

VANGUARD NATURAL: Reports $6.80 Million Net Loss in May
Vanguard Natural Resources, LLC, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating
report for May 2017.

The Debtors' statement of operations reflected a net loss of
$6.80 million on revenues of $42.01 million for the month, wider
compared to $1.63 million net loss reported in April.

As of May 31, 2017, the Debtors recorded total assets of $1.29
billion, total liabilities of $2.21 billion, and total
shareholders' equity of -$919.12 million.

The Debtors started the month with $68.95 million cash.  They
listed total cash receipts of $151.23 million and total
disbursements of $49.74 million.  At month end, the Debtors had
$170.44 million cash.

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


               About Vanguard Natural Resources

Vanguard Natural Resources, LLC -- 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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