TCR_Public/170721.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, July 21, 2017, Vol. 21, No. 201

                            Headlines

238 WOODSIDE: Case Summary & Unsecured Creditor
5 STAR INVESTMENT: $52K Sale of Mishawaka Properties Okayed
624 EAST 222ND: Plan Outline Okayed, Plan Hearing on Aug. 23
ADVANCED LENS: Hires Wilcox Law as Attorney
AHP HOME: Plan Outline Okayed, Plan Hearing on Aug. 16

AI AQUA: Moody's Affirms B3 CFR Following Zip Water Loan Add-ons
ALLCORP INC: Heartland's Sale of CSB Stock for $2.4M Approved
AMC NETWORKS: Moody's Rates Proposed $500MM Unsec. Notes Ba2
AMC NETWORKS: S&P Affirms 'BB' CCR on Refinancing, Outlook Stable
AMERICAN ROCK: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable

AMJ PLUMBING: Court Okays Use of Cash Collateral, Hearing on Aug. 2
ANCHOR REEF: Case Summary & 8 Unsecured Creditors
ARC LIMITED: U.S. Trustee Unable to Appoint Committee
AURORA GAS: Sets Sale Process for Furniture & Equipment
AUTHENTIC BRANDS: S&P Affirms 'B' CCR on Healthy Cash Flow

B&B BACHRACH: May Use Cash Collateral Through Aug. 8
BAILEY'S EXPRESS: Wants to Use Bankwell Bank's Cash Collateral
BALLANTRAE LLC: Wants More Time To Exclusively File Plan
BARBARA BRODY: Farimani Buying Los Angeles Property for $1.1M
BIOPLANET CORP: Disclosure Statement Hearing Set for Aug. 21

BRISTLECONE INC: Proposes $150K DIP Financing From FRS BC
BROOKLYN INTERIORS: Plan Outline Okayed, Plan Hearing on Aug. 8
BRUNDAGE-BONE CONCRETE: Moody's Hikes Corp. Family Rating to B2
C&S MOBILE: Court Denies Approval of Cash Collateral Use
C-LEVELED LLC: Hearing on Plan Confirmation Set for Aug. 3

CANYON VALOR: Moody's Assigns B2 CFR; Outlook Positive
CAPITAL TEAS: Wants $175,000 Financing From Willard Umphrey
CASHMAN EQUIPMENT: Discovery Schedule with Lenders Entered
CASHMAN EQUIPMENT: Has Interim OK to Use Cash Collateral
CENTERPLATE INC: S&P Affirms 'B' CCR & Raises Debt Rating to 'B+'

CHALMERS AUTOMOTIVE: Case Summary & 20 Top Unsecured Creditors
CIRCULATORY CENTERS: USA Vein Buying Personal Property for $2.5M
CLASSICAL DEVELOPMENT: Hearing on Plan Outline OK Set for Aug. 14
CLEAR LAKE: Sale of Perkinston Property to Richard for $32K Okayed
CONCORDIA INT'L: Moody's Lowers Corp. Family Rating to Caa3

CPI INT'L: S&P Affirms 'B' CCR on Acquisition by Odyssey
CROWN SPRING: Unsecureds To Be Fully Paid in Five Years Under Plan
DELCATH SYSTEMS: Waqas Khatri Has 8.4% Stake as of July 18
DOWLING COLLEGE: Has Final Nod to Obtain Financing & Use Cash
DYNAMIC INT'L AIRWAYS: Files for Ch. 11, Says Business as Usual

DYNAMIC INT'L: Bankruptcy Administrator to Form Committee
DYNAMIC INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
EXTRACTION OIL: S&P Affirms 'B' CCR & Rates New Unsec. Notes 'B'
FANSTEEL INC: Wants To Use Cash Collateral Through Sept. 30
FINTUBE LLC: Wants Approval of Financing, Cash Use

FLORIDA EAST COAST: Moody's Withdraws Ratings Following Sale
GCM LIQUIDATION: Unsecureds Expected to Recover 50%-100% Under Plan
GELTECH SOLUTIONS: President Buys 520.8K Shares
GLORIA MONTANO: Sale of Santa Barbara Property for $700K Approved
GREAT PLAINS: Moody's Hikes Sub. Regular Bond Rating From Ba1

GREENLEAF BULK: Case Summary & 4 Unsecured Creditors
H&E EQUIPMENT: S&P Puts BB- Rating on 2022 Notes  on Watch Negative
HAMMOND'S TRANSPORTATION: Seeks Dismissal, Loan From Daimler
IHEARTCOMMUNICATIONS INC: In Continuing Talks on Debt Restructuring
IMMUCOR INC: 88.2% of Old Notes Validly Tendered

J CREW GROUP: Completes $565.7 Million Notes Exchange Offer
JD POWER: Moody's Lowers CFR to B3; Outlook Stable
JOSEPH BARNES: Trustee's Sale of Queens Property for $210K Approved
KENDALL LAKE: Exclusive Solicitation Period Extended to Oct. 16
KLD ENERGY: Plan Exclusivity Period Extended to Aug. 31

LADERA PARENT: Unsecureds to Recoup 100% Under Plan
LAWRENCE FROMELIUS: Riedy Buying Lisle Property for $240K
LEVEL 1: Trustee Selling Ending Inventory to Stassman for $3K
LEVI KATZ: Breliner Buying Lakewood Property for $400K
LIGHTOWER FIBER: Crown Castle Buyout No Impact on Moody's B2 CFR

LLS AMERICA: Court Denies Slaninas' Motion to Vacate Judgment
LMCHH PCP: Outten & Golden Named Interim Lead Atty in "Kusnick"
M.B. UNLIMITED: Disclosure Statement Hearing Set for Aug. 16
MAIN STREET CAFE: U.S. Trustee Unable to Appoint Committee
MED-X TRANS: Hearing on Plan Confirmation Set for Aug. 15

MELINDA CORTEZ: Sale of San Francisco Property for $805K Approved
MICHAEL DOMBROWSKI: Caruth Buying Atlanta Home for $121K
MICHAELS STORES: Moody's Assigns Ba2 Corporate Family Rating
MIDWEST ASPHALT: Hearing on Cash Collateral Use Set for July 25
MINI MASTER: Disclosure Statement Hearing Set for Sept. 13

MOOG INC: S&P Affirms 'BB+' CCR & Revises Outlook To Stable
MOREHEAD MEMORIAL: Asks Approval to Use Cash Collateral
MULTICARE HOME: May Use IRS's Cash Collateral Until Dec. 31
MUNCIE SCHOOLS: S&P Lowers Bonds Rating to 'BB', On RWN
NEFF RENTAL: S&P Puts 'B' CCR on CreditWatch Pos. Amid H&E Deal

NEW ENGLAND ORTHOTIC: May Use Cash Collateral Through July 19
NEW ENGLAND ORTHOTIC: Wants Cash Collateral Use & Financing
NORMAN ELLOWAY: Selling Novato Property for $2.8M to Pay Creditors
OFFUTT AFB: Moody's Hikes Rating on $106MM Revenue Bonds From Ba1
OLMOS EQUIPMENT: Sale of San Antonio Property for $200K Approved

ONE HORIZON: Agrees to Sell $200K Worth of Common Shares
ORANGE PEEL: Disclosure OK'd; Plan Confirmation Hearing on Aug. 23
ORIGINAL SOUPMAN: Approved Aug. 28 Auction of All Assets
PERSISTENCE PARTNERS: MACH MG To Be Paid Up to $1.45MM by Jan. 2018
PHOTOMEDEX INC: Cancels Asset Purchase Agreement with ICTV

PREMIER MARINE: Final Stipulated Order on Cash Use Entered
PRIME GLOBAL: ShineWing Replaces Centurion as Accountant
PROSPECTOR OFFSHORE: Case Summary & 20 Largest Unsecured Creditors
QUADRANT 4: Has Interim Approval to Access $900K Financing
RENNOVA HEALTH: Agrees to Issue $4.14-Mil. Debentures Plus Warrants

RICEBRAN TECHNOLOGIES: Sells Healthy Natural Unit for $18.3-Mil.
ROBERTSHAW US: Moody's Assigns B2 CFR; Outlook Stable
ROOT9B HOLDINGS: Newly-Elected Directors Will Serve Starting Oct. 1
S&F MEAT: Wants to Use Cash Collateral of GTC, et al.
SAILING EMPORIUM: Derecktor Buying Marina Property for $2.6M

SCRUB ISLAND: Sale of Marina Village Unit G204 for $836K Approved
SECOND CHANCES: U.S. Trustee Unable to Appoint Committee
SEINEYARD INC: Unsecureds to Get 50% Over 20 Quarters at 2.5%
SENTRIX PHARMACY: Case Summary & 20 Largest Unsecured Creditors
SERO TRANSPORT: Unsecureds to Recoup 40% Under Plan

SESI LLC: Moody's Lowers Corporate Family Rating to B2
SHORT BARK: Has Interim OK to Obtain DIP Financing & Use Cash
SHORT BARK: Prohibited From Using SBI Cash Collateral
SHORT BARK: Wants to Use LSQ Funding's Cash Collateral
SITEL WORLDWIDE: S&P Affirms 'B-' CCR, Outlook Remains Stable

SKYLINE MANOR: Lawyer Ordered to Pay Assessment Fee Before July 27
SPI ENERGY: Qian Kun Owns 11.1% of Ordinary Shares as of July 6
SPIRIT AIRLINES: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
SUNBURST FARMS: Case Summary & 20 Largest Unsecured Creditors
SYNCHRONOSS TECHNOLOGIES: Moody's Ratings Review Continues

TCC GENERAL: Disclosures OK'd; Plan Confirmation Hearing on Aug. 30
TEXARKANA HOTELS: Disclosure Statement Hearing Set for Aug. 1
THOMAS BERRY: Sale of Cleveland Property for $60K Approved
TOMER FRIDMAN: Short Sale of Calabasas Property for $525K Denied
TOPS HOLDING II: Moody's Lowers PDR to 'Ca-PD' on Exchange Offer

TRAILER VAN CORP: Plan Outline Okayed, Plan Hearing on Sept. 13
TRIDENT BRANDS: Incurs $1 Million Net Loss in Second Quarter
UIC MERGER: Moody's Assigns B3 Corporate Family Rating
US SECURITY: Moody's Affirms B3 Corporate Family Rating
VANGUARD NATURAL: Bankruptcy Court Confirms Amended Ch.11 Plan

VANSCOY CHIROPRACTIC: U.S. Trustee Unable to Appoint Committee
VENEER PRODUCTS: Proposes an Auction of Equipment by Ex-Factor
VIDEO DISPLAY: Reports $266,000 Net Loss for Fiscal Q1
WALL ST. RECYCLING: Case Summary & 20 Largest Unsecured Creditors
WALLER MARINE: Wants to Use Cash Collateral as Working Capital

WASHINGTON MCLAUGHLIN: U.S. Trustee Unable to Appoint Committee
WELLMAN DYNAMICS MACHINING: Wants to Use Cash Through Sept. 30
WELLMAN DYNAMICS: TCTM Buying WDMA Assets for $8M Credit Bid
XCELERATED LLC: U.S. Trustee Unable to Appoint Committee
[*] Caissa Gets Entegra's Jerry Coffey as Managing Director, VP

[^] BOOK REVIEW: Competitive Strategy for Healthcare Organizations

                            *********

238 WOODSIDE: Case Summary & Unsecured Creditor
-----------------------------------------------
Debtor: 238 Woodside Realty LLC
        238 Woodside Avenue
        Ridgewood, NJ 07450

Business Description: 238 Woodside Realty is a small business
                      Debtor as defined in 11 U.S.C. Section
                      101(51D).  It owns a single family
                      home located at 238 Woodside Ave, Ridgwood,
                      NJ with a current value of $800,000 and
                      properties at 170 E 77th St, New York, NY
                      10075-1912, units 7A/7B valued at $8.6
                      million.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-24598

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Vincent F. Papalia

Debtor's Counsel: Mathew M. Cabrera, Esq.
                  M. CABRERA & ASSOCIATES, PC
                  2002 Route 17M, Ste 12
                  Goshen, NY 10924
                  Tel: 845-531-5474
                  Fax: 845-230-6645
                  Email: mcabecf@mcablaw.com

Total Assets: $9.40 million

Total Liabilities: $1.48 million

The petition was signed by Felice DiSanza, member, who also sought
bankruptcy protection on Jan. 20, 2017 (Bankr. D. N.J. Case No.
17-10984).

The Debtor listed the Board of Taxation Bergen County as its
unsecured creditor holding a claim of $0.

A full-text copy of the petition is available for free at:

          http://bankrupt.com/misc/njb17-24598.pdf


5 STAR INVESTMENT: $52K Sale of Mishawaka Properties Okayed
-----------------------------------------------------------
Judge Harry C. Dees, Jr., of the U.S. Bankruptcy Court for the
Northern District of Indiana authorized the private sale of real
estate commonly known as 2012 E. LaSalle Avenue, Mishawaka, St.
Joseph County, Indiana, to Scott Doering and Heather Goerke for
$52,000.

The sale is "as is and where is and with all faults" and no
representations or warranties of any kind are made by the Trustee;
and free and clear of any and all liens, encumbrances, claims or
interests.

At closing, the Trustee is authorized to direct Meridian Title Co.
to disburse from the proceeds from the sale, first to pay the costs
and expenses of the sale, second to pay all real estate taxes and
assessments outstanding and unpaid at the time of closing,
including the Tax Lien; and third to pay any other special
assessments liens, utilities, water and sewer charges and any other
charges customarily prorated in similar transactions.

The Trustee is authorized and directed to retain the excess
proceeds from the sale of the Real Estate until further order of
the Court.

Pursuant to Bankruptcy Rule 6004(h), the Court expressly finds and
concludes that there is no just cause for delay in the
implementation of the Order.  The Order will therefore not be
stayed for 14 days after its entry.  Notwithstanding any provision
of the Bankruptcy Code or the Bankruptcy Rules to the contrary, the
Order will be effective and enforceable immediately upon entry, and
any stay thereof, including without limitation Bankruptcy Rule
6004(h), is abrogated.

                  About 5 Star Investment Group

On Nov. 5, 2015, the U.S. Securities Exchange Commission filed a
complaint against Earl D. Miller, 5 Star Capital Fund, LLC and 5
Star Commercial, LLC, in the United States District Court for the
Northern District of Indiana, Hammond Division ("SEC Action").

The SEC alleged that Miller, 5 Star Capital Fund, and 5 Star
Commercial defrauded at least 70 investors from whom they raised
funds of at least $3,900,000.  Additionally, on Nov. 5, 2015, the
SEC obtained an ex parte temporary restraining Order, asset freeze
and other emergency relief in the SEC Action.

5 Star Investment Group and its 10 affiliates owned by Eardl D.
Miller sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ind. Lead Case No. 16-30078) on Jan. 25, 2016.  5 Star
estimated its assets at up to $50,000 and its liabilities between
$1 million and $10 million.  The Debtors' counsel was Katherine C.
O'Malley, Esq., at Cozen O'Connor, in Chicago, Illinois.

The cases are assigned to Judge Harry C. Dees, Jr.

On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter
11 trustee in each of the bankruptcy cases.  The Trustee is
represented by Meredith R. Theisen, Esq., Deborah J. Caruso, Esq.,
John C. Hoard, Esq., James E. Rossow, Jr., Esq., and Meredith R.
Theisen, Esq. at Rubin & Levin, P.C.

On March 23, 2016, the Court entered an order consolidating the
bankruptcy cases for purposes of administration only.

On June 24, 2016, the Court entered its agreed order granting the
Trustee's Motion for substantive consolidation, substantively
consolidating the Debtors' bankruptcy cases for all postpetition
matters and purposes, effective as of the Petition Date, and
deeming that all assets and liabilities of the bankruptcy cases to
be consolidated into one bankruptcy estate, to be administered in
accordance with the Bankruptcy Code under the jurisdiction of the
Court ("Consolidated Bankruptcy Estate").

On July 21, 2016, the Court entered order granting application to
employ Tiffany Group Real Estate Advisors, LLC, as the bankruptcy
estates' broker.


624 EAST 222ND: Plan Outline Okayed, Plan Hearing on Aug. 23
------------------------------------------------------------
A U.S. bankruptcy judge on July 6 approved the outline of the
proposed Chapter 11 plan for 624 East 222nd Street, LLC.

Judge James Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York gave the thumbs-up to the disclosure
statement after finding that it contains "adequate information."

The order set an August 14 deadline for creditors to file their
objections to the plan.  A court hearing to consider confirmation
of the plan is scheduled for August 23, at 11:00 a.m.  

In the same filing, Judge Garrity also approved the bid procedures
governing the sale of the company's New York property, which
consists of a six-story multiple-dwelling residential building with
43 rental apartment units.

An auction will be conducted on August 9, at 10:00 a.m., according
to the filing.  

Judge Garrity will consider approval of the sale of the property to
the winning bidder at the August 23 hearing.

The company's latest plan provides for a sale of the property to
Allerton Fund II, LLC or to another buyer with a better offer.
Proceeds from the sale will be used to fund payments under the
plan.

The plan provides for a 100% recovery to all creditors holding
allowed claims, and payment of $1.36 million to holders of
interests, according to the company's latest disclosure statement.

A copy of the disclosure statement is available for free at
https://is.gd/Jmlg4P

                About 624 East 222nd Street LLC

624 East 222nd Street, LLC, filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 12-13992) on Sept. 21, 2012.  At the time of the
filing, the Debtor disclosed it had estimated assets and
liabilities of less than $500,000.  

Judge James L. Garrity, Jr. presides over the case.  The Debtor is
represented by Wayne Greenwald, Esq., at Wayne Greenwald P.C.


ADVANCED LENS: Hires Wilcox Law as Attorney
-------------------------------------------
Advanced Lens Technologies, LLC, seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Wilcox Law Firm, as attorney to the Debtor.

Advanced Lens requires Wilcox Law to:

   -- represent the Debtor in the bankruptcy case and related
      litigation; and

   -- assist the Debtor in the development and implementation of
      a Chapter 11 plan of reorganization.

Wilcox Law will be paid at these hourly rates:

     Partners                   $225-$400
     Associates                 $165-$225

Prior to the filing of the case, the Firm received $19,717, as
retainer. From the retainer, the Firm paid the $1,717 filing fee,
and applied $7,389 to satisfy all amounts due prior to the filing.
The Firm holds $9,106 of the retainer in trust.

Wilcox Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Robert D. Wilcox, partner of Wilcox Law Firm, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Wilcox Law can be reached at:

     Robert D. Wilcox, Esq.
     WILCOX LAW FIRM
     820 A1A North, Suite W-15
     Ponte Vedra Beach, FL 32082
     Tel: (904) 405-1250
     E-mail: rw@wlflaw.com

             About Advanced Lens Technologies, LLC

Advanced Lens Technologies, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 02551) on July 12, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor hired Robert D. Wilcox, Esq., at Wilcox Law Firm.


AHP HOME: Plan Outline Okayed, Plan Hearing on Aug. 16
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida is set
to hold a hearing on August 16, at 2:30 p.m., to consider approval
of the Chapter 11 plan of reorganization for AHP Home Health Care,
Inc.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on July 6.

Creditors are required to cast their votes accepting or rejecting
the plan no later than 14 days before the confirmation hearing.
Objections must be filed seven days before the hearing.

                About AHP Home Health Care Inc.

Headquartered in Jacksonville, Florida, AHP Home Health Care, Inc.
filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case
No. 17-01644) on May 5, 2017, disclosing less than $1 million in
both assets and liabilities.

Judge Paul M. Glenn presides over the case.  Bryan K. Mickler,
Esq., serves as the Debtor's bankruptcy counsel.

On July 5, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


AI AQUA: Moody's Affirms B3 CFR Following Zip Water Loan Add-ons
----------------------------------------------------------------
Moody's Investors Service affirmed AI Aqua Merger Sub, Inc.'s
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of B3 and B3-PD, respectively. At the same time, Moody's
affirmed the B2 ratings on the company's first lien credit
facilities that will remain outstanding post-transaction, including
the company's $75 million senior secured first lien revolving
credit facility that expires in 2021 and a $635 million senior
secured first lien term loan B-1 due 2023 (includes $335 million
USD equivalent add-on that will be issued at the Australian
borrower AI Aqua Zip Bidco Pty Ltd.). Moody's also affirmed the
Caa2 rating on the company's $230 million senior secured second
lien term loan due 2024 (includes $80 million US$ equivalent add-on
that will be issued by US borrower AI Aqua Merger Sub, Inc.). A
portion of the proceeds raised will be used to repay the company's
$80.6 million (EUR$70.39 million) senior secured term loan B-2
(existing Euro tranche of its first lien credit facility), and as a
result Moody's will withdraw the B2 rating on that debt instrument
at close. The rating outlook has been changed to stable from
positive.

Culligan has entered into a definitive agreement to purchase Zip
Water, an Australian based manufacturer of innovative drinking
water systems and solutions, for $421 million. The company plans to
issue $415 million of debt (net incremental debt of $335 million
post-Euro facility repayment) and receive an equity contribution of
$158 million from its prior sponsor Centerbridge Partners. Proceeds
will fund the purchase price of Zip, repay the Euro tranche of the
existing first lien term loan, repay $23 million of outstanding
revolver borrowings, add $31 million of cash to Culligan's balance
sheet, and pay an estimated $18 million in OID, fees and expenses.
Concurrent with this transaction the company will amend its credit
agreement to among other things allow for the incremental first
lien term loan borrowings to be issued out of the Australian
co-borrower. The company also plans to attempt to favorably reprice
its existing first lien term loan.

The affirmation of Culligan's ratings is based on Moody's
expectation that the company will continue to grow its earnings and
gradually deleverage from currently high levels over the next few
years. The outlook change to stable from positive reflects Moody's
belief that the company will not deleverage as quickly as
originally anticipated at the time of the LBO and that leverage
will not improve to levels that merit a B2 corporate family rating
over the next 12 to 18 months.

"Culligan's acquisition of Zip Water will improve its size and
product line-up while benefitting its margins and geographic reach"
said Brian Silver, Vice President and Moody's lead analyst for
Culligan. "However, pro forma for this transaction debt leverage is
high at roughly 6.8 times, which is almost half a turn higher than
out-of-the-box December 2016 LBO leverage of roughly 6.4 times and
it remains a key constraint on the company's ratings. Culligan
deleveraged roughly a half a turn in less than a year since its
LBO, primarily the result of solid earnings growth, which Moody's
expects will continue driven by healthy recurring revenue streams
and favorable macro-tailwinds supporting the global water treatment
market. The rating incorporates Moody's expectation that debt
leverage will improve over the next 12 to 18 months and decline to
just below 6.0 times by FYE18 as a result of both earnings growth
and debt repayment."

The following rating has been assigned at AI Aqua Zip Bidco Pty
Ltd. (subject to final documentation):

  $335 million US$ equivalent (AUD$422 million) senior secured
first lien term loan B-1 due 2023 rated B2 (LGD3).

The following ratings have been affirmed at AI Aqua Merger Sub,
Inc.:

  B3 Corporate Family Rating;

  B3-PD Probability of Default Rating;

  $75 million senior secured first lien revolving credit facility
due 2021 rated B2 (LGD3);

  $300 million senior secured first lien term loan B-1 due 2023
rated B2 (LGD3);

  $230 million (upsized by $80 million US$ equivalent or AUD$107
million) senior secured second lien term loan due 2024 rated Caa2
(LGD5).

The following rating is unchanged and will be withdrawn at AI Aqua
Merger Sub, Inc. at the close of the transaction (subject to final
documentation):

  $80.6 million (EUR70.39 million) senior secured first lien term
loan B-2 due 2023 rated B2 (LGD3).

The outlook has been changed to stable from positive.

RATINGS RATIONALE

AI Aqua Merger Sub, Inc.'s (dba "Culligan") B3 Corporate Family
Rating primarily reflects its high leverage, pro forma for the
acquisition of Zip Water ("Zip"), of approximately 6.8 times
Moody's adjusted debt-to-EBITDA for the twelve months ended May 31,
2017. It also considers Culligan's relatively small size and
potential for competition to pressure top-line growth. Moody's
expects Culligan will grow its top-line organically in the
mid-single digit range while at least sustaining its healthy margin
levels, which will drive EBITDA growth and positive free cash flow
generation over the next twelve to eighteen months. A healthy
portion of this cash flow is expected to be allocated toward debt
repayment, and in concert with EBITDA growth, result in the company
deleveraging to below 6.0 times by FYE18. The rating is supported
by the company's solid market position in the highly fragmented
global water equipment market, which is strengthened by its strong
brand recognition and the recurring nature of roughly 65% - 70% of
its revenue. The rating also benefits from the company's very good
geographic diversification profile, which will only strengthen with
Zip due to its well-established presence in the Australian/New
Zealand and UK markets, locations where Culligan essentially does
not compete. Zip will also help bolster Culligan's product line-up,
primarily due to its flagship HydroTap product offering, a high-end
water solutions tap that offers instant boiled, chilled and/or
sparkling filtered water. Culligan's liquidity is good, largely due
to the expectation for positive free cash flow generation and
access to external liquidity via its $75 million revolving credit
facility. Moody's expects reliance on the facility to be limited
over the next twelve to eighteen months.

The stable outlook reflects Moody's expectation for improvement in
credit metrics driven by moderate earnings growth in concert with
debt repayment over the next twelve to eighteen months.

The ratings could be upgraded if the company is able to achieve
solid organic revenue and EBITDA growth such that debt-to-EBITDA is
sustained below 5.5 times. In addition, the company must maintain
at least a good liquidity profile for an upgrade to be considered.
Alternatively, the ratings could be downgraded if the company does
not deleverage as anticipated such that debt-to-EBITDA increases
and is sustained above 7.0 times. Also, if liquidity weakens and
revolver borrowings increase, the ratings could face downward
pressure.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

AI Aqua Merger Sub, Inc. (dba Culligan), headquartered in Rosemont,
Illinois, operates through its subsidiaries as a global
manufacturer and distributor of water treatment products and
services for household, commercial and industrial applications. AI
Aqua Merger Sub, Inc. is a wholly-owned subsidiary of Al Aqua Sárl
(Parent and Guarantor). The company has a large presence in North
America through its franchise business model, but generates the
majority of its revenues internationally, where the company has
franchise, company owned and licensee arrangements. The company is
in the process of acquiring Zip Water, an Australian based designer
and manufacturer of instant boiling, chilled and/or sparkling
filtered water solutions. In December 2016 the company was acquired
by private equity firm Advent International Corporation (Sponsor)
for approximately $892 million. AI Aqua Merger Sub, Inc. generated
revenue of approximately $475 million for the twelve month period
ended May 31, 2017.


ALLCORP INC: Heartland's Sale of CSB Stock for $2.4M Approved
-------------------------------------------------------------
Judge Phyllis M. Jones of the U.S. Bankruptcy Court for the Eastern
District of Arkansas authorized Heartland Bank to sell all of
Allcorp, Inc.'s authorized and issued capital stock of Community
State Bank ("CSB"), consisting of 10,000 $10 par value shares of
the issued and outstanding bank stock of CSB, to Jeff Hobbs, Taylor
Chandler, and Derick Murway for approximately $2,350,000.

When Closing occurs in accordance with the terms and conditions of
the Contract, the Debtor will receive 100% of the net proceeds of
the Purchase Price at the Closing of the sale subject to the lien
of Heartland Bank which will be paid at closing.  At Closing
Heartland Bank will release any security interests, liens or other
encumbrances it may have on the Asset and turnover to the Proposed
Buyer the Asset, including the physical share/stock certificates
evidencing the bank stock, properly endorsed.

From the net proceeds the Debtor will pay ordinary costs of sale
for closing costs, and any applicable pro-rated taxes, if any.  The
Debtor will additionally collect $176 for reimbursement of its
counsel for the filing fee for the Motion, and $6,500 for US
Trustee quarterly fees.  Any proceeds after payment to Heartland,
and payment of closing costs and the filing fee and US Trustee
quarterly fees as set forth will be remitted by the closing agent
to the Debtor or otherwise in accordance with other orders of the
Court.

The Sale is free and clear of all security interests, liens,
pledges, claims, adverse claims, demands, and encumbrances of any
kind as set forth.  

The sale of the Asset is not subject to the 14-day stay imposed by
Bankruptcy Rules 6004(h) and 6006(d).

The Purchasers can be reached at:

          Jeff Hobbs, Taylor Chandler,
          and Derick Murway
          P.O. Box 120
          Atlanta, TX 75551

Heartland Bank can be reached at:

          HEARTLAND BANK
          Little Rock Office
          One Information Way, Suite 300
          Little Rock, AR 72202

                       About Allcorp Inc.

Based in Little Rock, Arkansas, Allcorp, Inc., is an "S"
corporation
incorporated on August 24, 2010 for the purpose of acquiring all
of
the shares of the former Bank of Bradley, later renamed Community
State Bank.  Allcorp is a regulated entity as a single bank
holding company under rules and regulations enforced by the
Federal
Reserve.

Allcorp owns all of CSB, which is based in Bradley, Lafayette
County, Arkansas.  CSB is an Arkansas state chartered bank.  

Allcorp filed a Chapter 11 petition (Bankr. E.D. Ark. Case
No. 16-13943) on July 27, 2016.  Alexander P. Golden, IV,
president, signed the petition.  In its petition, the Debtor
estimated $1 million to $10 million in assets and liabilities.

Judge Phyllis M. Jones presides over the case.  

Stanley V. Bond, Esq., at Bond Law Office, is the Debtor's
bankruptcy counsel.  The Debtor hired Robert R. Redfern, CPA, PA,
to provide tax preparation services.

No official committee of unsecured creditors has been appointed.

The Debtor can be reached at:

          ALLCORP, INC.
          39 Beverly Place
          Little Rock, AR 72207


AMC NETWORKS: Moody's Rates Proposed $500MM Unsec. Notes Ba2
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to AMC Networks,
Inc.'s (Ba2 Corporate Family Rating-CFR) proposed $500 million
senior unsecured notes issuance. The notes will be guaranteed on a
senior unsecured basis by AMC's existing and future domestic
restricted subsidiaries and will be subordinated to the company's
senior secured credit facility. The notes rank pari passu with the
company's existing senior unsecured notes, which include $600
million 4.75% notes due 2022 and $1 billion 5% notes due 2024. Use
of proceeds will go towards reducing the company's $1.2 billion
senior secured term loan. Concurrently, Moody's assigned a Baa2
rating to AMC's senior secured credit facility, which will consist
of a $500 million revolving credit facility and a $750 million term
loan A. Since the new debt issuance is leverage neutral this
transaction doesn't impact the company's Ba2 CFR or Ba2-PD
probability of default rating. However, due to the expected shift
between secured and unsecured debt within AMC's capital structure,
the potential additional loss absorption cushion for the secured
debt provided by these new notes lifts the company's senior secured
rating up one notch to Baa2 from Baa3. The company's speculative
grade liquidity rating (SGL) was also upgraded to SGL-1 from SGL-2
as part of rating action. The SGL change reflects the extended debt
amortization and maturity schedule resulting from the issuance and
refinancing. AMC's outlook is stable.

A summary of action follows:

Upgrades:

Issuer: AMC Networks Inc.

-- Speculative Grade Liquidity Rating, Upgraded to SGL-1 from
    SGL-2

-- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4 from

    LGD5

Assignments:

-- Gtd Senior Secured Bank Credit Facility, Assigned Baa2 (LGD 2)

-- Gtd Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD
    4)

Outlook Actions:

Issuer: AMC Networks Inc.

-- Outlook, Remains Stable

RATINGS RATIONALE

AMC's Ba2 corporate family rating reflects its strong and stable
cash flow profile driven by profitable television networks with
long operating histories and extensive distribution throughout the
US and internationally. Broad reach of its cable networks, combined
with the company's proven ability to deliver high quality and
broadly appealing entertainment content with both high viewer
ratings and niche targeted demographics, appeals to advertisers and
distributors, allowing the company to sustain lucrative affiliate
fees and advertising rates. AMC's distribution revenue represents
approximately 62% of total revenue, of which recurring revenue
streams from contractual affiliate fees paid by pay TV providers
represents the largest component. The rating incorporates risks
associated with customer and revenue concentration and a highly
competitive environment in which programming drives viewership and
advertising revenues. AMC's Ba2 CFR is also impacted by event risk
concerns as the company's controlling shareholder, the Dolan
family, has historically been comfortable with high leverage and
transformative events. These risks remain balanced by the company's
valuable cable networks and growing library of content. The company
also has a very good liquidity profile supported by steady annual
free cash flows and an undrawn revolver of $500 million.

The stable rating outlook reflects Moody's expectations that the
company will continue to invest in high quality programming and
overall operating performance will be supported by increasing
digital and international revenues, along with cost controls and
steady growth in traditional revenue streams. The stable outlook is
supported by Moody's expectations that debt-to-EBITDA leverage will
be sustained at or below 3.5x (with Moody's standard adjustments)
over the long-term. The outlook also incorporates Moody's views
that AMC will continue to generate good free cash flows and
maintain a solid liquidity profile.

An upgrade of the company's CFR could occur if management
demonstrated and made a commitment to a fiscally conservative
capital structure on a sustained basis. The rating could be
upgraded if debt-to-EBITDA leverage is sustained at or below 2.5x
(including Moody's adjustments). The rating could be downgraded if
management levers the company to fund returns to equity investors
and sustained leverage above 3.5x (including Moody's adjustments).
A significant debt funded acquisition could also impact the rating.
A view that values were materially diminishing for cable networks
and/or any potential damage to the AMC brand, in particular, or a
more constrained liquidity profile, could also put downward
pressure on the company's ratings.

With its headquarters in New York, New York, AMC Networks Inc.
("AMC") supplies television programming to pay-TV service providers
throughout the United States. The company predominantly operates
five entertainment programming networks - AMC, WE tv, IFC, Sundance
TV and BBC America. Revenues for LTM 3/31/2017 were approximately
$2.8 billion.

The principal methodology used in these ratings was Media Industry
published in June 2017.


AMC NETWORKS: S&P Affirms 'BB' CCR on Refinancing, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' corporate credit rating on New
York City-based cable network operator AMC Networks Inc. The rating
outlook remains stable.

S&P said, "At the same time, we assigned our 'BBB-' issue-level
rating and '1' recovery rating to the company's amended credit
facility. We are also assigning our 'BB' issue-level rating to the
company's proposed $500 million senior unsecured notes and '3'
recovery rating. The '3' recovery rating indicates our expectation
for meaningful recovery (50%-70%; 50% rounded estimate) of
principal in the event of a payment default.

"We affirmed the rating following AMC's announcement that it plans
to amend and extend its senior secured revolving credit facility
and term loan A in a leverage-neutral refinancing transaction. The
company's leverage was 3.5x as of March 31, 2017, which we expect
to be in the low- to mid-3x range by the end of 2017--below our
4.0x rating downgrade target.

"The stable rating outlook on AMC reflects our expectation that the
company will maintain adjusted leverage in the low-to-mid 3x area
over the next 12months, while maintaining advertising and affiliate
fee revenue growth in line with market trends.

"We could lower our corporate credit rating on AMC over the next 12
months if the company's network operating performance declines
materially. This would likely occur in a scenario where AMC
experiences greater-than-industry subscriber declines coupled with
weaker audience ratings that result in below industry advertising
growth rates such that it becomes clear that its core networks are
no longer key components of the cable bundle, EBITDA margin
erosion, and leverage rising above 4x. In addition, we could lower
the rating if the company makes a large debt-financed acquisition
or favorable shareholder measure that increases leverage above 4x
on a sustained basis.

"An upgrade is unlikely over the next 12 months. An upgrade could
occur if the company reduces its reliance on its flagship AMC
Network by increasing its revenue diversity through a significant
increase in the scale and scope of its other cable network
channels, while also publicly articulating a financial policy such
that leverage remains below 3x on a sustained basis."


AMERICAN ROCK: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
American Rock Salt. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue-level rating
to the company's new seven-year $510 million first-lien term loan.
The recovery rating on the debt is '4', indicating our expectation
of average (30%-50% range; rounded estimate: 40%) recovery
prospects in the event of a payment default."

American Rock Salt refinanced its capital structure in order to
lengthen the maturity profile of its debt and also to allow some
changes in its organizational structure, including eliminating some
royalty and rent payments made to newly acquired entities.

S&P said, "The stable outlook reflects our view that adjusted
leverage will remain in the 6x-7x range over the next 12 months.
Our forecast assumes normalized weather conditions for the next
three years and therefore revenue and EBITDA generation will remain
in line with long-term historical averages. We estimate EBITDA
margins in the 36%-38% range in the next 12 months.

"We would consider a negative rating action if we no longer deemed
liquidity to be adequate, as indicated by sources over uses of less
than 1.2x over the next 12 months. This could be the result of
consecutive years of mild winter seasons coupled with higher levels
of capital spending, extended operational disruption at the
company's single salt mine, or higher-than-anticipated cash
distributions. We could also consider a downgrade if the company's
adjusted leverage were sustained above 8x. This could happen if
volumes decreased by 20% from the four-year average tonnage, taking
EBITDA to a level below $67 million.

"A positive rating action is unlikely given our expectation that
adjusted debt leverage will remain in the 6x-7x range over the next
12 months. However, we could raise the rating if credit measures
improved, resulting in adjusted debt leverage sustained below 5x.
This could happen if volumes increased by 30% from the four-year
average tonnage, taking EBITDA to a level above $106 million. We
could also consider an upgrade if the company expanded its
operations beyond the single salt mine it currently has."


AMJ PLUMBING: Court Okays Use of Cash Collateral, Hearing on Aug. 2
-------------------------------------------------------------------
The Hon. Meredith A. Jury of the U.S. Bankruptcy Court for the
Central District of California has authorized AMJ Plumbing
Specialists Corp. to use $26,048 of cash collateral consisting of
corporate checking accounts at Chino Commercial Bank and Bank of
America.

A continued hearing on the further use of cash collateral will be
held on Aug. 2, 2017, at 1:30 p.m.

Any further opposition to the further use of cash collateral is to
be filed with the Court and served upon the Debtor, the U.S.
Trustee, the creditor's committee (if any), its counsel, and (if no
creditors committee), the 20 largest unsecured creditors by July
26, 2017.  If no opposition is filed, any opposition may be deemed
waived.  Any reply is due on July 31, 2017.

The Debtor is to close the bank accounts located at Chino
Commercial Bank (Account Ending in # 3231) and Bank of America
(Account Ending in #1240).  The monies in the accounts are to be
transferred to the new debtor-in-possession bank accounts.
A copy of the court order is available at:

          http://bankrupt.com/misc/cacb17-15717-19.pdf

As reported by the Troubled Company Reporter on July 17, 2017, the
Debtor sought court permission to use cash collateral of TVT
Capital, LLC, for payroll and operating expenses.

                        About AMJ Plumbing

Headquartered in Rancho Cucamonga, California, AMJ Plumbing
Specialists Corp., d/b/a AMJ Plumbing Specialists, is a commercial
plumbing company that has more than 20 years of experience in the
commercial plumbing field.  AMJ Plumbing --
http://amjplumbingspecialists.com/-- offers a wide variety of  
plumbing-related new construction services including leak repairs,
water heaters service, pump service, drain cleaning/jetting,
backflow services, tenant improvements and sewer camera
installation.

AMJ Plumbing Specialists filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 17-15717) on July 7, 2017, disclosing
$1.39 million in total assets and $2.15 million in total
liabilities.  The petition was signed by Jose Ruvalcaba, Jr.,
president.

Judge Meredith A. Jury presides over the case.

David Lozano, Esq., at Lozano Law Center, Inc., serves as the
Debtor's bankruptcy counsel.


ANCHOR REEF: Case Summary & 8 Unsecured Creditors
-------------------------------------------------
Debtor: Anchor Reef Club at Branford, LLC
        340 N. Westlake Boulevard, Suite 260
        Westlake Village, CA 91362

About the Debtor: Anchor Reef Club's principal place of business
                  is 111 Oak Street, Hartford, CT 06106.  Its
                  principal assets are located at 60 Maple Street
                  Branford, CT 06405.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-21080

Court: United States Bankruptcy Court
       District of Connecticut (Hartford)

Judge: Hon. James J. Tancredi

Debtor's Counsel: Timothy D. Miltenberger, Esq.
                  COAN, LEWENDON, GULLIVER & MINTENBERGER, LLC
                  495 Orange Street
                  New Haven, CT 06511
                  Tel: (203) 624-4756
                  Fax: 203-243-4488
                  E-mail: tmiltenberger@coanlewendon.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Albert Nassi, manager of the member.

The Debtor's list of eight unsecured creditors is available for
free at http://bankrupt.com/misc/ctb17-21080.pdf


ARC LIMITED: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Arc, Limited, as of July 13,
according to a court docket.

Arc, Limited, filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Pa. Case No. 17-22507).


AURORA GAS: Sets Sale Process for Furniture & Equipment
-------------------------------------------------------
Aurora Gas, LLC, asks the U.S. Bankruptcy Court for the District of
Alaska to authorize the sale process in connection with the sale of
office furniture, surface production equipment, and well and lease
service equipment, free and clear of liens.

The Debtor has filed its First Amended Plan of Reorganization which
provides for liquidation of its assets and payment of the proceeds
to administrative, priority, and unsecured creditors to the extent
that funds become available.  Alternatively, the Plan proposes that
the company be sold as a going concern to a new owner/operator.
However, the only proposal for purchase of the Debtor as a whole
has not attracted support from the principal interest holders, and
no other purchaser is expected to make a proposal in the near
future.  So it appears that sale of the Debtor's assets on a
piecemeal basis should proceed.

Ideally, the Plan would be confirmed before sales begin, in which
case court approval for separate sales would not be needed.
However, under 11 U.S.C. Section 1129 (a) (9) administrative claims
must be paid on the effective date of the Plan, or in accordance
with separate agreements.  As the Debtor has continued to incur
losses during the Chapter 11 process, the current administrative
debt on its books is about $1.5 million, held by approximately 25
different creditors.  It has only about $18,000 on hand today and
the cash that comes in is needed to pay ongoing expenses such as
wages, payroll taxes and supplies; payroll and other costs will be
reduced to the extent possible, but must continue as needed to
prepare and carry out sales of assets.  So the administrative
creditors will have to be paid from liquidation proceeds, either
because they agree to that treatment, or because there will be no
other way to pay them in any event.  

The Debtor's liquidation effort needs to be efficient and sales
will have to take place promptly after buyers are found in order to
maintain its cash flow.  Its assets to be liquidated as described
in the Debtor's schedules A/B are: (i) office furniture worth
$15,415; (ii) surface production equipment worth $4,612,089; and
(iii) well and lease service equipment worth $798,200.

The Debtor does not believe that the values in the schedules, which
are based on its cost, can be expected.  No creditor has claimed a
lien or security interest in any of the assets the Debtor proposes
to sell, but it does intend that all sales be free and clear of
liens, in the event that any liens are claimed.

There is a good chance that the opportunity for favorable sales may
be lost if buyers are told they must wait for three or more weeks
to get their sales approved, so the Debtor would like to expedite
the process.  The Debtor understands there is reluctance to
authorize completely unsupervised sales, and in order to address
this reluctance, it asks the Court to authorize its management to
complete sales under 11 U.S.C. Section 363 after notice of a
proposed transaction has been provided by a filing on the ECF
system and no objection has been filed within two business days.
So if a notice of a sale is filed on a specific Monday, the sale
may be closed on Thursday of the same week unless an objection has
been filed and not withdrawn; and if the objection is withdrawn the
sale may then be closed.  The notice will describe the property to
be sold, the identity of the buyer, the means by which the buyer
was identified, and the proposed sale price.

In addition, the Debtor proposes to file a weekly report of sales
accomplished to date and planned for the next week, to the extent
such plans have been formulated.  Active parties will receive the
reports through the ECF system and be able to raise concerns, ask
questions, and if necessary seek the assistance of the Court.

                    About Aurora Gas

Sugarland, Texas-based Aurora Gas LLC owns and operates
gas-producing properties in Alaska and also engages in the
exploration and development of gas properties.

Erik LeRoy, Esq., at Erik Leroy P.C., on behalf of Aurora Well
Service, LLC, Shirleyville Enterprises, LLC, and Tanks A Lot,
Inc.,
filed an involuntary Chapter 11 bankruptcy petition against the
Debtor (Bankr. D. Alaska Case No. 16-00130) on May 3, 2016.

Aurora Gas LLC sought authority to employ David H. Bundy, P.C., as
bankruptcy counsel.  The Debtor also sought authority to employ
BDO
USA, LLP, and Dan Dickinson as accountants.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed on
Aug. 9, 2016, five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Aurora Gas LLC.
Erik
Leroy P.C. serves as counsel to the Committee.


AUTHENTIC BRANDS: S&P Affirms 'B' CCR on Healthy Cash Flow
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Authentic Brands Group LLC (ABG). The outlook is stable.

S&P said, "We also affirmed our 'B+' issue-level rating on the
company's first-lien credit facilities. The '2' recovery rating is
unchanged, reflecting our expectation for substantial (70%-90%;
rounded estimate: 70%) recovery in the event of a payment default.

"At the same time, we affirmed our 'CCC+' issue-level rating on the
second-lien term loan. The '6' recovery rating is unchanged,
reflecting our expectation for negligible (0%-10%; rounded
estimate: 0%) recovery in the event of payment default.

"We estimate the company's total reported debt was around $760
million post the acquisition of FRYE in April 2017.

"The ratings affirmation on ABG reflects our view that the company
will continue to grow via debt-funded acquisitions such that debt
to EBITDA will be sustained above 5x. Despite its fast expansion in
the last 12 months--with the addition of well-known brands such as
Aeropostale, Thalia, and FRYE—the company is still a small player
in the highly fragmented and competitive retail industry that is
very susceptible to fashion risk and trends. Our ratings also
reflect the company's financial sponsor ownership by Leonard Green
& Partners and Lion Capital. We believe the financial sponsors will
continue to operate with an aggressive financial policy that
includes debt-financed acquisitions and shareholder returns.

"The stable outlook reflects our expectation that ABG will continue
to expand with acquisitions and improve its EBITDA margin as it
grows through scale. We expect leverage to remain high and
sustained between 5x-6x due to its aggressive acquisition strategy.


"We could lower the ratings if the company cannot generate expected
royalty income or if the company issues more debt without
sufficient incremental EBITDA from acquisitions, such that debt to
EBITDA increases to above 7x on a sustained basis. We estimate this
could occur if EBITDA declines by approximately 25% or if debt
increases by approximately $200 million at current EBITDA levels.

"An upgrade is unlikely in the near term due to the company's
aggressive financial policy. We project the company will remain
acquisitive, with debt to EBITDA sustained above 5x. Longer term,
we would consider an upgrade if the company improves credit
metrics, perhaps from a less aggressive financial policy with
leverage sustained below 5x. We believe for that to occur, the
financial sponsors would need to reduce their collective ownership
to below 40%."


B&B BACHRACH: May Use Cash Collateral Through Aug. 8
----------------------------------------------------
The Hon. Neil W. Bason of the U.S. Bankruptcy Court for the Central
District of California has entered a fifth interim order
authorizing B&B Bachrach LLC to use cash collateral through and
including Aug. 8, 2017.

A final hearing on the cash collateral use will be held on Aug. 8,
2017, at 2:00 p.m. (Pacific Time).

As a condition precedent to Israel Discount Bank of New York's
agreement to consent to the Debtor's continued use of cash
collateral through Aug. 8, 2017, pursuant to the terms of the fifth
interim order, Brian Lipman will have executed the Lipman cash
collateral liquidation stipulation by July 10, 2017, pursuant to
which Brian Lipman authorizes IDB immediately to apply the cash
collateral, as defined in the cash collateral security and control
agreement entered into by and between Brian Lipman and IDB on May
19, 2017, to the Debtor's obligations including without limitation
the payoff of the term loans owing from the Debtor to IDB having a
principal balance as of July 7, 2017, in the amount of
$639,777.70.

A copy of the Fifth Interim Order is available at:

           http://bankrupt.com/misc/cacb17-15292-194.pdf

As reported by the Troubled Company Reporter on June 27, 2017, the
Court entered a fourth interim order authorizing the Debtor to use
cash collateral on an interim basis, through July 11, 2017, solely
to pay the expenditures.

                      About B&B Bachrach LLC

Founded in 1877, the Bachrach -- http://www.bachrach.com/-- was   
founded by Henry Bachrach, who opened a single store in Decatur,
Illinois, called "Cheap Charley" to serve the growing population of
professional gentlemen who were settling in and developing the
Midwest at the time.  In 1910, the name of the Company was changed
to Bachrach when the word "cheap" started to take on connotations
beyond merely a bargain.

Over the next century Bachrach evolved as a purveyor of fine men's
clothing, becoming a brand widely recognizable across not only the
Midwest, but throughout the United States.  Bachrach promotes its
brand as a menswear experience based upon a European fashion
aesthetic, superior customer service and an emphasis on lasting
customer relationships.  

B&B Bachrach, LLC, doing business as the Bachrach, sought Chapter
11 protection (Bankr. C.D. Cal. Case No. 17-15292), on April 28,
2017, estimating assets and liabilities ranging from $10 million to
$50 million.  Brian Lipman, managing member, signed the petition.

The case is assigned to Judge Neil W. Bason.

The Debtor is represented by Brian L Davidoff, Esq., at Greenberg
Glusker Fields Claman Machtinger LLP.  Solid Asset Solutions LP,
serves as the Debtor's liquidation consultant.  Grobstein Teeple,
LLP has been tapped as financial advisor.

On May 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee retained
Pachulski Stang Ziehl & Jones LLP as its legal counsel.


BAILEY'S EXPRESS: Wants to Use Bankwell Bank's Cash Collateral
--------------------------------------------------------------
Bailey's Express, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Connecticut to use through
Aug. 12, 2017, cash collateral in which Bankwell Bank has a
perfected first priority security interest to meet the Debtor's
ongoing financing needs.

The Debtor will use the cash collateral solely to fund its ordinary
course business operations.  The Debtor says that given the
purported encumbrances upon substantially all of its assets, it
will be unable to continue its business operations absent some form
of immediate relief from the Court.  Without immediate relief, the
Debtor will be unable to fund the day-to-day operations that are
essential to the Debtor's continued existence as a going concern to
the detriment of its estate.  The Debtor will not have sufficient
funds to cover the expenses that will accrue until a final hearing
could be held on the motion.  Thus, without authorization to use
cash collateral on an immediate basis, the Debtor would be forced
to convert its case to Chapter 7, which would cause irreparable
harm to its estate.
As adequate protection for any cash collateral expended by the
Debtor pursuant to the Interim Order, Bankwell will receive,
pursuant to Sections 361(1) and 363(e) of the U.S. Bankruptcy Code,
a first lien to secure an amount of Bankwell's claims equal to (i)
the amount of cash collateral actually expended by the Debtor; and
(ii) an amount equaling the aggregate decline in the value of the
Bankwell prepetition collateral, on all personal property and
assets of the Debtor, of any kind or nature whatsoever, whether now
owned or hereafter acquired by any Debtor, and all proceeds, rents
or profits thereof.

Bankwell will have an allowed administrative expense claim in an
amount equal to the amount of cash collateral actually expended by
Debtor pursuant to this Order, which claim will have the highest
administrative priority under Sections 503(b), 507(a)(1) and 507(b)
of the Code, and the claim will have priority over, and be senior
to, all other administrative claims.
A copy of the Debtor's request is available at:

            http://bankrupt.com/misc/ctb17-31042-3.pdf

                      About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express --
http://www.baileysxpress.com/-- is a Connecticut-based less than
truckload carrier.  It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska.  The Debtor has distribution points in
Charlotte, Dallas, Denver, Easton, Fontana, Indianapolis,
Jacksonville, Memphis, Neenah, Phoenix, Salt Lake City and Toledo.
It also provides service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection (Bankr.
D. Conn. Case No. 17-31042) on July 13, 2017, estimating its assets
and liabilities at between $1 million and $10 million.  The
petition was signed by David Allen, chief financial officer.

Judge Ann M. Nevins presides over the case.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel.


BALLANTRAE LLC: Wants More Time To Exclusively File Plan
--------------------------------------------------------
Ballantrae, LLC, asks the U.S. Bankruptcy Court for the Southern
District of Florida to extend the exclusivity period for the filing
of a plan of reorganization and disclosure statement until August
31, 2017.

The deadline to file the plan and disclosure statement is July 20,
2017.

The Debtor says its reorganization is dependent on the fall
enrollment of children and the expected tuition it will receive.

The Debtor says it will not know its expected income until the end
of August 2017.

                    About Ballantrae, LLC

Ballantrae, LLC, has a fee simple interest in a property located at
5397 Roebuck Road, Jupiter, Florida.  It operates a pre-school/day
care facility doing business as Oceanside Academy School at the
property.

Ballantrae, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 17-13427) on March 22, 2017.  The petition was signed by
Corinne Gates, Manager Member.  At the time of filing, the Debtor
had $2.03 million in total assets and $3.42 million in total
liabilities.

The Debtor tapped Brian K. McMahon, Esq., at Brian K. McMahon, as
counsel.


BARBARA BRODY: Farimani Buying Los Angeles Property for $1.1M
-------------------------------------------------------------
Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the
Central District of California will convene a hearing on Aug. 8,
2017 at 11:00 a.m. to consider the sale by Marlene M. Dennis, the
appointed conservator for Barbara S. Brody, of real property
located at 4184 Mildred Avenue, Los Angeles, California, to Marian
Farimani with title vested as Marre, LLC for $1,060,000, subject to
higher and better offers.

Objections, if any, must be filed not later than 14 days prior to
the scheduled hearing on the Motion.

The Debtor is 78 years of age and has been diagnosed with dementia
as well as other illnesses.  She currently resides at the Seaport
17th Care Center in Santa Monica, and has been the subject of a
conservatorship since September 2013.

On Sept. 23, 2016, the Debtor's brother and Temporary Conservator
Norman M. Brody, commenced the Bankruptcy Case by filing an
emergency petition under Chapter 11 of the United States Bankruptcy
Code in order to (i) halt a pending foreclosure sale of the Mildred
Property; and (ii) recover the Mildred Property for the benefit of
the Debtor' estate and creditors.  Subsequently, Marlene M. Dennis,
was appointed as Successor Conservator of the Estate of Barbara S.
Brody.  The Conservator intends to sell the Mildred Property and
propose a Chapter 11 Plan that pays all allowed claims in order of
priority.

On May 2, 2017, the Court entered its Summary Judgment Order in
Adversary Case No. 2:16-bk-01453-VZ, finding that: (i) The transfer
of the Mildred Property from the Debtor's former conservator David
Israel to Rose Bauer is avoided and the Mildred Property is
recovered for the benefit of the Chapter 11 Estate; (ii) the Debtor
holds title to the Mildred Property free and clear of any claims or
interests of Israel and Bauer; and (iii) Israel and Bauer must
immediately vacate and turn over possession of the Mildred Property
and its contents to the Debtor, through her duly appointed
Conservator.  On May 24, 2017, Bauer finally vacated the Mildred
Property allowing the Conservator to access the property and
commence marketing the Mildred Property for sale.

On Feb. 24, 2017, the Conservator retained Remax Olson Estates &
Trust Properties USA as real estate broker for the estate, which
employment was approved by Order of the Court to market and sell
the Mildred Property.  Once Bauer vacated the Mildred Property, the
Broker began actively marketing the property.

On May 26, 2017, the Mildred Property was listed on the Multiple
Listing Service for $1,050,000.  It was also listed on Realtor.com,
Zillow.com, Redfin.com, Remax.com, and Truilia.com.  To date, the
Mildred Property has been shown 21 times and the Broker has fielded
approximately 37 calls from agents and interested buyers.

The Conservator has received an offer from the Buyer in the amount
of $1,060,000 to purchase the Mildred Property free and clear of
all liens, claims, interests, and encumbrances, pursuant to the
terms and conditions of that certain Probate Purchase Agreement and
Joint Escrow Instructions dated July 5, 2017.  The offer from
Buyer, pursuant to the Sale Agreement, is the highest written offer
the Conservator received for the Mildred Property.  On July 17,
2017, the Buyer removed all contingencies.

The Buyer has no prior dealings or known relationship, whether
business or personal, with the Debtor, the Conservator, or any of
the Debtor's or Conservator's insiders or affiliates,  other than
in the Buyer's capacity as potential buyers for the Mildred
Property.

Closing is estimated to occur within 10 days from the entry of a
Court Order approving the sale.  The Buyer has deposited $32,000
with Landmark Escrow, Inc. which will be applied toward the
Purchase Price.  The Buyer will deposit an additional $368,000 to
escrow prior to closing and obtain financing in the amount of
$660,000 for the balance of the Purchase Price.

A copy of the Sale Agreement attached to the Notice is available
for free at:

         http://bankrupt.com/misc/Barbara_Brody_75_Sales.pdf

Pursuant to a preliminary title report dated May 19, 2017, the
Mildred Property is encumbered by these deeds of trusts:

   a. Deed of Trust dated Nov. 19, 2002 and recorded as Instrument
No. 02-2872728 of the Official Records to secure a loan in the
original principal amount of $268,000 in favor of Bank of America,
N.A.  Per the Title report the beneficial interest under the 1st
Deed of Trust was assigned to Nationstar Mortgage, LLC by
assignment recorded on April 9, 2013 as Instrument No. 20130525180
of Official Records.  Pursuant to Proof of Claim #5 filed by
Nationstar, the amount due under the 1st Deed of Trust is $299,485
as of the Petition Date, with interest accruing thereafter at the
rate of 5.875%.

   b. Deed of Trust dated Sept. 27, 2007 and recorded as Instrument
No. 20072494236 of the Official Records to secure a loan in the
original principal amount of $300,000 in favor of Bank of America,
N.A.  Pursuant to Proof of Claim #4 filed by Bank of America, the
amount due under the 2nd Deed of Trust is $275,364 as of the
Petition Date, with interest accruing thereafter at a variable rate
which was 2.74% as of the Petition Date.

   c. Deed of Trust dated Sept. 28, 2015 and recorded as Instrument
No. 20150894143 of the Official Records to secure a loan in the
original principal amount of $100,000 in favor of Matthew William
Parr Bennett.  Pursuant to Proof of Claim #6 filed by Bennett, the
amount due under the Bennett Deed of Trust is $106,440.  The
Conservator disputes the Bennett Deed of Trust and has filed an
adversary Complaint in the Bankruptcy Court entitled Barbara S.
Brody v. Jay Leslie Hofstadter, Inc., Matthew William Parr Bennett,
et. al, Adversary Case No. 2:17-ap-01219-VZ.  Among other things,
the Complaint seeks to avoid the Bennet Deed of Trust, objects to
the Bennett Proof of Claim, and alleges conspiracy to commit
mortgage fraud and elder abuse. Said Complaint is currently
pending.

   d. A Notice of Pending Action (Lis Pendens) filed by former
Temporary Conservator Norman Brody in the Probate Court prior to
the Petition Date.  Mr. Brody is in the process of withdrawing this
Lis Pendens.

In addition to the brokers' commissions (5% of final sale price)
and the closing costs, the Conservator proposes to pay these
Undisputed Liens through escrow from the sale of the Mildred
Property:

   a. 1st Deed of Trust - Nationstar Mortgage, LLC Per Proof of
Claim #5: $299,485, plus accrued interest

   b. 2nd Deed of Trust - Bank of America, N.A. Per Proof of Claim
#4: $275,364, plus accrued interest

The Conservator disputes the Bennett Deed of Trust and has filed an
adversary proceeding objecting to the claim and seeking to avoid
the lien.  The Conservator does not propose to distribute any of
the net sale proceeds from escrow to satisfy the Bennett Loan
because the Bennett Loan was obtained fraudulently by Rosalee Bauer
and without any permission from the Probate Court.  Further, the
Conservator alleges that none of the proceeds from the Bennett Loan
went to the Debtor.

After payment of the brokers' commissions, the closing costs, and
the Undisputed Liens, the remaining net proceeds will be deposited
into bankruptcy counsel Weintraub & Selth's client trust account.
No disbursements will be made without order of the Court.  The
disputed Bennett Lien will attach to said proceeds pending further
order of the Court.

The Bankruptcy Case has been pending since September 23, 2016 and
creditors in the case have not been paid during the pendency of the
case.  The Mildred Property is the main asset of the estate and the
Conservator does not want to lose the Buyer, causing further delays
for payment to creditors.  Thus, the Conservator respectfully asks
that the Court orders and authorizes that the sale be effectuated
immediately upon entry of the Sale Order.

Counsel for the Debtor:

          Daniel J. Weintraub, Esq.
          James R. Selth, Esq.
          Elaine V. Nguyen, Esq.
          WEINTRAUB & SELTH, APC
          11766 Wilshire Boulevard, Suite 1170
          Los Angeles, CA 90025
          Telephone: (310) 207-1494
          Facsimile: (310) 442-0660

The Broker can be reached at:

          Alex Khalilifard
          RE/MAX OLSON ESTATES
          6355 Topanga Canyon Blvd
          Woodland Hills, CA 91367
          Telephone: (310) 422-8828
          Facsimile: (818) 313-6351
          E-mail: Alex@TopHomesLA.com

                     About Barbara S. Brody

Barbara S. Brody sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 16-22654) on Sept. 23, 2016.  

The Debtor's brother and temporary conservator Norman M. Brody
commenced the bankruptcy case.  Subsequently, Marlene M. Dennis,
was appointed as successor conservator of the estate of Barbara S.
Brody.

The Debtor engaged James R. Selth, Esq., at Weintraub & Selth AP,
as counsel.  It also tapped Estates & Trust Properties USA as
broker.


BIOPLANET CORP: Disclosure Statement Hearing Set for Aug. 21
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas is set
to hold a hearing on August 21, at 11:30 a.m., to consider approval
of the disclosure statement, which explains the Chapter 11 plan of
reorganization for BioPlanet Corp.

Under the proposed plan, Class 9 general unsecured claims held by
30 creditors in the total amount of $634,681 will be paid 100% over
10 years at a rate of 4% interest per annum.

Regular monthly payments of approximately $6,426, beginning on the
effective date of the plan will be distributed on a pro-rata basis
to unsecured creditors.  Any personal guarantees executed by
Bernardo Herrero, director, as part of the underlying debts related
to the Class 9 claims will be released and are no longer binding.

Beginning on the effective date, BioPlanet will allocate funds from
its profits to make the distributions required under the plan,
according to the company's disclosure statement.  

A copy of the disclosure statement is available for free at
https://is.gd/Rh84l8

                      About BioPlanet Corp.

BioPlanet Corp., a corporation with its main office in Katy, Texas,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. 17-30684) on Feb. 5, 2017.  The petition was
signed by Bernardo Herrero, director.  At the time of the filing,
the Debtor estimated its assets and debts at $1 million to $10
million.

The case is assigned to Judge Karen K. Brown.  The Debtor is
represented by Adelita Cavada, Esq. at The Perez Law Firm.

On June 15, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


BRISTLECONE INC: Proposes $150K DIP Financing From FRS BC
---------------------------------------------------------
Bristlecone, Inc., doing business as Bristlecone Holdings, et al.,
seek permission from the U.S. Bankruptcy Court for the District of
Nevada to obtain postpetition financing of up to $150,000 from FRS
BC, LLC, under a loan agreement and security agreement and
revolving line of credit promissory note.  

The Debtors have determined that the DIP Facility is necessary to
continue to operate their business and for a successful
reorganization.  To ensure uninterrupted business operations of the
debtors, the Debtors have concluded that obtaining the postpetition
financing is necessary and in the best interest of the Debtors to
bridge their ongoing business operations until the time as they can
sell certain assets or obtain confirmation of their plans.

The borrowing will be repaid in full, and the DIP Facility will
terminate on the earlier of: (i) four months after the Loan and
Security Agreement execution date, (ii) the completion of a
court-approved Section 363 asset sale or (iii) the confirmation by
the Debtors of a plan.

The DIP Facility will be available to finance the ongoing business
operations by the Debtors until the time of a Section 363 asset
sale or plan confirmation.

The Debtors will grant the DIP Lender a senior security interest
against the collateral.  To secure the Debtors' obligations under
the DIP Facility, all obligations of the Debtors to the DIP Lender
will be entitled to senior security interest in the collateral.
The DIP Lender reserves the right to credit bid its unpaid loan
balance at any Section 363 court-approved sale of the collateral.

The Debtor has not previously received advances from the DIP
Lender, although the Lender has agreed to make advances to the
Debtor, as needed, under the DIP Facility prior to the scheduled
hearing date of July 28, 2017, at 10:00 a.m., provided that the
Debtor seeks nunc pro tunc approval of the security interests at
the hearing.

Advances outstanding of the DIP Facility will bear interests at the
non-default rate of 10% per annum.  The default interest rate will
be equal to the lesser of 18% per annum or the Maximum Lawful
Rate.

A copy of the Debtors' Motion is available at:

          http://bankrupt.com/misc/nvb17-50472-143.pdf

                    About Bristlecone, Inc.

Bristlecone, Inc. -- http://bristleconeholdings.com/-- develops
financial technologies to help businesses evaluate consumer
creditworthiness.  The Debtor uses the software to look at leading
indicators, like bank accounts, social data, and public records to
develop algorithms to make decisions before lending money.  It
develops software to lend directly to consumers and small
businesses.  The Debtor was founded in 2013 and is headquartered in
Reno, Nevada.

Bristlecone, Inc., and seven of its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case Nos.
17-50472 to 17-50476 and 17-50478 to 17-50480) on April 18, 2017.
The petitions were signed by Brandon Kyle Ferguson, president and
CEO.

The seven debtor-affiliates are Boonfi LLC, Bristlecone Lending
LLC, Bristolecone SPV I LLC, I Do Lending LLC, Medly LLC, One Road
Lending LLC and Wags Lending LLC.  

At the time of the filing, Bristlecone, Inc., estimated its assets
and liabilities at $10 million to $50 million.

The Debtors' cases are assigned to Judge Bruce T. Beesley.

Stephen R. Harris, Esq., at Harris Law Practice LLC, is the
Debtors' counsel.


BROOKLYN INTERIORS: Plan Outline Okayed, Plan Hearing on Aug. 8
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York is
set to hold a hearing on August 8 at 10:00 a.m., to consider
approval of the Chapter 11 plan of reorganization for Brooklyn
Interiors, Inc.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on July 5.

According to the company's first amended disclosure statement, each
holder of a Class 3 general unsecured claim will be paid 15% of its
allowed claim, without interest, in 36 equal monthly installments.
Payments will start on the effective date of the plan.

The amount of allowed general unsecured claims filed or scheduled
is approximately $336,312.22, according to the filing.  A copy of
the first amended disclosure statement is available for free at
https://is.gd/Wgc71K

                    About Brooklyn Interiors

Formed in 2003, Brooklyn Interiors, Inc. is a commercial and
residential interior renovation contracting company.

The Debtor filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
16-22845) on June 22, 2016.  The petition was signed by Dennis
Darcy, president.  At the time of filing, the Debtor estimated
assets of less than $500,000 and liabilities of less than $1
million.

The Debtor is represented by Kenneth A. Reynolds, Esq. at McBreen &
Kopko.  

No creditors' committee has been appointed in the Debtor's case.


BRUNDAGE-BONE CONCRETE: Moody's Hikes Corp. Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
Brundage-Bone Concrete Pumping, Inc. to B2 from B3. At the same
time, Moody's upgraded the Probability of Default Rating to B2-PD
from B3-PD and senior secured notes due 2021 to B2 from B3. The
rating outlook is stable.

The following rating actions were taken:

Corporate Family Rating, upgraded to B2 from B3;

Probability of Default Rating, upgraded to B2-PD from B3-PD;

Senior secured notes due 2021, upgraded to B2, LGD4 from B3, LGD3

Senior secured notes due 2021 ($40m add on), assigned to B2, LGD4

The rating outlook is stable.

RATINGS RATIONALE

The ratings upgrade reflects lower adjusted debt-to-EBITDA than
originally contemplated when the ratings were initially issued
three years ago. The company's adjusted debt-to-EBITDA is expected
now to remain below 4.0x. Moody's original expectations was
adjusted debt-to-EBITDA would remain below 5.0x. Brundage-Bone's
growth through acquisitions, in particular the company's expansion
into the United Kingdom, also supports the upgrade. The company's
leverage, interest coverage, and profitability metrics are also
more consistent with a B2 Corporate Family Rating.

The B2 CFR reflects Brundage-Bone's strong market positions,
multi-regional footprint, sound margins and moderate debt, offset
by the company's small size, exposure to cyclical construction end
markets, and integration risks associated with acquisitions. The
rating also considers the capital-intensive nature of its business
which can limit free cash flow generation and the company's private
ownership by a combination of management and private equity. The
company benefits from good customer diversification and a large
fleet of concrete placing equipment; however, it predominantly
relies on two manufacturers to supply its concrete pumping
equipment. Fleet investments are a significant and on-going use of
cash.

The stable outlook reflects Moody's expectation for steady growth
in revenue and earnings over the next 12-18 months, stable balance
sheet management, and adequate liquidity.

The ratings could be upgraded if the company maintains strong
market positions and grows its revenue base closer to $500 million.
In addition, a ratings upgrade could occur if the company reduces
its adjusted debt-to-EBITDA closer to 3.0x, manages funds from
operations as a percentage of debt above 20%, and maintains good
liquidity, all on a sustained basis.

The ratings may come under pressure should the company's adjusted
debt-to-EBITDA increase beyond 4.0x for an extended period of time
whether due to weak operating performance or equity-friendly
activity such as debt financed distributions. Additionally, should
the company have difficulty integrating its recently acquired
businesses in the United Kingdom, experience a decline in funds
from operations as a percentage of debt below 12% or experience
weakening liquidity, the ratings could be downgraded.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Brundage-Bone Concrete Pumping, Inc is a leading provider of
concrete pumping services in the United States and the United
Kingdom. In August 2014, an affiliate of Peninsula Pacific
Strategic Partners ("PPSP") acquired Brundage-Bone. At the same
time, PPSP also acquired Eco-Pan, Inc. ("Eco-Pan") which is
guarantor of the notes and a route-based concrete collection and
disposal service business serving the construction industry.
Brundage-Bone operates in the Pacific, Mountain, South Central,
Midwest and Southeastern regions of the United States serving the
non-residential, infrastructure and residential construction end
markets. Through Brundage-Bone's subsidiary Oxford Pumping
Holdings, Ltd. ("Oxford"), the company also operates concrete
pumping services in the United Kingdom. Revenue of the consolidated
company were approximately $187 million for the trailing twelve
months ending April 30, 2017.


C&S MOBILE: Court Denies Approval of Cash Collateral Use
--------------------------------------------------------
The Hon. Stephen L. Johnson of the U.S. Bankruptcy Court for the
Northern District of California has denied C&S Mobile Truck Repair
Inc.'s motion for authorization to use cash collateral interest of
the Internal Revenue Service.

A motion to use cash collateral must include: (1) a budget and the
amount of cash collateral sought to be used; (2) the name and
address of each entity with an interest in the cash collateral; (3)
facts demonstrating the need to use cash collateral and the
material terms; and (4) the method of adequate protection to be
provided those with an interest in the collateral.  The Court's
Guidelines for Cash Collateral & Financing Motions & Stipulations
imposes additional requirements, including at a minimum, a
certification signed by the Debtor's counsel that the motion to use
cash collateral complies with the Guidelines.

The Debtor's request consists of two sentences stating that Debtor
wants an order allowing the use of the cash collateral of the IRS.
It has no factual allegations, no budget, no legal authorities, and
no supporting evidence.  Furthermore, the motion was not
accompanied by a certificate of service.  The Court cannot
determine if the motion was served on the IRS and other creditors
as required by Bankruptcy Rule 4001(b)(1)(C).

A copy of the Order is available at:

           http://bankrupt.com/misc/canb17-50249-47.pdf

As reported by the Troubled Company Reporter on June 27, 2017, the
Debtor sought court permission to use the cash collateral interest
of IRS.

                  About C&S Mobile Truck Repair

C&S Mobile Truck Repair Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-50249) on Feb. 1,
2017.  The petition was signed by George Severo, authorized
representative.  

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.

Drew Henwood, Esq., at The Law Offices of Drew Henwood, serves as
the Debtor's legal counsel.


C-LEVELED LLC: Hearing on Plan Confirmation Set for Aug. 3
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
is set to hold a hearing on August 3, at 11:00 a.m., to consider
approval of the Chapter 11 plan of reorganization for C-Leveled
LLC.

The court had earlier approved the company's disclosure statement,
allowing it to start soliciting votes from creditors.  

The order set a July 26 deadline for creditors to file their
objections and cast their votes accepting or rejecting the plan.

Under the latest plan, holders of Class 9 unsecured claims will be
paid 88.5% of their claims over seven years without interest. They
will be paid $1,845 per month.

The ultimate dividend to the unsecured class will depend on the
total number of allowed claims.  The total amount of Class 9 claims
is estimated to be $175,099.84.

C-Leveled's original plan filed on April 27 had proposed to pay
Class 9 unsecured creditors 79% of their claims over seven years
without interest, and pay them $1,845 per month.  The estimated
amount of Class 9 unsecured claims under the original plan was
$180,498.24.

A copy of the company's second corrected disclosure statement is
available for free at https://is.gd/xOiZ7I

                    About C-Leveled LLC

C-Leveled, LLC, based in Pittsburgh, Pa., filed a Chapter 11
petition (Bankr. W.D. Pa. Case No. 16-22748) on July 26, 2016.  In
its petition, the Debtor estimated $0 to $50,000 in assets and $1
million to $10 million in liabilities.  The petition was signed by
Denise DeSimone, chairman.

Judge Gregory L. Taddonio presides over the case.  Donald R.
Calaiaro, Esq., of Calaiaro Valencik is the Debtor's bankruptcy
counsel.

On April 27, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.  A copy of the disclosure
statement is available for free at https://is.gd/NdgrtQ


CANYON VALOR: Moody's Assigns B2 CFR; Outlook Positive
------------------------------------------------------
Moody's Investors Service assigned Canyon Valor Companies, Inc. a
B2 corporate family rating ("CFR"), B2-PD probability of default
rating, B2 for its new first lien credit facilities and an SGL-2
speculative grade liquidity rating. Moody's also downgraded Canyon
Valor's existing first lien credit facilities to B2 from B1
reflecting the repayment of borrowings under the second lien credit
facility. The rating outlook was changed to positive from stable.

Canyon Companies S.A.R.L. ("Canyon Companies") recently merged with
Capital Acquisition Corp. III ("Capital Acquisition") (a public
investment vehicle) and became a publicly traded entity known as
Cision Ltd ("Cision"). Simultaneously, Canyon Valor, which became a
wholly-owned subsidiary of Cision upon the merger, paid down $294
million of its existing $370 million second lien term loan (unrated
by Moody's), using a $325 million cash investment from Capital
Acquisition. Accordingly, Canyon Valor's existing first lien credit
facilities were downgraded to B2 from B1, reflecting removal of a
significant amount of loss absorption support provided by the
second lien term loan.

Canyon Valor is now planning to refinance its capital structure
with a new first lien term loan and revolving credit facilities.
The proceeds from a new $1,250 million term loan will be used to i)
repay the existing $1,119 million term loan i) pay off the balance
of its existing second lien term loan (approximately $76 million
outstanding), ii) pay off its existing first lien revolver
(approximately $38 million outstanding), iii) put about $4 million
to its balance sheet and iv) pay fees and expenses. Upon closing,
the B2 rating on Canyon Valor's existing first lien credit
facilities will be withdrawn.

Collectively Canyon Valor will have reduced total funded debt to
$1,250 million from $1,527 million. The debt pay down is credit
positive, given it reduces leverage (Moody's adjusted, including
expensing capitalized software costs) to about 6.3x from about 7.7x
(as of pro forma LTM March 31, 2017) and increases free cash flow.
The change in outlook to positive reflects Moody's expectation that
the company will continue to focus on debt reduction over the next
18 months such that leverage improves towards 4x.

RATINGS RATIONALE

Canyon Valor's B2 corporate family rating reflects high pro forma
debt to EBITDA leverage of about 6.3x as March 31, 2017,
integration risks from recent acquisitions and an evolving business
model. These risks are balanced by Moody's expectation of about
$100 million of free cash flow ("FCF") over the next 12 months and
the company's leading positions in the public relations ("PR")
software market and database markets. Through the merger of Vocus,
Inc. ("Vocus") and Cision AG, and the subsequent acquisition of
Gorkana Group and most recently PR Newswire Association LLC
("PRN"), the combined entity now known as Cision Ltd ("Cision) has
established a leading position in various product and geographic
segments of the PR software and communications markets. Their
products provide critical software and contact database tools for
PR professionals to target PR campaigns and track them across
multiple media channels including publishing, broadcasting, blogs
and social media. In particular, Cision's recently launched (in
late 2016) product "C3" provides brands with insights they need to
link "earned media" to their strategic business objectives, while
aligning it with traditional "owned" and "paid" media channels they
use.

The positive outlook reflects the expectation for a relatively
smooth integration of PRN, positive organic revenue growth and a
decline in financial leverage to about the low 4x over the next 12
to 18 months, subject to the majority of FCF being used to pay down
debt.

The ratings could be upgraded if leverage is on track to decline
towards 4.0x, FCF to debt is on track to be at least 10% and the
integration of PRN proceeds well (including realizing expected cost
synergies as planned).

The ratings could be downgraded if the integrations prove
disruptive to the business or operating performance weakens such
that leverage remains above 6.5x and FCF to debt remains below 5%.

Liquidity is good based on FCF expectations of about $100 million
over the next 12 months. Additionally, liquidity is supported by
cash and cash equivalents of about $43 million and full
availability under the $75 million revolver at closing. Moody's
anticipates ample cushion under the springing financial covenants
applicable to the senior secured first lien revolver. The first
lien term loan has no financial covenants. The first lien term loan
has 1% per annum required amortization.

The following ratings were assigned:

Issuer: Canyon Valor Companies, Inc.

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

Speculative Grade Liquidity Rating, SGL-2

New First Lien Revolver, B2 (LGD4)

New First Lien Term Loan, B2 (LGD4)

The following ratings were downgraded and will be withdrawn upon
the closing of the new credit facilities:

Issuer: Canyon Valor Companies, Inc.

Existing First Lien Revolver, to B2 (LGD3) from B1 (LGD3)

Existing First Lien Term Loan, to B2 (LGD3) from B1 (LGD3)

The following ratings were withdrawn:

Issuer: Canyon Companies S.A.R.L.

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

The principal methodology used in these ratings was Software
Industry published in December 2015.

Cision Ltd, along with its operating subsidiaries that includes
wholly-owned Canyon Valor Companies, Inc. ("Canyon Valor"),
provides database tools and software to PR professionals for use in
PR campaigns, including earned media, intelligence gathering and
content distribution. Cision, headquartered in Chicago, IL, is
owned by private equity firm GTCR (majority) and other shareholders
of Cision.


CAPITAL TEAS: Wants $175,000 Financing From Willard Umphrey
-----------------------------------------------------------
Capital Teas, Inc., seeks permission from the U.S. Bankruptcy Court
for the District of Maryland to obtain $175,000 in postpetition
financing from Willard Umphrey and use cash collateral.

The Debtor asserts that only the senior claims of Willard Umphrey
and Focus Funds are secured by among other things, the value of the
Debtor's cash, including cash collateral.

The proposed financing is contemplated as a bridge loan until the
Debtor obtains more DIP financing.  The financing sought in this
Motion is projected to finance the Debtor's prepetition payroll,
utility deposits, legal retainer and operations through August
2017.  The postpetition financing sends a strong message to
customers, vendors and employees that the Debtor's restructuring is
funded and well-positioned to succeed.  In addition, use of cash
collateral will allow the Debtor to fund its ordinary and necessary
day-to-day operations as well as its counsel's initial retainer.  

The DIP Financing will terminate on The earliest of: (i) Dec. 31,
2018, (ii) the occurrence of a final sale, (iii) entry of a court
order confirming any plan of reorganization under Section 1129 of
the Bankruptcy Code or an order authorizing the sale of all or
substantially all of the Debtor's assets under Section 363 of the
U.S. Bankruptcy Code; (iv) entry of a court order appointing a
Chapter 11 Trustee or an examiner under Sections 1104 or 1112 of
the Bankruptcy Code, converting the case to one under Chapter 7, or
dismissing this case; (v) the Debtor ceasing operations at more
than 50% of its currently open stores; (vi) closing on
Court-approved refinancing; or (vii) an event of default.  The loan
will have an interest rate of 18% per annum.  

In order to secure the DIP Financing, effective immediately upon
entry of the Interim Order, Lender will have a first priority
priming lien on all assets of the Debtor with the consent of
Willard Umphrey and the Focus Funds.  The Lender will also have an
allowed superpriority administrative expense claim under Section
503(b) of the Bankruptcy Code.  The Debtor will use the proceeds of
the DIP Financing to the extent permitted under applicable law and
solely in accordance with the interim and monthly budgets.  The
Interim and Monthly Budgets are subject to review and approval of
Lender, in its sole discretion.

The Debtor seeks the interim use of cash collateral, including cash
on hand as well as proceeds from the operations of the Debtor's
business during an initial 17 day period or the conclusion of the
final hearing and entry of a final court order approving the
Motion, unless sooner terminated under the terms of the proposed
interim cash collateral order filed with the Motion or such other
order to which the Debtor and the Secured Parties may agree.
During the interim period, the Debtor may use the cash collateral
to pay the monthly operating expenses and professionals retained.
After the interim period, the Debtor seeks to use cash collateral
for a period of 79 days subject to renewal pursuant to the monthly
budgets.

The Debtor proposes to provide the Secured Parties with adequate
protection as follows: (a) a replacement security interest in and
lien on all of the Debtor's existing assets to the extent of any
diminution of the Secured Party's collateral, junior only to the
Lender's lien; (b) a superpriority administrative expense claim in
the amount of the adequate protection obligations to the extent
provided in Section 507(b) of the Bankruptcy Code; (c) during the
interim period, the Debtor will limit its use of cash pursuant to
the Budgets; and (d) financial reporting to the Secured Parties
consistent with prepetition practices.

A copy of the Debtor's Motion is available at:

            http://bankrupt.com/misc/mdb17-19426-7.pdf  

                       About Capital Teas

Headquartered in Annapolis, Maryland, Capital Teas, Inc. --
http://www.capitalteas.com/-- is a retailer offering green, white,
black, oolong, rooibos, mate, fruit tisane, and herbal tea
products.  Founded in 2007, Capital Teas claims to inspire lives
through the wonders of tea, one cup at a time.  It has a growing
base of retail stores from outside New York City to Miami to
Denver.  Co-founder Peter Martino, its CEO, is a former U.S.
nuclear submarine officer, an attorney, and a successful
entrepreneur who sold his first company to a public company.

Capital Teas filed for Chapter 11 bankruptcy protection (Bankr. D.
Md. Case No. 17-19426) on July 11, 2017, estimating its assets and
liabilities at between $1 million and $10 million each.  The
petition was signed by Peter Martino, as CEO.

Judge Robert A. Gordon presides over the case.

Lisa Yonka Stevens, Esq., and Lawrence Joseph Yumkas, Esq., at
Yumkas, Vidmar, Sweeney & Mulrenin, LLC, serves as the Debtor's
bankruptcy counsel.


CASHMAN EQUIPMENT: Discovery Schedule with Lenders Entered
----------------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts entered a discovery schedule with respect
to the mutual cooperative exchange of discovery between Cashman
Equipment Corp., Cashman Scrap & Salvage, LLC, Servicio Marina
Superior, LLC, Cashman Canada, Inc., and Mystic Adventure Sails,
LLC; and certain Lenders.

The Lenders and the Debtors agree to mutually cooperate in an
exchange of discovery and to shorten the time for responses to two
weeks following electronic service of the discovery requests.

Solely for the purpose of discovery in connection with the Aug. 14,
2017 hearing, the Lenders will coordinate their discovery requests
so that the Debtors will only be required to respond to one
discovery request from the Lenders, collectively.  These requests
are without prejudice to any other pending discovery requests
between the parties, which are unaffected by the agreement except
the time for responding is extended to July 28, 2017.

The Lenders and the Debtors will endeavor to coordinate the service
of the discovery requests so that responsive documents are produced
by close of business on July 28, 2017.  Any objections and/or
responses to discovery requests will also be served prior to or
with the production of documents.

The Lenders and the Debtors will designate by noon (ET) on Aug. 2,
2017, those witnesses they intend to call at the Aug. 14, 2017
hearing ("Designated Witnesses") together with a brief statement
with respect to each witness' area of testimony.  During the week
of Aug. 7, 2017 the parties may conduct depositions of Designated
Witnesses or other fact witnesses as may be identified from the
document production.

The parties agree to coordinate and cooperate in the scheduling of
the depositions.  They further agree that any deponent who resides
outside of the Commonwealth may be deposed in a video deposition
during the week of Aug. 7, 2017.

The Debtors will file their appraisals with the Court and will
provide copies to the Lenders, the Committee and the United States
Trustee on or before noon (ET) on Aug. 9, 2017.  Any Lender who
intends to rely on an appraisal in connection with the Aug. 14,
2017 hearing will file its appraisal and provide a copy to the
Debtors, Committee and the United States Trustee at noon (ET) on
Aug. 9, 2017.  No other appraisal will be presented at the Aug. 14,
2017, hearing except to the extent that any Lender wishes to use an
appraisal for the August 14th hearing and such appraisal has not
been completed by Aug. 9, 2017, in which case the Lender may file a
motion to file such appraisal after Aug. 9, 2017, and Debtors
reserve all rights to object to the Court's consideration of such
appraisal.  The Debtors will provide reasonable access to any
Lender seeking to inspect its collateral for purposes of appraisal
on July 28, 2017.

The parties will enter into a mutually agreed-upon Confidentiality
Agreement on July 28, 2017.

The scope of electronic discovery will be limited to issues before
the Court at the Aug. 14, 2017 hearing.  Either side may propose
search terms and the parties will disclose the search terms
actually employed in responding to discovery requests.  This is
without prejudice to discovery in any other context in the case.

A copy of the list of Lenders attached to the Order is available
for free at:

    http://bankrupt.com/misc/Cashman_Equipment_254_Order.pdf

                  About Cashman Equipment Corp.

Headquartered in Boston, Massachusetts, Cashman Equipment Corp.
-- http://4barges.com/-- was founded in 1995 as a barge rental and


marine contracting company with a fleet of 10 barges, 9 of which
were built in the 1950s and 1960s.  Cashman Equipment and certain
of its affiliates and subsidiaries own, operate, rent, and sell a
fleet of vessels, including inland and ocean barges, marine
accommodation barges, specialized oil spill recovery barges, and
tugs, as well as marine equipment, such as cranes, accommodation
units, and marine pollution skimmers.

Cashman Equipment and certain of its affiliates and subsidiaries,
Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC,
Mystic
Adventure Sails, LLC, and Cashman Canada, Inc., filed bare-bones
Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 17-12205) on
June 9, 2017. The petitions were signed by James M. Cashman, the
Debtors' president.  Mr. Cashman also commenced his own Chapter 11
case (Bankr. D. Mass. Case No. 17-12204).  The cases are jointly
administered.

Cashman Equipment estimated its assets and debt at between $100
million and $500 million.   Judge Melvin S. Hoffman presides over
the cases.

Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy &
King, Professional Corporation serve as Cashman Equipment, et
al.'s counsel.  Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar
LLC,
serves as Mr. Cashman's counsel, according to Mr. Cashman's
petition.

An official committee of unsecured creditors has been appointed in
the case and is represented by Michael J. Fencer, Esq., and John
T. Morrier, Esq., at Casner & Edwards, LLP.

Wilmington Trust Company serves as Indenture Trustee under (i)
Trust Indenture dated December 4, 1997, and (ii) Trust Indenture
dated April 14, 1999.


CASHMAN EQUIPMENT: Has Interim OK to Use Cash Collateral
--------------------------------------------------------
The Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts has authorized Cashman Equipment Corp.,
et al., to continue using cash collateral on an interim basis.

A hearing on the cash collateral use will be held on Aug. 14, 2017,
at 10:00 a.m.

As reported by the Troubled Company Reporter on June 30, 2017, the
Court previously granted the Debtors permission to use cash
collateral through and including July 10, 2017.  These entities may
assert liens on the Debtors' property and may have an interest in
the Debtors ' cash collateral: (i) U.S. Secretary of Transportation
acting through the U.S. Maritime Administration; (ii) Rockland
Trust Company; (iii) Santander Bank, N.A.; (iv) Wells Fargo, N.A.;
(v) Citizens Asset Finance, Inc.; (vi) Bank of America Leasing and
Capital, LLC; (vii) U.S. Bank Equipment Finance; (viii) KeyBank N.
A.; (ix) Fifth Third Bank; (x) Radius Bank; (xi) Pacific Western
Bank; and (xii) Equitable Bank.

                  About Cashman Equipment Corp.

Headquartered in Boston, Massachusetts, Cashman Equipment Corp.
-- http://4barges.com/-- was founded in 1995 as a barge rental and
marine contracting company with a fleet of 10 barges, 9 of which
were built in the 1950s and 1960s.  Cashman Equipment and certain
of its affiliates and subsidiaries own, operate, rent, and sell a
fleet of vessels, including inland and ocean barges, marine
accommodation barges, specialized oil spill recovery barges, and
tugs, as well as marine equipment, such as cranes, accommodation
units, and marine pollution skimmers.

Cashman Equipment and certain of its affiliates and subsidiaries,
Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC,
Mystic Adventure Sails, LLC, and Cashman Canada, Inc., filed
bare-bones Chapter 11 petitions (Bankr. D. Mass. Lead Case No.
17-12205) on June 9, 2017. The petitions were signed by James M.
Cashman, the Debtors' president.  Mr. Cashman also commenced his
own Chapter 11 case (Bankr. D. Mass. Case No. 17-12204).  The cases
are jointly administered.

Cashman Equipment estimated its assets and debt at between $100
million and $500 million.   

Judge Melvin S. Hoffman presides over the cases.

Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy &
King, Professional Corporation serve as Cashman Equipment, et
al.'s counsel.  Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar
LLC, serves as Mr. Cashman's counsel, according to Mr. Cashman's
petition.

An official committee of unsecured creditors has been appointed in
the case and is represented by Michael J. Fencer, Esq., and John
T. Morrier, Esq., at Casner & Edwards, LLP.

Wilmington Trust Company serves as Indenture Trustee under (i)
Trust Indenture dated December 4, 1997, and (ii) Trust Indenture
dated April 14, 1999.


CENTERPLATE INC: S&P Affirms 'B' CCR & Raises Debt Rating to 'B+'
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Greenville, S.C.-based Centerplate Inc. The outlook is stable.

S&P said, "At the same time, we raised our issue-level rating on
the company's senior secured credit facilities 'B+' from 'B'. We
also revised our recovery rating to '2' from '3', reflecting our
expectation for substantial (70%-90%, rounded estimate 70%)
recovery in the event of a payment default."  

Reported debt outstanding as of March 31, 2017 was about $406
million.

S&P said, "The affirmation of our 'B' corporate credit rating on
Centerplate reflects the company's weak credit ratios, financial
sponsor ownership, small scale, narrow geographic focus, cyclical
nature of demand for concession services, and participation in a
highly competitive and fragmented industry with relatively low
barriers to entry. Still, Centerplate has a relatively predictable
revenue stream, longstanding customer relationships and modest
customer concentration. Although we expect the company's cash flow
leverage will modestly improve over the next 12 months to the
mid-5x area from the high-5x area currently, we believe the
financial sponsor will shape the company's financial policy and
capital allocation decisions could restrict the company from
achieving leverage below 5x.

"The stable outlook reflects our expectations that over the next
year Centerplate will generate positive free cash flow and modestly
improve debt to EBITDA to the mid-5x area.

"Recognizing that the company's credit facilities will mature over
the next two years, we could lower the rating if operating
performance deteriorates to a degree that would make refinancing
efforts more difficult and/or that financial leverage on a
sustained basis is in excess of 7x; or if covenant cushion falls
into mid-single digit area. This could occur if an economic
downturn results, sporting and convention center attendance
declines, or the company unexpectedly loses one or more of its most
profitable contracts. We estimate financial leverage could exceed
7x if EBITDA declines more than 15% or debt increases by about $80
million.

"Although unlikely over the next year, we could raise the ratings
if the company's operating performance improves such that financial
leverage is sustained below 5x, either through new contract wins
and margin improvement, or debt repayment. This could occur if the
company repays about $60 million of debt, or EBITDA increases by
about 15%. We would also need to gain more confidence that the
company is adopting a less aggressive financial policy and is
committed to sustaining financial leverage below 5x."


CHALMERS AUTOMOTIVE: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Chalmers Automotive LLC
        1420 Gentry St
           North Kansas City, MO 64116

Business Description: Founded in 2009, Chalmers Automotive, LLC's
                      line of business includes the manufacturing
                      or assembling of complete passenger
                      automobiles.  Chalmers Automotive
                      specializes in creating the best Luxury
                      Custom Mercedes Benz Sprinter Van
                      Conversions available today.  In particular
                      the Company customizes Luxury Custom
                      Mercedes Benz Sprinter Vans to any
                      specifications, for any purpose, while using
                      the highest quality materials available.
                      The Company posted gross revenue of $3.48
                      million for 2016 and gross revenue of $6.94
                      million for 2015.  For more information,
                      please visit https://chalmersautomotive.com

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-41924

Court: United States Bankruptcy Court
       Western District of Missouri (Kansas City)

Judge: Hon. Cynthia A. Norton

Debtor's Counsel: Colin N. Gotham, Esq.
                  EVANS & MULLINIX, P.A.
                  7225 Renner Road, Suite 200
                  Shawnee, KS 66217
                  Tel: 913-962-8700
                  Fax: 913-962-8701
                  E-mail: Cgotham@emlawkc.com

Total Assets: $500,368

Total Liabilities: $2.35 million

The petition was signed by Albert J. Chalmers, Jr., member.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mowb17-41924.pdf


CIRCULATORY CENTERS: USA Vein Buying Personal Property for $2.5M
----------------------------------------------------------------
Circulatory Centers of America, LLC, and affiliates ask the U.S.
Bankruptcy Court for the Western District of Pennsylvania to
authorize the sale of personal property to USA Vein Clinics of
Chicago, LLC for $2,500,000, subject to overbid.

A hearing on the Motion is set for Aug. 31, 2017 at 10:00 a.m.  

The Court may entertain higher and better offers at the hearing for
the contemplated sale.

The Debtor owns and uses in its business the Personal Property.

On May 4, 2017, the Debtors entered into the Asset Purchase
Agreement with the Buyer, an Illinois limited liability company as
nominee for multiple entities to be named prior to the closing,
whereby the Buyer intends to purchase the Personal Property.  The
Personalty is being sold as-is, where-is; and free and clear of all
liens, claims and encumbrances.

The purchase price will be paid as follows: (i) $50,000 hand money
is being held in escrow by Robert O Lampl Law Office; (ii) an
additional $450,000 is to be deposited in escrow upon satisfaction
of certain conditions; and (iii) the balance of the Purchase Price,
$2,500,000, less amounts payable to creditors in satisfaction of
outstanding liens or charges of the Debtors, including Fifth Third
Bank as designated by such creditors, and as approved by the Court,
is to be paid in accordance with Section 1.3 of the Agreement.

In order to fully disclose the global transaction between the
Debtors, their affiliates, and the Buyer; the Buyer is also under
Agreement with Circulatory Centers of New York LLP ("CCNY") (an
affiliated party to Debtors) to acquire all of the assets of CCNY
for $1,500,000.  Closing of the CCNY transaction is contingent upon
the closing of the instant Agreement between Buyer and Debtors.

A copy of the list of assets to be sold and the Agreement attached
to Motion is available for free at:

      http://bankrupt.com/misc/Circulatory_Centers_42_Sales.pdf

The parties which may hold liens, claims and encumbrances against
the Personal Property are: (i) Internal Revenue Service; (ii)
Pennsylvania Department of Revenue; (iii) Fifth Third Bank; (iv)
LIN Television Corp.; (iv) Sinclair Broadcast Group Inc.; (v) WJAC
Licensee, LLC; (vi) Covidien Sales, LLC; (vii) Timberline MOB, LLC;
(viii) Max Media; and (ix) GE HFS, LLC.

The Debtor believes, and therefore avers, that the proposed sale is
fair and reasonable and acceptance and approval of the same is in
the best interest of the Estate.

The Purchaser:

          USA VEIN CLINICS OF CHICAGO, LLC
          304 Wainwright Drive
          Northbwok, IL 60062
          Attn: Yan Katsnelson, CEO

The Purchaser is represented by:

          Alexander Drapatsky, Esq.
          ASTOR LAW GROUP PC
          555 Skokie Blvd, Suite 500
          Northbrook, IL 60062

Counsel for the Internal Revenue Service:

          Lisa DiCerbo, Esq.
          IRS – Office of Chief Counsel
          Moorhead Federal Building, Room 806
          1000 Liberty Avenue
          Pittsburgh, PA 15222

Counsel for Fifth Third Bank:  

          KIRK BURKLEY, P.C.
          BERNSTEIN-BURKLEY, P.C.
          Gulf Tower, Suite 2200
          Pittsburgh, PA 15219

Counsel for LIN, Sinclair, WJAC and Covidien:

          Michael R. Lessa, Esq.
          107 North Commerce Way
          Bethlehem, PA 18017

Counsel for Timberline MOB:

          Adam Beane, Esq.
          5013 Pine Creek Drive
          Westerville, OH 43081

Counsel for Max Media:

          Aubrey E. Loving, Jr., CEO
          PENDER AND COWARD
          222 Central Park Ave., Suite 400
          Virginia Beach, VA 23462

Counsel for GE HFS:

          David Varhol, Managing Director
          GE HFS, LLC
          20225 Watertower Blvd.
          Crossroads Corporate Center Xii
          Brookfield, WI 53045

                   About Circulatory Centers

Headquartered in Pittsburgh, Pennsylvania, Circulatory Centers,
P.C. and its affiliates -- http://www.veinhealth.com/-- are in the

business of providing varicose vein and spider vein treatment.
Circulatory Centers of America, LLC, provides administrative
assistance for its operating affiliates, Circulatory Center of
Ohio, Inc., Circulatory Center of Pennsylvania, Inc., Circulatory
Centers, P.C., and Circulatory Center of West Virginia, LLC.

Circulatory Centers, P.C., Circulatory Centers of America, LLC,
Circulatory Centers of Ohio, Inc., and Circulatory Center of
Pennsylvania, Inc. (Bankr. W.D. Pa. Case No. 17-22576)
simultaneously filed Chapter 11 bankruptcy petitions (Bankr. W.D.
Pa. Case No. 17-22571, 17-22572, 17-22575, and 17-22576,
respectively) on June 23, 2017.  A related entity, Circulatory
Center of West Virginia, Inc., sought bankruptcy protection on
Jan.
20, 2017 (Bankr. W.D. Pa. Case No. 17-20211).

Judge Gregory L. Taddonio presides over the cases.

Robert O Lampl, Esq., at Robert O Lampl, Attorney At Law, serves
as
the Debtors' bankruptcy counsel.

The Debtors each estimated assets at between $100,000 and $500,000
and its liabilities at between $1 million and $10 million.


CLASSICAL DEVELOPMENT: Hearing on Plan Outline OK Set for Aug. 14
-----------------------------------------------------------------
The Hon. Karen K. Brown of the U.S. Bankruptcy Court for the
Southern District of Texas has scheduled for Aug. 14, 2017, at
11:30 a.m. a hearing to consider the approval of Classical
Development, Ltd.'s disclosure statement dated May 25, 2017,
referring to the Debtor's Chapter 11 plan dated May 25, 2017.

The last date to file objections to the Disclosure Statement is
Aug. 9, 2017.

As reported by the Troubled Company Reporter on June 12, 2017, the
Debtor filed with the Court a Chapter 11 plan that proposes to pay
its creditors in full from the sale of its real property.  The plan
proposes to pay its creditors from the proceeds generated from the
sale of the company's two-storey building located at 1240 Clear
Lake City Boulevard, in Houston, Texas.  Classical Development
believes it can sell the building within the next 12 months.

                 About Classical Development Ltd.

Classical Development, Ltd., was formed in 2002 to operate the real
property with improvements located at 1240 Clear Lake City
Boulevard, Houston, Texas.  The building was originally built in
2000 by Fred Forshey.  

In 2002, Mr. Forshey formed Forshey Piano Company as a Texas
Corporation to operate his piano business.  He then formed Music
Management, LLC, which is the general partner of Classical
Development.  Classical Development has operated as the landlord to
Forshey Piano Company.

Classical Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 17-31113) on Feb. 27,
2017.  The petition was signed by Mr. Forshey, president of Music
Management.  At the time of the filing, the Debtor disclosed $3.25
million in assets and $1.43 million in liabilities.

Judge Karen K. Brown presides over the case.  Cooper & Scully, PC,
represents the Debtor as bankruptcy counsel.


CLEAR LAKE: Sale of Perkinston Property to Richard for $32K Okayed
------------------------------------------------------------------
Judge Edward Ellington of the U.S. Bankruptcy Court for the
Southern District of Mississippi authorized Clear Lake Development,
LLC's sale of a parcel of real property located at 0 Clear Lake,
Perkinston, Stone County, Mississippi, consisting of 16 acres,
being part of Stone County Tax Parcel No. 092-10-001.005, to Sheila
R. Richard, for $32,000.

The closing agent will pay, from the gross sale of proceeds, these:


    a. The Real Estate commission to Joel L. Carter and J. Carter
Real Estate, LLC, in amount of 6% of the sale price of $1,920.

    b. The Debtor's pro-rated share of property taxes due for tax
year for 2017 in approximate amormt of $200, to be transferred to
the Purchaser on the closing statement.

    c. The property taxes are due to Stone County for tax year 2015
in amount of approximately $165 which will be paid at closing.

    d. The property taxes are due to Stone County for tax year 2016
in amount of approximately $122 which will be paid at closing.

    e. The estimated pro-rata amount that will become due to the
U.S. Trustee as a consequence of the sale, in approximate amount of
$2,925, to be paid to the U.S. Trustee; with any portion of said
amount not needed for U.S. Trustee fees for the current quarter
paid to Whitney Bank.

    f. Incidental closing costs of approximate amount of $300 to be
paid through the closing agent as designated in the Contract.

    g. The remainder of net proceeds of the sale in approximate
amount of $30,780 will be paid to Whitney Bank in partial
satisfaction of the Deed of Trust, with the result that the Debtor
will not receive any of the proceeds of the sale.

In the event that any of the proceeds of sale are paid to the
Debtor for any reason, they will be placed in a U.S. Trustee
authorized DIP account and not disbursed until further order of the
Court.

The net proceeds from the sale are substituted as collateral for
the Property, that the land is conveyed free and clear of all liens
and encumbrances, and that the liens and encumbrances will be
released of record as they relate to the land.

Upon the consummation of the sale of the Property, the Debtor will
file with the Court a report of the sale with a copy of the
settlement statement showing the Seller's transactions attached.

                About Clear Lake Development

Clear Lake Development, LLC of Biloxi, Mississippi, filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Miss. Case No. 17-50392) on March 6, 2017.  The petition was
signed by Bernard Favret, member.

As of March 6, 2017, the Debtor estimated assets of less than $1
million and liabilities of $1 million to $10 million.

Judge Katharine M. Samson presides over the case.

The Debtor is represented by Patrick A. Sheehan, Esq., of Sheehan
Law Firm, PLLC.


CONCORDIA INT'L: Moody's Lowers Corp. Family Rating to Caa3
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Concordia
International Corp. including the Corporate Family Rating to Caa3
from Caa1 and the Probability of Default Rating to Caa3-PD from
Caa1-PD. Moody's also downgraded the senior secured rating to Caa1
from B2, and the senior unsecured ratings to Ca from Caa3. At the
same time, Moody's affirmed the SGL-2 Speculative Grade Liquidity
Rating. The rating outlook is stable.

The downgrade reflects ongoing operating headwinds in Concordia's
core businesses, combined with very high financial leverage.
Moody's believes there is elevated risk of a debt restructuring or
a distressed exchange. Concordia's debt/EBITDA will exceed 9.0x,
limiting the flexibility to pursue growth initiatives needed to
reverse operating declines.

Ratings Downgraded:

-- Probability of Default Rating, to Caa3-PD from Caa1-PD

-- Corporate Family Rating, to Caa3 from Caa1

-- Senior Secured Bank Credit Facility, to Caa1 (LGD2) from B2
    (LGD2)

-- Senior Secured Regular Bond/Debenture, to Caa1 (LGD2) from B2
    (LGD2)

-- Senior Unsecured Regular Bond/Debenture, to Ca (LGD5) from
    Caa3 (LGD5)

Rating Affirmed:

Speculative Grade Liquidity Rating at SGL-2

-- Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Concordia's Caa3 Corporate Family Rating reflects its very high
financial leverage combined with operating headwinds. Moody's
estimates adjusted debt/EBITDA will exceed 9.0x over the next 12
months as earnings decline on a year over year basis. As a result,
Moody's sees elevated risk of a debt restructuring or a distressed
exchange. Concordia's North America legacy products will decline
due to competition, and its UK business faces pricing pressure. New
product launches will help offset these challenges. However, in
order to growth Concordia will eventually need to invest
substantially to fill an internal R&D pipeline or make
acquisitions. This strategy will be challenging with Concordia's
existing capital structure and limited capital resources.

The rating is supported by the company's high profit margins, low
cash taxes and low capital expenditures. This will enable it to
generate positive free cash flow over the next 12-18 months despite
its very high adjusted debt-to-EBITDA. The rating is also supported
by the company's good product diversity, as well as Moody's
expectation of good liquidity.

The SGL-2 signifies Moody's expectation for good liquidity over the
next 12-18 months. Concordia's cash as of March 31, 2017 totaled
$336.2 million. Together with positive operating cash flow, this
will provide sufficient liquidity to address debt amortization ($44
million in both 2017 and 2018) and $33 million of bridge loan
maturities in late 2017. The company also has a $200 million
revolving credit facility that was undrawn as of March 31, 2017.
However, Moody's believes use of it will be substantially limited
because of the net senior secured leverage covenant, which is
tested if more than 30%, i.e. $60 million, is drawn. Moody's
believes over the next 12 months, Concordia would not likely be in
compliance with the covenant, if it were tested.

The stable outlook reflects Moody's view that Concordia's Caa3-PD
PDR and Caa3 CFR appropriately reflect the high probability of a
debt restructuring as well as the likely family recovery prospects
in the event of default. The stable outlook also reflects good
liquidity.

The ratings could be upgraded if Concordia reduces financial
leverage or if the potential for a debt restructuring or distressed
exchange is reduced.

The ratings could be downgraded if liquidity weakens or if expected
losses to creditors increase.

Concordia is a pharmaceutical company focused on generic and legacy
products (i.e., those that have already substantially declined due
to generic competition). Headquartered in Oakville, Ontario,
Concordia reported revenues of US$718 million over the 12 months
ended March 31, 2017.

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.


CPI INT'L: S&P Affirms 'B' CCR on Acquisition by Odyssey
--------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on CPI
International Inc. The outlook remains stable.

CPI International Inc. is being acquired by Odyssey Investment
Partners LLC and the company plans to fund the acquisition with
equity and new secured bank debt, which will modestly increase its
leverage.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '4' recovery rating to the company's new $35 million revolving
credit facility and $450 million first-lien term loan. The '4'
recovery rating indicates our expectation for average (30%-50%;
rounded estimate: 45%) recovery in the event of a payment default.

"Additionally, we assigned our 'CCC+' issue-level rating and '6'
recovery rating to CPI's $120 million second-lien term loan. The
'6' recovery rating indicates our expectation for negligible
(0%-10%; rounded estimate: 5%) recovery in the event of a payment
default.

"The affirmation reflects our belief that, despite the expected
increase in CPI's leverage, the company's sales and earnings will
improve on an increasing volume of new orders, notwithstanding the
slower-than-expected growth in its backlog and sales in the first
half of 2017 (the company's financial year ends on Sept. 30, 2017).
We believe that CPI's debt-to-EBITDA will decrease to around 6.5x
while its funds from operations (FFO)-to-debt ratio remains above
6% over the next 12-18 months as management uses the company's free
cash flow to repay its debt.

"The stable outlook on CPI reflects that, although the company's
leverage will increase due to the proposed transaction, we expect
that its earnings will improve over the next 12 months while it
uses its excess cash flow to pay down its debt. This should cause
the company's credit metrics to improve, leading its debt-to-EBITDA
metric to decline to 6.5x and its FFO-to-debt ratio to increase
above 7% over the next 12 months.

"We could lower our rating on CPI if the company's debt-to-EBITDA
continues to exceed 7x and its FFO-to-debt falls below 5% over the
next 12 months. This would most likely be caused by continued order
delays and a lack of debt reduction. Although less likely, we could
also lower our rating on CPI if its liquidity position deteriorates
substantially.

"Although unlikely due to the company's financial sponsor
ownership, we could raise our rating on CPI over the next 12 months
if its earnings grow faster than we expect--likely due to new
business wins--such that its debt-to-EBITDA declines below 5x, its
FFO-to-debt ratio improves to more than 12%, and the company's
owners commit to maintaining these ratios at these levels or better
regardless of future dividends or acquisitions."


CROWN SPRING: Unsecureds To Be Fully Paid in Five Years Under Plan
------------------------------------------------------------------
Crown Spring, Inc., filed with the U.S. Bankruptcy Court for the
Western District of Texas a disclosure statement dated July 10,
2017, referring to the Debtor's Chapter 11 plan dated July 10,
2017.

Class 5 Prepetition General Unsecured Vendor Claims are impaired
under the Plan.  

The Debtor will pay in full principal and accrued interest of all
allowed prepetition judgment claims in equal monthly installments
starting 30 days after the Effective Date of the Plan, with
repayment not to exceed five years, and with additional annual net
profit payments in an amount equal to 20% of the Debtor's annual
net profit based on Debtor's prior year's financial performance.
Net profit payments are due and payable on Feb. 1 of the year
proceeding the Debtor's prior financial year, with the first
payment due Feb. 1 starting in 2019.  Interest is to accrue on the
unpaid principal of the Prepetition Judgment Claim at 6% per annum
starting on the Effective Date of the Plan until claims are paid in
full.  Non-debtors Semicon Services, LLC, and Retronix
Semiconductor Limited will re-affirm their co-liability on such
Claim. Debtor anticipates payment in full of the Prepetition
General Unsecured Vendor Claims by February 2021.

The Reorganized Debtor will pay the Allowed Class 5 Claims with
cash, from funds available from operations of the Reorganized
Debtor.

The Plan contemplates reorganizing the Debtor through the repayment
of all claims in full over, at most, a 60-month period by utilizing
the Debtor's ongoing net income to service the payments.  Unless
and until all claims are fully satisfied as indicated, the equity
in the Reorganized Debtor will be held in escrow to either be
distributed to all creditors on a pro rata basis upon the failure
of the Plan, or, alternatively, distributed to the Debtor's
principal equity holder upon successful completion of the Plan.
All claims and causes of action, including any Chapter 5 causes of
action, will be abated until such time as the Plan either fails or
is successfully completed.  If the Plan fails, all such claims and
causes of action will be deemed property of the bankruptcy estate
to be prosecuted by Chapter 7 trustee upon conversion of the case
to a Chapter 7 bankruptcy.  The purpose of the Plan is to provide
full payment to each class of claims.

A copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/txwb17-10723-21.pdf

                     About Crown Spring Inc.

Crown Spring, Inc., which conducts business under the names
Retronix International Inc. and Retronix Semiconductor, is a global
provider of engineering services and a general contractor company
serving the semiconductor and high-tech manufacturing industries.
The Debtor offers labor, equipment and facility support for some of
the world's leading OEMs and IDMs.

Based in Austin, Texas, the Debtor sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 17-10723) on
June 9, 2017.  Anthony Boswell, president, signed the petition.  

At the time of the filing, the Debtor estimated $1 million to $10
million in assets and liabilities.

Lynn Hamilton Butler, Esq., at Husch Blackwell LLP serves as the
Debtor's legal counsel.

Judge Christopher H. Mott presides over the case.


DELCATH SYSTEMS: Waqas Khatri Has 8.4% Stake as of July 18
----------------------------------------------------------
Waqas Khatri, Ayrton Capital LLC and Alto Opportunity Master Fund,
SPC - Segregated Master Portfolio A reported in a Schedule 13G
filed with the Securities and Exchange Commission that as of July
18, 2017, they beneficially own 41,703,752 shares of common stock
of Delcath Systems, Inc. representing 8.4 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/YwbEYS

                     About Delcath Systems

Delcath Systems, Inc., is an interventional oncology Company
focused on the treatment of primary and metastatic liver cancers.
The Company's investigational product -- Melphalan Hydrochloride
for Injection for use with the Delcath Hepatic Delivery System
(Melphalan/HDS) -- is designed to administer high-dose chemotherapy
to the liver while controlling systemic exposure and associated
side effects.  The Company has commenced a global Phase 3 FOCUS
clinical trial for Patients with Hepatic Dominant Ocular Melanoma
(OM) and a global Phase 2 clinical trial in Europe and the U.S. to
investigate the Melphalan/HDS system for the treatment of primary
liver cancer (HCC) and intrahepatic cholangiocarcinoma (ICC).
Melphalan/HDS has not been approved by the U.S. Food & Drug
Administration (FDA) for sale in the U.S.  In Europe, its system
has been commercially available since 2012 under the trade name
Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT),
where it has been used at major medical centers to treat a wide
range of cancers of the liver.

As of March 31, 2017, Delcath had $31.03 million in total assets,
$31.62 million in total liabilities and a total stockholders'
deficit of $586,000.

Delcath Systems reported a net loss of $17.97 million on $1.99
million of product revenue for the year ended Dec. 31, 2016,
compared to a net loss of $14.70 million on $1.74 million of
product revenue for the year ended Dec. 31, 2015.  

Grant Thornton LLP, in New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2016, citing that the Company has incurred recurring
losses from operations and as of Dec. 31, 2016, has an accumulated
deficit of $279.2 million.  These conditions, along with other
matters, raise substantial doubt about the Company's ability to
continue as a going concern.


DOWLING COLLEGE: Has Final Nod to Obtain Financing & Use Cash
-------------------------------------------------------------
The Hon. Robert E. Grossman of the U.S. Bankruptcy Court for the
Eastern District of New York has entered a final order authorizing
Dowling College to obtain postpetition financing and use cash
collateral.

As reported by the Troubled Company Reporter on Dec. 5, 2016, the
Debtor asked the Court for authorization to obtain post-petition
financing from UMB Bank, National Association, as agent for certain
lenders, and use cash collateral.  The DIP Note provides that each
of the Term Loan Lenders will contribute up to certain individual
limits, as well as an overall aggregate commitment of $1,302,146 on
an interim basis, and an aggregate commitment on a final basis of
up to $4,974,779.  The DIP Note provides for these borrowings under
the DIP Note:

     (1) Term Loan A:

          Lender: ACA Financial Guaranty Corporation

          Interim/Final Commitments: $645,671 / $2,175,022

          Assets Associated with Term Loan: DIP Priority A
          Collateral, including, among other assets, the Oakdale
          Campus and the Brookhaven Campus other than the
          Brookhaven Dorm.

          Use of Proceeds: Fund costs and expenses of the DIP
          Priority A Collateral.

     (2) Term Loan B:

          Lender: UMB Bank, National Association as indenture
          trustee under the Series 2002 Bond Documents.

          Interim/Final Commitments: $83,315 / $311,913

          Assets Associated with Term Loan: DIP Priority B
          Collateral, including, among other assets, the
          Brookhaven Dorm.

          Use of Proceeds: Fund costs and expenses of the DIP
          Priority B Collateral.

     (3) Term Loan C:

          Lender: UMB Bank, National Association as indenture
          trustee under the Series 2015 Bond Documents.

          Interim/Final Commitments: $42,818 / $239,055

          Assets Associated with Term Loan: DIP Priority C
          Collateral, including, among assets, the Residential
          Portfolio as created under the Series 2015 Bond
          Documents

          Use of Proceeds: Fund costs and expenses of the DIP
          Priority C Collateral.

     (5) Term Loan D:

          Lenders: ACA Financial Guaranty Corporation and UMB
          Bank, National Association as indenture trustee under
          the Series 2002 Bond Documents and the Series 2015 Bond
          Documents.

          Interim/Final Commitments: $530,342 / $2,248,789

          Assets Associated with Term Loan: DIP Priority D
          Collateral, including certain other assets.

The DIP Lenders and Debtor, in consultation with the Official
Committee of Unsecured Creditors, have agreed to these technical
amendments to the DIP Documentation, which are approved:

     (a) the term "Maturity Date" will be and hereby is amended to

         mean the earliest of: (i) Oct. 31, 2017, and (ii) the
         date of the occurrence of a Termination Event.  This
         Maturity Date may be further extended with the prior
         written consent of the DIP Lenders and Debtor after
         consultation with the Committee and office of the U.S.
         Trustee and notice to the Court but will not require
         further notice, hearing or court order;

     (b) the Debtor may amend the Total Final Term Loan A
         Commitment, Total Final Term Loan B Commitment, Total
         Final Term Loan C Commitment, Total Final Term Loan D
         Commitment and corresponding principal amount of the DIP
         Note with the prior written consent of the Required
         Lenders after consultation with the Committee and office
         of the U.S. Trustee and notice to the Court but will not
         require further notice, hearing or court order;

     (c) for purposes of calculating the existence of any Material

         Adverse Deviation, the Debtor will treat the approved
         budget as commencing the week ending June 2, 2017;

     (d) the Events of Default specified in Sections 21.G, 21.J.
         and 21.K of the DIP Note will be and hereby are deleted;

     (e) Schedule 2 of the DIP Note will be and is replaced with
         these Chapter 11 Milestones:

         Filing of a Liquidation Plan
         and disclosure statement
         consistent with the Term
         Sheet                           Oct. 15, 2017

         Entry by the Bankruptcy Court
         of an Order Confirming the
         Liquidation Plan                Dec. 15, 2017

         Effective Date of the
         Liquidation Plan                Dec. 31, 2017

Upon the occurrence of an Event of Default, the Maturity Date, or
default by the Debtor of any of its obligations under the final
court order unless waived in writing by all of the DIP Lenders,
each in its sole discretion (i) the Debtor's to use cash collateral
will immediately and automatically terminate; (ii) the DIP Loan
Obligations will be immediately due and payable; (iii) the DIP
Lenders will have no further obligation to provide financing under
the DIP Documentation or otherwise; and (iv) the Debtor, DIP
Lenders, Prepetition Secured Parties or any of them may seek
further relief from the Court and request emergency or expedited
consideration thereof.

A copy of the Final DIP ORder is available at:

           http://bankrupt.com/misc/nyeb16-75545-367.pdf

                      About Dowling College

Dowling College was founded in 1955 as part of Adelphi College's
outreach to Suffolk County, New York.  Dowling College became the
first four-year, degree-granting liberal arts institution in the
county.  It purchased the former W.K. Vanderbilt estate in Oakdale
in 1962.

Dowling College sought Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 16-75545) on Nov. 30, 2016, estimating assets of
$100 million to $500 million and debt of less than $100 million.  

The Debtor is represented by Klestadt Winters Jureller Southard &
Stevens, LLP.  Ingerman Smith, LLP and Smith & Downey, PA have been
tapped as special counsel. Robert Rosenfeld of RSR Consulting, LLC,
serves as its chief restructuring officer while Garden City Group,
LLC, serves as its claims and noticing agent.  

The Debtor has also hired FPM Group, Ltd., as consultants; Eichen &
Dimeglio, PC, as accountants; A&G Realty Partners, LLC and Madison
Hawk Partners, LLC, as real estate advisors; and Hilco Streambank
and Douglas Elliman serve as brokers.

Judge Robert E. Grossman presides over the Debtor's bankruptcy
case.

The Office of the U.S. Trustee on Dec. 9, 2016, appointed three
creditors of Dowling College to serve on the official committee of
unsecured creditors.  The Committee named SilvermanAcampora LLP as
its counsel.


DYNAMIC INT'L AIRWAYS: Files for Ch. 11, Says Business as Usual
---------------------------------------------------------------
US based air carrier, Dynamic International Airways on July 19,
2017, disclosed that it has filed a voluntary Chapter 11 petition
with the United States Bankruptcy Court in the Middle District of
North Carolina, Greensboro Division.

The airline's decision to file follows upon litigation matters
resulting from Hajj flights the airline operated in 2014 for Air
India.  It also follows the entry of a judgment in the United
States District Court for the Middle District of North Carolina
affirming an arbitration award against Dynamic International issued
by the Canadian Arbitration Association in April 2017, which
determined that Dynamic was in breach of contract by failing to pay
commissions to BKP Enterprises in connection with the Hajj flights.
While it has filed a notice of appeal and intends to challenge the
judgment and award, Dynamic has no immediate recourse to stay the
judgment and has determined the commencement of the Chapter 11 case
is necessary.

Dynamic International provides charter and contract commercial
passenger air travel services to the general public and is a
licensed and certificated air carrier authorized by the U.S.
Department of Transportation and the U.S. Federal Aviation
Administration.  Dynamic's fleet of aircraft includes six Boeing
767s which operate international flights between United States
cities and territories and foreign countries.

During the Chapter 11 case, Dynamic International intends to
continue its normal operations and has arranged for a credit
facility to facilitate both its operations while in Chapter 11 and
also its ability to reorganize.

"Operating under the protection of the US Bankruptcy Court will
enable us to continue to serve our customers, keep our team
employed and work with our vendors while we navigate through the
challenges presented.  Once we have completed the reorganization
process, we expect Dynamic Intl. to emerge as a stronger company
with a sound financial structure that is appropriate not only for
today's level of business activity, but also for the future,"
stated Paul Kraus, CEO.

While Dynamic International experienced the expected growing pains
of a new airline, it has focused on continuously improving and
expanding its operations.  This week Dynamic International Airways
will begin carrying Chinese passengers from Nanchang, in
China'sJiangxi province to Ontario, California, USA; the first ever
flights from China to land at Ontario International Airport since
commercial service began there in 1949.

Dynamic International Airways is an airline headquartered in
Greensboro, North Carolina.


DYNAMIC INT'L: Bankruptcy Administrator to Form Committee
---------------------------------------------------------
William Miller, U. S. bankruptcy administrator, on July 19 filed
with the U.S. Bankruptcy Court for the Middle District of North
Carolina a notice of opportunity to serve on the official committee
of unsecured creditors in the Chapter 11 case of Dynamic
International Airways, LLC.

Unsecured creditors willing to serve on the committee are required
to file a response within 10 days from July 19.  

An organizational meeting will be scheduled after the committee is
appointed, according to the filing.

Mr. Miller can be reached through:

     Susan O. Gattis
     Bankruptcy Analyst
     101 S. Edgeworth Street
     Greensboro, NC 27401
     Fax: 336-291-9913
     Email: susan_gattis@ncmba.uscourts.gov

              About Dynamic International Airways

Dynamic International Airways, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No. 17-10814) on
Jul 19, 2017.  

The case is assigned to Judge Catharine R. Aron.

At the time of the filing, the Debtor disclosed that it had
estimated assets of $10 million to $50 million and liabilities of
$50 million to $100 million.


DYNAMIC INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Dynamic International Airways, LLC
        4310 Regency Drive, Suite 100
        High Point, NC 27265

Business Description: Dynamic International Airways LLC --
                      https://www.flydya.com -- is a US
                      Certificated FAR PART 121 air carrier.
                      Dynamic International Airways is
                      headquartered in Greensboro, North Carolina
                      and offers services from airports in New
                      York, Ecuador, Guyana, Hong Kong, Palau,
                      with its fleet of Boeing 767 wide body
                      aircrafts capable of carrying between 181
                      and 290 passengers.  It currently operates a
                      fleet of Boeing 767-200, Boeing 767-300 and
                      Boeing 767-300ER.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-10814

Court: United States Bankruptcy Court
       Middle District of North Carolina (Greensboro)

Judge: Hon. Catharine R. Aron

Debtor's Counsel: Daniel C. Bruton, Esq.
                  Walter W. Pitt, Jr., Esq.
                  Gerald M. Gordon, Esq.
                  Teresa M. Pilatowicz, Esq.
                  Erick T. Gjerdingen, Esq.
                  BELL, DAVIS & PITT, P.A.
                  600 Century Plz.
                  100 N. Cherry St.
                  P. O. Box 21029
                  Winston-Salem, NC 27120-1029
                  Tel: (336) 722-3700
                  E-mail: dbruton@belldavispitt.com
                          wpitt@belldavispitt.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Paul Kraus as manager.  A full-text copy
of the petition is available for free at:

             http://bankrupt.com/misc/ncmb17-10814.pdf

Debtor's List of 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
A.B. Won Pat Airport                    Trade            $291,551
P.O. Box 8770
Tamuning 96931
Guam
Mr. Albert Jose
Tel: 671-646-0300
Email: albert@guamairport.net

AEG                                     Trade            $246,365
PO Box 5606
Stateline, NV 89449
Alexander Galindo
Tel: 305-913-5253
Email: agalindo@aegfuels.com

Air India, Inc.                   Arbitration Award   $10,500,000
c/o Rohlt
Sabharwal, Esq.
Sabharwal & Finkel LLC
250 Park Avenue, 7th Floor
New York, NY 10177
Tel: 646-409-2789
Email: sabilaw@aol.com

Amadeus Salvador de                     Trade            $483,097
Madariaga 1
Madrid 28027
Spain
Giorgio Landi
Tel: +34 91 582 1386
Email: giorgio.landi@amadeus.com

B.K.P. Enterprise &                    Judgment        $3,488,904
Expim International
David William Sar
Brooks Pierce Mclendon
Humphrey & Leonar
PO Box 26000
Greensboro, NC
27420-6000
David William Sar

Department of the Treasury               Trade         $3,600,000
Internal Revenue Service
Cincinnati, OH
45999-0009
Monique Salmon
Tel: 804-916-8329
Email: Monique.Salmon@irs.gov

Dutch Caribbean Air                      Trade           $471,672
Navigation Service
255 Alhambra Clr
Ste 424
Coral Gables, Fl
33434
Ellen Ross Belfer
Tel: 305-740-1992
Email: ebelfer@leoncosgrove.com

Endless Tours SA De CV                   Trade           $230,585
Avenida Del Sol MZ
10 LT 10 1
Cancun Benito Jua
Qu 77506
Mexico
Marisol Rios Sandoval
Tel: 1931755
Email: m.rios@yellowtransfers.com

Gulf Regents                             Trade         $2,229,219
5900 S Lake Forest
Drive, Suite 300
McKinney, TX 57070
Scott Spiller
Tel: 469-296-7716
Email: sspiller@gulfrengents.com

Japan Civil Aviation Bureau              Trade           $410,130
Ministry of Land, Infrastructure
& Tour
2-1-3 Kasumigaseki
Tokyo 100-8918
Japan
Kazuya ABE
Tel: 8135-2538111
Email: abe-k10uv@mlit.go.jp

Jet Midwest                              Trade         $4,101,669
9200 NW 11th Street
Kansas City, MO 64153
Mike Logan
Tel: 816-984-8406
Email: mike.logan@jetmidwest.com

Jet Midwest Group                        Trade         $2,546,108
1105 N Market Street
Suite 1300
Wilmington, DE 19801
Mike Logan
Tel: 816-984-8406
Email: mike.logan@jetmidwest.com

McCarter & English                       Trade           $369,291
Attorneys at Law
Four Gateway
Center, 100
Mulberry Street
Newark, NJ 06901
Jeannine Gerin
Tel: 973-849-4287
Email: jgerin@McCarter.com

Mercury Fuels                                            $160,758
3808 World Houston
Pkwy, Suite B
Houston, TX 77032

PMC Aviation 2012-1 LLC                Judgment        $1,190,807
c/o Clint S. Morse
Brooks Pierce
2300 Renaissance Plaza
Greensboro, NC
27401
Clint S. Morse
Tel: (336) 373-8850
Email: cmorse@brookspierce.com

Port Authority of NY & NJ                 Trade        $2,605,901
4 World Trade Center
150 Greenwich St.
19th Floor
New York, NY 10007
Dianne Taglich-OH
Tel: 718-244-3655
Email: taglich@panyj.gov

PRC333                                    Trade          $176,582
1444 Biscayne Blvd
Ste 208-29
Miami, FL 33132
Eduardo Naranjo
Tel: 832-293-7941
Email: eduardo.naranjo@prc333.com

Sabre Corporation                         Trade         $297,736
3150 Sabre Drive
Southlake, TX 76092
Edith Kruckmann
Tel: 682-605-0823
Emai: Edith.Kruckmann@sabre.com

World Fuel                                              $158,719
55 Inverness Dr E
Englewood, CO
80112

World Wide Charter Group            Arbitration Award   $743,619
81 Welland Avenue
St. Catherines, Ontario
Canada
Email: scott@wwcartergroup.com


EXTRACTION OIL: S&P Affirms 'B' CCR & Rates New Unsec. Notes 'B'
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating and
assigned its 'B' issue-level rating and '3' recovery rating to the
company's proposed $350 million senior unsecured notes. The rating
indicates S&P's expectation for meaningful (50% to 70%; rounded
estimate: 60%) recovery in the event of a payment default.

S&P said, "At the same time, we affirmed the 'B' issue-level rating
on the existing $550 million senior unsecured notes, and revised
the recovery rating to '3'. The rating outlook is stable."

S&P added, "We raised the recovery ratings on the unsecured debt by
one notch due to improved recovery prospects resulting from an
increase in proved reserves value from recent development
activities," said S&P Global Ratings credit analyst Michael
McConnell. "We affirmed the 'B' corporate credit rating because we
believe credit measures remain appropriate for the current rating.
We expect the company to use proceeds of the unsecured notes for
general corporate purposes and to provide flexibility to execute on
its strategy for increased capital spending in the DJ Basin."

S&P said, "The stable outlook reflects our expectation that
Extraction will continue to expand production as it develops its
reserves in the Wattenberg basin while maintaining solid
profitability and adequate liquidity. We expect that the company
will maintain credit measures that we consider appropriate for the
current rating, including FFO to debt above 12%.

"We could lower the rating over the next 12 months if the company
is unable to expand production as currently forecasted and
significantly outspends cash flows. If this were to happen, we
expect that liquidity could deteriorate, and credit measures could
weaken below FFO to debt of 12%. We could also lower the rating if
leverage substantially increased from large debt-funded
acquisitions.

"We could raise the rating over the next 12 months if the company
continues to expand production and reserves, and utilizes a
material portion of cash flows to reduce leverage. We could also
consider an upgrade if financial sponsor ownership is reduced
through secondary offerings such that total financial sponsor
ownership declined below 40%. At that level, we could expect
reduced risk of the company levering the balance sheet. In order to
consider an upgrade based on improved financial risk, we would also
need to believe that leverage metrics above 20% FFO to debt are
sustainable."


FANSTEEL INC: Wants To Use Cash Collateral Through Sept. 30
-----------------------------------------------------------
Fansteel, Inc., asks for permission from the U.S. Bankruptcy Court
for the Southern District of Iowa to continue use of cash
collateral through Sept. 30, 2017, pursuant to and upon the same
terms as those previously agreed to by TCTM Financial FS and the
Official Committee of Unsecured Creditors in the stipulation and
consent order at Fansteel and approved by the Court.

A copy of the Debtor's request is available at:

          http://bankrupt.com/misc/iasb16-01823-1020.pdf

As reported by the Troubled Company Reporter on July 7, 2017, the
Court authorized the Debtor to continue to use TCTM Financial FS,
LLC's collateral for four weeks, beginning on July 1, 2017.  The
Debtor is authorized to use cash collateral pursuant to and upon
the same terms as those previously agreed to by TCTM Financial and
the Official Committee of Unsecured Creditors in the Stipulation
and Consent Order approved by the Court in its order dated May 11,
2017.

                  About Fansteel and Affiliates

Headquartered in Creston, Iowa, Fansteel, Inc., operates four
business units at four locations in the USA and one in Mexico with
a workforce of more than 600 employees. Fansteel generated
approximately $87.4 million in revenue in 2015 on a consolidated
basis.  Wellman Dynamics Corporation contributed 67% of Fansteel's
sales.  The rest of the sales are generated from Intercast, a
division of Fansteel, and other non-debtor subsidiaries.

Fansteel, Inc., Wellman Dynamics Corporation, and Wellman Dynamics
Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D.
Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.
The petitions were signed by Jim Mahoney, CEO.  The cases are
assigned to Judge Anita L. Shodeen.  The Debtors disclosed total
assets of $32.9 million and total debt of $41.97 million.

The Debtors tapped Jeffrey D. Goetz, Esq., and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset
Partners, LLC as business broker; and Mark J. Steger, Esq. at the
Clark Hill Law Firm as Environmental Counsel.

Fansteel, Inc., hired Kerri K. Mumford, Esq. at Landis Rath & Cobb,
LLP, as special counsel.  The firm will assist the Debtor in
reopening its previous bankruptcy case filed in Delaware (Bankr. D.
Del. Case No. 02-10109) on Jan. 15, 2002.

The Debtors filed motions to jointly administer the cases pursuant
to Bankruptcy Rule 1015(b), and the Court entered an Order
authorizing joint administration on Oct. 17, 2016.  The Court
subsequently entered an Order on May 24, 2017 vacating its prior
Order granting joint administration and discontinuing the joint
administration of the Debtors' cases under the lead case of
Fansteel.

The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine
creditors of Fansteel Inc. to serve on the official committee of
unsecured creditors.  The Official Committee retained Morris
Anderson & Associates, Ltd., as financial advisor, and Archer &
Greiner, P.C. and Nyemaster Goode, P.C., as counsel.

The Troubled Company Reporter has earlier reported that the U.S.
trustee for Region 12 announced that the nine-member unsecured
creditors' committee of Fansteel, Inc., will no longer serve as the
official committee in the company's Chapter 11 case.  The
bankruptcy watchdog added that it will be reconstituted as the
official committee of unsecured creditors in the Chapter 11 cases
of Wellman Dynamics Corp. and Wellman Dynamics Machinery &
Assembly, Inc.  In a filing March 22, 2017, the U.S. trustee
disclosed that a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.


FINTUBE LLC: Wants Approval of Financing, Cash Use
--------------------------------------------------
Fintube, LLC, filed with the U.S. Bankruptcy Court for the Northern
District of Oklahoma an amendment to its request for authorization
to obtain postpetition financing on a revolving basis up to
$800,000 and use cash collateral, in which BOKF, NA, doing business
as Bank of Oklahoma, has an interest.

The Debtor proposes:

     (a) conditioning the use of cash collateral;

     (b) providing BOK with replacement liens, superpriority
         administrative claims and ether adequate protection for
         the Debtor's use of cash collateral including modifying
         the automatic stay;

     (c) authorizing the Debtor to obtain postpetition financing
         from BOK in an amount up to $800,000;

     (d) providing BOK liens in substantially all of the Debtor's
         prepetition and postpetition assets to secure the
         postpetition financing;

     (e) providing BOK a priority administrative claim to provide
         additional security for postpetition financing; and

     (f) providing other covenants and restrictions to protect the

         interests of BOK in the postpetition lending, including
         modification of the automatic stay.

The purpose for the use of cash collateral is to provide the Debtor
with working capital for use in ordinary business operations and
administrative payments authorized by the Court.

All cash collections of the Debtor are to be deposited in accounts
with BOK.

Interest on the outstanding balance of the Postpetition financing
will be at BOK Prime plus 1%.

Term of the postpetition financing loan will be to Sept. 30, 2017,
if no sale procedures for this sale Debtor or substantially al] of
the Debtor's assets are established; Nov. 30, 2017, if a court
order approving a sale is not obtained, or to Dec. 31, 2017, if no
sale is closed.

BOK can collect reasonable attorneys' fees, other professional
fees, costs and expenses incurred in connection with the
postpetition financing.

To secure the use of cash collateral and the postpetition
financing, BOK will be entitled to liens on all property of the
Estate to the extent of the financing or diminution in value of its
collateral.

To further secure the financing and use of cash collateral, BOK
will be granted a priority administrative expense claim pursuant to
Section 507(a)(2).

BOK is also furnished a priority lien under Section 364(c) and is
granted replacement liens, as adequate protection for Debtor's use
of BOK's pre-petition collateral.

BOK will also be granted a superpriority administrative claim,
pursuant to Section 364(c)(1), to secure Debtor's use of cash
collateral and the postpetition financing.

All liens granted to secure BOK will be deemed perfected without
filing.

Events of default under the postpetition credit agreement include
non-payment, violation of covenants in the credit agreement,
material misrepresentation of representations and warranties
contained in the credit agreement, entry of judgments and the
occurrence of a termination event.  A Termination Event includes
the final date for payment, the effective date of any confirmed
Plan of Reorganization, consummation of a sale of substantially all
of the Debtor's assets, the occurrence of a material breach by the
Debtor, dismissal or conversion of the Chapter 7 case, the
appointment of a Trustee or examiner with enlarged powers, if the
Order approving the financing is stayed, reversed, vacated, amended
or otherwise modified in any material respect, the Court enters an
order granting a party released from the automatic stay adversely
affecting BOK or the BOK collateral, Sept. 30, 2017, if the Court
has not entered an Order establishing sale procedures, Nov. 30,
2017, of the Court has not entered an order approving a sale of the
Debtor or substantially of all the Debtor's assets, or Dec. 31,
2017.  In the event of default, BOK is entitled to exercise all of
its rights to foreclose and other legal remedies.

A copy of the Amendment is available at:

           http://bankrupt.com/misc/oknb17-11274-36.pdf

A final hearing on the Debtor's Motion is set for July 20, 2017, at
9:15 a.m.

                       About Fintube LLC

Fintube, LLC, is a Delaware limited liability company engaged in
the business of engineering and manufacturing welded, extended
surface tubing and designing and fabricating heat recovery systems
for a worldwide market.  The Company has been in business for over
50 years. Its primary facilities are located in Tulsa, Oklahoma.

Fintube filed a Chapter 11 petition (Bankr. N.D. Okla. Case No.
17-11274) on June 27, 2017.  The Debtor hired Doerner, Saunders,
Daniel & Anderson, L.L.P. as legal counsel; ClearRidge LLC as
financial advisor; and Bruce Jones, managing director of
ClearRidge, as chief restructuring officer.

No trustee or examiner has been appointed.


FLORIDA EAST COAST: Moody's Withdraws Ratings Following Sale
------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Florida East
Coast Holdings Corp., including the Caa1 Corporate Family Rating
and the Caa1-PD Probability of Default Rating. This rating action
follows the sale of the company to GMexico Transportes S.A. de
C.V., the transportation division of Grupo Mexico, S.A.B. de C.V.

RATINGS RATIONALE

Following the completion of the acquisition of Florida East Coast
Holdings Corp., all amounts outstanding under the company's $1.15
billion of notes that were co-issued with Florida East Coast
Industries, LLC (unrated) have been repaid in full. Consequently,
Moody's has withdrawn all ratings of Florida East Coast Holdings
Corp.

The following ratings were withdrawn:

Withdrawals:

Issuer: Florida East Coast Holdings Corp.

-- Corporate Family Rating, Withdrawn, previously rated Caa1

-- Probability of Default Rating, Withdrawn, previously rated
    Caa1-PD

Outlook Actions:

Issuer: Florida East Coast Holdings Corp.

-- Outlook, Changed To Rating Withdrawn From Stable

Florida East Coast Holdings Corp. operates a freight railroad on
351 miles of track along the east coast of Florida between
Jacksonville and Miami. The company conducts its operations through
its wholly owned subsidiary, Florida East Coast Railway Corp.


GCM LIQUIDATION: Unsecureds Expected to Recover 50%-100% Under Plan
-------------------------------------------------------------------
GCM Liquidation Corporation, formerly known as Gulf Chemical &
Metallurgical Corp., filed with the U.S. Bankruptcy Court for the
Western District of Pennsylvania a disclosure statement dated, July
7, 2017, with respect to their amended plan of liquidation.

Class 6 under the amended liquidation plan consists of the general
unsecured claims. Each Holder of an Allowed Class 6 General
Unsecured Claim will receive a Pro Rata share of the remaining
Creditor Recovery Pool Funds after the payment of or reserve for
the Liquidating Trust Expenses, all Allowed Professional Fee
Claims, Allowed Administrative Claims, Allowed Priority Tax Claims,
Allowed CRP Administrative Claims, and Allowed Other Priority
Claims. The estimated claims pool for this class is $2,800,000 -
$3,650,000 and the expected recovery is 50% - 100%.

Class 7 consists of all Comilog Subordinated Claims, TCEQ
Subordinated Claims, and Insider Claims. Each Holder of an Allowed
Class 7 Subordinated Claim will receive a Pro Rata share of the
remaining Creditor Recovery Pool Funds after the payment of all
Allowed General Unsecured Claims. The estimated claims pool for
this class is 143,425,000 and the estimated recovery is 2.5%.

The Troubled Company Reporter previously reported that under the
initial plan, the estimated recovery for Class 6 was still
undisclosed and Class 7 claimants were expected to receive
nothing.

A copy of the redlined version of the Latest Disclosure Statement
is available at:

     http://bankrupt.com/misc/pawb16-22192-846.pdf

                 About Bear Metallurgical

Bear Metallurgical Co. and Gulf Chemical & Metallurgical Corp.
filed Chapter 11 petitions (Bankr. W. D. Pa. Lead Case No.
16-22192) on June 14, 2016.  The petitions were signed by Eric
Caridroit, chief executive officer.  The cases are assigned to
Judge Jeffery A. Deller.

At the time of the filing, Bear Metallurgical estimated assets and
debts to be between $1 million and $10 million.  Gulf Chemical
estimated assets and debts to be between $100 million and $500
million.

The Debtors employ McDonald Hopkins LLC as their bankruptcy
counsel; Cohen & Grigsby, P.C., as their local and asset sale
transaction counsel; Kurtzman Carson Consultants LLC as their as
notice, claims, and balloting agent; and Stoneleigh Group
Holdings,
LLC as their financial advisor.

The Office of the U.S. Trustee on June 30 appointed three
creditors
of Bear Metallurgical Co. and Gulf Chemical & Metallurgical Corp.
to serve on the official committee of unsecured creditors.  The
committee members are: (1) United Metallurgical Inc.; (2) GDF Suez
Energy Resources NA, Inc.; and (3) Formosa Plastics Corp.

The Official Committee retained Fox Rothschild LLP as co-counsel.


GELTECH SOLUTIONS: President Buys 520.8K Shares
-----------------------------------------------
Mr. Michael Reger, the president, director and principal
shareholder of GelTech Solutions, Inc. purchased 520,834 shares of
the Company's common stock and 260,417 two-year warrants
exercisable at $2.00 per share for $125,000.

All of the securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in
Section 4(a)(2) and Rule 506(b) thereunder.

                      About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc. is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

GelTech Solutions reported a net loss of $4.67 million on $1.20
million of sales for the year ended Dec. 31, 2016, compared with a
net loss of $6.02 million on $1.31 million of sales for the year
ended Dec. 31, 2015.  As of March 31, 2017, Geltech had $2.44
million in total assets, $9.04 million in total liabilities and a
total stockholders' deficit of $6.59 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has a net
loss and net cash used in operating activities in of $4,672,043 and
$3,344,593, respectively, for the year ended December 31, 2016 and
has an accumulated deficit and stockholders' deficit of $47,957,926
and $6,363,616, respectively, at Dec. 31, 2016.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern.


GLORIA MONTANO: Sale of Santa Barbara Property for $700K Approved
-----------------------------------------------------------------
Judge Deborah J. Saltzman of the U.S. Bankruptcy Court Central
District of California authorized Gloria Montano's sale of real
property located at 827 Cheltenham Road, Santa Barbara, California,
to Peter S. Clark for $700,000, plus an additional contribution of
$60,000 towards attorney's fees and closing fees.

A hearing on the Motion was held on July 13, 2017 at 1:30 p.m.

The sale of the Cheltenham Property will be "as-is, where-is" with
all faults and without warranty, representation, or recourse
whatsoever.  

The Debtor and/or WFG National Title Insurance Co. is authorized to
pay BONY, on account of its Deed of Trust, dated June 21, 2004 and
executed by Leonard Scifers June 21, 2004 encumbering the Property,
in full at the close of escrow less a credit of $40,000 from First
American Title Insurance Company.  The BONY Payoff Quote good
through 07/27/2017 is $251,412.

The Debtor and/or Escrow is authorized to pay Athas, on account of
its Deed of Trust, Assignment of Rents, Security Agreement and
Fixture Filing, encumbering the Property, and recorded in the
Official Records of the County of Santa Barbara on Sept. 17, 2015,
in full at the close of escrow less a credit of $35,000 from the
Escrow.  Athas will submit through escrow an updated Payoff Demand
which will be paid in full. For information only, the Athas Payoff
Quote good through 06/30/2017 was $499,795 with per diem interest
thereafter accruing at $213/day.

The pay-off demands of BONY and Athas are fluid and each lender
will be paid the appropriate amount due on the Closing Date in
order to pay each in full.

The Sale closing will occur only if both BONY and Athas each agree
that they are being paid in full satisfaction of all amounts due.

The Buyer will receive title to the Cheltenham Property free and
clear if all other liens, claims and interests.

The Debtor and/or Escrow are authorized to pay, brokers'
commissions, seller's share of customary closing costs, attorneys'
fees and administrative costs from Escrow as follows: (i) Listing
Commission to San Roque Realty - $14,000; (ii) Selling Commission
to Goodwin & Thyne - $14,000; (iii) County Taxes (Unpaid) 3,915/6
mos 7/1/2017 to 7/27/2017 - $566; (iv) Escrow Fee to Escrow -
$1,315; (iv) ALTA Homeowners to Escrow - $1,810; (v) Documentary
Transfer Tax - $770; (vi) Home Warranty to TBD - $800; (vii)
Property Disclosure Reports to Property ID - $114; (viii) Payment
to Chris Gautschi - $8,220; (ix) Other 1300 Item 2 to Attorney Fee
to Aoelaw & Associates - $30,137; and (x) Payment to Debtors BK
Estate - $6,094.

If the sale is canceled, the Debtor is authorized to retain the
Buyer's deposit.

Gloria Montano sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 15-12191) on Nov. 4, 2015.  The Debtor's Chapter 11 petition
identified both her primary residence (1215 Miracanon, Santa
Barbara, California) and the property at 827 Cheltenham Road,
Santa
Barbara, California, as the main assets of the estate.


GREAT PLAINS: Moody's Hikes Sub. Regular Bond Rating From Ba1
-------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of Great
Plains Energy Incorporated (Great Plains), including its senior
unsecured rating to Baa2 from Baa3. The rating outlook is stable.
On July 10, 2017, Great Plains announced that it had reached an
agreement with Westar Energy Inc. (Westar, Baa1 stable) to combine
the two companies in a stock-for-stock merger of equals (MOE)
transaction. On 19 July, Great Plains will redeem all of the senior
notes that were issued earlier this year (in anticipation of
acquiring Westar in a largely debt financed transaction) at a
redemption price equal to 101% of the principal amount totaling
$4.3 billion. Great Plains also announced the redemption of its
outstanding 7% Series B Mandatory Convertible Preferred Stock.

Upgrades:

Issuer: Great Plains Energy Incorporated

-- Subordinate Shelf, Upgraded to (P)Baa3 from (P)Ba1

-- Senior Unsecured Shelf, Upgraded to (P)Baa2 from (P)Baa3

-- Subordinate Regular Bond/Debenture, Upgraded to Baa3 from Ba1

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa2 from

    Baa3

Outlook Actions:

Issuer: Great Plains Energy Incorporated

-- Outlook, Remains Stable

RATINGS RATIONALE

"The all-stock merger of equals transaction with Westar is credit
neutral for Great Plains. The redemption of the $4.3 billion of
senior notes that were issued in anticipation of acquiring Westar
in an earlier transaction will alleviate the pressure on Great
Plains' credit quality", said Moody's analyst Jairo Chung.

Great Plains' stand-alone credit quality will improve and largely
return to the profile it exhibited before the acquisition financing
was completed. At the end of 2016, Great Plains' cash flow from
operation excluding changes in working capital (CFO pre-WC) to debt
was around 17%. Moody's expects Great Plains to maintain credit
metrics similar to its 2016 year-end level after the debt
redemption is completed.

With the newly proposed MOE transaction, Great Plains preserves the
same strategic benefits as it would have had in the previously
proposed acquisition of Westar. The combined company will benefit
from an increase in the size and scale of their utility operations
as well as additional diversification in regulatory environments.
Moody's views the combined company under the MOE transaction as
having a stronger credit profile than it would have had if formed
through a highly levered acquisition. The combined company will
also maintain the existing credit metrics such as CFO pre-WC to
debt in the high teens range. Furthermore, with no additional
parent debt issued in the MOE transaction, Great Plains will
preserve some financial flexibility and balance sheet capacity to
absorb any potential adversary regulatory developments or other
unexpected events in the future.

The company's share repurchase plan, under which it expects to
repurchase approximately 30 million of common shares in each of the
first two years after closing, should not have a negative credit
impact as long as the parent debt level does not increase
materially, warranting an additional notch between the parent's and
its utilities' ratings. Also, Moody's expects Great Plains to
maintain a balanced capital structure after the planned share
repurchase program is completed.

Rating Outlook

The stable outlook reflects Moody's expectation that the pending
MOE transaction with Westar will not require additional financings
that put extraneous pressure on Great Plains' credit quality. Also,
it incorporates Moody's expectation that the pending transaction
and the integration of Great Plains and Westar will be completed as
described by the company.

Factors That Could Lead to an Upgrade

A rating upgrade could be considered if there are significant
positive changes in the regulatory frameworks in Missouri and
Kansas, reducing regulatory lag and resulting in higher earnings
and cash flows. If there is a sustained improvement in credit
metrics, including CFO pre-WC to debt in the low 20% range, a
rating upgrade could be considered.

Factors That Could Lead to a Downgrade

A rating downgrade could be considered if there is a meaningful and
sustained deterioration in the regulatory environment in either
Missouri or Kansas. A downgrade could occur if there is a
significant reduction in key metrics such as CFO pre-WC to debt
falling below 15% on a sustained basis.

Headquartered in Kansas City, Missouri, Great Plains Energy Inc. is
a utility holding company with operations in Kansas and Missouri
through Kansas City Power & Light Company (KCPL, Baa1 stable) and
KCP&L Greater Missouri Operations Company (GMO, Baa2 stable). Great
Plains also has a 13.5% ownership of Transource Energy LLC
(Transource, A2 stable), a transmission only company.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.


GREENLEAF BULK: Case Summary & 4 Unsecured Creditors
----------------------------------------------------
Debtor: Greenleaf Bulk Carriers, Inc.
        P.O. Box 151
        Coden, AL 36523

Business Description: Greenleaf Bulk is a trucking company in the
                      Mobile County, Alabama.

Chapter 11 Petition Date: July 17, 2017

Case No.: 17-02668

Court: United States Bankruptcy Court
       Southern District of Alabama (Mobile)

Judge: Hon. Jerry C. Oldshue

Debtor's Counsel: Robert M. Galloway, Esq.
                  GALLOWAY, WETTERMARK, EVEREST &
                  RUTENS, LLP
                  P. O. Box 16629
                  Mobile, AL 36616-0629
                  Tel: (251) 476-4493
                  E-mail: bgalloway@gallowayllp.com

                    - and -

                  Willis J. Garrett, Esq.
                  GALLOWAY, WETTERMARK, EVEREST &
                  RUTENS, LLP
                  3263 Cottage Hill Rd
                  Mobile, AL 36606
                  Tel: (251) 476-4493
                  E-mail: wgarrett@gallowayllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Dale Rivers, president.

The Debtor's list of four unsecured creditors is available for free
at http://bankrupt.com/misc/alsb17-02668.pdf


H&E EQUIPMENT: S&P Puts BB- Rating on 2022 Notes  on Watch Negative
-------------------------------------------------------------------
S&P Global Ratings placed its 'BB-' issue-level rating on H&E
Equipment Services Inc.'s $630 million 7% senior notes due 2022 on
CreditWatch with negative implications following the company's
announcement that it intends to acquire equipment rental provider
Neff Corp. (Neff) for a total enterprise value of about $1.2
billion.

S&P expects that the company will finance the transaction with
borrowings from its new $1.25 billion asset-based lending (ABL)
credit facility, long-term unsecured debt, and by issuing up to
$250 million of common equity.

S&P said, "The CreditWatch negative placement on the unsecured debt
rating reflects the likelihood of lower recovery prospects for
H&E's existing unsecured noteholders under the company's eventual
capital structure after it acquires Neff. We believe that the
existing notes could see weaker recovery prospects under the
company's proposed new capital structure, mainly because of the
meaningfully larger proposed ABL facility, which we treat as having
a priority claim ahead of the unsecured noteholders'. We plan to
resolve the CreditWatch placement upon the close of the acquisition
and our review of the final terms of the financing. Under our
current assumptions, we believe that we will most likely lower our
issue-level rating on the notes by one-notch to 'B+' from 'BB-'.

"Our 'BB-' corporate credit rating and stable outlook on H&E remain
unchanged. Incorporating our expectations for reasonably good
end-market conditions over the next 12 months, we estimate that
H&E's S&P adjusted debt-to-EBITDA will increase to the mid-3.0x
area (pro forma for the acquisition) by the end of 2017 (from 3.1x
as of March 31, 2017) and remain below 4.0x under our forecast,
which is in line with our expectations for the current rating. The
proposed acquisition does not meaningfully affect our view of H&E's
business risk profile. Though the acquisition will improve the
company's market position in the competitive and fragmented North
American equipment rental industry, its market share should
continue to be relatively modest and H&E remains exposed to the
highly cyclical construction-related end markets. We expect H&E's
EBITDA margins to remain in our average range for equipment rental
providers, though its margins should increase to the high-30% area
(from the low-30% area previously) due to contributions from the
higher-margin Neff acquisition."

RATINGS LIST

  H&E Equipment Services Inc.
   Corporate Credit Rating                BB-/Stable/--

  Ratings Affirmed; Recovery Ratings Unchanged; CreditWatch Action

                                        To              From
  H&E Equipment Services Inc.
   Senior Unsecured                       BB-/Watch Neg   BB-/--
    Recovery Rating


HAMMOND'S TRANSPORTATION: Seeks Dismissal, Loan From Daimler
------------------------------------------------------------
Hammond's Transportation, LLC, asks for authorization from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to incur
postpetition secured indebtedness with Daimler Truck Financial.

The Debtor has filed a motion to dismiss this bankruptcy case which
is now pending before the Court, and filed this motion out of an
abundance of caution should it be required to obtain court approval
to enter into the transactions.  The Motion to Dismiss is scheduled
to be heard on July 25, 2017.  The Debtor submits that if and when
the Court grants the dismissal motion, this Motion will be
withdrawn and/or dismissed as moot.

The Debtor says it has an immediate need for a postpetition loan
facility to be effective within the next several weeks to complete
an acquisition of 19 new buses that will be required to perform
under certain of the Debtor's contracts.  The buses are to be sold
by Kent Mitchell Bus Sales and Service, LLC, to the Debtor.  The
total amount to be financed for the 19 buses is $1,979,463.68,
inclusive of fees and finance charges.

The terms of the repayment are: the total indebtedness is to be
financed at an interest rate of 5.49%, to be paid over 84 months.
The repayment terms provide that no payments will be due in July,
August, and September in recognition of the Debtor's customary
monthly cash flow.  The monthly payments will be in the amount of
$31,420.06.

The proposed DIP Financing court order will also provide, inter
alia, that the DIP Loan will be on a secured basis, with a first
priority senior security interest in the property which is subject
of the transaction, i.e. the nineteen school buses.

Without the DIP Loan, the Debtor may have difficulty performing
under its contracts with respect to its customers that expect the
equipment to be provided in connection with this financing
transaction.

Maintaining these contracts is critical to maintaining the Debtor's
ability to pay ongoing expenses and the anticipated restructuring
and litigation expenses in this case pending the dismissal, or
alternatively, confirmation and consummation of any plan of
reorganization.
A copy of the Debtor's request is available at:

          http://bankrupt.com/misc/laeb17-11350-59.pdf

                 About Hammond's Transportation

Hammond's Transportation LLC -- https://hammondstransportation.com/
-- maintains a fleet of school buses, vans and a staff of drivers,
and provides service to any group or organization throughout the
Greater New Orleans area.  

Based in New Orleans, Louisiana, Hammond's Transportation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 17-11350) on May 25, 2017.  Mark Hammond, authorized
member, signed the petition.  At the time of the filing, the Debtor
estimated its assets and debt at $1 million to $10 million.

Judge Elizabeth W. Magner presides over the case.

Christopher T. Caplinger, Esq., at Lugenbuhl, Wheaton, Peck, Rankin
& Hubbard serves as its legal counsel.


IHEARTCOMMUNICATIONS INC: In Continuing Talks on Debt Restructuring
-------------------------------------------------------------------
iHeartCommunications, Inc., commenced in March 2017 exchange offers
to exchange certain series of its outstanding debt securities for
new securities of the Company, iHeartMedia, Inc. and CC Outdoor
Holdings, Inc. and concurrent consent solicitations with respect to
the terms of the Existing Notes.  On March 15, 2017, the Company
also commenced offers to amend its outstanding Term Loan D and Term
Loan E borrowings under its senior secured credit facility.

As previously disclosed, the Company has engaged in discussions
with lenders under its Term Loan D and Term Loan E facilities.
Those discussions have most recently included Symphony Asset
Management, Eaton Vance and OppenheimerFunds, in connection with
the Term Loan Offers.  On May 11, 2017, the Company received a
letter from counsel to the Holders with respect to its discussions
with the Holders, a copy of which is available at
https://is.gd/THtGDa.  The Company and the Holders entered into
non-disclosure agreements in furtherance of these discussions.

"...Symphony and [Arnold & Porter Kaye Scholer LLP] have spent
considerable time and effort working to develop an exchange
structure, principal financial terms and other components of a
transaction that could be an alternative to the Proposed Exchange
and obtain the support of the Company and its stakeholders," said
Michael Messersmith, a partner at APKS in the letter.  "Symphony
has shared with Moelis certain aspects of the Proposed Alternative
Transaction and has had several discussions with Moelis about the
merits of the Proposed Alternative Transaction and a potential
strategy to achieve consummation thereof.

"Symphony believes that the Proposed Alternative Transaction, if
advanced, could obtain significant support from the Company's debt
investors and finally bridge the chasm between the Company and
certain of its stakeholders.  Symphony and APKS have been in
regular contact with several of the Company's largest Lenders,
including OppenheimerFunds and Eaton Vance, regarding the Proposed
Alternative Proposal and have shared certain principal terms
thereof.  These Lenders collectively hold Loans of more than $1
billion and have indicated to Symphony and APKS that they would
consider the Proposed Alternative Transaction and would be
supportive of Symphony and APKS continuing to work to create a
formal term sheet with respect thereto," Mr. Messersmith added.

According to Messersmith, while Symphony is interested in
continuing its work to promptly prepare and negotiate a term sheet
in respect of the Proposed Alternative Transaction, it is unable to
do so without (a) receiving certain pertinent information from the
Company and its advisors at Moelis and K&E, subject to the
execution of appropriate confidentiality agreements, and (b) the
reimbursement of the reasonable fees and expenses of its advisors,
including APKS, subject to a budget.

The discussions subject to the NDAs involved continued negotiations
with respect to a potential global restructuring of the
indebtedness of the Company.  These discussions resulted in several
term sheets exchanged back and forth over the past couple of
months.  On June 26, 2017, the Company provided the Holders with a
proposal, and on July 13, 2017, the Holders provided the Company
with a counterproposal, a copy of which is available for free at
https://is.gd/1rCHvg

The Company said no agreement has been reached with respect to
these discussions and the discussions remain ongoing.  There can be
no assurance that any agreement will be reached.  Any such
agreement will require the consent of additional debt holders who
are not party to the negotiations, and who hold substantial
percentages of the Company's debt.

                   About iHeartCommunications

iHeartCommunications, Inc., formerly known as Clear Channel
Communications, Inc., is a global media and entertainment company.
The Company specializes in radio, digital, outdoor, mobile, social,
live events, on-demand entertainment and information services for
local communities, and uses its unparalleled national reach to
target both nationally and locally on behalf of its advertising
partners.  The Company is dedicated to using the latest technology
solutions to transform the company's products and services for the
benefit of its consumers, communities, partners and advertisers,
and its outdoor business reaches over 40 countries across five
continents, connecting people to brands using innovative new
technology.

iHeartCommunications reported a net loss attributable to the
Company of $296.31 million on $6.27 billion of revenue for the year
ended Dec. 31, 2016, compared to a net loss attributable to the
Company of $754.62 million on $6.24 billion of revenue for the year
ended Dec. 31, 2015.  

As of March 31, 2017, iHeartCommunications had $12.27 billion in
total assets, $23.56 billion in total liabilities and a total
stockholders' deficit of $11.29 billion.

                           *    *    *

In March 2017, Fitch Ratings downgraded iHeartCommunications,
Inc.'s Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'.  The
downgrades reflect iHeart's announcement on March 15, 2017, that
the company has commenced a global restructuring effort targeting
approximately $14.6 billion in debt including all of the
outstanding Term Loans and PGNs as well as the senior notes due
2021.

Also in March 2017, S&P Global Ratings lowered its corporate credit
rating on Texas-based media company iHeartMedia Inc. and its
subsidiary iHeartCommunications Inc. to 'CC' from 'CCC'.  The
rating outlook is negative.  The downgrade follows
iHeartCommunications' announcement that it has offered to exchange
five series of priority-guarantee notes, its senior notes due 2021,
and its term loan D and E for longer-dated debt; and, in certain
scenarios, stock and warrants, or contingent value rights.

"Under all but one scenario, there would be a reduction in the
principal amount of debt outstanding and an extension of the debt
maturity by two years for exchanged debt," said S&P Global Ratings'
credit analyst Jeanne Shoesmith.  "The company's debt is trading at
significant discounts to par of 20%-60%, and we believe its capital
structure is unsustainable."


IMMUCOR INC: 88.2% of Old Notes Validly Tendered
------------------------------------------------
Immucor, Inc., announced the expiration of an offer to eligible
holders to exchange up to a maximum aggregate principal amount of
$390 million of Immucor's outstanding 11.125% Senior Notes due 2019
for a new series of 11.125% Senior Notes due 2022.  The Exchange
Offer, which commenced on June 19, 2017, expired in accordance with
its terms at 11:59 p.m., New York City time, on July 17, 2017.

Based on information provided by the exchange agent to Immucor, of
the $400 million aggregate principal amount of Old Notes that were
outstanding as of June 19, 2017, the commencement date of the
Exchange Offer, $352,862,000 aggregate principal amount, or 88.2%
of the Old Notes outstanding as of such commencement date, have
been validly tendered and not validly withdrawn as of the
Expiration Date.  On July 20, 2017, Immucor expects to deliver in
exchange for the Old Notes tendered in the Exchange Offer, an
aggregate principal amount of $352,862,000 of New Notes, plus
accrued and unpaid interest on those Old Notes up to, but not
including, July 20, 2017.  Citigroup Global Markets Inc. has agreed
to purchase $37,138,000 of New Notes, the proceeds of which will be
used toward redeeming an equal principal amount of Old Notes.  The
Company intends to use borrowings from its credit facility toward
redeeming the remaining $10,000,000 principal amount of Old Notes.


New Notes will only be issued to holders of the Old Notes that have
certified to Immucor in an eligibility letter as to certain
matters, including their status as either (1) a "qualified
institutional buyer" under Rule 144A under the Securities Act, or
(2) a person who is not a "U.S. person" as defined under Regulation
S under the Securities Act.

The New Notes have not been and will not be registered under the
Securities Act or any state securities laws, and, unless so
registered, may not be offered or sold in the United States or to
any U.S. persons except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and any applicable state securities laws.

                         About Immucor

Founded in 1982, Immucor -- http://www.immucor.com/-- is engaged
in the business of transfusion and transplantation diagnostics that
facilitate patient-donor compatibility.  The Company's mission is
to ensure that patients in need of blood, organs or stem cells get
the right match that is
safe, accessible and affordable.

Immucor reported a net loss of $43.8 million on $380 million of net
sales for the year ended May 31, 2016, compared to a net loss of
$60.7 million on $389 million of net sales for the year ended May
31, 2015.  As of Feb. 28, 2017, Immucor had $1.66 billion in total
assets, $1.35 billion in total liabilities and $310.42 million in
total equity.

                           *    *    *

As reported by the TCR on June 22, 2017, S&P Global Ratings said it
affirmed its 'CCC+' corporate credit rating on Immucor Inc. and
revised the outlook to developing from negative.  "The rating
affirmation reflects our view that, although the company addressed
the upcoming maturities and we expect a gradual improvement
resulting from the recently announced cost-cutting initiative,
Immucor's credit measures will remain relatively weak in 2018 with
leverage around 9x and funds from operations (FFO) to debt in the
low single digits," said S&P Global Ratings credit rating analyst
Maryna Kandrukhin.  It also reflects Immucor's lack of a proven
track record of sustained operating improvement.

Moody's Investors Service upgraded Immucor, Inc. Corporate Family
Rating (CFR) to B3 from Caa1 and Probability of Default rating to
B3-PD from Caa1-PD, according to a TCR report dated June 23,
2017.  The B3 Corporate Family Rating reflects Immucor's very high
financial leverage and modest free cash flow relative to debt.
Moody's estimates the company's pro forma adjusted debt to EBITDA
of approximately 7.6 times will gradually decline toward 7.0 times
over the next 12 to 18 months.


J CREW GROUP: Completes $565.7 Million Notes Exchange Offer
-----------------------------------------------------------
Chinos Holdings, Inc., the ultimate parent of J.Crew Group, Inc.,
and certain of Parent's subsidiaries and affiliates, completed the
following previously announced series of interrelated significant
liability management transactions on July 13, 2017:

   * the private exchange offer pursuant to which $565.7 million
     aggregate principal amount of the outstanding 7.75%/8.50%
     Senior PIK Toggle Notes due 2019 issued by Chinos
     Intermediate Holdings A, Inc., a direct wholly-owned
     subsidiary of Parent, were exchanged for aggregate
     consideration consisting of:

       . $249,596,000 aggregate principal amount of 13% Senior
         Secured Notes due 2021 and the related guarantees by the
         Guarantors issued by J. Crew Brand, LLC and J. Crew Brand
         Corp. and guaranteed by the Guarantors, each of which is
         a newly formed Delaware entity that is an indirect
         wholly-owned subsidiary of the Company and is designated
         as an unrestricted subsidiary under the Term Loan
         Agreement and the PIK Notes Indenture, which New Exchange
         Notes are secured by (x) certain U.S. intellectual
         property assets held by J. Crew Domestic Brand, LLC,  
         one of Brandco's subsidiaries, (y) IPCo's interest in the
         A&R IP License Agreement and the 2017 IP License
         Agreement, pursuant to which the Company will continue to
         have exclusive rights to use the Transferred IP, and (z)
         a pledge of 100% of the equity interests and
         substantially all of the other assets of the New Notes
         Co-Issuers and the Guarantors;

       . 189,688 shares of Parent's 7% non-convertible perpetual
         preferred stock, series A, no par value per share, with
         an aggregate initial liquidation preference of
         approximately $189,688,000; and

       . approximately 15% of Parent's common equity, or
         17,362,719 shares of Parent's class A common stock,
         $0.00001 par value per share (such percentage is prior to
         dilution by a proposed management incentive plan);

   * the receipt of consents  from the holders of a majority of
     the PIK Notes with respect to certain amendments to the
     indenture governing the PIK Notes;

   * completion of the Term Loan Amendment that amended the
     Company's Term Loan Agreement to, inter alia, facilitate the
     following related transactions that have also been completed:

        . the repurchase of $150 million principal amount of term  

          loans currently outstanding under the Term Loan
          Agreement;

        . the transfer to IPCo of the remaining undivided 27.96%
          ownership interest in in the U.S. intellectual property
          rights that were transferred in December 2016 and
          entering into the A&R IP License Agreement and the 2017
          IP License Agreement to, inter alia, amend the license
          fees thereunder;

        . the issuance of $97 million aggregate principal amount
          of an additional series of 13% Senior Secured Notes due
          2021 issued by the New Notes Co-Issuers and guaranteed
          by the Guarantors, subject to the same terms and
          conditions as the New Exchange Notes, for cash at a 3%
          discount, subject to the terms of the note purchase
          agreement, dated June 12, 2017, among the Company, the
          New Notes Co-Issuers, the Guarantors and the note
          purchasers thereto, the proceeds of which were loaned on
          a subordinated basis to the Company; and

        . the raising of additional borrowings under the Term Loan
          Agreement of $30 million (at a 2% discount) provided by
          the Company's Sponsors (or affiliates thereof), the net
          proceeds of which were applied to finance the repurchase
          of the $150 million principal amount of term loans.

    The New Notes, the New Indentures, the New Exchange Notes     
    Supplemental Guarantee Agreement and the New Money Notes  
                  Supplemental Guarantee Agreement  

On the Settlement Date, in connection with the issuance of the New
Notes, the New Notes Co-Issuers and the Guarantors entered into (i)
an indenture, with U.S. Bank National Association, as trustee, and
as collateral agent, governing the terms of the New Exchange Notes
and (ii) an indenture, with the Trustee and U.S. Bank, as
collateral agent, governing the terms of the New Money Notes),
which is in substantially the same form as the New Exchange Notes
Indenture.

In connection therewith, on the Settlement Date, the PIK Notes
Issuer entered into supplemental guarantee agreements with the
Trustee with respect to each of the New Exchange Notes and the New
Money Notes, pursuant to which it agreed to provide an
unconditional guarantee of the New Notes Co-Issuers' and the
Guarantors' payment obligations thereunder.

The New Notes are also guaranteed by J. Crew Brand Intermediate,
LLC, IPCo and J. Crew International Brand, LLC, each of which is a
Delaware limited liability company and a wholly-owned indirect
subsidiary of the Company.  The New Notes will mature on Sept. 15,
2021, and will bear interest at a rate of 13.00% per annum.
Interest will accrue from the Settlement Date and will be payable
semi-annually in arrears based on a 360-day year on March 15 and
September 15 of each year beginning on Sept. 15, 2017.

The New Exchange Notes and the New Exchange Notes Guarantees are
general senior secured obligations of the New Notes Co-Issuers and
the Guarantors, secured on a first priority lien basis by a 72.04%
interest in the Licensed Marks (as defined in the A&R IP License
Agreement and the 2017 IP License Agreement) and certain other
assets of the New Notes Co-Issuers and Guarantors, and on a second
priority lien basis by a 27.96% interest in the Licensed Marks,
subject, in each case, to Permitted Liens under the New Exchange
Notes Indenture and the Intercreditor Agreement.

The New Money Notes and the New Money Notes Guarantees are general
senior secured obligations of the New Notes Co-Issuers and the
Guarantors, secured on a first priority lien basis by a 27.96%
interest in the Licensed Marks and certain other assets, and on a
second priority lien basis by a 72.04% interest in the Licensed
Marks, subject, in each case, to Permitted Liens under the New
Money Notes Indenture and the Intercreditor Agreement.

The New Notes are redeemable at the option of the New Notes
Co-Issuers, in whole or in part, at any time, at a price equal to
one hundred percent (100%) of the principal amount of the New Notes
to be redeemed, plus accrued and unpaid interest, if any, to, but
not including, the redemption date, plus a "make whole" premium.
The New Notes are not subject to any mandatory redemption
obligation, and there is no sinking fund provided for the New
Notes.

Upon the occurrence of a Change of Control (as defined in each of
the New Indentures, as applicable), the New Notes Co-Issuers will
be required to offer to repurchase all of the New Notes at 100% of
the aggregate principal amount repurchased plus accrued and unpaid
interest, if any, to, but not including, the date of purchase.

Each of the New Indentures contains covenants covering (i) the
payment of principal and interest, (ii) maintenance of an office or
agency for the payment of the New Notes, (iii) reports to the
applicable Trustee and holders of the New Notes, (iv) stay,
extension and usury laws, (v) payment of taxes, (vi) existence,
(vii) maintenance of properties and (viii) maintenance of
insurance.  Each of the New Indentures also includes covenants that
(i) limit the ability to transfer the Collateral and (ii) limit
liens that may be imposed on the assets of the Guarantors, which
covenants are, in each case, subject to certain exceptions set
forth in each of the New Indentures.

           The Security Agreements, the Intercreditor
             Agreement and the Call Right Agreement

In connection with issuing the New Notes, on the Settlement Date,
the New Notes Co-Issuers and the Guarantors entered into (i) a
security agreement, with the New Notes Collateral Agent, relating
to the New Exchange Notes and (ii) a security agreement, with the
New Money Notes Collateral Agent, relating to the New Money Notes,
which is in substantially the same form as the New Exchange Notes
Security Agreement.  Pursuant to the terms of each of the Security
Agreements, the New Notes Co-Issuers and the Guarantors granted to
the applicable Collateral Agent, for the benefit of the Secured
Parties (as defined in each of the Security Agreements), a security
interest (subject to Permitted Liens under each of the New
Indentures, as applicable) in, and lien upon, the Collateral. The
respective security interests of each of the Collateral Agents in
the Collateral are also subject to the terms of the intercreditor
agreement, dated as of the Settlement Date, between the Collateral
Agents, which, inter alia, outlines their rights thereunder.

In addition, pursuant to the call right agreement entered into on
the Settlement Date between the Trustee and the Term Loan Agent,
subject to the terms therein, the lenders under the Term Loan
Agreement (other than any lenders affiliated with Parent, the New
Notes Co-Issuers or the Company), will have the right to purchase
any New Notes at a price equal to one hundred and ten percent
(110%) of the outstanding principal amount thereof plus all accrued
and unpaid interest thereon, upon the occurrence of (i) an
acceleration of the payment of principal, interest, if any, or any
other obligations under the New Notes or the New Indentures in
accordance with the terms thereof, (ii) the occurrence of any
payment default or any other act or failure to act by any
subsidiary of the Company under either of the IP License Agreements
that would permit BrandCo to terminate either of the IP License
Agreements or (iii) the earlier to occur of (x) the termination of
either of the IP License Agreements or (y) the delivery of notice
of breach or termination by BrandCo under either of the IP License
Agreements.

         Issuance of New Series A Preferred Stock

In connection with the issuance of the New Series A Preferred
Stock, Parent filed a Certificate of Designation with the State of
Delaware, effective upon its acceptance, setting the rights,
powers, and obligations of the New Series A Preferred Stock.

Dividends on the New Series A Preferred Stock will be cumulative
and accrue at a rate of 5% per annum in cash and 2% per annum
through an increase in liquidation preference, in each case,
compounding semi-annually, on September 15 and March 15 of each
year, commencing on Sept. 15, 2017.  Parent will pay, to the extent
of lawfully available funds, cash dividends on the New Series A
Preferred Stock, when and if declared by Parent's board of
directors (or a duly authorized committee thereof).

Parent or TPG Capital, L.P. and Leonard Green & Partners, L.P. may
redeem or purchase, as applicable, not less than all of the New
Series A Preferred Stock, at its or their option, as applicable, to
the extent of lawfully available funds, at a redemption price or
purchase price, as applicable, equal to 100% of the liquidation
preference of $1,000 per share, plus any accrued and unpaid
dividends to, but not including, the redemption or purchase date of
such New Series A Preferred Stock.  The New Series A Preferred
Stock generally will have no voting rights, except as expressly set
forth in the Series A Certificate of Designation.  In the event
Parent liquidates, dissolves or winds-up its business and affairs,
either voluntarily or involuntarily, holders of the New Series A
Preferred Stock are entitled to receive a liquidating distribution
of $1,000 per share, plus any accrued and unpaid dividends, out of
assets of Parent available for distribution to stockholders before
it makes any distribution of assets to the holders of its junior
stock.

The New Series A Preferred Stock is not convertible, is not being
registered under the Securities Act of 1933, as amended, and was
issued pursuant to the exemption provided in Section 4(a)(2) under
the Securities Act and is subject to restrictions on transfer under
the Securities Act.

                  The Stockholders' Agreement

On the Settlement Date, Parent, the Company, the PIK Notes Issuer,
Chinos Intermediate Holdings B, Inc., Chinos Intermediate, Inc.,
the Sponsors and the other stockholders party thereto amended and
restated the Principal Investors Stockholders' Agreement, dated as
of March 7, 2011.  The Stockholders' Agreement sets forth certain
rights and obligations of the holders of the Class A Common Stock,
including with respect to voting rights, preemptive rights and
registration rights.  In order to receive the Class A Common Stock
in the Exchange Offer, holders of the PIK Notes were required to
execute a joinder to the Stockholders' Agreement.

            The Management Stockholders' Agreement

On the Settlement Date, Parent, the Company, the PIK Notes Issuer,
Chinos Intermediate Holdings B, Inc., Chinos Intermediate, Inc.,
the Sponsors, certain management holders of the Class A Common
Stock of the Parent and the other stockholders party thereto
amended and restated the Management Stockholders' Agreement, dated
as of March 7, 2011.  The Management Stockholders' Agreement sets
forth certain rights and obligations of the Managers, including
with respect to preemptive rights, call rights and transfer
restrictions.

                 The Management Services Agreements

On the Settlement Date, Parent, the Company, the PIK Notes Issuer,
Chinos Intermediate Holdings B, Inc. and Chinos Intermediate, Inc.
amended and restated the Management Services Agreement, dated as of
March 7, 2011.  The Management Services Agreement sets forth
certain services to be provided by Parent to the other parties
thereto, including management, consulting and advisory services in
relation to the affairs of the MSA Parties, for the same aggregate
compensation in lieu of such services being provided by the
Sponsors.

On the Settlement Date, Parent and the Sponsors entered into a new
management services agreement, pursuant to which the Sponsors will
provide the Services to Parent for the same aggregate compensation
(less the accrued cash dividend payable on the New Series A
Preferred Stock) and expenses payable to the Sponsors as set forth
therein.

                    The Term Loan Amendment

On the Settlement Date, concurrently with the settlement of the
Exchange Offer, certain amendments to the Company's Amended and
Restated Credit Agreement, dated as of March 5, 2014, by and among,
inter alios, the Company, Chinos Intermediate Holdings B, Inc.,
Wilmington Savings Fund Society, FSB, as administrative agent, and
the Lenders party thereto became effective.  The Term Loan
Amendment, among other things, amends the interest rate applicable
to the loans held by consenting lenders, increases the amount of
amortization payable to consenting lenders, provides for the
borrowing of $30 million of new term loans on the effective date of
the Term Loan Amendment, amends certain covenants and events of
default and directs the Term Loan Agent to dismiss, with prejudice,
certain litigation.

                  The IP License Agreements

On the Settlement Date, concurrently with the settlement of the
Exchange Offer, IPCo acquired the remaining undivided 27.96%
ownership interest in and to the Licensed Marks to become the sole
and exclusive owner of the Licensed Marks. J. Crew International,
Inc., an indirect, wholly-owned subsidiary of the Company, assigned
such rights to IPCo as a contribution to the capital of IPCo via a
sequence of drop-down assignments. In connection therewith, IPCo,
JCI and J. Crew Operating Corp., a direct wholly-owned subsidiary
of the Company (solely in its capacity as payor on behalf of JCI),
entered into an amended and restated version of the Intellectual
Property License Agreement, dated as of December 6, 2016.  The A&R
IP License Agreement provides that OpCo, on behalf of JCI, will pay
to IPCo a fixed license fee of $42.5 million per annum, for so long
as the A&R IP License Agreement is in effect and has not expired or
been terminated, in exchange for JCI’s exclusive right (even as
to IPCo, but subject to the right of JCI to provide a non-exclusive
license to the lenders (or agent) under certain debt instruments to
use the undivided 72.04% ownership interest in and to the Licensed
Marks after the occurrence of an "event of default" (or similar
event) under such debt instruments) to use, exploit, register,
enforce and defend the undivided 72.04% ownership interest in and
to the Licensed Marks in the United States (including the District
of Columbia and all territories and possessions of the United
States, including Puerto Rico and the U.S. Virgin Islands) during
the term of the A&R IP License Agreement.  License fees accrued
prior to the date hereof where paid to IPCo, distributed to BrandCo
and then loaned on a subordinated basis to the Company.

In addition, on the Settlement Date, IPCo, JCI and OpCo (solely in
its capacity as payor on behalf of JCI) entered into the 2017
Intellectual Property License Agreement, pursuant to which OpCo, on
behalf of JCI, will pay to IPCo the fixed license fee of $16.5
million per annum, for so long as the 2017 IP License Agreement is
in effect and has not expired or been terminated, in exchange for
JCI's exclusive right (even as to IPCo, but subject to the right of
JCI to provide a non-exclusive license to the lenders (or agent)
under certain debt instruments to use the undivided 27.96%
ownership interest in and to the Licensed Marks after the
occurrence of an "event of default" (or similar event) under such
debt instruments) to use, exploit, register, enforce and defend the
undivided 27.96% ownership interest in and to the Licensed Marks in
the Licensed Territory during the term of the 2017 IP License
Agreement.

                          Exchange Offer

As a result of the settlement of the Exchange Offer, the holders of
PIK Notes that tendered PIK Notes for exchange received, in
addition to the New Exchange Notes, an aggregate of approximately
(i) 189,688 shares of Parent's New Series A Preferred Stock, no par
value per share, with an aggregate initial liquidation preference
of $189,688,000, and (ii) approximately 17,362,719 shares of Class
A Common Stock, $0.00001 par value per share.

                        Recapitalization

In connection with the settlement of the Exchange Offer, a majority
in interest of the current holders of Parent's Class L Common
Stock, par value $0.001 per share, including the Sponsors, elected
to convert all the outstanding shares of Class L Common Stock into
(i) 110,000 shares of Parent's 7% non-convertible perpetual
preferred stock, Series B, no par value per share, with an
aggregate initial liquidation preference of $110,000,000, which is
pari passu with the New Series A Preferred Stock, and (ii)
95,350,555.66 shares of Class A Common Stock.

These new equity securities were issued pursuant to the exemptions
from registration provided by Section 4(a)(2) of the Securities Act
as an issuance not involving a public offering and by Section
3(a)(9) of the Securities Act as an exchange of securities by the
same issuer with its existing security holders.

             Amendments to Articles of Incorporation

The Series B Certificate of Designation, the Third Amended and
Restated Articles of Incorporation and the Fourth Amended and
Restated Articles of Incorporation

To authorize the issuance of the New Series A Preferred Stock and
the New Series B Preferred Stock, and to amend the mechanic
relating to the conversion of shares of Class L Common Stock to
provide for the issuance of shares of both New Series B Preferred
Stock and Class A Common Stock, prior to the closing of the
Recapitalization, Parent filed with the State of  Delaware (i) a
Certificate of Designation for the New Series B Preferred Stock
setting the rights, powers, and obligations of the New Series B
Preferred Stock and (ii) an amendment and restatement of its Second
Amended and Restated Certificate of Incorporation, which was filed
with the State of Delaware on June 24, 2011, each effective upon
its acceptance.  In addition, following the closing of the
Recapitalization, Parent filed with the State of Delaware an
amendment and restatement of its Third Amended and Restated
Certificate of Incorporation to remove the Class L Common Stock and
to effect a 10,000-for-1 reverse stock split of the Class A Common
Stock to reduce the number of shares of Class A Common Stock that
are authorized and issued and outstanding.

            The Intercompany Preferred Stock Designation

The PIK Notes Issuer formed a new corporate subsidiary and
contributed 100% of its ownership interests in Chinos Intermediate
B, Inc. to Newco in exchange for an aggregate of $300 million in
initial liquidation preference of Newco preferred stock.  The PIK
Notes Issuer then distributed all the outstanding Intercompany
Preferred Stock to Parent in consideration for Parent's issuance of
the New Series A Preferred Stock and New Series B Preferred Stock
in the Exchange Offer and Recapitalization.  In connection with the
issuance of the Intercompany Preferred Stock, Newco filed a
Certificate of Designation with the State of Delaware, effective
upon its acceptance, authorizing the issuance and setting the
rights, powers, and obligations of the Intercompany Preferred
Stock.

                    About J.Crew Group, Inc.

J.Crew Group, Inc. is an internationally recognized omni-channel
retailer of women's, men's and children's apparel, shoes and
accessories.  As of June 26, 2017, the Company operates 277 J.Crew
retail stores, 118 Madewell stores, jcrew.com, jcrewfactory.com,
the J.Crew catalog, madewell.com, and 179 factory stores (including
39 J.Crew Mercantile stores). Certain product, press release and
SEC filing information concerning the Company are available at the
Company's website www.jcrew.com.

For the year ended Jan. 28, 2017, J. Crew reported a net loss of
$23.51 million following a net loss of $1.24 billion for the year
ended Jan. 30, 2016.  As of April 29, 2017, J. Crew had $1.28
billion in total assets, $2.18 billion in total liabilities and a
total stockholders' deficit of $907.02 million.

                         *   *    *

As reported by the TCR on June 16, 2017, S&P Global Ratings said it
lowered its corporate credit rating on New York-based J. Crew Group
Inc. to 'CC' from 'CCC-'.  The outlook is negative.  J. Crew
recently announced an exchange offer for any and all of its
outstanding $566.5 million aggregate principal amount of
7.75%/8.50% senior pay-in-kind (PIK) toggle notes due 2019.  The
company is also seeking to amend its term loan agreement.  S&P
views the transaction as distressed because the participating note
holders will receive significantly less than par value.

J. Crew has a 'Caa2' Corporate Family Rating from Moody's
Investors Service.  J. Crew's 'Caa2' Corporate Family Rating
reflects its weak operating performance and high debt burden, with
credit agreement debt/EBITDA of 11 times and interest coverage
below 1.0 time, Moody's said.


JD POWER: Moody's Lowers CFR to B3; Outlook Stable
--------------------------------------------------
Moody's Investors Service downgraded J.D. Power and Associates'
credit ratings. The Corporate Family rating ("CFR") was downgraded
to B3 from B2, the Probability of Default rating ("PDR") to B3-PD
from B2-PD, the senior secured 1st lien to B2 from B1 and the
senior secured 2nd lien to Caa2 from Caa1. The rating outlook
remains stable.

The J.D. Power announced it plans to issue $180 million of
incremental term loans to finance the acquisition of a provider of
online vehicle pricing and other data and related tools, provide
cash for an approximately $100 million distribution to shareholders
and pay related fees and expenses.

The following rating actions were taken:

Issuer: J.D. Power and Associates

Downgrades:

-- Corporate Family Rating, Downgraded to B3 from B2

-- Probability of Default Rating, Downgraded to B3-PD from B2-PD

-- Senior Secured First Lien (includes proposed upsize),
    Downgraded to B2 (LGD3) from B1 (LGD3)

-- Senior Secured Second Lien (includes proposed upsize),
    Downgraded to Caa2 (LGD6) from Caa1 (LGD6)

Outlook:

-- Outlook, Remains Stable

RATINGS RATIONALE

"The large debt-financed dividend and acquisition coming after a
disappointing first year of operations following the carve-out of
J.D. Power by XIO Group from S&P in 2016 drives the downgrade to a
B3 CFR," said Edmond DeForest, Moody's Senior Credit Officer.

The B3 CFR reflects J.D Power's small revenue size, narrow
operating scope, concentrated customer base and very high financial
leverage. Debt-to-EBITDA that is well above 8 times as of March 31,
2017 (pro forma for the proposed transactions) is expected to
remain above 7 times until 2018. Certain expenses associated with
cost reduction initiatives following the 2016 carve-out of the
company and the announced acquisition will drive negative free cash
flow in 2017. Sales declines in 2016 to customers operating in
China could continue, hampering the company's ability to grow
revenues. A reduction in restructuring costs, a full year of
revenue, profits and free cash flow from the announced acquisition
and the benefits of on-going cost reduction initiatives should
drive EBITA margins up from about 16% in 2016 to the mid-20% range
in 2018 while also producing positive free cash flow. Moody's
considers the large cash distribution to shareholders so soon after
the original investment, particularly in light of the disappointing
financial performance relative to the levels projected at the time
of the original LBO in 2016, as evidence of aggressive financial
policies favoring equity above creditor interests.

Support is provided by J.D. Power's unique and important
proprietary data, analytics and advice to large, leading automotive
original equipment manufacturers and other companies serving the
automotive and other industries. Contracted, highly recurring
subscriptions make the bulk of revenues visible and stable.
Although J.D. Power has a unique, proprietary data base and
analytics which are embedded in the business systems and processes
of its customers, it faces replacement and substitution risk from a
wide set of existing and potential competitors.

All financial metrics cited reflect Moody's standard adjustments.
In addition, EBITDA and EBITA are reduced by the cash outlays
related to capitalized software costs.

Moody's considers J.D. Power's liquidity profile adequate.
Restructuring and transaction costs are expected to result in
negative free cash flow in 2017, but modest positive free cash flow
in 2018. As of March 31, 2017, J.D. Power had a modest cash
balance, some of which was held outside the U.S. An undrawn $32.5
million Senior Secured First Lien Revolving Credit Facility due
2021 provides external liquidity support. Availability of the
revolver is subject to, among other things, a maximum Total Net
First Lien Leverage Ratio on a Pro Forma Basis (as defined in the
facility) of 6.3 times, stepping down to 5.5 times starting with
the period ending December 31, 2017, if at least 35% of the
revolver is drawn, which is not anticipated. Moody's anticipates an
adequate EBITDA cushion within the financial maintenance covenant
should it be triggered. The company could access up to $11.4
million, or 35% of the total commitment, without triggering the
financial covenant. The revolver could be used to fund
restructuring expenses and around $5 million of required term loan
amortization in 2017.

The stable rating outlook reflects Moody's anticipation of modest
but sustainable organic revenue growth, at least 20% EBITA margins
and improvement in free cash flow to debt to around 2% in 2018.

The ratings could be upgraded if Moody's expects J.D. Power will
maintain debt to EBITDA below 6 times, EBITA to interest expense
around 2 times, at least adequate liquidity and balanced financial
policies.

The ratings could be downgraded if Moody's anticipates revenue
weakness, diminished rates of profitability or a deterioration of
liquidity, including an inability to generate positive free cash
flow.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

J.D. Power is a consumer intelligence and data and analytics
company focused in the automotive and other industries acquired by
affiliates of XIO Group for $1.1 billion in September 2016. Moody's
expects 2017 revenue pro forma for planned acquisition of about
$350 million.


JOSEPH BARNES: Trustee's Sale of Queens Property for $210K Approved
-------------------------------------------------------------------
Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York authorized the private sale by Ian J.
Gazes, Trustee of Joseph Nathan Barnes, of the estate's right,
title and interest in certain residential real property located at
126-22 116th Avenue, Queens, New York, to Jennifer Turini for
$210,000 or $206 per square foot.

The sale is free and clear of all liens, claims and encumbrances,
with such liens to attach to the sale proceeds.

The Trustee is authorized and directed to pay any and all taxes at
closing.

The provisions of the Order will be immediately effective upon its
entry.

The proceeds of sale of the Property to the Purchaser received by
the Trustee under the Contract will be deposited into the
bankruptcy estate's non-interest bearing account with such funds to
be disbursed to pursuant to further order of the Court.

Joseph Nathan Barnes sought relief under chapter 7 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 13-10819) on March 18,
2013.  The case was converted to a case under chapter 11 on Nov.
13, 2013.  On Nov. 21, 2013, the Office of the United States
Trustee appointed Ian J. Gazes to serve as chapter 11 Trustee.  The
Trustee filed his acceptance of the appointment on Nov. 22, 2013.
David Dinoso, Esq., at Gazes, LLC, serves as the Trustee's counsel.


KENDALL LAKE: Exclusive Solicitation Period Extended to Oct. 16
---------------------------------------------------------------
The Hon. Robert A. Mark of the U.S. Bankruptcy Court for the
Southern District of Florida has extended the exclusive right for
Kendall Lake Towers Condominium Association, Inc., to solicit
acceptances for its chapter 11 plan to Oct. 16, 2017.

The Court has cancelled the hearing set for Aug. 17, 2017, at 11:30
a.m.  If an objection is filed within 14 days of the July 18 court
order, a hearing will be set on the objection.

As reported by the Troubled Company Reporter on July 14, 2017, the
Debtor asked the Court for the extension to negotiate or litigate
with creditors for a consensual plan or for the Court to resolve
the disputed claims to the extent that solicitation of ballots may
be completed.

                   About Kendall Lake Towers

Kendall Lake Towers Condominium Association, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla., Case No. 16-12114) on Feb. 16, 2016.  The Petition was signed
by Frank Landrian, Manager.  The Debtor is represented by Joel M.
Aresty, Esq., at Joel M. Aresty, PA.  At the time of the filing,
the Debtor estimated its assets and debts at $500,001 to $1
million.

Guy Gebhardt, acting U.S. trustee for Region 21, on May 3, 2016,
appointed three creditors of Kendall Lake Towers Condominium
Association, Inc., to serve on the official committee of unsecured
creditors.  The committee members are: (1) Lisa M. Castellano,
Esq., at Becker & Poliakoff, P.A.; (2) Andres Cuevas of York Miami
Holdings, LLC, as Assignee of Cuevas & Associates, PA; and (3)
Santiago J. Muinos, Esq., of Muinos & Morales, PL.


KLD ENERGY: Plan Exclusivity Period Extended to Aug. 31
-------------------------------------------------------
The Hon. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas has extended, at the behest of KLD Energy
Technologies, Inc., the exclusivity period to amend the Debtor's
existing plan that has been accepted by each class of claims or
interests that is impaired.  The exclusivity period is extended for
an additional two months through and including Aug. 31, 2017.

As reported by the Troubled Company Reporter on June 28, 2017, the
Debtor asked the Court to extend its exclusive period to amend an
"existing plan that has been accepted by each class of claims or
interest that are impaired by the plan" through Aug. 31, saying
that its Chapter 11 Plan dated June 3, 2016, has not yet been
accepted by each class of impaired claims under the Plan.  The
Debtor anticipates filing a plan of liquidation to allow for the
appropriate distribution of proceeds as well as the establishment
of a liquidation trust to prosecute any causes of action held by
the Debtor.

                 About KLD Energy Technologies

KLD Energy Technologies, Inc., which engages in the engineering,
development, and manufacturing of electric drive systems, sought
Chapter 11 protection (Bankr. W.D. Tex. Case No. 16-10345) on March
25, 2016.  The petition was signed by Mark Wabschall, chief
financial officer.  The case is assigned to Judge Christopher H.
Mott.  The Debtor estimated assets and debt of $10 million to $50
million.

The Debtor tapped Lynn H. Butler, Esq., at Husch Blackwell LLP, as
counsel.  

No trustees or examiners have been appointed, and no official
committees of creditors or equity interest holders have yet been
established.


LADERA PARENT: Unsecureds to Recoup 100% Under Plan
---------------------------------------------------
Ladera Parent LLC and Ladera, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of New York an amended joint
disclosure statement dated July 10, 2017, for the Debtors' amended
joint plan of reorganization dated July 10, 2017.

Class 4 Ladera Unsecured Claims -- scheduled in the aggregate
amount of $3.3 million -- are unimpaired by the Plan.  Proofs of
claim for an additional $6.1 million were filed.

In full satisfaction, settlement, release and discharge of the
Class 4 Ladera Unsecured Claims, the holders of the Class 4 Ladera
Unsecured Claims against Ladera will receive, within 45 days of the
Closing Date or as soon as practicable after each becomes an
Allowed Unsecured Claim, payment from the disbursing agent, of each
equal to 100% of such Allowed Unsecured Claim with interest at the
federal judgment rate.

Class 7 L.P. Unsecured Claims -- scheduled in the amount of $25,000
-- are unimpaired by the Plan.  Proofs of claim for $16.1 million
were filed.  In full satisfaction, settlement, release and
discharge of the Class 7 L.P. Unsecured Claims, the holders of the
Class 7 L.P. Unsecured Claims against Ladera will receive, within
45 days of the Closing Date or as soon as practicable after each
becomes an Allowed Unsecured Claim, payment from the Disbursing
Agent, of each equal to 100% of Allowed Unsecured Claim with
interest at the federal judgment rate.

The Plan provides for Exit Financing to fund 100% distribution to
allowed creditors' claims.  Distributions will be from (1) the
proceeds of the Madison Loan in the aggregate amount of $135
million; (2) the GS Loan in amounts up to $20 million; and (3) the
investor fund of $5 million.  The Debtors seek authority through
the Plan to obtain the Exit Financing and utilize the proceeds to
fund plan payments.

In order to fund distributions under the Plan, the payments and
distributions to be made under the Plan to holders of allowed
claims, will be made by the Debtors or the Post-Effective Date
Debtors from the Proceeds of the Exit Financing and the Investor
Fund any construction loan free and clear of any and all liens,
claims, encumbrances, interests, bills or charges whatsoever,
including the notice of pendency filed by USHA SOHA Terrace LLC in
USHA Terrace LLC v. Hans Futterman (Index No. 656196/16), pending
the Supreme Court of the State of New York, County of New York,
other than the usual and customary utility easements, if any,
appearing as of record or as preserved under this Plan.

In either case, the Debtors seek that The Lis Pendens will be
deemed cancelled as of record upon entry of the confirmation court
order.  The Debtors reserve the right to modify this Plan and
pursue a sale of the Assets if by 10 days' prior to the
confirmation date, the Debtors have not obtained the appropriate
commitment letters regarding the Madison Loan and the GS Loan.  The
Debtors also reserve the right to consent to the sale of the assets
pursuant to RWN plan of liquidation filed on June 23, 2017, if they
do not obtain the Exit Financing.

Subject to the Exit Financing, on the Closing Date, the assets will
vest in the Post-Effective Date Debtors free and clear of all
liens, claims and encumbrances, except for those expressly
preserved or created under the Plan.  As of the Closing Date, all
liens, claims and encumbrances that have not been expressly
preserved under the Plan will be deemed extinguished as of the
date.  Any other asset of the Debtors, including any surplus of the
proceeds after payment is made to all classes of creditors pursuant
to the Plan will vest in the Post-Effective Date Debtors free and
clear of all liens, claims and encumbrances.

A copy of the Amended Joint Disclosure Statement is available at:

          http://bankrupt.com/misc/nysb16-13382-97.pdf

As reported by the Troubled Company Reporter on May 5, 2017, the
Debtors filed with the Court a joint disclosure statement for their
joint plan of reorganization, dated March 29, 2017, which provides
for the sale of the Debtors' assets and the payment to creditors on
account of their claims from the sale proceeds.  Class 4 under that
plan would receive, within 30 days of the Closing Date, their pro
rata share of available cash when and as such distributions would
be made, after payment in full to all senior creditors' claims.
Class 7 would receive, within 30 days of the Closing Date, cash
equal to their pro rata share of the available cash when and as
distributions would be made after payment in full to all senior
creditors' claims.

                   About Ladera Parent LLC

Ladera Parent LLC, based in New York, NY, and Ladera, LLC, filed
Chapter 11 petitions (Bankr. S.D.N.Y., Lead Case No. 16-13382) on
Dec. 4, 2016.  The petitions were signed by Hans Futterman,
manager.

A. Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese
& Gluck P.C., serves as bankruptcy counsel while Phillips Nizer LLP
serves as special real estate & corporate counsel.

Ladera Parent listed $21 million in assets and $21.02 million in
liabilities while Ladera LLC listed $75 million in assets and
$45.75 million in liabilities.

No trustee, examiner or committee has been appointed in the case.


LAWRENCE FROMELIUS: Riedy Buying Lisle Property for $240K
---------------------------------------------------------
Judge Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois will convene a hearing on Aug. 8,
2017 at 9:30 a.m. to consider Lawrence D. Fromelius' sale of real
property located at 1207 Lisle Place, Lisle, Illinois, to Lilian
Riedy for $240,000.

Under his proposed chapter 11 plan, which the creditors have
accepted and which the Debtor expects to be confirmed shortly, the
Debtor intends to sell real estate to generate funds to pay his
creditors.  One of the parcels to be sold is the Lisle Property.  

The Debtor has marketed the Lisle Property through a broker and
does not expect to receive a better offer.  The Debtor has received
an offer from the Buyer to purchase the Lisle Property for
$240,000, free and clear of all liens, claims, interests, and
encumbrances.  The Debtor wishes to accept that offer to generate
funds to repay his creditors.  The Closing will be in Sept. 1,
2017.  The marketing process ensured that the Buyer has offered the
Debtor the value of the Lisle Property.  

A copy of the contract attached to the Notice is available for free
at:

      http://bankrupt.com/misc/Lawrence_Fromelius_240_Sales.pdf

To the best of the Debtor's knowledge, information, and belief, no
entity claims an interest in the Lisle Property.  To the extent an
interest holder is discovered, the holder will be paid in full from
the sale proceeds or its interest will attach to the proceeds of
the Lisle Property.

The Purchaser can be reached at:

          Lilian Riedy
          4310 Nutmeg Lane #133
          Lisle, IL 60532

                     About Lawrence Fromelius

Lawrence D. Fromelius filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 15-22373) on June 29, 2015.  The Debtor tapped William J.
Factor, Esq., Ariane Holtschlag, Esq., and Jeffrey K. Paulsen,
Esq., at FactorLaw as counsel.

L. Fromelius Investment Properties LLC filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 15-22943) on July 2, 2015, and Golden
Marina Causeway LLC filed for relief under Chapter 11 (Bankr. N.D.
Ill. Case No. 16-03587) on Feb. 5, 2016.

Mr. Fromelius is the sole member of Investment Properties.  He is
also the sale member of East Greenfield Investors LLC, which in
turn is the sole member of Golden Marina Causeway LLC.  On Nov.
24,
2015, Lawrence Fromelius filed his initial plan of reorganization
and on December 1, 2016, Investment Properties filed its initial
plan of reorganization. Both of the plans have been amended to
incorporate changes requested by creditors, including the Ann
Marie
Barry Trust, which has filed a claim of approximately $6 million.
Currently, the Debtors and the Ann Marie Barry Trust are
negotiating the terms of a disclosure statement to accompany the
plans.

Golden Marina owns two parcels of real estate, located at 302 and
311 East Greenfield Avenue in Milwaukee, Wisconsin.  The parcel at
311 E. Greenfield consists of 47 acres and the smaller parcel at
302 E. Greenfield is approximately 1 acre.


LEVEL 1: Trustee Selling Ending Inventory to Stassman for $3K
-------------------------------------------------------------
Richard B. Webber II, the Chapter 11 trustee for Level 1, Inc.,
files a notice with the U.S. Bankruptcy Court for the Middle
District of Florida of his private sale of ending inventory to
Steven L. Stassman for $3,000, subject to overbid.

Objections, if any, must be filed within 21 days from the date of
service of Notice.

A copy of the list of assets to be sold attached to the Notice is
available for free at:

     http://bankrupt.com/misc/Level_1_Inc_149_Sales.pdf

The assets will be sold to the Purchaser on Aug. 7, 2017.  The
sales price, to be paid in one lump sum, was determined by the
description and condition as reported by the appraiser.  The
Purchaser is incurring the costs to remove and preserve the
inventory during the notice period.  The Trustee makes no
representations or warranties regarding the Property.  Accordingly,
the Property is being sold "as is, where is, with all faults and
defects therein," and subject to all liens and encumbrances.

There are no known liens or encumbrances against the Property.  The
Trustee has noted all liens of which he has knowledge.  However, he
has not performed a judgment or lien search.  The Property is being
sold subject to any and all liens of record.

For items subject to Florida Sales tax, if an exemption or waiver
is sought, a Resale or Consumer Exemption Certificate will be
required upon the sale.  The certificate must bear the name and
address of the purchaser, the effective date and the number of the
dealer's certificate of registration, and the dealer's signature.
If a resale certificate is not presented when required, sales tax
will be collected.  The tax will be added to the sales price and
the amount of the tax will be separately stated as Florida tax on
any charge tickets, sales slips, invoices or other tangible
evidence of sale, and will be a debt from the purchaser or consumer
to the Trustee.  If a titled vehicle is involved, the buyer is
responsible for paying sales tax to the Tag Agency unless the
vehicle is being sold to the Debtor.

The sale will not become final until after the expiration of the
21-day objection period set forth and/or a favorable disposition of
any objections to the sale.  The Trustee, until the expiration of
the time with which parties may object to the proposed sale, will
entertain any higher bids for the purchase of the Property being
sold.  Such bids must be accompanied by a deposit of 20% of the
proposed higher purchase price.  The proposed purchase price must
be higher than the Fair Market Value.  Any higher bid must be
received by the Trustee no later than 21 days from the date of the
Notice.  Inspection of the Property may be arranged by contacting
the Trustee.  Should a higher bid be received, the Trustee will
conduct a telephonic auction between the original purchaser named
in the Notice and the additional bidder(s) at the earliest
reasonable time.

The Purchaser can be reached at:

          Steven L. Stassman
          1496 Langham Terrace
          Heathrow, FL 32746

The Trustee can be reached at:

          Richard B. Webber II, Esq.
          PO Box 3000
          Orlando, FL 32802-3000
          Telephone: 407-425-7010
          E-mail: rwebber@zkslawfirm.com

                       About Level 1 Inc.

Level 1, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 16-07454) on Nov. 15, 2016, estimating assets and
liabilities of less than $1 million.  

David R. McFarlin, Esq., at Fisher Rushmer, P.A. represented the
Debtor as legal counsel prior to the appointment of Richard Webber
II, Chapter 11 trustee.  The trustee hired Zimmerman, Kiser &
Sutcliffe, P.A. as his legal counsel.

No official committee of unsecured creditors has been appointed in
the case.  

The Debtor filed a Chapter 11 plan of reorganization and
disclosure
statement.  The disclosure statement was conditionally approved by
the court late last year.


LEVI KATZ: Breliner Buying Lakewood Property for $400K
------------------------------------------------------
Judge Christine M. Gravelle of the U.S. Bankruptcy Court for the
District of New Jersey will convene a hearing on Aug. 22, 2017 to
consider the sale by Levi and Tirtza Katz of their real property
located at 415 8th Avenue, Lakewood, Ocean County, New Jersey, to
Eli Breliner for Meor 77, LLC, for $400,000, subject to overbid.

At the time of the filing of the Chapter 11 petition, the Debtors
were the owners of the Property.

The Property is encumbered by these mortgages and/or other liens
recorded in the Ocean County Clerk's Office:

    a. Mortgage Levi Katz to MERS, nominee for First Financial
Equities, Inc., Dated 3/10/2003, Recorded 3/13/2003 in Mortgage
Book 1128, Page 1055, To secured $245,000.

    b. Mortgage: Tirtza Katz and Levi Katz to MERS, as nominee for
Wachovia Mortgage Corp. Dated 4/29/20014, Recorded 4/29/2004 in
Mortgage Book 12041, Page 645. To Secured $333,700.

    c. Assignment of Mortgage to Chase Home Finance LLC f/k/a Chase
Manhattan Mort Recorded 12/30/2010 in Book 14783 and Page 1999.

    d. Assignment of Mortgage to Federal National Mortgage
Association Recorded 5/30/2014 in Book 15816 page Page 540.

    e. Notice of Lis Pendens vs Tirtza Katz and Levi A. Katz ocket
No F-047057 recorded 4/20/2011 in Book 14873 Page 229.

    f. Mortgage Levi Katz and Tirtza Katz Married to Wachovia Bank
Natinal Association, dated 12/16/2004, recoded 1/27/2005 in
Mortgage Book 12449, Page 820 to secured $100,000.

    g. Mortgage Levi Katz to Menachem Gulfruend, dated 11/6/2007,
recorded 3/4/2009 in mortgage book 14223, page 789.  To secure
$180,000.

    h. Mortgage Levi Katz to TD Bank N.A. dated 2/27/2009, recorded
3/17/2009 in Mortgage book 14237, page 339.  To secured $175,000.

    i. The Tax Collector, Township of Lakewood, Ocean County, New
Jersey may have a lien on the Subject Property for unpaid municipal
taxes, water and sewer charges.

    j. The Lakewood Municipal Utilities Authority, with an address
of 390 New Hampshire Avenue, d, New Jersey, has or may have a
lien(s) for unpaid water and/or sewer charges.

These judgments were entered in the Superior Court of New Jersey
against the Debtors, Levi Katz and Tirtza Katz and are liens
against the Property:

          a. Superior Court of New Jersey
             Judgment Number: J-267477-2011
             Date Docketed: 09/20/2011
             Venue: CAMDEN
             Debt: $5193,985 Costs: $240
             Creditor(s): TD Bank NA
             Attorney: Dembo & Saldutti
             Debtors: Levi and Tirtza Katz

          b. Superior Court of New Jersey
             Judgment Number: J-032215-20125
             Date Docketed: 02/08/2012
             Venue: OCEAN
             Debt: $19,750 Costs: $240
             Creditor(s): $240
             Attorney: American Express Bank FSB
             Debtors: Levi Katz

          c. Superior Court of New Jersey
             Judgment Number: CJ-208413-2011
             Date Docketed: 07/19/2011
             Venue: OCEAN
             Debt: $8,747 Costs: $247 DCKG: 10
             Creditor(s): Capitol One Bank (USA) N.A.
             Attorney: Pressler & Pressler
             Debtors: Levi Katz

          d. Superior Court of New Jersey
             Judgment Number: DJ-164420-2013
             Date Docketed: 08/22/2013
             Venue: OCEAN
             Debt: $9,229 Costs: $264 DFG: 10
             Creditor(s): Discover Bank
             Attorney: Pressler & Pressler
             Debtors: Levi Katz

          e. Superior Court of New Jersey
             Judgment Number: DJ-035281-2015
             Date Docketed: 02/15/2015
             Venue: OCEAN
             Debt: $3,434 Costs: $166 DCKG: 35
             Creditor(s): Midland Funding, LLC
             Attorney: Pressler & Pressler
             Debtors: Levi Katz

None of the judgment creditors have levied upon the Property
prepetition and all of the judgment liens are subject to avoidance
under section 544(a) of the Bankruptcy Code.

Partners Realty Group has found the Buyer and the Debtors desire to
sell the Property and have entered into a Contract of Sale of the
Property for a sale price of $400,000.  The contract of sale
further provides that the Seller(s) have agreed to pay a 6%
commission for services rendered by Partners Realty Group.

A copy of the Contract attached to the Motion is available for free
at:

     http://bankrupt.com/misc/Levi_Katz_46_Sales.pdf

The proceeds of sale will be applied at closing to satisfy the
mortgage(s) encumbering the Property pursuant to the terms of the
confirmed chapter 11 plan, municipal real estate taxes, and real
estate commissions, if any.  Other liens, in particular the
judgment liens, will attach to the proceeds of sale, and the
Property will be sold free and clear of those liens.

The Debtors ask relief from the 14-day stay of Bankr. Rule 6004(h)
in order to expedite the sale.

The Purchaser can be reached at:

          Eli Breliner
          MEOR 77, LLC
          715 Marlin Ave.
          Lakewood, NJ 08701

Partners Realty Group can be reached at:

          Chaim Sochet
          PARTNERS REALTY GROUP
          321 Main Street
          Woodbridge, NJ 07095
          Telephone: (732) 534-1871
          Cellphone: (201) 668-0870
          E-mail: chaims$njhomepartners.com

Counsel for the Debtor:

          Timothy P. Neumann, Esq.
          BROEGE, NEUMANN, FISCHER & SHAVER, LLC
          25 Abe Voorhees Drive
          Manasquan, NJ 08736
          Telephone: (732) 223-8484
          E-mail: timothy.neumann25@gmail.com

Levi Katz and Tirtza Katz sought Chapter 11 protection (Bankr.
D.N.J. Case No. 17-10063) on Jan. 3, 2017.  The Debtors tapped
Timothy P. Neumann, Esq., at Broege, Neumann, Fischer & Shaver, as
counsel.


LIGHTOWER FIBER: Crown Castle Buyout No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service said that the B2 corporate family rating
for Lightower Fiber Networks (specifically, LTS Group Holdings LLC)
is unchanged following the announcement that Crown Castle
International Corp. has entered into a definitive agreement to
acquire Lightower from Berkshire Partners, Pamlico Capital and
other investors for approximately $7.1 billion in cash. Moody's
expects all of Lightower's rated debt to be repaid at transaction
close, at which time Moody's will withdraw all of Lightower's
ratings, including the company's B2 CFR, B2-PD probability of
default rating and the B1 senior secured rating of LTS Buyer LLC.

Lightower's B2 corporate family rating reflects its strong growth
profile, stable base of contracted recurring revenues, historically
low churn rates, and its valuable fiber optic network assets
covering over 33,000 fiber route miles. These strengths are offset
by high leverage (6.2x Moody's adjusted Debt to EBITDA as of
3/31/17 and including holdco PIK notes) and the high capital
intensity required to grow the business. The rating also
incorporates relatively low cash balances, a private equity
ownership structure and a seasoned and proven management team.

Headquartered in Boxborough, MA, LTS Group Holdings LLC, an entity
formed by Berkshire Partners, is a US-based broadband
infrastructure provider with significant fiber assets. In March
2013, the company announced that it was acquiring Lightower Fiber
Networks ("Lightower") and Sidera Networks, Inc. The company's
fiber network serves enterprise, government, carrier and data
center customers in the Northeast, Mid-Atlantic and Chicago Metro
with connectivity to international landing sites. In August 2015,
the company acquired Fibertech Networks, LLC in an all-cash
transaction for approximately $1.9 billion. The company accesses
and/or owns over 33,000 fiber route miles and provides service to
over 22,000 on-net locations.


LLS AMERICA: Court Denies Slaninas' Motion to Vacate Judgment
-------------------------------------------------------------
Judge Rosanna Malouf Peterson of the U. S. District Court for the
Eastern District of Washington denied defendants Zdenek Slanina and
Vera Slanina's motion to vacate judgment.

After Defendants failed to adequately respond to the suit filed by
LLS America, LLC, the U.S. District Court Clerk entered an Order of
Default. On Dec. 7, 2012, the Court entered a Default Judgment
against the Slaninas.

On Feb. 21, 2017, Defendants filed the present challenge to this
Court's personal jurisdiction over them and argue that the Court
should vacate the prior judgment as invalid pursuant to FED. R.
CIV. P. 60(4) and (6).

Although the Court finds that it had personal jurisdiction over
Defendants in this matter, the Court has considered other factors
that would also require the denial of Defendants' motion. First,
Defendants were personally served with an Order to Register a
Foreign Judgment in March of 2013. They fail to state why they have
waited nearly four years to challenge this Court's jurisdiction
pursuant to FED. R. CIV. P. 60, which requires that a motion be
made within a "reasonable" time. Judge Peterson finds that
Defendants' unexplained delay is unreasonable.

Additionally, Defendants failed to substantively respond to
Plaintiff's argument that Defendant consented to suit by filing a
proof of claim in the underlying bankruptcy case before venue was
transferred to this judicial district. The Court has no basis to
dispute Plaintiff's assertion that Defendants consented to the
Court's personal jurisdiction by filing their proof of claim.

The Court finds that Defendants were properly served and that the
Judgment entered against them was procedurally and jurisdictionally
valid.

Accordingly, Judge Peterson denies the motion to vacate judgment.

The District Court Clerk is directed to enter the Order, provide
copies to counsel, and close the case.

The case is BRUCE P. KRIEGMAN, solely in his capacity as
court-appointed Chapter 11 Trustee for LLS America, LLC, Plaintiff,
v. ZDENEK SLANINA AND VERA SLANINA, Defendants, No. 2:12-CV-422-RMP
(E.D. Wash.).

The adversary proceeding is BRUCE P. KRIEGMAN, solely in his
capacity as court-appointed Chapter 11 Trustee for LLS America,
LLC, Plaintiff, v. ZDENEK SLANINA AND VERA SLANINA, Defendants,
Adv. Proc. No. 11-80094-PCW11 (E.D. Wash.).

A full-text copy of Judge Peterson's Order is available at
https://is.gd/CDGVW8 from Leagle.com.

Bruce P Kriegman, Plaintiff, represented by Daniel J. Gibbons –
DJG@witherspoonkelley.com -- Witherspoon Kelley.

Bruce P Kriegman, Plaintiff, represented by Ross P. White,
Witherspoon Kelley Davenport & Toole & Shelley N. Ripley –
SNR@witherspoonkelley.com -- Witherspoon Kelley.

Zdenek Slanina, Defendant, represented by H. Paul Gill, HPG PLLC.

Vera Slanina, Defendant, represented by H. Paul Gill, HPG PLLC.

                      About LLS America

LLS America LLC, doing business as Little Loan Shoppe, operated an
online payday loan business.  Affiliate Team Spirit America
provided the manpower, management and equipment for Little Loan
Shoppe.  The companies are among a multitude of Canadian and
American business entities owned and operated by Doris E. Nelson,
a/k/a Dee Nelson, a/k/a Dee Foster.  Investors claimed Ms. Nelson
operated a Ponzi scheme.  Ms. Nelson allegedly told investors they
could earn as much as 60% on money her companies used to make
payday loans to consumers.  American and Canadian investors bought
notes worth US$29 million and another C$26,000,000.  However, the
investors received no payments after March 2009.

One investor group placed a related company, LLS-A LLC, into
bankruptcy in July 10, 2009.

LLS America LLC filed for bankruptcy (Bankr. D. Nev. Case No.
09-23021) on July 21, 2009, before Judge Linda B. Riegle.  Gregory
E. Garman, Esq., at Gordon Silver, served as the Debtor's counsel.
In its petition, the Debtor disclosed $2,661,584 in assets and
$24,013,837 in debts.  The petition was signed by Ralph Gamble,
CEO
of the Company.

The case was subsequently moved to Washington state (Bankr. E.D.
Wash. Case No. 09-06194).  Charles Hall was appointed as examiner
in the case.


LMCHH PCP: Outten & Golden Named Interim Lead Atty in "Kusnick"
---------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Louisiana issued an Order granting Plaintiff’s motion to appoint
interim lead counsel in the case captioned BARBARA KUSNICK, on
behalf of herself and all others similarly situated, Plaintiffs, v.
LMCHH PCP, LLC, and LOUISIANA MEDICAL CENTER AND HEART HOSPITAL,
LLC, CCG OF LOUISIANA, LLC, and MEDCARE INVESTMENT FUNDS,
Defendants. TERRY KING, APRIL ESCHETE, LEONIDA GALLOWAY, MARVETTE
LEBLANC-CLARKSTON, JOHN FAYARD, III, BAMBILYNN JORDAN, LOU ANN LEA,
MONICA SMITH, and MARLEA ROSS, on behalf of themselves and all
others similarly situated, Plaintiffs, v. LMCHH PCP, LLC, LOUISIANA
MEDICAL CENTER AND HEART HOSPITAL, LLC and CCG OF LOUISIANA, LLC,
Defendants, Adv. P. No. 17-1021., 17-1024 (Bankr. E.D. La.).

The Kusnick Complaint seeks remedies for LMCHH PCP, LLC, Louisiana
Medical Center and Heart Hospital, LLC, CCG of Louisiana, LLC, and
Medcare Investment Funds' alleged failure to provide at least sixty
days' advance written notice of the terminations as required by the
WARN Act and adds claims against the Non-Debtor Defendants, among
other claims.  On February 24, 2017, the King Plaintiffs, on behalf
of themselves and all others similarly situated, filed an almost
identical class action adversary proceeding against the Defendants,
minus Medcare Investment Funds, for violation of the WARN Act and
the recovery of damages in the amount of sixty days' back pay and
ERISA benefits, among other claims.

The Kusnick Plaintiffs' counsel represent to the court that they
will be paid on a contingent fee basis, so they will not cost the
debtor's estate anything more than the King Plaintiffs' counsel. On
the balance, although both proposed interim counsel are very
competent and would certainly be able to do a fine job, the balance
of the factors the court must consider weigh in favor of the
counsel for the Kusnick Plaintiffs leading the charge.

The Kusnick Plaintiffs' Motion is granted and Outten & Golden, LLP,
are appointed as Interim Lead Counsel.

A full-copy text of the District Court’s July 13, 2017 Order is
available at https://is.gd/MlnxWG from Leagle.com.

Barbara Kusnick, Plaintiff, represented by Benjamin Kadden –
bkadden@lawla.com Lugenbuhl, Wheaton, Peck, Rankin, Jack Raisner,
Outten & Golden LLP, Jack A. Rasiner & Rene S. Roupinian, Outten &
Golden LLP, 685 Third Avenue, 25th Floor, Manhattan, New York
10017.

Rose H. Delaney, Plaintiff, represented by Rene Roupinian, Outten &
Golden LLP.

LMCHH PCP LLC, Defendant, represented by Elizabeth J. Futrell –
efutrell@joneswalker.com -- & Mark Mintz – mmintz@joneswalker.com

-- Jones Walker, et al.

MedCare Investment Funds, Defendant, represented by Michael A.
Crawford, --mike.crawford@taylorporter.com --  Taylor Porter Brooks
& Phillips LLP & Thomas Robert Peak -- tom.peak@taylorporter.com --
c/o Taylor Porter Brooks & Phillips.

CCG of Louisiana, LLC, Defendant, represented by Jan Marie Hayden
– jhayden@bakerdonelson.com -- Baker Donelson.

Official Committee of Unsecured Creditors, Creditor Committee,
represented by Tristan E. Manthey –  tmanthey@hellerdraper.com --
Heller, Draper, Patrick, Horn & Dabney

                     About Louisiana Medical

LMCHH PCP LLC and Louisiana Medical Center and Heart Hospital, LLC,
currently operate a state-of-the-art 213,000 square facility and
two medical office buildings.  Originally licensed for 58 beds in
2003, as a result of its physical and strategic expansion in 2007,
the Hospital is now a full-service 132-bed acute care hospital with
seven operating rooms, three catheterization laboratories, and a
24-hour heart attack intervention center dedicated to providing
advanced medical treatment and compassionate care to patients and
families throughout the North Shore area.

LMCHH PCP and LHH sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-10201) on Jan. 30,
2017.  The cases have been assigned to the Hon. Judge Laurie Selber
Silverstein.

LMCHH estimated assets in the range of $1 million to $10 million
and liabilities of up to $500 million.  LHH estimated assets in
the range of $10 million to $50 million and liabilities of $100
million to $500 million.

The Debtors have hired Young, Conaway, Stargatt & Taylor LLP as
local counsel, Alston & Bird LLP as legal counsel, and The Garden
City Group, Inc., as claims and noticing agent.

An official committee of unsecured creditors of LMCHH PCP LLC and
Louisiana Medical Center and Heart Hospital LLC tapped Heller,
Draper, Patrick, Horn & Dabney, LLC as counsel and CohnReznick LLP
as financial advisor.


M.B. UNLIMITED: Disclosure Statement Hearing Set for Aug. 16
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana is
set to hold a hearing on August 16, at 10:00 a.m., to consider
approval of the disclosure statement, which explains the Chapter 11
plan of reorganization for M.B. Unlimited, Inc.

The hearing will take place at Courtroom B-709, Hale Boggs Federal
Building, 500 Poydras Street, New Orleans, Louisiana.  Objections
are due by August 9.

                    About M.B. Unlimited Inc.

M.B. Unlimited, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
E.D. La. Case No. 17-10903) on April 11, 2017, disclosing less than
$50,000 in assets and less than $100,000 in liabilities. The
petition was signed by Tanya Boudreaux, secretary and treasurer.

The Debtor is represented by Richard W. Martinez, Esq., at Richard
W. Martinez, APLC. The Debtor hired Mitchell C. Compeaux, CPAs as
accountant.

No trustee, examiner or unsecured creditors' committee has been
appointed.

On July 5, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


MAIN STREET CAFE: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Main Street Cafe Bloomer, LLC,
as of July 18, according to a court docket.

                About Main Street Cafe Bloomer LLC

Main Street Cafe Bloomer, LLC, operates a restaurant at 1418 Main
Street, Bloomer, Wisconsin.  It also produces pies, which it sells
to vendors in western Wisconsin.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Wis. Case No. 17-12153) on June 14, 2017.  Donald
Stoik, owner, signed the petition.  

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $100,000 and liabilities of less than
$500,000.  

Mart W. Swenson, Esq., at The Swenson Law Group serves as the
Debtor's legal counsel.

Judge Catherine Furay presides over the case.


MED-X TRANS: Hearing on Plan Confirmation Set for Aug. 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut is set to
hold a hearing on August 15, at 10:00 a.m., to consider approval of
the Chapter 11 plan of reorganization for Med-X Trans, Inc.

Creditors have until August 10 to file their objections and cast
their votes accepting or rejecting the proposed plan.

                       About Med-X Trans

Headquartered in Plainfield, Connecticut, Med-X Trans, Inc., dba
Med-X Transportation, Inc., dba Med-X Enterprises, is in the
business of providing transportation to clients for non-emergency
medical appointments.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
Conn. Case No. 15-21942) on Nov. 6, 2015, listing $486,750 in total
assets and $1.24 million in total liabilities.  The petition was
signed by Hugh Viele, treasurer.

Judge Ann M. Nevins presides over the case.

Anthony S. Novak, Esq., at Novak Law Office, P.C., serves as the
Debtor's bankruptcy counsel.

On August 22, 2016, the court approved the disclosure statement,
which explains the Debtor's proposed Chapter 11 plan of
reorganization.


MELINDA CORTEZ: Sale of San Francisco Property for $805K Approved
-----------------------------------------------------------------
Judge Hannah L. Blumenstiel of the U.S. Bankruptcy Court for the
Northern District of California authorized Melinda Bilgera and Alex
C. Cortez to sell the real property commonly known as Unit 112 Russ
Street, San Francisco, California, identified as Lot 276; Block
3731, to Mark Lee for $805,000.

A hearing on the Motion was held on July 13, 2017 at 10:00 a.m.

Having stipulated with the Debtors, Yeva, Inc., doing business as
Saxe Mortgage Co., agrees to permit the sale of the Unit 112 to
close and authorizes a partial reconveyance as to the close of Unit
112, with the understanding that Saxe will receive partial payment
from the close of Unit 112, and that the judgments, liens, claims
and interests of Saxe will attach to any proceeds from the sale of
Unit 112, to the same priority and extent that they would attach to
Unit 112, i.e. Saxe agrees to accept partial payment from the sale
with respect to its secured liens, as recorded in the City and
County of San Francisco, as Instrument No. 2013-J645804-00 and
Instrument No. 2014-J894505-00.

Additional amounts due and owing to Saxe pursuant to the liens will
be paid to Saxe from the proceeds of the other units at the real
property at 112-114 Russ St., San Francisco, California.

The sale will be free and clear of the claims of lien of Ann La
Morena Rohlin; Boris Govzman, Sofia Fridman, and Nataliz Govzman;
Arcon Construction Corp.; Franchise Tax Board; and
Greenbanker-Stanley Lo, with such liens to attach to the sale
proceeds -- if at all -- to the same extent that these claims of
lien would have attached prior to the filing of the Debtors'
bankruptcy case.

The Debtors are authorized to pay any and all closing costs, and
all related escrow fees upon the close of escrow from the sale
proceeds.

From the sale proceeds, the Debtors are is authorized to make the
following disbursements: (i) Broker Commission 5% - BHG Highland
Partners: $20,125 and Brown and Co. Real Estate: $20,125; (ii)
Hazard Insurance to State Farm - $2,304; (iii) Water/energy
inspection fee to City-Wide Insulation Co., Inc. - $450; (iv)
Prorata R.E. Taxes - Est. $180; (v) Old Republic Title Doc Charges
- $75; (vi) Notary Fees - $150; (vii) Title Charges - $75; (viii)
Recording Fees - $123; (ix) County Transfer Tax to County of San
Francisco - $5,474; (x) Saxe to receive payment of any net balance
- Est. $756,584.

The Debtors are authorized to pay any additional, de minimis
($1,000 or less) title charges or utility liens necessary to close
the sale.  They are not authorized to make any additional
disbursement from the sale proceeds absent prior Court order.

Upon the closing of escrow, the title company will retain any
remaining loan proceeds in an interest bearing escrow account until
such time as a subsequent order of the Court authorizes further
disbursements.

The stay of the Sale Order provided by Bankruptcy Rule 6004(h) is
waived.

Melinda Bilgera Cortez and Alex C. Cortez sought Chapter 11
protection (Bankr. N.D. Cal. Case No. 16-31253) on Nov. 20, 2016.
The Debtors tapped Matthew D. Metzger, Esq., at Belvedere Legal,
PC, as counsel.


MICHAEL DOMBROWSKI: Caruth Buying Atlanta Home for $121K
--------------------------------------------------------
Michael G. Dombrowski asks the U.S. Bankruptcy Court for the
Northern District of Alabama to authorize the private sale of
rental home located at 95 Forsyth Street SW, Unit 3D, Atlanta,
Georgia, to Debora Caruth for $121,000.

To the best of the Debtor's knowledge, the Property is unencumbered
by any mortgages or other liens.

Subject to Bankruptcy Court approval, the Debtor has now entered
into a Purchase and Sale Agreement for the Property with the
Purchaser for $121,000, free and clear of liens.  The Debtor
represents that this is an arms-length transaction, and he has no
family or business connections with the Purchaser and did not know
her before she made this offer.  In his opinion, it is in the best
interest of the Estate to sell the Property.

A copy of the Agreement attached to the Motion is available for
free at:

      http://bankrupt.com/misc/Michael_Dombrowski_482_Sales.pdf

All net sale proceeds will be paid directly to the Debtor's account
at closing by either check or wire transfer and will be reflected
in his monthly Chapter 11 operating reports.

The sale of the Property is to be conducted at a closing to occur
after entry of a final Order approving the sale, and is to be held
on July 25, 2017 at the office of The Fryer Law Firm in Atlanta,
Georgia, as mutually agreed upon by the parties.

                   About Michael G. Dombrowski

The Michael G. Dombrowski is an active real estate investor with
numerous real properties in Alabama and several other states.  In
addition to his own properties, he is a member or member/owner of
several limited liability companies that own real properties.

Michael G. Dombrowski sought Chapter 11 protection (Bankr. N.D.
Ala. Case No. 16-81412) on May 11, 2016.  The Debtor tapped
Tazewell Shepard, Esq., at Sparkman, Shepard & Morris, P.C., as
counsel.


MICHAELS STORES: Moody's Assigns Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned Michaels Stores, Inc.'s Ba2
Corporate Family Rating (CFR), Ba2-PD Probability of Default
Rating, SGL-1 Speculative Grade Liquidity Rating and stable rating
outlook to a different entity in the legal structure, for
administrative purposes. These ratings, which had previously
resided at Michaels Companies, Inc., are now assigned to Michaels
Stores, Inc.

Assignments:

Issuer: Michaels Stores, Inc.

-- Probability of Default Rating, Assigned Ba2-PD

-- Speculative Grade Liquidity Rating, Assigned SGL-1

-- Corporate Family Rating Assigned Ba2

Outlook Actions:

Issuer: Michaels Companies, Inc. (The)

-- Outlook, Changed To Rating Withdrawn From Stable

Issuer: Michaels Stores, Inc.

-- Outlook, Changed To Stable From No Outlook

Withdrawals:

Issuer: Michaels Companies, Inc. (The)

-- Probability of Default Rating, Withdrawn , previously rated
    Ba2-PD

-- Speculative Grade Liquidity Rating, Withdrawn , previously
    rated SGL-1

-- Corporate Family Rating, Withdrawn , previously rated Ba2

RATINGS RATIONALE

Michaels' Ba2 Corporate Family Rating reflects the company's scale
and strong market position as the established leader in the highly
fragmented arts and craft segments of retail. Michaels' has a
demonstrated track record of driving growth while maintaining
strong operating margins that have averaged in the mid-teens over
the past five years. The rating is also supported by the relative
stability of the arts and craft segment of the industry and credit
metrics that are in-line with the assigned CFR. Liquidity is very
good, with strong positive free cash flow generation, no near dated
debt maturities, and access to a $850 million asset-based revolver
to support seasonal working capital requirements. Ratings consider
modest business risk associated with the highly seasonal nature of
Michaels' product sales, exposure to categories that are more
sensitive to economic conditions (such as seasonal decor and custom
framing), and competition from big box retailers.

The stable outlook reflects Moody's opinion that Michaels will be
able to maintain solid credit metrics despite being highly seasonal
and operating in a fragmented market segment. There is also an
expectation for measured growth and prudent financial policies.

An upgrade would require Michaels to maintain profitable growth
with operating margins in the mid-teens. Quantitatively an upgrade
would require debt to EBITDA below 3.0 times and EBIT to interest
expense above 4.25 times. It would also require the company to show
evidence that financial policy will align with maintaining credit
metrics in line with the levels noted above.

Rating could be downgraded should Michaels' financial policies
become more aggressive. A ratings downgrade could also occur if
Michaels' operating performance deteriorate or debt levels increase
such that debt to EBITDA is sustained above 4.0 times or EBIT to
interest expense falls below 3.0 times.

Michaels Stores, Inc. is a wholly-owned subsidiary of Michaels
Companies, Inc., the largest dedicated arts and crafts specialty
retailer in North America. The company operated 1,364 stores in 49
states and Canada under store brands Michaels (1,225), Aaron
Brothers (104), and Pat Catan's (35) as of April 29, 2017. The
company primarily sells general and children's crafts, home decor
and seasonal items, framing and scrapbooking products. Total sales
were about $5.2 billion for the latest twelve months ended April
29, 2017. Michaels Companies, Inc., (ticker "MIK"), is publicly
traded, but remains approximately 39% owned by affiliates of Bain
Capital Partners, LLC and The Blackstone Group, L.P., who acquired
the company in 2006.

The principal methodology used in these ratings was Retail Industry
published in October 2015.


MIDWEST ASPHALT: Hearing on Cash Collateral Use Set for July 25
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota will hold
on July 25, 2017, at 11:30 a.m., a hearing to consider Midwest
Asphalt Corporation's motion to continue using cash collateral
through Dec. 31, 2017.

Any response to the Debtor's motion must be filed not later five
days before the hearing.

As reported by the Troubled Company Reporter on May 18, 2017, the
Court previously authorized the Debtor to use cash collateral in
the ordinary course in accordance with the Debtor's projections.
The Debtor's authorization to use cash collateral terminates
automatically on the earlier of: (a) the date that the Welty DIP
Facility terminates; or (b) July 31, 2017.

Of the creditors with secured claims, the only parties with a
prepetition interest in cash collateral is Callidus Capital
Corporation.  Additional post-petition lien in cash collateral have
been granted to MAC Investment-Chanhassen, LLC, and Gary Welty.
All of the Debtor's other Secured Lenders have liens in only
certain specified equipment; and have no liens in cash collateral.
As of the date of the filing, Callidus was owed approximately $15.0
million.  Callidus is undersecured.

Cash collateral assets (consisting of cash, inventory, accounts
receivable, and the retainer for the Debtor's counsel) had a value,
as of the filing date, of $4,063,045.

The Debtor agrees to grant to Callidus, the standard items of
adequate protection.  The Debtor will continue to offer Callidus
new liens in all unencumbered assets of the Debtor.  Specifically,
the Debtor proposes to continue grant liens in the (i) unencumbered
vehicle collateral, as adequate protection of Callidus' position,
(ii) the equity in all equipment financed outside of Callidus,
(iii) the cash value in life insurance, and (iv) the value in
Chapter 5 claims.  In addition, the Debtor is willing to grant a
mortgage in the equity in real estate owned by the Debtor.

As of the Filing Date, the Debtor had cash collateral assets with a
value of approximately $4,063,045 (consisting of cash, inventory,
accounts receivable, and the retainer of the Debtor's counsel).
With the Additional Post-Petition Collateral added, the Debtor
projects that the value of collateral securing the cash collateral,
going forward will be in excess of the value of cash collateral as
of the filing date, and continue to rise as the summer season gets
into full swing.

The position of Callidus' cash collateral including cash, accounts
receivable and inventory (along with the Additional Post-Petition
Collateral), remains stable and increases in value.

The Debtor requires the use of cash collateral in order to carry on
its business activities, to pay for its current operations,
including purchases, insurance, utilities, payroll, and payroll
taxes and rent.  The Debtor will be able to continue operations,
and believes that it will be able to obtain a confirmed plan and
reorganization in accordance with existing rules and statutes.

The Debtor proposes that it be authorized to grant to Callidus a
replacement lien or a security interest in any new assets,
materials and accounts receivable, generated from the use of cash
collateral, with the same type, priority, dignity, and validity of
prepetition liens or security interests.  Specifically, the Debtor
proposes granting a replacement lien to the Callidus to the extent
that it protects them against diminution of the value of their
collateral as it existed at the time of the commencement of this
proceeding; and grant to Callidus liens in the Additional
Post-Petition Collateral, as additional adequate protection of its
position.
As additional adequate protection, the Debtor proposes (1) to
maintain insurance on all of the property in which the Callidus
(and all other secured creditors) claim a security interest; (2) to
pay all post-petition federal and state taxes, including timely
deposit of payroll taxes; (3) provide the Callidus (and all other
secured creditors, upon 24-hour prior notice), access during normal
business hours for inspection of their collateral and the Debtor's
business records; and in a manner not disruptive to normal business
operations of the Debtor; and (4) all cash proceeds and income of
the Debtor will be deposited into a Debtor in Possession Account.

A copy of the Debtor's request for permission to continue using
cash collateral is available at:

           http://bankrupt.com/misc/mnb17-40075-225.pdf

                      About Midwest Asphalt

Midwest Asphalt Corporation, based in Hopkins, Minnesota, filed a
Chapter 11 petition (Bankr. D. Minn. Case No. 17-40075) on Jan. 12,
2017.  The petition was signed by Blair Bury, president.  The
Debtor is represented by Thomas Flynn, Esq., at Larkin Hoffman. The
case is assigned to Judge Katherine A. Constantine.  The Debtor
estimated assets and debt at $10 million to $50 million at the time
of the filing.

Daniel M. McDermott, the U.S. Trustee for Region 12, on Feb. 2,
2017, appointed two creditors of Midwest Asphalt Corporation to
serve on the official committee of unsecured creditors.  The
committee members are: (1) WD Larson/Allstate Peterbilt; and (2)
Tiller Corporation.  The U.S. Trustee, on March 16, 2017, added
LSREF2 Cobalt LLC to the Committee.  The Committee tapped Matthew
R. Burton, Esq., at Leonard, O'Brien, Spencer Gale & Sayre, Ltd.,
as legal counsel.


MINI MASTER: Disclosure Statement Hearing Set for Sept. 13
----------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico is set to hold a hearing
on September 13, at 9:00 a.m., to consider approval of the
disclosure statement, which explains the Chapter 11 plan of
reorganization for Mini Master Concrete Services Inc.

Objections to the disclosure statement must be filed not less than
14 days prior to the hearing.

Under the plan, creditors holding allowed Class 4 general unsecured
claims will be paid their pro-rata share from a $50,000 carve-out
to be reserved from the proceeds of the sale of the company's
assets.  The estimated amount of allowed claim for this class is
$932,374.48.

              About Mini Master Concrete Services

Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
Judge Mildred Caban Flores over the case.  Charles A. Cuprill, PCS
Law Offices, represents the Debtor as counsel.

The Debtor disclosed total assets of $15.78 million and total
liabilities of $5.46 million.  The petition was signed by Carmen M.
Betancourt, president.

On April 28, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


MOOG INC: S&P Affirms 'BB+' CCR & Revises Outlook To Stable
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Moog Inc. to stable from
negative. S&P said, "At the same time, we affirmed all of our
ratings, including the 'BB+' corporate credit rating.

S&P related, "The outlook revision reflects improvement in credit
metrics during the first half of 2017 and our expectation that this
trend will continue, resulting in credit metrics appropriate for
the rating over the next 12 months. The expected improvement is due
to modest organic growth and earnings improvements from prior
restructuring actions as well as lower R&D spending as some program
production costs decline. We now expect funds from operations (FFO)
to debt to remain in the 20%-25% range in fiscal 2017 and increase
to 25%-30% in 2018, from 21% in 2016 and better than our previous
expectation of below 25% in fiscal 2018.

"The outlook is stable. We expect credit measures to improve
gradually over the next 12 months as the company benefits from
earnings improvement from increased production rates, prior
restructuring efforts, contributions from acquisitions offset by
lower aftermarket sales, and the weak energy and industrial
segments. This should result in FFO to debt increasing to 25%-30%
for 2018 from 20%-25% forecast for fiscal 2017.

"We could lower the ratings if FFO to debt declines below 20% over
the next 12 months. This would likely be due to lower-than-expected
increases in production rates and continued earnings pressure from
the weaker industrial and space and energy markets. Although less
likely, we could also lower our ratings if debt from acquisitions
and share repurchases are higher than we incorporated into our
forecast.

"We could raise our rating on Moog within the next 12 months if
earnings and cash flow improve faster than we anticipate, resulting
in FFO to debt improving to above 30% and we believe it would stay
there. This would likely be due to stronger demand from growth
programs such as A350 and F-35, combined with improving margins
from cost reduction and productivity efforts."


MOREHEAD MEMORIAL: Asks Approval to Use Cash Collateral
-------------------------------------------------------
Morehead Memorial Hospital asks for permission from the U.S.
Bankruptcy Court for the Middle District of North Carolina to use
cash collateral for, among other things, the purchase of new
supplies, the funding of payroll obligations, the operation of its
healthcare facilities, and other working capital needs.

The Debtor has requested that Berkadia, HUD, and First-Citizens
agree to the Debtor's use of cash collateral in a manner that is
consistent with the budget and future agreed-upon monthly budgets
for the purpose of ensuring that the Debtor is able to continue to
provide healthcare services to the Eden community.  First-Citizens
has agreed to the terms proposed by the Debtor, but thus far
Berkadia and HUD have not agreed.

The Debtor has also requested that HUD release funds from the MRF
comprised of (1) one release in the amount of $532,454 to cure the
prepetition payment defaults under the Berkadia Note and (2)
monthly releases, each in the approximate amount of $266,227 from
the MRF to make monthly payments on the Berkadia Note on behalf of
the Debtor.  HUD has not approved or disapproved this request.

The Debtor does not have available sources of working capital to
carry on the operation of its business without the use of cash
collateral.  The Debtor is dependent upon use of cash collateral to
pay the on-going costs of operating its business, paying its
employees, and insuring, preserving, repairing, and protecting all
its tangible assets, and thus it has an immediate need for the use
of cash collateral.

The Debtor says that if it is not permitted to use cash collateral
to pay these expenses, the going concern value of the Debtor's
business will be lost, and the fair market value of the estate's
assets will be significantly reduced, resulting in financial loss
to all parties in interest.  

In order to provide Berkadia, HUD, and First-Citizens adequate
protection, the Debtor proposes that it be permitted to use the
cash collateral upon the following terms and conditions:

     (a) the Debtor will continue to make interest and all other
         payments on the Berkadia Note as and when they are due
         until further order of the Court, pursuant to and as a
         result of the Initial Release and the Monthly Releases;

     (b) the Debtor will continue to make interest and all other
         post-petition payments on the First-Citizens Note as and
         when they are due until further order of the Court;

     (c) the Debtor will use the cash collateral only in the
         ordinary course of its business and subject to an agreed
         upon budget, subject to further order of the Court;

     (d) the Debtor will provide Berkadia, HUD, and First-Citizens

         with a continuing post-petition lien and security
         interest in all property and categories of property of
         the Debtor in which, and of the same priority as, said
         creditor held a similar, unavoidable lien as of the
         Petition Date, and the proceeds thereof, whether acquired

         prepetition or postpetition, equivalent to a lien
         granted under Sections 364(c)(2) and (3) of the U.S.
         Bankruptcy Code, but only to the extent of cash
         collateral used.  The validity, enforceability, and
         perfection of the post-petition liens on the post-
         petition collateral will not depend upon filing,
         recordation, or any other act required under applicable
         state or federal law, rule, or regulation; and

     (e) the Debtor agrees that post-petition liens will be
         senior, first priority, validly perfected liens,
         subordinate only to (i) payment of fees to the U.S.
         Trustee pursuant to 28 U.S.C. Section 1930 and (ii) the
         fees and expenses of the professionals retained by the
         Debtor and the Official Committee of Unsecured Creditors
         that are allowed by the Court prior to any termination of

         the use of cash collateral and after termination of the
         use of cash collateral, if so terminated, any unpaid fees

         and expenses of such professionals that are allowed by
         the Court in an amount not to exceed $300,000 per month.

A copy of the Debtor's request is available at:

           http://bankrupt.com/misc/ncmb17-10775-19.pdf

                     About Morehead Memorial

Morehead Memorial Hospital -- http://www.morehead.org/-- is a
North Carolina non-profit corporation that owns and operates a
108-bed general acute care community hospital on a 22-acre campus
located at 117 East Kings Highway, Eden, North Carolina.  Within
the Hospital Real Property, the Debtor also owns and operates a
121-bed skilled nursing facility.  In addition to the Hospital Real
Property, the Debtor also owns several other parcels of real
property located in Eden that are contiguous to, or in the general
vicinity of, the Hospital Real Property.

Founded in 1924, Morehead Memorial Hospital is a two-state
healthcare system that serves patients in a 12-zip code area
encompassing Rockingham County, North Carolina and neighboring
southern Virginia areas.  A cornerstone in Eden and one of the top
five employers in Rockingham County, the Debtor employs
approximately 700 individuals that provide comprehensive medical
services to the more than 31,000 people who visit the Debtor's
facilities on an annual basis.  The Debtor is controlled by an
eleven-member board of trustees comprised of community leaders from
Eden and Rockingham County.

Morehead Memorial Hospital filed for Chapter 11 bankruptcy
protection (Bankr. M.D. N.C. Case No. 17-10775) on July 10, 2017,
estimating its assets and liabilities at between $10 million and
$50 million each.  The petition was signed by Dana M. Weston, chief
executive officer.

Judge Benjamin A. Kahn presides over the case.

Thomas W. Waldrep, Jr., Esq., Jennifer B. Lyday, Esq., and
Francisco T. Morales, Esq., at Waldrep LLP serve as the Debtor's
bankruptcy counsel.

Womble Carlyle Sandridge & Rice, LLP, is the Debtor's special
counsel.

Grant Thornton LLP is the Debtor's financial consultant.

Hanlon Hammond Camp LLC is the Debtor's investment banker.

Donlin, Recano & Company, Inc., is the Debtor's claims and noticing
agent.


MULTICARE HOME: May Use IRS's Cash Collateral Until Dec. 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
entered a final order allowing Multicare Home Health Services, LLC,
to use until Dec. 31, 2017, cash collateral of the Internal Revenue
Service to continue the Debtor's operations.

As adequate protection for the diminution in value of the interests
in the IRS, the IRS is granted valid, binding, enforceable, and
perfected replacement liens and security interests co-extensive
with their pre-petition liens in all currently owned or hereafter
acquired property and assets of the Debtor.

A copy of the final court order is available at:

          http://bankrupt.com/misc/txnb17-32419-24.pdf

As reported by the Troubled Company Reporter on July 7, 2017, the
Court previously authorized the Debtor to use the cash collateral
on an interim basis.

The TCR reported that the Debtor sought court permission to use
cash collateral, saying that it is in immediate need to use the
cash collateral of the IRS to maintain operations of the business.
The continued operations of the Debtor will necessitate the use of
the cash collateral.

                       About Multicare Home

Multicare Home Health Services, LLC, operator and owner of a home
healthcare business, filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Tex. Case No. 17-32419) on June 21, 2017.  Gloria Wilson,
managing member, signed the petition.  The Debtor estimated $0 to
$50,000 in assets and $1 million to $10 million in liabilities.
Multicare Home is represented by Eric A. Liepins, Esq., in Dallas,
Texas.


MUNCIE SCHOOLS: S&P Lowers Bonds Rating to 'BB', On RWN
-------------------------------------------------------
S&P Global Ratings lowered its underlying rating on Muncie School
Building Corp., Ind.'s first mortgage refunding bonds issued for
Muncie Community Schools (Muncie Schools) four notches to 'BB' from
'BBB+'. The rating remains on CreditWatch, where it was placed with
negative implications on March 17, 2017. S&P extended its
CreditWatch placement on June 16, 2017, for 90 days.

"The downgrade reflects continued structural imbalance and a poor
liquidity position, weakened management conditions as reflected by
what we consider vulnerable financial management practices, and an
unanticipated decline in the cash position in calendar 2016 due to
a large amount of unpaid bills, which will likely be a drain on
cash."

"We believe the district faces major ongoing uncertainties and
exposure to adverse business, financial, or economic conditions
that could lead to an inadequate capacity to meet its financial
commitments," said S&P Global Ratings credit analyst Anna
Uboytseva.

The CreditWatch status is due to the district's lack of cash and
potential inability to pay essential operating expenses. S&P sid,
"If management or the interim emergency manager fails to make
meaningful progress in restoring budgetary balance and cash flow
further weakens, we could again lower the rating. If management or
the interim emergency manager creates a new comprehensive deficit
reduction plan or successfully follows the state-approved deficit
reduction plan, generating sufficient cash flow in the coming
months to meet core priority payments, including debt service, we
could remove the rating from CreditWatch.

"We also affirmed our 'AA+' long-term and underlying ratings
(SPUR), with a stable outlook, on the district's previously issued
bonds that qualify for Indiana's State Aid Intercept program."


NEFF RENTAL: S&P Puts 'B' CCR on CreditWatch Pos. Amid H&E Deal
---------------------------------------------------------------
S&P Global Ratings, on July 17, 2017, placed all its ratings on
Neff Rental LLC, including its 'B' corporate credit rating, on
CreditWatch with positive implications.

The CreditWatch placement follows H&E Equipment Services Inc.'s
announcement that it has entered into a definitive agreement to
acquire Neff in a transaction valued at about $1.2 billion in cash.
The transaction -- which S&P expects to close late third quarter or
early fourth quarter of 2017 -- is subject to customary closing
conditions, including regulatory approval. Upon completion, Neff
would become part of larger, more diversified H&E.

CreditWatch

S&P said, "We expect to resolve the CreditWatch listing when the
transaction closes, at which time we will likely raise our
corporate credit rating on Neff to equalize it with our corporate
credit rating on H&E (BB-/Stable/--). We would then likely withdraw
all our ratings on Neff.

"Alternatively, if the transaction is not completed, we will review
our ratings on Neff. We would then most likely affirm them, remove
them from CreditWatch, and assign a stable outlook."


NEW ENGLAND ORTHOTIC: May Use Cash Collateral Through July 19
-------------------------------------------------------------
The Hon. Ann M. Nevins of the U.S. Bankruptcy Court for the
District of Connecticut has authorized NEOPS Holdings, LLC, et al.,
to use cash collateral for the week of July 15, 2017, and up to and
including July 19, 2017.

As of the Petition Date, the secured creditors allege prepetition
senior liens and prepetition junior liens against the Debtors'
assets, including the Debtors' cash collateral.  It is essential to
the Debtors' businesses and operations that they obtain a
preliminary court order authorizing them to use cash collateral to
pay business expenses necessary to avoid irreparable harm to the
estate, including wages, rent, utilities, taxes, and payments to
vendors.  Without the use of their cash collateral, the Debtors
will suffer irreparable harm and be forced to terminate operations
and abort any chance for successful reorganization.

In exchange for the preliminary use of cash collateral by the
Debtors, and as adequate protection for Secured Creditors'
interests therein, the Secured Creditors are granted replacement
and substitute liens as provided in Section 361(2) of the
Bankruptcy Code in all postpetition assets and proceeds thereof,
excluding any bankruptcy avoidance causes of action, and
replacement liens will have the same validity, extent, and priority
that the Secured Creditors possessed as to the liens on the
Petition Date.

A copy of the Order is available at:

            http://bankrupt.com/misc/ctb17-31017-28.pdf

Headquartered in Branford, Connecticut, New England Orthotic and
Prosthetic Systems, LLC (NEOPS) -- http://neops.net/-- is a
provider of state-of-the-art orthotic and prosthetic patient care
products and services in the eastern United States.  The
partnership was founded by certified orthotists and prosthetists
who were dissatisfied with large impersonal corporations where the
constant pressures of consolidation and cost containment can hamper
effective patient care.

NEOPS Holdings (Bankr. D. Conn. Case No. 17-31017), and affiliates
New England Orthotic and Prosthetic Systems, LLC (Bankr. D. Conn.
Case No. 17-31018), New England O&P New York, Inc. (Bankr. D. Conn.
Case No. 17-31019), (Bankr. D. Conn. Case No. Bergman Orthotics &
Prosthetic, LLC (Bankr. D. Conn. Case No. 17-31020), Spinal
Orthotic Systems, LLC (Bankr. D. Conn. Case No. 17-31021), and
Carlow Orthopedic & Prosthetic, Inc. (Bankr. D. Conn. Case No.
17-31022) filed for Chapter 11 bankruptcy protection on July 11,
2017.  The petitions were signed by David Mahler, president and
CEO.

Judge Ann M. Nevins presides over the case.

James Berman, Esq., and Joanna M. Kornafel, Esq., at Zeisler &
Zeisler, P.C., serve as the Debtors' bankruptcy counsel.

NEOPS Holdings estimated its assets at between $1 million and $10
million and its liabilities at between $10 million and $50 million.
New England Orthotic estimated its assets at up to $50,000 and
liabilities at between $1 million and $10 million.


NEW ENGLAND ORTHOTIC: Wants Cash Collateral Use & Financing
-----------------------------------------------------------
NEOPS Holdings, LLC, et al., ask for permission from the U.S.
Bankruptcy Court for the District of Connecticut to use cash
collateral and to obtain post-petition financing to fund ongoing
operations.

The Debtors also request that the Court schedule a final hearing on
the Debtors' request no later than July 27, 2017.

As of the Petition Date, the Debtors owed:

     a. $3.9 million revolving loan and $920,000 term loan from
        First Niagara Bank, N.A.  In 2016 KeyBank, National
        Association, succeeded to First Niagara's interest in the
        first lien obligations as a result of Key Bank's
        acquisition of First Niagara;

     b. $4 million from F.N.B. Capital Partners, L.P., as
        evidenced by that certain senior subordinated promissory
        note dated Nov. 6, 2013; and

     c. $1,993,300 from Edward Epstein.

Prior to the Petition Date, the Debtors granted (a) first priority
security interests in and liens on substantially all their
prepetition assets to First Niagara; and (b) second priority
security interests in and liens on the prepetition collateral to
the holders of the second lien notes.

Prior to the Petition Date, pursuant to that certain loan purchase
agreement dated July 10, 2017, between KeyBank and AHM NEOPS
Acquisition, LLC, KeyBank sold, assigned, transferred, and conveyed
to AHM, and AHM purchased and accepted from KeyBank, all of
KeyBank's right, title, and interest in, under and to the
Prepetition Seniors Obligations, Prepetition Senior Loan Documents,
and Prepetition Senior Liens.  The DIP Lender intends to become the
owner of the Debtors through the Chapter 11 process and a plan of
reorganization, yet to be proposed, confirmed by the Court.
The Debtors say that the use of cash collateral will enable them to
pay post-petition obligations and preserve the integrity of their
operations while they continue to fulfill orders and provide their
customary high-quality service to customers.  Absent the use of
cash collateral, the Debtors' ability to continue their operations
in the ordinary course would be jeopardized.  In addition to the
adequate protection afforded by the continuation of the Debtors'
normal business operations, the Debtors propose, subject to any
liens granted, to give each holder of a pre-petition lien a
replacement lien to the same extent, priority, and validity the
claimant held prior to the Petition Date, including to FNB and
Epstein, notwithstanding that the Debtors believe that FNB and
Epstein are unsecured.
Pending a final hearing on the Debtors' request, the Debtors seek
immediate financing to augment their ability to pay rent and
salaries, to purchase supplies, and for other operational and
working capital needs to continue operations uninterrupted.  Absent
financing for their business operations, the Debtors' continuing
operations may be negatively impacted.  Consequently, if interim
relief is not granted, the Debtors' going concern value may be
immediately and irreparably jeopardized to the detriment of the
estates, the creditors, and all other parties in interest.  

To date, the Debtors have been unable to obtain funding on any
other basis more beneficial to the estate than that proposed.  The
Debtors note that without sufficient assets to provide as
collateral, the Debtors' ability to obtain financing from any
conventional source at this time would be unlikely.

The Debtors assure the Court that it is the business judgment of
the Debtors that the terms of the financing facility, when taken as
a whole, provide the Debtors with the most preferable terms for
post-petition financing.  

The Debtors propose that, among other things, the DIP Lender be
granted a first position security interest in all of the Debtors'
assets to secure a DIP in an amount up to $1.2 million, in cash and
goods, superior to all other creditors, subject only to certain
express carve outs in favor of the Debtors' professionals in amount
of up to $100,000, employee wages, and quarterly fees due to the
U.S. Trustee, in and upon all of the existing and future assets and
property of the Debtors and their estates.  

A copy of the Debtors' request is available at:

            http://bankrupt.com/misc/ctb17-31022-2.pdf

                    About New England Orthotic

Headquartered in Branford, Connecticut, New England Orthotic and
Prosthetic Systems, LLC (NEOPS) -- http://neops.net/-- is a
provider of state-of-the-art orthotic and prosthetic patient care
products and services in the eastern United States.  The
partnership was founded by certified orthotists and prosthetists
who were dissatisfied with large impersonal corporations where the
constant pressures of consolidation and cost containment can hamper
effective patient care.

NEOPS Holdings, LLC (Bankr. D. Conn. Case No. 17-31017) and
affiliates New England Orthotic and Prosthetic Systems, LLC (Bankr.
D. Conn. Case No. 17-31018), New England O&P New York, Inc. (Bankr.
D. Conn. Case No. 17-31019), Bergman Orthotics & Prosthetic, LLC
(Bankr. D. Conn. Case No. 17-31020), Spinal Orthotic Systems, LLC
(Bankr. D. Conn. Case No. 17-31021) and Carlow Orthopedic &
Prosthetic, Inc. (Bankr. D. Conn. Case No. 17-31022) simultaneously
filed Chapter 11 petitions on July 11, 2017.  The petitions were
signed by David Mahler, president and CEO.

Judge Ann M. Nevins presides over the case.

James Berman, Esq., and Joanna M. Kornafel, Esq., at Zeisler &
Zeisler, P.C., serve as the Debtors' bankruptcy counsel.

NEOPS Holdings estimated its assets at between $1 million and $10
million and its liabilities at between $10 million and $50 million.


New England Orthotic estimated its assets at up to $50,000 and its
liabilities at between $1 million and $10 million.

No trustee, examiner or committee has been appointed in the
Debtors' Chapter 11 cases.


NORMAN ELLOWAY: Selling Novato Property for $2.8M to Pay Creditors
------------------------------------------------------------------
Norman Ivan Elloway asks the U.S. Bankruptcy Court for the Northern
District of California to authorize the sale of a single-family
dwelling located at 1970 Indian Valley Rd., Novato, California to
Michelle Carpenter and Matthew Griggy for $2,725,000.

A hearing on the Motion is set for Aug. 17, 2017 at 9:30 a.m.

Among the assets at the commencement of the case was the Debtor's
Property.  The fair market value of the Property is $2,725,000 or
less.

On Oct. 22, 2002 for valuable consideration, the Debtor made,
executed, and delivered a promissory note to Green Point Mortgage
Funding, Inc. (now assigned to Bank of America and serviced by
JPMorgan Chase Bank, N.A.) for $934,500.  As part of the same
transaction, he executed a deed of trust that conveyed a beneficial
interest in the Property to Green Point to secure payment of the
note (the First Deed of Trust).  The First Deed of Trust was duly
perfected on or about even date with the recording of said document
in the Marin County as document number 2002-0097746.  He is
informed and believe that on the day the petition was filed the
obligation to Bank of America and serviced by JPMorgan had a
principle balance of $698,406 including accrued fees and charges
pursuant to their proof of claim filed as Claim no. 5, on June 8,
2017.

On Jan. 9, 2009, the Debtor, for valuable consideration, made,
executed, and delivered to Presidio Bank a promissory note in the
principle sum of $1,395,000.  As part of the same transaction, he
executed a second deed of trust that conveyed a beneficial interest
in the Property Lender to secure payment of the note (the Second
Deed of Trust).  He is informed and believes that on the day the
petition was filed the obligation to Lender had a principle balance
of $1,411,641 including accrued fees and charges pursuant to their
proof of claim filed as Claim no. 4, on June 6, 2017.

The Property has been on the market since about March 2017 after
approval of the broker.  Because the Debtor was in default on the
secured note, interest doubles and additional 5% was added to the
interest only promissory note and month interested increased from
about $6,000 a month to over 12,000 per month.  It is imperative
that the Debtor sell the Property to pay off the second deed of
trust to prevent unsustainable interest charges accruing, relieve
from stay, or Chapter 7.

The sales price $2,725,000 for the entire Property of approximately
9 acres including the house.  There are certain code violations and
illegal structures on the Property which either must be removed or
corrected.  The Debtor is willing to accept the Purchase Price now.
The Property sale is a fair sale based upon the comparable values
in the area.  The Property was listed for $3.4 million but no one
offered any sum like that.  The brokerage fees are 5% ($136,250) to
be split between the listing/selling agent and the buying agent.

The Contract between the Buyers and the Debtor was signed on July
7, 2017 for the sale of the Property free and clear of liens
subject to bankruptcy approval.  The purchase contract is a 45-day
close of escrow and it is anticipated the escrow will close on Aug.
21, 2017.  There are no loan or appraisal contingencies as it is an
all cash offer, and a 21 -day inspection.  The Buyers represent
that they are aware of the condition of the property, roof, decks,
electrical, septic, code enforcement, etc.  There remains an
inspection of a diesel tank on the property as to any toxic or
environmental issues.  The Debtor represents there is no
environmental issue.  

There is a tenant on the Property whose lease expires Nov. 1, 2017
and the Buyers will allow the tenant to stay until the expiration
of her lease.

The sale will pay off, in full, 100% the first and second secured
creditors and their respective deeds of trust.  There will be a
surplus to pay 100% unsecured creditors and administrative
expenses.

As a condition of the transaction, $150,00 will remain in escrow or
a blocked account to hold to pay off the unsecured creditors at
approximately $55,000; the IRS claims of $6,000; and administrative
expense through a 100% plan to be filed upon the approval of the
Motion.

A copy of the Contract attached to the Motion is available for free
at:

    http://bankrupt.com/misc/Norman_Elloway_83_Sales.pdf

Assuming the sale is approved, then Debtor will file a 100% plan
without disclosure statement (as there will be no voting as it is
100% of claims) and upon approval, close the bankruptcy case.

Norman Ivan Elloway sought Chapter 11 protection (Bankr. N.D. Cal.
Case No. 17-30140) on Feb. 14, 2017.  The Debtor tapped Michael C.
Fallon, Esq., at Law Offices of Michael C. Fallon as counsel.


OFFUTT AFB: Moody's Hikes Rating on $106MM Revenue Bonds From Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on approximately
$106 million of outstanding Offutt AFB America First Communities,
LLC's Taxable Military Housing Revenue Bonds (Offutt Air Force Base
Privatized Military Housing Project) Series 2005 Class I to Baa3
from Ba1. At the same time, Moody's has upgraded the rating on
approximately $26.5 million of Series 2005 Class II bonds to Ba1
from Ba2. The outlooks on the ratings are stable.

The rating actions on the bonds are primarily based on strong and
consistent debt service coverage, and stable project operating
performance and occupancy. The ratings are constrained by the
absence of a debt service reserve that is either cash-based or
provided by a rated entity, the absence of significant other
reserves available for financial cushion and project
recapitalization, the limitation on the project's ability to build
additional reserves due to the payment obligation on the
subordinate Government Direct Loan (GDL), and the uncertainty over
the continued use of and revenue from over 300 legacy units.

Rating Outlook

The stable outlooks on the ratings reflect Moody's expectations
that the Project will continue its trend of strong debt service
coverage combined with its considerable limitations on reserves and
revenue uncertainty.

Factors that Could Lead to an Upgrade

Improved financial performance strong enough to significantly
increase post-GDL-payment excess cash flow and the build-up of
significant reserves.

The current surety bond provider obtaining a rating, or being
replaced by a rated surety bond provider, or the replacement of the
surety bond with a cash funded debt service reserve fund.

Factors that Could Lead to a Downgrade

A significant decline in debt service coverage, which could be due
to a significant reduction in rental revenues due to BAH declines,
market rent declines, demolition of above-end-state legacy units
and/or reduced occupancy.

Legal Security

The bonds are special obligations of the issuer, Offutt AFB America
First Communities, L.L.C., a privatized military housing facility
located near Omaha, Nebraska. The bonds are secured by a pledge of
rental and other revenues, including the Basic Allowance for
Housing (BAH); the assignment of a leasehold mortgage on the
underlying property, improvements, and equipment therein; and
certain pledged reserve funds held by the bond trustee. The holders
of the Series 2005 Class I bonds have a security interest which is
senior in priority to that of the Series 2005 Class II bonds. In
2005, the Issuer entered into a 50-year ground lease with the U.S.
Air Force.

Use of Proceeds

Not applicable.

Obligor Profile

Offutt AFB America First Communities, LLC (the Issuer) is a
single-member limited liability company formed in 2005 for the
purpose of designing, financing, demolishing, constructing, and
renovating housing units at Offutt Air Force Base located in Sarpy
County, Nebraska.

Methodology

The principal methodology used in this rating was Global Housing
Projects published in June 2017.


OLMOS EQUIPMENT: Sale of San Antonio Property for $200K Approved
----------------------------------------------------------------
Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas authorized Olmos Equipment, Inc.'s sale
of real property located at 12545 Fischer Road, San Antonio, Bexar
County, Texas, to Charles A. Timms, Jr. for $200,000.

The sale is on an "as is, where is basis" and free and clear of any
and all liens, claims, encumbrances, and other interests, with any
and all such liens, claims, encumbrances and other interests
attaching to the net proceeds of the sale in the same validity and
in the same order of priority as in the underlying Real Property.

The ad valorem tax lien for 2016 and all prior years pertaining to
the Real Property will attach to the sales proceeds and the title
company will pay all ad valorem tax debt owed incident to the Real
Property immediately upon closing and prior to any disbursement of
proceeds to any other person or entity.

The ad valorem taxes for year 2017 pertaining to the Real Property
will be prorated in accordance with the Agreement and will become
the responsibility of the Purchaser and the year 2017 ad valorem
tax lien will be retained against the subject property until said
taxes are paid in full.

Notwithstanding anything to the contrary in the Order, Olmos is
authorized, through the title company consummating the sale
(Presidio Title), to pay or satisfy at the Closing: (i) all allowed
ad valorem taxes for 2016 and prior years; (ii) the real estate
commission due and owing to Colglazier Properties and all closing
costs and (iii) $72,098 of the IRS' allowed secured claim.
Furthermore, Presidio Title will escrow $73,000 of the proceeds of
the sale at closing and Presidio Title will not distribute the
$73,000 until a written agreement (between the IRS and the Texas
Workforce Commission) is provided to Presidio Title or Presidio
receives a court order indicating to whom such $73,000 will be
distributed.  As a result, the Texas Workforce Commission, despite
currently asserting a lien on the sale proceeds, will not, at
Closing, receive any funds.

It is a final Order and is enforceable upon entry by the Clerk of
the Court.  To the extent necessary under the Federal Rules of
Bankruptcy Procedure 5003, 9014, 9021 and 9002, the Court expressly
finds that there is no just reason for delay in the implementation
of the Order and expressly directs entry of judgment as set forth
and the stays of Federal Rules of Bankruptcy Procedure Rules
6004(h) and 6006(d) are waived, modified and will not apply to the
sale of the Real Property in accordance with the Agreement.  Olmos
is authorized to take all actions and enter into all transactions
authorized by this Order immediately.

In connection with the foregoing, Olmos, the Purchaser and the
title company assisting with the consummation of the sale are
authorized to close the transaction immediately upon entry of the
order and is not required to wait 14 days before closing the sale
and assignment contemplated.

                       About Olmos Equipment

Olmos Equipment Inc. filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-51834) on Aug. 12, 2016.  The petition was signed by
Larry Struthoff, president.  The Debtor estimated assets at $1
million to $10 million and liabilities at $10 million to $50
million at the time of the filing.

The case is assigned to Judge Craig A. Gargotta.

The Debtor is represented by William B. Kingman, Esq., at the Law
Offices of William B. Kingman, PC.

U.S. Bankruptcy Judge Craig A. Gargotta entered an order approving
the appointment of Randolph N. Osherow as Chapter 11 Examiner for
the Debtor.

On May 1, 2017, the Court confirmed the Debtor's First Amended
Plan
of Reorganization, as Modified.


ONE HORIZON: Agrees to Sell $200K Worth of Common Shares
--------------------------------------------------------
One Horizon Group, Inc., entered into a securities purchase
agreement with two investors pursuant to which the Company agreed
to sell an aggregate of 317,461 shares of common stock at a
purchase price of $0.63 per Share, for aggregate gross proceeds to
the Company of approximately $200,000.  In connection with the
purchase of the Shares, the Purchasers will receive a warrant to
purchase up to the number of shares of the Company's common stock
equal to 111,112 of the shares of common stock purchased by the
Purchaser pursuant to the Purchase Agreement.  The Warrants have an
exercise price of $0.80 per share, become exercisable on the date
of issuance and expire three years from the date of issuance.  The
offering closed on July 17, 2017.

The Purchase Agreements contain customary representations,
warranties and agreements by the Company, customary conditions to
closing, indemnification obligations of the Company, termination
provisions, and other obligations and rights of the parties.

The Company estimates that the net proceeds from the offering will
be approximately $195,000, after deducting offering expenses and
the legal fees.

The offering is being made pursuant to the Company's effective
registration statement on Form S-3 (Registration Statement No.
333-205049) previously filed with the Securities and Exchange
Commission and a prospectus supplement thereunder.  The securities
may be offered only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.  A prospectus supplement relating to the offering of the
securities has been filed with the SEC and is available on the
SEC's website at http://www.sec.gov.

                        About One Horizon

Ireland-based One Horizon Group, Inc., is the inventor of the
patented SmartPacketTM Voice over Internet Protocol ("VoIP")
platform.  The software is designed to capitalize on numerous
industry trends, including the rapid adoption of smartphones, the
adoption of cloud based Internet services, the migration towards
all IP voice networks and the expansion of enterprise
bring-your-own- device to work programs.  The Company designs,
develops and sells white label SmartPacketTM VoIP software and
services to large Tier-1 telecommunications operators.

As of March 31, 2017, One Horizon had $9.66 million in total
assets, $6.81 million in total liabilities and $2.84 million in
total stockholders' equity.

One Horizon reported a net loss of $5.54 million on $1.61 million
of revenue for the year ended Dec. 31, 2016, compared to a net loss
of $6.30 million on $1.53 million of revenue for the year ended in
2015.  

The Company's independent accountants Cherry Bekaert LLP in Tampa,
Fla., stated in its report on the Company's consolidated financial
statements for the year ended Dec. 31, 2016, that the Company has
recurring losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going
concern.


ORANGE PEEL: Disclosure OK'd; Plan Confirmation Hearing on Aug. 23
------------------------------------------------------------------
The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida has approved Orange Peel Enterprises,
Inc.'s disclosure statement referring to the Debtor's plan of
reorganization.

A hearing to consider the confirmation of the Plan will be held on
Aug. 23, 2017, at 2:00 p.m.  Objections to the plan confirmation
must be filed by Aug. 18, 2017.

Ballots accepting or rejecting the Plan must be filed by Aug. 16,
2017.

Objections to claims must be filed by Aug. 9, 2017.

As reported by the Troubled Company Reporter on June 19, 2017, the
Debtor filed with the Court a disclosure statement dated June 5,
2017, for the Debtor's Chapter 11 plan of liquidation.  Class 2
Allowed General Unsecured Claims are impaired by the Plan.  Class 2
consists of the General Unsecured Claims in the approximate Face
Amount of $196,009,085.27.  The claim of Environmental Research
Center, Inc., in the face amount of $194,000,000, makes up the bulk
of this face amount, with non-Environmental Research Center, Inc.,
claims in this class totaling an approximate face amount of
$2,009,085.27.

                   About Orange Peel Enterprises

Orange Peel Enterprises, Inc., dba GREENS+, based in Vero Beach,
Florida, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla.
Case No. 16-21023) on Aug. 9, 2016.  The petition was signed by
Jude A. Deauville, CEO.  The Hon. Erik P. Kimball presides over the
case.  Bradley S. Shraiberg, Esq., at Shraiberg Ferrara Landau &
Page PA, serves as bankruptcy counsel.  In its petition, the Debtor
estimated $1 million to $10 million in assets and $100 million to
$500 million in liabilities.

The Debtor was in the business of formulation, manufacture, and
wholesale distribution of health food products and supplements
under the Greens+(R) brand and brand extensions.

The U.S. Trustee has been unable to appoint an official unsecured
creditors committee in the Debtor's case.

                             *     *     *

On Feb. 22, 2017, the Bankruptcy Court approved the sale of
substantially all of the Debtor's property to Greens Plus, LLC.
The sale closed on Feb. 28, 2017, and netted a total of $684,089.05
for the Debtor's estate.


ORIGINAL SOUPMAN: Approved Aug. 28 Auction of All Assets
--------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware authorized the bidding procedures and the
Stalking Horse Agreement of The Original Soupman, Inc. and its
affiliates in connection with their sale of substantially all
assets at auction.

The Debtors are authorized to enter into the Stalking Horse
Agreement, subject to higher or otherwise better offers at the
Auction.  

The Bid Protections contained in the Stalking Horse Agreement are
approved.

The Debtors are authorized and directed to pay any and all amounts
owing to the Stalking Horse Bidder on account of the Stalking Horse
Bidder's Bid Protections upon their consummation of the Sale with a
purchaser other than the Stalking Horse Bidder.

If the Debtors do not receive a Qualified Bid (other than the
Stalking Horse Agreement); (i) the Debtors may, in consultation
with the Consultation Parties, cancel the Auction; and (ii) the
Stalking Horse Agreement may be deemed by the Debtors to be the
Successful Bid for the Assets; and (iii) the Debtor will be
authorized to seek approval of the Stalking Horse Agreement as the
Successful Bid at the Sale Hearing.

If the Debtors receive a Qualified Bid (in addition to the Stalking
Horse Agreement), then the Debtors will conduct the Auction in
accordance with the Bidding Procedures.

The salient terms of the Bidding Procedures are:

   a. Initial Minimum Overbid: At least $25,000 more than the
Auction Baseline Bid

   b. Good Faith Deposit: An amount equal to 10% of the proposed
purchase price

   c. Bid Deadline: Aug. 24, 2017 at 5:00 p.m.

   d. Right to Credit Bid: Both the DIP Lender and the Hillair
Capital Investments, L.P. will be deemed to be Qualified Bidders
and are not required to make any Good Faith Deposit in submitting a
Credit Bid.  They may credit bid at any time up to the conclusion
of the Auction any portion and up to the entire amount of their
individual claims.

   e. Auction: The Auction, if necessary, will be held at the
offices of Polsinelli PC, 600 Third Avenue, New York, New York on
Aug. 28, 2017 at 10:00 a.m. (ET), or such other location as
identified by the Debtors after notice to all Qualified Bidders.

   f. Minimum Overbid Increment: $25,000

   g. Sale Objection Deadline: Aug. 22, 2017 4:00 p.m. (ET)

   h. Sale Hearing: Aug. 29, 2017 at 2:00 p.m. (ET)

Pursuant to Local Rule 6004-1(c)(ii): (i) each bidder participating
at the Auction will be required to confirm that it is not engaged
in any collusion with respect to the bidding, the Auction, or the
Sale, as set forth in the Bidding Procedures; (ii) the Auction will
be conducted openly; and (iii) the Auction will be transcribed or
videotaped. The auction will be conducted openly and all creditors
will be permitted to attend.

The Stalking Horse Bidder will be deemed to be a Qualified Bidder
and is not required to make any Good Faith Deposit.

In the event of a competing Qualified Bid, all Qualified Bidders
will be entitled, but not obligated, to submit Overbids.

The Debtors may, in consultation with the Consultation Parties, (a)
determine which Qualified Bid (including the Stalking Horse
Agreement) is the highest or otherwise best offer; (b) reject at
any time before the entry of the Sale Order any Bid (other than the
Stalking Horse Agreement) that, in the discretion of the Debtors,
is (i) inadequate or insufficient, (ii) not in conformity with the
requirements of the Bankruptcy Code or the Bidding Procedures, or
(iii) contrary to the best interest of the Debtors' estates and
their creditors; (c) at or before the conclusion of the Auction may
impose such other terms and conditions upon Qualified Bidders as
the Debtors determine to be in the best interest of the Debtors'
estates; and (d) prior to the entry of the Sale Order, may re-open
the Auction to consider further Bids, in their reasonable business
judgment.

No person or entity, other than the Stalking Horse Bidder, will be
entitled to any expense reimbursement, breakup fee, topping or
termination fee, or other similar fee or payment, and by submitting
a Bid, such person or entity is deemed to have waived its right to
request or file with the Court any request for expense
reimbursement or any other fee of any nature in connection with the
Auction and the Sale, whether by virtue of section 503(b) of the
Bankruptcy Code or otherwise.

As soon practicable, the Debtors will serve on all Contract
Counterparties to any Cure and Possible Assumption and Assignment
Notice Parties that may be assumed by the Debtors and assigned to
the Successful Bidder.  As soon as reasonably practicable after the
Bid Deadline, the Debtors will file with the Court and serve on the
Cure and Possible Assumption and Assignment Notice Parties the
Assumption Notice identifying all Qualified Bidders, each of whom
will be permitted to participate in the Auction, stating which
Contracts may be assumed and assigned.  Any Contract Objection must
be filed no later than 4:00 p.m. (ET) on Aug. 7, 2017.

The Sale Notice, the Cure and Possible Assumption and Assignment
Notice, and the Assumption Notice are approved.  Within two
business days after the entry of the Order, the Debtors (or their
agents) will serve the Sale Notice upon all Notice Parties.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry, notwithstanding any provision in
the Federal Rules of Bankruptcy Procedure or the Local Bankruptcy
Rules to the contrary, and the Debtors may, in their discretion and
without further delay, take any action and perform any act
authorized under the Order.

A copy of the Stalking Horse Agreement, the Bidding Procedures and
the Notices attached to the Order is available for free at:

       http://bankrupt.com/misc/Original_Soupman_137_Order.pdf

                   About the Original Soupman

The Original Soupman, Inc. -- http://originalsoupman.com/--   
manufactures and sells soups under the brand name "Original
Soupman".  Soupman at present sells soups in 17-ounce Tetra Recart
packaging to grocery chains and club stores throughout the United
States, through on-line retailers, and in frozen 4 pound bulk
packaging to its franchise restaurants and to the New York City
School System.

The parent entity, Soupman, Inc., is a publically traded Delaware
corporation on the OTCQB.  Kiosk Concepts, Inc., an 80% owned
subsidiary of The Original Soupman, was created to license the
intellectual property to franchisees.

In 2004, Soupman signed a license agreement with Yegan Food Inc.,
which operated a soup restaurant in West 55th Street in New York,
run by Ali "Al" Yeganeh.  This restaurant became a worldwide
destination for soups, being rated #1 by Zagat and praised by the
New York Times as "Art, not Soup."  The fame of the business and
its soup rose to even greater heights after a 1995 "Seinfeld"
episode in which the irascible Soup Nazi berates customers who
stand in long lines for his legendary soup, often yelling "No soup
for you!"

The Original Soupman, Inc., Soupman, Inc., and Kiosk Concepts,
Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
17-11313) on June 13, 2017.

The Debtors tapped Polsinelli PC as bankruptcy counsel, and Epiq
Bankruptcy Solutions, Inc. as administrative advisor and notice
and
claims agent.

The Debtors tapped Wyse Advisors, LLC and appointed the firm's
managing partner as its chief restructuring officer.


PERSISTENCE PARTNERS: MACH MG To Be Paid Up to $1.45MM by Jan. 2018
-------------------------------------------------------------------
Persistence Partners IV LLC filed with the U.S. Bankruptcy Court
for the District of Connecticut a first amended disclosure
statement dated July 12, 2017, referring to the Debtor's plan of
reorganization dated July 12, 2017.

Class 2 Claims of MACH MG, LLC, are impaired by the Plan.  Without
the intention to limit or alter the terms of the settlement
agreement, the claim of MACH MG will be paid up to $1,450,000 if
paid by Jan. 31, 2018, or at lesser amount as may be provided in
the Settlement Agreement if and only if the payment via wire
transfer is made by the dates specified.  Payment to Class 2 is
subject to reduction by up to $25,000 in certain circumstances as
set forth in the Settlement Agreement as provided for in the
treatment of Class 3.  While Debtor disputes that the claimant
holds a properly perfected security interest, to the extent that
claimant holds any lien it will retain any and all liens it holds
at the Petition Date, and that it holds pursuant to the Settlement
Agreement, until paid.

The plan proponent believes that the Debtor will have enough cash
on hand on the Effective Date of the Plan to pay all the claims and
expenses that are entitled to be paid on that date except as has
been otherwise agreed.

The Debtor's equity holder will contribute enough cash over the
life of the Plan to operate the business as necessary until the fee
sharing agreement claims can be liquidated.

The First Amended Disclosure Statement is available at:

           http://bankrupt.com/misc/ctb16-51161-128.pdf

As reported by the Troubled Company Reporter on July 11, 2017, the
Debtor filed with the Court a disclosure statement dated June 26,
2017, referring to the Debtor's plan of reorganization dated June
26, 2017.  Class 3 General Unsecured Claims, impaired by that plan,
would be paid in full with interest at the plan rate from the
Effective Date to date of payment upon Debtor's receipt of
sufficient proceeds from any distributions or arbitration
settlement or any other funds that may become available to the
Debtor.  

                   About Persistence Partners

Persistence Partners IV LLC filed Chapter 11 bankruptcy petition
(Bankr. Conn. Case No. 16-51161) on Aug. 30, 2016.  Joseph P.
Beninati signed the petition as manager.  The Debtor estimated
assets in the range of $10 million to $50 million and estimated
debts in the range of $500,000 to $1 million.

Carl T. Gulliver, Esq., at Coan Lewendon Gulliver & Miltenberger
LLC serves as the Debtor's bankruptcy counsel.


PHOTOMEDEX INC: Cancels Asset Purchase Agreement with ICTV
----------------------------------------------------------
PhotoMedex, Inc., along with its subsidiaries Radiancy, Inc.,
PhotoTherapeutics Ltd., and Radiancy (Israel) Limited entered into
a termination and release agreement between the Sellers and ICTV
Brands Inc. and its subsidiary ICTV Holdings, Inc.

Under the terms of the Release, the Asset Purchase Agreement among
the parties, dated Oct. 4, 2016, as amended by the First Amendment
to the Asset Purchase Agreement, dated Jan. 23, 2017, is terminated
and of no further force and effect, except for certain surviving
rights, obligations and covenants described in the Release.
Pursuant to the Release, each of the Sellers, on one hand, and ICTV
and ICTV Holdings, on the other hand, fully release, forever
discharge and covenant not to sue any other Party, from and with
respect to any and all past and present claims arising out of,
based upon or relating to the Purchase Agreement (other than the
surviving covenants described in the Purchase Agreement) or the
transactions contemplated thereby.

Pursuant to the terms of the Release, ICTV will pay to PHMD, within
3 business days of the date of the Release, $2,000,000 in cash and
in immediately available funds.  Subject to this Payment, neither
ICTV nor ICTV Holdings will have any further royalty or other
payment obligations under the Purchase Agreement.

                          Bill of Sale

As partial consideration for the releases provided by ICTV Holdings
to the Sellers pursuant to the Release and in accordance with the
terms therein, on July 12, 2017, the Sellers and ICTV Holdings
entered into a Bill of Sale and Assignment, which provides that
each Seller sell, assign, transfer, convey and deliver to ICTV
Holdings, and ICTV Holdings purchase and accept from each Seller,
all of the right, title and interest, legal or equitable, of each
such Seller in and to a deposit in the amount of $210,000 held by
Sigmatron International, Inc., pursuant to an arrangement between
one or more of the Sellers and Sigmatron.

                        About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

As of March 31, 2017, Photomedex had $14.05 million in total
assets, $13.38 million in total liabilities and $677,000 in total
stockholders' equity.

Photomedex reported a net loss of $13.26 million for the year ended
Dec. 31, 2016, compared to a net loss of $34.55 million for the
year ended Dec. 31, 2015.  

Fahn Kanne & Co. Grant Thornton Israel, in Tel-Aviv, Israel, issued
a "going concern" opinion on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that as of Dec. 31, 2016,
the Company had an accumulated deficit of $115.6 million and
shareholders' deficit of $1.408 million.  Also, during the most
recent periods the Company has incurred losses and negative cash
flows from continuing operations and was forced to sell certain
assets and business units to obtain additional liquidity resources
to support its operations.  In addition, on Jan. 23, 2017, the
Company completed the sale of its consumer products division which
represented the sale of substantially all of the remaining
operations and assets of the Company.  These conditions, along with
other matters, raise substantial doubt about the Company's ability
to continue as a going concern.


PREMIER MARINE: Final Stipulated Order on Cash Use Entered
----------------------------------------------------------
The Hon. Katherine A. Constantine for the U.S. Bankruptcy Court for
the District of Minnesota has entered a final stipulated order
authorizing Premier Marine, Inc., to use cash collateral.

As reported by the Troubled Company Reporter on July 7, 2017, the
Court previously authorized the Debtor to use cash collateral of
American Bank of the North and Trusek, LLC, through July 11, 2017,
in an amount not to exceed $4,348,782.

The Debtor is authorized to use cash collateral to the extent: (i)
actual expenditures are reasonable, necessary and incurred in the
ordinary course of Debtor's business; and (ii) the type and amount
of expenditure is authorized in the budget.  Performance to the
Budget will be tested weekly commencing the Budget week of July 22,
2017, and measure cumulative actual performance for the trailing
three weeks to Budgeted performance for the same period.
Notwithstanding the foregoing, the Debtor's authorization to use
cash collateral will expire on Oct. 28, 2017 (unless terminated
earlier upon a default), but the expiration date may be extended by
a stipulation and an agreed court order between the Debtor and ABN.


As adequate protection for any use or diminution in the value of
ABN's interests in the prepetition collateral, and the Debtor's use
of cash collateral, the Debtor is authorized to grant to ABN
effective as of the Petition Date, valid and perfected replacement
first-priority security interests on all post-petition assets of
the Debtor and all products and proceeds thereof, including all
accessions thereto, substitutions and replacements therefor, and
wherever located.

If and to the extent the adequate protection of the interests of
ABN in the prepetition collateral and the cash collateral pursuant
to the Stipulation proves insufficient, ABN will have an allowed
claim under Section 507(b) of the Bankruptcy Code in the amount of
any insufficiency.

All parties in interest, including the Official Committee of
Unsecured Creditors, other than the Debtor and additional parties
identified in the Stipulation, will have until Sept. 11, 2017,
which date may be extended by written agreement of the Committee
and ABN, to object to the extent, priority, validity, perfection,
amount, enforceability or allowability of ABN's security interest
in, and liens upon, the Collateral and during that time period no
admission by the Debtor of any fact, claim, or defense made, if
any, will be binding on the parties.

In the event the Bankruptcy Case converts to Chapter 7 less than 60
days prior to the expiration of Sept. 11, 2017, the Chapter 7
trustee will have a period of 60 days from the date of appointment
to perform the investigations and object, if appropriate.

After Sept. 11, 2017, no portion of the cash collateral will be
used to fund fees or expenses incurred by any entity, including the
Debtor, any committee of unsecured creditors, any Chapter 11
trustee, any Chapter 7 trustee, or any professionals retained
thereby, in objecting to or contesting in any manner, or in raising
any defenses to, the validity, extent, amount, perfection,
priority, enforceability or allowability of the prepetition claims,
the prepetition collateral, adequate protection collateral, the
loan documents, ABN's security interests under the loan documents,
or any other rights, claims, or interests of ABN.

The Debtor is authorized to grant as further adequate protection to
ABN and as adequate protection to junior lender, Wells Fargo
Equipment Finance, Ford Motor Credit and TD Auto Finance as
follows:

     a. as further adequate protection to ABN, the Debtor will (i)

        grant replacement liens as previously provided in the
        court order; and (ii) make monthly cash payments of
        interest at the contract rate under the prepetition ABN
        loan each in the amount of $29,681.00;

     b. as adequate protection to Junior Lender, the Debtor will
        (i) grant replacement liens in Junior Lender's respective
        collateral and any replacement liens granted hereunder
        will have the same dignity, priority and effect as the
        lienholder's prepetition interests; and (ii) make monthly
        cash payments of interest at the contract rate under the
        prepetition Junior Lender loan each in the amount of
        $5,000;

     c. as adequate protection to WFEF, the Debtor will (i) grant
        replacement liens in WFEF's respective collateral and any
        replacement liens granted will have the same dignity,
        priority and effect as the lienholder's prepetition
        interests; and (ii) make monthly cash payments of interest
        at the contract rate under the prepetition WFEF loan each
        in the amount of $684;

     d. as adequate protection to FMC, the Debtor will (i) grant
        replacement liens in FMC's respective collateral and any
        replacement liens granted hereunder shall have the same
        dignity, priority and effect as the lienholder's
        prepetition interests; and (ii) make monthly cash payments

        of interest at the contract rate under the prepetition FMC

        loan each in the amount of $169; and

     e. as adequate protection to TD Auto, the Debtor will (i)
        grant replacement liens in TD Auto's respective collateral

        and any replacement liens granted will have the same
        dignity, priority and effect as the lienholder's
        prepetition interests; and (ii) make monthly cash payments

        of interest at the contract rate under the prepetition TD
        Auto loan each in the amount of $54.

A copy of the court order is available at:

           http://bankrupt.com/misc/mnb17-32006-85.pdf

                    About Premier Marine, Inc.

Premier Marine Inc., a Minnesota corporation, is a family owned
business formed in 1992 by Robert Menne and Eugene Hallberg.  The
Menne family controls 72.8% of the Debtor equity.  Hallberg
controls the remaining 27.2% and is Premier's landlord.

For 25 years, Premier Marine has manufactured "Premier" brand
pontoon boats -- http://www.pontoons.com/-- in Wyoming, Minnesota.
Premier Marine designs, builds and markets luxury pontoons and
holds many patents on manufacturing elements such as furniture
hinges, J-Clip rail fasteners and the PTX performance package.  The
family-owned and operated Company sells its pontoons through boat
dealers located throughout the United States and Canada.  Premier
is headquartered in Wyoming, Minn.

The need for reorganization in chapter 11 was precipitated by a
failed acquisition of another pontoon manufacturer in 2011.  The
Chapter 11 was filed in response to an eviction action commenced by
Hallberg for the nonpayment of rent.

Premier Marine filed a Chapter 11 petition (Bankr. D. Minn. Case
No. 17-32006) on June 19, 2017.  The Chapter 11 is necessary to
attract a new equity partner, reject the Hallberg leases,
consolidate manufacturing under a single roof and reorganize the
business for the mutual benefit of the Debtor creditors, employees
and dealer network.

The petition was signed by Lori J. Melbostad, president.

The Debtor estimated assets and liabilities between $10 million and
$50 million.

The case is assigned to Judge Katherine A. Constantine.

The Debtor's counsel are Michael F. McGrath, Esq., and Will R.
Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A
Professional Association.  Guidesource's Richard Gallagher is the
Debtor's financial consultant.


PRIME GLOBAL: ShineWing Replaces Centurion as Accountant
--------------------------------------------------------
The audit committee of the Board of Directors of Prime Global
Capital Group Incorporated approved the dismissal of Centurion ZD
CPA Limited, formerly known as DCAW (CPA) Limited, as the Company's
independent accountant, effective July 17, 2017.  The Company
retained the services of ShineWing Australia to audit the Company's
consolidated financial statements for our fiscal year ending Oct.
31, 2017.

Centurion CPA's report on the financial statements of the Company
for the fiscal year ended Oct. 31, 2016, did not contain any
adverse opinion or disclaimer of opinion, nor were they qualified
or modified as to uncertainty, audit scope or accounting
principles, except that its report for the fiscal year ended
Oct. 31, 2016, contained an emphasis of matter paragraph regarding
the Company's ability to continue as a going concern.  During the
Company's fiscal year ended Oct. 31, 2016, and through July 17,
2017, there were no disagreements with Centurion CPA on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure which disagreements, if
not resolved to Centurion CPA's satisfaction, would have caused
them to make reference to the subject matter in connection with
their report on the Company's consolidated financial statements for
those periods.

The Company said that during the fiscal year ended Oct. 31, 2016,
and through July 17, 2017, neither the Company nor anyone acting on
its behalf consulted ShineWing Australia regarding (1) the
application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on the Company's consolidated financial
statements, and ShineWing Australia did not provide either a
written report or oral advice to the Company that was an important
factor considered by the Company in reaching a decision as to any
accounting, auditing, or financial reporting issue, (2) any matter
that was either the subject of a disagreement with Centurion CPA on
accounting principles or practices, financial statement disclosure
or auditing scope or procedures.

                      About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the operation
of a durian plantation, leasing and development of the operation of
an oil palm plantation, commercial and residential real estate
properties in Malaysia.

Prime Global reported a net loss of US$911,522 for the year ended
Oct. 31, 2016, compared to a net loss of US$1.59 million for the
year ended Oct. 31, 2015.  As of April 30, 2017, Prime Global had
US$43.62 million in total assets, US$16.54 million in total
liabilities and US$27.08 million in total equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Oct. 31, 2016, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Oct. 31, 2016.  All these factors raise substantial
doubt about its ability to continue as a going concern.


PROSPECTOR OFFSHORE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Lead Debtor: Prospector Offshore Drilling S.a r.l.
             aka Prospector Offshore Drilling S.A.
             3151 Briarpark Drive, Suite 700
             Houston, TX 77042

Business Description: Paragon Offshore --
                      http://www.paragonoffshore.com/-- is a  
                      provider of standard specification offshore
                      drilling units serving the oil and gas
                      industry.  The Company's fleet consists of
                      32 jackups and six floaters (four drillships
                      and two semisubmersibles).  In addition,
                      Paragon is the majority shareholder of
                      Prospector Offshore Drilling S.A., a
                      publicly traded offshore drilling company on
                      the Oslo Axess stock exchange that owns and
                      operates two high specification jackups.
                      Paragon also performs drilling operations on

                      the Hibernia Platform offshore Eastern
                      Canada.  The Company operates in significant
                      hydrocarbon-producing geographies throughout
                      the world, including Mexico, Brazil, the
                      North Sea, West Africa, the Middle East,
                      India and Southeast Asia.  Paragon's shares
                      are traded on the New York Stock Exchange
                      under the symbol 'PGN.'

On Feb. 14, 2016, affiliated entities ("First Filers") filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del.).  On July 18, 2017, the First Filers' Chapter
11 plan of reorganization became effective.  The First Filers are:

    Debtor                                           Case No.
    ------                                           --------
    Paragon Offshore Drilling LLC                    16-10385
    Paragon Offshore plc                             16-10386
    Paragon Drilling Services 7 LLC                  16-10387
    Paragon Offshore Finance Company                 16-10388
    Paragon Offshore Leasing (Switzerland) GmbH      16-10389
    Paragon Offshore do Brasil Ltda.                 16-10390
    Paragon International Finance Company            16-10391
    Paragon Asset (ME) Ltd.                          16-10392
    Paragon Offshore Holdings US Inc.                16-10393
    Paragon Asset (UK) Ltd.                          16-10394
    Paragon FDR Holdings Ltd.                        16-10395
    Paragon Offshore International Ltd.              16-10396
    Paragon Offshore (North Sea) Ltd.                16-10397
    Paragon Duchess, Ltd.                            16-10398
    Paragon (Middle East) Limited                    16-10399
    Paragon Offshore (Luxembourg) S. r.l.            16-10400
    Paragon Holding NCS 2 S.a.r.l.                   16-10401
    Paragon Leonard Jones LLC                        16-10402
    PGN Offshore Drilling (Malaysia) Sdn. Bhd.       16-10403
    Paragon Offshore (Nederland) B.V.                16-10404
    Paragon Offshore Contracting GmbH                16-10405
    Paragon Offshore (Labuan) Pte. Ltd.              16-10406
    Paragon Holding SCS 2 Ltd.                       16-10407
    Paragon Asset Company Ltd.                       16-10408
    Paragon Holding SCS 1 Ltd.                       16-10409
    Paragon Offshore Leasing (Luxembourg) S.a r.l.   16-10410

New Filers' Chapter 11 Petition Date: July 20, 2017

Affiliated debtors that filed Chapter 11 bankruptcy petitions on
July 20, 2017:

     Debtor                                              Case No.
     ------                                              --------
     Prospector Offshore Drilling S.a r.l.               17-11572
     Prospector Rig 1 Contracting Company S.a r.l.       17-11573
     Prospector Rig 5 Contracting Company S.a r.l.       17-11574
     Paragon Offshore plc (in administration)            17-11575

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Christopher S. Sontchi

Debtors'
Counsel:                Gary T. Holtzer, Esq.
                        Stephen A. Youngman, Esq.
                        WEIL, GOTSHAL & MANGES LLP
                        767 Fifth Avenue
                        New York, New York 10153
                        Tel: (212) 310-8000
                        Fax: (212) 310-8007
                        E-mail: gary.holtzer@weil.com
                               stephen.youngman@weil.com

Debtors'
Co-Counsel:             Mark D. Collins, Esq.
                        Amanda R. Steele, Esq.
                        Joseph C. Barsalona II, Esq.
                        RICHARDS, LAYTON & FINGER, P.A.
                        One Rodney Square
                        920 North King Street
                        Wilmington, Delaware 19801
                        Tel: (302) 651-7700
                        Fax: (302) 651-7701
                        E-mail: collins@rlf.com
                                steele@rlf.com
                                barsalona@rlf.com

Debtors'
Financial
Advisor:                LAZARD FRERES & CO. LLC

Debtors'
Restructuring
Advisor:                ALIXPARTNERS, LLP

Debtors'
Claims,
Noticing
& Solicitation
Agent:                  KURTZMAN CARSON CONSULTANTS LLC
                        Website: http://www.kccllc.net/prospector

Estimated Assets: $1 billion to $10 billion

Estimated Debts: $1 billion to $10 billion

The petitions were signed by Lee M. Ahlstrom as senior vice
president and chief financial officer.  A full-text copy of
Prospector Offshore Drilling S.a r.l.'s petition is available
http://bankrupt.com/misc/deb17-11572.pdf

Debtors' Consolidated List of 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
National Oilwell Varco Uk Ltd         Trade Debt          $14,977
Po Box Ab124yd  
Badentoy Park
Porlethen, Aberdeen, Ab
Tel: 1224‐343684
Email: linda.mitchell@nov.com

North East Telecommunications         Trade Debt           $8,222
Limited
PO Box Ab217bj
133 And 133a Victoria Street, Dyce
Aberdeen, Ab
Tel: 1224‐775717
Email: chris@netldt.co.uk

Emri Repair B.V.                      Trade Debt           $7,843
Po Box 6716 Ah  
Morsestraat 10
Ede, 04
Tel: 318‐620‐427
Email: e.voet@emri.nl

Dhl International Uk Ltd              Trade Debt           $2,973
Po Box  Tw39lp
Hounslow, Mx
Tel: 448442480777

Vallourec Mannesmann Oil & Gas        Trade Debt           $2,565
Po Box 1704 Rs  
Kelvinstraat 8 ‐ 16
Heerhugowaard, 08
Tel: 72‐571‐8255
Email: annemargriet.sleutel@vamdrilling.com

Midcontinent (Aberdeen) Ltd           Trade Debt           $2,514
Po Box Ab12 3lh  
Blackness Road
Aberdeen, Ab
Tel: 01224 874906
Email: accounts@midcontinent.co.uk

Wellhead Electrical Supplies         Trade Debt           $2,187
Po Box Ab21 7ga  
Wellheads Crescent, Dyce
Aberdeen, Ab
Tel: 1224‐723‐606
Email: sales@wellheads.co.uk

TEMARO BV                            Trade Debt           $1,856
PO Box 3088 GC 3008 EC
ALBERT PLESMANWEG 105A
ROTTERDAM, 08
Tel: 10‐433‐0500

ALD Automotive                       Trade Debt           $1,510
PO Box 8010  
270 Route d Arlon
Strassen, LU
Tel: 3523105361

Pricewaterhousecoopers               Trade Debt           $1,327
PO Box 1014 1014
2 Rue Gerhard Mercator
Luxembourg, LU
Tel: 3524948481

Dominion Gas                         Trade Debt           $1,316
Po Box Ab21 0gp  
Howermoss Avenue
Aberdeen, Ab
Tel: 01224 771181
Email: mgrigor@dominion‐gas.com

Trital Safety B. V.                  Trade Debt           $1,148
Po Box 3194 Da 3190 Al
Mandenmakerstraat 41
Hoogvliet, 08
Tel: 10‐295‐5955
Email: mirella.korsten@trital.nl

Chambre De Commerce Luxembourg       Trade Debt             $749
PO Box 2981
7 Rue Alcide De Gasperi
Kirchberg, LU
Tel: 3524239391

Post Telecom S.A.                    Trade Debt             $472
Po Box 2996  
1 Rue Emile Bian Luxembourg
Luxembourg, Lu
Tel: 35224621

Express Services SA                  Trade Debt             $448
PO Box 1471  
310 Route D Esch
Luxembourg, LU
Tel: 35406640503

Groupe CK SA                         Trade Debt             $468
PO Box 3372  
2 Rue Leon Laval/Z.A. Am Bann
Leudelange, LU
Tel: 352263801

Federal Express Luxembourg Inc.      Trade Debt             $468
PO Box 8378  
1 Rue Du Chemin De Fer
Kleinbettingen, LU
Tel: 003227527445

Procureall                           Trade Debt             $404
Po Box Ab115eu   
15 17 Commerce Street
Aberdeen, Ab
Tel: 441224210002
Email: accounts@procureall.com

Parmley Graham Ltd                   Trade Debt             $394
Po Box Ne8 3ae  
South Shore Road, Tyne And Wear
Gateshead, Nh
Tel: 191‐4789‐0400
Email: hq@parmley‐graham.co.uk

Chapier SARL                         Trade Debt              $86
PO Box 3961  
ZI Am Brill Rue Des 3 Cantons
Ehlange Mess, LU
Tel: 352370840


QUADRANT 4: Has Interim Approval to Access $900K Financing
----------------------------------------------------------
The Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois has entered an agreed interim order
authorizing Quadrant 4 System Corporation to secure up to $900,000
in post-petition financing from BMO Harris Bank, N.A., and use cash
collateral for expenses accrued on the Petition Date through and
including the entry of a final court order.

A final hearing will be held on Aug. 17, 2017, at 11:00 a.m. to
consider the DIP financing and cash collateral use.  Objections
must be filed by 4:00 p.m. on Aug. 15, 2017.

A copy of the Interim DIP Order is available at:

          http://bankrupt.com/misc/ilnb17-19689-52.pdf

As reported by the Troubled Company Reporter on July 7, 2017, the
Debtor sought court permission to incur postpetition secured
financing from BMO Harris and to use BMO Harris' cash collateral.
The Debtor requested for an interim approval on the agreement of
BMO Harris to advance postpetition funds, on a revolving basis, to
the Debtor in the aggregate amount outstanding at any one time of
up to $2.5 million.  The borrowing limit under the DIP financing
will be $900,000, all of which will be available to be advanced to
the Debtor during the interim period.  The DIP Financing, will bear
interest at base rate plus 5.5%.

                     About Quadrant 4 System

Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/
-- is engaged in the business of selling IT products and services.
Its revenues are primarily generated from the placement of staffing
or solution consultants, and the sale and licensing of its
proprietary cloud-based Software as a Service (SaaS) systems, as
well as a wide range of technology oriented services and solutions.
Quadrant's principal executive offices are located in Schaumburg
Illinois.  The Company also operates its business from various
offices located in Naples, Florida; Alpharetta, Georgia; Bingham
Farms, Michigan; Cranbury, New Jersey; Pleasanton, California; and
Ann Arbor, Michigan.

Quadrant 4 System is the 100% owner of the issued and outstanding
common stock of Stratitude, Inc., a California corporation, which
it acquired on or about Nov. 3, 2016.  Concurrently with the
Stratitude Acquisition, Stratitude acquired certain of the assets
of Agama Solutions, Inc., a California corporation.  Both
Stratitude and Agama are located in Pleasanton and Fremont,
California and are engaged in the IT business.

The Debtor disclosed total assets of $47.05 million and total
liabilities of $31.39 million as of Sept. 30, 2016.

Quadrant 4 System Corporation filed a Chapter 11 petition (Bankr.
N.D. Ill. Case No. 17-19689) on June 29, 2017.  Robert H. Steele,
the CEO, signed the petition.

Quadrant 4, which was subject to a securities fraud probe that led
to the arrest and resignation of its top two executives seven
months ago, sought Chapter 11 protection after reaching a
settlement with the U.S. Securities and Exchange Commission and
signing deals to sell four business segments for at least $6.9
million.

The Chapter 11 case is assigned to Judge Jack B. Schmetterer.

The Debtor's attorneys are Chad H. Gettleman, Esq., and Nathan Q.
Rugg, Esq., at Adelman & Gettleman, Ltd.

Silverman Consulting Inc., is the Debtor's financial consultants,
and Livingstone Partners, LLC, is the investment banker.

Neither a trustee nor a committee of unsecured creditors has been
appointed in the Chapter 11 Case.


RENNOVA HEALTH: Agrees to Issue $4.14-Mil. Debentures Plus Warrants
-------------------------------------------------------------------
Rennova Health, Inc., entered into a securities purchase agreement
with certain existing institutional investors of the Company on
July 16, 2017, pursuant to which the Company has agreed to issue
$4,136,862 aggregate principal amount of Original Issue Discount
Debentures due Oct. 17, 2017, and warrants to purchase an aggregate
of 2,120,000 shares of common stock for consideration of $2,000,000
in cash and the exchange of $1,902,700 aggregate principal amount
of Original Issue Discount Debentures due
Sept. 22, 2017, issued by the Company on June 22, 2017.  The
Purchase Agreement contains certain customary representations,
warranties and covenants.  The closing of the offering is subject
to, among other things, customary closing conditions.

The Purchase Agreement provides that, for a one-year period after
the closing date, the purchasers will have the right to participate
in any issuance by the Company of common stock or common stock
equivalents for cash consideration, indebtedness or a combination
of units thereof, with certain exceptions.  Also, until the date
when the purchasers no longer hold any Debentures, in the event the
Company undertakes or enters into an agreement to undertake a
Subsequent Financing, a purchaser may elect to exchange all or some
of its Debentures (but not including any Warrants) for any
securities or units issued in such Subsequent Financing on an $0.80
principal amount of Debenture for $1.00 new subscription amount
basis based on the outstanding principal amount of such Debenture
(along with any accrued but unpaid interest, liquidated damages and
other amounts owing thereon).

The Purchase Agreement also provides that the Company will hold a
meeting of stockholders (which may also be the annual meeting of
stockholders) at the earliest practicable date to obtain
stockholder approval of at least a 1-for-8 reverse split of the
common stock.  Promptly following receipt of such stockholder
approval, the Company shall cause the reverse split to occur.  If
such stockholder approval is not obtained on or before Sept. 20,
2017, it will be an event of default under the Debentures.

The Warrants will be exercisable into shares of the Company's
common stock at any time from and after six months from the closing
date at an exercise price of $0.37 per common share (subject to
adjustment).  The Warrants will terminate five years after they
become exercisable.

The Debentures will be guaranteed by substantially all of the
subsidiaries of the Company pursuant to a Subsidiary Guarantee, in
favor of the holders of the Debentures by the subsidiary guarantors
party thereto.  The securities to be issued under the Purchase
Agreement will be issued in reliance on the exemption from
registration contained in Section 4(a)(2) of the Securities Act of
1933, as amended, and/or Rule 506 of Regulation D promulgated
thereunder as transactions by an issuer not involving any public
offering.

                     About Rennova Health

Based in West Palm Beach, Florida, Rennova Health, Inc.
(NASDAQ:RNVA) -- http://www.rennovahealth.com/-- provides
diagnostics and supportive software solutions to healthcare
providers, delivering an efficient, effective patient experience
and superior clinical outcomes.

Rennova Health reported a net loss attributable to common
stockholders of $32.61 million on $5.24 million of net revenues for
the year ended Dec. 31, 2016, compared with a net loss attributable
to common stockholders of $37.58 million on $18.39 million of net
revenues for the year ended Dec. 31, 2015.  As of March 31, 2017,
Rennova Health had $8.31 million in total assets, $73.64 million in
total liabilities and a total stockholders' deficit of $65.33
million.

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.


RICEBRAN TECHNOLOGIES: Sells Healthy Natural Unit for $18.3-Mil.
----------------------------------------------------------------
RiceBran Technologies announced that the Company has sold its
contract manufacturing and packaging subsidiary, Healthy Natural,
Inc., to an affiliate of Rosewood Private Investments.

"We are pleased to have completed the sale of Healthy Natural as
part of our plan to improve shareholder value creation by focusing
on RBT's ingredients business," said Robert Smith, chief executive
officer of RBT.  "We were also pleased to sell the business to an
established and successful industry participant like Rosewood,
whose success in this segment should well serve the Healthy Natural
customer base."

RBT was paid $18.3 million for the Healthy Natural business.  RBT
will use a portion of the sale proceeds to eliminate senior debt
and subordinated notes with face value totaling $12.5 million, to
pay transaction-related costs, and to increase cash and cash
equivalents (RBT had cash and cash equivalents of $3.4 million as
of March 31, 2017).  The gain on the sale will also increase
shareholders' equity, which totaled $7.9 million on March 31, 2017.
Allegiance Capital Corporation of Dallas, Texas, was engaged to
advise RiceBran Technologies in this sale.

"By eliminating our senior debt and subordinated notes and
improving liquidity and our equity funding," Brent Rystrom, RBT
chief financial officer.  He added, "we believe we are now
positioned to increase our efforts in the markets for stabilized
rice bran and derivative products ingredients, and we are excited
for the opportunities awaiting us.  We view this as an important
step in our plans to create improved shareholder value and look
forward to updating our progress on these efforts in the future."

                        About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation --  http://www.ricebrantech.com-- is a human food
ingredient and animal nutrition company focused on the procurement,
bio-refining and marketing of numerous products derived from rice
bran.  RiceBran Technologies has proprietary and patented
intellectual property that allows it to convert rice bran, one of
the world's most underutilized food sources, into a number of
highly nutritious food and feed ingredient products.  Its global
target markets are food and feed manufacturers and retailers, as
well as specialty food, functional food and nutritional supplement
manufacturers and retailers.

RiceBran incurred a net loss attributable to common shareholders of
$9.10 million for the full year 2016 compared to a loss
attributable to common shareholders of $8.3 million in 2015.  

As of March 31, 2017, Ricebran had $32.46 million in total assets,
$24.61 million in total liabilities and $7.85 million in total
equity attributable to Ricebran shareholders.

Marcum LLP, in New York, NY, 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 resulting in an accumulated deficit of $260 million
at Dec. 31, 2016.  This factor among other things, raises
substantial doubt about its ability to continue as a going
concern.

               About Rosewood Private Investments

Rosewood Private Investments is the private equity arm of The
Rosewood Corporation, a family-backed yet institutional firm with
diverse worldwide operations and investments.  Rosewood is wholly
owned by the Caroline Hunt Trust Estate, which was established in
1935 by H.L. Hunt and built upon over generations by developing and
acquiring businesses that are leaders in their respective
industries.  Rosewood's structure and history enable the firm to be
a unique resource and flexible investment partner.  As an evergreen
entity, Rosewood is continually seeking to invest capital in
companies that share a commitment to entrepreneurism, integrity and
sound business principles.  While a generalist investor, Rosewood
has a particular focus in the nutrition and wellness, aerospace,
manufacturing technologies and environmental services sectors.

             About Allegiance Capital Corporation

Allegiance Capital Corporation, headquartered in Dallas, is a
premier, private investment bank focused on M&A, financings and
other financial advisory services for leading North American
companies. (www.allcapcorp.com)


ROBERTSHAW US: Moody's Assigns B2 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and B2-PD Probability of Default Rating to Robertshaw US
Holding Corp. (Robertshaw). At the same time, Moody's assigned a B1
rating to Robertshaw's proposed first-lien senior secured term loan
and a Caa1 rating to its proposed second-lien senior secured term
loan. The rating outlook is stable.

The rating assignments follow the company's plans to raise $580
million of new senior secured debt -- a $440 million first-lien
term loan and a $140 million second-lien term loan -- to fund an
approximate $210 million sponsor distribution and repay existing
debt. Sun European Partners, LLP (Sun Capital) formed Robertshaw
through the acquisition of the Invensys Appliance division from
Schneider Electric in June 2014 for GBP150 million (approximately
$250 million).

Moody's took the following rating actions on Robertshaw US Holding
Corp.:

- Corporate Family Rating assigned at B2

- Probability of Default Rating assigned at B2-PD

- First-Lien Gtd Senior Secured Term Loan assigned at B1 (LGD3)

- Second-Lien Gtd Senior Secured Term Loan assigned at Caa1
   (LGD5)

- Rating outlook stable

RATINGS RATIONALE

The B2 CFR reflects Robertshaw's limited scale (approximately $550
million of revenues) with a niche focus, exposure to cyclical
consumer spending on appliances, high pro forma debt-to-EBITDA
leverage incorporating Moody's standard adjustments over 6x,
vulnerability to customer price concessions and a fairly aggressive
financial policy. In addition, free cash flow (cash flow from
operations less capital expenditures) has been limited and volatile
since Sun Capital's leveraged buyout, impacted by large working
capital swings. Moody's anticipates higher, more consistent free
cash flow levels going forward as outlays to restructure operations
following the carve-out are completed and the company realizes the
full benefit of its margin gains.

Robertshaw provides parts/products such as gas valves, top burners,
thermostats, electronic control panels, water valves and ignition
controls to original equipment manufacturers (OEMs) that are
integral to regulating larger electrical or mechanical equipment
and processes such as appliances and heating, ventilation and air
conditioning (HVAC) systems. The rating is supported by the
company's leading market share positions, end markets that are
expected to grow modestly along with GDP over the next few years,
longstanding relationships with a reputable customer base and an
improving fixed-to-variable cost structure. Favorable end-market
fundamentals such as an aging installed base (i.e. pent up
replacement demand) of residential appliances and commercial HVAC
systems as well as continued strength in home renovation spending
and housing starts support growth prospects and deleveraging to a
level more in line with Moody's expectations for the rating within
the next 12-18 months.

A largely completed transformation of its cost structure, combined
with fairly robust new product introductions has the company better
positioned to offset the ongoing impact from customer price
concessions. Continuous improvement initiatives will also help
mitigate potential pricing pressure. After markedly improving from
the initial impact of the transformation initiatives, Moody's
expects margins to hold steady with more modest gains over the next
two years.

Robertshaw's adequate liquidity is supported by approximately $20
million of cash on the balance sheet at March 31, 2017 (pro forma
for the proposed refinancing) and Moody's expectations for annual
free cash flow in the $10 million range over the next 12 months.
Concurrent with the funding of the term loans, the company will
reduce its existing asset-backed lending (ABL) facility, set to
expire in 2022, to $50 million from $65 million. Netting posted
letters of credit, pro forma availability is expected to be just
shy of $45 million. The ABL is subject to only a $5 million minimum
availability level while the term loans do not have financial
maintenance covenants. There are no near-term debt maturities and
less than $5 million of annual amortization payments required on
the first-lien term loan. With the ABL and secured term loans,
substantially all assets are pledged.

The rating outlook is stable, reflecting Moody's expectations that
revenue growth will continue at levels consistent with normal GDP
expansion and margins will trend slightly higher over the next two
years. Free cash flow generation should steadily increase to a
level exceeding 3% of debt by the end of fiscal year 2019 (March
2019) with stronger earnings and moderate capital expenditure needs
that are expected to run at 2-3% of revenues.

Higher than anticipated growth in revenues and margins, buoyed by
expanding end market opportunities and/or a growing pipeline of new
product introductions, could result in an upgrade. Debt-to-EBITDA
below 5x on a sustained basis and free cash flow-to-debt in the
high-single digit range would also be necessary for an upgrade.
Additionally, accelerated penetration into the high-margin electric
vehicle market would be viewed favorably. Positive rating actions
would also be contingent on a more conservative financial policy.

The ratings could be downgraded if debt-to-EBITDA remains above
5.75x or if the EBITDA margin falls as a result of the inability to
offset customer price concessions. The lack of organic revenue
growth or increasing free cash flow generation as expected, or a
weaker liquidity profile would also place downward pressure on the
ratings.

Robertshaw Holdings S.a.r.l. designs and manufactures
electro-mechanical solutions, mechanical combustion systems, and
electrical controls primarily for use in residential and commercial
appliances, HVAC and transportation applications. Pro forma
revenues for the fiscal year ended March 31, 2017 were
approximately $550 million.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.


ROOT9B HOLDINGS: Newly-Elected Directors Will Serve Starting Oct. 1
-------------------------------------------------------------------
The Board of Directors of root9B Holdings, Inc. approved
resolutions to the effect that the term of the directors elected at
the Company's Annual Meeting of Stockholders held on
July 19, 2017, will begin effective Oct. 1, 2017.  The current
directors of the Company will continue to serve until that time.

                         About Root9B

root9B Holdings (OTCQB: RTNB) -- http://www.root9bholdings.com/--
is a provider of Cybersecurity and Regulatory Risk Mitigation
Services.  Through its wholly owned subsidiaries root9B and IPSA
International, the Company delivers results that improve
productivity, mitigate risk and maximize profits.  Its clients
range in size from Fortune 100 companies to mid-sized and
owner-managed businesses across a broad range of industries
including local, state and government agencies.

Root9B Technologies, Inc., changed its name to root9B Holdings,
Inc. effective Dec. 5, 2016, and relocated its corporate
headquarters from Charlotte, NC to the current headquarters of
root9B, its wholly owned cybersecurity subsidiary, in Colorado
Springs, CO.

Root9B reported a net loss of $30.48 million for the year ended
Dec. 31, 2016, following a net loss of $8.33 million for the year
ended Dec. 31, 2015.  As of March 31, 2017, Root9B Holdings had
$16.84 million in total assets, $15.80 million in total liabilities
and $1.03 million in total stockholders' equity.

Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, noting that Company has suffered
recurring losses from operations and has negative operating cash
flows and will require additional financing to fund the continued
operations.  The availability of such financing cannot be assured.
These conditions raise substantial doubt about its ability to
continue as a going concern, the auditors said.


S&F MEAT: Wants to Use Cash Collateral of GTC, et al.
-----------------------------------------------------
S&F Meat Corp. asks for authorization from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to use cash
collateral.

These entities have interests in the cash collateral:

     a. food distributors GTC, Associated Supermarket Group, and   
      
        Key Food Stores Co-Operative, Inc.;

     b. The Reinvestment Fund;

     c. Capital One, National Association; and

     d. American Express.

The Debtor needs immediate authority to use cash collateral to
continue operations, to pay for goods and services, and to meet
other ongoing obligations of the Debtor's business, including the
Debtor's upcoming payroll of July 14, 2017, and its weekly payroll
thereafter.  The Debtor projects its interim cash collateral needs
for the three week period commencing on July 9, 2017, and
continuing through and including July 29, 2017, to be $195,900.01,
which includes weekly payroll and related obligations, overhead
expenses, administrative expenses, secured loan payments to Key
Food and TRF, as well as its other inventory purchasing
requirements.

The Debtor believes that the going concern value of the Debtor's
business exceeds its liquidation value, that the value of the cash
collateral will not decrease during this proceeding, and that even
if the going concern value of the Debtor decreases during this
proceeding, it will still exceed the liquidation value.

The Secured Creditors' interest in cash collateral will be
protected as follows: to the extent that the Secured Creditors have
a valid, perfected and a non-avoidable lien in the cash collateral
and the Debtor's use of the cash collateral diminishes interest,
the Debtor will grant Secured Creditors' replacement liens on
post-petition accounts and proceeds thereof to secure diminution.

Key Food's and TRF's interest in cash collateral will be protected
as follows: the Debtor will continue making (i) its weekly secured
loan payment to Key Food as reflected in the interim budget and
(ii) its monthly secured loan payment to TRF in the amount of
$3,612.76.

The Debtor believes that the public interest is served by
permitting use of cash collateral.  If the use of cash collateral
is denied, the Debtor will, in all probability, be forced to close,
forcing its employees to lose their jobs and severely impairing the
prospect of payment of its creditors' claims.

A copy of the Debtor's Motion is available at:

            http://bankrupt.com/misc/paeb17-14687-9.pdf

                       About S&F Meat Corp.

Headquartered in Philadelphia, Pennsylvania, S&F Meat Corp., d/b/a
Associated Supermarket, d/b/a Super Fine Fare Supermarket, owns a
supermarket chain.

S&F Meat filed for Chapter 11 bankruptcy protection (Bankr. E.D.
Pa. Case No. 17-14687) on July 10, 2017, estimating its assets and
liabilities at between $1 million and $10 million.  The petition
was signed by Yleana Rodriguez, president.

Judge Ashely M. Chan presides over the case.

Robert M. Greenbaum, Esq., and David B. Smith, Esq., at Smith Kane
Holman, LLC, serve as the Debtor's bankruptcy counsel.


SAILING EMPORIUM: Derecktor Buying Marina Property for $2.6M
------------------------------------------------------------
The Sailing Emporium, Inc., and William Arthur Willis and Mary Sue
Willis, ask the U.S. Bankruptcy Court for the District of Maryland
to authorize the Agreement of Sale and Purchase with Derecktor
Chesapeake, LLC or an entity to be formed by Derecktor, in
connection with the sale of real property, personal property,
goodwill and other intangibles relating to the Marina operations in
Rock Hall, Maryland, outside the ordinary course of business for
$2,600,000, subject to overbid.

Sailing Emporium operates a full-service marina located on the
picturesque Eastern Shore of Maryland on Rock Hall Harbor in Rock
Hall, Maryland.  Services include boat sales, boat repair and
restoration, electronics sales and service, and sailboat charters.
The Marina also includes a marine store and nautical gift shop.
The Marina has 155 deep water slips and 20 transient slips, and the
landscaped grounds and other amenities have made this marina a
point of interest in Rock Hall.  

The Marina consists of five parcels of real property owned by the
Debtors.  Parcels 23 and 69 are owned by Sailing Emporium and
Parcels 120, 141, and 142 are owned by the Willises.  In addition,
there is development property surrounding the Marina owned by the
Willises, Parcels 13 and 146 that is excluded from the sale.

The Debtors, with the assistance of their advisors, including
Marcus & Millichap Real Estate Investment Services, have conducted
an extensive marketing of the Marina Property to potential
investors and purchasers for the purpose of consummating a
transaction that brings the highest and best value of their assets
to their estates, creditors and other parties in interest.

As a result of their extensive efforts, the Debtors have received
and considered multiple expressions of interest from potential
purchasers.  The Debtors, with the assistance of their advisors and
after consultation with their principal secured lender, The Peoples
Bank and its professionals ("Bank"), have determined in their
business judgment that the sale of the Marina Property, including
the personal property related to the operations of the Marina and
the assumption and assignment of executory contracts and unexpired
leases related thereto, to the highest and best bidder will
maximize the benefit to the Debtors' estates, creditors and other
parties in interest.

The Debtors believe that the Bank will support the Sale free and
clear of its liens because the Sale will result in a substantial
payment of the Bank's allowed claim at Closing on the Sale as
provided for and the Sale provides the most effective and efficient
approach to realizing proceeds for, among other things, the
repayment of amounts due to the Bank.

Contemporaneously with the filing of the Sale Motion, the Debtors
filed their Bid Procedures Motion, which, among other things, seeks
approval of procedures governing the Sale.  The Bid Procedures set
forth the timeline pursuant to which the Debtors intend to
consummate the Sale.  Important milestones set forth therein
include, without limitation, that (i) bids are due by 5:00 p.m.
(PET) on Aug. 31, 2017; (ii) if more than one Qualified Bid is
received, an Auction will be held on Thursday, Sept. 7, 2017; and
(iii) a hearing to approve the Sale will take place on Sept. 14,
2017.

The Debtors have negotiated an agreement for the sale and purchase
of the Marina Property with Derecktor.  The Agreement is subject to
Court approval and to higher and better bids at Auction.  The
Debtors believe that the Agreement represents the highest and
otherwise best Qualified Bid received to date for the purchase of
the Marina Property.

The principal terms and conditions of the Agreement are:

   a. Purchase Price: $2,600,000

   b. Purchased Assets: (a) the Sellers will sell, convey, assign,
transfer and deliver to Purchaser and Purchaser will purchase,
acquire and accept from such Sellers, the Real Property, Tangible
Personal Property, Inventory, accounts receivable, Intangibles,
utility and security deposits, rights and interests under permits
and licenses, information systems and technology, and the books and
records relating to the Marina; and (b) the Seller will assign, and
Purchaser will assume, the Assigned Contracts and all of the
Seller's right, title and interest thereunder related to the
Marina.

   c. Contracts to be Assumed and Assigned: The Agreement provides
for the Debtors to assign the Assigned Contracts to the Purchaser
as part of the Purchaser's acquisition of the Purchased Assets.

   d. Purchase Price Adjustment: The Purchase Price will be reduced
at Closing for any rental and other fees paid by customers prior to
Closing for any period of time after Closing.  All taxes, rents and
operating expenses and collections with respect to the Purchased
Assets will be prorated as of the Closing.

   e. Key Conditions: The Purchaser's obligation to close on the
purchase is not subject to financing.  Certain conditions to the
Closing exist in the Agreement, including, but not limited to, the
representations and warranties, if any, of the Seller will be true,
complete and accurate, the Seller will have performed each and
every obligation and covenant to be performed under the Agreement,
unless waived, no material and adverse change to the condition of
the Marina Property and the Sale Order will have been entered by
the Court.

   f. Deposit: $260,000

   g. Closing Date: Subject to the terms and conditions of the
Agreement, the Closing Date will be no sooner than five days after
entry of the Sale Order and no later than 30 days after the Sale
Order becomes a final order.

   h. Representations and Warranties: The Agreement contains
certain customary representations and warranties of the parties
including those set forth in Section 15 of the Agreement.

   i. Break-Up Fee: 3% of the Purchase Price plus reimbursement of
reasonable expenses incurred in connection with the proposed
transaction with such expenses not to exceed $50,000

A copy of the Agreement attached to the Motion is available for
free at:

      http://bankrupt.com/misc/Sailing_Emporium_164_Sales.pdf

To facilitate and effect the Sale, the Debtors ask to assume and
assign the executory contracts and unexpired leases identified in
Schedule 3 to the Agreement to the purchaser of the Marina Property
(be it the Purchaser or any Successful Bidder, as the case may be)
to the extent required in connection with the Sale.

The Purchaser can be reached at:

          DERECKTOR CHESAPEAKE, LLC
          c/o Peter Smykowski, CFO
          311 E. Boston Post Rd.
          Mamaroneck, NY 10543
          Telephone: (914) 698-5020
          E-mail: psmykowski@derecktor.com

                   About The Sailing Emporium

The Sailing Emporium, Inc., owns and operates a full service
marina
located on the picturesque Eastern Shore of Maryland on eight
acres
on Rock Hall Harbor in Rock Hall, Maryland.  Services include boat
sales, boat repair and restoration, electronics sales and service
and sailboat charters.  The Property also includes a marine store
and nautical gift shop.  The Property has 155 deep water slips and
20 transient slips, and the landscaped grounds and other amenities
have made this marina a point of interest in Rock Hall.

The Sailing Emporium, Inc., filed a Chapter 11 petition (Bankr. D.
Md. Case No. 16-24498) on Nov. 1, 2016.  The petition was signed
by
William Arthur Willis, president.  The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the
filing.

The case is assigned to Judge Thomas J. Catliota.

The Debtor's counsel is Lisa Yonka Stevens, Esq., at Yumkas,
Vidmar, Sweeney & Mulrenin, LLC.  The Debtor has employed Andrew
Cantor and Marcus & Millichap Real Estate Investment Services as
broker, and tapped Gary T. Mott & Associates, CPA, P.A., as
accountant.


SCRUB ISLAND: Sale of Marina Village Unit G204 for $836K Approved
-----------------------------------------------------------------
Judge Michael G. Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Scrub Island Development
Group Ltd. to sell the condominium Unit G204, also known as
1727-28, in the Marina Village located on Little Scrub Island,
together with furnishings and fittings, to Thomas E. Skilling, III,
or his assigns for $835,975.

A hearing on the Motion was held on July 12, 2017, at 9:30 a.m.

The sale is free and clear of all liens, claims, and encumbrances.

At closing, the Escrow Agent is directed to deposit the sum of
$768,777 into the Interest Reserve Account, as defined in the Loan
Agreement between SIDG and FirstBank Puerto Rico, in exchange for
FirstBank's execution and delivery at closing of the Discharge.
The Escrow Agent will deliver and record the Discharge upon deposit
of the sum of $768,777 into the Interest Reserve Account.

                       About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island
Construction Limited, sought bankruptcy protection (Bankr. M.D.
Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a
receivership Scrub Island claims was secretly put in place by its
lender.  The bankruptcy case is assigned to Judge Michael G.
Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development scheduled $126 million in assets and $131
million in liabilities.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A.,
as general counsel.

                          *     *     *

The Troubled Company Reporter, on Jan. 16, 2015, reported that
News, reported that Scrub Island Resort, Spa & Marina in the
British Virgin Islands prevailed over lender FirstBank Puerto Rico
and persuaded a bankruptcy judge in Tampa, Florida, to approve its
Chapter 11 reorganization plan.

According to the TCR, citing Bloomberg News, after an eight-day
trial, the judge rejected the bank's objections to the plan and
ruled that he can trim the bank's treatment under the plan if
Scrub Island wins the lender-liability suit.  Implementation of the
plan
will enable Scrub Island to improve the property with an $18
million loan, the Bloomberg report said, citing a statement from
the resort.`


SECOND CHANCES: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Second Chances WV LLC as of
July 19, according to a court docket.

                     About Second Chances WV

Second Chances WV, LLC, based in Jumping Branch, West Virginia,
filed a Chapter 11 petition (Bankr. S.D. W.Va. Case No. 17-50174)
on June 9, 2017.  William W. Pepper, Esq., at Pepper & Nason,
serves as bankruptcy counsel.

The Debtor listed under $1 million in both assets and liabilities.


SEINEYARD INC: Unsecureds to Get 50% Over 20 Quarters at 2.5%
-------------------------------------------------------------
Seineyard, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Florida a first amended disclosure statement
dated July 12, 2017, referring to the Debtor's plan of
reorganization.

Class IV-A General Unsecured Creditors have aggregate and estimated
claims of $36,961.28.  These creditors will be paid pro rata, after
administrative claims, from the proceeds of Debtors daily
operations.  A dividend of 50% will be paid to these creditors, pro
rata over 20 quarterly payments, commencing on the last day of the
third month after the effective date month of the Debtor's Plan of
Reorganization.  Interest at 2.5% will be paid on the quarterly
dividends.  The quarterly aggregate payment, with interest, will be
$985.67.  These creditors in Class IV are impaired as that the term
is defined in the U.S. Bankruptcy Code; and, as such, are entitled
to vote to accept or reject the Plan.

Pursuant to cash projections and actual income subsequent to the
filing of the Disclosure Statement and Plan of Reorganization, the
Debtor should have sufficient cash from his operations to fund its
Plan payments from its continued operations.

A copy of the First Amended Disclosure Statement is available at:

           http://bankrupt.com/misc/flnb17-40210-53.pdf

                       About Seineyard Inc.

Seineyard, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 17-40210) on May 18,
2017.  Sam Dunclap, president, signed the petition.  At the time of
the filing, the Debtor estimated assets and liabilities of less
than $50,000.  Thomas Woodward Law Firm is the Debtor's bankruptcy
counsel.


SENTRIX PHARMACY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Sentrix Pharmacy and Discount, LLC
        3285 W Mc Nab Rd
        Pompano Beach, FL 33069

Business Description: Sentrix Pharmacy and Discount --
                      http://sentrixpharmacy.com-- is a general
                      pharmacy in Pompano Beach, Florida.
                      The Company specializes in treating
                      injured workers.  Its pharmacy focuses on
                      delivery of doctor prescribed medications
                      seamlessly, quickly, and with no out of
                      pocket expense.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-19073

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: Hon. Raymond B Ray

Debtor's Counsel: Kenneth S Rappaport, Esq.
                  RAPPAPORT OSBORNE & RAPPAPORT, PLLC
                  1300 N Federal Hwy #203
                  Boca Raton, FL 33432
                  Tel: (561) 368-2200
                  E-mail: office@rorlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Spencer Malkin, vice president.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb17-19073.pdf


SERO TRANSPORT: Unsecureds to Recoup 40% Under Plan
---------------------------------------------------
Sero Transport Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a disclosure statement dated July 10,
2017, referring to the Debtor's Chapter 11 plan.

Class 4 General Unsecured Claims will be paid their pro-rata share
of the Debtor's disposable income for the 60 months following the
Effective Date of the Plan.  The Debtor proposes to pay 40% to
Class 4 in quarterly payments.

Distributions to unsecured creditors in Class 4 will be paid
directly by the Debtor, on the first date of each fiscal quarter,
except for amounts less than $50, which will be paid semiannually
on Jan. 1 and July 1 each year.  As a convenience, any unsecured
creditors (other than insiders) who are due less than $500 can be
paid in full at anytime.

The Debtor will satisfy all claims from the business revenue and
the sale of business assets to the extent required.  It is
anticipated that the two business locations will produce sufficient
net proceeds to fund the Plan and yield resulting payments on the
outstanding loans.

The Plan provides that Debtor will act as the Disbursing Agent to
make payments under the Plan unless Debtor appoints some other
person or entity to do so.  The Debtor may maintain bank accounts
under the confirmed Plan in the ordinary course of business.  The
Debtor may also pay ordinary and necessary expenses of
administration of the Plan in due course.

A copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/ganb17-57062-41.pdf

                      About Sero Transport

Sero Transport Inc. filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ga. Case No. 17-57062) on April 19, 2017.  Howard P. Slomka,
Esq., at Slipakoff and Slomka PC serves as bankruptcy counsel.

The Debtor's assets and liabilities are both below $1 million.


SESI LLC: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------
Moody's Investors Service downgraded SESI, L.L.C.'s (SESI or
Superior Energy) Corporate Family Rating (CFR) to B2 from B1,
Probability of Default Rating (PDR) to B2-PD from B1-PD and senior
unsecured notes to B3 from B2. The Speculative Grade Liquidity
Rating was affirmed at SGL-3. The rating outlook was revised to
stable from negative.

"The downgrade reflects Moody's views that SESI will have to
contend with high financial leverage and limited financial
flexibility at least through mid-2018 despite improving industry
conditions," said Sajjad Alam, Moody's Senior Analyst. "We believe
the sector's recovery will be protracted and significant
reactivation costs, working capital requirements and cost inflation
will limit SESI's ability to substantially enhance liquidity,
reduce debt and reinvest in new equipment."

Issuer: SESI, L.L.C.

Downgraded:

Corporate Family Rating, Downgraded to B2 from B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD4)
from B2 (LGD4)

Affirmed:

Speculative Grade Liquidity Rating, Affirmed SGL-3

Outlook Actions:

Outlook, Changed to Stable from Negative

RATINGS RATIONALE

SESI's B2 CFR reflects its weak earnings prospects and very high
projected financial leverage at least through mid-2018, as well as
its need to renegotiate credit facility financial covenants and
refinance its $500 million May 2019 bond maturity. Although the
demand for SESI's products and services should gradually recover
from increased US shale drilling and completion activities,
operating margins and cash flows may not grow quickly because of
significant reactivation/redeployments costs, cost inflation and
ongoing price competition. As a result, SESI's leverage could
remain at high levels over an extended period. Despite amending its
financial covenants in February 2017, the company will have limited
headroom under the financial covenants and may require further
amendments later this year to maintain ongoing access to the
revolving credit facility. SESI's ratings are supported by its
scale and diversification across most US basins, meaningful
international and offshore presence, broad suite of product and
service offerings and its manageable liquidity.

SESI's SGL-3 rating is primarily supported by its $272 million of
cash and cash equivalents (pro forma for the $120 million tax
refund in April 2017) as of March 31, 2017 and Moody's expectation
that the company will slowly build up cash in coming quarters. The
company plans to spend $100 million of capital during 2017,
including funding for equipment upgrades and refurbishments, and
assuming market demand continues to improve. While SESI has enough
cash to cover the projected negative free cash flow through
mid-2018, absent continued recovery in earnings, the company will
have to pursue non-core asset dispositions or potential capital
market transactions to augment liquidity. SESI has an undrawn
committed $300 million revolver, but the company could breach the
net debt/EBITDA and/or the interest coverage covenant in late 2017
or early 2018 if earnings disappoint. The revolver matures in
February 2019 and had $260 million in available borrowing capacity
as of March 31 after accounting for $40 million of outstanding
letters of credit.

SESI's $500 million 6.375% senior notes due 2019 and $800 million
7.125% senior notes due 2021 are rated B3, one notch below the B2
CFR. The B3 rating on the unsecured notes reflects their
subordinated claim to SESI's assets relative to the company's $300
million senior secured revolving credit facility.

The stable outlook reflects improving industry fundamentals and
Moody's expectation that SESI will maintain adequate liquidity. An
upgrade would be considered if SESI can sustain leverage near 5x
and show steady growth in earnings and cash flows for several
quarters in an improving market. SESI's CFR could be downgraded if
the EBITDA/Interest ratio remains below 1.5x or if the company's
liquidity cushion is substantially diminished.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

SESI, L.L.C. is a wholly-owned subsidiary of Superior Energy
Services, Inc., which is a publicly traded diversified oilfield
services company headquartered in Houston, Texas.


SHORT BARK: Has Interim OK to Obtain DIP Financing & Use Cash
-------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware has authorized, on an interim basis, Short Bark
Industries, Inc., to obtain secured post-petition factoring and
financing and use of cash collateral in order for the Debtor to
continue its operations and pay payroll.

A hearing on the DIP financing and cash collateral use will be held
on Aug. 19, 2017, at 9:30 a.m. prevailing Eastern Time.

The Debtor wants authorization for it to enter into and obtain
secured post-petition factoring, consisting of, among others:

     (1) the purchase by LSQ Funding Group, LLC, as purchaser, of
         certain of the Debtor's accounts and (b) an over-advance
         above the purchase in subsection (a) above, up to a
         combined aggregate maximum amount not to exceed $237,844
         to be used solely for payroll and payroll taxes and for
         the payment to certain vendors for the emergency period;

     (2) grant LSQ the DIP liens and DIP superpriority claims to
         secure the DIP financing;

     (3) authorization for the Debtor to use cash collateral in
         which LSQ has an interest solely for payroll and payroll
         taxes and for the payment to certain vendors; and

     (4) grant LSQ the replacement liens and pre-petition
         superpriority claims to the extent of any pre-petition
         diminution in value of LSQ's interest in the pre-petition

         collateral as adequate protection for the granting of the

         DIP liens to LSQ, the use of cash collatera, and for the
         imposition of the automatic stay.

The Debtor has a critical need to obtain the DIP financing and use
the collateral and cash collateral in order to permit, among other
things, the orderly continuation of the operation of its businesses
and to make payroll.

The Debtor is unable to obtain financing on more favorable terms
from sources other than LSQ and is unable to obtain adequate
unsecured credit allowable under Section 503(b)(1) of the U.S.
Bankruptcy Code as an administrative expense.  The Debtor is also
unable to obtain secured credit without the Debtor granting to LSQ
the DIP liens and superpriority claims.

Pursuant to the prepetition documents, the Debtor was indebted to
LSQ in the approximate amount of $9,853,433 plus accrued and
accruing interest, costs, expenses, fees, other charges and other
obligations.

To secure the prepetition obligations, the Debtor granted security
interests and liens to LSQ upon all of the Debtor's personal
property and fixtures, and proceeds thereof.

The Debtor is authorized to sell to LSQ certain accounts of the
Debtor and incur indebtedness and use cash collateral in the
aggregate maximum amount not to exceed $237,844 on an emergency
interim basis pending the interim hearing on the Debtor's request,
which will be used solely for payroll and payroll taxes and for
payment of certain vendors.

A copy of the Interim Order is available at:

            http://bankrupt.com/misc/deb17-11502-21.pdf

                   About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--
provides military apparels for the Department of Defense, law
enforcement industry.  The Company's current or previously
manufactured items in the military category include but are not
limited to military MOLLE, medium and large rucksacks, assault
packs, IWCS, ACU, ABU, BDU, helmet covers, FROG, A2CU and more.
The Company offers men and boys suits, over garments, bag, and
coats.  Short Bark Industries holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

The Company and one other affiliate sought bankruptcy protection on
July 10, 2017 (Bankr. D. Del., Case No. 17-11501 and Case No.
17-11502).  The petition was signed by Phil Williams, CEO and
Chairman.

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

Bielli & Klauder, LLC, serves as lead bankruptcy counsel to the
Debtors.


SHORT BARK: Prohibited From Using SBI Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida has
entered an order granting St. John Mortgage Management, Inc's
request to prohibit Short Bark Industries, Inc.'s use of cash
collateral.

                  About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--  
provides military apparels for the Department of Defense, law
enforcement industry.  The Company's current or previously
manufactured items in the military category include but are not
limited to military MOLLE, medium and large rucksacks, assault
packs, IWCS, ACU, ABU, BDU, helmet covers, FROG, A2CU and more.
The Company offers men and boys suits, over garments, bag, and
coats.  Short Bark Industries holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

The Company and 1 other affiliate sought bankruptcy protection on
July 10, 2017 (Bankr. D. Del., Case No. 17-11501 and Case No.
17-11502).  The petition was signed by Phil Williams, CEO and
Chairman.

The Debtors listed total assets of $10 million to $50 million and
total liabilities of $10 million to $50 million.

Bielli & Klauder, LLC, serves as lead bankruptcy counsel to the
Debtors.


SHORT BARK: Wants to Use LSQ Funding's Cash Collateral
------------------------------------------------------
Short Bark Industries, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to use cash
collateral.

The Debtors have one creditor, LSQ Funding Group, L.C., that either
has or claims to have a security interest in the cash collateral.

The Debtors need the use of cash collateral in order to fund their
ordinary course of business operations and administration.  Cash
Collateral is necessary to continue the production and marketing of
the Debtors' products, thus permitting the Debtors to successfully
reorganize.

LSQ Funding will be granted a replacement lien in unencumbered
account(s), for services rendered by the Debtors, as adequate
protection.  These liens will correspond with the Debtors'
utilization of cash collateral encumbered by LSQ Funding, allowing
the Debtors to access the necessary funds to continue operating
while preventing, to the extent possible, damage to LSQ Funding's
position as a secured creditor.

The Debtors are willing to make adequate protection payments to
LSQ Funding in order to preserve LSQ Funding's position.

A copy of the Debtors' request is available at:

          http://bankrupt.com/misc/deb17-11502-9.pdf

                 About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--  
provides military apparels for the Department of Defense, law
enforcement industry.  The Company's current or previously
manufactured items in the military category include but are not
limited to military MOLLE, medium and large rucksacks, assault
packs, IWCS, ACU, ABU, BDU, helmet covers, FROG, A2CU and more.
The Company offers men and boys suits, over garments, bag, and
coats.  Short Bark Industries holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

The Company and 1 other affiliates sought bankruptcy protection on
July 10, 2017 (Bankr. D. Del., Case No. 17-11501 and Case No.
17-11502).  The petition was signed by Phil Williams, CEO and
Chairman.

The Debtors listed total assets of $10 million to $50 million and
total liabilities of $10 million to $50 million.

Bielli & Klauder, LLC, serves as lead bankruptcy counsel to the
Debtors.


SITEL WORLDWIDE: S&P Affirms 'B-' CCR, Outlook Remains Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' corporate credit rating, and
all other ratings, on Nashville, Tenn.-based SITEL Worldwide Corp.
The outlook remains stable.

The affirmation reflects improved first-quarter 2017 performance
coming on the heels of weak operating results in 2016 that included
about a 20% decline in earnings and negative free cash flow of $19
million. The company has taken steps to restructure its operations
and improve profitability by offshoring to lower-cost areas such as
the Philippines, resulting in EBITDA margins rising to 10.4% in the
first quarter of 2017 compared with an average of about 8.4%in
2016. S&P said, "However, we recognize that intense competition in
the call center industry could result in pricing pressure or the
loss of customers, raising questions about the sustainability of
SITEL's profitability improvements and the stability of earnings.

"The stable outlook reflects our expectation for SITEL to maintain
adequate liquidity over the next year despite covenant step-downs,
driven by 25%-30%growth in EBITDA from cost-saving initiatives.

"We could lower the rating if continued operational issues cause us
to assess the capital structure as unsustainable or if continued
negative FOCF results in cash and revolver availability falling
below $20 million.

"Given the inherent volatility in the business, we are unlikely to
raise the rating over the next year. However, we could consider an
upgrade if SITEL is able to improve EBITDA margins to above 10%,
demonstrate stability in profitability and cash flow, and build a
cash balance (much like comparable peers that have cash to revenues
of 5%-7%) to account for volatility in the business. In addition,
any upgrade would be predicated on the company maintaining covenant
cushion in excess of 15%."


SKYLINE MANOR: Lawyer Ordered to Pay Assessment Fee Before July 27
------------------------------------------------------------------
The Office of the Clerk of Court sent a notice on May 18, 2017 to
Attorney Robert V. Ginn directing him to pay the 2017/2018 attorney
assessment fee within 15 days. As of the close of business on July
13, 2017, Ginn had not complied with the request.

Judge Susan M. Bazis of the U.S. District Court for the District of
Nebraska issued an order directing Ginn to pay the assessment or
show cause by written affidavit why he cannot comply with the rules
of the Court on or before July 27, 2017. Failure to comply with the
order will result in the Court removing Ginn as counsel of record
for Skyline Manor, Inc.

The case is RON ROSS, Chapter 11 Trustee; Plaintiff, v. ROBERT L.
RYNARD JR, Defendant, No. 8:17CV132 (D. Neb.).

A copy of Judge Bazis' Order is available at https://is.gd/pUCg4C
from Leagle.com.

Ron Ross, Plaintiff, represented by Brandon R. Tomjack --
btomjack@bairdholm.com  --  BAIRD, HOLM LAW FIRM.

Ron Ross, Plaintiff, represented by Nicholas A. Buda --
nbuda@bairdholm.com -- BAIRD, HOLM LAW FIRM & T. Randall Wright --
rwright@bairdholm.com -- BAIRD, HOLM LAW FIRM.

Official Committee of Unsecured Creditors, Creditor, represented by
Francis J. Lawall -- lawallf@pepperlaw.com -- PEPPER, HAMILTON LAW
FIRM.

Robert L. Rynard, Jr., Defendant, represented by Kathryn J. Derr
–kderr@berkshire-law.com -- BERKSHIRE, BURMEISTER LAW FIRM.

Skyline Manor, Inc., Debtor, represented by Patrick R. Turner --
patrick.turner@stinson.com -- STINSON, LEONARD LAW FIRM, Robert V.
Ginn, SMITH, SLUSKY LAW FIRM & T. Randall Wright, BAIRD, HOLM LAW
FIRM.

U.S. Trustee, Trustee, represented by Jerry L. Jensen --
Jerry.L.Jensen@usdoj.gov -- U.S. TRUSTEE & Patricia M. Fahey --
Patricia.Dugan@usdoj.gov -- U.S. TRUSTEE.

                     About Skyline Manor

Skyline Manor Inc. is a Nebraska non-profit corporation that
operates a 199-unit continuing care retirement community and a 140
unit independent living facility in Omaha.  Skyline Manor filed a
Chapter 11 bankruptcy petition (Bankr. D. Neb. Case No. 14-80934)
on May 8, 2014.  The petition was signed by John W. Bartle as
chief restructuring officer.  Judge Thomas L. Saladino presides
over the case.

The Debtor disclosed $19.9 million in assets and $13.7 million in
liabilities as of the Chapter 11 filing.

Mr. Ross has been appointed as the Chapter 11 trustee for Skyline
Manor.


SPI ENERGY: Qian Kun Owns 11.1% of Ordinary Shares as of July 6
---------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Qian Kun Prosperous Times Investment Limited and Yunshi
Wang reported that as of July 6, 2017, they beneficially own
80,000,000 ordinary shares, par value $0.000001, of SPI Energy Co.,
Ltd. representing 11.1 percent based on 719,065,172 shares of
Ordinary Share, consisting of (i) 639,065,172 shares of Ordinary
Share outstanding as of December 31, 2015 as disclosed in the
issuer's annual report on Form 20-F/A filed with the Securities
Exchange and Commission on January 26, 2017 and (ii) 80,000,000
shares of Ordinary Share.

Qian Kun Prosperous Times Investment Limited is a British Virgin
Islands company.  The business address of Qian Kun is Sea Meadow
House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
British Virgin Islands.  Yunshi Wang is a citizen of the People's
Republic of China.  Qian Kun is a company wholly owned by Yunshi
Wang.  The business address of Yunshi Wang is 21st Floor, Tower E,
Zhonghai International Center, No. 333 Jiaozi Avenue, Hi-tech
Industrial Development Zone, Chengdu, Sichuan, People's Republic of
China.  The principal business of Qian Kun is investment.
The principal business of Yunshi Wang is merchant.

Qian Kun and SPI Energy entered into a purchase agreement dated as
of July 6, 2017.  Pursuant to the Purchase Agreement, Qian Kun
agreed to subscribe for and purchase from the Company, for an
aggregate purchase price of $5,760,000, a total of 80,000,000
shares of Ordinary Share.  The share issuance was subject to
customary closing conditions.  The closing of the transactions
contemplated under the Purchase Agreement occurred on July 12,
2017.  The purchase of the Sale Shares was funded from the working
capital of the Reporting Persons.  No borrowed funds were used to
purchase such shares of Ordinary Share.
A full-text copy of the regulatory filing is available at:

                     https://is.gd/RJtJur

                     About SPI Energy Co.

SPI Energy Co., Ltd. -- http://investors.spisolar.com-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors.  SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America.  The Company operates an online energy
e-commerce and investment platform in China, as well as B2B
e-commerce platform offering a range of PV and storage products in
Australia.  The Company has its operating headquarters in Hong Kong
and maintains global operations in Asia, Europe, North America and
Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.  As of June 30, 2016, SPI Energy had $549.4
million in total assets, $415.0 million in total liabilities and
$134.4 million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.


SPIRIT AIRLINES: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating for
Spirit Airlines, Inc. at 'BB+'. The Rating Outlook is Stable. Fitch
has also affirmed the ratings on Spirit's 2015-1 series of enhanced
equipment trust certificates.

The rating is supported by Spirit's solid profitability, healthy
liquidity, and low cost structure. Spirit's cost advantage over its
peers remains a significant ratings factor as it provides the
company a meaningful cushion to operate through potential future
economic downturns while maintaining adequate financial health. The
ratings are also supported by an improving unit revenue environment
among U.S. air carriers.

Fitch's primary rating concerns include leverage and cash flow
metrics that have weakened beyond the agency's prior expectations
driven by steep unit revenue declines over the past two years. The
carrier continues to grow at a rapid pace, and heavy capital
spending on new aircraft and higher debt balances may cause credit
metrics to deteriorate modestly in the near-term. Continued
increases in leverage due to heavier than expected borrowing,
deteriorating margins from increased competition, or failure to
manage future capacity growth could lead to negative rating
actions. These concerns are offset by Fitch longer-term
expectations for these metrics to trend in a positive direction.
Other concerns include a difficult competitive environment among US
carriers and ongoing labor negotiations with Spirit's pilot union
that will likely drive wages higher in the near-term.

KEY RATING DRIVERS

Operating Margins are Down but Remain Above Average: Spirit remains
one of the most profitable airlines in the industry despite facing
increased competitive pressure and higher fuel prices. In the
latest-12-month (LTM) period ended March 31, 2017, Spirit's EBIT
margin was 18.6%, which was five percentage points lower than the
same time a year ago due to the headwinds mentioned above. Spirit's
margin premium to the industry has declined over the past two years
as it faced unit revenue pressures of a greater magnitude than its
peers. Nevertheless, Spirit remains highly profitable, and Fitch
forecasts that Spirit's margin advantage over its peers is
sustainable over the intermediate term, with larger airlines facing
some unit cost headwinds while Spirit has opportunities to maintain
or incrementally improve its unit cost basis. A significant unknown
in Spirit's cost structure is its open pilot contract, which became
amendable in August 2015. The ratification of a new contract will
likely involve meaningful pay increases for Spirit's pilots,
following the trend in the industry. Pay raises may be at least
partially offset by work rule changes, the cost benefits from the
ongoing upgauging of Spirit's fleet, and benefits of scale as
Spirit expands.

Mixed Credit Metrics: Spirit's adjusted leverage has increased over
the past year as it has taken on debt to finance aircraft and as
margins have declined. On an adjusted basis (including operating
leases) Fitch calculates Spirit's total adjusted debt/EBITDAR at
4.1x as of March 31, 2017, which is up from 3.4x a year ago.
Spirit's leverage position compared to peers has suffered as
leverage metrics for much of the rest of the industry have improved
or flattened out as fuel prices remain low and as some airlines
have paid down debt or purchased aircraft with cash.

Fitch's concerns regarding Spirit's leverage are offset by the
company's low cost structure and high operating margins and large
cash balance. Although Fitch generally focuses on gross leverage
metrics for airline companies due to the possibility for cash
balances to decline quickly in stress scenarios, the size of
Spirit's cash balance mitigates some concerns around leverage. As
of March 31st Spirit's cash balance totaled 39% of LTM revenue, a
level that is well above most peers. Fitch also notes that two
thirds of Spirit's adjusted debt is comprised of capitalized
operating rent expenses. Debt/EBITDA (not including rent expense)
remains modest at 2x. Fitch expects that total adjusted leverage
will remain around 4x over the next year depending on fuel prices
and the financing preferences, but over the next two to three
years, leverage is expected to trend slightly below current
levels.

Spirit's coverage metrics are weak compared to some peers because
of the company's heavy use of operating leases. FFO/Fixed charge
coverage as of March 31st was 2.4x, which is down from 3.1x a year
ago and remains weak compared to its peer group. Fitch expects
coverage metrics to improve over the next several years due to the
benefits of owning some aircraft versus having 100% operating
leases.

Unit Revenues to Improve: Fitch expects unit revenues to modestly
improve through the remainder of 2017, following declines in 2015
and 2016. Fitch's forecast anticipates that Spirit's 2017 unit
revenues will be slightly up compared to 2016 based on some of the
actions that Spirit has taken, including adjusting its revenue
management practices and modifying its schedule in order to run a
more reliable operation. These expectations also reflect broader
industry trends with most US carriers reporting a solid demand
environment and unit revenue gains for the first time in more than
two years.

Negative FCF: Fitch expects Spirit's free cash to remain negative
for the intermediate term as high capital spending is sustained by
heavy aircraft deliveries in the coming years. Fitch forecasts that
2017 FCF may be below 2016's deficit of -$241 million. FCF in 2018
may trend closer to neutral due to a temporary lull in aircraft
deliveries.

EETC Ratings: The 'A' rating on the 2015-1 class A certificates is
primarily based on a significant amount of overcollateralization
and a high quality pool of underlying assets. Since Fitch initially
rated the transaction, loan-to-value ratios have deteriorated
slightly compared to Fitch initial expectations; nevertheless, the
transaction remains heavily overcollateralized. The maximum LTV in
Fitch's stress scenario is 89.9%, suggesting a full recovery for
'A' tranche certificate holders with ample headroom in a harsh
stress scenario where Spirit enters financial distress and chooses
to reject the aircraft.

The class B certificate rating of 'BBB+' is notched up from
Spirit's corporate rating of 'BB+'. The three notch differential
reflects Fitch's view that the affirmation factor for this pool of
aircraft is high, and due to the presence of an 18-month liquidity
facility.

DERIVATION SUMMARY

Spirit's 'BB+' rating is supported by its low cost structure and
high operating margins compared to peers. Operating margins compare
favorably to North American Airlines that Fitch rates in the 'BBB'
category such as Delta Air Lines and Southwest Airlines. These
factors act as an effective buffer against economic downturns as
they allow its ability to operate profitably while offering low
fares. Spirit also maintains a sizeable liquidity balance compared
to its peer set. As of March 31, 2017, Spirit had a cash balance
equal to 39% of LTM revenue, which is notably higher than peers
rated in the 'BB' or 'BBB' category. Spirit's liquidity advantage
is offset by its comparatively small base of unencumbered assets.

Spirit's ratings are constrained by its relatively high gross
adjusted leverage compared to peers. Fitch calculates Spirit's
adjusted leverage at 4.1x as of March 31 2017, which is higher than
other 'BB' rated peers such as United ('BB'/3.3x) and JetBlue
('BB-'/2.3x). Unlike the major network carriers (Delta, United, and
American) Spirit has no pension obligations, which partially
offsets its higher gross leverage ratio (Fitch does not include
pension deficits in total debt) Free cash flow is also weak
compared to peers rated in the 'BB' category, however this is
largely attributable to Spirit's high rate of growth.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

-- Capacity growth sustained in the mid teens throughout the
    forecast period.

-- Continued moderate economic growth in the U.S. over the near-
    term, translating into stable demand for air travel

-- Jet Fuel prices equating to brent crude averaging in the low
    to mid $50/barrel range for 2017, increasing to ~$60/barrel by

    2019

-- Neutral to slightly positive RASM increase in 2017 followed by

    low growth thereafter

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action

-- Total adjusted debt/equity credit falling below 3x on a
    sustained basis (Debt/EBITDAR as of March 31, 2016: 3.4x);

-- Free cash flow trending towards positive;

-- FFO fixed charge coverage ratio sustained at or above 3x.

Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action

-- Total adjusted debt/EBITDAR sustained at or above 4x;

-- Liquidity as a percentage of LTM revenue falling below 20% on
    a sustained basis (as of March 31, 2017: 39%);

-- Material weakness in revenue or a sharp uptick in costs
    resulting in EBIT margins sustained below 12% (as of March 31,

    2016: 18.6%);

-- Difficulties managing planned capacity growth which cause
    Fitch to make material negative revisions to its financial
    projections.

LIQUIDITY

Solid Financial Flexibility: As of March 31, 2017 Spirit had cash
and equivalents of $918 million, equal to 39% of LTM revenue.
Spirit's financial flexibility is supported by the absence of
significant near-term debt maturities, the fact that it has no
pension obligations. The company is unencumbering some assets
including seven A319s and two spare engines. In 2016 Spirit used
cash to acquire seven A319s, which were formerly under lease
agreements, with a total fair value of $95.7 million.
Spirit's cash equivalents consist of highly liquid money market
funds and a $100 million in short term investments. The company
also maintains two lines of credit totaling $70.1 million. The
credit lines consist of a $23.6 million line related to corporate
credit cards which the company uses for interrupted trip expenses
and crew hotels among other things, and a $46.5 million line
available for both physical fuel delivery and jet fuel derivatives
As of March. 31, 2017, the company had drawn $12.0 million on the
former and $9.0 million on the latter. The company also maintains
$25.2 million in unsecured standby letter of credit facilities. As
of March 31, 2017, the company had $17.4 million in outstanding
letters of credit under this facility.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Spirit Airlines, Inc.
-- Long-Term IDR at 'BB+'.

Spirit Airlines Pass Through Trust Certificates, Series 2015-1
-- Class A certificates at 'A';
-- Class B certificates at 'BBB+'.


SUNBURST FARMS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sunburst Farms Partnership
        PO Box 370
        Tribune, KS 67879

Business Description: Sunburst Farms is engaged in wheat and feed
                      sorghum production.  The principal place of
                      business of Sunburst Farms is 116 W Greeley,
                      Tribune KS, 67879.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-11389

Court: United States Bankruptcy Court
       District of Kansas (Wichita)

Judge: Hon. Robert E. Nugent

Debtor's Counsel: David P Eron, Esq.
                  ERON LAW, P.A.
                  229 E. William, Suite 100
                  Wichita, KS 67202
                  Tel: 316-262-5500
                  Fax: 316-262-5559
                  Email: david@eronlaw.net

Total Assets: $4.29 million

Total Liabilities: $6.60 million

The petition was signed by Carol Bloesser, president of Western
Plains, the Debtor's general partner.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ksb17-11389.pdf


SYNCHRONOSS TECHNOLOGIES: Moody's Ratings Review Continues
----------------------------------------------------------
Synchronoss Technologies, Inc.'s ratings, including its B1
Corporate Family Rating, were placed on review on April 27,
following abrupt changes in management, including multiple changes
in the CFO position over a short period, coming shortly after
Synchronoss completed the Intralinks acquisition. In addition, the
company revised revenue and operating margin guidance, which stands
to delay the expected deleveraging at the company. Synchronoss
subsequently announced that it has identified errors concerning
revenue recognition in connection with certain licensing
transactions for its fiscal years ended 2015 and 2016.

On June 28, Synchronoss received a waiver from its bank group that
avoided a covenant default that would have resulted from a late
filing of its March statements. That waiver expired on July 13th,
and Moody's expects the company and its bank group to further
extend the waiver.

In addition, on July 6, the company announced that its Board of
Directors has initiated a process to evaluate potential strategic
alternatives to maximize shareholder value. As part of the process,
the Board will consider a full range of strategic, operational and
financial alternatives, which may include a sale or other
transaction. This action followed the announcement by Siris Capital
Group ("Siris") that it was interested in acquiring Synchronoss for
$18.00 per share in cash, which Moody's views as a credit negative
development. Even if the potential transaction with Siris does not
move forward, the Siris indication of interest heightens the
probability that Synchronoss's debt levels will rise to either
close the acquisition by Siris or to complete other strategic
moves. Siris has not disclosed financing details about its offer,
but a transaction of such magnitude will trigger change of control
provisions, which will require lender and bond holder approval,
unless the existing Synchronoss debt is refinanced.


TCC GENERAL: Disclosures OK'd; Plan Confirmation Hearing on Aug. 30
-------------------------------------------------------------------
The Hon. Sheri Bluebond of the U.S. Bankruptcy Court for the
Central District of California has approved TCC General
Contracting, Inc.'s second amended disclosure statement (as
revised) describing the Debtor's second amended plan of
reorganization (as revised).

A hearing to consider confirmation of the Debtor's Second Amended
Plan (as revised) and the scheduling and case management conference
will be held on Aug. 30, 2017, at 2:00 p.m.

Any objection to the confirmation of the Plan must be filed by Aug.
7, 2017.

The deadline to cast ballots will be Aug. 7, 2017, at 5:00 p.m.
(local time).

                  About TCC General Contracting

TCC General Contracting, Inc., operates a water and fire
restoration company in Lancaster, California.  

TCC filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal.
Case No. 16-18301) on June 22, 2016.  The bankruptcy petition was
signed by Thomas C. Conroy IV, president.  The Debtor estimated
assets and debt at $500,000 to $1,000,000.

The case is assigned to Judge Sheri Bluebond.

The Debtor is represented by the Law Offices of Steven R. Fox.


TEXARKANA HOTELS: Disclosure Statement Hearing Set for Aug. 1
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas is set
to hold a hearing on August 1, at 9:30 a.m., to consider approval
of the disclosure statement, which explains the Chapter 11 plan for
Texarkana Hotels, LLC.

The plan calls for the liquidation of the remaining assets
following the sale of the hotel.  

Under the plan, allowed Class 4 claims of unsecured creditors will
be paid a pro-rata share of funds remaining after payment of senior
classes.  Class 4 is impaired and unsecured creditors are entitled
to vote to accept or reject the plan, according to the company's
disclosure statement.

A copy of the disclosure statement is available for free at
https://is.gd/dJoI1B

Texarkana Hotels previously filed a disclosure statement and plan
on July 28, 2016.  The company, however, was unable to solicit
sufficient votes to confirm the plan.  With agreement of its
primary creditor, MidSouth Bank, the company proceeded to liquidate
by filing a motion to approve bid procedures, which was approved by
the court on December 5, 2016.

After completing the bid process and auction, the company's
127-room hotel and convention center, which it operated under the
name Holiday Inn and the Arkansas Convention Center, were sold to
New Boston Investments, LLC for $6.5 million.  The sale closed on
April 28 this year.

                    About Texarkana Hotels

Texarkana Hotels, LLC, operates a 127-room hotel and convention
center under the name of Holiday Inn and the Arkansas Convention
Center located at 5200 Convention Plaza in Texarkana, Arkansas.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E. D. Texas Case No. 16-50056) on March 31, 2016.  The
petition was signed by Hiren Patel, managing member.  

At the time of the filing, the Debtor estimated its assets at $1
million to $10 million and debts at $10 million to $50 million.

The Debtor sold its hotel and convention center to New Boston
Investments, LLC for $6.5 million.  The sale closed on April 28,
2017.

On June 15, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan.  The plan calls for the
liquidation of the remaining assets of the Debtor.


THOMAS BERRY: Sale of Cleveland Property for $60K Approved
----------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Thomas Edward Berry's sale of real
property located at as 1108 N. Washington Avenue, Cleveland,
Liberty County, Texas, also known as Robinson Springer-Clev, Block
5, Lot 6 (W/PT), Acres .0756, Robinson Springer-Clev, Block 5, Lot
6 (E/55'), Acres .0631, to Brookline Land Investments, LP, assignee
of Pendleton Capital Investments, LLC, for $60,000.

The sale is free and clear of all liens.

The closing costs, including charges for the issuance of title
policies, be paid out of the proceeds of the sale at the time of
closing.

The closing agent is ordered to pay the following claims of the
creditors of the Debtors: (i) settlement charges to Seller; (ii)
any ad valorem taxes owed on the Property to Liberty County Tax
Assessor/Collector; and (iii) $1,800 payable to Cameron Real
Estate, 26156 Highway 321, Cleveland, Texas.

The Stewart Title, 8687 Louetta Road, Suite 150, Spring, Texas, is
authorized as closing and disbursing agent in the sale of the
Property.

All remaining proceeds of the sale of the Property will be paid to
the Debtor.

Thomas Edward Berry sought Chapter 11 protection (Bankr. S.D. Tex.
Case No. 16-35232) on Oct. 18, 2016.  The Debtor tapped Larry A.
Vick, Esq., as counsel.  Phillip Cameron, Cameron Real Estate, was
appointed as real estate broker on Jan. 10, 2017.

The Debtor can be reached at:

          Thomas Edward Berry
          287 County Road 3373
          Cleveland, TX 77327
          Telephone: (832) 385-8394


TOMER FRIDMAN: Short Sale of Calabasas Property for $525K Denied
----------------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California denied without prejudice to refiling Tomer
Fridman's short sale of his property located at 3731 Calle Jazmin,
Calabasas, California, to Bella Financial, Inc., for $525,000.  A
hearing on the Debtor's motion was held on July 12, 2017.

                       About Tomer Fridman

Tomer Fridman initiated his bankruptcy case with the filing of a
Chapter 13 case on June 9, 2016.  An order converting the case to
a
case Under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case
No. 16-11729) was entered on Dec. 22, 2016, and for all times
thereafter the Debtor has been in possession pursuant to 11 U.S.C.
Sec. 1107 and 1108.  The Debtor's estate consists of three real
estate properties.  William H. Brownstein, Esq., at William H.
Brownstein & Associates serves as counsel.


TOPS HOLDING II: Moody's Lowers PDR to 'Ca-PD' on Exchange Offer
----------------------------------------------------------------
Moody's Investors Service stated that if the exchange offer
announced by Tops Holding II Corporation, on July 10, 2017 proceeds
as outlined, it will constitute a distressed exchange, which is an
event of default under Moody's definition of default. As a result,
Moody's downgraded the company's Probability of Default rating to
Ca-PD from Caa1-PD and affirmed its Corporate Family Rating at
Caa1. Moody's also affirmed the Caa3 rating of the senior unsecured
notes maturing 2018 and the Caa1 rating of the senior secured notes
maturing 2022. Additionally, Moody's assigned a Caa3 rating to the
proposed new senior unsecured notes maturing 2021. These notes will
be issued at the Tops Holding LLC (OpCo) level. Moody's expects to
upgrade the PDR to Caa1-PD/LD upon the closing of the exchange
offer. Subsequently the LD designation will be removed after three
business days. The rating outlook is changed to negative from
stable.

"Moody's view Tops' proposed exchange as necessary as it will not
have enough liquidity to repay the HoldCo notes that mature in June
2018, and Moody's believes it enhances liquidity as it takes one
meaningful maturity off the table for the next three years," stated
Moody's Vice President Mickey Chadha. "However Tops' liquidity
remains weak and credit metrics have deteriorated with debt to
EBITDA increasing to 8.3 times at the end of the first quarter of
fiscal 2017 from 6.6 times at the end of fiscal 2014 with
EBIT/interest currently at less than 1.0 times. The company's
ability to improve EBITDA and metrics will remain highly
constrained in the current challenging business environment for
food retailers", Chadha added.

Downgrades:

Issuer: Tops Holding II Corporation

-- Probability of Default Rating, Downgraded to Ca-PD from Caa1-
    PD

Assignments:

Issuer: Tops Holding LLC

-- Senior Unsecured Regular Bond/Debenture, Assigned Caa3(LGD5)

Outlook Actions:

Issuer: Tops Holding II Corporation

-- Outlook, Revised to Negative from Stable

Affirmations:

Issuer: Tops Holding II Corporation

-- Corporate Family Rating, Affirmed Caa1

-- Senior Unsecured Regular Bond/Debenture, Affirmed Caa3(LGD6)

Issuer: Tops Holding LLC

-- Senior Secured Regular Bond/Debenture, Affirmed Caa1(LGD3)

If 100% of the existing HoldCo notes are exchanged in the exchange
offer the CFR, PDR and outlook will be moved from Tops Holding II
Corporation to Tops Holding LLC.

RATINGS RATIONALE

The Caa1 Corporate Family Rating reflects the company's weak credit
metrics, its modest size relative to competitors, weak liquidity
and regional concentration. The rating is supported by its good
market presence in the regions in which it operates. Although the
proposed exchange offer deals with the looming maturity of the
HoldCo notes, it will be a challenge for the company to improve
credit metrics and cash flow in a meaningful way in the next 12
months.

The rating outlook is negative and reflects the uncertainty
surrounding the company's ability to improve liquidity, operating
performance and credit metrics to levels consistent with the Caa1
rating in the next 12 months.

Given Tops' high financial leverage, a rating upgrade is not
expected in the near-to-intermediate term. Over time a rating
upgrade would require positive same store sales, a material
improvement in credit metrics and a sustainable capital structure
with manageable debt maturities. Ratings could rise if Tops
demonstrates sustained EBIT to interest above 1.0 times and
sustained debt/EBITDA below 7.25 times while maintaining adequate
liquidity.

Ratings could be downgraded if credit metrics continue to
deteriorate, the company does not demonstrate sequential
improvement in operating performance and liquidity.

The principal methodology used in these ratings was Retail Industry
published in October 2015.

Tops is the parent of Tops Holding LLC and the indirect parent of
Tops Markets, LLC, which is headquartered in Williamsville, NY. As
of April 22, 2017, the Company operated 172 supermarkets;171 under
the Tops banner and one under the Orchard Fresh banner, with an
additional five supermarkets operated by franchisees under the Tops
banner. Revenues totaled about $2.5 billion for the LTM period
ended April 17, 2017.


TRAILER VAN CORP: Plan Outline Okayed, Plan Hearing on Sept. 13
---------------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico will consider approval of
the Chapter 11 plan of reorganization for Trailer Van Corp. at a
hearing on September 13, at 9:00 a.m.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on July 6.

Creditors are required to file their objections and cast their
votes accepting or rejecting the plan no later than 14 days prior
to the confirmation hearing.

Trailer Van is represented by:

     Fausto David Godreau Zayas, Esq.
     Godreau & Gonzalez Law
     Calle McCleary 1806, Suite 1-B
     San Juan, PR 00902
     Phone: (787) 982-6507
     Email: dg@g-glawpr.com

                    About Trailer Van Corp.

Trailer Van Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-07655) on September 27,
2016.  The petition was signed by Karen Uscinowicz, president.  

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $50,000 and liabilities of less than
$500,000.

The case is assigned to Judge Mildred Caban Flores.  Godreau &
Gonzalez Law is the Debtor's bankruptcy counsel.


TRIDENT BRANDS: Incurs $1 Million Net Loss in Second Quarter
------------------------------------------------------------
Trident Brands Incorporated filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.04 million on $11,302 of revenues for the three months ended
May 31, 2017, compared to a net loss of $648,063 on $204,831 of
revenues for the three months ended May 31, 2016.

For the six months ended May 31, 2017, the Company reported a net
loss of $2.01 million on $27,989 of revenues compared to a net loss
of $1.42 million on $224,026 of revenues for the six months ended
May 31, 2016.

As of May 31, 2017, Trident had $7.16 million in total assets,
$9.22 million in total liabilities and a total stockholders'
deficit of $2.06 million.

On Sept. 26, 2016, the Company completed a long term financing with
a non-US institutional investor, receiving proceeds of $4,100,000
and subsequently $4,400,000 on May 9, 2017, through the issuance of
secured convertible promissory notes.  The investor has agreed to
make additional investments at the Company's request of up to
$1,500,000 ($10,000,000 in the aggregate).  As of May 31, 2017, the
Company had $4,428,381 in cash and has access to $1,500,000
available from the investor.  The Company feels this represents
substantial liquid resources (cash & available financing),
sufficient to meet the Company's obligations for the next twelve
months.

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/ym8BBp

                    About Trident Brands

Trident Brands Incorporated, f/k/a Sandfield Ventures Corp., was
initially formed to engage in the acquisition, exploration and
development of natural resource properties, but has since
transitioned and is now focused on branded consumer products and
food ingredients.  The Company maintains a portfolio of branded
consumer products including nutritional products and supplements
under the Everlast(R) and Brain Armor(R) brands, and functional
food ingredients under the Oceans Omega brand.  These brands are
focused on the fast growing supplements and nutritional product and
heart and brain health categories, supported by an  established
contract manufacturing, supply chain and research and development
infrastructure, and a solid and proactive management  team, board
of directors and advisors with many years of experience in related
categories.

Trident reported a net loss of $3.18 million on $168,042 of
revenues for the 12 months ended Nov. 30, 2016, compared to a net
loss of $3.16 million on $16,569 of revenues for the 12 months
ended Nov. 30, 2015.


UIC MERGER: Moody's Assigns B3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
(CFR) and B3-PD Probability of Default Rating (PDR) to UIC Merger
Sub, Inc., which upon deal close will become Albany Molecular
Research, Inc. ("AMRI"). Proceeds will be used to fund AMRI's
acquisition by equity sponsors Carlyle Group and GTCR LLC. Moody's
also assigned B2 ratings to the company's senior secured first lien
credit facilities, including a $620 million term loan and a $100
million revolving credit facility. Moody's also assigned a Caa2
rating to the company's senior secured second lien term loan. The
rating outlook is stable.

At the same time, Moody's confirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Albany Molecular
Research, Inc. These ratings will be withdrawn upon close of the
transaction. This concludes Moody's ratings review that was
initiated on June 7, 2017.

The ratings on UIC Merger Sub reflect AMRI's more leveraged capital
structure following its leveraged buyout. Moody's estimates pro
forma adjusted debt to EBITDA of 6.6 times, including Moody's
expectations of future synergies associated with the transaction.

Ratings assigned:

Issuer: UIC Merger Sub, Inc., (to be superseded by Albany Molecular
Research, Inc. upon acquisition)

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

$100 million senior secured first lien revolving credit facility
due 2022 at B2 (LGD3)

$620 million senior secured first lien term loan due 2024 at B2
(LGD3)

$205 million senior secured second lien term loan due 2025 at Caa2
(LGD5)

Ratings confirmed and to be withdrawn upon close:

Issuer: Albany Molecular Research, Inc.

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

$35 million senior secured revolving credit facility due 2020 at B1
(LGD2)

$430 million senior secured term loan B due 2021 at B1 (LGD2)

Rating affirmed and to be withdrawn upon close:

Issuer: Albany Molecular Research, Inc.

Speculative Grade Liquidity Rating at SGL-3

Outlook actions:

Issuer: UIC Merger Sub, Inc.

Outlook, assigned at Stable

Issuer: Albany Molecular Research, Inc.

The outlook is Stable.

RATINGS RATIONALE

UIC Merger Sub, Inc's (doing business as "Albany Molecular
Research, Inc." / AMRI) B3 Corporate Family Rating reflects its
moderate size (albeit small compared to competitors), and modest
profit margins compared to larger contract research and
manufacturing organizations. The rating also reflects AMRI's narrow
focus on specialty active pharmaceutical ingredients (API) and on
outsourced drug discovery, development and contract manufacturing.
The rating incorporates Moody's expectation that the company will
operate with high financial leverage and limited free cash flow.
The company's earnings and cash flow are volatile due to
fluctuating volumes and a high fixed cost structure. The rating
also reflects AMRI's ongoing integration and restructuring costs
related to an aggressive acquisition strategy and the capital
intensity of the business. The rating further reflects execution
risks associated with the company's acquisition strategy, which has
largely been funded with debt.

The company's focus on complex API and finished products partially
mitigates its moderate scale and customer concentration. The rating
is further supported by good production capabilities and product
offerings that have benefited from recent acquisitions. The rating
also reflects Moody's expectation that the demand for contract
manufacturing services will grow in the long-term.

The stable rating outlook reflects Moody's expectation that AMRI
will maintain high financial leverage over the next 12 to 18 months
as it seeks to grow its moderate scale organically and through
acquisitions.

The ratings could be upgraded if the company increases its scale
while effectively managing its growth. An upgrade could occur if
adjusted debt to EBITDA approaches 5.0 times.

The ratings could be downgraded if operating performance
deteriorates, if free cash flow becomes persistently negative, or
if the company fails to deleverage and sustain debt/EBITDA below
7.0 times. A downgrade could also occur if the company's liquidity
erodes.

UIC Merger Sub, Inc. (dba Albany Molecular Research, Inc.) is a
global contract research and manufacturing organization providing
drug discovery, development and manufacturing services. The company
is being acquired by The Carlyle Group and GTCR LLC. Pro forma
revenue is approximately $691 million.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


US SECURITY: Moody's Affirms B3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed U.S. Security Associates
Holdings, Inc.'s B3 Corporate Family Rating (CFR) and B3-PD
Probability of Default Rating following the company's announced
incremental term loan and re-pricing of its credit facilities.
Moody's also assigned B2 ratings on the company's $447 million
senior secured first lien term loan, $100 million senior secured
incremental term loan and upsized $80 million revolving credit
facility. The outlook remains stable. Ratings on U.S. Security's
existing $447 million senior secured term loan and $75 million
revolving credit facility will be withdrawn upon close of the
transaction.

The proposed transaction will increase the company's first lien
term loan by $100 million, with proceeds used to repay $70 million
of U.S. Security's senior unsecured notes ($90 million will remain
outstanding), fund a tuck-in acquisition, repay about $4 million on
the company's revolver, and pay related fees and expenses. In
addition, the company will upsize its revolver to $80 million (from
$75 million), seek to reduce pricing on its term loan and revolver,
and extend the maturity on the unsecured note by 18 months to
January 2020.

The transaction is credit positive as it will address the near
dated debt maturities on the company's term loan and revolver which
both currently come due in April 2018, and reduce interest expense.
The transaction will push out the maturities on term loan and
revolver now to the earlier of July 2023 and July 2021
(respectively), or 91 days prior to the unsecured notes (if greater
than $50 million remains outstanding). The transaction will also
save the company almost $8 million in interest annually. However,
the affirmation of the B3 CFR acknowledges that the maturity
profile of the capital structure remains fairly shorted dated with
the term loan and revolver potentially becoming current again in
around 16 months if the senior notes remain above $50 million
outstanding. In addition, U.S. Security's funded debt to EBITDA
remains high, above the mid-6 times range pro-forma for the
incremental debt from the proposed transaction and including the
full year impact from recent acquisitions.

Moody's took the following rating actions:

Issuer: U.S. Security Associates Holdings, Inc.

Corporate Family Rating, Affirmed at B3

Probability of Default Rating, Affirmed at B3-PD

$447 million senior secured first lien term loan due 2023, Assigned
at B2 (LGD3)

$100 million incremental senior secured first lien term loan due
2023, Assigned at B2 (LGD3)

$80 million senior secured first lien revolving credit facility due
2021, Assigned at B2 (LGD3)

Outlook, remains Stable

The following ratings will be withdrawn upon close of the proposed
transaction:

Issuer: U.S. Security Associates Holdings, Inc.

$447 million senior secured first lien term loan due 2023, B2
(LGD3)

$75 million senior secured first lien revolving credit facility due
2021, B2 (LGD3)

RATINGS RATIONALE

U.S. Security's B3 CFR reflects the company's high leverage, and
capital structure that will come current again on November 1, 2018.
The rating also considers the highly competitive and fragmented
contract security services industry in which the company operates,
which results in relatively low operating margins. Nonetheless, the
rating benefits from a recession-resistant and stable end market
with a flexible cost structure that requires minimal capital
spending. In addition, U.S. Security benefits from its scale and
geographic footprint which Moody's believes provide a competitive
advantage relative to smaller local players, as well as greater
operating stability when factoring in the meaningful share of
revenue derived from national accounts. Interest coverage
(EBITA/Interest Expense), which Moody's estimates in the mid-1
times range, is also solid for the rating category.

U.S. Security's liquidity is adequate, supported by Moody's
expectation that positive free cash flow, modest balance sheet
cash, and availability under its upsized $80 million revolver will
be sufficient to fund working capital needs and mandatory debt
amortization on the term loan over the next 12-18 months. However,
Moody's expects the excess cash generated from operations and
revolver borrowings will continue to be used to fund tuck-in
acquisitions. The adequate liquidity profile also reflects an
expectation that the company will address the springing maturities
on the credit facilities that begin to come current on November 1,
2018 if the unsecured notes are not refinanced or extended again.
Failure to address these maturity in a timely manner would likely
have a negative impact on the company's liquidity and ratings.

The credit facilities contain only a springing first lien net
leverage test on the revolver which will be tested if the facility
is drawn at, or greater than 35% (modified from 30%). Moody's
expects limited reliance on the revolver and therefore do not
anticipate the covenant will be tested. However, if it were tested
Moody's anticipates the company would remain compliant.

The stable ratings outlook reflects Moody's expectation for
low-to-mid single digit revenue growth and slightly improved
operating margins which should result in a modest improvement to
the company's credit metrics over the next 12-24 months. The
outlook also assumes that the company will address the maturity of
its unsecured notes before the credit facility comes current.

An upgrade would require an improved liquidity profile, including
consistently positive free cash flow and a sustainable long term
capital structure. Debt/EBITDA sustained below 6 times and
EBITA/Interest expense above 1.75 times could also result in an
upgrade.

Ratings could be downgraded if there is a deterioration in
operating performance including revenue declines, weakening
operating margins, or negative free cash flow resulting in
worsening credit metrics. Debt to EBITDA exceeding 7 times or EBITA
to interest coverage less than 1.0 time, could also result in a
downgrade. In addition if the company's credit facility were to
come current as a result of an inability to refinance or extend the
maturity on its unsecured notes, the ratings could be downgraded.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

U.S. Security Associates Holdings, Inc., owned by affiliates of
Goldman Sachs Capital Partners and headquartered in Roswell,
Georgia, is a provider of security services primarily in North
America. The company serves over 6,200 customers in various end
markets. U.S. Security reported revenue of approximately $1.4
billion for the LTM period ending March 31, 2017.



VANGUARD NATURAL: Bankruptcy Court Confirms Amended Ch.11 Plan
--------------------------------------------------------------
Vanguard Natural Resources, LLC, on July 19, 2017, disclosed that
the United States Bankruptcy Court for the Southern District of
Texas (the "Bankruptcy Court") has entered an order (the
"Confirmation Order") confirming the Debtors' Modified Second
Amended Joint Plan of Reorganization Under Chapter 11 of the
Bankruptcy Code (the "Plan").  The Company expects that the
effective date of the Plan will be August 1, 2017 (the "Effective
Date").  Following the Effective Date, the Company expects to be
reorganized as a Delaware corporation named Vanguard Natural
Resources, Inc.

The Plan provides for the reorganization of the Company and certain
subsidiaries (such subsidiaries, together with the Company, the
"Debtors") as a going concern and will significantly reduce
long-term debt and annual interest payments of the reorganized
Debtors.  Among other things, the Plan provides for:

   -- a backstopped rights offering, with subscriptions for an
aggregate of $255.75 million of new common stock of the Company
("New Common Stock")

   -- a fully committed $19.25 million equity investment from the
Company's second lien investors for shares of New Common Stock;

   -- a full recovery for each lender under the Company's existing
revolving credit facility, consisting of (i) cash interest, (ii)
cash in the amount of its pro rata share of the proceeds from the
sale of the Glasscock County assets, (iii) as applicable, its pro
rata share of a repayment of a portion of the borrowings
outstanding under the Company's revolving credit facility and (iv)
as applicable, its pro rata share of new revolving loans and/or
term loans;

   -- the issuance of approximately $78 million of new second lien
notes to the holders of the Company's existing second lien notes,
plus accrued and unpaid postpetition interest through the Effective
Date;

  -- cash payments to general unsecured creditors for their pro
rata shares of a reserved cash pool;

   -- the issuance of shares of New Common Stock to holders of the
Company's senior notes;

   -- the issuance to the Company's preferred unitholders of such
holders' pro rata share of (i) New Common Stock and (ii) warrants
to purchase additional shares of New Common Stock at a strike price
of $44.25; and

   -- the issuance to the Company's common unitholders of such
holders' pro rata share of warrants to purchase shares of New
Common Stock at a strike price of $61.45.

The warrant strike prices were calculated based on the Company's
plan equity value of $20.00 per share of New Common Stock, which
the Bankruptcy Court confirmed as part of the Plan.

In a Current Report on Form 8-K filed with the Securities and
Exchange Commission concurrently with this release, the Company has
furnished preliminary unaudited consolidated financial information
for the three months and six months ended June 30, 2017 and updated
projections for income and loss due to cancellation of indebtedness
income.

                 About Vanguard Natural Resources

Vanguard Natural Resources, LLC (OTC: VNRSQ) --
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.


VANSCOY CHIROPRACTIC: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of VanScoy Chiropractic
Corporation Holistic Health Center as of July 18, according to a
court docket.

             About VanScoy Chiropractic Corporation
                     Holistic Health Center

VanScoy Chiropractic Corporation Holistic Health Center sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Case No. 17-30271) on June 12, 2017.  Judge Frank W. Volk,
presides over the case.  Joseph W. Caldwell, Esq., at Caldwell &
Riffee serves as the Debtor's legal counsel.


VENEER PRODUCTS: Proposes an Auction of Equipment by Ex-Factor
--------------------------------------------------------------
Veneer Products Ltd., Rimi Woodcraft Corp., and Rimi Corporate
Facilities Refurbishing Ltd. ask the U.S. Bankruptcy Court for the
to authorize the sale of equipment at auction to be conducted by
Ex-Factory Inc., doing business as Ex-Factory Auctions.

The Debtors own assets that must be liquidated because they are
winding down their operations.  Their remaining assets include the
Equipment and owned vehicles that were used in their operations.
The Vehicles will be sold separately.

A copy of the list of Equipment to be sold attached to the Motion
is available for free at:

           http://bankrupt.com/misc/Veneer_Products_31_Sales.pdf

The Debtors believe, in the exercise of its sound business
judgment, that the best mechanism to maximize the value of the
Equipment is to conduct a public auction.  Thus, the Debtors the
propose to (i) conduct the Auction, and (ii) sell the Equipment to
the successful bidder(s) free and clear of all liens, claims and
encumbrances, with all liens, claims and encumbrances to attach to
the proceeds.  

All proceeds to be held in escrow by Rattet PLLC pending further
order of the Court.

The matter is of utmost importance for the reason that the Debtors
have terminated business operations and under an agreement with the
Debtors' landlord to be separately submitted must surrender their
business premises at 1185 Commerce Drive, Bronx, New York no later
than Sept. 30, 2017.  Furthermore, they are accruing continuing
liability for utilities and insurance and thus must sell the
Equipment in order to vacate the Premises.  The Equipment is not
readily portable and thus must be sold on site.

The Debtors are advised the sale process, including an online
auction and time for purchasers to remove the purchased Equipment
will take approximately six to eight weeks.  Thus, in order to
complete the process the Debtors require immediate relief.

In connection therewith the Debtors have solicited the consent of
all lienholders, including the Internal Revenue Service, the holder
of a U.C.C. lien, MVRC, Inc. and the Office of the U.S. Trustee.

Counsel for the Debtor:

          Robert L. Rattet
          RATTET PLLC
          202 Mamaroneck Avenue
          Suite 300
          White Plains, NY 10601
          Telephone: (914) 381-7400

                      About Veneer Products

Veneer Products, Inc., sought Chapter 11 protection (Bankr. C.D.
Cal. Case No. 13-33893) on Sept. 27, 2013.  The petition was signed
by Carole Taylor, president.

The Debtor estimated assets in the range of $100,001 to $500,000
and $500,001 to $1 million in debt.

The Debtor tapped James R Felton, Esq., as counsel.


VIDEO DISPLAY: Reports $266,000 Net Loss for Fiscal Q1
------------------------------------------------------
Video Display Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $266,000 on $3.89 million of net sales for the three months
ended May 31, 2017, compared to a net loss of $392,000 on $3.71
million of net sales for the three months ended May 31, 2016.

As of May 31, 2017, Video Display had $10.44 million in total
assets, $3.21 million in total liabilities and $7.23 million in
total shareholders' equity.

The Company has sustained losses for each of the last three years
and has seen a decline in both its working capital and liquid
assets during this time.  Losses over this time are due to a
combination of decreasing revenues across all divisions without a
commensurate reduction of expenses.

"Management has implemented a plan to improve the liquidity of the
Company.  The Company has been fulfilling a plan to increase
revenues at all the divisions, each structured to the particular
division which has resulted with an increase in the current backlog
and growth in revenues.  Operating costs increased during the
quarter ended May 31, 2017 due to $133 thousand in legal fees
related to the Lexel bankruptcy settlement agreement and
formalizing an agreement to sell certain assets of Lexel.  The
Company has reduced other expenses at the divisions, as well as at
the corporate location with the expectation that further decreases
can be achieved.  The completion of the merger of the two Florida
businesses into one facility and the relocation of Lexel Imaging
into a new facility have projected annual savings of approximately
$500 thousand per year.  Management continues to explore options to
monetize certain long-term assets of the business.  If additional
and more permanent capital is required to fund the operations of
the Company, no assurance can be given that the Company will be
able to obtain the capital on terms favorable to the Company, if at
all.

"The ability of the Company to continue as a going concern is
dependent upon the success of management's plans to improve
revenues, the operational effectiveness of continuing operations,
to liquidate the subsidiary noted above, the procurement of
suitable financing, or a combination of these.  The uncertainty
regarding the potential success of management's plan create
substantial doubt about the ability of the Company to continue as a
going concern."

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/NcBPwl

                    About Video Display

Video Display Corporation is a provider and manufacturer of video
products, components, and systems for visual display and
presentation of electronic information media in a variety of
requirements and environments.  The Company designs, engineers,
manufactures, markets, distributes and installs technologically
advanced display products and systems, from basic components to
turnkey systems, for government, military, aerospace, medical,
industrial, and commercial organizations.  The Company markets its
products worldwide primarily from facilities located in the United
States.

Video Display reported net loss of $1.01 million on $19.64 million
of net sales for the fiscal year ended Feb. 28, 2017, compared with
net loss $6.15 million on $18.37 million of net sales for the
fiscal year ended February 29, 2016.

Carr, Riggs & Ingram, LLC, stated in its report on the Company's
consolidated financial statements for the year ended Feb. 28, 2017,
thatt the Company has incurred recurring net losses and a decline
in working capital and liquid assets.  These conditions, the
auditors said, raise substantial doubt about the Company's ability
to continue as a going concern.


WALL ST. RECYCLING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Wall St. Recycling L.L.C.
           aka Wall Street Recycling LLC
        6751 Wall Street
        Ravenna, OH 44266

Business Description: Wall St. Recycling --
                      http://wallstreetrecycling.com--  
                      is a buyer and seller of ferrous and
                      nonferrous scrap metals including copper,
                      aluminum, brass, stainless, cast, iron and
                      steel.  Founded in 2000 as a small
                      nonferrous yard located in Ravenna, Ohio,
                      the Company has grown steadily over the
                      years into a full service recycling company.
                      The Company's facility is open to the public
                      with unloading assistance available if
                      needed.

Chapter 11 Petition Date: July 19, 2017

Case No.: 17-51701

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Hon. Alan M. Koschik

Debtor's Counsel: Kate M. Bradley, Esq.
                  BROUSE MCDOWELL, LPA
                  388 S. Main Street, Suite 500
                  Akron, OH 44311
                  Tel: 330-535-5711
                  E-mail: kbradley@brouse.com

                    - and -

                  Marc B. Merklin, Esq.
                  BROUSE MCDOWELL, LPA
                  388 S. Main Street, Suite 500
                  Akron, OH 44311
                  E-mail: mmkerklin@brouse.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Murphy, member.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ohnb17-51701.pdf


WALLER MARINE: Wants to Use Cash Collateral as Working Capital
--------------------------------------------------------------
Waller Marine, Inc., seeks permission from the U.S. Bankruptcy
Court for the Southern District of Texas to use cash collateral of
existing secured lenders as working capital in the operation of
their business.

Jonathan Gelman sued WMI in Harris County District Court on account
of a promissory note issued by a joint venture in which WMI was a
party.  Mr. Gelman succeeded in his litigation and obtained a
judgment against WMI and David Brice Waller in the amount of
$575,000 plus interest.  On March 31, 2017, the parties entered
into an Irrevocable Agreed Order for Turnover Relief and
Post-Judgment Injunction in the Harris County District Court.  Part
of the agreement was that WMI convey to Mr. Gelman a security
interest in all accounts, receivables, contract rights, and
proceeds thereof, now owned or hereafter acquired.  On March 31,
2017, Mr. Gelman filed a UCC-1 to perfect his security interest.

As adequate protection for the diminution in value of cash
collateral, the Debtor will (i) provide superpriority
administrative claims to the extent of any diminution in value of
cash collateral; (ii) maintain the value of their business as a
going-concern; and, (iii) provide replacement liens upon now owned
and after-acquired cash to the extent of any diminution in value of
cash collateral.

As a consequence of the prepetition security interest granted to
Mr. Gelman, certain cash in the Debtor's possession or in which the
Debtor has an interest, on and after the Petition Date, constitutes
asserted cash collateral in which Mr. Gelman may assert an interest
within the meaning of Section 363(a) of the U.S. Bankruptcy Code.


As of the Petition Date, the Debtor does not have unencumbered cash
sufficient to fund their business operations and pay present
operating expenses.  Specifically, the Debtor lacks sufficient cash
to fund payroll necessary to maintaining current staffing levels
necessary to operate the Debtor's business, as well as pay for the
various business insurance.  Therefore, the Debtor has an urgent
need for the immediate use of cash collateral pending a final
hearing.

The Debtor says that immediate cash use is necessary, and it will
stabilize the Debtor's operations and revenue by allowing the
Debtor to maintain staffing levels sufficient to operate the
Debtor's business.  Without authority to use cash collateral, the
Debtor will not be able to function as a going concern and will not
be able to proceed to consideration of a plan of reorganization.
Accordingly, authority to use cash collateral is necessary to avoid
the shutdown of the Debtor's business, and will be in the best
interests of the Debtor, its estate and creditors.

A copy of the Debtor's Motion is available at:

           http://bankrupt.com/misc/txsb17-34230-8.pdf

                       About Waller Marine

Waller Marine, Inc. -- http://www.wallermarine.com-- provides
design, construction management, regulatory assistance, project
development and contractual compliance to the marine transportation
and offshore industries.  Founded in 1974 and based in Houston,
Texas, WMI is a licensed engineering firm with EPC capabilities.
It claims to be a leader in Floating Gas to Liquids (GTL), Floating
Power Generation and Floating Liquefaction.

Waller Marine filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Tex. Case No. 17-34230) on July 7, 2017, estimating its assets
and liabilities at between $1 million and $10 million.  The
petition was signed by David B. Waller, president, who also sought
bankruptcy protection (Bankr. S.D. Tex. Case No. 17-34047) on June
30, 2017.  Judge Jeff Bohm presides over the case.

Christopher Adams, Esq., at Okin & Adams LLP, serves as the
Debtor's bankruptcy counsel.


WASHINGTON MCLAUGHLIN: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------------
The Office of the U.S. Trustee on July 19 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of The Washington-McLaughlin
Christian School, Inc.

                  About Washington McLaughlin
                        Christian School

Washington McLaughlin Christian School filed a Chapter 11
bankruptcy petition (Bankr. D. Md. Case No. 17-17821) on June 6,
2017, listing less than $1 million in both assets and liabilities.
The Hon. Wendelin I. Lipp presides over the case.  The Debtor is
represented by Michael P. Coyle, Esq., at The Coyle Law Group.


WELLMAN DYNAMICS MACHINING: Wants to Use Cash Through Sept. 30
--------------------------------------------------------------
Wellman Dynamics Machining & Assembly, Inc., asks for authorization
from the U.S. Bankruptcy Court for the Southern District of Iowa to
continue using cash collateral through Sept. 30, 2017, pursuant to
and upon the same terms as those previously agreed to by TCTM
Financial FS and the Official Committee of Unsecured Creditors in
the stipulation and consent order at Fansteel and approved by the
Court.

A copy of the Debtor's Motion is available at:

           http://bankrupt.com/misc/iasb16-01827-172.pdf

As reported by the Troubled Company Reporter on July 7, 2017, the
Court previously authorized the Debtor to continue to use TCTM
Financial's collateral for four weeks, starting on July 1, 2017.

                   About Fansteel and Affiliates

Headquartered in Creston, Iowa, Fansteel, Inc., operates four
business units at four locations in the USA and one in Mexico with
a workforce of more than 600 employees.  Fansteel generated
approximately $87.4 million in revenue in 2015 on a consolidated
basis.  Wellman Dynamics Corporation contributed 67% of Fansteel's
sales.  The rest of the sales are generated from Intercast, a
division of Fansteel, and other non-debtor subsidiaries.

Fansteel, Inc., Wellman Dynamics Corporation, and Wellman Dynamics
Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D.
Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.
The petitions were signed by Jim Mahoney, CEO.  The cases are
assigned to Judge Anita L. Shodeen.  The Debtors disclosed total
assets of $32.9 million and total debt of $41.97 million.

The Debtors tapped Jeffrey D. Goetz, Esq., and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset
Partners, LLC, as business broker; and Mark J. Steger, Esq., at the
Clark Hill Law Firm as Environmental Counsel.

The Debtors filed motions to jointly administer the cases pursuant
to Bankruptcy Rule 1015(b), and the Court entered an Order
authorizing joint administration on Oct. 17, 2016.  The Court
subsequently entered an order on May 24, 2017, vacating its prior
Order granting joint administration and discontinuing the joint
administration of the Debtors' cases under the lead case of
Fansteel.

The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine
creditors of Fansteel Inc. to serve on the official committee of
unsecured creditors.  The Official Committee retained Morris
Anderson & Associates, Ltd., as financial advisor, and Archer &
Greiner, P.C. and Nyemaster Goode, P.C., as counsel.

The Troubled Company Reporter has earlier reported that the U.S.
trustee for Region 12 announced that the nine-member unsecured
creditors' committee of Fansteel, Inc., will no longer serve as the
official committee in the company's Chapter 11 case.  The
bankruptcy watchdog added that it will be reconstituted as the
official committee of unsecured creditors in the Chapter 11 cases
of Wellman Dynamics Corp. and Wellman Dynamics Machinery &
Assembly, Inc.  In a filing March 22, 2017, the U.S. trustee
disclosed that a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

The companies tapped Jeffrey D. Goetz, Esq., and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset
Partners, LLC as business broker; and Mark J. Steger, Esq., at the
Clark Hill Law Firm as Environmental Counsel.

The companies filed motions to jointly administer the cases
pursuant to Bankruptcy Rule 1015(b), and the court ordered the
joint administration on Oct. 17, 2016.  The court subsequently
entered an order on May 24, 2017, vacating its Oct. 17 order and
discontinuing the joint administration of the cases under the lead
case of Fansteel.

On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors in Fansteel's bankruptcy
case.  The committee retained Morris Anderson & Associates, Ltd.,
as financial advisor; and Archer & Greiner, P.C., and Nyemaster
Goode, P.C., as counsel.

In March 2017, the U.S. trustee announced that the unsecured
creditors' committee of Fansteel would no longer serve as the
official committee in its case and that it would be reconstituted
as the official committee of unsecured creditors in the Chapter 11
cases of Wellman Dynamics and Wellman Dynamics Machinery.  As of
March 22, 2017, a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

Wellman Dynamics filed a Chapter 11 plan of reorganization and
disclosure statement on Jan. 11, 2017.  On May 8, 2017, the
creditors' committee of Wellman Dynamics filed a Chapter 11 plan of
liquidation for the company.


WELLMAN DYNAMICS: TCTM Buying WDMA Assets for $8M Credit Bid
------------------------------------------------------------
Wellman Dynamics Machining & Assembly, Inc. ("WDMA"), asks the U.S.
Bankruptcy Court for the Southern District of Iowa to authorize the
bidding procedures in connection with the sale of substantially all
its assets to TCTM Financial DS, LLC for (i) a credit bid of
$8,000,000, plus the assumption of the Assumed Liabilities, subject
to overbid.

On July 14, 2017, Wellman Dynamics Corp. ("WDC") filed a Motion for
Orders (I) Authorizing Sale of Assets Free and Clear of Liens,
Claims, Interests and Encumbrances to Stalking Horse or Other
Higher and Better Bidder, (II) Authorizing Assumption and
Assignment or Rejection of Leases and Executory Contracts; (III)
Approving Bid Procedures for Sale, and (IV) Scheduling Hearing on
Approval of Sale.

Despite the best efforts of the Debtor and its professionals, the
Debtor has been unable to achieve its chapter 11 goals 10 months
into the case.  Its original strategy at the outset of the case was
to a confirm a plan of reorganization that would pay out all
creditors in full while allowing existing equity holders to
maintain a stake in the company and, to that end, it filed three
amended plans of reorganization.  Ultimately, however, the Debtor
was forced to withdraw its plan of reorganization in April 2017
when necessary exit financing was insufficient to meet the
requirements of the proposed plans.  As a result, the Debtor was
left with no clear path forward.  Moreover, in the process of
pursuing the stand-alone plans, it incurred significant
professional fees, much of which have not yet been paid.

During the 10 months of the case, the Debtor has been authorized to
use cash collateral through a series of stipulations and consent
orders, the most recent of which expires July 29, 2017.  It has not
sought nor obtained debtor-in-possession financing to operate its
business and fund its case.  Although the Debtor continues to
operate its business pursuant to a cash collateral budget, that
budget is premised on it not timely paying approved professional
fees, and delaying adequate protection payments to its secured
lender.  

Without a clear and expeditious path forward, and with no other
outside source of financing readily apparent, the most expeditious
and value-maximizing path to emergence -- that would result in the
least amount of administrative expense and deterioration in the
value of its business -- is an immediate sale of substantially all
its assets.

The transaction contemplated in the Stalking Horse APA will
jump-start a competitive sale process and is in the best interest
of the estate.  In connection with TCTM's credit bid, and pursuant
to a separate motion to be filed with the Court, TCTM will provide
$250,000 in DIP financing to fund the Debtor's case while also
continuing to waive payment for adequate protection and
professional fees to which it is entitled.  Such $250,000 in DIP
financing is an aggregate amount which will be allocated between
both WDC and WDMA.

TCTM is not only providing the Debtor with necessary liquidity, but
is conferring a material benefit to the estate by assisting other
bidders in valuing the Debtor's business, which may lead to higher
or better offers for the Debtor's assets, all while foregoing
significant payments it is entitled to and not receiving any bid
protections.  As set forth in the Stalking Horse APA, TCTM will,
however, acquire the TCTM Contingent Claim if it is the Successful
Bidder.  The TCTM Contingent Claim will attempt to ensure that, in
a subsequent sale of WDMA, TCTM is compensated for the difference,
if any, between the consideration it provides for the Acquired
Assets and subsequent sale proceeds received for WDMA's assets by
providing TCTM with a claim against WDC for any such difference
pursuant to the terms and conditions of the Stalking Horse APA.
Absent the commencement the sale process set forth, the Debtor will
continue steaming towards administrative insolvency, liquidation,
and job loss.  Rather than head down this road, it chooses to
pursue a course that will ultimately result in a value maximizing
sale for the benefit of all parties.

The salient terms of the Stalking Horse APA are:

    a. Consideration: (i) the TCTM Credit Bid in an amount of
$8,000,000, and (ii) the assumption of the Assumed Liabilities

    b. Acquired Assets: Other than the Excluded Acquired Assets,
all of the business, Acquired Assets, including the TCTM Contingent
Claim, properties, contractual rights, goodwill, going concern
value, rights and claims of Seller primarily related to the
Business, wherever situated and of whatever kind and nature, real
or personal, tangible or intangible, whether or not reflected on
the books and records of Seller.

    c. Bid Protections: The Debtor and the Stalking Horse Bidder
have not agreed to any bid protections, such as a break-up or
termination fee.

    d. Terms: Free and clear of all interests, liens, claims and
encumbrances

    e. TCTM Contingent Claim: The Stalking Horse Bidder will
acquire the TCTM Contingent Claim which will be a contingent claim
in an amount equal to the difference between $8 million and the
Subsequent WDMA Proceeds4 (up to a maximum of $5 million) and will
be (i) cash collateralized by WDC (or any buyer of the assets of
WDC) in an amount equal to $2 million by a cash deposit or letter
of credit issued by or on behalf of WDC (or any buyer of the assets
of WDC) for the benefit of the Buyer; and (ii) otherwise secured by
collateral satisfactory to the Buyer in its sole discretion);
provided that such secured claim will be contingent upon (a) the
consummation of the transactions contemplated by the Agreement and
(b) the Subsequent WDMA Proceeds is less than $8 million.

    f. Closing: Subject to the satisfaction of the conditions set
forth in the APA, the consummation of the transactions contemplated
will take place at a time and place as agreed to by the parties on
the date that is two Business Days following the satisfaction or
waiver in writing of the conditions set forth in the APA (other
than conditions that by their nature are to be satisfied at the
Closing, but subject to the satisfaction or waiver of such
conditions), unless another time or date, or both, are agreed to in
writing by the Seller and the Buyer.

In order to facilitate a robust and competitive marketing and test
the marketplace to ensure the Debtor and the estate are realizing
maximum value for the sale of the its assets, it is seeking
authority to engage Gordian Group ("Investment Banker") pursuant to
an employment application that will shortly be filed with the
Court.  The Investment Banker will work with management to prepare
an executive summary of the Acquired Assets and its investment
highlights to be distributed to potential buyers, both strategic
and financial, that will execute Non-Disclosure Agreements.

The Debtor submits that the Bidding Procedures afford it the
opportunity to pursue a sale process that will maximize the value
of its estate.

The salient terms of the Bidding Procedures are:

    a. Preliminary Bid Deadline: Aug. 17, 2017 at 5:00 p.m. (CT)

    b. Qualified Bid Deadline: Aug. 20, 2017 at 5:00 p.m. (CT)

    c. Auction: Aug. 21, 2017 at 9:00 a.m. (CT)

    d. Good Faith Deposit: 10% of the proposed purchase price

    e. Purchase Price; Minimum Bid: Each Bid submitted must (i) be
a Bid for the Acquired Assets, (ii) exceed the TCTM Bid by the
Minimum Overbid Amount, and (iii) propose an alternative
transaction that provides substantially similar or better terms
than the TCTM Bid.

    f. Bid Increments: $50,000

    g. Designation of Assigned Contracts and Leases: A Preliminary
Bid must identify with particularity each and every executory
contract and lease with respect to which the Preliminary Bidder
seeks assignment from the Debtor, if different than the TCTM Bid
terms

in this regard.

    h. Termination Fees: The Preliminary Bid must not entitle the
Preliminary Bidder to any break-up fee, termination fee, expense
reimbursement or similar type of payment or reimbursement and, by
submitting the Preliminary Bid, the Preliminary Bidder waives the
right to pursue a substantial contribution claim related in any way
to the submission of its Preliminary Bid.

    i. Closing Date: The Preliminary Bid must include a commitment
to close and fully consummate the transactions contemplated by the
Bid APA by Oct. 31, 2017.

A copy of the Stalking Horse APA and the Bidding Procedures
attached to the Motion is available for free at:

          http://bankrupt.com/misc/Wellman-Dynamics_177_Sales.pdf

The Buyer agrees to assume the Seller's obligations arising from
and after the Closing Date under the Contracts designated by the
Buyer for assumption and assignment and approved by the Court for
assumption by the Seller and assignment to the Buyer.  Any
Objection will be filed 10 Business Days after the filing of the
Cure Notice.

The Buyer will have three Business Days prior to Closing to select
which of the Preliminary Designated Contracts it will want Seller
to assume and assign to Buyer.  At Closing, the Buyer will pay the
Cure Amount of each Final Designated Contract up to an aggregate
amount equal to $1,000 and the Seller will pay any Cure Amounts not
paid by Buyer.

The Debtor submits that the Court should approve, the Bid
Procedures; and at a Sale Hearing to be held promptly after the
Auction, or if no Auction is held, within seven days after the
Preliminary Bid Deadline, subject to the terms of the Bid
Procedures, the Court should approve the sale of the Acquired
Assets to the Stalking Horse or such other Successful Bidder at the
Auction.  Such relief is warranted because Debtor has shown and
will further establish by testimonial and documentary evidence at
hearing, that the transactions connected to the APA are in the best
interests of Debtor, its estate and creditors, and because the
decision to enter into the APA was reached in the exercise of its
sound business judgment, after careful deliberation of its
consequences and possible alternatives.

The Debtor asks that the sale be effective immediately and that the
stay provisions of Bankruptcy Rules 6004(h) and 6006(d) do not
apply.

The Purchaser:

          TCTM FINANCIAL FS, LLC
          2021 McKinney Ave., Suite 1200
          Dallas, TX 75201
          Attn: General Counsel
          Facsimile: (469) 310-9961

The Purchaser is represented by:

          Jill Frizzley, Esq.
          Peter Feist, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, N 10153
          Telephone: (212) 310-8823
                     (212) 310-8939
          Facsimile: (212) 310-8007
          E-mail: jill.frizzley@weil.com
                  peter.feist@weil.com

                   About Fansteel and Affiliates

Headquartered in Creston, Iowa, Fansteel, Inc., operates four
business units at four locations in the USA and one in Mexico with
a workforce of more than 600 employees.  Fansteel generated
approximately $87.4 million in revenue in 2015 on a consolidated
basis.  Wellman Dynamics Corporation contributed 67% of Fansteel's
sales.  The rest of the sales are generated from Intercast, a
division of Fansteel, and other non-debtor subsidiaries.

Fansteel, Wellman Dynamics and Wellman Dynamics Machinery &
Assembly, Inc. filed Chapter 11 petitions (Bankr. S.D. Iowa Case
Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.  The
petitions were signed by Jim Mahoney, CEO.  The cases are assigned
to Judge Anita L. Shodeen.  The Debtors disclosed total assets of
$32.9 million and total debt of $41.97 million.

The companies tapped Jeffrey D. Goetz, Esq., and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset
Partners, LLC as business broker; and Mark J. Steger, Esq., at the
Clark Hill Law Firm as Environmental Counsel.

The companies filed motions to jointly administer the cases
pursuant to Bankruptcy Rule 1015(b), and the court ordered the
joint administration on Oct. 17, 2016.  The court subsequently
entered an order on May 24, 2017, vacating its Oct. 17 order and
discontinuing the joint administration of the cases under the lead
case of Fansteel.

On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors in Fansteel's bankruptcy
case.  The committee retained Morris Anderson & Associates, Ltd.,
as financial advisor; and Archer & Greiner, P.C. and Nyemaster
Goode, P.C., as counsel.

In March 2017, the U.S. trustee announced that the unsecured
creditors' committee of Fansteel would no longer serve as the
official committee in its case and that it would be reconstituted
as the official committee of unsecured creditors in the Chapter 11
cases of Wellman Dynamics and Wellman Dynamics Machinery.  As of
March 22, 2017, a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

Wellman Dynamics filed a Chapter 11 plan of reorganization and
disclosure statement on January 11, 2017.  On May 8, 2017, the
creditors' committee of Wellman Dynamics filed a rival Chapter 11
plan of liquidation for the company.


XCELERATED LLC: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee on July 19 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Xcelerated, LLC.

                       About Xcelerated LLC

Xcelerated, LLC -- http://www.xcelerated.com-- is a provider of  
data hygiene and data enhancement services including Black Book,
Blue Book, C.A.R.S. and AutoVINdication.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Ky. Case No. 17-20886) on June 29, 2017.  Pam
Lang, managing member, signed the petition.  

At the time of the filing, the Debtor disclosed it had estimated
assets of less than $1 million and liabilities of $1 million to $10
million.

Bingham Greenebaum Doll LLP is the Debtor's bankruptcy counsel.


[*] Caissa Gets Entegra's Jerry Coffey as Managing Director, VP
---------------------------------------------------------------
Caissa Capital, LLC on July 19, 2017, disclosed that it has hired
Jerry F. Coffey as Managing Director and Executive Vice President.
Coffey, formerly General Counsel at Entegra Power Group, has over
30 years as a lawyer in the energy business, much of it working in
the merchant energy environment.  While at Entegra, Coffey helped
lead the company in its initial formation, taking its project
companies through a pre-arranged Chapter 11 reorganization.
Entegra also successfully negotiated through a subsequent
reorganization in 2014.  His experience includes negotiating
refinancing arrangements amid complex debt and ownership
structures.  He has also held senior legal positions at NRG Energy,
FPL Energy and Aquila Energy.  Mr. Coffey will lead the firm's
energy engagements as well as provide additional expertise in other
industry sectors.

Caissa co-founder, Craig Hansen said, "Our relationship with Jerry
spans many years and numerous restructurings in the energy and
other market segments".  Co-founder Grant Lyon added, "Jerry brings
to our firm significant experience in energy restructurings, which
is one of the pillars of Caissa.  We welcome Jerry to our
ever-growing team at Caissa".

                      About Caissa Capital

Founded in 2017 by Grant Lyon, Craig Hansen and Peter Kaufman,
Caissa Capital is a venture aimed at providing, in one entity,
senior-level workout, financial restructuring and legal services.
Caissa targets large, complex capital stack situations in
international markets in both sovereign and corporate debt matters.
Caissa will partner with top international law firms, as the need
arises, to ensure clients receive the maximum value of professional
services in the most efficient manner.  While prepared to represent
all levels of the capital structure in any given situation, Caissa
aims primarily to serve clients with junior debt and/or equity
investments in international markets.


[^] BOOK REVIEW: Competitive Strategy for Healthcare Organizations
------------------------------------------------------------------
Authors: Alan Sheldon and Susan Windham
Publisher: Beard Books
Softcover: 190 pages
List Price:  $34.95
Review by Francoise C. Arsenault

Order your personal copy today at http://bit.ly/1nqvQ7V

Competitive Strategy for Health Care Organizations: Techniques for
Strategic Action is an informative book that provides practical
guidance for senior health care managers and other health care
professionals on the organizational and competitive strategic
action needed to survive and to be successful in today's
increasingly competitive health care marketplace. An important
premise of the book is that the development and implementation of
good competitive strategy involves a profound understanding of
change. As the authors state at the outset: "What may need to be
done in today's environment may involve great departure from the
past, including major changes in the skills and attitudes of
staff, and great tact and patience in bringing about the necessary
strategic training."

Although understanding change is certainly important in most
fields, the authors demonstrate the particular importance of
change to the health care field in the first and second chapters.
In Chapter 1, the authors review the three eras of medical care
(individual medicine, organizational medicine, and network
medicine) and lay the groundwork for their model for competitive
strategy development. Chapter 2 describes the factors that must be
taken into account for successful strategic decision-making. These
factors include the analysis of the environmental trends and
competitive forces affecting the health care field, past, current,
and future; the analysis of the competitive position of the
organization; the setting of goals, objectives, and a strategy;
the analysis of competitive performance; and the readaptation of
the business, if necessary, through positioning activities,
redirection of strategy, and organizational change.

Chapters 3 through 7 discuss in detail the five positioning
activities that are part of the model and therefore critical to
the development and implementation of a successful strategy:
scanning; product market analysis; collaboration; restructuring;
and managing the physician. The chapter on managing the physician
(Chapter 7) is the only section in the book that appears dated
(the book was first published in 1984). In this day of physician-
owned hospitals and physician-backed joint ventures, it is
difficult to envision the physician in the passive role of "being
managed." However, even the changing role of physicians since the
book's first publication correlates with the authors' premise that
their model for competitive strategic planning is based exactly on
understanding and anticipating change, which is no better
illustrated than in health care where change is measured not in
years but in months. These middle chapters and the other chapters
use a mixture of didactic presentation, graphs and charts,
quotations from famous individuals, and anecdotes to render what
can frequently be dry information in an entertaining and readable
format.

The final chapter of the book presents a case example (using the
"South Clinic") as a summary of many of the issues and strategic
alternatives discussed in the previous chapters. The final chapter
also discusses the competitive issues specific to various types of
health care delivery organizations, including teaching hospitals,
community hospitals, group practices, independent practice
associations, hospital groups, super groups and alliances, nursing
homes, home health agencies, and for-profits. An interesting quote
on for-profits indicates how time and change are indeed important
factors in strategic planning in the health care field: "Behind
many of the competitive concerns.lies the specter of the for-
profits. Their competitive edge has lain until now in the
excellence of their management. But developments in the past half-
decade have shown that the voluntary sector can match the for-
profits in management excellence. Despite reservations that may
not always be untrue, the for-profit sector has demonstrated that
good management can pay off in health care. But will the voluntary
institutions end up making the same mistakes and having the same
accusations leveled at them as the for-profits have? It is
disturbing to talk to the head of a voluntary hospital group and
hear him describe physicians as his potential competitors."


                            *********

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.

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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.

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