/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/171212.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 12, 2017, Vol. 21, No. 345 Headlines 1802 PALISADES: Adds Liquidation Analysis in Latest Plan AC OCEAN: Moody's Assigns B3 Corporate Family Rating AC OCEAN: S&P Assigns 'B-' Corporate Credit Rating, Outlook Stable ACI CONCRETE: Taps Altus Global Trade as Collection Agent ADVANCED CONTRACTING: U.S. Trustee Forms 3-Member Committee ADVANCED IRONWORKS: Taps Larry B. Fenstein as Bankruptcy Counsel ALGODON WINES: Closes $9.02 Million Preferred Stock Offering ALLIANCE ONE: Axar Capital Lowers Stake to 2.8% as of Nov. 30 AMCAD HOLDINGS: Ct. Narrows Claims in Clawback Suit v V Shyamsundar APOLLO COMPANIES: Hearing on Plan and Disclosures Set for Dec. 28 ATLANTIC & PACIFIC: Committee Taps R3M Law as Special Counsel ATRIUM INNOVATIONS: S&P Puts 'B' CCR on Watch Pos. on Nestle Deal AUTHENTIDATE HOLDING: May Issue Add'l 1M Shares Under Equity Plan AUTODATA INC: Moody's Assigns B3 Corporate Family Rating AVAYA INC: Court Approves Settlement with PBGC AVENUE SHOPPES: Case Summary & 4 Unsecured Creditors BARTLETT MANAGEMENT: Seeks to Hire Backman as Legal Counsel BEBE STORES: Will Voluntarily Delist Its Shares from Nasdaq BILL BARRETT: Code of Ethics Now Applies to Contractors BIOSTAGE INC: Common Stock Delisted from Nasdaq BJT GROUP: U.S. Trustee Unable to Appoint Committee BLINK CHARGING: Amends Prospectus on 3.5 Million Units Offering BON-TON STORES: Stock Delisted from Nasdaq BOYSIN RALPH LORICK: Wells Fargo Seeks Ch. 11 Trustee Appointment BRACHA CAB: Voluntary Chapter 11 Case Summary BREITBURN ENERGY: NPC to Own 7.5% of LegacyCo's Equity in New Plan BTH QUITMAN: Case Summary & 20 Largest Unsecured Creditors CASTEX ENERGY: Hires Paul Hastings as Special Counsel CCM MERGER: S&P Raises CCR to 'B+' on Accelerated Debt Reduction CHINA COMMERCIAL: Closes $700,000 Stock Offering CHURCHILL DOWNS: Moody's Rates Proposed $1.3BB Bank Debt 'Ba2' CITYGOLF: IRS to be Paid in Full at 4% Interest Over 5 Years CLAIRE'S STORES: Incurs $15.5 Million Net Loss in Third Quarter COBALT INT'L: Hotchkis and Wiley Has 4.99% Stake as of Nov. 30 CONCORDIA INTERNATIONAL: Comments on CMA Statement of Objections CREASY GEOTHERMAL: Jan. 4 Plan and Disclosure Statement Hearing CROSSOVER FINANCIAL: T. Connolly as Successor Plan Trustee Sought CTI BIOPHARMA: Files Amended $200 Million Prospectus with SEC CUMULUS MEDIA: Class A Common Stock Delisted From NASDAQ DAYTON SUPERIOR: S&P Lowers CCR to 'B-' on Weak Performance DELCATH SYSTEMS: Nasdaq Halts Trading of Common Stock DIFFUSION PHARMACEUTICALS: Regains Compliance with Nasdaq Rule EARL GAUDIO: SBA Seeks Appointment of Chapter 11 Trustee EIF CHANNELVIEW: S&P Affirms 'B+' Debt Rating, Outlook Stable FALCO MOBILE: Dec. 20 Confirmation Hearing on Chapter 11 Plan FINJAN HOLDINGS: Sues Zscaler for Patent Infringement FTE NETWORKS: Designates New Series G Convertible Preferred Stock GARBER BROS: Hires Blish & Cavanagh as Special Litigation Counsel GATEWAY MEDICAL: Unsecureds May Be Paid 90 Days From Effective Date GAWKER MEDIA: Former Employees Launch Crowdfunding to Buy Website GENERAL WIRELESS: Committee Suit vs. Sprint Remanded to State Court GEORGE BOULANGER: Taps Lesnick Prince as Legal Counsel GIZMO EMPOWERED: Case Summary & 2 Unsecured Creditors GRESHAM & GRAHAM: Taps Blake D. Gunn as Legal Counsel GULF FINANCE: Moody's Lowers CFR to B2; Outlook Negative GULFMARK OFFSHORE: Canyon Has 15.8% Stake as of Nov. 14 GULFMARK OFFSHORE: Robert Millard Has 6% Equity Stake H MELTON VENTURES: Affiliate Seeks to Hire Wiley Law as Counsel HELIOS AND MATHESON: Invests Additional $2 Million in MoviePass HERALD MEDIA: Case Summary & 30 Largest Unsecured Creditors HHGREGG INC: Seeks OK of Synchrony Bank Claims Settlement HOMELAND HEALTHCARE: Credit Suisse to Auction Assets on Dec. 18 HRG GROUP: Fitch Affirms & Then Withdraws 'B' Issuer Default Rating IHEARTCOMMUNICATIONS INC: Extends Notes Private Offers to Dec. 22 IHEARTCOMMUNICATIONS INC: Extends Term Loan Offers Expiration IMPACTING A GENERATION: Court Conditionally Approves Disclosures J CREW GROUP: Reports $17.6 Million Net Loss for Third Quarter JOHN Q. HAMMONS: Taps Alvarez & Marsal to Advise on Claims Review KANETHA CHAU: Capital One's Bid for Summary Judgment Nixed KANSAS INTERNAL MEDICINE: Hires Lindsay as Auctioneer KEVEN McKENNA: Bankruptcy Court Dismisses Chapter 11 Case LADDCO LLC: Hires Daniel Schleper as Accountant LAKE LOTAWANA: Plan Confirmation Hearing on Jan. 23 LECTRUS CORPORATION: Case Summary & 20 Largest Unsecured Creditors LIFE PARTNERS: Pillar Funds Appeal Junked as Moot, 5th Cir. Rules LUVU BRANDS: Expects More Automation to Boost Cash Flow MARKS FAMILY: U.S. Not Compelled to Turnover Truck, Court Says METROTEK ELECTRICAL: DOJ Watchdog Seeks Ch. 11 Trustee Appointment MICHELE MAYER: Proposes a Short Sale of Ivanhoe Property for $93K MICHELE MAYER: Proposes a Short Sale of Visalia Property for $117K MICRO CONTRACT: Business Profits to Fund Proposed Plan MIDWAY GOLD: Court Confirms Chapter 11 Plan of Liquidation MIKE FARRELL'S: New Plan Discloses Info on Pending Litigation MILLARD W. TONG: Court Grants Bid to Dismiss Appeal MLLD TRUCKING: Taps Wolfe Snowden as Legal Counsel MONAKER GROUP: Files Pro Forma Financial Statements N214FT LLC: Latest Plan Discloses $107K Payment to Baker Aviation NAVISTAR INTERNATIONAL: Will File Its Q4 Financials on Dec. 19 NEONODE INC: John Reardon Will Quit as Director NEONODE INC: Thomas Eriksson Will Step Down as President & CEO NEVADA GAMING: Creditors' Panel Seeks Appointment of Ch. 11 Trustee NEW CAL-NEVA: Briefing Schedule Extended to Focus on Settlement NEWNAN HOUSING: S&P Lowers 2015 Housing Bonds Rating to B+ NINER INC: Hires Markus Williams, Young & Zimmermann as Counsel NINER INC: Hires W.G. Nielsen & Co. as Financial Advisor ONE HORIZON: Regains Full Compliance with NASDAQ Listing Rules OW BUNKER: NCL Bid to Stay London Arbitration Proceedings OK'd PAC ANCHOR TRANSPORTATION: Plan Filing Period Moved to April 15 PACIFIC DRILLING: Hires AlixPartners as Restructuring Advisor PACIFIC DRILLING: Hires Evercore Group as Investment Banker PACIFIC DRILLING: Hires KPMG as Auditor PACIFIC DRILLING: Hires Sullivan & Cromwell as Chapter 11 Counsel PACIFIC DRILLING: Hires Togut Segal & Segal as Co-Counsel PANDA TEMPLE: Exclusive Plan Filing Period Extended Until Feb. 12 PAR PETROLEUM: S&P Assigns 'B+' Corp Credit Rating, Outlook Stable PARETEUM CORP: Iroquois Capital Holds 6.69% Stake as of Dec. 1 PHASERX INC: Case Summary & 8 Unsecured Creditors PHASERX INC: Files Voluntary Chapter 11 Bankruptcy Petition POINT.360: Seeks Approval of Postpetition Financing PORT NEWARK: Moody's Rates $287.25MM Revenue Bonds 'Ba1' POWER EQUIPMENT: Discloses Plan Support Agreement with Compass Bank PREMIER PCS OF TX: Hires E.P. Bud Kirk as Attorney PROTEA BIOSCIENCES: Summit Buying All Assets for $1M Credit Bid QUADRANGLE PROPERTIES: Proposes a Sale of Jackson Property R & A PROPERTIES: Hires Wandro & Associates as Special Counsel RDX TECHNOLOGIES: Hires Mark J. Giunta as Bankruptcy Counsel RED RIVER TIC: Hires Buddy D. Ford as Chapter 11 Attorney RENNOVA HEALTH: Reports $13.1 Million Net Loss for Third Quarter RENNOVA HEALTH: Restates Q2 Financials Due to Accounting Errors RICHARDSON INVESTMENTS: U.S. Trustee Unable to Appoint Committee ROBERTA M. DICKSON: Must Pay Daughter $5K for Rule 9011 Violation ROBIX ENVIRONMENTAL: Files Assignment in Bankruptcy Under BIA ROCKY MOUNTAIN: Amends Resale Prospectus of 250M Common Shares S550 INVESTMENTS: Case Summary & 2 Unsecured Creditors SACRED POWER: Case Summary & 20 Largest Unsecured Creditors SKY-SKAN INC: Secured Creditor Asks Court to Dismiss Ch. 11 Case SLOOP PROPERTIES: Taps McElwee Firm as Legal Counsel SNAP INTERACTIVE: Stockholders Acquire 71,427 Shares from Sigma SOLENIS INTERNATIONAL: S&P Lowers CCR to 'B-', Outlook Stable SRC LIQUIDATION: Court Denies Bid to Dismiss CareSource's Lawsuit TABERNA PREFERRED: Creditors Not Entitled to Unsecured Claims TADD WHOLESALE: Hires Lefkovitz & Lefkovitz as Attorney TERRACE HOUSING: Bid to Stay HUD's Sale of Property Time-Barred TERRANOVA LANDSCAPES: Plan and Disclosures Hearing Set for Jan. 11 TIFARO GROUP: December 20 Plan Confirmation Hearing TOWN SPORTS: Atlas Fund Has 10.1% Stake as of Dec. 8 TOYS "R" US: Creditors Seek Key Docs Related to Debt Transactions TOYS "R" US: Has Court OK to Pay Bankruptcy Bonuses TRELAWNY HOLDINGS: Hires Kristy Qiu as Attorney TRIBE BUYER: Moody's Affirms B2 CFR; Outlook Stable TROVERCO INC: Unsecureds to Receive Payments from Plan Trust TULSA SCHOOL: Hires McAfee & Taft as Counsel VALLEY LUMBER: Case Summary & 20 Largest Unsecured Creditors VISUAL HEALTH: Hires Weinman & Associates as Special Counsel VOLUME DRIVE: Hires Edward J. Kaushas as Counsel WARWICK YARD: Ch. 11 Trustee Hires Maltz as Auctioneer WESTAMPTON COURTS: Hires Budzyn & Associates as Accountant WET SEAL: Seeks February 27 Exclusive Plan Filing Period Extension WILLIAMS FLAGGER: JJA Blocks Approval of Plan Outline WINDSOR PLAZA: Hires Rattet as Bankruptcy Counsel WOODBRIDGE GROUP: Law Firm Begins Investigation After Bankruptcy YONG XIN: Hires James S. Yan Law as Bankruptcy Counsel [*] Smiley Wang-Ekvall's Robert Marticello Among ABI's 40 Under 40 [^] Large Companies with Insolvent Balance Sheet ********* 1802 PALISADES: Adds Liquidation Analysis in Latest Plan -------------------------------------------------------- 1802 Palisades Investments, LLC, filed with U.S. Bankruptcy Court for the Western District of Missouri a second amended disclosure statement for its proposed plan of reorganization dated Nov. 28, 2017. The second amended plan adds the Debtor's liquidation analysis which was not provided in the previous version of the plan. To determine what the members of each Class could receive if a Chapter 7 liquidation occurred, the Debtor must first determine the dollar amount that would be generated from the liquidation of the Debtor's assets. The gross liquidation value of the Debtor's assets must be reduced by the costs of the Chapter 7 liquidation in order to obtain the possible distribution to holders of claims and interests. The Debtor's costs of liquidation under Chapter 7 would include the fees and expenses of the Chapter 7 Trustee, as well as those of counsel and other professionals that might be retained by the Trustee, and the commissions and sales expenses. These allowed claims and such other claims as might occur in the Chapter 7 liquidation would be paid in full out of the liquidation before the balance would be available to make a distribution to unsecured allowed claims in the Chapter 11 case. A copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/mowb17-20009-11-65.pdf About 1802 Palisades Headquartered in Leawood, Kansas, 1802 Palisades, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Case No. 17-20009) on Jan. 9, 2017, disclosing $2.05 million in total assets and $2.15 million in total liabilities. Patsy Prelogar, authorized representative, signed the petition. Berman, DeLeve, Kuchan & Chapman, LLC, serves as bankruptcy counsel to the Debtor. No official committee of unsecured creditors has been appointed in the case. AC OCEAN: Moody's Assigns B3 Corporate Family Rating ---------------------------------------------------- Moody's Investors Service assigned a B3 Corporate Family rating and B3-PD Probability of Default rating to AC Ocean Walk, LLC (AC Ocean Walk). Moody's also assigned a B2 rating to the proposed $175 million five year first lien term loan, a Caa2 rating to the proposed 5.5 year $75 million second lien PIK term loan, and Ba3 to the proposed four year $5.0 million first lien super priority revolver. Proceeds from the proposed term loans along with $125 million of common equity will finance the acquisition of AC Ocean Walk ($200M) (formerly known as Revel Atlantic City), and provide funds for pre-opening ($56M) and renovations costs (including gaming chips, cage cash, and consumable inventories) ($68M), an interest reserve ($25M), working capital and fees and expenses of the transaction ($26M). The term loans and revolver will be guaranteed by the company's immediate parent, AC Beachfront, LLC. The first lien term loan and super priority revolver will be secured by all assets, (including capital stock of subsidiaries) of the borrower and guarantors. The revolver will have a first payment priority ahead of the first and second lien term loans. The second lien term loan will pay interest in kind (PIK) through 6/30/19; thereafter at 50% cash/50% PIK when total leverage is between 4x-4.5x and 100% cash when leverage drops below 4.0x. The assigned ratings are subject to review of final documentation. Assignments: Issuer: AC Ocean Walk, LLC -- Probability of Default Rating, Assigned B3-PD -- Corporate Family Rating, Assigned B3 -- Senior Secured Term Loan, Assigned B2(LGD3) -- Senior Secured Super Priority Revolving Credit Facility, Assigned Ba3(LGD1) -- Senior Secured 2nd Lien PIK Term Loan, Assigned Caa2(LGD5) Outlook Actions: Issuer: AC Ocean Walk, LLC -- Outlook, Assigned Stable RATINGS RATIONALE AC Ocean Walk, LLC's B3 Corporate Family rating is constrained by execution risk associated with re-opening a large Atlantic City casino hotel resort that previously filed for bankruptcy, earnings concentration in a single property, concerns about Atlantic City's ability to grow and absorb new supply, and high leverage upon opening. Another casino property is expected to reopen around the same time as AC Ocean Walk, (collectively, a 35% increase in slot and table positions). This large supply increase will result in above average promotional and marketing spend and slow the time it takes the property to ramp-up operations and attain its fair share. Between 2014 and 2016, five Atlantic City casinos closed as gaming in Pennsylvania and the economic downturn took its toll on the market. AC Ocean Walk benefits from a much improved cost and capital structure and is being acquired for $200 million -- well below the estimated $2.6 billion cost to build. The new owners will invest another $175 million to re-open in May 2018 for a total invested capital of $375 million. The property is expected to slowly capture its fair share of the market given the quality of the property -- (originally opened in 2012), breathe of project offerings and a revamped operating strategy aligned with the demands of patrons in the market. A key credit positive is the company's good liquidity with an interest reserve of approximately $25 million to cover cash interest through 6/30/19 (about 12 months post the expected May 2018 opening), a $5 million four year super-priority revolver, and opening cash balance of $15 million. Within 12 months of opening, Moody's expects AC Ocean can ramp up operations to cover its cash interest, mandatory debt amortization, and maintenance capital spending and begin to build cash. However, Moody's estimate first year total debt/EBITDA will be high at approximately 7.0x. The stable outlook reflects sufficient liquidity to fund pre-opening and renovation costs, an interest reserve that extends approximately 12 months post opening and Moody's expectation the property can ramp up operation to cover cash needs within 12 months of opening. The ratings could be downgraded if Atlantic City gaming revenue trends show signs of deterioration or inability to absorb new supply, if post opening the company's monthly gaming revenues are below $20 million, or if EBITDA does not track towards $40 million or liquidity deteriorates. Ratings could be upgraded if the Atlantic City market absorbs the new supply and debt/EBITDA and EBIT/total interest stabilizes around 4.5x, and 2.25x, respectively, and the company maintains good liquidity. AC Ocean Walk, LLC is privately owned AC Beachfront, LLC which in turn is owned by TEN RE AC NJ. TEN RE is owned by by Mile High Dice, LLC (71.8%; controlled by Bruce Deifik) and Winding Trail Properties, LLC (14.75%; controlled by Frank Ruocco) and other minority investors. AC Ocean Walk will operate 100 gaming tables, 2,000 slot machines, 1,399 hotel rooms, pools, a spa, night clubs,and 13 restaurant options. The property is expected to reopen in the second quarter of 2018. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. AC OCEAN: S&P Assigns 'B-' Corporate Credit Rating, Outlook Stable ------------------------------------------------------------------ AC Ocean Walk LLC (ACOW) plans to raise $250 million in debt financing, consisting of a $175 million first-lien term loan facility due 2022 and a $75 million second-lien payment-in-kind (PIK) term loan due 2023, to partly finance the purchase and renovation of the former Revel Casino in Atlantic City, N.J., which it expects to reopen in May 2018. S&P Global Ratings assigned its 'B-' corporate credit rating to Atlantic City, N.J.-based AC Ocean Walk LLC (ACOW). The rating outlook is stable. S&P said, "At the same time, we assigned ACOW's proposed $5 million priority revolving credit facility our 'B+' issue-level rating and '1' recovery rating. The '1' recovery rating indicates our expectation for very high recovery (90%-100%; rounded estimate: 95%) of principal for lenders in the event of a payment default. We also assigned our 'B-' issue-level rating and '3' recovery rating to ACOW's proposed $175 million first-lien term loan facility due 2022. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) of principal for lenders in the event of a payment default. "Additionally, we assigned our 'CCC' issue-level rating and '6' recovery rating to ACOW's proposed $75 million second-lien PIK term loan facility due 2023. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%) of principal for lenders in the event of a payment default." ACOW plans to use proceeds from the proposed transaction, along with $125 million in equity contributions from ownership, to: -- Fund the purchase and renovation of the former Revel Casino; -- Fund pre-opening operating costs; -- Establish an interest reserve expected to fund debt service through June 2019; and Fund transaction fees and expenses. S&P said, "Our 'B-' rating reflects the challenges in opening and ramping up a new property in a highly competitive and relatively stagnant market, particularly given the high-profile nature of the property's previous owners' multiple bankruptcies and subsequent property closure in 2014. That said, ACOW is capitalizing the property with a significant amount of equity, which meaningfully lowers the fixed-charge hurdle that the property must surpass in order to sustain its proposed capital structure compared to Revel's capital structure under previous ownership. Additionally, management has correctly identified, in our view, a number of the flaws in prior management's operating strategy for the property and has outlined reasonable steps it can take to mitigate some of these issues within the confines of the resort's existing physical layout. These facts, coupled with a planned post-opening interest reserve of 13 months (which is long compared with other recent gaming projects) and a plan to open in time for the seasonally strong summer months, should provide the property a good runway to ramp up operations and build a database of active customers to which it can market in more challenging winter months. "The stable outlook reflects our expectation that the company will have sufficient liquidity to complete the renovations of the property and will successfully open the property on schedule (May 1, 2018), and that the relatively long 13-month post-opening interest reserve will support the property's operational ramp up. "We could consider lowering the rating or revising the outlook to negative if we have reason to believe ACOW will significantly miss its May 1 opening date, or if pre-opening or renovation costs are substantially higher than projected. Upon opening, if ACOW significantly underperforms our win per unit per day projections, or if EBITDA margins are meaningfully lower than forecast, such that we no longer expect EBITDA to ramp up to the mid-$20 million area (which is our estimate of the level of cash fixed charges ACOW would need to cover), we could also consider lowering the rating. "We are unlikely to consider an upgrade until the casino opens and we can observe its operating performance. We could consider revising the outlook to positive if ACOW outperformed our operating expectations -- particularly in relation to its fair share of gaming win and EBITDA margin-in its first year or two of operations, such that it generated enough cash flow to facilitate a deleveraging path to a debt to EBITDA level below 5x in the first year of operations. We would also need to believe that ACOW could sustain EBITDA coverage of total interest above 2x." ACI CONCRETE: Taps Altus Global Trade as Collection Agent --------------------------------------------------------- ACI Concrete Placement of Kansas, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Bryan Clancy of Altus Global Trade Solutions as collection agent to collect past due balances for certain accounts of the Debtors. The proposed payment structure is 33% of all accounts collected. Bryan Clancy, Executive Vice President of Business Development & Marketing (Altus), attests that Altus and its members are disinterested parties as defined in 11 U.S.C. Sec. 101(14), and neither he, Altus or its members, hold or represent any interest adverse to the Debtors or their estate on the matters upon which they are to be engaged and their employment would be in the best interest of the bankruptcy estate. The Agent can be reached through: Bryan Clancy Altus Global Trade Solutions 2400 Veterans Boulevard, Suite 300 Kenner, LA 70062 Tel: (800) 509-6060 Fax: (504) 200-2558 About ACI Concrete Placement ACI Concrete Placement of Kansas LLC, ACI Concrete Placement of Lincoln LLC, ACI Concrete Placement of Oklahoma LLC, OKK Equipment LLC and KOK Holdings LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case Nos. 17-21770 to 17-21774) on Sept. 14, 2017. Matthew Kaminsky, their chief operating officer, signed the petitions. The cases are jointly administered. Founded in 2007, ACI Concrete Placement provides concrete pumping and telebelt material placement. In addition to its traditional concrete placement services, ACI specializes in slip form concrete placement and separate placing booms. It owns a fleet of over 55 machines for slope paving, indoor pumping, and small set up areas, small line and grout pumps and truck mounted conveyors, etc. ACI Concrete is headquartered in Spring Hill, Kansas, with additional locations in Nebraska, Missouri, and Oklahoma. ACI-Kansas is wholly owned by debtor KOK Holdings, LLC. ACI-Oklahoma, an Oklahoma Limited Liability Company headquartered in Kansas, owned by: Lawrence Kaminsky who owns 70% of the company and Matthew Kaminsky who owns 30% of the company. ACI-Lincoln, a Nebraska Limited Liability Company headquartered in Kansas, owned by: Lawrence Kaminsky who owns 70% of the company and Matthew Kaminsky who owns 30% of the company. KOK is owned by: Lawrence Kaminsky who owns 50% of the company and Matthew Kaminsky who owns 50% of the company. OKK is wholly owned by the Debtor KOK Holdings, LLC. ACI-Kansas, ACI-Oklahoma and ACI-Lincoln function as concrete pouring companies in their respective states. OKK serves as the common equipment ownership company for all ACI companies. KOK serves as the parent holding company of the various companies and also functions as the payroll processor for the related ACI companies. The same management structure operates all five Debtors and their operations are centrally located in Spring Hill, Kansas. At the time of the filing, ACI Kansas disclosed $1.06 million in assets and $8.4 million in liabilities. Judge Dale L. Somers presides over the cases. Bradley D. McCormack, Esq., at the Sader Law Firm, serves as the Debtors' bankruptcy counsel. On November 1, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. No trustee or examiner has been appointed in the Debtors' cases. ADVANCED CONTRACTING: U.S. Trustee Forms 3-Member Committee ----------------------------------------------------------- The U.S. Trustee for Region 2 on December 8 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Advanced Contracting Solutions, LLC. The committee members are: (1) Cement Masons Local 780 Trust Funds 76 South Central Avenue Valley Stream, NY 11580 Attn: Michael Salgo, Secretary Tel: (212) 575-0950 Email: msalgo@cementleague.org (2) Metallic Lathers & Reinforcing Ironworkers, Local 46 1322 3rd Avenue Tel: (212) 737-0500 New York, NY 10021 Attn: Terence Moore, Business Mgr. Email: Terrencemoore46@gmail.com (3) Construction Risk Partners, LLC 1250 Route 28, Suite 201 Branchburg, NJ 08876 Attn: Robert B. Pitts, Partner Tel: (908) 566-1010 Email: rpitts@constructionriskpartners.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Advanced Contracting Solutions Advanced Contracting Solutions, LLC -- acsnyllc.com -- is a privately-held company in Bronx, New York, that provides antenna installation services. The Debtor is a large open-shop concrete foundation and concrete super-structure contractor. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-13147) on Nov. 6, 2017. Judge Sean H. Lane presides over the case. 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. Tracy L. Klestadt, Esq., Brendan M. Scott, Esq., and Fred Stevens, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, serve as the Debtor's bankruptcy counsel. ADVANCED IRONWORKS: Taps Larry B. Fenstein as Bankruptcy Counsel ---------------------------------------------------------------- Advance Ironworks Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of Washington at Seattle to hire Larry B. Fenstein as Chapter 11 counsel. The Debtor retained David A Nold at Nold Muchinsky PLLC as counsel as of January 26, 2017. Mr. Nold has filed a Motion to withdrew as counsel of the Debtor. Services Mr. Feinstein will render are: a. take all actions necessary to protect and preserve the Debtor's bankruptcy estate, including the prosecution of actions on the Debtor's behalf. Undertake, in conjunction as appropriate with special litigation counsel, the defense of any action commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, objections to claims filed against the Debtor in this bankruptcy case and the compromise or settlement of claims; b. prepare the necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and other papers required from the Debtor in connection with administration of this case; c. negotiate with creditors concerning a Chapter 11 plan, to prepare a Chapter 11 plan and disclosure statement and related documents, and to take the steps necessary to confirm and implement the proposed plan of liquidation; and d. provide other legal advice or services as may be required in connection with the Chapter 11 case. Larry B. Feinstein will be paid at $425 per hour and Mr. Feinstein may use Vortman & Feinstein staff and/or contract attorneys to assist in preparation of legal pleadings, motions, and hearings at $350 per hour. Larry B. Feinstein attests that he does not have any prior connection with Debtor, its creditors, any party in interest, or their respective attorneys or accountants. The Counsel can be reached through: Larry B. Feinstein, Esq. VORTMAN & FEINSTEIN 520 Pike Street Tower, Ste. 2250 Seattle, WA 98101 Phone: (206) 223-9595 Fax: (206)386-5355 Email: larry@chutzpa.com About Advanced Ironworks Inc. Based in Redmond, Washington, Advanced Ironworks, Inc., provides fabrication of structural steel, architectural steel, stainless steel, component steel, aluminum, bronze, and other alloys. Advance Iron Works filed a Chapter 11 petition (Bankr. W.D. Wash. Case no. 17-10313) on January 26, 2017, listing under $1 million in both assets and liabilities. Judge Timothy W. Dore presides over the case. The Debtor retained David A Nold at Nold Muchinsky PLLC as counsel as of January 26, 2017. Mr. Nold later withdrew as counsel of the Debtor. Larry B. Feinstein, Esq. at Vortman & Feinstein, has been tapped to represent the Debtor as counsel. The U.S. Trustee has not appointed an official unsecured creditors' committee in the case. The Debtor filed with the Bankruptcy Court a combined plan and disclosure statement dated Nov. 21, 2017. Class 5A consists of the general unsecured creditors, including SFERS. This class will receive $1,336.07 monthly for 60 months. Percentage of claim paid for this class is 100%. ALGODON WINES: Closes $9.02 Million Preferred Stock Offering ------------------------------------------------------------ Between Jan. 27, 2017 and Feb. 27, 2017, Algodon Wines & Luxury Development Group, Inc. sold convertible promissory notes to accredited investors for total gross proceeds to the Company of $1,260,000. The notes had a 90-day maturity, paid 8% annual interest and were convertible into the Company's Series B convertible preferred stock at a conversion price of $10 per share, beginning fifteen days after being notified of the Series B Preferred offering. On March 31, 2017, the $1,260,000 of principal plus $7,324 of accrued interest owed on the convertible promissory notes was converted into 126,739 shares of Series B Preferred. Holders of Series B Preferred will be entitled to, among other things, an annual dividend, liquidation preference, conversion to common stock of the Company upon certain events, redemption if not previously converted to common stock, and voting privileges. For this sale of securities, no general solicitation was used, no commissions were paid, and the Company relied on the exemption from registration available under Section 4(a)(2) and Rule 506(b) of Regulation D of the Securities Act of 1933, as amended. An initial Form D was filed on Feb. 27, 2017, an amended Form D was filed on Aug. 15, 2017, and an amended Form D was filed on Dec. 7, 2017. As of Dec. 4, 2017, the Company completed its private placement of Series B Preferred to accredited investors. A total of 775,931 Series B Preferred were issued for gross proceeds of $7,759,310. Together with the offer and sale of the convertible promissory notes which converted into Series B Preferred, all 902,670 authorized Series B Preferred are now issued for total gross proceeds of $9,019,310. About Algodon Wines Through its wholly-owned subsidiaries, Algodon Wines & Luxury Development Group, Inc. -- http://www.algodongroup.com/-- invests in, develops and operates real estate projects in Argentina. Based in New York, AWLD operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. AWLD distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Marcum 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 significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Algodon Wines reported a net loss of $10.04 million on $1.52 million of sales for the year ended Dec. 31, 2016, compared to a net loss of $8.27 million on $1.86 million of sales for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Algodon Wines had $8.84 million in total assets, $4.03 million in total liabilities, $7.61 million in series B convertible redeemable preferred stock and a $2.80 million total stockholders' deficiency. ALLIANCE ONE: Axar Capital Lowers Stake to 2.8% as of Nov. 30 ------------------------------------------------------------- Axar Capital Management, LP, Axar GP, LLC and Andrew Axelrod disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Nov. 30, 2017, they beneficially owned 254,583 shares of common stock of Alliance One International, Inc., constituting 2.8 percent (based on 9,001,255 shares of Common Stock reported as outstanding as of Oct. 27, 2017, according to the Issuer's quarterly report on Form 10-Q, filed Nov. 1, 2017). Axar Capital Management, LP serves as investment advisor to each of Axar Master Fund, Ltd. and the separately managed account. Axar GP, LLC is the sole general partner of Axar Capital Management, LP. Andrew Axelrod is the sole member of Axar GP, LLC and is the managing partner, portfolio manager and majority control person of Axar Capital Management, LP. A full-text copy of the regulatory filing is available at: https://is.gd/iFsgRX About Alliance One Morrisville, N.C.-based Alliance One International Inc. is principally engaged in purchasing, processing, storing, and selling leaf tobacco. The Company purchases tobacco primarily in the United States, Africa, Europe, South America and Asia for sale to customers primarily in the United States, Europe and Asia. Alliance One reported a net loss attributable to the Company of $62.92 million on $1.71 billion of sales and other operating revenues for the year ended March 31, 2017, compared to net income attributable to the Company of $65.53 million on $1.90 billion of sales and other operating revenues for the year ended March 31, 2016. As of Sept. 30, 2017, Alliance One had $1.93 billion in total assets, $1.75 billion in total liabilities and $182.09 million in total stockholders' equity. * * * In September 2016, Moody's Investors Service upgraded Alliance One's Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and Probability of Default Rating to 'Caa1-PD' from 'Caa2-PD'. The Corporate Family Rating upgrade to Caa1 reflects Moody's somewhat diminished concerns about Alliance One's liquidity, Moody's said. In June 2017, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on Alliance One. The rating outlook is negative. The rating affirmation reflects S&P's forecast that the Company's credit metrics will show modest improvement but remain very weak over the next year, including adjusted debt to EBITDA in the mid-9x area (compared to over 12x currently) and EBITDA to cash interest coverage below 1.5x. Despite S&P's forecast for modest improvement, the company has missed its estimates over the last several years. AMCAD HOLDINGS: Ct. Narrows Claims in Clawback Suit v V Shyamsundar ------------------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware granted in part and denied in part the motion of Visagar M. Shyamsundar to dismiss the Liquidating Trustee's second amended complaint seeking, among other things, the avoidance and recovery of preferential transfers to an insider in the adversary proceeding captioned GAVIN SOLMONESE, LLC, Plaintiff, v. VISAGAR M. SHYAMSUNDAR, RICHARD P. LOWRY, EDWARD B. BERKOWITZ, SHAHAN ZAFAR, IAN BLASCO, JEFF STONE, AARON PURCELL, AND DAVID WEISS, Defendants, Adv. No. 15-51979 (MFW) (Bankr. D. Del.). The Defendant argued that the alleged preferential transfers claim should be dismissed because the Liquidating Trustee failed to plead sufficient facts to show during the relevant period that American Cadastre, LLC, was insolvent and that the Defendant was an insider. The Defendant also argued that the newly added causes of action for alleged fraudulent transfers and post-petition transfers should be dismissed because they are barred by the statute of limitations and only set forth conclusory allegations. The Liquidating Trustee's Second Amended Complaint asserts four counts against the Defendant: Count One asserts a preference action pursuant to section 547; Count Two asserts a fraudulent transfer claim pursuant to section 548; Count Three seeks to avoid post-petition transfers pursuant to section 549; and Count Four seeks to recover the avoided transfers pursuant to section 550. Upon analysis, the Court denies the Defendant's motion to dismiss Count One because the Liquidating Trustee has sufficiently pled that the Debtor was insolvent and the Defendant was an insider at the time of the alleged preferential transfers. In Count Two, the Court finds that the Liquidating Trustee has not pled sufficient facts to show the Debtor received less than reasonably equivalent value and thus has failed to state a fraudulent transfer claim against the Defendant. Accordingly, the Court dismisses the fraudulent transfer claim in Count Two with prejudice. The Defendant contends that Count Three seeking to avoid post-petition transfers should be dismissed because the Liquidating Trustee fails to list any post-petition transfers. To sufficiently plead a claim for avoidance of a post-petition transfer, the plaintiff must at least plead the existence of a transfer made after the commencement of the bankruptcy case. In this case, the Liquidating Trustee does not cite any transfers that occurred post-petition. Further, the Liquidating Trustee was put on notice of the need to add substance to this claim in the Court's two previous opinions. Therefore, the Court dismisses the post-petition transfers alleged in Count Three with prejudice. The Defendant seeks to dismiss Count Four of the Second Amended Complaint for recovery of transfers pursuant to section 550 of the Bankruptcy Code. Section 550 of the Bankruptcy Code allows a trustee to recover a transfer which is avoided pursuant to section 547 of the Bankruptcy Code. Here, the alleged preferential transfer claims survived the motion to dismiss. Therefore, the Defendant's motion to dismiss Count Four is denied. A full-text copy of Judge Walrath's Memorandum Opinion dated Nov. 29, 2017 is available at https://is.gd/ZSYHpM from Leagle.com. Gavin Solmonese, LLC, Plaintiff, represented by M. Colette Gibbons -- carol.builder@icemiller.com -- Ice Miller LLP, Robert M. Stefancin -- robert.stefancin@icemiller.com -- Ice Miller LLP & Jeffrey R. Waxman -- jwaxman@morrisjames.com -- Morris James LLP. Visagar M. Shyamsundar, Defendant, represented by John T. Carroll, III -- jcarroll@cozen.com -- Cozen O'Connor & Keith L. Kleinman -- kkleinman@cozen.com -- Cozen O'Connor. Richard P. Lowry, Defendant, represented by David William Giattino -- dgiattino@coleschotz.com -- Cole Schotz P.C. Edward B. Berkowitz, Defendant, represented by Michael Joseph Joyce -- mjoyce@oelegal.com -- O'Kelly Ernst & Joyce, LLC. About AmCad Holdings Herndon, Virginia-based software vendor AmCad Holdings, LLC (Bankr. D. Del. Case No. 14-12168) and American Cadastre, L.L.C. -- dba AMCAD LLC and Amcad Digital Conversion, LLC -- (Bankr. D. Del. Case No. 14-12169) filed separate Chapter 11 bankruptcy petitions on Sept. 19, 2014. Nicholas J. Brannick, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., serves as the Debtors' bankruptcy counsel. SOLIC Capital Advisors, LLC, is the Debtors' financial advisor and investment banker. The Debtors' restructuring advisor is Kallander Group, Inc. The Debtors' claims/noticing agent is The Garden City Group. In its Petition, AmCad Holdings, LLC, estimated its assets at up to $50,000, and its debts at between $1 million and $10 million. In its Petition, American Cadastre estimated its assets at $1 million to $10 million, and its debts at $10 million to $50 million. The Petitions were signed by Ian L. Blasco, manager. APOLLO COMPANIES: Hearing on Plan and Disclosures Set for Dec. 28 ----------------------------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved Apollo Companies Inc.'s disclosure statement, dated Nov. 24, 2017, describing its reorganization plan. Dec. 21, 2017 is fixed as the last day for filing written acceptances or rejections of the plan. Dec. 28, 2017 at 11:00 a.m. is fixed for the hearing on final approval of the disclosure and for the hearing on confirmation of the plan. Dec. 21, 2017 is fixed as the last day for filing written objections to the disclosure statement and confirmation of the plan. About Apollo Companies, Inc. Headquartered in Alvin, Texas, Apollo Office Systems, LLC -- http://www.apolloofficesystems.com-- is a growing company that sells and services all brands of copiers, printers, scanners, faxes, wide format laser printers and any other type of office machine. The Debtor is an authorized Xerox Channel Partner. It also sells Canon, Kyocera-Mita/Copystar, Konica-Minolta, Oce, Okidata, HP, Brother, Samsung, Ricoh, GEI, Fujitsu, etc. AOS is a family owned and has been in the business for over twenty-five years. Apollo Companies Inc. dba Apollo Office Systems LLC, dba Southwest Office Systems, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-80148) on May 5, 2017, estimating assets of less than $1 million and liabilities of $1 million to $10 million. The petition was signed by Jeffrey Foley, director. Judge Marvin Isgur presides over the case. The Debtor hired Eric C. Grimm, PLLC and the Law Office of William L. Bennett as its special litigation counsel. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Apollo Companies Inc. as of June 6, according to a court docket. ATLANTIC & PACIFIC: Committee Taps R3M Law as Special Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of The Great Atlantic & Pacific Tea Company, Inc. and its affiliated debtors seeks authority from the United States Bankruptcy Court for the Southern District of New York to employ Rich Michaelson Magaliff Moser, LLP as special conflicts counsel to the Committee. Pursuant to the Order Approving Global Settlement Agreement and Further Amending Debtors' Authority to Use Cash Collateral Pursuant to 11 U.S.C. Sections 105 and 363(c)(2) (ECF No. 2868), the Court granted authority for the Committee to prosecute avoidance actions on behalf of the Debtors' estates. The Committee seeks to hire R3M with respect to any avoidance actions under 11 U.S.C. Sections 544, 547, 548, 549, and 550 that may be filed against McKesson Corporation, McKesson Pharmacy Systems LLC, McKesson Specialty Distribution LLC, or any other McKesson affiliate nunc pro tunc to November 14, 2017. Robert N. Michaelson, a partner with the law firm of Rich Michaelson Magaliff Moser, LLP, attests that neither he, the Firm, nor any partner, of counsel, or associate has any connection with the Debtors, their creditors, or any other parties in interest, or their respective attorneys and accountants, the U.S. Trustee, or any person employed in the office of the U.S. Trustee or any Bankruptcy Judge currently serving on the United States Bankruptcy Court for the Southern District of New York. Compensation payable to R3M will be: (A) the greater of (i) 33% of the gross recovery to the estates from each McKesson Action; or (ii) (a) an hourly basis charged at 50% of R3M's standard hourly rates then in effect for work expended in pursuing a McKesson Action, plus (ii)(b) 20% of the gross value to the estates from such McKesson Action; plus (B) reimbursement of all actual and necessary expenses. The counsel can be reached through: Robert N. Michaelson, Esq. Rich Michaelson Magaliff Moser, LLP 335 Madison Avenue, 9th Floor New York, NY 10017 Phone: 646-453-7853 Fax: 212-913-9642 Email: rmichaelson@r3mlaw.com About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 15-23007) after reaching deals for the going concern sales of 120 stores. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York presides over the 2015 cases. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. ATRIUM INNOVATIONS: S&P Puts 'B' CCR on Watch Pos. on Nestle Deal ----------------------------------------------------------------- S&P Global Ratings said it placed its ratings on Montreal-based Atrium Innovations Inc. on CreditWatch with positive implications, including its 'B' corporate credit rating on the company. The CreditWatch placement follows the announcement that Nestle S.A. will acquire Atrium for US$2.3 billion. Atrium's operations have significantly rebounded from the supply chain disruptions back in 2014 and 2015. S&P said, "We expect 2017 EBITDA to increase 20%-25% from the previous year. The significantly higher EBITDA along with approximately US$30 million of debt repayment has led to leverage declining below 4.5x, compared with our previous expectation of about 5.0x." Atrium's brands and business model complement Nestle's science-based nutritional solutions. S&P said, "We also expect Nestle's significant resources and scale will help expand Atrium's brands and global presence. If the transaction closes as proposed and the debt outstanding is fully repaid, we will likely withdraw our ratings on Atrium because the company will become an independent operating division within the Nestle Health Science business." S&P Global Ratings expects the transaction to close in first-quarter 2018, subject to regulatory approval. S&P said, "We expect to resolve the CreditWatch as key details, including capital structure changes and regulatory approvals, become clearer. If the transaction closes as proposed, we are likely to equalize our ratings on Atrium with those on Nestle, which has a stronger credit profile. If all of Atrium's debt is fully repaid at the transaction's close, we would likely withdraw our ratings on the company. "Alternatively, if the transaction is not completed, we would reassess our ratings on Atrium, which would most likely result in the ratings being affirmed and removed from CreditWatch." AUTHENTIDATE HOLDING: May Issue Add'l 1M Shares Under Equity Plan ----------------------------------------------------------------- Authentidate Holding Corp. filed a Form S-8 registration statement with the Securities and Exchange Commission to register an aggregate of 1,000,000 shares of common stock that are issuable under the Company's 2011 Omnibus Equity Incentive Plan, as amended. On July 11, 2016, an additional 1,000,000 shares of common stock were authorized for issuance under Authentidate Holding Corp.'s 2011 Omnibus Equity Incentive Plan, as amended, in accordance with the provisions of the Plan. Pursuant to Rule 416 under the Securities Act of 1933, the Registration Statement will also cover any additional shares of common stock which become issuable under the Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of the Company's common stock. A full-text copy of the prospectus is available for free at: https://is.gd/OFYiVj About Authentidate Authentidate Holding Corp. and its subsidiaries -- http://www.authentidate.com/-- primarily provide an array of clinical testing services to health care professionals through its wholly owned subsidiary, Peachstate Health Management, LLC d/b/a AEON Clinical Laboratories. AHC also continues to provide its legacy secure web-based revenue cycle management applications and telehealth products and services that enable healthcare organizations to increase revenues, improve productivity, reduce costs, coordinate care for patients and enhance related administrative and clinical workflows and compliance with regulatory requirements. Web-based services are delivered as Software as a Service (SaaS) to its customers interfacing seamlessly with billing, information and records management systems. The Company is based in Gainesville, Georgia. Authentidate Holding reported a net loss of $32.07 million on $20.19 million of total net revenues for the year ended June 30, 2017, compared to net income of $5.26 million on $34.57 million of total net revenues for the year ended June 30, 2016. As of Sept. 30, 2017, Authentidate had $15.85 million in total assets, $8.87 million in total liabilities and $6.98 million in total shareholders' equity. The Company's independent accounting firm IsnerAmper LLP in Iselin, New Jersey, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended June 30, 2017, noting that the Company has a working capital deficit and its capital requirements have been and will continue to be significant, which raise substantial doubt about its ability to continue as a going concern. AUTODATA INC: Moody's Assigns B3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service assigned a B3 corporate family rating (CFR), a B2-PD probability of default rating (PDR) and a stable outlook to Autodata, Inc. which, along with related entity, Autodata Solutions, Inc., is a co-borrower under credit facilities comprised of a $285 million senior secured bank credit facility (in turn comprised of a $25 million 5-year revolving credit facility, and a $260 million 7-year first lien term loan), and a $100 million 8-year second lien term loan (together, the co-borrowers are referred to as Autodata). As part of the same action, Moody's assigned B2 (LGD4) ratings to both the revolving credit facility and first lien term loan, while assigning a Caa1 (LGD6) rating to the second lien term loan. Loan proceeds fund a distribution to the company's financial sponsor owners. This is the first time that Moody's has rated Autodata. The assigned ratings are subject to review of final documentation and confirmation of there being no material changes in the transaction as advised to Moody's. Assignments: Issuer: Autodata, Inc. -- Corporate Family Rating, Assigned B3 -- Probability of Default Rating, Assigned B2-PD -- Outlook, Assigned Stable -- GTD Senior Secured 5-Year Revolving Bank Credit Facility, Assigned B2 (LGD4) -- GTD Senior Secured 7-Year Term Loan Facility, Assigned B2 (LGD4) -- GTD Second 8-year Lien Term Loan, Assigned Caa1 (LGD6) RATINGS RATIONALE Autodata's (B3 stable) credit profile is adversely affected by elevated leverage in excess of 7.5x along with elevated event risks given the company's private equity ownership, significant revenue concentration, very modest scale, limited financial and operational reporting, and participation in an industry which lacks publicly available information. Autodata's credit profile is bolstered by good liquidity, free cash flow and a lack of near term debt maturities which provide modest de-levering potential, a vast data library that is organized to enable Autodata's suite of automobile sales and marketing software applications that underpins revenue prospects, an experienced management team with a solid track record, plus a growth opportunity as auto sales increasingly move on-net. Autodata has very good liquidity based on expected free cash flow of about $10 million to $15 million over the next year, a $15 million cash balance at September 30, 2017, no near term debt maturities, and expectations that financial covenant compliance will not be problematic. The company's unused $25 million revolving term loan features a springing covenant that Moody's do not expect to become operable through mid-2019. A 7x first lien coverage ratio applies if revolving facility outstandings exceed 35% of its limit (estimated at 4.8x, pro forma, at closing). With no meaningful financial covenants, Autodata's credit facilities are bond-like and the probability of default is reduced, but recovery prospects are weaker. Accordingly, Moody's applied a 35% family recovery rating and, with a B3 CFR, the B2-PD PDR results. Since the senior secured credit facilities comprise ~75% of Autodata's third party debts, their preferential access to collateral provides only one notch of lift from the B3 CFR, to B2. Reciprocally, with such a large pool of debt ranking ahead of it, the second lien facility has weak recovery prospects and is rated one notch below the B3 CFR, at Caa1. Rating Outlook The stable outlook is based on Moody's assessment that Autodata has ample liquidity to support its operations and that leverage will remain elevated at about 7x through mid-2019. What Could Change the Rating - Up The rating could be considered for upgrade if, along with expectations of solid industry fundamentals, rapidly growing revenues, solid execution and customer retention, and good liquidity, Moody's anticipated leverage of debt/EBITDA normalizing below 6x on a sustained basis (opening leverage estimated to be 7.7x including Moody's standard adjustments and with capitalized software expensed). What Could Change the Rating -- Down The rating could be considered for downgrade if Moody's expected leverage of debt/EBITDA to be sustained above 8x, or substantial and sustained free cash flow deficits, less than adequate liquidity arrangements, or if customer retention and execution faltered. Debt-financed merger and acquisition activity may also cause a downgrade. The principal methodology used in these ratings was Software Industry published in December 2015. Autodata, comprised of Autodata, Inc. and Autodata Solutions, Inc., is a London, Ontario, Canada-based software applications and consulting company that uses an extensive data base of vehicle parameters to help automobile manufacturers and dealers to sell new and used vehicles. Autodata is a wholly-owned, indirect subsidiary of privately held Micro Holding Corp., which is part of a Los Angeles, California headquartered group of companies doing business as Internet Brands, Inc (B3 Stable) through more than 250 branded websites across three major verticals. Both Autodata and Internet Brands are Kohlberg Kravis Roberts & Co. L.P. portfolio companies, however, financing of the two businesses is discrete and ring fenced. AVAYA INC: Court Approves Settlement with PBGC ---------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved Avaya's motion for an order (a) approving a settlement with Pension Benefit Guaranty Corporation (PBGC) and (b) making the determination required for distress termination of the Avaya Pension Plan for salaried employees. As previously reported, "The treatment of the Avaya Pension Plan for Salaried Employees (the 'Salaried Pension Plan') and the Avaya Pension Plan (the 'Hourly Pension Plan,' and with the Salaried Pension Plan, the 'U.S. Qualified Pension Plans') has remained a critical item for the Debtors' creditor groups. In particular, each of the Ad Hoc First Lien Group and the Ad Hoc Crossover Group (together, the 'Ad Hoc Creditor Groups') have made clear that their support for any restructuring plan would be conditioned on the Debtors also obtaining material concessions with respect to their legacy liabilities - and the Salaried Pension Plan, in particular . . . . The Stipulation of Settlement also settles the $1.2 billion of asserted claims resulting from the termination of the Salaried Plan on terms that significantly aid the Debtors' reorganization efforts without prolonged litigation . . . . The Stipulation of Settlement resolves the resulting liabilities against the controlled group by providing for a cash distribution of $300 million and the issuance to PBGC of 7.5% of the equity of the Reorganized Debtors upon the Effective Date of the Debtors' Amended Plan . . . . The Stipulation of Settlement also provides that the Reorganized Debtors will continue to sponsor the Hourly Pension Plan with certain additional post-emergence protections. Those protections may require the Reorganized Debtors to contribute up to $150 million to the Hourly Pension Plan on a post-Effective Date basis in connection with the occurrence of certain 'Material Transactions.'" About Avaya Inc. Avaya Inc. is a multinational company that provides communications products and services, including, telephone communications, internet telephony, wireless data communications, real-time video collaboration, contact centers, and customer relationship software to companies of various sizes. The Avaya Enterprise serves over 200,000 customers, consisting of multinational enterprises, small- and medium-sized businesses, and 911 services as well as government organizations operating in a diverse range of industries. It has approximately 9,700 employees worldwide as of Dec. 31, 2016. Avaya Inc. and 17 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The petitions were signed by Eric S. Koza, CFA, chief restructuring officer. Judge Stuart M. Bernstein presides over the cases. The Debtors have hired Kirkland & Ellis LLP as legal counsel; Centerview Partners LLC as investment banker; Zolfo Cooper LLC as restructuring advisor; PricewaterhouseCoopers LLP as auditor; KPMG LLP as tax and accountancy advisor; and The Siegfried Group, LLP, as financial services consultant. Prime Clerk LLC is their claims and noticing agent. On Jan. 31, 2017, the U.S. Trustee for Region 2, appointed an official committee of unsecured creditors. Morrison & Foerster is the creditors committee's counsel. On April 13, 2017, the Debtors filed their joint Chapter 11 plan of reorganization. Stroock & Stroock & Lavan LLP and Rothschild, Inc., serve as advisors to an ad hoc group -- Ad Hoc Crossholder Group -- comprised of holders of the Company's (i) 33.98% of the $3.235 billion total amount outstanding under loans issued pursuant to a Third Amended and Restated Credit Agreement, amended and restated as of Dec. 12, 2012 (the "Prepetition Cash Flow Term Loans"); (ii) 28.38% of the $1.009 billion total principal amount outstanding under notes issued pursuant to an indenture for the 7.00% Senior Secured Notes Due 2019 (the "7.00% First Lien Notes"); (iii) 12.82% of the $290 million total principal amount outstanding under notes issued pursuant to an indenture for 9.00% Senior Secured Notes Due 2019 (the "9.00% First Lien Notes"); (iv) 83.70% of the $1.384 billion total amount outstanding under notes issued pursuant to an indenture for 10.5% Senior Secured Notes Due 2021 (the "Second Lien Notes"); and (v) 24% of the $725 million outstanding under loans issued under the Debtors' debtor-in-possession financing (the "DIP Facility") pursuant to a Superpriority Secured Debtor-In-Possession Credit Agreement, dated as of Jan. 24, 2017. AVENUE SHOPPES: Case Summary & 4 Unsecured Creditors ---------------------------------------------------- Debtor: Avenue Shoppes, LLC PO Box 729 Windermere, FL 34786 Type of Business: Avenue Shoppes, LLC is a privately held company in Windermere, Florida, engaged in the business of real estate leasing. The company's principal assets are located at 8204 Crystal Clear Lane Orlando, FL 32809. Avenue Shoppes previously sought bankruptcy protection on March 1, 2011 (Bankr. M.D. Fla. Case No. 11-02836). The company is an affiliate of International Shoppes, LLC, which also filed for Chapter 11 bankruptcy protection on Dec. 4, 2017 (Bankr. M.D. Fla. Case No. 17-07549). Chapter 11 Petition Date: December 8, 2017 Case No.: 17-07663 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Debtor's Counsel: David R McFarlin, Esq. FISHER RUSHMER, P.A. 390 N Orange Avenue, Suite 2200 Orlando, FL 32801 Tel: 407-843-2111 E-mail: dmcfarlin@fisherlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Abdul Mathin, chief restructuring officer. A full-text copy of the petition, along with a list of four unsecured creditors, is available for free at http://bankrupt.com/misc/flmb17-07663.pdf BARTLETT MANAGEMENT: Seeks to Hire Backman as Legal Counsel ----------------------------------------------------------- Bartlett Management Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to hire the Law Office of Jonathan A. Backman as legal counsel. The firm will advise the company and its affiliates, Bartlett Management Indianapolis Inc. and Bartlett Management Peoria Inc., regarding their duties under the Bankruptcy Code; assist in preserving or disposing their assets; prepare a bankruptcy plan; and provide other legal services related to their Chapter 11 cases. Jonathan Backman, Esq., the attorney who will be handling the case, will charge an hourly fee of $250. The Debtors have agreed to pay his firm a $5,000 retainer. The firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code, according to court filings. Backman can be reached through: Jonathan A. Backman, Esq. Law Office of Jonathan A. Backman 117 N. Center Street Bloomington, IL 61701-5001 Phone: (309) 820-7420 Fax: (309) 820-7430 Email: jbackman@backlawoffice.com About Bartlett Management Services Inc. Based in Clinton, Illionois, Bartlett Management Services is a franchisee of The Kentucky Fried Chicken chain with 25 restaurant locations in the counties of Winnebago, Coles, Montgomery, Macon, Sangamon, McLean, Johnson, Boone, Vermillion, Rock, Champaign, Marion, Illinois. Bartlett Management Services and its debtor-affiliates filed Chapter 11 petitions (Bankr. C.D. Ill. Lead Case No. 17-71890) on December 5, 2017. Judge Mary P. Gorman presides over the cases. The Debtors hired Valenti Florida Management, Inc., as accountant and financial advisor, Steven A. Nerger of Silverman Consulting, Inc., as chief restructuring officer. In their petitions, the Debtors estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Robert E. Clawson, its president, signed the petitions. BEBE STORES: Will Voluntarily Delist Its Shares from Nasdaq ----------------------------------------------------------- bebe stores, inc., said it has notified the NASDAQ Stock Market on Dec. 8, 2017 of its intention to voluntarily delist its common stock from the NASDAQ Capital Market. The Company intends to cease trading on the NASDAQ Stock Market on Monday, Dec. 18, 2017. Therefore, the last day of trading on the Nasdaq Stock Market will be Friday, Dec. 15, 2017. Once delisted, the Company anticipates its stock will begin trading on the OTCQB Market, which is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities, on Monday, Dec. 18, 2017. The decision of the Company's Board of Directors to move the listing of its common stock from Nasdaq to the OTCQB was driven by cost savings. The Company intends to retain the trading symbol BEBE. About bebe stores inc. Based in Brisbane, California, bebe stores inc. (NASDAQ: BEBE) -- http://www.bebe.com/-- is a women's retail clothier established in 1976. The brand develops and produces a line of women's apparel and accessories, which it markets under the Bebe, BebeSport, and Bebe Outlet names. Manny Mashouf founded bebe stores, inc. and has served as chairman of the Board since the Company's incorporation in 1976. Mr. Mashouf became the chief executive officer starting February 2016. He previously served as the Company's CEO from 1976 to February 2004 and again from January 2009 to January 2013. Mr. Mashouf is the uncle of Hamid Mashouf, the Company's chief information officer. The Company operated brick-and-mortar stores in the United States, Puerto Rico and Canada. The Company had 142 retail stores before ending all retail operations in the U.S. by May 27, 2017. As of July 1, 2017, the Company had no remaining stores and had fully impaired, all of its remaining long-lived assets at its corporate offices and distribution center because of the shut-down of its operations. bebe stores reported a net loss of $138.96 million on $0 of net sales for the fiscal year ended July 1, 2017, compared to a net loss of $27.48 million on $0 of net sales for the fiscal year ended July 2, 2016. As of Sept. 30, 2017, bebe stores had $30.87 million in total assets, $39.21 million in total liabilities and a total shareholders' deficit of $8.34 million. The report from the Company's independent registered public accounting firm Deloitte & Touche LLP, in San Francisco, California, for the year ended Dec. 31, 2016, includes an explanatory paragraph stating that the Company has incurred recurring losses from operations and negative cash flows from operations and expects significant uncertainty in generating sufficient cash to meet its obligations and sustain its operations, which raises substantial doubt about its ability to continue as a going concern. BILL BARRETT: Code of Ethics Now Applies to Contractors ------------------------------------------------------- As part of its regular review of the corporate governance policies of Bill Barrett Corporation, the Company's Board of Directors adopted and approved certain amendments to the Company's Code of Business Conduct and Ethics on Dec. 4, 2017. The amendments expanded the scope of the Code to apply to contractors of the Company. A full-text copy of the Code of Business Conduct and Ethics, as amended Dec. 4, 2017 is available for free at: https://is.gd/ohXdfr About Bill Barrett Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado -- http://www.billbarrettcorp.com/-- is an independent energy company that develops, acquires and explores for oil and natural gas resources. All of its assets and operations are located in the Rocky Mountain region of the United States. Bill Barrett reported a net loss of $170.4 million on $178.8 million of total operating revenues for the year ended Dec. 31, 2016, compared to a net loss of $487.8 million on $207.9 million of total operating revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $1.33 billion in total assets, $815.49 million in total liabilities and $515.01 million in total stockholders' equity. * * * In April 2017, Moody's Investors Service upgraded Bill Barrett Corporation's Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and its existing senior unsecured notes' ratings to 'Caa2' from 'Caa3'. "The upgrade of Bill Barrett's ratings is driven by the reduction of default risk supported by the company's large cash balance and improved debt maturity profile," said Prateek Reddy, Moody's lead analyst. "The company's credit metrics are likely to soften in 2017 because of the roll off of higher priced hedges, but the metrics should strengthen along with production growth in 2018." BIOSTAGE INC: Common Stock Delisted from Nasdaq ----------------------------------------------- The Nasdaq Stock Market LLC has filed a Form 25 with the Securities and Exchange Commission notifying the removal from listing or registraion of Biostage, Inc.'s common stock on the Exchange under Section 12(b) of the Securities Exchange Act of 1934. On Oct. 4, 2017, Biostage received written notification from Nasdaq that the Company's common stock would be suspended from trading, effective with the open of business on Oct. 6, 2017. Concurrently with the suspension, the Company's common stock began trading on the OTCQB marketplace. The delisting becomes effective 10 days after the Form 25 is filed and will complete the NASDAQ delisting process. The Form 25 will have no impact on the trading of the common stock which will continue to trade on the OTCQB marketplace under the symbol "BSTG." About Biostage Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. -- http://www.biostage.com/-- is a biotechnology company developing bio-engineered organ implants based on the Company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology. Biostage reported a net loss of $11.57 million on $82,000 of revenues for the year ended Dec. 31, 2016, compared to a net loss of $11.70 million on $118,000 of revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Biostage had $4.65 million in total assets, $3.37 million in total liabilities and $1.28 million in total stockholders' equity. KPMG LLP, in Cambridge, Massachusetts, 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 and will require additional financing to fund future operations which raise substantial doubt about its ability to continue as a going concern. BJT GROUP: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of BJT Group, Inc., as of Dec. 8, according to a court docket. BJT is represented by: Steven L. Lefkovitz, Esq. Lefkovitz & Lefkovitz 618 Church St., Suite 410 Nashville, TN 37219 Phone: 615-256-8300 Email: slefkovitz@lefkovitz.com About BJT Group Inc. BJT Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 17-07504) on November 3, 2017. Barry Poss, secretary and treasurer, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $100,000 and estimated liabilities of less than $1 million. Judge Randal S. Mashburn presides over the case. Lefkovitz & Lefkovitz is the Debtor's bankruptcy counsel. BLINK CHARGING: Amends Prospectus on 3.5 Million Units Offering --------------------------------------------------------------- Blink Charging Co. filed with the Securities and Exchange Commission Amendment No.3 to its Form S-1 registration statement relating to a firm commitment public offering of 3,538,462 units, each unit consisting of one share of its common stock, $0.001 par value per share, and one warrant to purchase one share of Common Stock, of Blink Charging Co., based on the last reported price of the Common Stock as reported on the OTC Pink Current Information Marketplace on Dec. 1, 2017. The warrants included within the units are exercisable immediately, have an exercise price of $___ per share, 150% of the public offering price of one unit, and expire five years from the date of issuance. The units will not be issued or certificated. Purchasers will receive only shares of Common Stock and warrants. The shares of Common Stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of Common Stock issuable from time to time upon exercise of the warrants. Blink Charging's Common Stock is presently quoted on the OTC Pink Current Information Marketplace under the symbol "CCGI". The last reported sales price for the Company's Common Stock as reported on the OTC Pink Current Information Marketplace on Dec. 7 , 2017 was $4.70. The Company has applied to have its Common Stock and warrants listed on The NASDAQ Capital Market under the symbols "BLNK" and "BLNKW," respectively. No assurance can be given that our application will be approved. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. A full-text copy of the Form S-1/A is available for free at: https://is.gd/tcmgCo About Blink Charging Co. Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc., is a national manufacturer of public electric vehicle (EV) charging equipment, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging's business is designed to accelerate EV adoption. Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all the associated data. Blink Charging also has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces. The Company's name change to Blink Charging from Car Charging Group, Inc., integrates the Company's largest operating entity, Blink Network, and represents the thousands of Blink EV charging stations that the Company owns and/or operates, and the Blink network, the software that manages, monitors, and tracks the Blink EV stations and all its charging data. Car Charging reported a net loss attributable to common shareholders of $9.16 million on $3.32 million of total revenues for the year ended Dec. 31, 2016, compared with a net loss attributable to common shareholders of $9.58 million on $3.95 million of total revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Blink Charging had $1.90 million in total assets, $67.79 million in total liabilities, $825,000 in series B convertible preferred stock, and a $66.71 million total stockholders' deficiency. Marcum 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 net losses since inception and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BON-TON STORES: Stock Delisted from Nasdaq ------------------------------------------ The Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission notifying the removal from listing or registration under Section 12(b) of the Securities Exchange Act of 1934 of Bon-Ton Stores Inc.'s common stock on the Exchange. About The Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin -- http://www.bonton.com/-- operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. Bon-Ton Stores reported a net loss of $63.41 million for the year ended Jan. 28, 2017, a net loss of $57.05 million for the fiscal year ended Jan. 30, 2016, and a net loss of $6.97 million for the year ended Jan. 31, 2015. As of Oct. 28, 2017, Bon-Ton Stores had $1.58 billion in total assets, $1.74 billion in total liabilities and a total shareholders' deficit of $155.96 million. * * * As reported by the TCR on Nov. 27, 2017, S&P Global Ratings lowered its corporate credit rating on the York, Pa.-based department store operator The Bon-Ton Stores to 'CCC' from 'CCC+'. The outlook is negative. "The downgrade reflects our view that Bon-Ton could pursue a debt restructuring to address its capital structure over the next 12 months. We believe Bon-Ton's existing capital structure is unsustainable given our expectation for persistently negative free operating cash flow, continued pressure on operating performance, and diminishing revolver excess availability over time. There are no maturities over the next 12 months. Also in November 2017, Moody's Investors Service downgraded The Bon-Ton Stores's Corporate Family Rating to Caa3 from Caa1. The downgrade reflects the high likelihood of a distressed exchange to reduce its debt obligations and improve the company's long term liquidity profile. BOYSIN RALPH LORICK: Wells Fargo Seeks Ch. 11 Trustee Appointment ----------------------------------------------------------------- Wells Fargo Bank, N.A., as Trustee for the registered holders of Sovereign Commercial Mortgage Securities Trust, 2007-C1, Commercial Pass-Through Certificates, Series 2007-C1, a secured creditor of Debtors Boysin Ralph Lorick and Cynthia Theresa Lorick, filed a motion asking the U.S. Bankruptcy Court for the Eastern District of New York to issue an order directing the appointment of a chapter 11 trustee in the Debtors case, or, in the alternative, converting the case under Chapter 7. Wells Fargo asserts that cause exists for the appointment of a chapter 11 trustee and that the appointment of such a trustee is in the best interests of the Debtors' estate and creditors under section 1104 of the Bankruptcy Code as a result of the Debtors' continuing, pre-and post-petition efforts to prevent the sale of the Property located in 3126 Coney Island Avenue, Brooklyn, New York 11235 and to delay any meaningful reorganization. Cause further exists as a result of the Debtors’ lack of candor to the Court and unauthorized use of estate funds. The Debtors have failed to comply with multiple orders of the Court, including the Court's orders to close the Sale and the Court's directive to turn over all leases related to the Property to the purchaser's counsel, as well as the prepetition orders issued in the Foreclosure Action. The Debtors are engaged in ongoing disputes with their counsel of record. The Debtors now seek to retain new counsel, who, in conjunction with the Debtors, has already attempted to collaterally attack the Sale. The appointment of a chapter 11 trustee will allow the case to move forward instead of being stalled by noncompliant Debtors, who, by all indications, will continue their pattern of defiance of the Court's Orders in an attempt to prevent the Sale. A trustee should be appointed to step into the shoes of the Debtors and to fulfill any outstanding obligations of the Debtors under the Sale Order, the Sale Confirmation Order, and any other orders of this Court. A chapter 11 trustee would be disinterested and would be better able to deal with the parties impartially to effectively and efficiently achieve a resolution to this chapter 11 case. A full-text copy of Wells Fargo's Motion is available at: http://bankrupt.com/misc/nysb1-16-45645-169.pdf Counsel for Wells Fargo Bank, as Trustee for the registered holders of Sovereign Commercial Mortgage Securities Trust, 2007-C1, Commercial Pass-Through Certificates, Series 2007-C1: Colin M. Bernardino, Esq. KILPATRICK TOWNSEND & STOCKTON LLP 1100 Peachtree Street, Suite 2800 Atlanta, Georgia 30309 Telephone: (404) 815-6500 Facsimile: (404) 815-6555 Email: cbernardino@kilpatricktownsend.com -and- Keith Brandofino, Esq. KILPATRICK TOWNSEND & STOCKTON LLP 31 West 52nd Street, 14th Floor York, New York 10019 Telephone: (212) 775-8700 Facsimile: (212) 954-5555 Email: kbrandofino@kilpatricktownsend.com Boysin Ralph Lorick and Cynthia Theresa Lorick filed for chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-45645) on Dec. 15, 2016, and are represented by Norma E Ortiz, Esq. of Ortiz & Ortiz LLP. BRACHA CAB: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor affiliates that filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Bracha Cab Corp 17-46613 1281 Carroll Street Brooklyn, NY 11213 Dovber Cab Corp 17-46614 1281 Carroll Street Brooklyn, NY 11213 Tamar Cab Corp 17-46616 1281 Carroll Street Brooklyn, NY 11213 NY Genesis Taxi Corp 17-46617 1281 Carroll Street Brooklyn, NY 11213 Dabri Trans Corp 17-46618 1281 Carroll Street Brooklyn, NY 11213 Merab Cab Corp 17-46619 1281 Carroll Street Brooklyn, NY 11213 Fit Taxi Corp 17-46620 1281 Carroll Street Brooklyn, NY 11213 Business Description: Based in Brooklyn, New York, the Debtors are privately held companies in the taxi and limousine services industry. Chapter 11 Petition Date: December 8, 2017 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Hon. Nancy Hershey Lord (17-46613;17-46616;17-46617;17- 46618; and 17-46619) Hon. Elizabeth S. Stong (17-46614 and 17-46620) Debtors' Counsel: Bruce Weiner, Esq. ROSENBERG, MUSSO & WEINER LLP 26 Court Street, Suite 2211 Brooklyn, NY 11242 Tel: (718) 855-6840 Fax: 718-625-1966 E-mail: courts@nybankruptcy.net Estimated Estimated Assets Liabilities --------- ----------- Bracha Cab Corp $0-$50,000 $1,000,000-$10,000,000 Dovber Cap Corp $0-$50,000 $1,000,000-$10,000,000 Tamar Cab Corp $0-$50,000 $1,000,000-$10,000,000 NY Genesis Taxi Corp $0-$50,000 $1,000,000-$10,000,000 Dabri Trans Corp $0-$50,000 $1,000,000-$10,000,000 Merab Cab Corp $0-$50,000 $1,000,000-$10,000,000 Fit Taxi Corp $0-$50,000 $1,000,000-$10,000,000 The petitions were signed by Esma Elberg, president and 100% owner. The Debtors each did not file a list of its 20 largest unsecured creditors together with the petition. Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/nyeb17-46613.pdf http://bankrupt.com/misc/nyeb17-46614.pdf http://bankrupt.com/misc/nyeb17-46616.pdf http://bankrupt.com/misc/nyeb17-46617.pdf http://bankrupt.com/misc/nyeb17-46618.pdf http://bankrupt.com/misc/nyeb17-46619.pdf http://bankrupt.com/misc/nyeb17-46620.pdf BREITBURN ENERGY: NPC to Own 7.5% of LegacyCo's Equity in New Plan ------------------------------------------------------------------ Breitburn Energy Partners LP and affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a proposed disclosure statement for their second amended joint chapter 11 plan. The latest Plan is premised on the division of the Debtors' existing businesses and assets into two separate entities upon the occurrence of the Effective Date under the Plan: (1) a newly-formed limited liability company that will own all of the Debtors' assets other than certain assets related to the Permian Basin; and (2) a newly-formed corporation that will acquire all of the equity of a newly-formed limited liability company that will own the Permian Assets. This new plan provides that New Permian Corp. will also own 7.5% of the equity of LegacyCo. Holders of Unsecured Notes Claims that are Eligible Offerees will receive the right to purchase their pro rata share of an aggregate of 60% of the common shares issued by New Permian Corp., subject to certain dilution, pursuant to a $465 million rights offering. Unsecured Noteholders that are Eligible Offerees that do not elect to participate in the Rights Offering will receive no distribution under the Plan. The previous plan stated that Holders of Unsecured Notes Claims that are Eligible Offerees will receive the right to purchase their pro rata share of an aggregate of 60% of the common shares issued by New Permian Corp., subject to certain dilution, pursuant to a $465 million rights offering. The Plan contemplates that the Rights Offering will be backstopped by certain Unsecured Noteholders pursuant to the Amended and Restated Backstop Commitment Agreement. A full-text copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/nysb16-11390-1864.pdf About Breitburn Energy Breitburn Energy Partners LP is engaged in the acquisition, exploitation and development of oil and natural gas properties, Midstream Assets, and a combination of ethane, propane, butane and natural gasoline that when removed from natural gas become liquid under various levels of higher pressure and lower temperature, in the United States. Operations are conducted through Breitburn Parent's wholly-owned subsidiary, Breitburn Operating LP, and BOLP's general partner, Breitburn Operating GP LLC. Breitburn Energy Partners LP and 21 of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-11390) on May 15, 2016, listing assets of $4.71 billion and liabilities of $3.41 billion. The petitions were signed by James G. Jackson, executive vice president and chief financial officer. The Debtors tapped Ray C Schrock, Esq., and Stephen Karotkin, Esq., at Weil Gotshal & Manges LLP, as bankruptcy counsel. The Debtors hired Steven J. Reisman, Esq., and Cindi M. Giglio, Esq., at Curtis, Mallet-Prevost, Colt & Mosle LLP as their conflicts counsel. The Debtors tapped Alvarez & Marsal North America, LLC, as financial advisor; Lazard Freres & Co. LLC as investment banker; and Prime Clerk LLC as claims and noticing agent. An Official Committee of Unsecured Creditors been formed in the case. The Creditors Committee retained Milbank, Tweed, Hadley & McCloy LLP as counsel. The committee members are: (1) Transpecto Transport Co.; (2) Wilmington Trust Company; and (3) Ronald Jay Lichtman. The U.S. Trustee originally appointed Ares Special Situations Fund IV, L.P. C/O Ares Management LLC; BPC UKI LP C/O Beach Point Capital Management; and Wexford Spectrum Investors, LLC, as members of the Creditors' Committee. The U.S. Trustee then also appointed Transpecto Transport Co. and Wilmington Trust Company as Committee members. A Statutory Committee of Equity Security Holders was also formed in the case. The Equity Committee is currently composed of seven individual holders. The Equity Committee retained Proskauer Rose LLP as counsel. BTH QUITMAN: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: BTH Quitman Hickory LLC 252 Hickory Street Quitman, MS 39355 Business Description: BTH Quitman Hickory LLC, based in Quitman, Mississippi, is a privately held provider of torrefied wood pellets designed to offer pellets of varying energy content to meet the diverse needs of potential buyers. The company's wood pellets focuses on innovative and renewable energy source that can be produced on a commercial scale, enabling businesses to meet the needs of the present without compromising the ability of future generations to meet their own needs. BTH Quitman Hickory LLC operates as a subsidiary of New Biomass Holding LLC. Chapter 11 Petition Date: December 10, 2017 Case No.: 17-51375 Court: United States Bankruptcy Court District of Nevada (Reno) Judge: Bruce T. Beesley Debtor's Counsel: Kevin A. Darby, Esq. DARBY LAW PRACTICE 4777 Caughlin Pkwy Reno, NV 89519 Tel: (775) 322-1237 Fax: (775) 996-7290 E-mail: kad@darbylawpractice.com Total Assets: $4.22 million Total Liabilities: $59.46 million The petition was signed by Neal Smaler, president of managing member BTH Quitman, LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb17-51375.pdf CASTEX ENERGY: Hires Paul Hastings as Special Counsel ----------------------------------------------------- Castex Energy Partners, LP, and its debtor affiliates ask approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Paul Hastings LLP as special counsel to the Debtors. Services to be provided by Paul Hastings are: a. advise the Debtors regarding general corporate and governance matters related to the proposed reorganization and/or restructuring of the Debtors; b. advise the Debtors in implementing the options related to the Debtors' chapter 11 filings, taking into account the Debtors' specific facts and circumstances, for U.S. federal and state tax purposes; c. advise on the federal, international, state, and local income tax consequences of proposed fiscal and bankruptcy plans; d. advise on the tax implications of Restructuring Transactions and related matters that may impact the equity, capitalization, and/or ownership of the Debtors and their assets; e. advise the Debtors regarding corporate and tax aspects of the bankruptcy process; f. comment on the tax provisions of the plan of reorganization and the disclosure statement; and g. provide documentation, as appropriate or necessary, of corporate and tax matters, including without limitation, corporate and tax analyses, opinions, recommendations, conclusions, declarations, pleadings, and correspondence related to any proposed Restructuring Transactions, corporate and tax issues, or other corporate and tax matters, or as requested by the Debtors. Paul Hastings' current customary hourly rate are: Partners $925 - $1375 Of Counsel $935 - $1310 Associates $520 - $955 Paraprofessionals $145 - $475 Gregory V. Nelson, Partner, Paul Hastings LLP, attests that Paul Hastings does not represent or hold any interest adverse to the Debtors or their estates with respect to the Special Counsel Matters; or has any connection with the Debtors, any creditors or other Parties in Interest, their respective attorneys and accountants, or the United States Trustee for the Southern District of Texas or any person employed by the Office of such United States Trustee. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Nelson disclosed that: -- the firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the billing rates Paul Hastings charged the Debtors during the prepetition period are the same as the rates that Paul Hastings will charge postpetition, noting that Paul Hastings adjusted its hourly rates effective January 1, 2017 and June 1, 2017 to reflect economic and other conditions consistent with its customary practice; and -- the Debtors and Paul Hastings expect to develop a prospective budget and staffing plan. The Special Counsel can be reached through: Greg Nelson, Esq. Paul Hastings LLP 600 Travis Street, Fifty-Eighth Floor Houston, TX 77002 Tel: (713) 860-7304 Fax: (713) 353-2144 Email: gregnelson@paulhastings.com About Castex Energy Castex Energy Partners, L.P., is engaged in the exploration, development, production and acquisition of oil and natural gas properties located along the southern coasts of Louisiana and Texas and onshore Louisiana. CEP is a non-operating working interest owner in approximately 375 onshore oil and gas leases located in the State of Louisiana. There are approximately 300 wells on the Onshore Leases. CEP also holds a seismic license and proprietary interests in certain seismic data, through a subsidiary, CTS-Castex, LLC, and is owner of fee land interests in Lafourche Parish, Louisiana, through a subsidiary, Castex Lafourche, LP. Castex Energy Partners, L.P., along with affiliates Castex Offshore, Inc., Castex Energy 2005, L.P., Castex Energy II, LLC, Castex Energy IV, LLC sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 17-35835) in Houston, on Oct. 16, 2017, after reaching terms with lenders of a restructuring plan that would convert debt into equity. CEP estimated assets and debt of $100 million to $500 million. The Hon. Marvin Isgur is the case judge. The Debtors tapped Kelly Hart & Pitre, as counsel; Paul Hastings LLP, as special counse; Alvarez & Marsal North America, LLC, as restructuring advisor; and Prime Clerk LLC, as noticing and claims agent. CCM MERGER: S&P Raises CCR to 'B+' on Accelerated Debt Reduction ---------------------------------------------------------------- S&P Global Ratings raised its corporate credit rating on Detroit-based gaming operator CCM Merger Inc. to 'B+' from 'B'. The outlook is stable. S&P said, "We raised the issue-level rating on the company's senior secured debt (consisting of a $15 million revolver and a term loan with $400 million outstanding as of Sept. 30, 2017) to 'BB' from 'BB-', in line with the upgrade of the company. The recovery rating on this debt remains '1', reflecting our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default. "We also raised the issue-level rating on the company's $200 million senior unsecured notes due in 2022 to 'B+' from 'B-' and revised the recovery rating to '3' from '5'. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a default. The improved recovery prospects for unsecured lenders reflects lower secured debt outstanding in our simulated default scenario because of optional term loan repayment in 2017. "The upgrade reflects CCM Merger's accelerated debt reduction compared to our expectations, coupled with modest outperformance relative to our base-case operating forecast for 2017. As a result, we now expect adjusted debt to EBITDA to improve to the mid-4x area in 2018, from the mid- to high-4x area at the end of 2017, compared to our previous forecast of the low-5x area at the end of 2017. We believe leverage in the mid-4x area provides sufficient flexibility for CCM to withstand modest revenue and EBITDA volatility in the event of economic weakness and remain below our 5x leverage threshold. "The stable outlook reflects our expectation that modest growth in operations, coupled with continued good free cash flow that can be used for debt repayment, will support adjusted leverage improving to the mid-4x in 2018. We expect CCM will use some of its excess cash flow to continue voluntarily prepaying debt. "While unlikely given our forecast for about 0.5x of cushion and modestly improving operating performance, we could lower the rating if we believed CCM would sustain adjusted leverage above 5x. Such an increase in leverage would likely be caused by a meaningful decrease in operating performance, where CCM underperforms our 2018 EBITDA forecast by more than 10%. "Though unlikely in the near term--given our base-case forecast for leverage in the mid-4x area through 2018--we would consider raising the rating if we expected CCM to sustain leverage below 4x and FFO to debt above 20%. Such an occurrence would likely be the result of continued, accelerated pay down of debt combined with modest improvements in EBITDA generation." CHINA COMMERCIAL: Closes $700,000 Stock Offering ------------------------------------------------ China Commercial Credit, Inc., has entered into a securities purchase agreement with Long Yi, the chief financial officer of the Company and Yang Jie, a significant shareholder and VP of Finance of the Company whereby the Company agreed to sell 200,000 shares of common stock at a purchase price of $3.50 per Share, for gross proceeds to the Company of approximately $700,000. In connection with the purchase of the Shares, the Purchaser will receive a warrant to purchase up to the number of shares of the Company's common stock equal to 80,000 shares of common stock purchased by the Purchaser pursuant to the Purchase Agreement. The Warrants have an exercise price of $4.20 per share, become exercisable on the date of issuance and expire five years from the date of issuance. The offering closed on Dec. 4, 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 $685,000. The offering is being made pursuant to the Company's effective registration statement on Form S-3 (Registration Statement No. 333-217473) 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 Web site at http://www.sec.gov. About China Commercial Credit Founded in 2008, China Commercial Credit -- http://www.chinacommercialcredit.com/-- provides business loans and loan guarantee services to small-to-medium enterprises, farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders. China Commercial's independent accounting firm Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has accumulated deficit that raises substantial doubt about its ability to continue as a going concern. China Commercial reported a net loss of US$1.98 million on US$1.29 million of total interest and fee income for the year ended Dec. 31, 2016, compared with a net loss of US$61.26 million on US$2.98 million of total interest income for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed US$7.71 million in total assets, US$8.48 million in total liabilities and a total shareholders' deficit of US$774,251. CHURCHILL DOWNS: Moody's Rates Proposed $1.3BB Bank Debt 'Ba2' -------------------------------------------------------------- Moody's Investors Service assigned a Ba2 to Churchill Downs Incorporated's (CDI) proposed $1.3 billion bank credit facility. The credit facility is comprised of a $700 million revolver due 2022 and $600 million term loan B due 2024. At the same time, Moody's downgraded CDI's 5.375% $600 million senior unsecured notes due 2021 to B2 from B1. The company's Ba3 Corporate Family and Ba3-PD Probability of Default ratings were affirmed. CDI has a stable rating outlook and an SGL-1 Speculative Grade Liquidity rating. "The affirmation of CDI's Ba3 Corporate Family Rating reflects CDI's relatively moderate leverage, the strong history, popularity and performance stability of the Kentucky Derby, and Moody's favorable view of the company's announcement that it has signed a definitive agreement to sell its mobile gaming subsidiary, Big Fish Games, Inc. (Big Fish) in an all-cash deal for $990 million," stated Keith Foley, a Senior Vice President at Moody's. "The affirmation also incorporates Moody's view that, despite the recent approval by CDI's Board of Directors of up to $500 million of share repurchases from the proceeds of the Big Fish sale, CDI's pro forma debt/EBITDA will be similar to where it is now, at about 3.7 times on a Moody's adjusted basis," added Foley. The Ba2 rating assigned to CDI's proposed term loan, one notch higher than the company's Ba3 Corporate Family Rating, considers the credit support currently provided by $600 million senior unsecured notes in CDI's capital structure. The downgrade of CDI's senior unsecured notes to B2 from B1 reflects the increased amount of debt senior to it in the company's pro forma capital structure. Moody's anticipates that CDI will pursue a refinancing of its existing senior unsecured notes in the near-term given that the maturity of these existing notes (2021) cannot be inside the maturity of the proposed credit facility which has a 2022/2024 maturity date. The Ba2 assigned to CDI's proposed $600 term loan assumes that additional near-term refinancing activity by the company will include enough unsecured debt to support a Ba2 senior secured rating assigned as part of this rating action. Downgrades: Issuer: Churchill Downs Incorporated -- Senior Unsecured Regular Bond/Debenture, Downgraded to B2(LGD5) from B1(LGD5) Assignments: Issuer: Churchill Downs Incorporated -- Senior Secured Term Loan, Assigned Ba2(LGD3) -- Senior Secured Revolving Credit Facility, Assigned Ba2(LGD3) Affirmations: Issuer: Churchill Downs Incorporated -- Probability of Default Rating, Affirmed Ba3-PD -- Corporate Family Rating, Affirmed Ba3 RATINGS RATIONALE CDI's Ba3 Corporate Family Rating takes into account the company's moderate leverage. CDI's debt/EBITDA on a Moody's adjusted basis for the latest 12-month period ended September 30, 2017 was 3.7 times. And while Moody's expects there will be may be short periods where debt/EBITDA will rise as a result of acquisitions and other investment activity, it's not expected debt/EBITDA will exceed 4.5 times. CDI's Ba3 Corporate Family Rating also considers the strong history, popularity and performance stability of the Kentucky Derby, the company's annual thoroughbred live horse racing event held at Churchill Downs in Louisville, Kentucky. In addition, it incorporates Moody's favorable view of CDI's announcement that it has signed a definitive agreement to sell Big Fish to Aristocrat Technologies, Inc. (not rated). The transaction has been approved by CDI's board and is scheduled to close in the first quarter of 2018. CDI purchased Big Fish in 2014 for about $835 million including earn-out payments. Despite losing the potential long-term diversification, potential upside, and current revenue earnings contribution from Big Fish -- Big Fish currently accounts for about 35% of Churchill's consolidated revenue and 21% of the company's adjusted EBITDA -- the monetization of Big Fish will provide a significant amount of cash that CDI can use to provide funding for further investment in existing and future assets that the company considers core to its future growth plans. Credit challenges include the highly discretionary nature of consumer spending on gaming and betting activities in general. Pro forma for the sale of Big Fish, CDI will derive about 50% of its total segment EBITDA from traditional casino gaming. While regional casino trends in the U.S. have demonstrated stability during the past few years, the traditional gaming sector, a highly discretionary form of consumer entertainment, remains vulnerable to shifts in consumer discretionary spending as well as competition from an increase in the amount and type of competing forms of entertainment. The stable rating outlook considers Moody's view that CDI has the ability and willingness to maintain Moody's adjusted debt/EBITDA at or below 4.5 times. A higher rating would require that CDI demonstrate the ability and willingness to achieve and maintain lease-adjusted debt/EBITDA at or below 3.0 times. A negative rating action could result if, for any reason, Moody's believe CDI's debt/EBITDA will rise to and remain above 4.5 times for an extended period of time. Churchill Downs Incorporated (NASDAQ: CHDN) owns the Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, Big Fish Games, Inc., a producer and distributor of casual games, and TwinSpires.com, an online wagering company. The company also owns casino operations in Florida, Louisiana, Mississippi, and Maine. In addition CDI has joint venture interest in casino and racing assets in Ohio, New York, Maryland and Colorado. The company reported consolidated net revenue of about $1.3 billion for the 12-month period ended September 30, 2017. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. CITYGOLF: IRS to be Paid in Full at 4% Interest Over 5 Years ------------------------------------------------------------ CityGolf/Boston, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Massachusetts its corrected fourth amended disclosure statement describing its proposed Chapter 11 plan of reorganization dated Nov. 20, 2017. This Plan is denominated "corrected" because the previous version had an incorrect exhibit on page 13. This plan also contemplates that pursuant to an order of the court, the claim of the Internal Revenue Service will be paid as follows: * IRS secured claims will be paid in full, over a period ending not later than five years from the date of the order for relief, plus post-confirmation interest (currently 4% and hereby fixed at that rate for the life of the plan) from the effective date of the plan until such claims are paid in full. Monthly payments are to be paid by the 15th of each month. * IRS priority claims will be paid in full, over a period ending not later than five years from the date of the order for relief, plus post-confirmation interest (currently 4% and hereby fixed at that rate for the life of the plan) from the effective date of the plan until such claims are paid in full. Monthly payments are to be paid by the 15th of each month. A copy of the Fourth Amended Disclosure Statement is available at: http://bankrupt.com/misc/mab15-12578-214.pdf About CityGolf/Boston CityGolf/Boston, LLC, is a Massachusetts limited liability corporation. Founded in 1997, CityGolf is an indoor practice facility with, on the petition date, two locations in the heart of downtown Boston. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 15-12578) on June 30, 2015, estimating its assets and liabilities at up to $50,000 each. David G. Baker, Esq., serves as the Debtor's bankruptcy counsel. CLAIRE'S STORES: Incurs $15.5 Million Net Loss in Third Quarter --------------------------------------------------------------- Claire's Stores, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $15.54 million on $314.6 million of net sales for the three months ended Oct. 28, 2017, compared to net income of $150.6 million on $312.04 million of net sales for the three months ended Oct. 29, 2016. For the nine months ended Oct. 28, 2017, Claire's Stores reported a net loss of $42.79 million on $930.8 million of net sales compared to net income of $79.74 million on $928.9 million of net sales for the nine months ended Oct. 29, 2016. As of Oct. 28, 2017, Claire's Stores had $1.98 billion in total assets, $2.53 billion in total liabilities and a stockholders' deficit of $548.6 million. Excluding unrestricted subsidiaries, Claire's Stores balance sheet as of Oct. 28, 2017, showed $1.83 billion in total assets, $2.47 billion in total liabilities, and a stockholders' deficit of $633.2 million. According to Claire's Stores, "We are highly leveraged, with significant debt service obligations. As of October 28, 2017, we reported net debt (total debt less cash and cash equivalents) of approximately $2.2 billion with maturities ranging from 2019 through 2021. Repayment of our debt as it matures beginning in 2019 will require refinancing, and we cannot make assurances that we will have the financial resources required to obtain, or that the conditions of the capital markets will support, any future refinancing, replacement or restructuring of our indebtedness. "We completed the Exchange Offer to reduce our outstanding indebtedness and improve liquidity through the reduction of cash interest expense. After the Exchange Offer, the Company's outstanding debt was reduced by approximately $396 million and debt maturities were extended. "We currently anticipate that cash on hand, cash generated from operations and borrowings under our ABL Credit Facility and U.S. Credit Facility will be sufficient to allow us to satisfy payments of interest on our indebtedness, to fund new store expenditures, and meet working capital requirements over the near-term. However, this will depend, to a large degree, on our operating performance, which may be adversely affected by general economic, political and financial conditions, foreign currency exchange exposures, and other factors beyond our control, including those disclosed in "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 28, 2017." For the nine months ended Oct. 28, 2017, cash used in operations decreased $31.4 million compared to the prior year period. The primary reason for the decrease in cash used in operations was an increase in operating income and net other items of $23.7 million and a decrease in working capital of $7.7 million, excluding cash equivalents. For the nine months ended Oct. 29, 2016, cash used in operations decreased $19.8 million compared to the prior year period. The primary reason for the decrease was a decrease in working capital of $27.8 million, partially offset by a decrease in operating income and net other items of $8.0 million, excluding cash equivalents. For the nine months ended Oct. 28, 2017, cash used in investing activities was $13.1 million and consisted of $13.1 million for capital expenditures. For the nine months ended Oct. 29, 2016, cash used in investing activities was $12.2 million and consisted of $12.5 million for capital expenditures, partially offset by proceeds of $0.3 million from the sale of intangible assets. During the remainder of Fiscal 2017, the Company expects to spend approximately $7.0 million of capital expenditures. For the nine months ended Oct. 28, 2017, cash provided by financing activities was $35.9 million, which consisted primarily of net borrowings of $64.8 million under its ABL Credit Facility, partially offset by payment of $18.4 million for the extinguishment of the Senior Subordinated Notes, payment of $9.5 million for unamortized interest related to long-term debt, payment of $0.7 million in financing costs and payment of $0.1 million for a capital lease. For the nine months ended Oct. 29, 2016, cash provided by financing activities was $124.6 million, which consisted primarily of net borrowings of $124.5 million under the revolving credit facilities, capital contribution received from parent of $11.6 million, partially offset by payment of $11.3 million in financing costs and payment of $0.2 million for a capital lease. As of Oct. 28, 2017, Claire's Stores had cash of $25.8 million. In addition, as of Oct. 28, 2017, the Company's foreign subsidiaries held cash and cash equivalents of $17.3 million. During the nine months ended Oct. 28, 2017, the Company transferred certain cash held by foreign subsidiaries to the U.S. to meet certain liquidity needs. During the remainder of Fiscal 2017, the Company expects a portion of its foreign subsidiaries’ future cash flow generation to be repatriated to the U.S. to meet certain liquidity needs. The Company is currently accruing U.S. income taxes, net of any foreign tax credit benefit, on all foreign earnings deemed repatriated. A full-text copy of the Form 10-Q is available for free at: https://is.gd/iyYenU About Claire's Stores Hoffman Estates, Ill.-based Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of fashionable jewelry and accessories for young women, teens, tweens and girls ages 3 to 35. The Company operates through its stores under two brand names: Claire's and Icing. As of July 29, 2017, Claire's Stores, Inc. operated 2,660 stores in 17 countries throughout North America and Europe, excluding 860 concession locations. The Company franchised 650 stores in 27 countries primarily located in the Middle East, Central and Southeast Asia and Central and South America, and Southern Africa. Claire's Stores reported net income of $53.89 million on $1.31 billion of net sales for the fiscal year ended Jan. 28, 2017, compared to a net loss of $236.43 million on $1.40 billion of net sales for the fiscal year ended Jan. 30, 2016. * * * In October 2016, Moody's Investors Service downgraded to 'Ca' from 'Caa3' the corporate family rating of Claire's Stores, Inc., and took rating actions on various instruments. The outlook remains negative. "These rating actions result from Claire's closing its exchange offer, which we characterized as a distressed exchange, as well as new credit facilities which were issued in tandem with the closing of the exchange," stated Moody's Vice President Charlie O'Shea. In May 2017, S&P Global Ratings affirmed its 'CC' corporate credit rating on Hoffman Estates, Ill.-based U.S. specialty retailer Claire's Stores Inc. The outlook is negative. "We believe Claire's will eventually need to complete further distressed transactions such as exchanging debt at subpar levels, which we would view as tantamount to default. We note that various tranches of debt at Claire's continue to trade at a steep discount to par," said credit analyst Samantha Stone. COBALT INT'L: Hotchkis and Wiley Has 4.99% Stake as of Nov. 30 -------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Hotchkis and Wiley Capital Management, LLC reported that as of Nov. 30, 2017, it beneficially owns 1,494,414 shares of common stock of Cobalt International Energy, Inc., constituting 4.99 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at https://is.gd/7yv4zx About Cobalt International Formed in 2005 and headquartered in Houston, Texas, Cobalt International Energy, Inc., is an independent exploration and production company with operations currently focused in the deepwater U.S. Gulf of Mexico. In January 2016, the Company achieved initial production of oil and gas from the Heidelberg field. The Company's exploration efforts in the U.S. Gulf of Mexico have resulted in four oil and gas discoveries including the North Platte, Shenandoah, Anchor, and Heidelberg fields, each of which are in various stages of appraisal and development. The Company also has a non-operated interest in the Diaba Block offshore Gabon. Cobalt International reported a net loss of $2.34 billion for the year ended Dec. 31, 2016, a net loss of $694.43 million for the fiscal year ended Dec. 31, 2015, and a net loss of $510.76 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Cobalt had $1.69 billion in total assets, $3.16 billion in total liabilities and a total stockholders' deficit of $1.47 billion. Ernst & Young LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has near-term liquidity constraints that raises substantial doubt about its ability to continue as a going concern. CONCORDIA INTERNATIONAL: Comments on CMA Statement of Objections ---------------------------------------------------------------- Concordia International Corp. commented on the issuance by the UK Competition and Markets Authority of a Statement of Objections to the Company and the former owners of the Company's International segment, Hg Capital and Cinven, in relation to the pricing of liothyronine in the United Kingdom between November 2007 and July 2017. A SO is an expression of a preliminary view by the CMA that a competition law infringement may have occurred. The CMA pricing investigation, which commenced in October 2016, relates to three products, including liothyronine tablets. The Company has been informed by the CMA that, in relation to the other two products, one has been put on a slower investigative track while the other is not an administrative priority for the CMA currently. The Company commented, "We do not believe that competition law has been infringed. The pricing of liothyronine has been conducted openly and transparently with the Department of Health in the UK over a period of 10 years. Over that time, significant investment has been made in this medicine to ensure its continued availability for patients in the UK, to the specifications required by the Medicines and Healthcare products Regulatory Agency in the UK. We will review the CMA's preliminary position, as set out in its Statement of Objections, and we will be responding to it in detail. We continue to work co-operatively with the CMA as it proceeds with its investigation." The SO issued Nov. 21, 2017, includes matters that pre-date Concordia's ownership of its International segment. Concordia acquired the International segment from Cinven and certain other sellers as a result of its transaction to purchase Amdipharm Mercury Limited, which closed on Oct. 21, 2015. The two former owners of AMCo, Cinven and Hg Capital, are also named in the Statement of Objections. The timing of the SO in relation to the supply and pricing of liothyronine, coincides with the timing of the Closing Submissions that commence this week in the appeal by Flynn Pharma and Pfizer against the CMA's decision that the pricing of phenytoin tablets was excessive and infringed competition law. Capital Structure Realignment Update As previously announced, the Company commenced a court proceeding under the Canada Business Corporations Act in an effort to realign its capital structure. The Company continues to advance discussions with its debtholders in this effort, and is highly focused on realigning its capital structure on a consensual basis. The CBCA is a Canadian corporate statute that includes provisions that allow Canadian corporations to restructure certain debt obligations, and is not a bankruptcy or insolvency statute. On Oct. 20, 2017, the Ontario Superior Court of Justice issued a preliminary interim order that provides a broad stay of proceedings in favour of the Company and all of its subsidiaries on the terms set out in the order. The commencement of the CBCA proceedings resulted in an event of default under each of the Company's credit agreement, the indentures governing the Company's 9.00% senior secured notes and 9.50% unsecured notes, and the Company's currency swaps, all of which events of default are subject to the stay of proceedings granted by the Court. About Concordia Concordia is an international specialty pharmaceutical company with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries. Going forward, the Company is focused on becoming a leader in European specialty, off-patent medicines. Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India. Concordia reported a net loss of US$1.31 billion for the year ended Dec. 31, 2016, compared to a net loss of US$31.56 million in 2015. As of Sept. 30, 2017, Concordia had US$2.65 billion in total assets, US$4.12 billion in total liabilities and a total shareholders' deficit of US$1.47 billion. * * * As reported by the TCR on Oct. 27, 2017, Moody's Investors Service downgraded the Corporate Family Rating of Concordia to 'Ca' from 'Caa3'. "Concordia's Ca Corporate Family Rating reflects its very high financial leverage, ongoing operating headwinds, and imminent risk of a debt restructuring. 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 reported by the TCR on Oct. 19, 2017, S&P Global Ratings lowered its corporate credit rating on Concordia to 'SD' from 'CCC-' and removed the rating from CreditWatch, where it was placed with negative implications on Sept. 18, 2017. "The downgrade follows Concordia International's announcement that it failed to make the Oct. 16, 2016, interest payment on the 7% senior unsecured notes due 2023. Given our view of the company's debt level as unsustainable, and ongoing restructuring discussions, we do not expect the company to make a payment within the grace period." CREASY GEOTHERMAL: Jan. 4 Plan and Disclosure Statement Hearing --------------------------------------------------------------- Judge John T. Laney, III, of the U.S. Bankruptcy Court for the Middle District of Georgia conditionally approved Creasy Geothermal & Well Drilling Inc.’s disclosure statement with respect to its chapter 11 plan dated Nov. 10, 2017. Dec. 29, 2017, is fixed as the last day for filing written acceptances or rejections of the plan. Jan. 4, 2018, at 2:00 pm at U.S. Bankruptcy Court, One Arsenal Place, Suite 309, 901 Front Avenue, Columbus, Georgia 31901, is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. Dec. 29, 2017, is fixed as the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. About Creasy Geothermal Creasy Geothermal & Well Drilling, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 17-70043) on January 15, 2017. The case is assigned to Judge John T. Laney, III. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. CROSSOVER FINANCIAL: T. Connolly as Successor Plan Trustee Sought ----------------------------------------------------------------- C. Randel Lewis, Trustee of the Crossover Financial I, LLC Liquidating Trust, asks the U.S. Bankruptcy Court for the District of Colorado to enter an order approving the appointment of Tom H. Connolly as Successor Plan Trustee. This case was commenced by the filing of a Voluntary Petition under Chapter 11 on June 15, 2011. On March 21, 2014, the Court entered its Order Confirming Debtor's Fifth Amended Chapter 11 Plan of Reorganization dated Nov. 20, 2013. Pursuant to the Plan, the assets of the Debtor were transferred to the Trust, and Lewis was appointed as the Plan Trustee. The Plan Trustee accepted the appointment by filing a signed Liquidating Trust Agreement on April 8, 2014. The Bankruptcy Case was closed on Oct. 8, 2014. The Plan Trustee does not intend to leave the Trust rudderless by resigning without securing the appointment of a Successor Trustee. He will continue to serve until the appointment of a Successor Trustee. Asking over 80 individual investors to mobilize and secure the appointment of a successor Plan Trustee, when a suitable successor has been identified by the current trustee and is supported by them, would be unfair and prejudicial to them. The Plan Trustee asserts that the Court has core jurisdiction to appoint a Successor Trustee for the Trust. The parties have identified a Successor Trustee overwhelmingly supported by the NoteHolders, and Mr. Connolly has agreed to accept the appointment. The appointment of Tom H. Connolly as the Successor Trustee is in the best interests of the Trust and the Noteholders. The current Plan Trustee will cooperate in the orderly transition of relevant information, books and records, to Mr. Connolly. Attorney for Plan Trustee, C. Randel Lewis: Caroline C. Fuller, #14403 1801 California Street, Suite 2600 Denver, CO 80202 Telephone: (303) 830-2400 Facsimile: (303) 830-1033 E-mail: cfuller@fwlaw.com About Crossover Financial I Crossover Financial I, LLC, based in Elizabeth, Colorado, was formed on Aug. 12, 2005. Mitchell B. Yellen is the manager and sole member. The Company was formed for the purpose of raising funds through a Private Placement Memorandum to be loaned to an entity known as HPR, LLC, in connection with the acquisition and development of 440 acres of real property located near Monument, Colorado. HPR consisted of three members: Colorado Commercial Builders, Inc. (37.5%); DJT, LLC (20.0%); and Yellen Family Partnership, LLLP (42.5%). Mitchell Yellen held an interest in the Yellen Family Partnership, LLLP. The project stalled primarily as a result of a collapse in the residential real estate development market in 2007 and potential developers pulled out of the project. There has been no further development activity on the Real Property since 2007. Faced with the prospect of a lengthy foreclosure proceeding, the Debtor entered into to an agreement with HPR whereby the Real Property was transferred to the Debtor by way of a deed-in-lieu of foreclosure. Upon acquiring the Real Property, the Debtor attempted to bring in additional developers to continue the project but those efforts were unsuccessful. The Company filed for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 11-24257) on June 15, 2011. Judge Sidney B. Brooks presides over the case. Stephen C. Nicholls, Esq., at Nicholls & Associates, P.C., in Denver, serves as bankruptcy counsel. In its petition, the Debtor estimated assets and debts of $10 million to $50 million. The petition was signed by Mitchell B. Yellen. Karen McClaflin of Home Source Realty, LLC, Colorado acts as real estate broker for the Estate. An official unsecured creditors committee has not been appointed. CTI BIOPHARMA: Files Amended $200 Million Prospectus with SEC ------------------------------------------------------------- CTI Biopharma Corp. filed with the Securities and Exchange Commission an amendment no.1 to its Form S-3 registration statement relating to the sale in one or more offerings of: * shares of its common stock, including the associated preferred stock purchase rights; * shares of its preferred stock; * debt securities; * warrants to purchase common stock, preferred stock and/or debt securities; * rights to purchase common stock, preferred stock and/or debt securities; and * units consisting of two or more of these classes or series of securities. The Company may sell any combination of these securities in one or more offerings, up to an aggregate offering price of $200,000,000, in amounts, at prices and on terms to be determined at the time of each offering thereof. The Company's common stock is quoted on The NASDAQ Capital Market and on the Mercato Telematico Azionario, or the MTA, stock market in Italy under the symbol "CTIC." On Nov. 20, 2017, the last reported sale price of the Company's common stock on The NASDAQ Capital Market was $2.82 per share. The Company does not expect its preferred stock, debt securities, warrants, rights or units to be listed on any securities exchange or over-the-counter market unless otherwise described in the applicable prospectus supplement. A full-text copy of the regulatory filing is available at: https://is.gd/pgxSVo About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington. CTI Biopharma reported a net loss attributable to common shareholders of $52 million for the year ended Dec. 31, 2016, a net loss attributable to common shareholders of $122.6 million for the year ended Dec. 31, 2015, and a net loss attributable to common shareholders of $95.99 million. The Company had $65.53 million in total assets, $37.12 million in total liabilities, and $28.41 million in total shareholders' equity as of Sept. 30, 2017. CUMULUS MEDIA: Class A Common Stock Delisted From NASDAQ -------------------------------------------------------- Cumulus Media Inc. said that trading in the Company's Class A common stock on The NASDAQ Stock Market LLC has been suspended effective at the open of business, on Nov. 22, 2017. The Company received a notification from NASDAQ on Nov. 20, 2017, indicating that, as a result of the Company's previously disclosed noncompliance with Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1), Nasdaq has determined to delist the Company's Class A common stock from the Nasdaq Capital Market. Nasdaq further indicated that it will file a Form 25 Notification of Delisting with the Securities and Exchange Commission. The Company has been approved to have its Class A common stock quoted on the OTC Markets' OTCQX market tier, an electronic quotation service operated by OTC Markets Group Inc. for eligible securities traded over-the-counter. Trading of the Company's Class A common stock commenced on the OTCQX at the open of business on Nov. 22, 2017 under its current trading symbol CMLS. According to Cumulus Media, the transition to the quotation of the Company's Class A common stock on the OTCQX will have no effect on the Company's business or operations. The Company will continue to file periodic and other required reports with the SEC under applicable federal securities laws that will be available on the SEC's website, www.SEC.gov. About Cumulus Media Atlanta, Georgia-based Cumulus Media Inc. -- http://www.cumulus.com/-- is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across the nation platform generates content distributable through both broadcast and digital platforms. Cumulus Media put AR Broadcasting Holdings Inc. and three other units to Chapter 11 protection (Bankr. D. Del. Lead Case No. 11-13674) in 2011 after struggling to pay off debt that topped $97 million as of June 30, 2011. Cumulus Media incurred a net loss of $510.7 million in 2016 following a net loss of $546.5 million in 2015. The Company had $2.34 billion in total assets, $2.83 billion in total liabilities and a total stockholders' deficit of $490.2 million as of Sept. 30, 2017. * * * As reported by the TCR on Nov. 8, 2017, S&P Global Ratings lowered its corporate credit ratings on Atlanta-based Cumulus Media Inc. and its subsidiary Cumulus Media Holdings Inc. to 'SD' (selective default) from 'CCC'. "The downgrade follows Cumulus' recent announcement that it didn't make a $23.6 million interest payment on its 7.75% senior notes due 2019. The payment was due on Nov. 1. We believe the company made the decision to not make the payment in order to preserve cash or put pressure on its bondholders to participate in a a subpar debt exchange, given that it has sufficient cash on hand to make the interest payment. We also believe the nonpayment signals that a restructuring, either out of court or through an in court reorganization, is likely imminent. We don't expect the company to make the interest payment within the 30-day grace period." In April 2017, Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate Family Rating to 'Caa2' from 'Caa1', the secured credit facilities to 'Caa1' from 'B3', and senior unsecured notes to 'Ca' from 'Caa3'. The outlook was changed to negative from stable. The downgrade reflects the elevated risk of a restructuring of its balance sheet and its unsustainable leverage level of 11.3x (excluding Moody's standard lease adjustments) as of Q4 2016. DAYTON SUPERIOR: S&P Lowers CCR to 'B-' on Weak Performance ----------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Miamisburg, Ohio-based concrete products and solutions provider Dayton Superior Corp. to 'B-' from 'B'. The outlook is negative. S&P said, "At the same time, we lowered our issue-level rating on Dayton's first-lien term loan to 'B-' from 'B'. The recovery rating on the term loan is unchanged at '3', which indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. "The downgrade reflects our expectation that Dayton's adjusted EBITDA for full year 2017 will be approximately 30% lower than our original forecast. This is due to a volume decline within the company's forming and rental businesses, partially offset by volume growth in the company's consumables business. In addition, the company is facing intense domestic price competition in its consumable and paving products, which is eroding the company's margins. In particular, profitability has deteriorated meaningfully this year, with adjusted gross margins and adjusted EBITDA margins dropping 400 basis points (bps) and 600 bps, respectively, compared with 2016 on a last 12 months (LTM) basis. "The negative outlook incorporates our view of deteriorating liquidity and increased risk of further cash flow erosion, which could impair the company's ability to cover its fixed charges in the next 12 months. Given the company's seasonal working capital requirement, tight covenant cushion, and risk of turnaround strategy, we believe there is a possibility of a downgrade in the next 12 months. "We could lower the rating if the company's covenant cushion continues to deteriorate, cash flows erode to the point of insufficient liquidity sources to cover its fixed charges, and working capital swings over the next 12 months. This could occur if weaker-than-expected market conditions, problems with its turnaround plans, weather-related disruptions, or project delays continue to affect company's cash flows. Under this scenario, we would expect the company's EBITDA interest coverage ratio to approach the 1x-1.25x range. "We could revise the outlook to stable if the company generated positive free operating cash flow in the next 12 months that boosts liquidity to cover its fixed charges and working capital swings. We could also revise the outlook to stable if adjusted EBITDA improved 15% compared with our current forecast in the next 12 months, which should support 15% cushion above its leverage covenant." DELCATH SYSTEMS: Nasdaq Halts Trading of Common Stock ----------------------------------------------------- The Nasdaq Stock Market LLC has filed a Form 25-NSE with the Securities and Exchange Commission notifying the removal from listing or registration of Delcath Systems, Inc.'s common stock on the Exchange. About Delcath Systems Based in New York, New York, Delcath Systems, Inc. -- http://www.delcath.com/-- 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. In Europe, the Company's system is in commercial development 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 Sept. 30, 2017, Delcath Systems had $14.48 million in total assets, $16.33 million in total liabilities and a total stockholders' deficit of $1.85 million. The Company has incurred losses since inception and has an accumulated deficit of $305.6 million at Sept. 30, 2017. During the nine months ended Sept. 30, 2017 used $11.7 million of cash for its operating activities. 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. DIFFUSION PHARMACEUTICALS: Regains Compliance with Nasdaq Rule -------------------------------------------------------------- Diffusion Pharmaceuticals Inc. received a written notice from the staff of the Listing Qualifications Department of the NASDAQ Stock Market LLC on Nov. 14, 2017, indicating that the Company has regained compliance with NASDAQ Listing Rule 5550(b)(1) based on the Company's stockholders' equity as of Sept. 30, 2017, as reported in the Company's Quarterly Report on Form 10-Q for the period then ended. The notification stated that the matter of the deficiency, which the Company previously reported on May 26, 2017, is now closed. About Diffusion Pharmaceuticals Diffusion Pharmaceuticals Inc. -- http://www.diffusionpharma.com/ -- is a clinical-stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments including radiation therapy and chemotherapy. Diffusion is developing its lead product candidate, trans sodium crocetinate, for use in the many cancers where tumor hypoxia (oxygen deprivation) is known to diminish the effectiveness of SOC treatments. TSC targets the cancer's hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more vulnerable to the therapeutic effects of SOC treatments without the apparent occurrence of any serious side effects. Diffusion reported a net loss of $18.03 million for the year ended Dec. 31, 2016, compared to a net loss of $6.71 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $28.32 million in total assets, $21.97 million in total liabilities and $6.35 million in total stockholders' equity. KPMG LLP, in McLean, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities. These conditions raise substantial doubt about its ability to continue as a going concern. EARL GAUDIO: SBA Seeks Appointment of Chapter 11 Trustee -------------------------------------------------------- The United States of America, on behalf of the Small Business Administration, secured creditors of Earl Gaudio & Son Inc. asks the U.S. Bankruptcy Court for the Central District of Illinois to direct the appointment of a trustee or examiner or, alternatively, to convert this case to a Chapter 7 liquidation proceeding. The United States alleges that First Midwest Bank violated its fiduciary to the estate and creditors by not disclosing or pursuing the February 2014 $1,800,000 offer to purchase the EGS Warehouse, but instead selling the EGS Warehouse for a loss of more than $905,000 in late 2017. The United States asserts that First Midwest Bank should be held solely responsible for the loss to the estate and creditors caused by that decision. In addition, the United States asserts that a trustee is necessary to investigate whether the Debtor's actions related to the Court-authorized post-petition transfer to secured creditors in December 2013 and the subsequent adversaries to recoup those transfers violated the Debtor’s fiduciary duty to creditors. The United States relates that in the beginning of this case, the Debtor has repeatedly represented to creditors and the Court that the $9,569,700.73 sales price for the operational assets would be sufficient to pay all secured creditors. The Debtor also represented that the estate contained substantial additional assets that would be liquidated in the future to generate significant funds to pay unsecured creditors. Those assets include the EGS Warehouse facility. The United States mentions that in December 2013, the Debtor disbursed approximately $8,500,000 of the sale proceeds to pay the uncontested portion of all claims filed by secured creditors, except the IRS. The Debtor also paid the uncontested claims of secured creditors in full to build consensus among interested parties and to minimize expenses to the estate. In addition, the United States mentions that First Midwest Bank and the Debtor's also used the sales proceeds to support their interim fee requests of $442,677.75 and $321,643, respectively. Although the Court was troubled by the deficient fee applications, the Court ultimately approved substantially all the requested fees based, in part, on the fact that the U.S. Trustee and Unsecured Creditor’s Committee vouched for the quality of the work done by First Midwest Bank and its counsel. Unfortunately, years after the asset sale and fee payment, First Midwest Bank and its counsel's position and representations changed. In July 2015, the Debtor filed nine adversary actions against various creditors challenging their claims and, in some cases, contesting the December 2013 court authorized, post-petition transfer to secured creditors. The United States asserts the Debtor's adversary strategy also violated its fiduciary duty to the estate and creditors. The Debtor’s decision to obtain Court approval to make voluntarily post-petition transfers to secured creditors and then incur expenses to file adversary actions based on information available at the time of the original transfers diminished the value of the estate. The United States believes that the Debtor is now administratively insolvent and there are not sufficient funds to pay secured creditors, much less unsecured creditors. The United States notes that the numerous adversary actions that the Debtor filed were not in the best interest of the estate and creditors. The United States asserts that pursuing an adversary action and incurring litigation expenses to recoup funds voluntarily paid in 2013 did not benefit the estate. For instance, if there were grounds to object to World Business Lenders’ claim in 2013, the United States argues that the Debtor should have objected in 2013 and should not have made the voluntary post-petition transfer payment. Moreover, the United States avers that the Debtor's decision to use estate resources to file an adversary against the Small Business Administration after First Midwest Bank failed to disclose or pursue the $1,800,000 offer from February 2014 is likely a breach of its fiduciary duty and raises questions about what other material information First Midwest Bank failed to disclose to creditors and the Court. Although turning back time is impossible, the United States asserts that appointing an independent trustee to investigate First Midwest Bank and the Debtor's actions would benefit the estate, or in the alternative, convert this case to a Chapter 7 liquidation proceeding where a Chapter 7 trustee may be appointed to complete the liquidation process. The United States of America is represented by: John E. Childress, Esq. United States Attorney Kate R. O'Loughlin, Esq. Special Assistant United States Attorney 500 W. Madison Street, Suite 1150 Chicago, Illinois 60661 Phone: (312) 353-9098 Email: kate.oloughlin@sba.gov About Earl Gaudio & Son, Inc. Earl Gaudio & Son, Inc., filed a Chapter 11 petition (Bankr. C.D. Ill. Case No. 13-90942) on July 19, 2013. The petition was signed by Angela E. Major Hart, as authorized signer of First Midwest Bank, custodian. Judge Gerald D. Fines presides over the case. The Debtor disclosed $11,849,187 in assets and $8,489,291 in liabilities as of the Chapter 11 filing. John David Burke, Esq., and Ben T. Caughey, Esq., at Ice Miller, LLP, serve as the Debtor's counsel. The U.S. Trustee appointed five creditors to serve in the Official Committee of Unsecured Creditors. The Committee retained Evans, Forehlich, Beth & Chamley as its local counsel, and Rubin & Levin, P.C., as its counsel. EIF CHANNELVIEW: S&P Affirms 'B+' Debt Rating, Outlook Stable ------------------------------------------------------------- Merchant power prices in the Electric Reliability Council of Texas (ERCOT) Houston Hub demonstrated modest recovery in 2017, and S&P anticipates further improvement in the near term, leading to stronger financial metrics for U.S. electric and steam generator EIF Channelview Cogeneration LLC (Channelview). S&P Global Ratings is thus affirming the 'B+' issue-level rating at EIF Channelview Cogeneration LLC (Channelview) and affirmed the recovery rating of '2'. The outlook is revised to stable from negative. Channelview is an 856-megawatt (MW) combined-cycle gas-fired cogeneration power plant located adjacent to the LyondellBasel Industries Equistar refinery east of Houston. Channelview uses a portion of its capacity to sell steam and electricity to Equistar and the remainder of its output to third parties under short-term contracts and into the ERCOT market on a merchant basis. The project was initially capitalized in 2013 with a $375 million term loan B due 2020 and a $45 million revolving facility due 2018. S&P said, "The rating action reflects our view of pricing in the ERCOT Houston Hub, which demonstrated modest recovery in 2017 following two years of depressed pricing. The state of Texas has considerable renewable generation slated to come online, which will cut into peak demand and weaken market heat rates. This will affect the Houston Hub, however, less than other Texas regions because of its current resource and transmission constraints. "The stable outlook reflects our view that Channelview's financial metrics are likely to improve from our previous projection, reflecting tighter reserve margins due to announced plant retirements in the near term, delayed commercial operation dates for new additions, and stronger-than-anticipated demand growth." FALCO MOBILE: Dec. 20 Confirmation Hearing on Chapter 11 Plan ------------------------------------------------------------- Judge Carla E. Craig of the U.S. Bankruptcy Court for the Eastern District of New York approved Falco Mobile Food LLC's second amended disclosure statement referring to its second amended plan dated Nov. 6, 2017. A hearing to consider confirmation of the Plan will be held before the Honorable Chief Judge Carla E. Craig, United States Bankruptcy Judge, at the United States Bankruptcy Court, Eastern District of New York, 271 Cadman Plaza East, Courtroom 3529, Brooklyn, New York, 11201 on Dec. 20, 2017 at 3:00 p.m. Dec. 13, 2017 at 5:00 p.m. prevailing Eastern Standard Time is fixed as the last date for filing and serving any written objections to confirmation of the Plan. About Falco Mobile Food Falco Mobile Food LLC sells retail food such as hot dogs, French fries, fish sandwiches, shrimps and drinks from a mobile unit at 320 Fulton Street, Brooklyn, New York. Falco Mobile Food sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-40860) on Feb. 26, 2017. The petition was signed by Michael Falco, managing member. At the time of the filing, the Debtor had $50,000 to $100,000 in estimated assets and $100,000 to $500,000 in estimated liabilities. The Debtor is represented by Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S. Blumenfeld. The case is assigned to Judge Carla E. Craig. FINJAN HOLDINGS: Sues Zscaler for Patent Infringement ----------------------------------------------------- After more than one year of good faith efforts to resolve a patent dispute with Zscaler, Inc., Finjan, Inc. (a subsidiary of Finjan Holdings, Inc.) has filed a patent infringement lawsuit against Zscaler, a Delaware company with headquarters in San Jose, California, in the U.S. Northern District of California. Finjan filed a Complaint (Case No. 3:17-cv-06946), on Dec. 5, 2017, and alleges that Zscaler's products and services infringe at least four U.S. Finjan patents. Specifically, Finjan is asserting infringement of U.S. Patent Nos. 6,804,780; 7,647,633; 7,975,305; and 8,677,494. Finjan is seeking, among other things, a jury trial, past damages not less than a reasonable royalty, enhanced damages for willful infringement, and reasonable attorneys' fees and costs for infringement of each of the asserted patents, as well as preliminary and permanent injunctive relief from continuing to infringe the '633 and '305 Patents. Finjan has pending infringement lawsuits and appeals against FireEye, Inc., Symantec Corp., Palo Alto Networks, Blue Coat Systems, Inc., ESET and its affiliates, Cisco Systems, Inc., SonicWall, Inc., Bitdefender and its affiliates, and Juniper Networks, relating to, collectively, more than 20 patents in the Finjan portfolio. The court dockets for the foregoing cases are publicly available on the Public Access to Court Electronic Records (PACER) website, www.pacer.gov, which is operated by the Administrative Office of the U.S. Courts. About Finjan Established over 20 years ago, Finjan -- http://www.finjan.com/-- is a cybersecurity company focused on four business lines: intellectual property licensing and enforcement, mobile security application development, advisory services, and investing in cybersecurity technologies and intellectual property. Licensing and enforcement of the Company's cybersecurity patent portfolio is operated by its wholly-owned subsidiary Finjan, Inc. Finjan became a wholly owned subsidiary of Finjan Holdings in June of 2013 after a merger transaction, following which we began trading on the OTC Markets. The Company's common stock has been trading on the NASDAQ Capital Market since May 2014. Since the merger, the Company continues to execute on its existing business lines while outlining a vision and focusing on growth. Finjan is based in East Palo Alto, California. Finjan reported a net loss attributable to common stockholders of $6.43 million for the year ended Dec. 31, 2016, a net loss attributable to common stockholders of $12.60 million for the year ended Dec. 31, 2015, and a net loss of $10.47 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Finjan Holdings had $45.32 million in total assets, $11.96 million in total liabilities, $18 million in redeemable preferred stock and $15.35 million in total stockholders' equity. FTE NETWORKS: Designates New Series G Convertible Preferred Stock ----------------------------------------------------------------- The Board of Directors of FTE Networks, Inc., authorized the designation of a new series of preferred stock, the Series G Convertible Preferred Stock, out of its available "blank check preferred stock" and authorized the issuance of up to 1,780 shares of the Series G Convertible Preferred Stock. The Company filed a Certificate of Designation with the Secretary of State of the State of Nevada on Dec. 4, 2017. The complete text of the Certificate of Designation of the Series G Convertible Preferred Stock is available for free at https://is.gd/uGKcTf About FTE Networks Formerly known as Beacon Enterprise Solutions Group, FTE Networks, Inc. -- http://www.ftenet.com/-- is a provider of innovative technology-oriented solutions for smart platforms, network infrastructure and buildings. FTE's three complementary businesses are FTE Network Services, CrossLayer, Inc. and Benchmark Builders, Inc. Together they provide end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings. FTE's businesses are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of innovative projects and services. The company works with Fortune 100/500 companies, including some of the world's leading communications services providers. FTE Networks and its subsidiaries support multiple services, including Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, General Contracting Management and General Contracting. FTE Networks is based in Naples, Florida. FTE Networks reported a net loss attributable to common shareholders of $6.31 million on $12.26 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common shareholders of $3.63 million on $14.38 million of revenues for the year ended Sept. 30, 2015. As of Sept. 30, 2017, FTE Networks had $149.77 million in total assets, $133.22 million in total liabilities and $16.55 million in total stockholders' equity. GARBER BROS: Hires Blish & Cavanagh as Special Litigation Counsel ----------------------------------------------------------------- Garber Bros., Inc., seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Blish & Cavanagh, LLP, as special litigation counsel to the Debtor. Since conversion of the case to Chapter 11, the Debtor has continued its orderly wind-down under the supervision of the Bankruptcy Court. As a result of the Debtor's efforts, it has reduced its obligations to its lender by more than $3,400,000, and reduced its obligations to various taxing authorities by approximately $2,100,000 during this Chapter 11 case. The Debtor distributed a substantial volume of products to certain customers in Rhode Island and included among the Debtor's receivables are amounts due from account debtors incorporated in and operating in Rhode Island. Garber Bros. requires Blish & Cavanagh to collect certain of the Rhode Island Receivables and determine to initiate additional proceedings in the future. Blish & Cavanagh will also provide legal expertise and logistical advice in order to efficiently prosecute such actions in Rhode Island. Blish & Cavanagh will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mary Cavanagh Dunn, stockholder of Blish & Cavanagh, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Blish & Cavanagh can be reached at: Mary Cavanagh Dunn, Esq. BLISH & CAVANAGH, LLP 30 Exchange Terrace Providence, RI 02903 Tel: (401) 831-8900 E-mail: mcd@blishcavlaw.com About Garber Bros., Inc. Garber Bros., Inc., is a greater Boston convenience store distributor. It abruptly closed its doors on April 10, 2017, and ceased operations. Alleged creditors signed an involuntary Chapter 7 petition for Garber Bros. (Bankr. D. Mass. Case No. 17-11802) on May 15, 2017. The petitioning creditors are BIC USA, Conagra Brands, Inc., General Mills, Inc., Mars Financial Services, Mondelez, Nestle USA, The Coca-Cola Company, and The Hershey Company. The petitioning creditors are represented by Janet E. Bostwick, at Janet E. Bostwick, PC. On June 7, 2017, the Court granted the Debtor's motion to convert the case to Chapter 11. Murphy & King, PC, is the Debtor's counsel, and Argus Management Corporation serves as the Debtor's financial advisor. The Debtors hire Blish & Cavanagh, LLP, as special litigation counsel. On June 28, 2017, the U.S. Trustee appointed an official committee of unsecured creditors. The Committee is represented by Blakeley LLP. GATEWAY MEDICAL: Unsecureds May Be Paid 90 Days From Effective Date ------------------------------------------------------------------- Gateway Medical Center II, LLC, and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Western District of Washington the joint debtors' first amended disclosure statement dated Nov. 15, 2017. The Debtors have since removed the substantive consolidation motion from their Plan. Class 5 General Unsecured Claims -- estimated at approximately $15,532 -- will be paid so long as the Class 3 Allowed Claim is fully paid. First, the Debtors will pay all Allowed Class 5 Claims in existence on the Confirmation Date. Within 45 days of the Confirmation Date, the Debtors will pay each holder of an Allowed Class 5 Claim one lump sum on his or her allowed claim within 90 days of the Effective Date. Second, the Debtors will pay all Allowed Class 5 Claims that arise after the Effective Date as a result of a rejection of a lease. The Debtors will pay the holders of an Allowed Class 5 Claim asserted after the confirmation Date pursuant to Section 7.1 in full by the later of (a) 90 days after the Effective Date or (b) 30 days after allowance of the Class 5 Creditor's proof of claim. The Debtors will have sole control, through their manager, Daniel J. Boverman to market and sell their property and will have complete and unfettered access to the Property in order to market and sell it. Additionally, Boverman will have the right to approve or disapprove leasing activities, including new leases, terminations or amendments of leases. In addition to the net rental income generated by the Property pending a sale, the sale proceeds will be sufficient to pay the Debtors' creditors in full. The Plan provides that the Debtors will pay unsecured creditors with claims under $500 within 15 days of April 30, 2018, of the Plan. Those claims are referred to as Convenience Class Claims. So long as the Secured Creditors' Claims are paid in full, the Plan provides for payment of all other known general Allowed Claims Unsecured Claims in one lump sum within 90 days of the Effective Date of the Plan. All Allowed Secured Claims will receive payment in full on their Allowed Claims from proceeds of sale of the Property by no later than the Effective Date, except for Maxim, which will receive payment on or before June 30, 2018, on its allowed claim, to the extent that it has not already been paid from the Forbearance Defendants. The Plan provides for the payment of all Allowed Secured Claims in full from net rental proceeds, the Debtors' cash on hand, and proceeds from the sale of the Property. The Plan further provides for payment of Allowed Unsecured Claims so long as the Class 3 Allowed Secured Claim is paid in full. The Debtors will sell the Property to pay the allowed claims of their creditors in full. The Debtor shall execute a purchase and sale agreement with a credit-worthy buyer on or before Feb. 28, 2018. The Debtors will close the sale of the Property on or before April 30, 2018. If the Debtors (or either of them) do not close the sale of the Properties by April 30, 2018, then the Debtors shall cooperate with Opus with the sale of the Property pursuant to 11 USC §363 free and clear of liens, at which Opus may credit bid. In that event, should there be insubstantial sums to pay professional fees associated with the 363 sale to Debtors' counsel and to Boverman, Opus will pay the Debtors' counsel's and Boverman's reasonable professional fees to obtain approval and implement the 363 sale. Copies of the First amended Disclosure Statement are available at: http://bankrupt.com/misc/wawb17-41780-107.pdf http://bankrupt.com/misc/wawb17-41780-B110.pdf About Gateway Medical Gateway is a Washington limited liability company formed on May 28, 2004. Gateway Medical Center, LLC owns a medical office building located at 2501 NE 134th St., Vancouver, Washington. It is adjacent to a medical office building owned by affiliate Gateway Medical Center II, LLC, located at 2621 NE 134th St., Vancouver, Washington. Gateway Medical Center, LLC, and Gateway Medical Center II, LLC, filed separate Chapter 11 petitions (Bankr. W.D. Wash. Case Nos. 17-41779 and 17-41780, respectively), on May 4, 2017. At the time of filing, Gateway Medical Center had $1 million to $10 million in estimated assets and Gateway Medical Center II had $10 million to $50 million in estimated assets. Both Debtors have liabilities estimated to be between $1 million to $10 million. The petitions were signed by Daniel J. Boverman, manager. The cases are assigned to Judge Brian D Lynch. The Debtor is represented by Tara J. Schleicher, Esq., at Farleigh Wada Witt. No trustee or examiner has been appointed. GAWKER MEDIA: Former Employees Launch Crowdfunding to Buy Website ----------------------------------------------------------------- Jonathan Randles, writing for The Wall Street Journal Pro Bankruptcy, reported that former employees of Gawker Media are raising money through crowdfunding to be able to buy Gawker.com out of bankruptcy. According to the report, the campaign was launched on Dec. 11, 2017, on the crowdfunding website Kickstarter and seeks to raise at least $500,000. Gawker ceased publication in August 2016 after losing a lawsuit brought by Hulk Hogan, the report noted. "This is a testing of the waters," said James Del, a former vice president of programming at Gawker Media LLC who is organizing the crowdfunding drive, the report related. Gawker founding editor Elizabeth Spiers is also advising, while other former employees are providing input on the project, the report further related. If successful in acquiring Gawker, Mr. Del said the blog would be operated by a nonprofit foundation, The Gawker Foundation, which was formed in November, according to Delaware's Division of Corporations, the report said. If they reach their funding target but someone else purchases the blog in bankruptcy, Mr. Del, 30, said they plan to launch a new publication intended to capture the "Gawker ethos" which he described as publishing unbiased and unfiltered gossip, news articles and writing, the report added. According to the report, their long-term ambition is to relaunch Gawker using a new membership model that will fund the site's operation. Money from readers would be used to pay editors and writers as well as legal and administrative costs, Mr. Del said, and there would be no advertising or paywalls, the report added. About Gawker Media Founded in 2002 by Nick Denton, Gawker Media is privately held online media company operating seven distinct media brands with corresponding websites under the names Gawker, Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel. The Company's various Websites cover, among other things, news and commentary on current events, politics, pop culture, sports, cars, fashion, productivity, technology and video games. Gawker sought bankruptcy protection after being ordered to pay $140.1 million in connection with an invasion of privacy lawsuit arising from publication of a report and commentary and accompanying sex video involving Terry Gene Bollea, popularly known as Hulk Hogan. New York-based Gawker Media, LLC -- fdba Gawker Sales, LLC, Gawker Entertainment, LLC, Gawker Technology, LLC and Blogwire, Inc. -- filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-11700) on June 10, 2016. The Hon. Stuart M. Bernstein presides over the Debtors' cases. Affiliates Gawker Media Group, Inc., and Budapest, Hungary-based Kinja, Kft., filed separate Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-11719 and 16-11718) on June 12, 2016. The cases are jointly administered. Gregg M. Galardi, Esq., David B. Hennes, Esq., and Michael S. Winograd, Esq., at Ropes & Gray LLP serve as counsel to the Debtors. William Holden at Opportune LLP serves as Gawkers' chief restructuring officer. Houlihan Lokey Capital, Inc., serves as the Debtors' investment banker. Prime Clerk LLC serves as claims, balloting and administrative agent. The Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Mr. Denton filed for personal bankruptcy on Aug. 1, 2016, to protect himself from the legal judgment awarded to Hulk Hogan in an invasion-of-privacy lawsuit. The U.S. Trustee for Region 2 on June 24, 2016, appointed three creditors of Gawker Media LLC and its affiliates to serve on the official committee of unsecured creditors. The committee members are Hulk Hogan, Shiva Ayyadurai, and Ashley A. Terrill. The Committee retained Simpson Thacher & Bartlett LLP, in New York, as counsel. Counsel to US VC Partners LP, as Prepetition Second Lien Lender, are David Heller, Esq., and Keith A. Simon, Esq., at Latham & Watkins LLP. Counsel to Cerberus Business Finance, LLC, as DIP Lender, are Adam C. Harris, Esq., at Schulte Roth & Zabel LLP. GENERAL WIRELESS: Committee Suit vs. Sprint Remanded to State Court ------------------------------------------------------------------- In the case captioned THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF GENERAL WIRELESS OPERATIONS INC. DBA RADIOSHACK, et al. & CORTLAND CAPITAL MARKET SERVICES LLC, IN ITS CAPACITY AS AGENT FOR THE LENDERS UNDER THAT CERTAIN SECOND AMENDED AND RESTATED SECOND LIEN CREDIT AGREEMENT DATED JUNE 29, 2016, Plaintiffs, v. SPRINT SOLUTIONS, INC. Defendant, Adv. Proc. No. 17-50871 (BLS) (Bankr. D. Del.), Bankruptcy Judge Brendan Linehan Shannon granted the Official Committee of Unsecured Creditors' motion for mandatory abstention and remanded the matter to the Delaware Superior Court. The Committee argues that mandatory abstention is required and that the Bankruptcy Court must remand the case to Delaware Superior Court. Sprint responds that the Committee has not met the statutory criteria for mandatory abstention. Case law teaches that there are five requirements for mandatory abstention, and all five must be present or the motion will fail. The requirements are as follows: (1) the proceeding is based on a state law claim or cause of action; (2) the claim or cause of action is 'related to' a case under title 11, but does not 'arise under' title 11 and does not 'arise in' a case under title 11; (3) federal courts would not have jurisdiction over the claim but for its relation to a bankruptcy case; (4) an action 'is commenced' in a state forum of appropriate jurisdiction; and (5) the action can be 'timely adjudicated' in a state forum of appropriate jurisdiction. Only two of these factors are meaningfully contested by Sprint. First, Sprint contends that the matters presented in the litigation implicate the Bankruptcy Court's core jurisdiction, and so mandatory abstention is unavailable. Second, Sprint argues that the fourth prong for mandatory abstention is not met. Relying on the Bankruptcy Court's decision in Longview Power, Sprint asserts that the Committee fails to satisfy the "is commenced" prong because the litigation was initiated after the petition date in RadioShack 2. After considering all the presented arguments, the Bankruptcy Court is not persuaded that Sprint's claims result in core jurisdiction under 11 U.S.C. sections 157(b)(2)(B) and 157(b)(2)(C). Section 157(b)(2)(B) provides for core jurisdiction of the Bankruptcy Court to determine allowance or disallowance of claims against the estate. Here, the Bankruptcy Court is not deciding whether to allow or disallow Sprint's claim. Instead, the Bankruptcy Court is deciding whether a complaint filed in state court may properly be heard in bankruptcy court. Section 157(b)(2)(C) provides for core jurisdiction over counterclaims of the estate against persons filing claims against the estate. Sprint's claim is not a counterclaim within the meaning of section 157(b)(2)(C) and so does not create core jurisdiction. The parties dispute whether an action must be commenced pre-petition in order for the "is commenced" prong to be satisfied and mandatory abstention applicable. Sprint relies on the Bankruptcy Court's ruling in Longview, while the Committee maintains that Longview is inconsistent with the Third Circuit's decision in Stoe. Considering those two decisions, the Bankruptcy Court concludes that Longview and Stoe are neither distinguishable nor reconcilable. Longview must of course yield to Stoe. Therefore, the Committee meets this element of mandatory abstention. The Committee has satisfied all requirements for mandatory abstention as outlined by the Third Circuit in Stoe. The Bankruptcy Court finds that the Committee has carried its burden and has demonstrated that its litigation against Sprint should proceed in the Delaware Superior Court. The bankruptcy case is in re: GENERAL WIRELESS OPERATIONS INC. dba RADIOSHACK, et al., Chapter 11, Debtors, Case No. 17-10506 (BLS) Jointly Administered (Bankr. D. Del.). A full-text copy of the Court's Dec. 1, 2017 Opinion is available at https://is.gd/VSIjoB from Leagle.com. Official Committee of Unsecured Creditors of General Wireless Operations Inc. dba RadioShack, Plaintiff, represented by Richard Michael Beck -- rbeck@klehr.com -- Klehr Harrison Harvey Branzburg LLP. Sprint Solutions, Inc., Defendant, represented by Sarah B. Boehm -- sboehm@mcguirewoods.com -- McGuireWoods LLP, Steven L. Caponi -- steven.caponi@lgates.com --K&L Gates LLP, Dion W. Hayes -- dhayes@mcguirewoods.com -- McGuireWoods LLP & Kathryn Z. Keane -- kkeane@mcguirewoods.com -- McGuireWoods LLP. About General Wireless Based in Fort Worth, Texas, General Wireless Operations Inc., doing business as RadioShack -- http://www.RadioShack.com/-- operates a chain of electronics stores. Its predecessor, RadioShack Corp., then with 4,000 locations, sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10197) in February 2015 and announced plans to close underperforming stores. In March 2015, General Wireless, a Standard General affiliate, won court approval to purchase RadioShack Corp.'s assets, gaining ownership of around 1,700 RadioShack locations. Two years later, General Wireless commenced its own bankruptcy case, announcing plans to close 200 of 1,300 remaining stores. General Wireless Operations Inc., and its affiliates based in Fort Worth, Texas, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 17-10506) on March 8, 2017. In its petition, General Wireless estimated $100 million to $500 million in both assets and liabilities. Bradford Tobin, SVP and general counsel, signed the petitions. The Debtors tapped Pepper Hamilton LLP as legal counsel; Loughlin Management Partners & Company, Inc., as financial advisor; and Prime Clerk, LLC, as claims and noticing agent. On March 17, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Kelley Drye & Warren LLP as its lead counsel; Klehr Harrison Harvey Branzburg LLP as local counsel; Bartlit Beck Herman Palenchar & Scott LLP, as special counsel; and Berkeley Research Group LLC as financial advisor. GEORGE BOULANGER: Taps Lesnick Prince as Legal Counsel ------------------------------------------------------ George Boulanger Construction Incorporated seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Lesnick Prince & Pappas LLP as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the preparation of a bankruptcy plan; give advice regarding any potential sale of its assets; and provide other legal services related to its Chapter 11 case. The attorneys and paralegal expected to handle the case and their hourly rates are: Matthew Lesnick $495 Christopher Prince $495 Andrew Cahill $395 Debra Cardarelli $275 Janet Mack (paralegal) $175 Lesnick received a retainer from the Debtor in the sum of $25,000. Christopher Prince, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher E. Prince, Esq. Andrew R. Cahill, Esq. Debra E. Cardarelli, Esq. Lesnick Prince & Pappas LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Tel: (213) 493-6496 Fax: (213) 493-6596 Email: cprince@lesnickprince.com Email: acahill@lesnickprince.com Email: dcardarelli@lesnickprince.com - and - Matthew A. Lesnick, Esq. Lesnick Prince & Pappas LLP 185 Pier Avenue, Suite 103 Santa Monica, CA 90405 Tel: (310) 396-0964 Fax: (310) 396-0963 Email: matt@lesnickprince.com About George Boulanger Construction Based in in Culver City, California, George Boulanger Construction Incorporated has been in the business of residential building construction for more than 30 years. It provides carpentry, tile installation, painting, framing, plumbing and electrical services. George Boulanger Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 17-24897) on December 5, 2017. George Boulanger, its president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Sandra R. Klein presides over the case. GIZMO EMPOWERED: Case Summary & 2 Unsecured Creditors ----------------------------------------------------- Debtor: Gizmo Empowered, Inc. c/o David Mincin, Esq. MINCIN LAW, PLLC 7465 W. Lake Mead Boulevard, #100 Las Vegas, NV 89128 Tel: 702-852-1957 Type of Business: Founded in 2014, Gizmo Empowered, Inc., is privately owned company in the "Other Amusement and Recreation Industy." The company is based in Las Vegas, Nevada. Chapter 11 Petition Date: December 7, 2017 Case No.: 17-16557 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Hon. Laurel E. Davis Debtor's Counsel: David Mincin, Esq. MINCIN LAW, PLLC 7465 W. Lake Mead Blvd, #100 Las Vegas, NV 89128 Tel: (702) 852-1957 Fax: N/A E-mail: dmincin@mincinlaw.com Total Assets: $0 Total Liabilities: $4.81 million Shafik Brown, president, signed the petition. A copy of the Debtor's list of two unsecured creditors is available for free at: http://bankrupt.com/misc/nvb17-16657_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nvb17-16657.pdf GRESHAM & GRAHAM: Taps Blake D. Gunn as Legal Counsel ----------------------------------------------------- Gresham & Graham General Partnership seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire the Law Ofﬁce of Blake D. Gunn as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the preparation of a plan of reorganization; and provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Blake Gunn $200 Associate Attorney $150 Law Clerks $100 Paralegals $75 The firm does not represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Blake D. Gunn, Esq. Law Ofﬁce of Blake D. Gunn P.O. Box 22146 Mesa, AZ 85277 Tel: (480) 270-5073 Fax: (480) 393-7162 Email: Blake.Gunn@gunnbankruptcyﬁrm.com About Gresham & Graham General Partnership Headquartered in Tempe, Arizona, Gresham & Graham General Partnership listed its business as a single asset real estate (as defined in 11 U.S.C. Section. 101(51B)). Its principal assets are located at 3907 Gresham Street #6, San Diego, CA 92109. Gresham & Graham filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 17-08801) on July 31, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Theresa Littler, general partner. Judge Eddward P. Ballinger Jr. presides over the case. The Debtor previously sought bankruptcy protection on Jan. 20, 2012 (Bankr. D. Ariz. Case No. 12-01091) and Aug. 20, 2012 (Bankr. D. Ariz. Case No. 12-18559). GULF FINANCE: Moody's Lowers CFR to B2; Outlook Negative -------------------------------------------------------- Moody's Investors Service downgraded Gulf Finance, LLC's (Gulf) Corporate Family Rating (CFR) to B2 from B1, Probability of Default Rating (PDR) to B2-PD from B1-PD, and the senior secured term loan rating to B3 from B2. The outlook is negative. "Gulf's cash flows through 2017 have suffered from the challenging refined product fundamentals resulting in substantial under performance of the business. In addition, the failure of Gulf's Unbranded segment to grow cashflow elevated the company's already high financial leverage, resulting in the ratings downgrade" commented Sreedhar Kona, Moody's Senior Analyst. "The negative outlook reflects the continued headwinds in the refined product market and uncertainty with Gulf's ability to reduce its financial leverage." Downgrades: Issuer: Gulf Finance, LLC -- Corporate Family Rating, Downgraded to B2 from B1 -- Probability of Default Rating, Downgraded to B2-PD from B1-PD -- Senior Secured Term Loan, Downgraded to B3 (LGD4) from B2 (LGD4) Outlook actions: Issuer: Gulf Finance, LLC -- Outlook, negative RATINGS RATIONALE Gulf's downgrade to B2 reflects its significant increase in financial leverage due to its weak performance through 2017 and Moody's expectation of continued stress in Gulf's wholesale distribution segment. Gulf's prior B1 rating was based on the company's expected cashflow growth through 2017 aided by its Unbranded segment and a reduction in its financial leverage (debt/EBITDA ratio) to close to 6x by the end of 2017. However, the anemic performance in the Unbranded segment and weaker than expected gross margins in the Branded segment resulted in Gulf's financial leverage exceeding 9x (including the ABL borrowings) as of September 30, 2017. Gulf's B2 CFR reflects the company's ability to generate positive free cashflow (although lower than previously expected) and Moody's expectation that the company will be able to grow its EBITDA from its current levels through 2018. The rating is supported by the company's geographic footprint, diversity in its distribution network, the critical nature of its terminal infrastructure and the modest stability provided by the medium term volume contracts. The B3 rating on the senior secured term loan is one notch below the B2 CFR in accordance with Moody's Loss Given Default Methodology, reflecting a second priority lien behind the revolving credit facility lenders with regards to the relatively more liquid ABL priority collateral-specifically, the accounts receivable and inventory. Gulf will maintain an adequate liquidity profile through the end of 2018. Gulf has a $775 million senior secured asset based revolving credit facility (ABL) that matures in October 2020. The borrowing base was approximately $540 million as of November 20, 2017. Moody's expects Gulf's ABL drawings to be in the range of $250 to $300 million and that the ABL facility will be relied on as a source of funding on an ongoing basis. Gulf should generate positive free cash flow before distributions through 2018. Moody's understands that Gulf will use the residual cash to retire debt outstanding under the term loan with minimal cash maintained on the balance sheet. The term loan has a debt service coverage ratio (DSCR) covenant of 1.5x and the ABL facility has a springing DSCR covenant of 1.1x. Moody's expects Gulf to remain in compliance with its covenants through 2018. The term loan facility will have first priority lien on all assets excluding ABL priority collateral (essentially all accounts receivable and inventory) and second priority lien on all ABL priority collateral. The negative outlook reflects the potential for Gulf to continue to face headwinds in its distribution business and not achieve the cashflow growth required through 2018 to lower its elevated financial leverage. The outlook could be changed to stable if the company can demonstrate its ability to meaningfully grow EBITDA in 2018 showing a clear path to reducing the leverage below 6x in 2019. Ratings could be downgraded if Gulf is unable to sufficiently grow EBITDA and/or reduce debt and the leverage appears likely to persist above 6x. A ratings upgrade is unlikely in the near term given the high level of debt and weak cashflows. Factors that could support a rating upgrade include earnings growth and enhanced stability of cash flow with debt/EBITDA reduced below 5.5x. The principal methodology used in these ratings was Midstream Energy published in May 2017. Gulf is a refined products terminaling, storage and logistics business and a distributor of both branded and unbranded petroleum products in the United States. Gulf owns and operates a network of 17 terminals in the Northeastern United States, extending from Pittsburgh, Pennsylvania to Portland, Maine, with approximately 14 million barrels of refined petroleum product storage capacity. GULFMARK OFFSHORE: Canyon Has 15.8% Stake as of Nov. 14 ------------------------------------------------------- Canyon Capital Advisors LLC, Mitchell R. Julis and Joshua S. Friedman disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Nov. 14, 2017, they beneficially own 1,113,865 shares of common stock of Gulfmark Offshore Inc., constituting 15.81 percent of the shares outstanding. The principal business office of the persons comprising the group filing this Schedule 13G is located at 2000 Avenue of the Stars, 11th Floor, Los Angeles, CA 90067. CCA is an investment advisor to various managed accounts, including VRF, CVRF, CVRFM, CBEF, AAI, GRF2, CDOF2016, Canyon Blue, CSLV, CASP2, PERMIO, KDOF2, and NZ-TRADING, with the right to receive, or the power to direct the receipt, of dividends from, or the proceeds from the sale of the securities held by, such managed accounts. Messrs. Julis and Friedman control entities which own 100% of CCA. A full-text copy of the regulatory filing is available at: https://is.gd/TgzvVW About Gulfmark Offshore GulfMark Offshore, Inc., a Delaware corporation, was incorporated in 1996. The Company provides offshore marine support and transportation services primarily to companies involved in the offshore exploration and production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities, and also move and position drilling and production facilities. The majority of the Company's operations are conducted in the North Sea, offshore Southeast Asia and offshore the Americas. The Company currently operates a fleet of 73 owned or managed offshore supply vessels, or OSVs, in the following regions: 30 vessels in the North Sea, 13 vessels offshore Southeast Asia, and 30 vessels offshore the Americas. GulfMark Offshore, Inc., filed for bankruptcy protection (Bankr. D. Del., Case No. 17-11125) on May 17, 2017. Quintin V. Kneen, its president and chief executive officer, signed the petition. The Company reported total assets of $1.07 billion and total debt of $737.1 million as of March 31, 2017. Mark D. Collins, Esq., Zachary I. Shapiro, Esq., Brett M. Haywood, Esq. and Christopher M. De Lillo, Esq., of Richards, Layton & Finger, P.A., as well as Gary T. Holtzer, Esq., Ronit J. Berkovish, Esq., and Debora A. Hoehne, Esq., of Weil Gotshal & Manges LLP serve as counsel to the Debtor. The Debtor has also tapped Blank Rome LLP as corporate counsel; Alvarez & Marsal North America, LLC as financial advisor; Evercore Group L.L.C. as investment banker; Ernst & Young LLP as restructuring consultant; KPMG US LLP as auditor and tax consultant; and Prime Clerk LLC as claims and noticing agent. An ad hoc committee of holders of unsecured senior notes issued by GulfMark Offshore, Inc., is represented by Robert J. Dehney, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware; and Dennis F. Dunne, Esq., Evan R. Fleck, Esq., Andrew Leblanc, Esq., and Nelly Almeida, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. GULFMARK OFFSHORE: Robert Millard Has 6% Equity Stake ----------------------------------------------------- Robert B. Millard disclosed in a Schedule 13G filed with the Securities and Exchange Commission that he is the record owner of 425,047 shares of common stock of GulfMark Offshore, Inc. That amount constitutes 6.03 percent based on GulfMark's 7,043,141 outstanding Common Shares as of Nov. 14, 2017. A full-text copy of the regulatory filing is available for free at https://is.gd/GxIe77 About Gulfmark Offshore GulfMark Offshore, Inc., a Delaware corporation, was incorporated in 1996. The Company provides offshore marine support and transportation services primarily to companies involved in the offshore exploration and production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities, and also move and position drilling and production facilities. The majority of the Company's operations are conducted in the North Sea, offshore Southeast Asia and offshore the Americas. The Company currently operates a fleet of 73 owned or managed offshore supply vessels, or OSVs, in the following regions: 30 vessels in the North Sea, 13 vessels offshore Southeast Asia, and 30 vessels offshore the Americas. Visit http://www.gulfmark.comfor more information. GulfMark Offshore, Inc., filed for bankruptcy protection (Bankr. D. Del., Case No. 17-11125) on May 17, 2017. Quintin V. Kneen, its president and chief executive officer, signed the petition. Mark D. Collins, Esq., Zachary I. Shapiro, Esq., Brett M. Haywood, Esq. and Christopher M. De Lillo, Esq., of Richards, Layton & Finger, P.A., as well as Gary T. Holtzer, Esq., Ronit J. Berkovish, Esq., and Debora A. Hoehne, Esq., of Weil Gotshal & Manges LLP serve as counsel to the Debtor. The Debtor has also tapped Blank Rome LLP as corporate counsel; Alvarez & Marsal North America, LLC as financial advisor; Evercore Group L.L.C. as investment banker; Ernst & Young LLP as restructuring consultant; KPMG US LLP as auditor and tax consultant; and Prime Clerk LLC as claims and noticing agent. An ad hoc committee of holders of unsecured senior notes issued by GulfMark Offshore, Inc., is represented by Robert J. Dehney, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware; and Dennis F. Dunne, Esq., Evan R. Fleck, Esq., Andrew Leblanc, Esq., and Nelly Almeida, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. H MELTON VENTURES: Affiliate Seeks to Hire Wiley Law as Counsel --------------------------------------------------------------- H Melton Ventures, LLC, and its debtor-affiliates filed an amended application with the U.S. Bankruptcy Court for the Northern District of Texas seeking approval to hire Wiley Law Group, PLLC, as counsel to the Debtors, Henry J. Melton II and H. Melton Ventures RD, LLC. H Melton Ventures requires Wiley Law to: (a) counsel the Debtors, and prepare negotiations for final resolution of creditor claims by proposing a plan that will pay more than what the creditor could receive in any liquidation in return for injunctive relief as indispensable parties and co-proponents under the plan; (b) advise the Debtors with respect to the Debtors' powers and duties in the Chapter 11 case regarding strategy for exit from bankruptcy, disclosure statements and plans, and other issues that typically arise or may arise in Chapter 11 cases; (c) appear in the Bankruptcy Court to protect the interests of the Debtors; (d) attend meetings as requested by the Debtors; (e) perform all other legal services for the Debtors that may be necessary and proper in this case, including, but not limited to, provision of advice in areas such as corporate, bankruptcy, tort, employment, governmental, intellectual property and secured transactions; and (f) perform other functions as requested by the Debtors or the Court consistent with professional standards. Wiley Law will be paid at these hourly rates: Attorneys $375 Paralegals/Legal Assistants $75 Pre-petition, Wiley Law received the amount of $1,493, and $1,707 filing fee from the Debtors. Wiley Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin S. Wiley, Sr., partner of Wiley Law Group, PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Wiley Law can be reached at: Kevin S. Wiley, Sr., Esq. Kevin S. Wiley, Jr., Esq. WILEY LAW GROUP, PLLC 325 N. St. Paul Street, Suite 2750 Dallas, TX 75201 Tel: (469) 484-5016 Fax: (469) 484-5004 E-mail: kevin.wileysr@tx.rr.com About H Melton Ventures, LLC H Melton Ventures LLC, based in Arlington, Texas, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-43922) on Sept. 28, 2017, estimating $1 million to $10 million in both assets and liabilities. The petition was signed by Michael Warden, its manager. Chapter 11 petitions were also filed by Michael G. Warden (Case No. 17-33888) and Henry J. Melton, II (Case No. 17-44206). The Hon. Russell F. Nelms presides over the case. David D. Ritter, Esq., at Ritter Spencer PLLC, serves as bankruptcy counsel to the Holding Company, H Melton Ventures, LLC. The Debtors, Henry J. Melton II and H. Melton Ventures RD, LLC, hired Wiley Law Group, PLLC, as counsel. HELIOS AND MATHESON: Invests Additional $2 Million in MoviePass --------------------------------------------------------------- Helios and Matheson Analytics Inc. and MoviePass Inc. previously entered into that certain Investment Option Agreement, pursuant to which HMNY was granted an option to purchase additional shares of MoviePass common stock in an amount up to $20 million based on a pre-money valuation of MoviePass of $210 million amounting to an additional investment of up to 8.7% of the Currently Outstanding Shares of Common Stock (as defined in the MoviePass Option Agreement) of MoviePass, giving effect to the closing of the transaction with MoviePass. The issuance of HMNY's shares of common stock in connection with the MoviePass Transaction remains subject to approval by HMNY's stockholders in accordance with Nasdaq Listing Rule 5635. On Nov. 14, 2017, HMNY used $2 million of the cash proceeds received from the mandatory prepayments under those certain investor secured promissory notes issued by certain institutional investors to HMNY on Nov. 7, 2017 in order to exercise an additional $2 million of the MoviePass Option. In connection with the MoviePass Option Exercise, MoviePass issued HMNY a subordinated convertible promissory note in the principal amount of $2 million. Assuming the closing of the MoviePass Transaction occurs, MoviePass will issue the amount of shares of its common stock to HMNY underlying the MoviePass Option Note, and upon such issuance the MoviePass Option Note will be deemed satisfied in full. About Helios and Matheson Since 1983, Helios and Matheson Analytics Inc. (NASDAQ:HMNY) -- http://www.hmny.com/-- has provided information technology services and solutions to Fortune 1000 companies and other large organizations. The Company offers its clients an enhanced suite of services of predictive analytics with technology at its foundation enriched by data science. The Company is headquartered in New York City and has an office in Bangalore India. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, compared to a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Sept. 30,2017, Helios and Matheson had $17.46 million in total assets, $41.54 million in total liabilities, $2.09 million in redeemable common stock and a $26.17 million total shareholders' deficit. HERALD MEDIA: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Herald Media Holdings, Inc. 70 Fargo Street, Suite 600 Boston, MA 02210 Type of Business: Headquartered in Boston, Massachusetts, the Debtors collectively operate privately owned information and entertainment businesses consisting of the flagship newspaper, The Boston Herald, as well as a related website, www.bostonherald.com, radio station, and mobile applications. The Boston Herald was founded in 1846 by a group of Boston printers who published a single two- sided sheet. Following a number of mergers and name changes during the 20th century, the newspaper was purchased in 1982 by News Corp. In 1994 News Corp. sold the Boston Herald to its publisher, Patrick J. Purcell, to facilitate News Corp.'s acquisition of a Boston television station. Mr. Purcell remains the publisher of the Boston Herald. The Debtors currently employ approximately 240 individuals, approximately 140 of whom belong to a union. http://www.bostonherald.com/ Chapter 11 Petition Date: December 8, 2017 Affiliates that simultaneously filed Chapter 11 petitions: Debtor Case No. ------ -------- Herald Media Holdings, Inc. 17-12881 Herald Media, Inc. 17-12882 Boston Herald, Inc. 17-12883 Herald Interactive, Inc. 17-12884 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Laurie Selber Silverstein Debtors' Counsel: Jose F. Bibiloni, Esq. Curtis S. Miller, Esq. Tamara K. Minott, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, Delaware 19899 Tel: (302) 658-9200 Fax: (302) 658-3989 E-mail: cmiller@mnat.com tminott@mnat.com jbibiloni@mnat.com - and - William R. Baldiga, Esq. Sunni P. Beville, Esq. Tristan G. Axelrod, Esq. BROWN RUDNICK LLP One Financial Center Boston, Massachusetts 02111 Tel: (617) 856-8200 E-mail: wbaldiga@brownrudnick.com sbeville@brownrudnick.com taxelrod@brownrudnick.com Debtors' Claims & Noticing Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC Web site: http://dm.epiq11.com/#/case/HER Debtors' Total Assets: $6.02 million Debtors' Total Liabilities: $31 million Jeffrey W. Magram, chief operating officer, signed the petitions. A full-text copy of Herald Media Holdings' petition is available for free at http://bankrupt.com/misc/deb17-12881.pdf Debtors' Consolidated List of 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Boston Herald Pension & Retirement Unknown Retirement Plan Benefits 70 Fargo Street, Suite 600 Boston, MA 02210 Carol Barnett Tel: (617) 619-6238 Boston Herald, Inc. Retirement Unknown Guild Retirement Plan Benefits 70 Fargo Street, Suite 600 Boston, MA 02210 Carol Barnett Tel: (617) 619-6238 CWA/ITU Negotiated Pension Plan Retirement Unknown 1323 Aeroplaza Drive Benefits Colorado Springs, CO 80916 Administrative Manager Tel: (719)473-3862 News Group Boston, Inc. Retirement Unknown Guild and Editorial Employees' Benefits Dismissal Pay and Death Benefit Plan TNG-CWA 31032 47 Willard Street Quincy, MA 02169 Brian T. Whelan, President Tel: (617) 448-9638 GCIU-Employer Retirement Fund Retirement Unknown 13191 Crossroads Pkwy N, Benefits Suite 205 City of Industry, CA 91746-3434 Administrator Tel: (562) 463-5010 Boston Newspaper Retirement Fund Retirement Unknown Amalgamated Life Assurance Benefits Co./Alicare 333 Westchester Avenue White Plains, NY 10604 Fund Administrator Tel: (914) 367-5964 Graphic Communications Conference Retirement Unknown of Internaional Brotherhood Benefits of Teamsters National Pension Fund 455 Kehoe Boulevard, Suite 101 Carol Stream, IL 60188 Fund Administrator Tel: (630) 871-7733 New England Teamsters & Trucking Retirement Unknown Industry Pension Fund Benefits Teamsters Local 25 1 Wall Street Burlington, MA 01803 Fund Manager Tel: (781) 345-4400 New York Typographical Union Collective Unknown CWA Local 14156 Bargaining 831 S. Nevada Avenue Agreement Suite 120 Colorado Springs, CO 80903 Lon Castle, Admin. Manager Tel: (719) 473-3862 The Newspaper Guild of Greater Collective Unknown Boston Bargaining Editorial Unit Agreement 501 3rd Street, N.W., 6th Floor Washington, D.C. 20001 Assistant to the Trustees Tel: (888) 893-3650 The Newspaper Guild of Greater Collective Unknown Boston Bargaining Commercial Unit Agreement TNG-CWA 31032 47 Willard Street Quincy, MA 02169 Brian T. Whelan, President Tel: (617) 448-9638 International Brotherhood of Collective Unknown Teamsters Local Union #25 Bargaining 544 Main Street Agreement Charlestown, MA 02129 Tel: (617) 241-3963 Pension Benefit Guaranty Guaranty of Unknown Corporation Collective Office of the General Counsel Bargaining 1200 K Street, N.W. Benefits Washington, D.C. 20005-4026 Tel: (202) 326-4020 Fax: (202) 326-4112 Email: efile@pbgc.gov Alice Coleman Retirement Unknown 918 North Main Street, #7 Benefits Laconia, NH 03246 Payable for Lifetime of Creditor Francis Ochs Retirement Unknown 40 Westwind Road Benefits Dorchester, MA 02125 Payable for Lifetime of Creditor James Oliver Retirement Unknown 11 Byron Avenue Benefits for Metheun, MA 01844 Lifetime of Creditor Joseph Pietruszewski Retirement Unknown 805 Little Town Road Benefits Port Orange, FL 32127 Payable for Lifetime of Creditor Ralph H. Dyer, Jr. Retirement Unknown 19309 Arrowhead Lane Benefits North Fort Myers, FL 33903 Payable for Lifetime of Creditor Richard J. White Retirement Unknown 7 Paul Avenue Benefits Salem, MA 01970 Payable for Lifetime of Creditor Richard Stone Retirement Unknown 7 Lincoln Drive Benefits Londonerry, NH 03053 Payable for Lifetime of Creditor Steven G. Astrofsky Retirement Unknown 6 Hillcrest Road Benefits Canton, NA 02201 Payable for Lifetime of Creditor 451 D Street, LLC Commercial $150,000 c/o Lincoln Property Company Lease 70 Fargo Street, Suite 102A Boston, MA 02210 Jennifer Giarla-Salsgiver, RPA Property Manager Tel: 617-737-3462 x 1005 Fax: 617-737-3463 Email: jgiarla@lpc.com The Boston Globe Trade $600,000 1 Exchange Place Services Estimate Boston, MA 02109 Attn: Chief Financial Officer Publishers Circulation Trade $40,000 Fulfillment, Inc. Services Estimate American Express Trade $30,000 Services Estimate Third & Grove Trade $30,000 Services Estimate Mintz, Levin Cohn Ferris Professional $20,000 Glovsky and Popeo PC Services Estimate Email: jsrobbins@mintz.com John Hancock Retirement Plan Professional $15,000 Services Services Estimate Email: lgebhard@jhancock.com ISA Marketing Trade $13,000 Services Estimate Tribune Content Agency, 15158 Trade $10,000 Services Estimate HHGREGG INC: Seeks OK of Synchrony Bank Claims Settlement --------------------------------------------------------- BankruptcyData.com reported that hhgregg and its official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion for an order approving the settlement of claims of Synchrony Bank. According to documents filed with the Court, "The Debtors shall, on or before the first business day after entry of an order by the Bankruptcy Court approving and authorizing the Debtors to enter into the Settlement Agreement (the 'Settlement Order'), (a) deliver to Synchrony a copy of the Settlement Agreement executed on behalf of the Debtors and the Committee, and (b) pay Synchrony the amount of $73,602.53, representing customer payments paid to the Debtors but intended for Synchrony; Synchrony shall, upon entry of the Settlement Order, be allowed an administrative-expense claim against the Debtors' chapter 11 bankruptcy estates under section 503(b) of the Bankruptcy Code in the amount of $1,925,000; Synchrony's allowed administrative-expense claim . . . shall be paid as follows: (i) The amount of $500,000 shall be included in, and for all purposes treated as, a 'GOB Administrative Claim,'. The balance of Synchrony's allowed administrative-expense claim, in the amount of $1,425,000, shall be included in and for all purposes treated as a 'Non-GOB Administrative Claim,'. After the application of those credits, letter of credit, amounts, and proceeds, Synchrony shall, upon the Bankruptcy Court's approval of the Settlement Agreement, have an unsecured, non-priority, and non-administrative-expense claim in the Bankruptcy Cases in the amount of $7,496,175.80." About hhgregg Inc. Indianapolis, Indiana-based hhgregg, Inc., is an appliance, electronics and furniture retailer. Founded in 1955, hhgregg is a multi-regional retailer currently with 220 stores in 19 states that also offers market-leading global and local brands at value prices nationwide via http://www.hhgregg.com/ hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 17-01302) on March 6, 2017. The petitions were signed by Kevin J. Kovacs, chief financial officer. At the time of the filing, hhgregg and HHG Distributing estimated assets and liabilities of less than $50,000. Gregg Appliances estimated assets and liabilities at $100 million to $500 million. The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP as counsel; Berkeley Research Group, LLC as financial advisor; Stifel and Miller Buckfire & Co. as investment banker; Hilco IP Services as intellectual property advisor; Altus Group US, Inc., as tax advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The U.S. Trustee has appointed creditors to serve on the official committee of unsecured creditors in the case of Gregg Appliances, Inc., Case No. 17-01303-RLM-11. No official committee has been appointed in the cases of hhgregg, Inc., No. 17-01302-RLM-11 or HHG Distributing, LLC, No. 17-01304-RLM-11. The Committee hired Cooley LLP and Bingham Greenebaum Doll LLP as counsel, and ASK LLP as avoidance claims counsel. The Committee retained Province Inc. as financial advisor. Counsel to the Agent for the Debtors' prepetition secured lenders and the lenders providing DIP financing are Sean M. Monahan, Esq., at Choate, Hall & Stewart LLP; and Jay Jaffe, Esq., at Faegre Baker Daniels, LLP. Counsel to the FILO Agent is Stuart Brown, Esq., at DLA Piper LLP. * * * When hhgregg filed for Chapter 11 bankruptcy, it had signed a term sheet with an anonymous party to purchase the Company assets. The Company said at that time it expected a quick and smooth process through Chapter 11 with emergence in approximately 60 days. Ten days later, hhgregg said it has terminated the nonbinding term sheet with the anonymous party because the Company was unable to reach a definitive agreement on terms, and said it continues to work with interested third parties to purchase assets of the business. hhgregg added it had received strong interest from third parties interested in buying some or all of the Company's assets. Subsequently, hhgregg executed a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC, and Great American Group, LLC, to conduct a sale of the merchandise and furniture, fixtures and equipment located at the Company's retail stores and distribution centers. In an April order, the Bankruptcy Court approved, at the Company's request, a plan for the Company to close 132 retail stores and the Company's distribution centers. According to a disclosure with the Securities and Exchange Commission in March, debtors Gregg Appliances, Inc., and HHG Distributing, LLC, entered into a Consulting Agreement with a contractual joint venture between Tiger Capital Group and Great American Group to conduct the sale of the merchandise and furniture, fixtures and equipment located at the Company's 132 retail stores and the distribution centers. As of June 8, 2017, the Debtors have completed store closing sales in all its stories. The Company has said it does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common stock, although this will be determined in the continuing bankruptcy proceedings. HOMELAND HEALTHCARE: Credit Suisse to Auction Assets on Dec. 18 --------------------------------------------------------------- Pursuant to Delaware Commercial Code Section 9-610, Credit Suisse AG, Cayman Islands Branch as administrative and collateral agent, will hold a public auction of certain tangible property of Homeland Healthcare LLC fka Homeland Healthcare Inc. ("HH"). The property includes all of HH's interests in the Commercial Surety General Indemnity Agreement Dated Feb. 25, 2016, with RLI Insurance Company as Surety ("GIA") and all of HH's interests in GIA related deposits and collateral. The Property will be sold, subject to all rights and interests of RLI Insurance, to the highest bidder for cash or credit bid, with additional terms to be announced at sale. The public auction is on Dec. 18, 2017, at 10:00 a.m. (CST) at 3131 McKinney Avenue, Ste. 100, Dallas, Texas. Bidders may appear by telephone with prior agreement. For more information contact: Jason Rudd, Esq. Wick Phillips 3131 McKinney Avenue, Suite 100 Dallas, Texas 75204 jason.rudd@wickphillips.com Tel: (214) 740-4038 Fax: (214) 692-6255 Homeland HealthCare, LLC -- https://www.homelandhealthcare.com/ -- is an insurance agency and third party administrator that markets and sells limited benefit health insurance plans. HRG GROUP: Fitch Affirms & Then Withdraws 'B' Issuer Default Rating ------------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn the ratings for HRG Group, Inc., including the Long-Term Issuer Default Rating (IDR) of 'B'. The ratings are being withdrawn with a Stable Outlook. Fitch is withdrawing the ratings for commercial reasons. KEY RATING DRIVERS - IDRs and Senior Debt The affirmation of the Long-Term IDR follows the Nov. 30, 2017 closing of the sale of Fidelity & Guaranty Life (FGL; Long-Term IDR BB+/Stable), a company that was previously 80.4% owned by HRG, to a consortium led by CF Corp. for total consideration of approximately $1.8 billion, plus the assumption of $405 million of existing debt. The consortium includes the founders of CF Corp., funds affiliated with The Blackstone Group, L.P. (Long-Term IDR A+/Stable) and Fidelity National Financial, Inc. (Long-Term IDR BBB+/Stable). CF Corp. also acquired Front Street Re (Delaware) Ltd. (Front Street), which was previously wholly-owned by HRG, for $65 million. The 'B' Long-Term IDR is supported by the credit risk profile and underlying diversity of HRG's largest investment, Spectrum Brands, Inc. (Spectrum Brands; Long-Term IDR of BB/Stable), and HRG's adequate liquidity position. While the FGL and Front Street sales will meaningfully reduce HRG's leverage and improve its upstream dividend coverage of holding company interest expense, the rating is constrained by the concentrated nature of HRG's remaining investments. HRG is effectively operating as a single-investment, pass-through structure for Spectrum Brands, which is 59.6% owned by HRG. Its other remaining investments are in NZCH Corporation, a public shell company and Salus Capital Partners, LLC, a secured asset-backed lender that is in run-off. Fitch calculates that upstream dividends from HRG's subsidiaries relative to holding company interest expenses measured 0.5x in fiscal 2017, 0.4x in fiscal year 2016 and 0.5x in 2015. However, proceeds received from the FGL and Front Street transactions, which amount to approximately $1.5 billion, significantly enhance HRG's liquidity position and will enable HRG to repay all of its $864.4 million 7.875% senior secured notes due 2019 and a portion of its $890 million 7.75% senior unsecured notes due 2022 and other obligations. Since HRG expects to receive approximately $60.7 million of dividends from its subsidiaries' distributable earnings in fiscal year 2018, dividend coverage of holding company interest expense should improve comfortably above 1.0x. Debt-to-equity based on the carrying value of HRG's investments remained elevated at 2.4x as of Sept. 30, 2017. Since HRG's largest current holding is in a publicly traded company (Spectrum Brands), Fitch also considers pro forma debt-to-equity based on the market value of HRG's public investment, but recognizing that market values can fluctuate. Nevertheless, on this basis, Fitch calculates that HRG's leverage was 0.6x as of Sept. 30, 2017, compared to 0.4x at fiscal year-end (FYE) 2016 and 0.6x at FYE 2015. Debt-to-equity based on the carrying value of HRG's investments is 0.5x and debt-to-equity on the basis of the market value of HRG's public investment is 0.1x pro forma for the FGL and Front Street sales, which are both strong for the rating. On Nov. 30, 2017, Fitch upgraded HRG's senior secured debt rating to 'BB'/'RR1' from 'BB-'/'RR2' and the senior unsecured debt rating to 'BB-'/'RR2' from 'B'/'RR4'. The improved ratings reflect HRG's increased cash balance pro forma for the FGL and Front Street sales. The senior secured debt rating of 'BB'/'RR1' reflects an expectation of outstanding recoveries for these securities in the event of a corporate default. Given the outstanding recovery prospects for the senior secured notes, the ratings are notched up three notches from HRG's IDR. The senior unsecured debt rating of 'BB-'/'RR2' reflects an expectation of superior recoveries for these securities in the event of a corporate default. Given the superior recovery prospects for the senior unsecured notes, the ratings are notched up twice from HRG's IDR. RATING SENSITIVITIES - IDR and Senior Debt Rating sensitivities are no longer relevant for any of the ratings given rating withdrawal. Fitch has affirmed and withdrawn the following ratings with a Stable Outlook: HRG Group, Inc. -- Long-Term IDR at 'B'; -- Senior secured notes at 'BB'/'RR1'; -- Senior unsecured notes at 'BB-'/'RR2'. IHEARTCOMMUNICATIONS INC: Extends Notes Private Offers to Dec. 22 ----------------------------------------------------------------- iHeartCommunications, Inc., has extended the private offers to holders of certain series of iHeartCommunications' outstanding debt securities to exchange the Existing Notes for new securities of iHeartMedia, Inc., CC Outdoor Holdings, Inc. and iHeartCommunications, and the related solicitation of consents from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes. The Exchange Offers and Consent Solicitations were previously scheduled to expire on Dec. 8, 2017, at 5:00 p.m., New York City time, and will now expire on Dec. 22, 2017, at 5:00 p.m., New York City time. The deadline to withdraw tendered Existing Notes in the Exchange Offers and revoke consents in the Consent Solicitations has also been extended to 5:00 p.m., New York City time, on Dec. 22, 2017. iHeartCommunications is extending the Exchange Offers and Consent Solicitations to continue discussions with holders of Existing Notes regarding the terms of the Exchange Offers and to continue discussions with lenders under its Term Loan D and Term Loan E facilities in connection with the concurrent private offers made to such lenders, which iHeartCommunications will now expire at 5:00 p.m., New York City time, on Dec. 22, 2017. As of 5:00 p.m., New York City time, on Dec. 6, 2017, an aggregate amount of approximately $30.3 million of Existing Notes, representing approximately 0.4% of outstanding Existing Notes, had been tendered into the Exchange Offers. The terms of the Exchange Offers and Consent Solicitations have not been amended and remain the same as set forth in the Amended and Restated Offering Circular and Consent Solicitation Statement, dated April 14, 2017, as supplemented by Supplement No. 1. The Exchange Offers and Consent Solicitations, which are only available to holders of Existing Notes, are being made pursuant to the Offering Circular, and are exempt from registration under the Securities Act of 1933. The New Securities, including the new debt of iHeartCommunications and related guarantees, will be offered only in reliance on exemptions from registration under the Securities Act. The New Securities have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws. Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of the Existing Notes that complete and return a letter of eligibility. Holders of Existing Notes that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offers and Consent Solicitations, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-bondoffers. About iHeartMedia, Inc. and iHeartCommunications, Inc. iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is a global media and entertainment company. Based in San Antonio, Texas, iHeartCommunications 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 34 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 in 2016, a net loss attributable to the Company of $754.6 million in 2015, and a net loss attributable to the Company of $793.76 million in 2014. As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in total assets, $23.93 billion in total liabilities and a total stockholders' deficit of $11.67 billion. * * * In March 2017, Fitch Ratings downgraded iHeartCommunications, Inc.'s Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. The downgrade reflects 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." In December 2016, Moody's Investors Service affirmed iHeartCommunications, Inc.'s 'Caa2' Corporate Family Rating. IHEARTCOMMUNICATIONS INC: Extends Term Loan Offers Expiration ------------------------------------------------------------- iHeartCommunications, Inc., announced that it is extending the deadline for participation in the private offers to lenders under its Term Loan D and Term Loan E facilities to amend the Existing Term Loans. The Term Loan Offers have been extended to 5:00 p.m., New York City time, on Dec. 22, 2017. iHeartCommunications is extending the Term Loan Offers to continue discussions with lenders regarding the terms of the Term Loan Offers. The terms of the Term Loan Offers have not been amended and remain the same as set forth in the Confidential Information Memorandum, dated March 15, 2017. The Term Loan Offers, which are only available to holders of Existing Term Loans, are being made pursuant to the Confidential Information Memorandum, and are exempt from registration under the Securities Act of 1933. The new securities of iHeartMedia, Inc., CC Outdoor Holdings, Inc., Broader Media, LLC and/or iHeartCommunications being offered in the Term Loan Offers are offered only in reliance on exemptions from registration under the Securities Act. The New Securities have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws. Documents relating to the Term Loan Offers will only be distributed to holders of Existing Term Loans that complete and return a letter of eligibility. Holders of Existing Term Loans that desire a copy of the letter of eligibility must contact Global Bondholder Services Corporation, the tabulation agent and information agent for the Offers, by calling toll-free (866) 470-3700 or at (212) 430-3774 (banks and brokerage firms) or visit the following website to complete and deliver the letter of eligibility in electronic form: http://gbsc-usa.com/eligibility/ihc-termloanoffers. About iHeartMedia, Inc. and iHeartCommunications, Inc. iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is a global media and entertainment company. Based in San Antonio, Texas, iHeartCommunications 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 34 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 in 2016, a net loss attributable to the Company of $754.62 million in 2015, and a net loss attributable to the Company of $793.76 million in 2014. As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in total assets, $23.9 billion in total liabilities and a total stockholders' deficit of $11.67 billion. * * * In March 2017, Fitch Ratings downgraded iHeartCommunications, Inc.'s Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. The downgrade reflects 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." In December 2016, Moody's Investors Service affirmed iHeartCommunications, Inc.'s 'Caa2' Corporate Family Rating. IMPACTING A GENERATION: Court Conditionally Approves Disclosures ---------------------------------------------------------------- Judge Wendy L. Hagenau fo the U.S. Bankruptcy Court for the Northern District of Georgia issued an order conditionally approving Impacting A Generation Inc.'s disclosure statement to accompany its plan of reorganization dated Nov. 21, 2017. Jan. 3, 2018 is fixed as the last day for filing written acceptances or rejections of the Amended Plan. Jan. 11, 2018 is fixed for the hearing on final approval of the conditionally approved Disclosure Statement and for confirmation of the Plan. Said hearing will be held at 1:30 p.m. in Courtroom 1403, United States Courthouse, 75 Ted Turner Dr, SW, Atlanta, Georgia. Jan. 3, 2018 is fixed as the last day for filing and serving written objections to the conditionally approved Disclosure Statement and confirmation of the Plan. About Impacting A Generation Impacting A Generation Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-54072) on March 6, 2017. The petition was signed by Odis Sneed, chief executive officer. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., serves as the Debtor's legal counsel. J CREW GROUP: Reports $17.6 Million Net Loss for Third Quarter -------------------------------------------------------------- J.Crew Group, Inc., reported a net loss of $17.62 million on $566.65 million of total revenues for the 13 weeks ended Oct. 28, 2017, compared to a net loss of $7.90 million on $593.15 million of total revenues for the 13 weeks ended Oct. 29, 2016. For the 39 weeks ended Oct. 28, 2017, the Company reported a net loss of $161.57 million on $1.65 billion of total revenues compared to a net loss of $24.56 million on $1.73 billion of total revenues for the 39 weeks ended Oct. 29, 2016. As of Oct. 28, 2017, J.Crew Group had $1.22 billion in total assets, $2.41 billion in total liabilities and a total stockholders' deficit of $1.19 billion. J.Crew third quarter sales decreased 12% to $430.4 million. J.Crew comparable sales decreased 12% following a decrease of 9% in the third quarter last year. Madewell third quarter sales increased 22% to $107.5 million. Madewell comparable sales increased 13% following an increase of 4% in the third quarter last year. Gross margin increased to 40.1% from 38.1% in the third quarter last year. Selling, general and administrative expenses were $200.7 million, or 35.4% of revenues, compared to $204.5 million, or 34.5% of revenues in the third quarter last year. Excluding transformation costs of $12.4 million and transaction costs of $1.0 million (incurred in connection with the Company's debt exchange and refinancing), selling, general and administrative expenses were $187.3 million, or 33.1% of revenues this year. Operating income was $24.7 million compared to $20.0 million in the third quarter last year. The third quarter this year includes transformation costs of $12.4 million and transaction costs of $1.0 million. Adjusted EBITDA increased $14.6 million, or 27%, to $67.9 million from $53.3 million in the third quarter last year. Jim Brett, chief executive officer, remarked, "Our goal is to reinvigorate the J.Crew Brand to reflect the America of today and to continue to drive strong momentum in the Madewell Brand." "During the third quarter of fiscal 2017, we drove gross margin expansion and reduced SG&A by delivering on our expense initiatives. As we solidify longer term strategies, we will continue to leverage our strong brand equity and unique capabilities to expand our reach, accelerate growth and maximize profitability." Debt Exchange and Refinancing On July 13, 2017, the Company completed the following interrelated liability management transactions: * Private Exchange Offer. An exchange offer in which $565.7 million principal outstanding of 7.75%/8.50% Senior PIK Toggle Notes due 2019 issued by the Company's parent were exchanged for (i) $249.6 million of 13% Senior Secured Notes due 2021 and (ii) shares of preferred and common stock of the Company's parent. * Term Loan Amendment. An amendment of the Company's Term Loan Facility to, among other things, facilitate the following related transactions: - the repayment of $150.5 million principal amount outstanding under the Term Loan Facility; - the transfer of the remaining undivided ownership interest in the U.S. intellectual property rights of the J.Crew brand to a subsidiary of the Company which, together with the undivided ownership interest transferred in December 2016 represent 100% of the U.S. intellectual property rights of the J.Crew brand, and the execution of related license agreements; - the issuance of $97.0 million principal amount of an additional series of 13% Senior Secured Notes due 2021, subject to the same terms and conditions as the exchange notes, for cash at a 3% discount, the proceeds of which were loaned to the Company and were applied, in part, to finance the repayment of the $150.5 million principal amount of term loans referenced above; and - the raising of additional borrowings under the Term Loan Facility of $30.0 million, for cash at a 2% discount, provided by the Company's sponsors, the net proceeds of which were also applied, in part, to finance the repayment of the $150.5 million principal amount of term loans. First Quarter Impairment During the first quarter of fiscal 2017, the Company recorded a non-cash impairment charge of $129.8 million related to the intangible asset for the J.Crew trade name. After recording the impairment charge in the first quarter, the carrying value of the J.Crew trade name was $250.2 million. If revenues or operating results decline below the Company's current expectations, additional impairment charges may be recorded in the future. This impairment charge does not have an effect on the Company's operations, liquidity or financial covenants, and does not change management's long-term strategy, which includes its plans to drive disciplined growth across its brands. Related Party On Nov. 4, 2013, an indirect parent holding company of the Company issued $500 million of PIK Notes. On July 13, 2017, the Company completed a private exchange offer pursuant to which $565.7 million principal amount of such PIK Notes were exchanged for $249.6 million of exchange notes and shares of preferred and common stock of the Parent. The PIK Notes were not guaranteed by any of the PIK Notes Issuer's subsidiaries, and therefore were not recorded in the Company's financial statements. The exchange notes, however, are guaranteed by the Companys subsidiaries, and therefore are recorded in the Company's financial statements. A full-text copy of the Form 10-Q is available for free at: https://is.gd/k4i5ZW 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 Nov. 21, 2017, the Company operates 269 J.Crew retail stores, 121 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, and 182 factory stores (including 42 J.Crew Mercantile stores). Visit website www.jcrew.com for more information. 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 reported by the TCR on July 19, 2017, S&P Global Ratings raised its corporate credit rating on J. Crew Group to 'CCC+' from 'SD'. "The rating action follows our review of J. Crew capital structure following the company's exchange of the unsecured PIK toggle notes maturing in 2019. 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 Moody's-adjusted debt/EBITDA of 7.8 times (credit agreement debt/EBITDA of 10.3 times) and EBIT/interest expense of 0.6 times pro-forma for the debt exchange, as reported by the TCR on July 19, 2017. JOHN Q. HAMMONS: Taps Alvarez & Marsal to Advise on Claims Review ----------------------------------------------------------------- John Q. Hammons Fall 2006, LLC, and its affiliates seek authorization from the U.S. Bankruptcy Court for the District of Kansas to expand the scope of the Debtors' employment of Alvarez & Marsal Valuation Services, LLC to provide the Debtors with certain additional expert advice and services as the Debtors may require with respect to the Debtors' claim objections and the plan process in these chapter 11 cases. Alvarez & Marsal will be compensated at these standard hourly rates: Managing Directors $650 Senior Directors $550 Directors $475 Managers $425 Senior Associates $350 Associates $250 Analyst $175 Gary Frantzen, managing director at Alvarez & Marsal, attests that the firm is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code. Gary Frantzen, managing director at Alvarez & Marsal, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary T. Frantzen Alvarez & Marsal Valuation Services, LLC 540 West Madison Street, Suite 1800 Chicago, IL 60661 Tel: +1 312 601 4220 Fax: +1 312 332 4599 About John Q. Hammons Fall 2006 Springfield, Missouri-based John Q. Hammons Hotels & Resorts (JQH) -- http://www.jqhhotels.com/-- is a private, independent owner and manager of hotels in the United States, representing brands such as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG, Chateau on the Lake Resort / Spa & Convention Center, and Plaza Hotels Collection. It has portfolio of 35 hotels representing approximately 8,500 guest rooms/suites in 16 states. John Q. Hammons Fall 2006, LLC, and its affiliated Debtors filed chapter 11 petitions (Bankr. D. Kan. Case Nos. 16-21139 to 16-21208) on June 26, 2016. The petitions were signed by Greggory D. Groves, vice president. The Debtors are represented by Mark A. Shaiken, Esq., Mark S. Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard Street LLP. The Debtors' conflict counsel is Victor F. Weber, Esq., at Merrick Baker and Strauss PC. At the time of filing, the Debtors estimated assets at $100 million to $500 million and liabilities at $100 million to $500 million. KANETHA CHAU: Capital One's Bid for Summary Judgment Nixed ---------------------------------------------------------- Bankruptcy Judge Elizabeth W. Magner denied Capital One N.A.'s motion for summary judgment in the adversary proceeding captioned KANETHA ARUN CHAU, Plaintiff, v. CAPITAL ONE, N.A. Defendant, Adversary No. 16-1006 (Bankr. E.D. La.). On Jan. 13, 2014, Chau filed a voluntary petition for bankruptcy under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Louisiana. On Jan. 22, 2014, Chau opened a Chapter 11 debtor-in-possession account at Capital One. On August 7, 2015, Capital One placed an "All Funds Hold" on all bank accounts maintained at Capital One in which Chau had signatory authority. On August 19, 2015, following an investigation, Capital One lifted the "All Funds Hold" on the pertinent bank accounts, issued checks for the funds contained in the accounts and closed the accounts. Chau alleges that Capital One, by virtue of its "All Funds Hold," violated the automatic stay which went into place at the filing of her bankruptcy petition. Specifically, Chau charges that Capital One's action in freezing her debtor-in-possession account was in violation of 11 U.S.C. section 362(a)(3) in that it was an act to obtain possession of property of the estate or to exercise control over property of the estate. Capital One denies the charge and offers several supporting arguments. Capital One denies that it obtained possession or exercised control over property of the estate by virtue of its temporary freeze. In support of its assertion, Capital One relies heavily upon Citizens Bank of Maryland v. Strumpf. In this case, however, Capital One was not a creditor of Chau, was not entitled to a setoff with respect to property belonging to the estate and, at no point, sought to get relief from the automatic stay. Because of this crucial factual difference between the two cases, the Court is not persuaded that Strumpf stands for the proposition that Capital One did not violate the automatic stay when it placed an administrative hold on Chau's debtor-in-possession account. Chau also alleged that Capital One failed to designate an officer or employee to Chau, the Debtor in Possession, refused to discuss Chau's debtor-in-possession account or the reason the account was seized. When Chau questioned Capital One regarding the administrative hold, she was told to contact the "fraud department." When Chau's bankruptcy counsel followed the bank's instruction, no one in the fraud department would provide him with information regarding any of the frozen accounts. Whether or not Capital One's conduct rises to the level of bad faith or exacerbated the financial repercussions of Chau's position is a material disputed fact. Accordingly, the motion for summary judgment filed on behalf of Capital One is denied. The bankruptcy case is in re: KANETHA ARUN CHAU, Chapter 11, Debtor, Case No. 14-10059 (Bankr. E.D. La.). A copy of Judge Wagner's Nov. 22, 2017 Decision is available at https://is.gd/0pINRR from Leagle.com. Kanetha Arun Chau, Plaintiff, represented by Phillip K. Wallace – pkwallace@aol.com. Capital One, NA, Defendant, represented by Alicia M. Bendana, Conor T. Lutkewitte -- clutkewitte@favretlaw.com -- Favret, Demarest, et al., Thomas J. Lutkewitte -- tlutkewitte@favretlaw KANSAS INTERNAL MEDICINE: Hires Lindsay as Auctioneer ----------------------------------------------------- Kansas City Internal Medicine, P.A., seeks authority from the U.S. Bankruptcy Court for the District of Kansas to employ Lindsay Auction & Realty Service, Inc., as auctioneer to the Debtor. Kansas City Internal requires Lindsay Auction to assist the Debtor in the sale of its various medical equipment, furniture and fixtures, and other miscellaneous property. Lindsay Auction will be paid a commission of 50% of the gross sales with no additional costs or fees. Tom Lindsay, partner of Lindsay Auction & Realty Service, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Lindsay Auction can be reached at: Tom Lindsay LINDSAY AUCTION & REALTY SERVICE, INC. 4795 Frisbie Rd. Shawnee, KS 66226 Tel: (913) 441-1557 About Kansas City Internal Medicine, P.A. Kansas City Internal Medicine, P.A. -- https://www.kcim.com/ -- a division of Signature Medical Group, is a private internal medicine physician practice with more than 170 employees serving more than 135,000 patient visits per year. KCIM specializes in internal medicine, endocrinology, rheumatology, podiatry, integrative medicine, personalized healthcare, clinical psychology, and chiropractic. It also offers additional services including full service laboratory, ultrasound, bone density, intravenous infusion treatments, weight health and wellness, and diabetic shoe consultations. The company's gross revenue amounted to $3.86 million in 2016 and $26.69 million in 2015. KCIM has locations in Kansas City and Lee's Summit, Missouri, and in Overland Park in Kansas. Kansas City Internal Medicine, P.A., sought Chapter 11 protection (Bankr. D. Kan. Case No. 17-22168) on Nov. 8, 2017. David Wilt, MD, its president, signed the petition. The Debtor disclosed total assets at $567,000 and total liabilities at $1,477,611. Judge Dale L. Somers presides over the case. The Debtor disclosed Colin N. Gotham, Esq., at Evans & Mullinix, P.A., as counsel. KEVEN McKENNA: Bankruptcy Court Dismisses Chapter 11 Case --------------------------------------------------------- Judge Diane Finkle of the U.S. Bankruptcy Court for the District of Rhode Island granted U.S. Trustee Gary Donahue's motion to dismiss Debtor Keven A. McKenna's bankruptcy case. The Court also issued an order to show cause why the case should not be dismissed pursuant to section 1112(b)(1) and (b)(4)(E). Throughout the proceeding, Mr. McKenna has appeared pro se, including at the evidentiary hearing held on Oct. 26, 2017. After considering the testimony and evidence adduced at the hearing, the Court concludes that the case must be dismissed because multiple grounds of cause exist under section 1112(b)(4). Mr. McKenna has not shown reasonable justification excusing his conduct, and he has not cured his failure to comply with his obligations as a chapter 11 debtor in possession. Lastly, no unusual circumstances exist and dismissal of the case is in the best interest of the creditors and the estate. The bankruptcy case is in re: Keven A. McKenna, Chapter 11, Debtor, BK No. 17-10314 (Bankr. D.R.I.). The Debtor previously filed a Chapter 11 petition for his law firm (Bankr. D. R.I. Case No. 10-10256) on Jan. 25, 2010, and for himself (Bankr. D. R.I. Case No. 10-10274) the next day. The 2010 Chapter 11 case was converted to a case under Chapter 7 of the Bankruptcy Code on May 4, 2011. A full-text copy of Judge Finkle's Dec. 1, 2017 Decision is available at https://is.gd/RqEvAt from Leagle.com. LADDCO LLC: Hires Daniel Schleper as Accountant ----------------------------------------------- LADDCO, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Minnesota to employ Daniel Schleper, as accountant to the Debtor. LADDCO, LLC requires Daniel Schleper to: a. prepare tax forms; b. assist the Debtor in preparing cash flows, balance sheets and other matters incident to preparing and performing a plan of reorganization; and c. take such other necessary and required action which is deemed by such acountant as ordinary and necessary in such proceedings. Daniel Schleper will be paid at the hourly rate of $150. Daniel Schleper will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel Schleper 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. Daniel Schleper can be reached at: Daniel Schleper 16 N 3rd AV Cold Spring, MN 56320 Tel: (320) 685-8634 About LADDCO, LLC LADDCO LLC, based in Eden Valley, Minnesota, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-43456) on November 15, 2017. The Hon. William J Fisher presides over the case. Sam Calvert, Attorney At Law, serves as bankruptcy counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Douglas A Ruhland, its chief operating officer. LAKE LOTAWANA: Plan Confirmation Hearing on Jan. 23 --------------------------------------------------- The Hon. Cynthia A. Norton of the U.S. Bankruptcy Court for the Western District of Missouri has preliminarily approved Lake Lotawana Community Improvement District's disclosure statement dated Nov. 14, 2017, referring to the Debtor's Chapter 9 plan dated Nov. 14, 2017. A combined hearing on the final approval of the Disclosure Statement and plan confirmation will be held on Jan. 23, 2018, at 3:00 p.m. Objections to the Disclosure Statement and plan confirmation, as well as ballots accepting or rejecting the Plan must be filed by Jan. 5, 2018. A status hearing will be held on Jan. 9, 2018, at 2:00 p.m. As reported by the Troubled Company Reporter on Nov. 28, 2017, the Debtor filed with the Court a disclosure statement regarding its plan of adjustment of debts dated Nov. 14, 2017. The District's purpose in seeking relief under Chapter 9 and in proposing a Plan of Adjustment is to pay its secured, priority, and unsecured creditors in a timely fashion. The District proposes to retain its existing property and continue the operation of its Wastewater Treatment Plant. The District will pay for the benefit of holders of bond anticipation bonds over time through the Plan and the Allowed Claims of unsecured creditors, using the revenues the District earns after confirmation to fund Plan payments and funds on hand on the Effective Date of the Plan. About Lake Lotawana Community Improvement District Lake Lotawana Community Improvement District, based in Lees Summit, Missouri, filed a Chapter 9 petition (Bankr. W.D. Mo. Case No. 16-42357) on Aug. 26, 2016. Andrew J. Nazar, Esq., at Polsinelli PC served as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Julie Jackson, president. LECTRUS CORPORATION: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Lead Debtor: Lectrus Corporation 19 W. Polymer Drive Chattanooga, TN 37421-2204 Type of Business: Based in Chattanooga, Tennessee, Lectrus designs and manufactures custom metal enclosures and electrical and mechanical integration serving the power, oil and gas, renewable energy, industrial, water/wastewater, transportation, military, mining, data centers, institutional, and commercial markets. The company offers three tiers of products and services that provide its customers with a completely installed and integrated modular structure. Lectrus designs and constructs modular structures in three categories; skids, empty enclosures and enclosures with simple utilities. Lectrus offers electrical and mechanical control systems integration services to augment the services customers receive from the original equipment and is qualified to create and supply control systems design solutions. Lectrus offers services for equipment maintenance, structural maintenance, and corrective maintenance. Lectrus has two manufacturing facilities located in North America. http://www.lectrus.com/ Chapter 11 Petition Date: December 7, 2017 Affiliates that simultaneously filed Chapter 11 petitions: Debtor Case No. ------ -------- Lectrus Corporation 17-15588 Lectrus Holding Corporation 17-15591 Court: United States Bankruptcy Court Eastern District of Tennessee (Chattanooga) Judge: Hon. Nicholas W. Whittenburg Debtors' Counsel: Erno D. Lindner, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 1900 Republic Centre 633 Chestnut Street Chattanooga, TN 37450 Tel: 423-209-4206 Email: elindner@bakerdonelson.com - and - Justin M. Sveadas, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 1800 Republic Centre 633 Chestnut Street Chattanooga, TN 37450 Tel: (423) 209-4184 E-mail: jsveadas@bakerdonelson.com Assets and liabilities: Total Total Assets Liabilities ---------- ----------- Lectrus Corporation $13,340,000 $35,260,000 Lectrus Holding Corp $0 $20,550,000 James P. Beers, vice president of finance, signed the petitions. Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/tneb17-15588.pdf http://bankrupt.com/misc/tneb17-15591.pdf List of Lectrus Corp.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Advantage Interests, Inc. Trade Debt $191,390 Email: lgondesen@advantagefire protection.com Aldine I.S.D Property Taxes $107,805 American Express Trade Debt $222,218 Anixter, Inc. - Dallas Trade Debt $77,631 AXA Corporate Solutions Shipping/Pending $7,970,583 Niederlassung litigation Deutschland, c/o Machale A. Miller 1515 Poydras St., #2130 New Orleans, LA 70112 Chattanooga City Treasurer Property Taxes $108,536 Custom Air Products & Services Trade Debt $251,835 Email: tnorris@customairproducts.com Fastenal Co. Trade Debt $190,536 Email: bwatkins@fastenal.com Gexpro Trade Debt $146,515 Email: Felicia.Barner@Gexpro.com Gilbert LLP Services $67,892 Graybar Electric Co., Inc. Trade Debt $545,982 P.O. Box 403052 Atlanta, GA 30384-3052 Email: Pamela.Caragianis@graybar.com Hamilton County Trustee Property Taxes $115,438 Meitec Trade Debt/ $836,680 2800 Veterans litigation Memorial Blvd. Metairie, LA 70002-6178 Tel: (281) 412-6990 Email: RossB@meitec.net O'Neal Steel, Inc. - Tennessee Trade Debt $147,643 On Time Express, Inc. Shipping/ $133,637 Email: accountsreceivable Litigation @otexp.com RPM Expedite Inc. Shipping $444,301 100 Exchange Drive Brampton, Ontario, Canada L6S 0C8 Eric Kunz Tel: (416) 465-2229 Email: erickunz@rpmexpediteusa.com Schneider Electric USA, Inc. Claim $393,102 200 N. Martingale Road Settlement Schaumburg, IL 60173 Turtle & Hughes Trade Debt $148,183 Email: tdrew@turtle.com United Power and Trade Debt $83,305 Control Systems, LLC Email: don@upandcs.com Waste Corporation of America Trade Debt/ $114,536 Disputed Invoice LIFE PARTNERS: Pillar Funds Appeal Junked as Moot, 5th Cir. Rules ----------------------------------------------------------------- The appeals case captioned PHILIP M. GARNER, and all other similarly situated; CHRISTINE DUNCAN; STEVE SOUTH, as Trustee for, and on behalf of South Living Trust; MICHAEL ARNOLD; JANET ARNOLD; DOCTOR JOHN S. FERRIS; REORGANIZED LIFE PARTNERS, INCORPORATED, formerly known as Life Partners, Incorporated, ET AL, Appellees, v. PILLAR LIFE SETTLEMENT FUND I, L.P., PILLAR II LIFE SETTLEMENT FUND, L.P., PILLAR 3 LIFE SETTLEMENT FUND, L.P., PILLAR 4 LIFE SETTLEMENT FUND, L.P., PILLAR 5 LIFE SETTLEMENT FUND, L.P., ET AL, Appellants, No. 16-11436 (5th Cir.), arises from the approval of a bankruptcy proceeding's Settlement Agreement and class certifications. While the appeal was pending, the bankruptcy court entered a chapter 11 confirmation order, effectuating the Settlement Agreement. Upon review, the U.S. Court of Appeals for the Fifth Circuit dismissed Pillar Funds' appeal as moot. The Plaintiffs argue that the Pillar Funds' appeal is moot under Article III because "[t]he bankruptcy court's confirmation order extinguished all claims against LPI." "An actual case or controversy must exist at every stage in the judicial process." A claim becomes moot if "the issues presented are no longer live or the parties lack a legally cognizable interest in the outcome." "[I]f an event occurs while a case is pending on appeal that makes it impossible for the court to grant 'any effectual relief whatever' to a prevailing party, the appeal must be dismissed." The Pillar Funds concede that they did not appeal the bankruptcy court's confirmation order. The question is thus whether the confirmation order "makes it impossible for the court to grant 'any effectual relief whatever' to the Pillar Funds. The Pillar Funds argue only that the Settlement Agreement provides for rescission if the district court's order approving the Settlement Agreement "is modified or set aside on appeal." The Pillar Funds do not address the effect of the confirmation order on their ownership claims. The rescission provision of the Settlement Agreement states that, if the district court's order approving the Settlement Agreement is modified or set aside on appeal . . . then the Party or Parties adversely affected by or who opposed such refusal to provide or affirm the requested relief, modification, vacation, or appeal shall each, in their sole discretion, have the option to rescind this Settlement Agreement in its entirety by written notice to the Court. Neither the Plaintiffs nor New LPI addresses the rescission provision in their briefs on appeal. But the Pillar Funds also fail to grapple with the actual text of the rescission provision. First, the right to rescind is limited to "Parties adversely affected by" the modification of the Settlement Agreement "or who opposed such refusal to . . . affirm the requested relief." The Pillar Funds do not meet that requirement. Second, the rescission provision allows such parties to "have the option to rescind this Settlement Agreement in its entirety by written notice to the Court." The Pillar Funds argue that they are not seeking to set aside the Settlement Agreement in its entirety, but rather are just requesting the right to opt out of the Settlement Agreement. But even if the rescission provision allowed the Pillar Funds to rescind the Settlement Agreement if it is "modified or set aside on appeal," it does not-- and cannot--authorize an appeal if this court does not have jurisdiction to hear the appeal. Because the confirmation order incorporated and implemented the Settlement Agreement, the Pillar Funds' claims were nullified when the bankruptcy court entered the confirmation order. The Pillar Funds concededly failed to appeal the bankruptcy court's confirmation order. "A timely notice of appeal is necessary to the exercise of appellate jurisdiction." As such, the court cannot grant any effectual relief to the Pillar Funds' appeal of only the Settlement Agreement. Because the Pillar Funds' appeal is moot, the court need not reach the other issues raised on appeal. A full-text copy of the 5th Circuit's Nov. 29, 2017 Decision is available at https://is.gd/1lNGIv from Leagle.com. David Mark Bennett -- David.Bennett@tklaw.com -- for Appellee. Jeffrey David Sternklar -- jeffrey@sternklarlaw.com -- for Appellee. Brent Clark Perry , for Appellant. Dennis L. Roossien, Jr. -- droossien@munsch.com -- for Appellant. Henry Jefferson LeForce, for Appellant. Christopher D. Kratovil -- ckratovil@dykema.com -- for Appellee. Richard Barrett Phillips, Jr. -- Rich.Phillips@tklaw.com -- for Appellee. Nicole Williams -- Nicole.Williams@tklaw.com -- for Appellee. Keith Lamar Langston, for Appellee. Melanie Lynn Fry -- mfry@dykema.com -- for Appellee. John C. Leininger -- jcl@sbbolaw.com -- for Appellee. Stephen Krosschell, for Appellant. Michael Silverman, for Appellee. Klint Bruno, for Appellee. About Life Partners Holdings Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The case was assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, served as counsel to the Debtor. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee was represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). LUVU BRANDS: Expects More Automation to Boost Cash Flow ------------------------------------------------------- Luvu Brands, Inc., provided to the Securities and Exchange Commission a handout that contains information that the members of the Company management will use during meetings with investors, analysts, and other interested parties to assist their understanding of the Company from time to time throughout fiscal 2018. Other presentations and related materials will be made available as they are presented during the year. This handout is also available at https://is.gd/RL7gRp "We have experienced periods of fast growth and slow growth (and yes, even negative growth). But regardless of the economic climate, our Company has continued to evolve, and since inception, we have produced and sold $100 million of Liberator products and grossed over $177 million for all brands combined. And we think that's something to be proud of!" said Louis Friedman, president and CEO of Luvu Brands. "In addition to the Liberator product line, our Jaxx Living collection has grown to become one of the leading domestic producers of fashion bean bags and casual indoor/outdoor loungers. Over the past 12 months, the Jaxx brand had net sales of $3.4 million, mostly through web retailers and Amazon. And with our innovations in vacuum compression, we believe the potential for our Zipline collection of modular chairs, loveseats and sofas is enormous. With this new packaging design consumers can now purchase a comfortable, durable and contemporary sleeper-loveseat in box, carry it to their car, and easily move it into their home or apartment. "Earlier this calendar year, we decided to allocate all our resources on selling our own branded products and, as a result, we ended our adult toy distribution relationships. This enables us to utilize our warehouse space, sales personnel and employees to focus on expanding the Liberator, Jaxx and Avana brands, which are sold at significantly higher gross margins. So although we expect to experience a short-term decline in net sales, we should also see an improvement in the gross profit as a percentage of net sales. And, because we are more focused on selling our branded products, we also expect to see acceleration in the rate of sales growth for those products. "Our vision for Luvu Brands has not changed. We continue to believe that our long-term success is based on providing customers with products that enhance intimacy and sleep and add fun back into casual seating. We strive to reduce our carbon footprint through vacuum compression and re-purposing our foam scrap into useful products. We act with conscious intent to provide a meaningful solution to our customers' needs while keeping sewn goods manufacturing here in America," Mr. Friedman concluded. The Company intends to: (a) continue to improve cash flow from operations through more automation and a focus on higher margin products; (b) continue to grow sales in all channels, especially the higher margin e-commerce channels; (c) pay down debt to improve its balance sheet; and (d) increase shareholder communications. About Luvu Brands Formerly known as Liberator, Inc., Luvu Brands, Inc. (OTCMKTS:LUVU) is an Atlanta, Georgia-based manufacturer that has built several brands in the wellness, lifestyle and casual furniture and seating categories. The Company's brands are headquartered in Atlanta in a 140,000 square foot manufacturing facility. The Company also manages, markets, and distributes its products directly to consumers through several websites that include: liberator.com, theliberator.co.uk, jaxxliving.com, and avanacomfort.com. Liggett & Webb, P.A. Certified Public Accountants, in Boynton Beach, Florida, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended June 30, 2017, noting that the Company has a working capital deficit of approximately $1.8 million, and an accumulated deficit of approximately $9 million. These factors raise substantial doubt about the Company's ability to continue as a going concern. Luvu Brands reported net income of $203,000 on $16.93 million of net sales for the year ended June 30, 2017, compared to a net loss of $312,000 on $16.82 million of net sales for the year ended June 30, 2016. As of Sept. 30, 2017, Luvi Brands had $3.53 million in total assets, $5.91 million in total liabilities and a total stockholders' deficit of $2.37 million. MARKS FAMILY: U.S. Not Compelled to Turnover Truck, Court Says -------------------------------------------------------------- Chief Bankruptcy Judge Susan V. Kelley entered an order granting the United States' motion to dismiss the adversary proceeding captioned Marks Family Trucking, LLC, Plaintiff, v. United States of America, Defendant, Adversary No. 17-2276 (Bankr. E.D.Wis.). Law enforcement authorities pulled over Michael Marks while he was driving a truck ostensibly owned by Marks Family Trucking, LLC. The truck contained illegal drugs. A grand jury indicted Mr. Marks and included a forfeiture allegation against the truck. On July 13, 2017, Marks Family Trucking filed a Chapter 11 case, and 15 days later, the U.S. District Court for the Western District of Wisconsin entered a preliminary order of forfeiture against the truck. The LLC objected, claiming that the truck is property of the bankruptcy estate. The United States then dismissed the forfeiture allegation in the criminal case, but filed a civil complaint against the truck and refused to release the truck. The LLC filed this adversary proceeding to compel turnover of the truck and hold the United States in contempt for violating the automatic stay. The United States moved to dismiss the complaint under Bankruptcy Rule 7012, incorporating Federal Rule of Civil Procedure 12(b). The LLC argues that the forfeiture action does not come within the police powers exception because "the Government is seeking to take the Debtor's property merely because its property was used in a crime." But the LLC clearly has the opportunity to argue in the civil forfeiture action that the LLC is the innocent owner of the truck. Title 18 U.S.C. section 983(d) states that an innocent owner's interest in property will not be forfeited under any civil forfeiture statute. This provision allows the LLC to press its claim that the LLC, not Mr. Marks, owns the truck, and that the LLC and Mrs. Marks did not know of Mr. Marks' criminal activity. These arguments are better addressed to the District Court presiding over the civil forfeiture action. To the extent this Court has the ability and the authority to adjudicate whether the LLC is the innocent owner of the truck, the Court abstains. In sum, the automatic stay did not apply to prevent the institution or continuance of the forfeiture action against the truck. The truck should not be turned over to the LLC for the adjudication of the estate's interest in the truck. Instead, the LLC can and should assert its claim to the truck in the District Court civil forfeiture action, not in this Court. The motion to dismiss the Complaint is granted. The bankruptcy case is in re: Marks Family Trucking, LLC, Chapter 11, Debtor, Case No. 17-26876-svk (Bankr. E.D. Wis.). A full-text copy of Judge Kelley's Memorandum Decision and Order dated Dec. 1, 2017 is available at https://is.gd/uzLl0M from Leagle.com. Marks Family Trucking, LLC, Plaintiff, represented by Nicholas L. Hahn -- nhahn@oshkoshlawyers.com -- Steinhilber Swanson LLP & Paul G. Swanson -- pswanson@oshkoshlawyers.com -- Steinhilber Swanson LLP. United States Of America, Defendant, represented by Lisa Yun , U.S. Attorney's Office. About Marks Family Trucking Marks Family Trucking, LLC, is engaged in contract truck hauling. The Company owns a fee simple interest in a property located at 5230 E. Burnett Street, Beaver Dam, Wisconsin -- office, garage and yard -- from which it operated. It paid $350,000 for the property five years ago and the current value is thought to be at least this much. Marks Family Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 17-26876) on July 13, 2017. Rebecca L. Marks, its manager, signed the petition. The Debtor hired Steinhilber Swanson LLP as counsel. The Debtor disclosed $1.65 million in assets and $969,984 in liabilities as of the bankruptcy filing. Judge Susan V. Kelley presides over the case. On Aug. 11, 2017, the Court appointed Auction Specialists as auctioneer. METROTEK ELECTRICAL: DOJ Watchdog Seeks Ch. 11 Trustee Appointment ------------------------------------------------------------------ According to a notice, Acting U.S. Trustee Andrew R. Vara will file a motion with the U.S. Bankruptcy Court for the District of New Jersey for an order directing the appointment of a chapter 11 trustee in the case of Debtor Metrotek Electrical Services Company, or in the alternative, converting the case to a case under chapter 7. The U.S. Trustee contends that the Debtor has canceled its insurance without reporting such cancellation to the Court or to the Office of the U.S. Trustee. In addition, the Debtor has been selling off assets without Court permission. The asset sales have not been reported in the Debtor's monthly operating reports ("MOR") and the proceeds have not been deposited into the Debtor's debtor-in-possession bank account. The incomplete and misleading MORs are further demonstration of gross mismanagement or dishonesty or incompetence on behalf of the management of the Debtor. The Court should immediately appoint a chapter 11 trustee in this case. A chapter 11 trustee would be able to reestablish insurance and would allow an independent fiduciary to examine the Debtor’s books and records for diversion of assets and other instances of mismanagement. A chapter 11 trustee would also be able to take action to restore any diverted funds to the estate. If the Court does not direct the appointment of a chapter 11 trustee, the U.S. Trustee asks that the case be converted to chapter 7. About MetroTek MetroTek Electrical Services Company filed a chapter 11 petition (Bankr. D.N.J. Case No. 16-25628) on August 15, 2016. The petition was signed by Reiner Jaeckle, chief operating officer. The Debtor disclosed $641,184 in assets and $2.56 million in liabilities. The case is assigned to Judge Christine Gravelle. The Debtor is represented by Allen I. Gorski, Esq., at Gorski & Knowlton PC. No official committee of unsecured creditors has been appointed in the case. On June 7, 2017, the Debtor filed a Chapter 11 plan of reorganization and disclosure statement. MICHELE MAYER: Proposes a Short Sale of Ivanhoe Property for $93K ----------------------------------------------------------------- Michele Ann Mayer asks the U.S. Bankruptcy Court for the Southern District of California to authorize the short sale of her real property located at 15865 Paradise Ave, Ivanhoe, California for $92,500. The Debtor is the owner of her principal residence in Lakeside, California, and 16 properties in Tulare County, California ("Rental Properties"). She has sold three of the Rental Properties for profit and is holding the proceeds in a blocked account for the benefit of creditors in her Plan. She has negotiated or is in the process of negotiating "short sales" on eight of the Rental Properties. The Short Sale Properties are over-encumbered by liens and thus have no value to the estate. Furthermore, these properties are a drain on estate resources insofar as they are not receiving rental income but accrue expenses to maintain. The Debtor wishes to "short sell" the Subject Property. She asks authorization from the Court to close the short sale only upon agreement from all secured lenders. She does not seek through the Motion to adversely affect any creditor without their consent. She has employed her real estate broker Cindy Coray and Modern Broker for purposes of selling the Subject Property. The Broker undertook extensive marketing efforts to list and to sell the Subject Property by listing it in the Tulare County MLS, and picked up by Zillow, Realtor.com, Homes.com, and the Broker believes the sale price is a reasonable price reflective of the fair market value of the Subject Property. The Debtor's Broker believes the offer is fair and reasonable and in the best interest of the Debtor and her estate. The fair market value of The Subject Property is $92,500. The Subject Property is a 4-bedroom, 2-bathroom, 1202 sq. ft. single-family home. It is in fairly good shape with tile floors throughout. The Subject Property is encumbered by one deed of trust, in favor of Bayview Loan Servicing, LLC as a first position lien in the approximate amount of $137,579. The total amount of encumbrances on the Subject Property is approximately $137,579. The Debtor has entered into an agreement with her lender to "short sell" the Subject Property. The agreed gross sales price is $92,500, free and clear of liens. The Debtor has reached an agreement with Bayview to settle Bayview's lien in full for $85,306. She has received an approval letter from Bayview confirming this agreement. The Short Sale Approval is subject to expiration on Jan. 14, 2018. However, the Debtor's real estate broker is in active discussions with Bayview and is confident the expiration date can be extended to allow the short sale to close if additional time is needed. The commissions of up to $5,850 are to be paid to the brokers facilitating the sale, with other liabilities and costs of sale in the amount of $1,986, totaling $7,536. The Debtor will receive no proceeds or compensation in any form from the proposed short sale. The estimated closing date for the short sale on the Subject Property is Jan. 12, 2018. However, it is anticipated that the parties will request a short extension following the filing of the Motion. In the event that the current Short Sale approval expires by its terms, the Debtor must seek and obtain from the secured lienholders, including Bayview, either an extension of the Short Sale Approval, or new short sale approval, in accordance with all of the secured lienholder's short sale procedures and requirements. Further, any such short sale may only be consummated in strict accordance with the terms and provisions of any such extension of the Short Sale Approval, or subsequently issued short sale authorization. The Debtor agrees to provide the Office of the United States Trustee a copy of the escrow closing statement within 14 days of the close of escrow as a condition to any approval of the Motion. The Debtor anticipates closing escrow imminently after the hearing on the Motion, if the Motion is approved, for a number of reasons including ensuring that the Buyer does not back out of the proposed sale. Accordingly, the Debtor asks the Court to waive the 14-day stay of FRBP 6004(h), and that she will be authorized to close the sale immediately upon approval by the Court. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Michele_Mayer_206_Sales.pdf Lakeside, California-based Michele Ann Mayer sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 16-07171) on Nov. 25, 2016. The Debtor tapped Andrew Moher, Esq., at Moher Law Group, as counsel. She also engaged Cindy Coray and Modern Broker as her real estate broker through March 5, 2018. MICHELE MAYER: Proposes a Short Sale of Visalia Property for $117K ------------------------------------------------------------------ Michele Ann Mayer asks the U.S. Bankruptcy Court for the Southern District of California to authorize the short sale of her real property located at 2341 North Sea Ct, Visalia, California for $117,000. The Debtor is the owner of her principal residence in Lakeside, California, and 16 properties in Tulare County, California ("Rental Properties"). She has sold three of the Rental Properties for profit and is holding the proceeds in a blocked account for the benefit of creditors in her Plan. She has negotiated or is in the process of negotiating "short sales" on eight of the Rental Properties. The Short Sale Properties are over-encumbered by liens and thus have no value to the estate. Furthermore, these properties are a drain on estate resources insofar as they are not receiving rental income but accrue expenses to maintain. The Debtor wishes to "short sell" the Subject Property. She asks authorization from the Court to close the short sale only upon agreement from all secured lenders. She does not seek through the Motion to adversely affect any creditor without their consent. She has employed her real estate broker Cindy Coray and Modern Broker for purposes of selling the Subject Property. The Broker undertook extensive marketing efforts to list and to sell the Subject Property by listing it in the Tulare County MLS, and picked up by Zillow, Realtor.com, Homes.com, and the Broker believes the sale price is a reasonable price reflective of the fair market value of the Subject Property. The Debtor's Broker believes the offer is fair and reasonable and in the best interest of the Debtor and her estate. The fair market value of The Subject Property is $117,000. It is a 3-bedroom, 2-bathroom, 1148 sq. ft. single-family home in a very nice planned unit development. It has an open floor plan, large pie shaped backyard with a newer roof and newer heater/air conditioner but is in extreme disrepair. The Subject Property has several broken windows, holes in some of the wall, the carpet through the house is ruined, and the weeds in the backyard are waist high. It is in a flood zone and requires flood insurance. The Subject Property is encumbered by one deed of trust, in favor of Nationstar Mortgage, LLC, doing business as Mr. Cooper as a first position lien in the approximate amount of $128,258. The total amount of encumbrances on the Subject Property is approximately $128,258. The Debtor has entered into an agreement with her lender to "short sell" the Subject Property. The agreed gross sales price is $117,000, free and clear of liens. The Debtor has reached an agreement with Mr. Cooper to settle Mr. Cooper's lien in full for $105,069. The Debtor has received an approval letter from Mr. Cooper confirming this agreement. The Short Sale Approval is subject to expiration on Dec. 28, 2017. However, the Debtor's real estate broker is in active discussions with Mr. Cooper and is confident the expiration date can be extended to allow the short sale to close if additional time is needed. The commissions of up to $5,850 are to be paid to the brokers facilitating the sale, with other liabilities and costs of sale in the amount of $3,835, totaling $9,685. As set out in the Short Sale approval, Mr. Cooper proposes to pay the Debtor $3,000 as an incentive for completing the short sale, that will be paid out to the Office of the U.S. Trustee, due to an apparent misunderstanding by the lender over the proper fiduciary for the Debtor. Debtor requests that, if such incentive is paid pursuant to the Short Sale these funds may be turned over to her as manager of her own estate so that she may place the funds in the Blocked Account for the benefit of all creditors. The Debtor will discuss with counsel for Mr. Cooper and counsel for the United States Trustee to resolve this issue and ensure that, if the benefit is received, the language in the proposed order will be acceptable to both parties. The Debtor will receive no proceeds or compensation in any form from the proposed short sale, other than the possible $3,000 short sale incentive as discussed above, if agreed to by Mr. Cooper and the Office of the United States Trustee. The estimated closing date for the short sale on the Subject Property is Jan. 15, 2018. However, it is anticipated that the parties will request a short extension following the filing of the Motion. The Debtor asks authority to close the short sale only upon consent from all secured lienholders on the terms of the current approval or any future approval from the secured lienholders agreed to by all parties. In the event that the current Short Sale approval expires by its terms, the Debtor agrees that she must seek and obtain from the secured lienholders, including Mr. Cooper, either an extension of the Short Sale Approval, or new short sale approval, in accordance with all of the secured lienholders short sale procedures and requirements. Further, any such short sale may only be consummated in strict accordance with the terms and provisions of any such extension of the Short Sale Approval, or subsequently issued short sale authorization. The Debtor anticipates closing escrow imminently after the hearing on the Motion, if the Motion is approved, for a number of reasons including ensuring that the Buyer does not back out of the proposed sale. Accordingly, the Debtor asks the Court to waive the 14-day stay of FRBP 6004(h), and that she will be authorized to close the sale immediately upon approval by the Court. A copy of the Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Michele_Mayer_203_Sales.pdf Lakeside, California-based Michele Ann Mayer sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 16-07171) on Nov. 25, 2016. The Debtor tapped Andrew Moher, Esq., at Moher Law Group, as counsel. She also engaged Cindy Coray and Modern Broker as her real estate broker through March 5, 2018. MICRO CONTRACT: Business Profits to Fund Proposed Plan ------------------------------------------------------ Micro Contract Manufacturing, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York a disclosure statement explaining its chapter 11 reorganization plan. The Allowed Class I Priority Claims of all taxing authorities will be paid by the Debtor over a period of seven years with interest at 4% per annum which is upon the same terms and conditions as the Class II Creditor. All payments to taxing authorities will first be applied to "trust fund" taxes and, thereafter, to "general" taxes. Unsecured portions will be paid the same as general unsecured creditors. Class VII consists of the allowed unsecured or undisputed claims of the remaining general unsecured creditors. It is anticipated that the funds for payment under the plan will come from the Debtor's profits. The Debtor has not ruled out the possibility of securing a loan to fund the plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nyeb8-17-71699-55.pdf About Micro Contract Manufacturing Micro Contract Manufacturing, Inc., is a domestic corporation existing under an by virtue of the laws of the State of New York with its principal place of business located at 27E Industrial Blvd., Medford, New York. It is from this location that the company conducts its manufacturing operations. Micro Contract Manufacturing filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-71699) on March 23, 2017. The petition was signed by Thomas DeGasperi, president. At the time of filing, the Debtor estimated assets and liabilities to be between $1 million and $10 million. The case is assigned to Judge Robert E. Grossman. The Debtor's attorney is Harold M. Somer, Esq., at Harold M Somer, P.C. No trustee, examiner or official committee has been appointed in the case. MIDWAY GOLD: Court Confirms Chapter 11 Plan of Liquidation ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colordao has confirmed Midway Gold US, Inc., and its debtor affiliates' revised second amended joint Chapter 11 plan of liquidation dated Oct. 18, 2017. A copy of the court order is available at: http://bankrupt.com/misc/cob15-16835-1363.pdf As reported by the Troubled Company Reporter on Nov. 6, 2017, the Debtors revised their second amended joint Chapter 11 plan of liquidation dated Oct. 18, 2017. General Unsecured Claims are impaired under the Plan. Instead of Class 8 includes the unsecured portion of Jacobs Field Services North America, Inc.'s claim pursuant to the Jacobs Settlement but excludes (i) all claims asserted by Ledcor CMI Inc., which have been withdrawn and released with prejudice pursuant to the Ledcor Settlement, and (ii) the unsecured portion of any Claims filed by the Mechanic's Lien Claimants, which have been waived pursuant to the Mechanic's Lien Settlement. It also includes all other deficiency claims of secured creditors of MDW Pan, if any. About Midway Gold Midway Gold Corp., incorporated on May 14, 1996, under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835, Midway Gold US Inc. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. The U.S. Trustee appointed seven creditors to serve on the official committee of unsecured creditors in the Debtors' cases. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MIKE FARRELL'S: New Plan Discloses Info on Pending Litigation ------------------------------------------------------------- Mike Farrell's Detroit Wrecker Sales, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan an amended disclosure statement referring to its plan of reorganization dated Nov. 28, 2017. This filing adds information regarding the litigation involving the Debtor. In conjunction with this litigation, Gregory Errigo has alleged that he was damaged by an intentional tort committed by the Debtor when it abandoned 19630 Fitzpatrick which constituted waste. Gregory Errigo believes that the Debtor was occupying 1630 Fitzpatrick Street, Detroit, Michigan and left the building in bad shape, with an unpaid water bill, and owing $15,000 in property taxes, which Mr. Errigo characterizes as deliberate or wreckless waste. The Debtor disputes Gregory Errigo’s claims. The Debtor estimates that Unsecured Creditors are owed approximately $694,756.76. A listing of the Debtor's Unsecured Creditors is on file with the Bankruptcy Court. In addition, the value of Gregory Errigo and Richard Farrell d/b/a Detroit Wrecker Sales, Inc.’s claims against the Debtor as described in the Farrell Litigation will be determined by the Oakland County Circuit Court after the date of the Confirmation Hearing. On the same date, the Debtor filed a second amended disclosure statement for its chapter 11 plan of reorganization. It states that Richard Farrell and Detroit Wrecker Sales, Inc., have alleged in the Farrell Litigation that Michael Farrell, Laura Farrell and Lee Dunn are jointly and severally liable for some or all the damages alleged in the Farrell Litigation. Gregory Errigo has alleged in the Farrell Litigation that Michael Farrell, Laura Farrell and Lee Dunn are jointly and severally liable for some or all of the damages alleged in the Farrell Litigation. A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/mieb17-53308-87.pdf A copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/mieb17-53308-89.pdf About Mike Farrell's Detroit Wrecker Sales Mike Farrell's Detroit Wrecker Sales, LLC, designs, manufactures and sells and services towing equipment nationally. Mike Farrell's filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 17-53308) on Sept. 22, 2017. Jeffrey J. Sattler, Esq., and Kim K. Hillary, Esq., at Schafer & Weiner PLLC, serve as the Debtor's bankruptcy counsel. MILLARD W. TONG: Court Grants Bid to Dismiss Appeal --------------------------------------------------- In the appeals case captioned MILLARD W. TONG, CHAPTER 11. Appellant, v. THE CALIFORNIA DEPARTMENT OF INDUSTRIAL RELATIONS, Appellee, Case No. 4:17-cv-01201-HSG (N.D. Cal.), District Judge Haywood S. Gilliam, Jr., issued an order dismissing the appeal pursuant to the stipulation entered into by the parties. This Stipulation is made between and among Millard W. Tong, individually and as Debtor-in-Possession, and California Department of Industrial Relations, Edward Kunnes, and Evan Adams. As the results of a judicially supervised settlement conference, the Debtor and DIR have entered into agreements memorialized in stipulation that, among other matters, settled the issues pending before this Court. The bankruptcy court has authorized settlement of these issues and the parties have performed all agreements under the settlement. Accordingly, Debtor and DIR stipulate as follows: Debtor and DIR jointly request that the United States District Court, sitting as the court of appeal, regarding Debtor's motion for contempt, dismiss said appeal with each party to bear their own costs and attorney's fees. A copy of the Court's Order dated Nov. 28, 2017, is available at https://is.gd/ijxEc1 from Leagle.com. Millard W Tong, Appellant, represented by Lawrence A. Jacobson -- laj@cohenandjacobson.com -- Cohen and Jacobson. Millard W Tong, Appellant, represented by Sean Michael Jacobson, Cohen and Jacobson LLP. U.S. Trustee Office of the U.S. Trustee / SF, Appellee, represented by Barbara A. Matthews -- barbara.a.matthews@usdoj.gov -- Office of the U.S. Trustee, Cameron Myles Gulden, Office of the United States Trustee & Donna Shizuko Tamanaha, Office of the U.S. Trustee. California Department of Industrial Relations, Appellee, represented by Christopher William Frick, Department of Industrial Relations Office of the Director Legal Unit. Edward A Kunnes, Appellee, represented by Christopher William Frick, Department of Industrial Relations Office of the Director Legal Unit. Evan R Adams, Appellee, represented by Christopher William Frick, Department of Industrial Relations Office of the Director Legal Unit. About Millard W. Tong Millard W. Tong filed for chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 15-30275) on March 8, 2015, and is represented by Lawrence A. Jacobson, Esq. of Cohen and Jacobson. MLLD TRUCKING: Taps Wolfe Snowden as Legal Counsel -------------------------------------------------- MLLD Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to hire Wolfe, Snowden, Hurd, Luers & Ahl, LLP as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Wolfe Snowden does not have any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: John C. Hahn, Esq. Wolfe, Snowden, Hurd, Luers & Ahl, LLP Wells Fargo Center 1248 O St., Suite 800 Lincoln, NE 68508-1424 Phone: 402-474-1507 Email: jhahn@wolfesnowden.com Email: bankruptcy@wolfesnowden.com About MLLD Trucking LLC MLLD Trucking, LLC is a motor carrier located in Pleasanton, Nebraska. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 17-41612) on October 12, 2017. Mark A. Dobish, its president, signed the petition. 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. Judge Thomas L. Saladino presides over the case. MONAKER GROUP: Files Pro Forma Financial Statements --------------------------------------------------- As reported in the Current Reports on Form 8-K filed by Monaker Group, Inc. on Nov. 17, 2017 and Nov. 27, 2017, the Company previously entered into a: (a) Purchase Agreement on Nov. 14, 2017, with Michael Heinze, Michael Kistner and Rebecca Dernbach, whereby the Company purchased source code in connection with an alternative lodging platform for $75,000 in cash and 86,957 shares of restricted common stock with a market value of $2.30 per share and an aggregate value of $200,000 for a total acquisition of $275,000; (b) Platform Purchase Agreement on Oct. 23, 2017, with Exponential, Inc., which offers a white-label e-commerce platform, pursuant to which XPO agreed to provide the Company software development services in connection with the development of an e-commerce platform (the Monaker Booking Engine (MBE)) and related application program interfaces (APIs), to further manage all merchant relationships sold on the platform and reporting and accounting thereof and to make the Company the exclusive provider of alternative lodging rentals (ALRs) for all travel sales on XPO's platforms, in consideration for 500,000 shares of restricted common stock at $2.97 per share for a total acquisition of $1,485,000; and (c) Purchase Agreement on Nov. 21, 2017, with A-Tech LLC on behalf of its wholly-owned subsidiary Parula Village Ltd., whereby the Company purchased from A-Tech ownership of 12 parcels of land on Long Caye, Lighthouse Reef, Belize for 600,000 shares of restricted common stock at $2.41 per share for a total acquisition of $1,446,000 plus a derivative liability in the amount of $54,00 to account for the guarantee purchase of $1,500,000 and A-Tech agreed to construct 12 vacation rental residences on the property within 270 days of closing of the transaction. The Company filed on Dec. 7, 2017, a Current Report on Form 8-K in order to provide certain unaudited pro forma consolidated financial information showing the effect of the October and November 2017 Transactions on its balance sheet as of Aug. 31, 2017, and Feb. 28, 2017. Monaker Group's proforma balance sheet as of Aug. 31, 2017, showed $9.69 million in total assets, $4.54 million in total liabilities and $5.14 million in total stockholders' equity. Full-text copies of the pro forma financial statements are available for free at: https://is.gd/EU1drm https://is.gd/xloHoU https://is.gd/yTqXzc About Monaker Headquartered in Weston, Florida, Monaker Group, Inc., formerly known as Next 1 Interactive, Inc. -- http://www.monakergroup.com/ -- operates online marketplaces for the alternative lodging rental industry and facilitate access to alternative lodging rentals to other distributors. Alternative lodging rentals (ALRs) are whole unit vacation homes or timeshare resort units that are fully furnished, privately owned residential properties, including homes, condominiums, apartments, villas and cabins that property owners and managers rent to the public on a nightly, weekly or monthly basis. The Company's marketplace, NextTrip.com, unites travelers seeking ALRs online with property owners and managers of vacation rental properties located in countries around the world. As an added feature to the Company's ALR offering, the Company also provides access to airline, car rental, hotel and activities products along with concierge tours and activities, at the destinations, that are catered to the traveler through its Maupintour products. LBB & Associates Ltd. LLP, in Houston, Texas, stated in its report on the Company's consolidated financial statements for the year ended Feb. 28, 2017, that the Company's accumulated deficit and limited financial resources raise substantial doubt about the Company's ability to continue as a going concern. Monaker reported a net loss of $7.10 million on $400,277 of revenues for the year ended Feb. 28, 2017, compared to a net loss of $4.55 million on $544,658 of revenues for the year ended Feb. 29, 2016. As of Aug. 31, 2017, Monaker had $6.50 million in total assets, $4.49 million in total liabilities and $2.01 million in total stockholders' equity. N214FT LLC: Latest Plan Discloses $107K Payment to Baker Aviation ----------------------------------------------------------------- N214FT, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a first amended disclosure statement, dated Nov. 28, 2017, in support of the Debtor's Chapter 11 plan. N214FT is a Fort Worth, Texas limited liability company that was formed in 2014. N214FT hast two members, Dustin Rall and Scott Schuster. The Debtor is the legal and registered owner of a Dassault Aviation model Mystere-Falcon 50 aircraft and IS engaged in the business of Aircraft ownership, including acting through a property manager to charter the Aircraft. Baker Aviation is the Debtor's only general Unsecured Creditor. The Debtor owes Baker Aviation approximately $132,000 for prepetition amounts under the Aircraft Management Agreement. These amounts represent charges for accrued monthly management fees; hangar fees; owner trip expenses; operating expenses; maintenance expenses; and crew salaries, benefits, and taxes. Baker Aviation was the recipient of a $107,000 payment on May 18, 2017; however, this payment to Baker Aviation was pursuant to the terms of the Aircraft Management Agreement and the Debtor submits was made in the ordinary course of the Debtor's business. History has shown the willingness and ability of the Members to fund the Debtor, as prior to the commencement of this Bankruptcy Case the Members have funded at least $2,600,000 toward obligations of the Debtor, particularly without limitation, the Members have effected payment of 100% of the prepetition payments upon the note representing the UMB Claim. Any suggestion that such Members will not continue to make payments as called for under the Plan after they have paid all payments received by UMB to date, would be unreasonable. A copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/txnb17-43289-11-48.pdf About N214FT, LLC Based in Fort Worth, Texas, N214FT, LLC, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-43289) on Aug. 10, 2017. The petition was signed by Dustin Rall, manager of N21FT, LLC. Judge Mark X. Mullin presides over the case. Louis M. Phillips, Esq., of Kelly Hart & Pitre represents the Debtor as counsel. At the time of filing, the Debtor estimates $1 million to $10 million in assets and liabilities. NAVISTAR INTERNATIONAL: Will File Its Q4 Financials on Dec. 19 -------------------------------------------------------------- Navistar International Corporation announced that it will report its fiscal 2017 fourth quarter financial results on Tuesday, Dec. 19, 2017. The company will host a conference call and present via a live webcast its fiscal 2017 fourth quarter financial results on Tuesday, December 19th at approximately 9:00 a.m. Eastern (8:00 a.m. Central). Speakers on the webcast will include Troy Clarke, chairman, president and chief executive officer and Walter Borst, executive vice president and chief financial officer, among other company leaders. Those who wish to participate in the conference call may do so by dialing: (877) 303-3199. Additionally, the webcast can be accessed through the investor relations page of the company's website at http://www.navistar.com/navistar/investors/webcasts.Investors are advised to log on to the website at least 15 minutes prior to the start of the webcast to allow sufficient time for downloading any necessary software. The webcast will be available for replay at the same address approximately three hours following its conclusion and will remain available for a limited time. About Navistar Headquartered in Lisle, Illinois, Navistar International Corporation (NYSE: NAV) -- http://www.Navistar.com/-- is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, proprietary diesel engines, and IC Bus brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Navistar reported a net loss attributable to the Company of $97 million on $8.11 billion of net sales and revenues for the year ended Oct. 31, 2016, compared with a net loss attributable to the Company of $184 million on $10.14 billion of net sales and revenues for the year ended Oct. 31, 2015. As of July 31, 2017, Navistar had $6.08 billion in total assets, $11 billion in total liabilities, and a total stockholders' deficit of $4.92 billion. * * * Navistar carries a 'B3' Corporate Family Rating (CFR) and stable outlook from Moody's. Moody's said in January 2017 that Navistar's ratings reflects the continuing challenges the company faces in re-establishing its competitive position and profitability in the North American medium and heavy truck markets. In October 2017, S&P Global Ratings affirmed its 'B-' corporate credit rating on Navistar International Corp. The outlook remains stable. "We could lower our ratings on Navistar if the company faces challenges that prevent it from maintaining its profitability, causing its credit measures to deteriorate or its liquidity to weaken. We could also lower our ratings if we come to believe that Navistar is dependent upon favorable business, financial, and economic conditions to meet its financial commitments, or if we view the company's financial obligations as unsustainable in the long term." As reported by the TCR on Oct. 26, 2017, Fitch Ratings affirmed the Issuer Default Ratings (IDRs) for Navistar International Corporation (NAV), Navistar, Inc., and Navistar Financial Corporation (NFC) at 'B-'. The Rating Outlook is Stable. Fitch expects NAV's debt and leverage could be nearly unchanged or increase slightly following the completion of its refinancing plans. NEONODE INC: John Reardon Will Quit as Director ----------------------------------------------- John Reardon informed the Board of Directors of Neonode Inc. on on Dec. 6, 2017, that he is resigning as a director to concentrate his time and efforts to his family and their needs. Mr. Reardon's resignation will take effect within the next 60 days. Neonode thanks Mr. Reardon for his more than 13 years of service as a member of the Board of Directors. About Neonode Headquartered in Stockholm, Sweden, Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com/-- develops and licenses optical interactive sensing technologies. Neonode's patented optical interactive sensing technology is developed for a wide range of devices like automotive systems, printers, PC devices, monitors, mobile phones, tablets and e-readers. NEONODE and the NEONODE Logo are trademarks of Neonode Inc. registered in the United States and other countries. AIRBAR is a trademark of Neonode Inc. Neonode incurred a net loss attributable to the Company of $5.29 million for the year ended Dec. 31, 2016, a net loss attributable to the Company of $7.82 million for the year ended Dec. 31, 2015, and a net loss attributable to the Company of $14.23 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Neonode had $15.70 million in total assets, $5.70 million in total liabilities and $10 million in total stockholders' equity. NEONODE INC: Thomas Eriksson Will Step Down as President & CEO -------------------------------------------------------------- As disclosed in a Form 8-K filed with the Securities and Exchange Commission, Thomas Eriksson informed the Board of Directors of Neonode Inc. that he will resign his position as president and chief executive officer of Neonode by Dec. 31, 2017. Mr. Eriksson remains a member of the Board of Directors of Neonode. Upon Mr. Eriksson's resignation, Andreas Bunge will serve as interim chief executive officer of Neonode. Mr. Bunge currently is and will remain a member of the Board of Directors of Neonode. Mr. Bunge, age 57, since 2015 has been chief executive officer of Merkatura AB, a private holding company, and provides business consulting for technology companies. Between 2012 and 2015, he served as chief executive officer of Spago Nanomedical AB (formerly Spago Imaging AB) until its public listing on the NASDAQ OMX Nordic stock exchange. Between 2005 and 2012, Mr. Bunge founded and served as chief executive officer of Accelerator Nordic AB, which spun-off Spago Imaging in 2012. Prior to Accelerator Nordic, he founded and served as chief executive officer of Applied Sensor/Nordic Sensor Technology AB and held various managerial positions at Intentia AB. He also has served as a member of the boards of directors of numerous companies during the past 15 years. Mr. Bunge has an MSc in Engineering and Management from Linkoping University. About Neonode Headquartered in Stockholm, Sweden, Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com/-- develops and licenses optical interactive sensing technologies. Neonode's patented optical interactive sensing technology is developed for a wide range of devices like automotive systems, printers, PC devices, monitors, mobile phones, tablets and e-readers. NEONODE and the NEONODE Logo are trademarks of Neonode Inc. registered in the United States and other countries. AIRBAR is a trademark of Neonode Inc. Neonode incurred a net loss attributable to the Company of $5.29 million for the year ended Dec. 31, 2016, a net loss attributable to the Company of $7.82 million for the year ended Dec. 31, 2015, and a net loss attributable to the Company of $14.23 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Neonode had $15.70 million in total assets, $5.70 million in total liabilities and $10 million in total stockholders' equity. NEVADA GAMING: Creditors' Panel Seeks Appointment of Ch. 11 Trustee ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of Nevada Gaming Partners, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to direct the appointment of a Chapter 11 Trustee. The Committee relates that the Debtor had three business ventures as the Petition Date, and the Debtor (a) has already sold the Slot Routes Business, (b) has authority to sell the Casino Business before the end of the year, and (c) still controls the Refurbishment Business, with plans to sell it as well. On November 9, 2017, the Court entered the Second Amended Casino Sale Order relating to sale of certain assets of the Debtor's Casino Business and certain assets of Non-Debtor Klondike Partners, LLC. Pursuant to which the Casino Sale Bid Order, the Debtor will accept bids for the Casino Assets until December 11, 2017 at 4:00 p.m. prevailing Pacific Time, and conduct the Auction on December 19, 2017. The Debtor is then directed to file a motion by December 22, 2017 if it receives a Successful Bid. The Committee asserts that it is crucial that the Court immediately appoint a Chapter 11 Trustee in this Bankruptcy Case. The Committee says that appointment of a Chapter 11 Trustee is the only way the bankruptcy estate and its creditors will be protected from the self-interest of Debtor's insider, Bruce Familian. Instead of acting as a fiduciary for the bankruptcy estate and the Debtor's creditors, the Committee contends that Familian is acting entirely in his own self-interest. The Committee seeks for the appointment of a Chapter 11 Trustee for at least the following reasons: (a) Familian cannot act as a fiduciary for the estate because he is too self-interested; (b) Familian has proven that he will put his own interests before those of the Debtor or its estate; (c) Familian has proven that he will continue to sabotage the Debtor's bankruptcy even if he is not in a management role unless the Court orders him to cooperate; (d) Familian has continually acted to maximize the value of his non-debtor companies at the expense of the Debtor; (e) Familian has continually acted to maximize the value of his non-debtor companies at the expense of the Debtor; and (f) There is a very real and viable path for the Debtor to seamlessly exit bankruptcy that Familian is refusing to take, but that can be easily implemented by a Chapter 11 Trustee. The Committee relates that prior to the Petition Date, Familian was being paid a salary of approximately $45,000 per year. After being in charge of a company that was forced to file for bankruptcy, Familian requested that his annual salary be increased by over 800% to $325,000 per year. However, after filing an objection to the Insider Compensation Motion, the Committee agreed that Familian would be paid his requested salary until the sale of the first arm of Debtor's business, the Slot Routes. The sale of the Slot Routes Business closed on October 31, 2017. Prior to the closing, Familian contacted the Committee to request that he continue to be paid the same $325,000 salary (included in his draft stipulation are provisions exonerating him from any liability for self-dealing or wrongful conduct) until the closing of the Casino Business, notwithstanding the sale of the Slot Routes Business. The Committee refused to sign the stipulation with release provisions, which prompted Familian resigned from his management duties effective October 31, 2017. The Committee notes that Familian was absent from management for approximately two weeks and when he decided that he wanted to resume his management role, he requested that the Debtor issue a board resolution allowing him to return as manager. Athey, who issued the resolution on behalf of the board, conditioned his consent to Familian managing the Debtor on Familian getting equity holder consent before attempting to convert the Debtor's bankruptcy case to one under Chapter 7 of the Bankruptcy Code. In connection with his return to management, Familian again requested in writing that the Committee consent to him being paid $325,000 per year until the sale of the Casino Business closed. Again, the request included provisions requiring the Committee to stipulate that Familian has engaged in no self-dealing or other wrongdoing. The stipulation this time required the Committee to withdraw any references to Familian's bad acts that are already in the record. The Committee refused to sign the stipulation granting Familian personal releases. On November 15, 2017, the day Familian returned to management of the Debtor, the Debtor filed the Motion to Convert to Chapter 7 without Athey's consent. When Athey discovered that Familian planned to attempt to convert the case, he informed Familian's personal attorney that he withdrew his consent to Familian acting as manager of the Debtor. The Committee has no confidence in the ability of Familian to manage and to act as a fiduciary to the Debtor's estate in a fair and equitable way. The Committee asserts that it is evident that the Debtor has been grossly mismanaged in the past, as Familian has repeatedly demonstrated his proclivity for engaging in underhanded and dishonest tactics in order to protect his personal interests both before and after the Petition Date. Counsel for Official Committee of Unsecured Creditors: Laura Portillo, Esq. BRINKMAN PORTILLO RONK, APC 8275 S. Eastern Ave., Ste 200 Las Vegas, NV 89123-2545 Tel: (702) 598-1776 Email: firm@brinkmanlaw.com -- and -- Daren R. Brinkman, Esq. Laura J. Portillo, Esq. Kevin C. Ronk, Esq. BRINKMAN PORTILLO RONK, APC 4333 Park Terrace Drive, Ste. 205 Westlake Village, CA 91361 Tel: 818.597.2992 Fax: 818.597.2998 Email: firm@brinkmanlaw.com About Nevada Gaming Partners Headquartered in Las Vegas, Nevada, Nevada Gaming Partners, LLC, is a gaming company that focuses on slot route operations, casino, operations and refurbishment of slot machines. The Debtor operated 429 slot machines throughout the State of Nevada via its Slot Routes as of the bankruptcy filing date. The Company does business as Nevada Gaming Partners Management II, LLC, Nevada Gaming Centers, Nevada Gaming Partners Management II, Sarah's Kitchen, Nevada Gaming Partners, Evolve Gaming Management and Klondike Sunset Casino. Nevada Gaming filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 16-15521) on Oct. 12, 2016. The petition was signed by Bruce Familian, manager. The Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Laurel E. Davis presides over the case. The Debtor is represented by Brett A. Axelrod, Esq., and Micaela Rustia Moore, Esq., at Fox Rothschild LLP. Henry & Horne, LLP serves as the Debtor's financial advisor. On Jan. 12, 2017, the Office of the U.S. Trustee formed an official committee of unsecured creditors. Brinkman Portillo Ronk, APC, serves as the committee's legal counsel. NEW CAL-NEVA: Briefing Schedule Extended to Focus on Settlement --------------------------------------------------------------- In the appeals cases captioned PAUL AND EVY PAYE, LLC, a California limited liability company, Appellant. v. LAWRENCE INVESTMENTS, LLC; THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS; NEW CAL NEVA LODGE, LLC; TAHOE, LLC; 9898 LAKE, LLC, Appellees, Nos. BK-N-16-51282-GWZ, 3:17-cv-00636-RCJ, 3:17-cv-00640-RCJ (D. Nev.), Magistrate Judge Robert C. Jones of the U.S. District Court for the District of Nevada ruled that the Parties' stipulated request to extend the briefing schedule to focus on settlement is timely. In light of the ongoing settlement discussions, the Parties believe that it is in the best interest of all that the Parties focus their efforts on working toward a settlement, rather than briefing pleadings in the consolidated appeals that may become moot. This is the Parties' first request for an extension of the briefing deadline. Good cause existing, the Parties stipulate and agree: That the briefing deadlines will be extended by 14 days in all instances, which would allow the hearing on oral argument to remain on Jan. 17, 2018 at 10:00 a.m. if the appeals move forward. Accordingly, the Parties agree that the new briefing schedule will be: a. Deadline for Appellants, Paye and Hall, to file an opening brief is Friday, Dec. 15, 2017 by 5:00 p.m. b. Deadline for Appellees to file answering briefs is Monday, Jan. 1, 2018 by 5:00 p.m. c. Deadline for Appellants, Paye and Hall, to file a final reply brief is Thursday, Jan. 11, 2018 at 5:00 p.m. d. Oral argument set for Wednesday, January 17, 2018 at 10:00 a.m., or such other date as is convenient to the Court's calendar. A copy of the Stipulation dated Nov. 28, 2017, is available at https://is.gd/HHqcHr from Leagle.com. Hall CA-NV, LLC, Appellant, represented by Frank J. Wright, Gardere Wynne Sewell LLP, pro hac vice. Hall CA-NV, LLC, Appellant, represented by Nathan Aman, Fahrendorf, Viloria, Oliphant & Oster LLP. Paul and Evy Paye, LLC, Appellant, represented by Holly E. Estes, Estes Law. Paul and Evy Paye, LLC, Appellant, represented by Holly E. Estes, Estes Law. Tracy Hope Davis, Defendant, represented by William B. Cossitt, U.S. Trustee Office. Lawrence Investments, LLC, Appellee, represented by Eric Goldberg -- eric.goldberg@dlapiper.com -- DLA Piper LLP & Paul Wassgren -- paul.wassgren@dlapiper.com -- DLA Piper LLP. Official Committee of Unsecured Creditors, Appellee, represented by Courtney Miller O'Mara -- comara@fclaw.com -- Fennemore Craig, P.C., John Fiero, Fennemore Craig, P.C. & Shirley Cho, Fennemore Craing, P.C. D4US, LLC, Creditor, represented by Samuel A. Schwartz, Schwartz Flansburg PLLC & Bryan A. Lindsey, The Schwartz Law Firm, Inc. C&C Floors, Creditor, represented by Samuel A. Schwartz, Schwartz Flansburg PLLC & Bryan A. Lindsey, The Schwartz Law Firm, Inc. Curtain Wall Design and Consulting, Creditor, represented by Samuel A. Schwartz, Schwartz Flansburg PLLC & Bryan A. Lindsey, The Schwartz Law Firm, Inc. About New Cal-Neva Lodge New Cal-Neva Lodge, LLC, based in Saint Helena, California, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 16-10648) on July 28, 2016. In its petition, New Cal-Neva estimated $50 million to $100 million in assets and $10 million to $50 million in liabilities. The petition was signed by Robert Radovan, president and secretary. Judge Thomas E. Carlson presides over the case. Keller & Benvenutti LLP serves as bankruptcy counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 13, 2016. The committee hired Pachulski Stang Ziehl & Jones LLP, as legal counsel; Province, Inc., as financial advisor; and Fennemore Craig P.C. as Nevada counsel. New Cal-Neva filed a Chapter 11 plan of reorganization for the company and its parent Cal Neva Lodge, LLC. On Jan. 6, 2017, Leslie P. Busick and several other creditors proposed a Chapter 11 plan of reorganization for New Cal-Neva. The group is represented by the Law Offices of Alan R. Smith. On March 21, 2017, Ladera Development, LLC, filed a Chapter 11 plan of reorganization for New Cal-Neva and its parent. NEWNAN HOUSING: S&P Lowers 2015 Housing Bonds Rating to B+ ---------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Newnan Housing Authority, Ga.'s multifamily housing revenue bonds (Eastgate Apartments Project) series 2005 to 'B+' from 'BB-', based on its view of insufficient coverage on the remarketing date. The outlook is stable. The rating reflects S&P's view of the following weaknesses: -- Revenues from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds plus fees by the remarketing date of Feb. 2025; -- Asset/liability parity is projected to fall below 100% in February 2024; -- Insufficiency to pay reinvestment risk based on the 15-day minimum notice period required for special redemptions on Aug. 2015 in the event the security prepays; and -- A deficit is projected after reinvestment risk is paid in February 2023. Weaknesses are offset by S&P's opinion of the following credit strengths: -- Investments held in Fidelity Money Market Fund (AAAm); -- An asset-to-liability ratio of 100.44% as of Jan. 31, 2017; and -- The high credit quality of the Fannie Mae credit enhancement facility for the mortgage loan backing the bonds, which S&P considers to be 'AA+' eligible under its rating criteria. NINER INC: Hires Markus Williams, Young & Zimmermann as Counsel --------------------------------------------------------------- Niner, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Colorado to hire Markus Williams, Young & Zimmermann LLC as its counsel. Professional services Markus Williams will render are: a. assist in the preparation of the Debtor's schedules and statement of financial affairs and other pleadings necessary to file its chapter 11 case; b. assist in the preparation of pleading and related documents to affect a sale of substantially all of the Debtor's assets; c. assist in the preparation of the Debtor's plan of reorganization and disclosure statement; d. prepare on behalf of the Debtor all necessary applications, complaints, answers, motions, orders, reports, and other legal papers; e. represent the Debtor in adversary proceedings and contested matters related to the Debtor's bankruptcy case; f. provide legal advice with respect to the Debtor's rights, powers, obligations and duties as chapter 11 debtor-in-possession in the continuing operation of the Debtor's business and the administration of the estate; and g. provide other legal services for the Debtor as necessary and appropriate for the administration of the Debtor's estate. James T. Markus, a member of the law firm Markus Williams, Young & Zimmermann LLC, attests that his firm is a "disinterested person" as defined under 11 U.S.C. Sec. 101(14) and does not hold or represent any interest adverse to the Debtor's estate or any other party in interest. The Markus Williams attorneys who will work on this case include James T. Markus and Matthew T. Faga, whose respective billing rates are $445 and $315 per hour. The paralegal billing rate for MWYZ is $165 per hour. The Counsel can be reached through: James T. Markus, Esq. Matthew T. Faga, Esq. MARKUS WILLIAMS YOUNG & ZIMMERMANN LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 Email: mfaga@markuswilliams.com About Niner, Inc. Based in Fort Collins, Colorado, Niner -- http://www.ninerbikes.com/-- is an American bicycle manufacturer. The company was founded in 2005. The company offers several models of cyclocross and adventure-touring bikes. Niner, Inc. sought Chapter 11 protection (Bankr. D. Colo. Case No. 17-20796) on Nov. 27, 2017. The case is assigned to Judge Thomas B. McNamara. The Debtor tapped Matthew T. Faga, Esq., and James T. Markus, Esq., at Markus Williams Young & Zimmermann, LLC as counsel. The Debtor estimated total assets at $9.84 million and total liabilities at $7.98 million. The petition was signed by Chris Sugai, president and CEO. NINER INC: Hires W.G. Nielsen & Co. as Financial Advisor -------------------------------------------------------- Niner, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Colorado to hire W.G. Nielsen & Co. as financial advisors. Professional services that W.G. Nielsen will render are: a. advise the Debtor as to the negotiation strategies and tactics and participate in negotiations as necessary to consummate a sale of substantially all of the Debtor's assets; b. market the Debtor's assets to potential interested bidders; c. assist the Debtor and its counsel as may be necessary with the auction and sale process; and d. provide other financial advisory services for the Debtor as necessary and appropriate for the administration of the Debtor's estate and the Debtor's successful sale of its assets. Blake Nielsen, Senior Vice President of W.G. Nielsen, attests that his firm is a "disinterested person" as defined under 11 U.S.C. Section 101(14) and does not hold or represent any interest adverse to the Debtor's estate or any other party in interest. W.G. Nielsen will seek its monthly fee in the amount of $2,500 per month. To compensate W.G. Nielsen for the reduced rate and to further incentivize W.G. Nielsen to maximize the value of the Debtor's assets, W.G. Nielsen will receive a commission upon closing the sale of the Debtor's asset: a. for a gross sale price at or less than $7,000,000, an Asset Sale Fee of 5%; b. for a gross sale price greater than $7,000,000, an Asset Sale Fee of $350,000 plus 6% of the aggregate gross economic value above $7,000,000; and c. based upon the terms of the initial stalking horse bid, and to be clear, W.G. Nielsen has agreed that it will not be entitled to any Asset Sale Fee unless there are overbids, regardless of the amount of the initial bid. The Advisor can be reached through: Blake Nielsen W.G. Nielsen & Co. 3200 Cherry Creek S Dr #470 Denver, CO 80209 Phone: 303-830-1515 Fax: 303-830-6620 About Niner, Inc. Based in Fort Collins, Colorado, Niner -- http://www.ninerbikes.com/-- is an American bicycle manufacturer. The company was founded in 2005. The company offers several models of cyclocross and adventure-touring bikes. Niner, Inc. sought Chapter 11 protection (Bankr. D. Colo. Case No. 17-20796) on Nov. 27, 2017. The case is assigned to Judge Thomas B. McNamara. The Debtor tapped Matthew T. Faga, Esq., and James T. Markus, Esq., at Markus Williams Young & Zimmermann, LLC as counsel. The Debtor estimated total assets at $9.84 million and total liabilities at $7.98 million. The petition was signed by Chris Sugai, its president and CEO. ONE HORIZON: Regains Full Compliance with NASDAQ Listing Rules -------------------------------------------------------------- One Horizon Group, Inc., said it received a letter from the NASDAQ Listing Qualifications Staff on Nov. 15, 2017, notifying the Company that it has regained compliance with The NASDAQ Capital Market's minimum stockholders' equity requirement under NASDAQ Listing Rules 5550(b)(1), 5550(b)(2) or 5550(b)(3) for continued listing on The NASDAQ Capital Market and that Staff considers the matter closed. On Aug. 22, 2017, the Staff notified the Company that it did not comply with the minimum $2.5 million stockholders' equity, or $35 million market value of listed securities, or $500,000 of net income from continuing operations requirements for The NASDAQ Capital Market as required by the Rules. However, based on the Form 10-Q for the period ended Sept. 30, 2017, filed on Nov. 14, 2017, reporting stockholders' equity of $4,427,000, the Staff has determined that the Company complies with the Rules and this matter is now closed. On Nov. 7, 2017, the Company announced that it received a letter from the Staff on Nov. 6, 2017, notifying the Company that it had regained compliance with The NASDAQ Capital Market's minimum bid price requirement under Listing Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market and that Staff considers that matter closed as well. Therefore, in accordance with the Staff letters of Nov. 15, 2017, and Nov. 6, 2017, the Company is in full compliance with the applicable NASDAQ Listing Requirements. About One Horizon Group One Horizon Group, Inc. (NASDAQ: OHGI) -- http://www.onehorizongroup.com/-- is a reseller of secure messaging software for the growing gaming, security and education markets including in China and Hong Kong. The Company's independent accountants Cherry Bekaert LLP, in Tampa, Fla., issued a "going concern" opinion in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, stating 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. 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. As of Sept. 30, 2017, One Horizon had $8.67 million in total assets, $4.25 million in total liabilities and $4.42 million in total stockholders' equity. According to the Company's Form 10-Q for the period ended Sept. 30, 2017, "[T]he Company will pursue its revised operations and business plan. The Company expects to incur further non cash losses in 2017 which, when combined with any costs incurred in pursuing acquisition of new businesses, may generate negative cash flows. As of September 30, 2017, the Company did not have any available credit facilities. As a result, it is in the process of seeking new financing by way of sale of either convertible debt or equities. While it has been successful in the past in obtaining the necessary capital to support its investment and operations, there is no assurance that it will be able to obtain additional financing under acceptable terms and conditions, or at all. In the event that the Company is unable to obtain sufficient additional funding when needed in order to fund operations, it would not be able to continue as a going concern and may be forced to severely curtail or cease operations and liquidate the Company." OW BUNKER: NCL Bid to Stay London Arbitration Proceedings OK'd -------------------------------------------------------------- In the case captioned NCL (BAHAMAS) LTD., d/b/a NORWEGIAN CRUISE LINE, Plaintiff, v. O.W. BUNKER USA, INC. and KELLY BEAUDIN STAPLETON, Liquidating Trustee of the OWB USA Liquidating Trust, Defendants, No. 3:17-CV-1327 (CSH) (D. Conn.), Senior District Judge Charles S. Haight, Jr., granted NCL's first emergency motion to stay arbitration proceedings and/or enjoin defendants from proceeding with arbitration. "Accordingly, Plaintiff's second emergency motion for temporary restraining order and preliminary injunction, which sought much the same relief is denied as moot. This declaratory action pits NCL, the owner of a Bahamas-flag ocean-going passenger ship against O.W. USA, the American affiliate of a Danish supplier of marine fuel oils who contracted with the shipowner to fuel the vessel at a Greek port, and initiated arbitration proceedings in London when the shipowner refused to pay the invoice for that fueling. The shipowner, invoking the Declaratory Judgment Act, seeks a declaration that it is not liable to pay that invoice and is not obligated to arbitrate the supplier's claim that it should do so, and now moves for an order of District Court staying or enjoining the arbitration, in London or elsewhere. The American supplier resists that motion. Arbitration is frequently praised as a salutary alternative to litigation. However, there are occasions when arbitration generates litigation. One such occasion arises when a party, confronted by another party's demand for arbitration of a dispute between them, responds that there is no arbitration agreement justifying the demand. This case presents that situation. O.W. USA demands that NCL participate in an arbitration in London to determine NCL's liability as to payment of the invoice O.W. USA sent to NCL for the value of the bunkers delivered to the Norwegian Spirit by the Greek supplier EKO at the port of Pireaus on Oct. 18, 2014. NCL responds that, in the particular circumstances attending that bunkering, there is no contract between O.W. USA and NCL obligating NCL to arbitrate O.W. USA's claim in London. NCL bases that contention upon its interpretation of certain provisions in the OWB T&C, which both parties agree were incorporated by reference in the sales order for the bunkers delivery in question. O.W. USA contends that on a proper construction of the OWB T&C, the parties' contractual obligation to arbitrate disputes in London is not affected by events at the bunkers delivery port of Pireaus. After considering all the arguments, the Court concludes that NCL is entitled to a preliminary injunction enjoining the arbitration in London demanded by O.W. USA and that company's Liquidating Trustee. That conclusion is based upon these reasons: Article L.4 of the contract for supply of bunkers to the M/V Norwegian Spirit, between O.W. USA as Seller and NCL as Buyer, construed in accordance with English law, varies and supersedes the provisions in Article P.1 for governing English law and arbitration of disputes between those parties in London, if certain preconditions stated in Article L.4 appear to have been satisfied. On the construction of the O.W. USA/NCL contract I accept for the purpose of this Ruling, Article L.4's provisions are triggered if the bunker sale is performed "in circumstances where the physical supply of the Bunkers is being undertaken by a third party which insists that the Buyer is also bound by its own terms and conditions," Article L.4(a). "[I]n the event that the third party terms include" a different law and/or forum selection for disputes, those different selections are "incorporated into" the contract. In point of fact, the subject bunkers were supplied to the Norwegian Spirit by a third party. One must consider the relevant "circumstances" of that bunkering, in order to determine whether third-party law and forum selection provisions contemplated by Article L.4(b)(iii) come into play. The Court concludes, therefore, that Article L.4 of the subject contract, and in particular Article L.4(b)(iii), apply to the parties' rights and obligations. The result is that the provision in Article P.1 for arbitration of disputes in London is vacated and superseded. In consequence, NCL is not under any binding agreement to arbitrate its disputes with O.W. USA in London. It follows that NCL is entitled to a preliminary injunction enjoining the London arbitration demanded by O.W. USA and that company's Liquidating Trustee. A full-text copy of Judge Haight's Ruling dated Nov. 29, 2017 is available at https://is.gd/pCfkWC from Leagle.com. NCL (Bahamas) Ltd., Plaintiff, represented by Antonio J. Rodriguez -- ajr@frfirm.com -- Fowler Rodriguez, pro hac vice. NCL (Bahamas) Ltd., Plaintiff, represented by H. Jake Rodriguez -- jrodriguez@frfirm.com -- Fowler Rodriguez, pro hac vice, Ilan Markus -- ilan.markus@leclairryan.com -- LeClairRyan, Jacob Pylman -- jacob.pylman@leclairryan.com -- LeClairRyan & Michael A. Harowski -- mharowski@frfirm.com -- Fowler Rodriguez, pro hac vice. O.W. Bunker USA Inc., Defendant, represented by Davis Lee Wright -- dwright@mmwr.com -- Montgomery, McCracken, Walker & Rhoads, Robert O'Connor -- roconnor@mmwr.com -- Montgomery McCracken Walker & Rhoads LLP, pro hac vice, Michael R. Enright -- menright@rc.com -- Robinson & Cole, LLP & Patrick M. Birney -- pbirney@rc.com -- Robinson & Cole, LLP. Kelly Beaudin Stapleton, Defendant, represented by Davis Lee Wright, Montgomery, McCracken, Walker & Rhoads, Robert O'Connor, Montgomery McCracken Walker & Rhoads LLP, pro hac vice, Michael R. Enright, Robinson & Cole, LLP & Patrick M. Birney, Robinson & Cole, LLP. About O.W. Bunker OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. On Nov. 6, 2014, OW Bunker A/S placed OWB Trading and O.W. Bunker Supply & Trading A/S in an in-court restructuring procedure with the probate court in Aalborg, Denmark. By Nov. 7, 2014, the Danish entities (plus O.W. Bunker Supply & Trading A/S, O.W. Cargo Denmark A/S, and Dynamic Oil Trading A/S) were placed under formal Danish bankruptcy (liquidation) proceedings in the Aalborg probate court. The company declared bankruptcy following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP served as co-counsel. Alvarez & Marsal acted as the financial advisor. The Office of the United States Trustee formed an official committee of unsecured creditors of the Debtors on Nov. 26, 2014. The Committee tapped Hunton & Williams LLP as its attorneys. On Dec. 15, 2015, the U.S. Debtors obtained confirmation of their First Modified Liquidation Plans. Under the plan, the Debtors proposed to create two liquidating trusts, one for each of its North American units, to hold the estate assets of each company and make distributions to creditors, while parent OW Bunker Holding North America Inc. will dissolve. According to a Bloomberg report, under the First Modified Plan, administrative claims of $0.94 million, U.S. Trustee Fees, non-tax priority claims against OWB USA and NA, Priority tax claims of $0.05 million, secured claims against OWB USA and NA and fee claims will be paid in full in cash. Subordinated claims against OWB USA and NA will not receive any distribution. Electing OWB USA unaffiliated trade claims of $13.3 million will have a recovery of 40% amounting to $5.31 million. OWB NA affiliated unsecured claims and non-electing OWB NA unaffiliated trade claims will have a recovery of 1% in cash. OWB USA affiliated unsecured claims will have a recovery of 0.4% in cash. Electing OWB NA unaffiliated trade claims will receive pro rata payment of $2.5 million in cash. Non-Electing OWB USA unaffiliated trade claims of $18.36 million will be paid $0.07 million in cash, a recovery of 0.4%. Equity interests in OWB USA and NA will be cancelled and will not receive any distribution. The plan will be funded by cash in hand and sale of assets. PAC ANCHOR TRANSPORTATION: Plan Filing Period Moved to April 15 --------------------------------------------------------------- Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California has extended the expiration date of Pac Anchor Transportation, Inc., consisting of the merger of Pac Anchor Transportation Inc. and Green Anchor Lines, Inc.'s exclusive period to file a Plan, from November 3, 2017, to April 15, 2018. The Troubled Company Reporter has previously reported that the Debtor sought for exclusivity extension because it will be unable to file a plan and disclosure statement before the expiration of the exclusivity period of November 3, 2017 due to some unresolved issues. The Debtor argued that in order to file a plan and disclosure statement, enough time needs to pass to allow the Debtor to (1) utilize its new employment model to assess profitability and provide projections based on a reliable history of operational performance supporting feasibility of any proposed plan; (2) resolve the Lawsuit and Class Action; (3) evaluate the legitimacy of the claims that have been and/or will be filed against it; and (4) resolve any objections to any of the filed claims. The Debtor said that it has been currently in the process of exploring its option for resolving its Chapter 11 bankruptcy case. The Official Committee of Unsecured Creditors was formed on August 10, 2017, and has been requesting information concerning the Debtor's transactions with related parties. Moreover, the Debtor has been working with the Committee to resolve its concerns, as well as work toward consensual resolution of this case. The exchange of information continues, and will likely do so, over the next several weeks. The Committee is still reviewing this information to obtain a better idea of the Debtor's financial condition. The Debtor also mentioned that it has two state court lawsuits to resolve. One of those actions has been brought by the State of California for unfair business practices, and the other suit is a Class Action brought against the Debtor by the drivers employed prior to the bankruptcy filing. In addition to these lawsuits, the Debtor said that the Bar Date for the general unsecured creditors holding claims not entitled to priority pursuant to 11 U.S.C. Section 507(a)(8) and secured claims has just expired on October 31, 2017. The Debtor is still in the process of examining these claims to determine whether any objections are necessary. Further, the Debtor, the Committee and the individuals who commenced the Class Action have stipulated to an extension of time for the individuals who commenced the Class Action to file proof of claim until January 2, 2018. Additionally, the creditors holding claims pursuant to 11 U.S.C. Section 507(a)(8) have until January 2, 2018 to file proofs of claim. Therefore, the Debtor will not know the full extent of its liability, whether or not unliquidated and/or contingent, until after January 2, 2018. In addition, it is likely that the litigation with the State of California will come to trial during the first quarter or early in the second quarter of 2018 and certainty with respect to that claim -- although lacking in finality for purposes of collateral estoppel and res judicata should the Debtor choose to appeal -- will be more clearly in focus. About Pac Anchor Transportation, Inc. Pac Anchor Transportation, Inc., was formed from the merger of Pac Anchor Transportation, Inc., and Green Anchor Lines, Inc. Pac Anchor is a trucking company located in Wilmington, California, that provides trucking services throughout the western United States. Pac Anchor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 17-18213) on July 6, 2017. Alfredo Barajas, its president, signed the petition. At the time of the filing, the Debtor disclosed $12.08 million in assets and $11.24 million in liabilities. Judge Ernest M. Robles presides over the case. On Aug. 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. PACIFIC DRILLING: Hires AlixPartners as Restructuring Advisor ------------------------------------------------------------- Pacific Drilling S.A. and its debtor affiliates seek authority from the US Bankruptcy Court for Southern District of New York to hire AlixPartners, LLP as their restructuring advisor. Services to be provided by AlixPartners are: a. assist in preparing for and filing a Bankruptcy Petition, coordinating and providing administrative support for the proceeding and developing the Company's Plan of Reorganization or other appropriate case resolution, if necessary; b. assist with the preparation of the statement of affairs, schedules and other regular reports required by the Court; c. assist in obtaining and presenting information required by parties in interest in the Company's bankruptcy process including official committees appointed by the Court and the Court itself; d. assist the Debtors and its management in developing a short-term cash flow forecasting tool and related methodologies for silo forecasting and assist with planning for alternatives as requested by the Debtors; e. provide assistance, in such areas as testimony before the Court on matter that are within the scope of this engagement and within AlixPartners' area of testimonial competencies; f. assist the "working group" professionals who are representing the Debtors in the reorganization process or who are working for the Debtors' various stakeholders to coordinate their effort and individual work product in order to be to be consistent with the Debtors' overall restructuring goals; g. assist as requested in managing any litigation that may be brought against the Debtors in the Court; h. assist in communication and/or negotiation with outside constituents including the banks and their advisors; and i. assist with other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. James A. Mesterharm, Managing Director of AlixPartners, LLP, attests that AlixPartners is a "disinterested person" within the meaning of Bankruptcy Code section 101(14) as required by Bankruptcy Code section 327, and does not hold or represent an interest adverse to the Debtors' estates. The standard hourly rates of AlixPartners are: Managing Director $960 – $1,135 Director $745 - $910 Vice President $550 - $660 Associate $380 - $520 Analyst $135 - $365 Paraprofessional $250 - $270 AlixPartners can be reached through: James A. Mesterharm AlixPartners, LLP 909 Third Avenue New York, NY 10022 Tel: +1 212 490 2500 Fax: +1 212 490 1344 About Pacific Drilling Pacific Drilling S.A., a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. Prime Clerk maintains the case site https://cases.primeclerk.com/pacificDrilling The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PACIFIC DRILLING: Hires Evercore Group as Investment Banker ----------------------------------------------------------- Pacific Drilling S.A. and its debtor-affiliates seek authority from the US Bankruptcy Court for Southern District of New York to hire Evercore Group L.L.C. and Evercore Partners International LLP as investment bankers for the Debtors. Services to be rendered by Evercore are: a. review and analyze the Debtors' business, operations and financial projections; b. advise and assist the Debtors in a Restructuring, Financing and/or Sale transaction, if the Debtors determine to undertake such a transaction; c. provide financial advice in developing and implementing a Restructuring, which would include: i. assisting the Debtors in developing a restructuring plan or plan of reorganization, including a plan pursuant to the Bankruptcy Code; ii. advising the Debtors on tactics and strategies for negotiating with various stakeholders regarding the Plan; iii. providing testimony, as necessary, with respect to matters on which Evercore has been engaged to advise the Debtors before the Court; and, iv. providing the Debtors with other financial restructuring advice as Evercore and the Debtors may deem appropriate. d. if the Debtors pursue a Financing, assist the Debtors in: i. structure and effect a Financing; ii. identify potential Investors and, at the Debtors' request, contacting such Investors; and, iii. work with the Debtors in negotiating with potential Investors. e. If the Debtors request assistance in evaluating the possibility of a Sale, assist the Debtors, as requested, in: i. evaluating the possibility of a Sale; ii. identifying interested parties and/or potential acquirors and, at the Debtors' request, contact interested parties and/or potential acquirors; iii. structuring and effecting a Sale; and, iv. advising the Debtors in connection with negotiations with potential interested parties and/or acquirors and aiding in the consummation of a Sale transaction. Evercore will be paid according to this compensation scheme: a. A monthly fee of $125,000, payable upon the execution of the Engagement Letter and on the 18th day of each month commencing December 18, 2017 until the earlier of the consummation of the Restructuring transaction or the termination of Evercore's engagement. b. A restructuring Fee, payable upon the consummation of any Restructuring of $9.13 million. c. If the Debtors have made a Sale Evaluation Request, a sale Fee, payable upon consummation of any Sale, equal to the aggregate product of: (a) the Aggregate Consideration and (b) 0.85%. d. A financing Fee, payable upon consummation of any Financing and incremental to any Restructuring Fee or Sale Fee, equal to the applicable percentages: As a Percentage of Financing Gross Proceeds ------------------------ Without With Financing Warrants Warrants --------- -------- -------- Indebtedness Secured by a First Lien or DIP Financing 1.00% 1.50% Indebtedness Secured by a First Lien But Subordinated to Another Obligation Secured By a First Lien 1.50% 2.00% Indebtedness Secured by a Junior Lien 2.00% 2.50% Unsecured or Mezzanine Indebtedness 3.00% 3.50% Preferred or Common Equity Securities/Obligations Convertible into Equity 3.50% 3.50% Daniel A. Celentano, a Senior Managing Director of Evercore, attests that Evercore is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. Evercore can be reached through: Daniel A. Celentano Evercore Group L.L.C 666 Fifth Avenue, 11th Floor New York, NY 10103 Tel: +1-212-446-5600 About Pacific Drilling Pacific Drilling S.A., a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. Prime Clerk maintains the case site https://cases.primeclerk.com/pacificDrilling The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PACIFIC DRILLING: Hires KPMG as Auditor --------------------------------------- Pacific Drilling S.A. and its debtor-affiliates seek authority from the US Bankruptcy Court for Southern District of New York to hire KPMG LLP as auditor. Audit services to be rendered by KPMG are: a. audit of consolidated balance sheets of the Debtors as of December 31, 2017 and 2016; b. audit of the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows for each of the years in the three period ended December 31, 2017; c. audit of the related notes to the consolidated financial statements; d. perform quarterly reviews of the March 31, 2017, June 30, 2017 and September 30, 2017 condensed consolidated interim financial statements, and e. perform group audit reporting to KPMG Luxembourg Sarl for Pacific Drilling S.A. statutory reporting, the "Group Audit Reporting Services". Brad F. Ringleb, a partner of KPMG LLP, attests that KPMG is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. KPMG's fees for its services are: Financial Statement Audit - $735,000 Group Audit Reporting - $ 35,000 The Auditor can be reached through: Brad F. Ringleb, CPA 811 Main Street, Suite 4500 Houston, TX 77002 Phone: +1 713 319 2000 Fax: +1 713 319 2041 About Pacific Drilling Pacific Drilling S.A., a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. Prime Clerk maintains the case site https://cases.primeclerk.com/pacificDrilling The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PACIFIC DRILLING: Hires Sullivan & Cromwell as Chapter 11 Counsel ----------------------------------------------------------------- Pacific Drilling S.A. and its debtor-affiliates seek authority from the US Bankruptcy Court for Southern District of New York to hire Sullivan & Cromwell LLP as counsel. Professional services required of Sullivan & Cromwell are: i. advise the Debtors with respect to their powers and duties as debtors and debtors-in-possession, including the legal and administrative requirements of operating in chapter 11; ii. attend meetings and negotiate with representatives of creditors and other parties-in-interest; iii. assist with the preservation of the Debtors' estates, including the prosecution of actions commenced under the Bankruptcy Code or otherwise on their behalf, and objections to claims filed against the estates and coordinate and effectively divide responsibility of the foregoing with Togut; iv. prepare and prosecute on behalf of the Debtors all motions, applications, answers, orders, reports and papers necessary for the administration of the estates and coordinate and effectively divide responsibility of the foregoing with Togut; v. negotiate and prepare on the Debtors' behalf chapter 11 plans, disclosure statements and all related agreements and/or documents; vi. advise the Debtors with respect to any sale of assets and negotiating and preparing on the Debtors' behalf all agreements related thereto; vii. advise the Debtors with respect to certain corporate, financing, tax and employee benefit matters as requested by the Debtors and without duplication of other professionals' services; viii. appear before the Court, and any appellate courts, and protecting the interests of the Debtors' estates before such courts; and ix. perform all other legal services in connection with these chapter 11 cases as requested by the Debtors and without duplication of other professionals' services. Sullivan & Cromwell's billing rates will range from $1,150 to $1,435 per hour for partners, $1,100 to $1,390 for lawyers that are of counsel and special counsel, $550 to $990 per hour for associates, and $300 to $435 per hour for legal assistants. Andrew G. Dietderich, partner of the law firm of Sullivan & Cromwell LLP, attests the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code; does not represent any person or entity having an interest adverse to the Debtors in connection with these chapter 11 cases; does not hold or represent an interest adverse to the Debtors' estates with respect to matters on which the firm is employed; and has no connection to the Debtors, their creditors or any other party-in-interest. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Dietderich disclosed that: -- the rates for the more senior timekeepers for each class of personnel represent a discount from the rates used by Sullivan & Cromwell when preparing estimates of fees under its normal billing practices for non-bankruptcy engagements; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- as of October 1, 2017, the firm performed services for the Debtors at the same hourly rates proposed in connection with these chapter 11 cases. These rates ranged from $1,150-$1,435 for partners, $1,100-$1,390 for lawyers that are of counsel and special counsel and $550-990 for associates. From November 12, 2016 to October 1, 2017, the firm performed services for the Debtors at hourly rates determined with reference to its hourly rates for bankruptcy engagements during that period or earlier periods. These rates ranged from $1,100-$1,285 for partners, $1,045-$1,235 for lawyers that are of counsel and special counsel, and $520-$935 for associates; and -- the Debtors have approved the firm's budget and staffing plan for the period from the Petition Date to December 31, 2017. S&C expects to submit for approval by the Debtors a prospective budget and staffing plan on a monthly basis for the duration of these chapter 11 cases. The Counsel can be reached through: Andrew G. Dietderich, Esq. Brian D. Glueckstein, Esq. Alexa J. Kranzley, Esq. Noam R. Weiss, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004-2498 Telephone: (212) 558-4000 Facsimile: (212) 558-3588 About Pacific Drilling Pacific Drilling S.A., a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. Prime Clerk maintains the case site https://cases.primeclerk.com/pacificDrilling The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PACIFIC DRILLING: Hires Togut Segal & Segal as Co-Counsel --------------------------------------------------------- Pacific Drilling S.A. and its debtor-affiliates seek authority from the US Bankruptcy Court for Southern District of New York to hire Togut, Segal & Segal LLP as co-counsel. Professional services Togut Firm will render are: a. counsel and assist the Debtors in the preparation and file of their Schedules of Assets and Liabilities and Statements of Financial Affairs; b. assist the Debtors with obtaining Bankruptcy Court approval for any retention of special counsel and other professionals as may be needed in these Chapter 11 Cases; c. represent the Debtors in connection with contested matters seeking the setoff, allowance and/or settlement of (a) priority or secured claims in an amount less than $5,000,000 and (b) general unsecured claims by creditors other than holders of funded debt; d. effectuate the rejection of executory contracts and unexpired leases (other than contracts and unexpired leases relating to the drillships) in accordance with procedures which the Debtors will propose and seek Court approval; e. counsel and assist the Debtors in connection with de minimus asset sale (i.e., up to $15 million or such other amounts as may be determined by the Debtors and approved by the Court); f. assist the Debtors with the negotiation and implementation of a post-petition surety bond program, as well as in connection with claims and inquiries from their existing surety bond providers arising from the commencement of these cases; g. analyze transfers made by the Debtors in the 90-day period prior to the commencement of the Chapter 11 Cases for an assessment of potential avoidance claims under Chapter 5 of the Bankruptcy Code; h. advise the Debtors regarding their powers and duties as debtors-in-possession with respect to the assigned matters; i. prepare and file on the Debtors' behalf motions, applications, answers, proposed orders, reports and papers necessary to the assigned matters; j. attend meetings and negotiate with representatives of creditors and other parties-in-interest as relevant for the assigned matters; k. appear before the Court to protect the interests of the Debtors' estates in connection with the assigned matters; l. respond to inquiries and calls from creditors and counsel to interested parties regarding pending assigned matters; and m. perform other necessary legal services for assigned matters, or any other discrete matters assigned to the Togut Firm, and providing other necessary legal advice to the Debtors in connection with these Chapter 11 Cases. Albert Togut, senior member of Togut, Segal & Segal LLP, attests that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. Albert Togut's current hourly rate is $990 and Frank A. Oswald's is $875. The firm's other partner rates range from $695 to $870 per hour. The Togut Firm's current rates for associates are $320 to $570 per hour, $630 to $730 per hour for counsel, and $195 to $335 per hour for paralegals and law clerks. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Togut disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Committee in the 12 months prepetition; and -- as the Chapter 11 Cases continue to develop, the Togut Firm will formulate a budget and staffing plan for this proposed retention which it will review with the Debtors. The Counsel can be reached through: Albert Togut, Esq. Frank A. Oswald, Esq. Brian F. Moore, Esq. TOGUT, SEGAL & SEGAL LLP One Penn Plaza, Suite 3335 New York, NY 10119 Tel: (212) 594-5000 About Pacific Drilling Pacific Drilling S.A., a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. Prime Clerk maintains the case site https://cases.primeclerk.com/pacificDrilling The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PANDA TEMPLE: Exclusive Plan Filing Period Extended Until Feb. 12 ----------------------------------------------------------------- The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware has extended the exclusive periods during which Panda Temple Power, LLC, and its affiliates may file a chapter 11 plan of reorganization and solicit acceptances of the plan to February 12, 2018, and April 16, 2018, respectively. As reported by the Troubled Company Reporter on November 7, 2017, the Debtors asked the Court to further extend their exclusivity periods, claiming that they will use these extended Exclusive Periods to confirm the Plan, or, if necessary, to continue to negotiate with all interested parties to reach an alternative global settlement. Prior to the Petition Date, the Debtors diligently evaluated, in consultation with their advisors, a number of options to address the Debtors' looming liquidity issues. Given the lack of alternatives and the fact that the vast majority of claims against the Debtors arise from the Prepetition Credit Facility, the Debtors focused their efforts on negotiations with an ad hoc group of Prepetition Lenders, which culminated in the execution of that certain Restructuring Support Agreement, dated as of the Petition Date. After the Petition Date, the Debtors filed the Plan and Disclosure Statement with the support of the Prepetition Lenders. The Debtors continue to work cooperatively with their Prepetition Lenders to reach consensus on the optimal corporate and capital structure of the Reorganized Debtors and are in the process of finalizing the documents to be included in the Plan Supplement. In addition, the Debtors have made significant efforts to continue to resolve any open issues with the Office of the U.S. Trustee for the District of Delaware, their creditor constituencies, and certain third parties. From in-person meetings to frequent telephone conferences, the Debtors and their advisors have maintained regular contact with such parties on material matters. Accordingly, the Debtors believed that it is in the best interest of their estates and all parties in interest for the Debtors to continue to pursue confirmation of a consensual Plan. The Debtors believed cause exists to grant the extension of the Exclusive Periods to ensure a successful emergence from bankruptcy without the distraction of competing, third-party chapter 11 plans. About Panda Temple Panda Temple Power, LLC, and Panda Temple Power Intermediate Holdings II, LLC, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-10839) on April 17, 2017. Panda Temple Power, LLC ("Temple I"), owns the Panda Temple I Generating Station, a clean, natural gas-fueled, 758-megawatt combined-cycle electric generating facility located in Temple, Texas. The Temple I Project utilizes advanced emissions-control technology, making it one of the cleanest natural gas-fueled power plants in the United States. Employing "quick start" turbines, which can achieve 50% power production in 10 minutes and a full baseload capacity in 30 minutes, the Temple I Project can supply the power needs of up to 750,000 homes. The Temple I Project was originally financed with approximately $377 million of secured debt and $375 million of equity. Approximately $100 million of the equity investment was provided by Panda Funds, with the remaining $275 million provided by third party co-investors. Construction of the Temple I Project began in July 2012 and commercial operations commenced in July 2014. In March 2015, the original secured debt was refinanced with approximately $400 million of secured debt under the Prepetition Credit Agreement. Panda Temple Power Intermediate Holdings II, LLC is a holding company with no assets other than its ownership interests in Temple I. In 2016, the Debtors' total revenue from energy sales was approximately $71.9 million and its EBITDA was $17.8 million. The cases are pending before the Honorable Laurie Selber Silverstein. The Debtors hired Richards, Layton & Finger, P.A., and Latham & Watkins LLP as legal counsel; Latham & Watkins LLP, Inc., as co-counsel; Ducera Partners LLC as financial advisor; and Prime Clerk LLC as claims and noticing agent and administrative advisor. No official committee of unsecured creditors has been appointed. PAR PETROLEUM: S&P Assigns 'B+' Corp Credit Rating, Outlook Stable ------------------------------------------------------------------ Houston-based energy and infrastructure owner and operator Par Petroleum LLC is issuing $300 million of senior secured notes due 2025. Par Petroleum, a subsidiary of Par Pacific Holdings Inc., will use the proceeds to repay debt at its operating subsidiaries. S&P Global Ratings said it assigned its 'B+' corporate credit rating to Par Petroleum LLC. The outlook is stable. S&P also assigned its 'BB-' issue-level rating and '2' recovery to Par Petroleum's $300 million secured notes due 2025. The '2' recovery rating indicates that lenders can expect substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. S&P said, "The 'B+' rating on Par Petroleum reflects our view of the company's business risk profile as weak and its financial risk profile as aggressive. Our assessment of the business risk profile reflects the company's relatively small scale." Par Petroleum operates two refineries, one in Hawaii and another in Wyoming. They have total refining capacity of around 110,000 barrels per day (bpd), which is relatively small compared to rated peers. Though relatively small, the Hawaiian refinery is the largest and most complex in the state (Nelson Complexity of 5.7). The refinery is configured to meet the demand in Hawaii for distillates, its principal output. The Wyoming refinery is even smaller, with an above average complexity (Nelson Complexity of 11). Its output is mostly gasoline and distillates. Par benefits from the diversity of having its refineries in different Petroleum Administration for Defense Districts (PADDs). Slightly offsetting this, however, is the larger size of the Hawaiian refinery, which contributes a greater share of cash flow. S&P said, "The stable outlook reflects our expectation that Par Petroleum will maintain high utilization rates, adequate liquidity, and S&P Global Ratings' adjusted total debt to EBITDA of about 2.5x-3.5x during the next 12-18 months. "We could lower the rating if industry conditions seriously weakened or if the company had significant unplanned downtime that harmed financial measures. We could lower the rating if debt to EBTIDA rose above 4.5x on a sustained basis, or if credit quality at parent Par Pacific Holdings Inc. deteriorates. "Given Par's limited diversity and scale, we view higher ratings as unlikely. However, we could consider an upgrade if the company improved its business risk profile by increasing the size and diversity of its refining assets or expands its cash flows within its more stable logistics and retail businesses." PARETEUM CORP: Iroquois Capital Holds 6.69% Stake as of Dec. 1 -------------------------------------------------------------- Iroquois Capital Management L.L.C. disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 1, 2017, it holds 2,873,670 shares of common stock of Pareteum Corporation, constituting 6.69 percent of the shares outstanding. Richard Abbe beneficially owned 3,575,573 common shares and Kimberly Page reported beneficial ownership of 2,873,670 common shares as of that date. The percentage is based on 42,924,766 shares of Common Stock issued and outstanding, as represented in the Company's Prospectus Supplement on Form 424(b)(3) filed with the SEC on Dec. 1, 2017. A full-text copy of the regulatory filing is available at https://is.gd/KPRTYl About Pareteum New York-based Pareteum Corporation (NYSEMKT: TEUM), formerly known as Elephant Talk Communications, Inc. -- http://www.pareteum.com-- is an international provider of business software and services to the telecommunications and financial services industry. Squar Milner, LLP, in Los Angeles, California, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has an accumulated deficit of $287,080,234 and has negative working capital. This, according to the auditors, raises substantial doubt about the Company's ability to continue as a going concern. Pareteum incurred a net loss of $31.44 million for the year ended Dec. 31, 2016, following a net loss of $5 million for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $10.28 million in total assets, $15.16 million in total liabilities and a total stockholders' deficit of $4.87 million. PHASERX INC: Case Summary & 8 Unsecured Creditors ------------------------------------------------- Debtor: PhaseRx, Inc. 410 West Harrison Street, Suite 300 Seattle, WA 98119 Business Description: Based in Seattle, Washington, PhaseRx -- http://phaserx.com-- operates as a biopharmaceutical company that develops a portfolio of mRNA products to correct inherited, life-threatening liver diseases in children. The company was founded by Robert W. Overell, Ph.D. in 2006. Chapter 11 Petition Date: December 11, 2017 Case No.: 17-12890 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Christopher S. Sontchi Debtor's Counsel: Christopher A. Ward, Esq. Shanti M. Katona, Esq. POLSINELLI PC 222 Delaware Avenue, Suite 1101 Wilmington, DE 19801 Tel: 302-252-0920 Fax: 302-252-0921 E-mail: cward@polsinelli.com skatona@polsinelli.com Debtor's Investment Banker: COWEN AND COMPANY, LLC Debtor's Claims & Noticing Agent: DONLIN, RECANO & CO., INC. Re: PhaseRx, Inc. P.O. Box 199043 Blythebourne Station Brooklyn, NY 11219 Tel: (212) 771-1128 Web site: https://www.donlinrecano.com/Clients/prx/Index Total Assets: $4.10 million as of Sept. 30, 2017 Total Liabilities: $5.60 million as of Sept. 30, 2017 The petition was signed by Robert W. Overell, Ph.D., president and CEO. A full-text copy of the petition, along with a list of eight unsecured creditors, is available for free at http://bankrupt.com/misc/deb17-12890.pdf PHASERX INC: Files Voluntary Chapter 11 Bankruptcy Petition ----------------------------------------------------------- PhaseRx, Inc., a biopharmaceutical company developing mRNA treatments for life-threatening inherited liver diseases in children, on Dec. 11, 2017, disclosed that it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. PhaseRx intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The company is working with Cowen and Company to review financial and strategic alternatives with the goal of maximizing stockholder value. Potential alternatives, to be explored further and evaluated during the review process, may include a strategic collaboration with one or more parties, or the licensing, sale or divestiture of some, or all, of the company's proprietary technologies. "The board and management team believe that the decision to voluntarily file for Chapter 11 bankruptcy protection is in the best interests of PhaseRx and its shareholders," said Robert W. Overell, Ph.D., president and chief executive officer of PhaseRx. "The protection afforded under a Chapter 11 filing enables us to continue to explore strategic alternatives, including a potential merger transaction. During this time we expect to continue to operate normally, and are thankful to our dedicated employees whom we expect to remain focused on the advancement of our programs." About PhaseRx PhaseRx -- http://www.phaserx.com/-- is a biopharmaceutical company dedicated to developing mRNA products for the treatment of children with inherited enzyme deficiencies in the liver using intracellular enzyme replacement therapy (i-ERT). PhaseRx's initial product development focus is on urea cycle disorders, a group of rare genetic diseases that generally present before the age of twelve and are characterized by the body's inability to remove ammonia from the blood with potentially devastating consequences for patients. The company's i-ERT approach is enabled by its proprietary Hybrid mRNA Technology(TM) platform. PhaseRx is headquartered in Seattle. POINT.360: Seeks Approval of Postpetition Financing --------------------------------------------------- BankruptcyData.com reported that Point.360 filed with the U.S. Bankruptcy Court a motion to borrow and for Court approval to use postpetition financing and related liens and adequate protection. The motion explains, "The non-default interest rate on the DIP Credit Facility is prime plus 1.5% per annum. The maturity date of the DIP Credit Facility is October 31, 2018. Lender shall receive a first priority lien on all of the Debtor's property (the 'Collateral,' as defined in the DIP Credit Facility) to secure the DIP Credit Facility. The borrowing limit is $3 million at an advance rate of 85% of eligible receivables. Events of default include the following: The entry of an order modifying any financing order, any agreement, any loan document, or any right or remedy in favor of Lender; The entry of an order authorizing borrower to incur indebtedness or additional financing under section 364(c) or (d) of the Bankruptcy Code other than from Lender, or without the express prior written consent of Lender, unless such financing results in the simultaneous indefeasible payment and satisfaction of all Obligations owed to Lender, in full, in cash. The entry of an order in the bankruptcy case appointing an interim or permanent trustee, or an examiner having enlarged powers relating to the operation of the business or assets of Borrower under section 1106(b) of the Bankruptcy Code; The entry of an order dismissing the bankruptcy case or converting the bankruptcy case to a proceeding under chapter 7 of the Bankruptcy Code. The filing (whether by borrower or any other party) of a chapter 11 plan of reorganization or entry of an order confirming a chapter 11 plan of reorganization in the bankruptcy case that does not provide for the simultaneous indefeasible payment and satisfaction of all obligations owed to Lender, in full, in cash, unless otherwise expressly agreed to by Lender." About Point.360 Point.360 (PTSX) -- http://www.point360.com/and http://www.mvf.com/-- is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients' audio and video content, including television programming, feature films and movie trailers. Point.360's interconnected facilities provide service coverage to all major U.S. media centers. Point.360 filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-22432) on Oct. 10, 2017. Haig S. Bagerdjian, the Company's Chairman, President and CEO, signed the petition. The Debtor disclosed total assets of $11.14 million and total debt of $14.77 million as of March 31, 2017. The Hon. Julia W. Brand is the case judge. The Debtor hired Lewis R. Landaue, Esq., as bankruptcy counsel, and TroyGould PC, as transactional counsel. No trustee has been appointed, and the Company will continue to operate its business as "debtor in possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. PORT NEWARK: Moody's Rates $287.25MM Revenue Bonds 'Ba1' -------------------------------------------------------- Moody's Investors Service assigned a first-time Ba1 rating to the New Jersey Economic Development Authority (the "authority" or "issuer") $287.25 million Special Facility Revenue and Refunding Bonds (Port Newark Container Terminal L.L.C. Project), Series 2017. The outlook is stable. Proceeds of the bond issuance will be used to refinance existing debt; finance the expansion, renovation, construction and equipping of the Port Newark Container Terminal at Port Newark, New Jersey; and make deposits to various funds and accounts. Port Newark Container Terminal L.L.C. ("PNCT" or the "company") is an integrated marine terminal operator and stevedore and lessee of the Port Newark Container Terminal at the Port of New York and New Jersey. PNCT is owned equally by its two members, Ports America and Terminal Investment Limited ("TIL"). RATINGS RATIONALE The Ba1 rating incorporates PNCT's (1) reliance on a limited number of customers for a majority of its current and anticipated volume; (2) low level of minimum volume commitments from customers, which exposes PNCT to substantial volume risk; (3) improved EBITDA margins of 20%, flexible cost structure, and comfortable projected debt service coverage ratios (DSCRs) in excess of 2.0 times that provide satisfactory resiliency to manage variation in volume or price; and (4) competitive facility that provides valuable capacity in a very strong port market, with PNCT's footprint in the port market reinforced by a favorable service alignment with the two largest container shipping lines globally and a 50% increase in throughput capacity at the facility by 2019. PNCT's single-port, single-terminal profile, and volume risk, are partially mitigated by the strength of the New York/New Jersey port market, which comprises a large, affluent and densely populated economic base that generates strong origin-destination cargo demand through economic cycles. PNCT faces moderate but ultimately manageable construction and execution risk as it completes, amid active terminal operations, an expansion and modernization program that will increase operating efficiency and throughput capacity and satisfy an expenditure threshold required to extend the facility lease to 2050. The rating incorporates PNCT's manageable leverage, solid liquidity, and adequate lender protections, although a key weakness is the legal limitation on the ability to pledge the facility lease (the "Port Authority Lease") as collateral. Neither the trustee nor the issuer has the ability to cure a default, breach, or performance obligation of PNCT under the Port Authority Lease, which would subject the Port Authority Lease, and key related agreements by extension, to termination. The stable outlook reflects Moody's expectation that PNCT will achieve financial metrics commensurate with management's forecast supported also by growth in container volumes, incremental new throughput capacity and operating efficiency at the facility, and restrictions on equity distributions through completion of the Project. Factors that Could Lead to an Upgrade: Sustained improvements in PNCT's credit metrics, in particular FFO/debt and DSCR Sustained improvements in EBITDA margins Completion of the Project on-time and on-budget, resulting in more manageable capital spending and fewer constraints on terminal operations going forward Factors that Could Lead to a Downgrade: Deteriorating credit metrics Significant decline in volume PNCT's exposure to shareholders becomes adverse The principal methodology used in this rating was Privately Managed Port Companies published in September 2016. ISSUER PROFILE PNCT is an integrated marine terminal operator and stevedore and lessee of the Port Newark Container Terminal, a 263-acre, 850,000-container (1.49 million-twenty-foot equivalent unit or "TEU") capacity marine cargo terminal at the Port of New York and New Jersey. PNCT is owned equally by its two members, Ports America and TIL. Ports America is the largest container terminal operator and stevedore in North America, with operations in every major port in the US. Ports America handled 6.2 million container moves at its terminals in 2016. TIL was formed in 2000 to secure berths and terminal capacity for the ships of its majority shareholder, Mediterranean Shipping Company (MSC). MSC is currently the second largest container shipping line globally and TIL is currently the sixth largest container terminal operating investor globally, with interests in 38 terminals located in 23 countries across five continents. TIL handled 24 million container moves at its terminals in 2016. Ports America is majority owned by Highstar Capital and TIL is majority owned by MSC. POWER EQUIPMENT: Discloses Plan Support Agreement with Compass Bank ------------------------------------------------------------------- Power Equipment, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a first amended disclosure statement to accompany its plan of reorganization dated Nov. 28, 2017. The first amended plan provides that the Debtor and Compass Bank have entered into a Stipulation For Plan Support Agreement, Compromise of Claim of Compass Bank, and For Relief from the Automatic Stay entered on Nov. 6, 2017. Pursuant to the Stipulation, the Debtor will continue to make adequate protection payments until January of 2018. Pursuant to the Stipulation Compass shall have a secured claim as of August 1, 2017 in the amount of $1,639,775.33 consisting of: Principal: $1,464,120.82 Interest: $114,705.04 Expenses: $60,890.47 Misc. fees: $59 Pursuant to the Stipulation, the Debtor will: Commence making regular monthly principal and interest payments on Jan. 1, 2018. Commence making additional monthly payments on Jan. 15, 2018 of $11,000 per month to cure the principal and interest default of $198,000. Commence making additional monthly payments on July 15, 2019 of $9,600 per month to pay $48,000 of the expenses and fees. The Debtor's Plan pays 100% to this creditor over the life of the loan and pays the arrearages, and a portion of the expenses and fees incurred by Compass over a two year period from Jan. 15, 2018. The Debtor and the U.S. Small Business Administration have also reached agreements with regards to Debtor's debt as set forth in the Stipulation to Modify Treatment of SBA Claim entered on Nov. 3, 2017. The Debtor's Plan would pay a renegotiated principal balance in the amount of $700,000 at 3.344% per annum to the SBA over 72 months. Commencing 30 days after confirmation of the Plan, the Debtor will make monthly payments of $5,000 per month for 24 months then the Debtor will make monthly payments of $13,916.30 per month for the remainder of the repayment period. After completion of the 72 months, the debt owed by Debtor to the SBA will be paid in full and the SBA will release all liens upon Debtor' s real property and personal property. The Troubled Company Reporter previously reported that the Debtor owes the SBA an approximate estimated balance of $1,146,481.73 as of the date of filing. Debtor also owes unpaid interest on the principal balance of $28,448.38 from Nov. 1, 2016, to June 29, 2017. The SBA's Note bears interest at 3.344 percent per annum. The SBA's debt is also secured by a Deed of Trust, second position lien, on the Debtor's real property located at 2305 E. Jefferson Street, Phoenix, Arizona, and a first position Commercial Security Agreement and a UCC-1 Financing Statement against the equipment located at the Debtor's location at 2305 E. Jefferson Street, Phoenix, Arizona. The Debtor's Plan would pay a renegotiated principal balance in the amount of $600,000 at 3.344% per annum to the SBA over the life of the loan. Interest only payments would commence on Nov. 1, 2017, pursuant to the Plan. Principal and interest payments on a restructured loan would commence on Feb. 1, 2018. A full-text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/azb2-17-02136-82.pdf About Power Equipment Power Equipment, LLC, sought Chapter 11 protection (Bankr. D. Ariz. Case No. 17-02136) on March 8, 2017. Judge Paul Sala is assigned to the case. The Debtor estimated assets in the range of $10 million to $50 million and $1 million to $10 million in debt. The Debtor tapped Bert L Roos, Esq., at Gertell & Roos, PLLC, as counsel. The petition was signed by Gerald Booden, managing member. PREMIER PCS OF TX: Hires E.P. Bud Kirk as Attorney -------------------------------------------------- Premier PCS of TX, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ the law firm of E.P. Bud Kirk, as attorney to the Debtor. Premier PCS of TX requires E.P. Bud Kirk to: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession and the continued operation of its business and management of its properties; b. review the various contracts entered by the Debtor and determine which contracts should be rejected and assumed; c. prepare on behalf of the Debtor, necessary Schedules, Statements, Applications, and Answers, Orders, Reports, and other legal documents required for reorganization; d. assist the Debtor in formulation and negotiation of a Plan with its creditors in the bankruptcy proceeding; e. review the transactions of the Debtor prior to the filing of the Chapter 11 proceedings to determine what further litigation, if any, pursuant to the Bankruptcy Code, or otherwise, should be filed on behalf of the estate; f. examine all tax claims filed against the Debtor, to contest any excessive amounts claimed therein, and to structure a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and g. perform all other legal services of the Debtor, as Debtor- in-Possession, which may be necessary. E.P. Bud Kirk will be paid at these hourly rates: Attorneys $300 Paralegals $90 E.P. Bud Kirk will be paid a retainer in the amount of $7,000. Prior to filing of the bankruptcy case, the amount of $6,584 was paid to the Firm by the Debtor, for pre-bankruptcy services actually rendered. E.P. Bud Kirk will also be reimbursed for reasonable out-of-pocket expenses incurred. E.P. Bud Kirk, partner of the law firm of E.P. Bud Kirk, 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. E.P. Bud Kirk can be reached at: E.P. Bud Kirk, Esq. THE LAW FIRM OF E.P. BUD KIRK 600 Sunland Park Drive Bldg. Four, Suite 400 El Paso, TX 79912 Tel: (915) 584-3773 Fax: (915) 581-3452 E-mail: budkirk@aol.com About Premier PCS of TX, LLC Based in El Paso, Texas, Premier PCS of TX provides computer maintenance and repair services. Premier PCS of TX, LLC, based in El Paso, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 17-32021) on December 6, 2017. The Hon. Christopher H. Mott presides over the case. E.P. Bud Kirk, partner of the law firm of E.P. Bud Kirk, serves as bankruptcy counsel. In its petition, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Richard Ahn, managing member. PROTEA BIOSCIENCES: Summit Buying All Assets for $1M Credit Bid --------------------------------------------------------------- Protea Biosciences, Inc., and Protea Biosciences Group, Inc., ask the U.S. Bankruptcy Court for the Northern District of West Virginia to authorize the sale of substantially all assets to Summit Resources, Inc., for an initial credit bid of $1 million, subject to overbid. These parties may hold liens, claims and/or encumbrances against the Property: (i) Summit Resources, Inc.; (ii) WV Economic Development Authority; (iii) United Bank; and (iv) Yale University. The following individuals and/or entities are counterparties to executory contracts or unexpired leases with the Debtor: (i) NEC Leasing; (ii) NFS Leasing, Inc.; (iii) QA Group, LLC, doing business as Quantum Analytics; (iv) White Birch Properties; and (v) Yale University. Starting in March 2013, Summit began funding the Debtors' operating losses. Without Summit's funding, the Debtors likely would not have been able to meet payroll, pay for critical benefits such as healthcare or meet various other day-to-day operational expenses. From March 2013 through the Petition Date, Summit funded the Debtors' losses in excess of $5 million. In April of 2017, Summit loaned the Operating Debtor $1.75 million so it could fund its ongoing operations and cover its employees' payroll, health care, and benefits. It extended additional financing again in October 2017 to continue funding the Operating Debtor's operations. Summit has agreed, pending Court approval of terms and conditions strictly acceptable to Summit, to make available to the Operating Debtor a $475,000 DIP loan that the Operating Debtor can use to fund its ongoing operations, preserve the jobs of its employees, and prosecute the sale contemplated in the Motion. In addition, upon the written request of the Debtors' key employees during the term of the DIP Facility, Summit may, in its sole discretion, advance up to an additional $700,000 to fund operational use and capital expenditures in the Debtors' diagnostic business. In December 2017, the Debtors executed the Asset Sale and Purchase Agreement, through which they covenanted and agreed, subject to the Court's approval, to sell all or substantially all of their assets of the Debtors to Summit for an initial credit bid of $1 million with full reservation of all rights to increase the initial credit bid up to the total amount of Summit's secured claim. The Buyer has also agreed, in exchange for the Debtors requesting approval of the fees and expense reimbursement traditionally offered to stalking horse bidders, to serve as the Stalking Horse Bidder for the sale of the Purchased Assets and allow the Summit Credit Bid to serve as the Stalking Horse Bid. The Summit Credit Bid is a bid to purchase all or substantially all of the Debtors' assets, including, without limitation, any and all claim(s) the Debtors may have against Summit, whether or not arising under Chapter 5 of the Bankruptcy Code. The APA represents a binding bid from the Stalking Horse Bidder to purchase the Purchased Assets from the Debtors and contains standard stalking horse protections, including an expense reimbursement of $100,000 if the Stalking Horse Bidder is not the Successful Bidder at the Auction Hearing. The Stalking Horse Bidder will purchase Purchased Assets and will assume the Assumed Liabilities in exchange for its initial credit bid. The Debtors also ask the Court to authorize them to assume and assign the Assumed Contracts in connection with the sale of the Purchased Assets to Summit. All of the Purchased Assets are to be sold free and clear of all liens, claims, interests and encumbrances. The sale of the Purchased Assets, time being of the essence, will be a sale in "as is, where is" condition, without representations or warranties of any kind whatsoever. Contemporaneously with the filing of the Sale Motion, the Debtors filed the Bid Procedures Motion. As set forth in the Bid Procedures Motion, the proposed Bidding Procedures will govern the Sale of the Purchased Assets contemplated in the Sale Motion and the process by which Qualified Bidders may submit Qualified Competing Bid at an auction to maximize the sale price of the Purchased Assets at the hearing on the approval of the Sale Motion, which will take place before the Court at the date and time set for on the Sale Notice. The Debtors ask that the Sale Order and any order authorizing the assumption and assignment of an Assumed Contract in connection with the sale contemplated in the APA be effective immediately upon entry and that the 14-day stay imposed by Bankruptcy Rules 6004(h) and 6006(d) be waived. A copy of the APA attached to the Motion is available for free at: http://bankrupt.com/misc/Protea_Biosciences_20_Sales.pdf The Purchaser: SUMMIT RESOURCES, INC. Mount Lookout, WV 26678 Attn: Steve Antoline E-mail: santoline@frontier.com The Purchaser is represented by: Kirk Burkley, Esq. BERNSTEIN BURKLEY 707 Grant Street 2200 Gulf Tower Pittsburgh, PA 15219 E-mail: kburkley@bernsteinlaw.com About Protea Biosciences Headquartered in Morgantown, West Virginia, Protea Biosciences Inc. -- https://www.proteabio.com/ -- is a bioanalytics technology company that provides analytical and diagnostic solutions for the rapid and direct identification, mapping and display of the molecules present in living cells and biological samples. Protea Biosciences, Inc. and its affiliate Protea Biosciences Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. W.Va. Case Nos. 17-01200 and 17-01201) on Dec. 1, 2017. At the time of the filing, Protea Biosciences disclosed $5.16 million in assets and $13.64 million in liabilities. Protea Biosciences Group disclosed $2.7 million in assets and $18.2 million in liabilities. Judge Patrick M. Flatley presides over the case. Buchanan Ingersoll & Rooney LLP, is the Debtors' bankruptcy counsel, with the engagement led by Christopher P. Schueller. Compass Advisory Partners, LLC, is the Company's restructuring advisor. QUADRANGLE PROPERTIES: Proposes a Sale of Jackson Property ---------------------------------------------------------- Quadrangle Properties, Inc., asks the U.S. Bankruptcy Court for the Southern District of Mississippi to authorize the sale of real property located at 5846 Ridgewood Road, Jackson, Mississippi free and clear of liens, claims and interests to the highest bidder. In the exercise of its best business judgment, the Debtor has made the decision to liquidate the Real Property, which is a four building office complex, in an effort to generate cash to pay the indebtedness of its creditors. It has made the decision to sell its assets to the highest bidder within 90 days of the Order entered authorizing the sale, with the closing of any such sale to be completed and funded with 14 days following the sale. Once the Debtor secures a purchaser, it will ask Court approval of the specific buyer and terms of the sale. All valid liens, claims and security interests in, to or upon the assets will attach to the sales proceeds except ad valorem taxes coming due in February 2018, which will be paid by creditor CadleRock by closing. The Debtor asks authority of the court to execute such deed, transfer of title or other related documents which are reasonably necessary to consummate and close the sale of the Real Property. About Quadrangle Properties Quadrangle Properties, Inc., headquartered in Jackson, Mississippi, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 17-01469) on April 18, 2017. R. Don Williams, president, signed the petition. The Debtor estimated assets of $1 million to $10 million and liabilities of $500,000 to $1 million. The Hon. Edward Ellington is the case judge. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, serves as the Debtor's legal counsel. R & A PROPERTIES: Hires Wandro & Associates as Special Counsel -------------------------------------------------------------- R & A Properties, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Wandro & Associates, Inc., as special counsel to the Debtor. The Debtor owned real property described as Lots 2 & 3 Correllls Acres Plots, Plat 2, and locally known as 1711 Euclid Avenue, Des Moine, Iowa, 50313. R&A Properties requires Wandro & Associates to: -- facilitate the updating of the abstract of the Property, tasks associated with clearing title to the Property; -- prepare the necessary conveyance documents to transfer title to the Property to the proposed purchasers; -- prepare closing statements and other necessary documents attendant to the proposed sale of the Property; and -- provide other duties associated with the closing of a sale of commercial real estate in Iowa. Wandro & Associates will be paid on a fixed basis of $750 for the standard services, and at the rate of $215 for any services related to any non-standard title obligations or defects or for matters outside the scope of services outlined. Terry L. Gibson, member of Wandro & Associates, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Wandro & Associates can be reached at: Terry L. Gibson, Esq. WANDRO & ASSOCIATES, INC. 2501 Grand Ave., Suite B Des Moines, IA 50312 Tel: (505) 281-1475 E-mail: tgibson@2501grand.com About R & A Properties, Inc. Based in Urbandale, Iowa, R & A Properties Inc. listed its business as a single-asset real estate. The Company has a fee simple interest in certain properties in Des Moines. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 17-01000) on May 22, 2017. Robert J. Colosimo, its treasurer and director, signed the petition. At the time of the filing, the Debtor disclosed $192,307 in assets and $2.54 million in liabilities. The Debtor hired Wandro & Associates, Inc., as counsel, and as special counsel. RDX TECHNOLOGIES: Hires Mark J. Giunta as Bankruptcy Counsel ------------------------------------------------------------ RDX Technologies Corporation seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ the Law Office of Mark J. Giunta, as counsel to the Debtor. RDX Technologies requires Mark J. Giunta to: (a) furnish legal advice with respect to the powers and duties of debtor-in-possession in the continued operation of its affairs and management of its property; (b) prepare necessary applications, answers, orders, reports, motions and other legal papers; and (c) perform all other legal services which may be necessary. Mark J. Giunta will be paid at these hourly rates: Attorneys $425 Senior Associate $225 Associate $175 Clerk $125 Legal Assistant $90 Mark J. Giunta received two payments totaling $20,000 from Inductance Energy Corporation as a retainer for the representation in the Chapter 11 case. Inductance Energy is a potential investor in a prospective plan of reorganization of the Debtor. Prior to the petition being filed in this matter, the retainer was drawn down $5,251.50 to pay outstanding fees and cost and the court filing fee in this matter leaving a remaining retainer of $14,748.50. Tony Ker, acting CEO of the Debtor, has executed a personal guaranty for the fees and services provided by the Applicant and to replenish and keep the retainer current. Mark J. Giunta will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark J. Giunta, partner of the Law Office of Mark J. Giunta, 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. Mark J. Giunta can be reached at: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Tel: (602) 307-0837 Fax: (602) 307-0838 E-mail markgiunta@giuntalaw.com About RDX Technologies Corporation Based in Scottsdale, Arizona, RDX Technologies Corporation operates as an energy services and water treatment company in Canada and the United States. It operates through Environmental and Reclamation, Energy, Water, and Equipment Sales and Rentals segments. The company was formerly known as Ridgeline Energy Services Inc. and changed its name to RDX Technologies Corporation in August 2013. The company previously sought bankruptcy protection on Dec. 17, 2015 (Bankr. D. Ariz. Case No. 15-15859). RDX Technologies Corporation, based in Scottsdale, AZ, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 17-14387) on December 5, 2017. The Hon. Eddward P. Ballinger Jr. presides over the case. Mark J. Giunta, Esq., at the Law Office of Mark J. Giunta, serves as bankruptcy counsel. In its petition, the Debtor estimated $925,000 in assets and $37.24 million in liabilities. The petition was signed by Tony Ker, its director. RED RIVER TIC: Hires Buddy D. Ford as Chapter 11 Attorney --------------------------------------------------------- Red River TIC-Roberts, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A., as attorney to the Debtor. Red River requires Buddy D. Ford to: a. analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Chapter 11 of the Bankruptcy Code; b. advise the Debtor with regard to the powers and duties of the Debtor as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor a the Section 341 Crediors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation f its business and management of its property, if applicable; f. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in- Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ the attorney for such professional services. Buddy D. Ford will be paid at these hourly rates: Buddy D. Ford $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Senior Paralegal $150 Junior Paralegal $100 Prior to the commencement of the case, the Debtor paid Buddy D. Ford an advance fee of $20,000. Buddy D. Ford will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Buddy D. Ford can be reached at: Buddy D.Ford, Esq. BUDDY D. FORD, P.A. 115 North MacDill Avenue Tampa, FL 33609-1521 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: Buddy@tampaesq.com About Red River TIC-Roberts, LLC Based in Tampa, Florida, Red River TIC - Roberts, LLC describes itself as a Single Asset Real Estate as that term is defined in 11 U.S.C. Section 101(51B). Red River TIC - Roberts, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-10124) on December 5, 2017. Buddy D Ford, Esq., at Buddy D Ford, P.A., serves as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Hal Roberts, its manager and 100% owner. RENNOVA HEALTH: Reports $13.1 Million Net Loss for Third Quarter ---------------------------------------------------------------- Rennova Health, Inc., reported financial results for the three and nine months ended Sept 30, 2017 and provides a business update. Rennova is a provider of an expanding number of services for healthcare providers and their patients. The Company currently operates in three synergistic divisions: 1) clinical diagnostics through its clinical laboratories; 2) supportive software solutions to healthcare providers including electronic health records, laboratory information systems and medical billing services; and 3) the recent addition of a hospital in Tennessee. The Company believes its approach will produce a sustainable relationship with customers and will capture multiple revenue streams from the provision of needed services and solutions to medical providers. Rennova intends to expand its business operations in each sector in which it operates and will continue to assess the best way to do so to provide value for its shareholders. Highlights from the third quarter of 2017 and recent weeks include: * Raised proceeds of $4.0 million from a private placement of convertible preferred stock * Opened the Big South Fork Medical Center in August, followed by receipt of a certification number from the Centers for Medicare and Medicaid Services subsequent to regional office licensure approval * Won an appeal in the Eleventh Circuit Court of Appeals in a lawsuit filed by Rennova against CIGNA for failure to pay claims for laboratory services * Raised $9.0 million in a private placement of convertible notes and the restructuring of existing debt "The reopening in August of Big South Fork Medical Center in Oneida, Tennessee was a momentous event for Rennova, as we have identified the rural hospital segment as a key area for expansion for the Company," said Seamus Lagan, Rennova's chief executive officer. "This sector offers our Company a predictable and reliable revenue from the provision of services that are needed in the local community. We continue to pursue other opportunities in this sector and believe that we will shortly add a second acquisition of an operating hospital to this division. This foundation creates the opportunity to expand the menu of services provided and to utilize the platform of diagnostic and software solutions which we have developed over the last few years." Mr. Lagan added, "We have spent the past year investing in Oneida and are delighted with the progress that we have accomplished over the last couple of months. The recent success in receiving our certification number from CMS in October was the last hurdle to allow us to receive payment, and we now have claims generated and are awaiting our first payments from federal and other payers. Receipt of payments will end the significant investment and cash requirement to carry monthly costs to date. We now have a fully functioning hospital, with plans to expand services in 2018. For fiscal 2015, the last full year of its operation, the hospital had unaudited annual revenues of approximately $12 million and a normalized EBITDA of approximately $1.3 million. We anticipate that revenues will more than return to 2015 levels within the next 12 months, with early revenues supporting our expectations. While the hospital has had a positive impact on our third quarter revenue, for revenue recognition purposes we have used 10% to 20% of gross claims as a collectible revenue in the startup months with an expectation based on historical numbers which we expect to increase significantly to 45% to 47% when payments are evidenced. "Our third quarter financial results also reflect ongoing initiatives to lower costs across the Company, particularly in our laboratory services sector," continued Mr. Lagan. "We have reduced headcount significantly, while focusing on our flagship diagnostics laboratory in south Florida following the closing of other labs for the time being. The historical focus on toxicology is being replaced by expansion into various other diagnostics areas that are now forming a new foundation in our laboratory services division. We recently won an appeal in the Eleventh Circuit Court of Appeals in our suit against CIGNA, and are hopeful this development will lead to the resolution of unpaid laboratory charges." Mr. Lagan concluded, "Following recent challenges and a number of very difficult choices as we streamline our businesses and focus on the hospital opportunity, we believe we are poised for a significant turnaround in 2018. The rural hospital market, with its Medicare, Medicaid and other preferred provider contracts, holds the key to our future growth. We are expanding preferred provider contracts for our laboratory services to ensure payment and are optimistic we will see increased laboratory services revenues based on these additional contracts. Supportive software solutions such as our electronic health records and laboratory information systems software, which encourage recurring revenues, continue to gain new customers and demonstrate opportunity." The Company continues to believe that collection of accumulated and current receivables from its hospital starting before the end of 2017 will enable the Company to exit 2017 on an approximate cash flow break even monthly going forward. On July 12, 2017, the Company announced plans to spin off its Advanced Molecular Services Group as an independent publicly traded company by way of a tax-free distribution to Rennova stockholders. While this spin off has not been completed at the end of September 2017 as originally planned there is no change in the plan to do so. Completion of this spin off is subject to numerous conditions, including effectiveness of a Registration Statement on Form 10 to be filed with the Securities and Exchange Commission, and consents, including those under various funding agreements previously entered by Rennova. The strategic goal of the spinoff is to create two public companies, each of which can focus on its own strengths and operational plans. In addition, after the spinoff, each company will provide a distinct and targeted investment opportunity. Financial Results Rennova reported a net loss to common shareholders of $13.10 million on $1.41 million of net revenues for the three months ended Sept. 30, 2017, compared to a net loss to common shareholders of $12 million on $41,362 of net revenues for the three months ended Sept. 30, 2016. The increase in revenue was mainly due to the recognition of $0.6 million in revenues in the Hospital segment derived from the opening of the Big South Fork Medical Center in August 2017, and $0.6 million in revenues from the Clinical Laboratory Operations segment. Net revenues in the Company's Supportive Software Solutions were $0.2 million for the third quarter of 2017, an increase of $0.2 million compared with the same period a year ago. For the nine months ended Sept. 30, 2017, the Company reported a net loss to common shareholders of $84.51 million on $3.31 million of net revenues compared to a net loss to common shareholders of $22.11 million on $4.06 million of net revenues for the same period a year ago. As of Sept. 30, 2017, Rennova had $6.36 million in total assets, $25.15 million in total liabilities and a total stockholders' deficit of $18.78 million. Direct costs of revenue were $309,000, essentially unchanged from the third quarter of 2016. General and administrative expenses were $5.1 million for the third quarter of 2017, a decline of $1.3 million or 20% compared with $6.5 million for the same period a year ago. The decrease is mainly the result of a $1.1 million reduction in employee compensation and related costs, as the Company significantly reduced headcount throughout the second half of 2016 and 2017 in response to the decline in revenues, and a $0.2 million reduction in maintenance costs for its laboratory equipment. Sales and marketing expenses were $0.2 million for the third quarter of 2017, compared with $0.4 million for the third quarter of 2016. The decline of $0.2 million, or 59%, was primarily due to a reduction in sales employee and contractor compensation expenses, as well as reduced travel, advertising and commissionable collections related to the decline in net revenues. Bad debt expense for the third quarter of 2017 was $0.5 million, compared with $3.7 million for the third quarter of 2016. During the 2016 quarter the Company recorded a charge of $3.5 million related to receivables in its Clinical Laboratory Operations segment that were deemed uncollectible. The primary factors in rendering these receivables uncollectible was its failure to obtain preauthorization from the third-party payer prior to rendering services and the lack of an existing preferred provider contract with the third-party payer. The Company also increased the allowance for doubtful accounts for its Supportive Software Solutions segment by $0.2 million. During the third quarter of 2017, the Hospital business segment deemed uncollectible $0.4 million related to the August and September receivables since its CMS certification was not approved until Oct. 11, 2017. The Company will submit all claims for services rendered for payment since the opening of the hospital. It also increased the allowance for doubtful accounts for its Supportive Software Solutions segment by $0.1 million. Depreciation and amortization expense was $0.5 million for the third quarter of 2017, compared with $0.7 million for the same period a year ago as some property and equipment became fully depreciated during 2016 and capital expenditures have been minimal due to the reduced sample volume at the Company's laboratories. The Company had a loss from operations of $5.2 million for third quarter of 2017, a decline of $6.2 million compared with a loss from operations of $11.5 million for the third quarter of 2016. The decrease is due to the $5.0 million reduction in total operating expenses and the $1.4 million increase in net revenues. Interest expense for the third quarter of 2017 was $5.3 million, compared with $1.7 million for the third quarter of 2016. Interest expense includes a $4.8 million non-cash interest charge related to the issuance of convertible debentures and warrants during the 2017 period. Interest expense in the third quarter of 2016 mainly consisted of an interest charge of $0.5 million related to the $5 million prepaid forward purchase contract and $0.4 million of non-cash interest expense related to the accretion of debt discounts. Other income decreased by $1.9 million for the third quarter of 2017 compared with the same period a year ago. The decrease consists primarily of $2.1 million in non-cash gains on the change in fair value of derivative financial instruments related to convertible notes and warrants recorded in 2016. The Company recorded a net loss from continuing operations for the third quarter of 2017 of $10.5 million, compared with a net loss from continuing operations of $11.2 million for the same period of a year ago, a decrease of $0.8 million. The change is primarily due to the reduction in operating expenses of $5.0 million, an increase in interest expense of $3.6 million and a decrease in other income (expense) of $2.0 million, offset by the increase in revenue of $1.4 million. The Company had cash of $41,017 as of Sept. 30, 2017, compared with cash of $75,017 as of Dec. 31, 2017. Subsequent to the close of the quarter, the Company raised $4.0 million in proceeds from a private placement of convertible preferred stock. The unaudited financial results for the three and nine months ended September 30, 2017 as filed with the Securities and Exchange Commission on Form 10-Q can be obtained at https://is.gd/ZH8FV7 About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, the Company is creating the next generation of healthcare. 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. 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. RENNOVA HEALTH: Restates Q2 Financials Due to Accounting Errors --------------------------------------------------------------- Rennova Health, Inc., filed an amendment No. 1 on Form 10-Q/A to its quarterly report for the three-months ended June 30, 2017 originally filed with the Securities and Exchange Commission on Aug. 14, 2017. The board of directors of Rennova concluded on Nov. 14, 2017, that the previously issued unaudited condensed consolidated financial statements contained in the Company's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2017 should no longer be relied upon because of errors in those financial statements relating to the Company's accounting for outstanding common stock warrants. The Company identified errors relating to the accounting for outstanding common stock warrants. After review and consideration of the errors, the Board of Directors, after consultation with Green & Company, CPA's, the Company's independent registered public accounting firm, concluded that the Company's financial statements for the three and six months ended June 30, 2017 could no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, the Company has restated the June 30, 2017 Financial Statements. In July 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-11 "Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815)." The amendments in Part I of this ASU change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. The Company determined that the amendment would have a material impact on its condensed consolidated financial statements and early adopted this ASU. The cumulative effect of the adoption of ASU 2017-11 resulted in the reclassification of the derivative liability recorded of $56 million and the reversal of $41 million of interest expense recorded in the Company's first fiscal quarter of 2017. The remaining $16 million was offset to additional paid in capital (discount on convertible debenture). Additionally, the Company recognized a deemed dividend from the trigger of the down round provision features of the convertible debt and common stock warrants of $11.1 million, which was recorded retrospectively as of the beginning of the issuance of the March 2017 debentures where the initial derivative liability was recorded. The Company has identified errors in the calculation of the deemed dividend recorded upon adoption of ASU 2017-11 as the number of outstanding common stock warrants was not proportionally increased for decreases in the exercise prices of various warrants as a result of the trigger of the down round provision features. Therefore, the deemed dividend was understated by approximately $31.6 million for the six months ended June 30, 2017. In addition, other existing common stock warrants that also contain down round provisions that require the Company to reduce the per share exercise price of the warrants and proportionally increase the number of warrants issuable upon exercise, with certain exceptions, whenever the Company issues its common stock or common stock equivalents in a dilutive issuance were not revalued as of June 30, 2017. As a result, the Company did not record a deemed dividend associated with these warrants of approximately $3.5 million and $8.4 million for the three and six months ended June 30, 2017, respectively. The Company is required to report any increase in the fair value of the common stock warrants resulting from a trigger of the down round feature as a deemed dividend in its financial statements with a corresponding increase in the net loss available to common shareholders. The errors also resulted in an understatement of the reported number of common stock warrants outstanding at June 30, 2017 from a reported 32,095,655 warrants outstanding to a corrected 156,920,342 warrants outstanding and an overstatement of the weighted average exercise price of the warrants from a reported $0.85 per share to a corrected weighted average exercise price of $0.44 per share. The correction of the errors did not impact assets, liabilities, total stockholders' deficit, total cash flows, net loss or comprehensive loss. A full-text copy of the Form 10-Q/A is available for free at: https://is.gd/0MZKGs About Rennova Health Based in West Palm Beach, Florida, Rennova Health, Inc. (NASDAQ:RNVA) -- http://www.rennovahealth.com/-- provides health care services for healthcare providers, their patients and individuals. Historically, the Company has operated its business under one management team, but beginning in 2017, the Company intends to operate in four synergistic divisions with specialized management: (1) Clinical diagnostics through its clinical laboratories; (2) supportive software solutions to healthcare providers including Electronic Health Records, Laboratory Information Systems and Medical Billing services; (3) Decision support and interpretation of cancer and genomic diagnostics; and (4) the recent addition of a hospital in Tennessee. 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 June 30, 2017, Rennova Health had $5.68 million in total assets, $23.20 million in total liabilities, and a total stockholders' deficit of $17.51 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. RICHARDSON INVESTMENTS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Richardson Investments LLC of Nashville as of Dec. 8, according to a court docket. About Richardson Investments LLC of Nashville Richardson Investments LLC, a small business debtor as defined in 11 U.S.C. Section 101(51D), is the fee simple owner of a commercial strip center located at 5428 Clarksville Highway, Whites Creek, Tennessee, valued by the company at $1.1 million. The company reported gross revenue of $55,800 in 2016 and gross revenue of $55,800 in 2015. Richardson Investments LLC of Nashville sought Chapter 11 protection (M.D. Tenn. Case No. 17-07377) on Oct. 31, 2017. Judge Randal S. Mashburn presides over the case. The Debtor estimated total assets at $1.21 million and total liabilities at $920,556. The Debtor tapped Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz as counsel. The petition was signed by Gregory Richardson, its chief manager. The Debtor can be reached at: RICHARDSON INVESTMENTS LLC OF NASHVILLE 5428 Clarksville Highway Whites Creek, TN 37189 ROBERTA M. DICKSON: Must Pay Daughter $5K for Rule 9011 Violation ----------------------------------------------------------------- Judge Tracey N. Wise of the U.S. Bankruptcy Court for the Eastern District of Kentucky entered an order partially granting creditors Mary Louise Dickson Shook and her affiliated entity, Dickson Oaks, LLC's motion for sanctions against her mother and former Debtor Roberta Moberly Dickson. Shook seeks reimbursement of her chapter 11 legal fees from her mother as a sanction for her mother's bad faith bankruptcy filing. Relying on the Court's findings in support of its decision to dismiss the Debtor's bankruptcy case, Creditors argue that "Debtor's [bankruptcy] filing had no real bankruptcy purpose, but rather was filed solely for the improper purpose of harassing [Creditors] and unnecessarily delaying [their] execution upon [the] state court judgment against Debtor." Thus, Creditors contend that Debtor's bankruptcy filing violated Bankruptcy Rule 9011(b)(1), and that Debtor is subject to sanctions under Bankruptcy Rule 9011(c) and the Court's inherent authority to impose sanctions. "The purpose of Rule 9011 is to impose sanctions in order to deter baseless filings and thus avoid the expenditure of unnecessary resources." The Debtor indisputably signed a chapter 11 bankruptcy petition that lacked a legitimate bankruptcy purpose, and Creditors incurred significant expense based on its filing. Even if Debtor relied strongly on her attorney's advice in connection with filing the petition, "[l]itigants are 'held accountable for the acts and omissions of their chosen counsel.' Absolving Debtor of any responsibility for the filing of her petition in this circumstance would not further the intent behind Bankruptcy Rule 9011. Regarding sanctions against counsel, it is significant that Creditors chose to request sanctions against Debtor alone in the Motion. Normally, counsel are the parties against whom monetary sanctions are sought for violations of Bankruptcy Rule 9011. Because the primary purpose of Bankruptcy Rule 9011 is deterrence, sanctions generally are more properly levied against the law firm that crafted the improper bankruptcy filing. Yet, Creditors vehemently seek sanctions against Debtor and failed to request sanctions against her law firm, underscoring the emotional nature of this family conflict. Notably, Creditors also did not object to Debtor's counsel's fee application in this case, further reflecting Creditors' motivation to pursue Debtor and not to seek relief against Debtor's bankruptcy counsel based on the work performed. As such, the Court only will levy sanctions against Debtor sufficient to deter further improper bankruptcy filings by her--a circumstance that the Court views as remote. For these reasons, the Court orders that that within 10 days of the date hereof, the Debtor must pay Creditors $5,000 for her violation of Bankruptcy Rule 9011; and file a certificate of compliance with this Order. The bankruptcy case is in re: ROBERTA M. DICKSON, Debtor, Case No. 17-51159 (Bankr. E.D. Ky.). A full-text copy of Judge Wise's Memorandum Opinion and Order dated Nov. 22, 2017, is available at https://is.gd/SzZ9zZ from Leagle.com. Roberta Moberley Dickson, Debtor, represented by William W. Allen -- wallen@gmalaw.com -- Stefan J. Bing -- sbing@gmalaw.com -- John Thomas Hamilton -- jhamilton@gmalaw.com -- Gess Mattingly & Atchison, Elizabeth Thompson. Roberta Moberley Dickson filed for chapter 11 bankruptcy protection (Bankr. E.D. Ky. Case No. 17-51159) on June 2, 2017, and is represented by John Thomas Hamilton, Esq of Gess Mattingly & Atchison. ROBIX ENVIRONMENTAL: Files Assignment in Bankruptcy Under BIA ------------------------------------------------------------- Robix Environmental Technologies, Inc., on Dec. 8, 2017, disclosed that on Dec. 5, 2017 Robix Environmental TechnologiesGroup Inc., ("Robix Group"), a wholly-owned subsidiary of the Corporation, filed an assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) ("BIA"). BDO Canada LLP ("BDO") was appointed as Trustee of the estate of the bankrupt by the Office of the Superintendent of Bankruptcy Canada. The first meeting of creditors of the bankrupt will be held on the 18 [th] day of December, at 10:00 am at the office of the Trustee of Bankruptcy, BDO, at 400, 4 [th] Avenue South, Suite 600, Lethbridge, Alberta, Canada. The Board of Directors of Robix Group made the decision to have the Robix Group make a voluntary assignment in bankruptcy after considering various strategic alternatives. Mr. Robin Ray, President & CEO of the Corporation commented, "After exhaustive efforts to seek alternatives it was determined there was no viable strategic alternative that would be compatible with the various proposed financing arrangements the Corporation has been pursuing in the past few months." Mr. Ray continued, "We are now able to focus on the future of the Corporation in the development of its full potential." The Corporation has retained the proprietary Hydro-Cycle water treatment technology acquired through the purchase of Robix Group (previously Formation Fluid Management, Inc.) in August of 2016, and is actively developing customer relationships. About Robix Robix -- http://www.robixenvirotech.com/-- is focused on the worldwide market for oil containment, recovery and cleaning equipment specifically for the oil spill protection, oil production and water cleaning and purification industries. To that end, Robix has commercialized its C Series Clean Ocean Vessel and the P Series Stationary Platform; both are based on a patented revolutionary oil recovery technology. The C Series is a vessel that recovers oil in rough ocean waters, lakes, rivers and tailings ponds in virtually any conditions. The P Series is an oil recovery platform designed to accelerate oil recovery from settling ponds at production facilities. The Company also offers a suite of Hydro Cycle Water purification and cleaning products. ROCKY MOUNTAIN: Amends Resale Prospectus of 250M Common Shares -------------------------------------------------------------- Rocky Mountain High Brands, Inc. filed with the Securities and Exchange Commission Amendment No.1 to Form S-1 registration statement relating to the resale of up to 250,000,000 shares of its common stock to be offered by the selling stockholder, GHS Investments, LLC. These 250,000,000 shares of common stock consist of up to 250,000,000 shares of common stock issuable to GHS under the terms of an Equity Financing Agreement dated Oct. 12, 2017. The Company's registration of the shares of common stock covered by this prospectus does not mean that the selling stockholder will offer or sell any of such shares of common stock. The selling stockholder may sell the shares of common stock covered by this prospectus in a number of different ways and at varying prices. GHS is an underwriter within the meaning of the Securities Act of 1933, and any broker-dealers or agents that are involved in selling the shares may be deemed to be "underwriters" within the meaning of the Securities Act of 1933 in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act of 1933. The Company will bear all costs, expenses and fees in connection with the registration of the common stock. The selling stockholder will bear all commissions and discounts, if any, attributable to its sales of the Company's common stock. Rocky Mountain's common stock is quoted on the OTCQB tier of the electronic over-the-counter marketplace operated by OTC Markets Group, Inc. On Oct. 31, 2017, the last reported sales price for the Company's common stock was $0.02 per share. A full-text copy of the amended prospectus is available at: https://is.gd/EzRxEa About Rocky Mountain Dallas, Texas-based Rocky Mountain High Brands, Inc. (OTCMKTS:RMHB) is a consumer goods brand development company specializing in developing, manufacturing, marketing, and distributing hemp-infused food and beverage products and spring water. The Company currently markets a lineup of five hemp-infused beverages. RMHB is also researching the development of a lineup of products containing Cannabidiol (CBD). The Company's intention is to be on the cutting edge of the use of CBD in consumer products while complying with all state and federal laws and regulations. Rocky Mountain reported a net loss of $9.27 million on $401,974 of sales for the year ended June 30, 2017, following net income of $2.32 million on $1.07 million of sales for the year ended June 30, 2016. As of Sept. 30, 2017, Rocky Mountain had $1.04 million in total assets, $7.49 million in total liabilities, all current, and a total shareholders' deficit of $6.44 million. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended June 30, 2017, noting that the Company has a shareholders' deficit of $7.304 million, an accumulated deficit of $26.15 million at June 30, 2017, and has generated operating losses since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. S550 INVESTMENTS: Case Summary & 2 Unsecured Creditors ------------------------------------------------------ Debtor: S550 Investments, Inc. c/o David Mincin, Esq. 7465 W. Lake Mead Boulevard, #100 Las Vegas, NV 89128 Tel: 702-852-1957 Type of Business: Based in Las Vegas, Nevada, S550 Investments is a privately held company that provides financial advisory services. S550 Investments filed as a Domestic Corporation in the State of Nevada on April 29, 2015, according to public records filed with Nevada Secretary of State. Chapter 11 Petition Date: December 7, 2017 Case No.: 17-16559 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Hon. August B. Landis Debtor's Counsel: David Minchin, Esq. MINCIN LAW, PLLC 7465 W. Lake Mead Blvd, #100 Las Vegas, NV 89128 Tel: (702) 852-1957 Fax : N/A Email: dmincin@mincinlaw.com Total Assets: $0 Total Liabilities: $4.81 million The petition was signed by Shafik Brown, president. A copy of the Debtor's list of two unsecured creditors is available for free at: http://bankrupt.com/misc/nvb17-16559_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nvb17-16559.pdf SACRED POWER: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Sacred Power, LLC a New Mexico Limited Liability Company 1501 12th Street NW Albuquerque, NM 87104 Type of Business: Sacred Power, LLC is a privately held company that supplies solar energy equipment in Albuquerque, New Mexico. Chapter 11 Petition Date: December 7, 2017 Case No.: 17-13093 Court: United States Bankruptcy Court District of New Mexico (Albuquerque) Judge: Hon. David T. Thuma Debtor's Counsel: Don F Harris, Esq. NM FINANCIAL LAW, P.C. 320 Gold Avenue SW, Suite 610 Albuquerque, NM 87102 Tel: 505-503-1637 Fax: 505-848-8593 E-mail: nmfl@nmfinanciallaw.com Debtor's Auctioneer: Charles F. Dickerson CHARLES F. DICKERSON, INC. Total Assets: $369,795 Total Liabilities: $2.21 million The petition was signed by Michael Candelaria, authorized representative. A full-text copy of the petition, along with a list of 20 largest unsecured creditors, is available for free at http://bankrupt.com/misc/nmb17-13093.pdf SKY-SKAN INC: Secured Creditor Asks Court to Dismiss Ch. 11 Case ---------------------------------------------------------------- Secured creditor Coastal Capital LLC filed a motion asking the U.S. Bankruptcy Court for the District of New Hampshire to dismiss Sky-Skan Incorporated's chapter 11 case because cause exists for dismissal given that Debtor's continued operation of its business, based on its own cash collateral budget and admissions, will cause substantial loss to and diminution of the estate with no likelihood of reorganization or rehabilitation. Further, dismissal is in the best interest of the creditors, as Coastal and the Internal Revenue Service hold all-asset security interests, i.e. no other creditor will receive any value in a chapter 7 liquidation, and therefore should be allowed to exercise their rights and remedies outside of bankruptcy. If the Debtor's bankruptcy case is not immediately dismissed, the Debtor will imminently burn through all of Coastal and the IRS's cash collateral during the period leading up to the Dec. 6, 2017 hearing on Debtor's Motion for Interim and Final Authority to Use Cash Collateral, leaving nothing to liquidate and distribute when reorganization, as Debtor's own bankruptcy counsel concluded, eventually fails. Therefore, the Court should protect Coastal and the IRS's cash collateral, waste no further judicial resources on Debtor's bankruptcy case and immediately dismiss the case. Alternatively, if the Court finds that Debtor has a reasonable likelihood of reorganization, the Court should appoint a chapter 11 trustee for cause due to the gross mismanagement of Debtor by Debtor's principals. A full-text copy of the Coastal's Motion is available at: http://bankrupt.com/misc/nhb17-11540-54.pdf Counsel for Coastal Capital LLC: Peter Antonelli BNH07641 Curran Antonelli, LLP 260 Franklin Street Boston, MA 02110 Phone: (617) 207-8670 Facsimile: (857) 233-4716 pantonelli@curranantonelli.com About Black Mountain Golf & Country Club Based in Henderson, Nevada, Black Mountain Golf & Country Club is a member-owned golf facility open to the public. The Company is non-profit corporation and a tax-exempt entity. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-11540) on March 30, 2017. The petition was signed by Larry Tindall, president. At the time of the filing, the Debtor estimated its assets at $10 million to $50 million and debts at $1 million to $10 million. The case is assigned to Judge Bruce T. Beesley. Morris Polich & Purdy LLP is the Debtor's legal counsel. The Debtor employed Coffey & Rader CPA as its accountant and Harper Appraisal, Inc., as appraiser. The Debtor hired Ray Fredericksen of Per4mance Engineering in connection with its efforts to rezone its property. No request has been made for the appointment of a trustee or examiner, and no official committees have been appointed in this Chapter 11 case. About Sky-Skan Incorporated Sky-Skan, Inc., was founded in 1967 as a company dedicated solely to the development and manufacture of specialized devices for depicting dynamic visualizations of astronomical and meteorological phenomena on planetarium domes in museums, schools, and universities. The company has since grown to become a provider of digital fulldome science visualization, theater control, and show programming systems for hundreds of planetariums on six continents, serving hundreds of clients in the niche field of immersive science interpretation and education. From the initial planning stage to staff training and ongoing support, Sky-Skan provides all services required by the most advanced digital fulldome planetariums and visualization theaters. Sky-Skan, based in Nashua, NH, filed a Chapter 11 petition (Bankr. D.N.H. Case No. 17-11540) on Nov. 1, 2017. Steven T. Savage, president, signed the petition. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. Peter N. Tamposi, Esq., at The Tamposi Law Group, P.C., serves as bankruptcy counsel. The Debtor tapped SquareTail Advisors, LLC, as financial advisor. SLOOP PROPERTIES: Taps McElwee Firm as Legal Counsel ---------------------------------------------------- Sloop Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire McElwee Firm, PLLC as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Robert Laney, Esq., the attorney who will be handling the case, charges an hourly fee of $250. Paralegals charge $180 per hour. The Debtor has agreed to pay the firm a retainer in the sum of $22,000. Mr. Laney disclosed in a court filing that he and his firm do not hold any interest adverse to the Debtor and its estate. The firm can be reached through: Robert P. Laney, Esq. McElwee Firm, PLLC 906 Main Street North Wilkesboro, NC 28659 Tel: (336) 838-1111 Email: blaney@mcelweefirm.com Sloop Properties LLC Based in Wilkesboro, North Carolina, Sloop Properties, LLC, is a real estate company with its principal assets located at 5307 Boone Trail Millers Creek, North Carolina. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). Sloop Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 17-50728) on December 5, 2017. Lisa R. Sloop, its member and manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of $1 million. Judge Laura T. Beyer presides over the case. SNAP INTERACTIVE: Stockholders Acquire 71,427 Shares from Sigma --------------------------------------------------------------- Certain executive officers, directors and/or substantial security holders of Snap Interactive, Inc., including Jason Katz, Judy Krandel, Yoram "Rami" Abada, John Silberstein, Arash Vakil and Perry Scherer, entered into a Stock Purchase Agreement with Sigma Opportunity Fund II, LLC and Sigma Capital Advisors, LLC, pursuant to which the Buyers purchased an aggregate of 71,429 shares of common stock of Snap Interactive from the Sellers at a price of $1.90 per share, according to a Form 8-K report filed with the Securities and Exchange Commission. About Snap Interactive New York-based Snap Interactive, Inc. -- http://www.snap-interactive.com/-- is a provider of live video social networking and interactive dating applications. SNAP has a diverse product portfolio consisting of nine products, including Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 26 patents related to video conferencing and online gaming. On Oct. 7, 2016, Snap Interactive and its wholly owned subsidiary, Snap Mobile Limited completed a business combination with privately-held A.V.M. Software, Inc. and its wholly owned subsidiaries, Paltalk Software Inc., Paltalk Holdings, Inc., Tiny Acquisition Inc., Camshare, Inc. and Fire Talk LLC in accordance with the terms of an Agreement and Plan of Merger, by and among SNAP, SAVM Acquisition Corporation, SNAP's former wholly owned subsidiary, AVM and Jason Katz, pursuant to which AVM merged with and into SAVM Acquisition Corporation, with AVM surviving as a wholly owned subsidiary of SNAP. Snap Interactive reported a net loss of $1.45 million for the year ended Dec. 31, 2016, a net loss of $265,926 for the year ended Dec. 31, 2015, and a net loss of $1.65 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Snap Interactive had $22.64 million in total assets, $5.27 million in total liabilities and $17.36 million in total stockholders' equity. SOLENIS INTERNATIONAL: S&P Lowers CCR to 'B-', Outlook Stable ------------------------------------------------------------- S&P Global Ratings anticipates that 2017 and 2018 credit ratios for U.S.-based Solenis International L.P. will be weaker than expected, with funds from operations (FFO) to debt below 6% and debt to EBITDA above 7x. S&P Global Ratings lowered its corporate credit ratings on Solenis International L.P. to 'B-' from 'B'. The outlook is stable. S&P said, "At the same time, we lowered our issue-level ratings on the company's first-lien term loans and credit facility to 'B-' from 'B'. The recovery rating on this debt remains '3', indicating our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. We also lowered our issue-level ratings on the company's second-lien term loan to 'CCC+' from 'B-'. The recovery rating on this debt remains '5', indicating our expectation of modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. The issuer of the first- and second-lien term loans, and credit facility is Solenis International L.P. and Solenis Holdings 3 LLC. "The downgrade reflects that increased raw material costs and the inability to pass these on in a timely manner contribute to credit metrics weaker than our expectations. Solenis' weighted-average FFO to debt is currently 5.7% compared with our expectation earlier this year of around 9%. The company's EBITDA margins have weakened over the past 12 months. We are reassessing our view of Solenis' competitive strengths, which we believe are likely weaker than we originally expected. Despite the specialty nature of many of the company's products, Solenis has limited ability to pass on these increases. We believe the company's markets will remain competitive, limiting its ability to improve margins significantly. "The stable outlook reflects our expectations that the company will maintain operating performance that results in FFO to debt on a weighted-average pro forma basis between 5% and 7%, and debt to EBITDA between 7x and 8x over the next 12 months. We expect the company's margins will continue to be pressured by increased competition in 2017 and be relatively flat. We expect that U.S. and eurozone GDP growth will support such revenue growth. Revenue growth is somewhat offset by the declining printing and writing market but supported by growth in other markets such as packaging. Additionally, we have factored in only modest bolt-on acquisitions and no shareholder rewards into our forecasts. "We could lower the ratings over the next 12 months if free operating cash flow remains negative for an extended period or if leverage approaches unsustainable levels. Furthermore, we could lower ratings if sources of funds decline below 1.2x uses. For example, if EBITDA margins dropped by several hundred basis points (bps) from our base case, we could view that as unsustainable leverage. Drivers of operating performance deterioration would likely be a sharp spike in raw material costs that the company is unable to pass on and the loss of multiple customers. "Given current leverage, we view an upgrade as unlikely over the next 12 months. We could, however, consider an upgrade if the company reduces leverage using cash flows to pay down debt such that total adjusted debt to EBITDA is consistently below 6x and FFO to debt is likely to be at or above 10% on a weighted-average (considering current and future performance) pro forma basis. In addition, liquidity sources would need to exceed uses by at least 1.2x. This would likely occur if the company achieved EBITDA-margin expansion by over 400 bps, driven by regaining lost margin due to raw material cost increases and competitive pressures. In addition, owners and management would need to demonstrate a commitment to maintaining leverage at these improved levels." SRC LIQUIDATION: Court Denies Bid to Dismiss CareSource's Lawsuit ----------------------------------------------------------------- Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware denied Defendants' motion to dismiss the adversary proceeding captioned CARESOURCE and CARESOURCE MANAGEMENT GROUP CO., Plaintiffs, v. SRC LIQUIDATION COMPANY, SR LIQUIDATION HOLDING COMPANY, SR LIQUIDATION TECHNOLOGIES, INC., iMLIQUIDATION, LLC, SR LIQUIDATION OF PUERTO RICO INC., SR LIQUIDATION OF MEXICO HOLDING, S. DE R.L. DE C.V., STANDARD REGISTER DE MEXICO, S. DE R.L. DE C.V., STANDARD REGISTER SERVICIOS, S. DE R.L. DE C.V., SR LIQUIDATION TECHNOLOGIES CANADA ULC, and SILVER POINT FINANCE, LLC, as Agent and Collateral Agent, SPCP GROUP, LLC, SPCP GROUP III, LLC, DLJ INVESTMENT PARTNERS, L.P., DLJ INVESTMENT PARTNERS II, L.P., DLJ IP II HOLDINGS, L.P., SPCP GROUP III LLC, SPF CDO I, LTD., SP WORKFLOW HOLDINGS, INC., SILVER POINT CAPITAL FUND, L.P., Defendants, Adv. Proc. No. 15-51775 (BLS) (Bankr. D. Del.). In their motion to dismiss, the Defendants argued that that the Court lacks subject matter jurisdiction on the ground that the complaint for declaratory relief filed by CareSource is unripe. CareSource argued that its claims for declaratory relief are ripe for decision. Despite the fact that no claims have been filed, the Court finds that CareSource has satisfied its burden in showing that the Court has jurisdiction and that its claims are ripe for review. While there is no precise test for a ripeness determination, the Supreme Court has said that "the question in each case is whether the facts alleged, under all the circumstances, show that there is a substantial controversy, between parties having adverse legal interests, or sufficient immediacy and reality to warrant the issuance of a declaratory judgment." The Third Circuit has "glean[ed] . . . certain basic principles" from the Supreme Court that guide this Court's analysis. Those basic principles relate to: (1) the adversity of the interest of the parties; (2) the conclusiveness of the judicial judgment; and (3) the practical help, or utility, of that judgment. The Court finds that CareSource has sufficiently demonstrated that there are sufficiently adverse interests between the parties. Consideration of the procedural posture here reinforces this conclusion: this is a post-confirmation case, and there is a real possibility of claims arising years into the future. CareSource's concerns are real: they may have to reopen this case years from now, and they will have to track down relevant parties and necessary documents to pursue and obtain the insurance coverage they believe they are entitled to. Thus, the Court determines that this factor weighs substantially in favor of a finding of ripeness at the present time. The Court also finds that the second factor weighs in favor of a finding of ripeness. Unlike in Step-Saver, a judgment in this adversary proceeding would conclusively determine CareSource's interests under the insurance policies. As CareSource argues, their rights may have been impacted by the sale, the rejection notice, and the confirmed Plan. A judgment determining the scope of interests would clarify the breadth of the impact discussed by CareSource. As such, the Court finds that this factor favors ripeness. Finally, the Court finds that a judicial judgment in this adversary proceeding would be practical and useful. Unlike in Step-Saver, a determination of CareSource's interests as related to the insurance policies would certainly contribute to, if not determine, CareSource's decisions regarding the real risk of future liability. As such, the Court finds that this final factor weighs in favor of a finding of ripeness as well. In addition to the arguments presented by the Silver Point Defendants, the Debtors argue that the Complaint should be dismissed as against them because "they have no economic stake in the litigation." Specifically, the Debtors contend that their interests in the proceeds of the insurance policies were transferred under the Plan to a trust created for the benefit of the Debtors' secured creditors. The Court rejects the Debtors' additional argument. CareSource explicitly contends in the Complaint that the proceeds from the policies are not property of the Debtors' estate. As such, CareSource challenges the Debtors' ability to transfer the policies to the trust. Because the Debtors' role in the litigation as it relates to the insurance policies is contested and remains unclear, the Court finds that dismissing them from the proceeding would be imprudent. Therefore, the Court will deny the Debtors' request for dismissal at this stage. The bankruptcy case is in re: SRC LIQUIDATION, LLC, Chapter 11, Debtor, Case No. 15-10541 (BLS) (Jointly Administered) (Bankr. D. Del.). A full-text copy the Court's Opinion dated Dec. 1, 2017 is available at https://is.gd/Keog7P from Leagle.com. CareSource, Plaintiff, represented by Kevin Scott Mann -- kmann@crosslaw.com -- Cross & Simon, LLC, Christopher Page Simon -- csimon@crosslaw.com -- Cross & Simon, LLC & David M. Whittaker -- dwhittaker@bricker.com -- Bricker & Eckler LLP. SRC Liquidation Company, Defendant, represented by Justin K. Edelson -- jedelson@polsinelli.com -- Polsinelli PC. Silver Point Finance, LLC, as Agent and Collateral Agent, Defendant, represented by Jason M. Liberi -- jason.liberi@skadden.com -- Skadden, Arps, Slate, Meagher & Flom LLP. Prime Clerk, Claims Agent, represented by Benjamin Joseph Steele , Prime Clerk LLC. About Standard Register Standard Register provided market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company had operations in all U.S. states and Puerto Rico, and had 3,500 full-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. * * * Assets of Standard Register and its affiliates were sold to Taylor Corp., a privately held company. The sale to Taylor closed on July 31, 2015. SRC Liquidation Company, f/k/a The Standard Register Company, and its affiliated debtors on Nov. 19, 2015, won confirmation of their Second Amended Chapter 11 Plan of Liquidation. The Effective Date of the Plan occurred on Dec. 18, 2015. The Plan proposes to pay 1% of the allowed claims of general unsecured creditors. TABERNA PREFERRED: Creditors Not Entitled to Unsecured Claims ------------------------------------------------------------- Judge Mary Kay Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York entered an order denying Opportunities II Ltd., HH HoldCo Co-Investment Fund, L.P., and Real Estate Opps Ltd.'s motion for summary judgment seeking a ruling that they hold unsecured claims against Taberna Preferred Funding IV, Ltd., making them eligible to be petitioning creditors under section 303(b) of the Bankruptcy Code. The Junior Noteholders and TP Management opposed the motion and argued that the Petitioning Creditors are not entitled to summary judgment because the Petitioning Creditors hold oversecured, non-recourse claims on account of the Notes. The Petitioning Creditors cite a number of cases to support their argument that, as a general matter, secured creditors may waive a portion of their security interest in order to qualify as unsecured creditors, eligible to file an involuntary petition. However, none of the cases cited by the Petitioning Creditors support their argument that where, as here, a lien is held in trust by a third party for the collective benefit of multiple parties, a secured creditor may waive its security interest and, by operation of such waiver, be deemed to hold an unsecured claim that it otherwise would not hold; i.e. a deficiency claim. After analyzing all the arguments and evidence, the Court finds that the Petitioning Creditors have failed to demonstrate that, under the present circumstances and based on the record before the Court, there is no genuine issue of material fact and that they are entitled to a judgment as a matter of law that the execution of the Partial Waivers makes the Petitioning Creditors holders of unsecured claims with respect to the Class A-2 Notes. Because the Court has determined that the Petitioning Creditors are not, at this stage of the case, entitled to a judgment as a matter of law that the Partial Waivers give rise to unsecured claims under the Indenture, the Court need not reach the issue of whether the Petitioning Creditors may assert such unsecured claims against Taberna, or whether such claims are limited to the Collateral. A full-text copy of Judge Vyskocil's Order dated Nov. 27, 2017, is available at: http://bankrupt.com/misc/nysb17-11628-133.pdf Counsel for the Petitioning Creditors: Robert J. Pfister, Esq. Whitman L. Holt, Esq. KLEE, TUCHIN, BOGDANOFF & STERN LLP 1999 Avenue of the Stars, 39th Floor Los Angeles, California 90067 rpfister@ktbslaw.com wholt@ktbslaw.com Counsel for Hildene Opportunities Master Fund II, Ltd.: H. Peter Haveles, Jr., Esq. PEPPER HAMILTON LLP 620 Eighth Avenue, 37th Floor New York, New York 10017 havelesp@pepperlaw.com Counsel for Hildene Opportunities Master Fund II, Ltd.: Eric D. Winston, Esq. Lindsay M. Webber, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 865 S. Figueroa Street, 10th Floor Los Angeles, California 90017 51 Madison Avenue, 22nd Floor New York, New York 10010 ericwinston@quinnemanuel.com lindsayweber@quinnemanuel.com Counsel for Citigroup Global Markets, Inc.: Elliot Moskowits, Esq. Brian M. Resnick, Esq. Justin Sommers, Esq. DAVIS POLK 450 Lexington Avenue New York, New York 10017 elliot.moskowitz@davispolk.com brian.resnick@davispolk.com justin.sommers@davispolk.com Counsel for Investors Trust Assurance, SPC: Joel S. Magolnick, Esq. MARKO & MAGOLNICK, P.A. 3001 South West 3rd Avenue Miami, Florida 33129 magolnick@mm-pa.com Counsel for Waterfall Asset Management, LLC: Matthew B. Stein, Esq. Michael A. Hanin, Esq. KASOWITZ BENSON TORRES LLP 1633 Broadway New York, New York 10019 mstein@kasowitz.com mhanin@kasowitz.com Counsel for TP Management LLC: Gerard Uzzi, Esq. Daniel M. Perry, Esq. Alexander B. Lees, Esq. MILBANK, TWEED, HADLEY & MCCLOY LLP 28 Liberty Street New York, New York 10005 guzzi@milbank.com dperry@milbank.com alees@milbank.com About Taberna Preferred Funding IV Created in late 2005, Taberna Preferred Funding IV, Ltd. is a structured-finance entity known as a collateralized debt obligation ("CDO"), an entity that issues debt to investors in exchange for cash. Taberna issued more than $630 million of secured notes in 11 descending classes under an Indenture dated as of December 23, 2005, which notes were anticipated to be repaid over 30 years via the proceeds generated by the underlying collateral Taberna bought. Opportunities II Ltd., HH HoldCo Co-Investment Fund, L.P., and Real Estate Opps Ltd. filed an involuntary Chapter 11 petition for Taberna on June 12, 2017 (Bankr. S.D.N.Y. Case Number 17-11628). The Petitioning Creditors collectively hold 100% of the most-senior tranche of notes issued by the Debtor, totaling approximately $137 million, and roughly 34% of the second-most senior tranche of notes, totaling approximately $17 million. The Hon. Mary Kay Vyskocil is the case judge. Klee, Tuchin, Bogdanoff & Stern LLP is serving as the Petitioning Creditors' counsel, with the engagement led by Robert J. Pfister, Esq., and Whitman L. Holt, Esq. TADD WHOLESALE: Hires Lefkovitz & Lefkovitz as Attorney ------------------------------------------------------- TADD Wholesale Supply LLC seeks authorization from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Steven L. Lefkovitz and the law firm of Lefkovitz & Lefkovitz as bankruptcy counsel. Professional services to be rendered by Mr. Lefkovitz are: a. advise the Debtor as to his rights, duties and powers as Debtor-in-Possession; b. prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials and any other proceedings in this case; and d. perform other legal services as may be necessary in connection with this case. Steven L. Lefkovitz, attests that he and the law firm of Lefkovitz & Lefkovitz are disinterested persons, as that term is defined in the Bankruptcy Code, and do not hold or represent an interest adverse to the estate with respect to the matter on which they are proposed to be employed. Lefkovitz & Lefkovitz current rates are: a. $525.00 per hour for time spent by Steven L. Lefkovitz; b. $350.00 per hour for time spent by Associate Attorneys; and c. $125.00 per hour for time spent by Paralegals employed by the attorney. The Counsel can be reached through: Steven L. Lefkovitz, Esq. Lefkovitz & Lefkovitz 618 Church Street, Suite 410 Nashville, TN 37219 Phone: (615) 256-8300 Fax: (615) 255-4516 E-Mail: slefkovitz@lefkovitz.com About TADD Wholesale Supply TADD Wholesale Supply LLC -- http://stores.ebay.com/Tadd-Wholesale-Supply-- offers a variety of products on eBay by allowing its customers to determine the price by using the auction format. The company has completed more than 1 million individual eBay listings in its career. TADD Wholesale lists more than 500 auctions seven days a week, 365 days a year. The company's gross revenue amounted to $12.76 million in 2016 and $11.75 million in 2015. TADD Wholesale Supply filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 17-07799), on November 15, 2017. The petition was signed by Amber DeShon, its chief manager. The case is assigned to Judge Marian F Harrison. The Debtor is represented by Steven L. Lefkovitz, Esq. at Lefkovitz & Lefkovitz. At the time of filing, the Debtor had $2.77 million in total assets and $2.67 million in total liabilities. TERRACE HOUSING: Bid to Stay HUD's Sale of Property Time-Barred --------------------------------------------------------------- Judge Richard E. Fehling of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania entered an order denying Debtor Terrace Housing Associates, Ltd.'s motion seeking relief from violation of the automatic stay by the U.S. Department of Housing and Urban Development. The Debtor was formed as a limited partnership under Colorado law on May 12, 1987. On May 12, 2015, Lisa M. Toth filed the Chapter 11 petition in this case on behalf of Debtor, which is a limited partnership. Ms. Toth is not a lawyer. Ms. Toth, acting in her capacity as General Partner Manager of Debtor, however, engaged in the unauthorized practice of law by attempting to represent Debtor. The Debtor filed a Chapter 11 petition on May 12, 2015, to stop a non-judicial foreclosure sale by HUD that was scheduled to begin on May 13, 2015. HUD concedes that although it waited until after Debtor's bankruptcy case was dismissed to actually transfer the Property located in Oklahoma to the successful bidder, it received bids from potential purchasers after May 13, 2015. HUD received and reviewed the bids while this bankruptcy case was pending. HUD took no other steps to foreclose on Debtor's Property. Debtor's bankruptcy case was dismissed after only three weeks, on June 2, 2015. HUD sold the Property to the successful bidder on Sept. 15, 2015, when Debtor had no bankruptcy case pending. Debtor waited more than two years after the alleged stay Violation occurred to file its Motion To Reopen, on June 4, 2017, and the Stay Motion on June 5, 2017. HUD argues, and the Court agrees, that the Debtor's delay in filing these Motions and the concomitant prejudice that HUD would suffer renders the Stay Motion time-barred under the doctrine of laches. Considering all the arguments presented, the Court finds and concludes that the Debtor had the capacity to file the Stay Motion because its status as a Colorado limited partnership was never dissolved, ignoring Debtor's inexcusable delay in filing the Stay Motion would result in tremendous prejudice to HUD, such that Debtor is now time-barred from prosecuting the Stay Motion by the doctrine of laches. The bankruptcy case is in re: TERRACE HOUSING ASSOCIATES, LTD., Chapter 11, Debtor, Bankruptcy No. 15-13368REF (Bankr. E.D. Penn.). A copy of Judge Fehling's Memorandum Opinion and Order dated Nov. 22, 2017, is available at https://is.gd/5UrEsM and https://is.gd/jdQLsC respectively from Leagle.com. Terrace Housing Associates, Ltd. filed for chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 15-13368) on May 12, 2015. TERRANOVA LANDSCAPES: Plan and Disclosures Hearing Set for Jan. 11 ------------------------------------------------------------------ Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York conditionally approved Terranova Landscapes, Inc.'s disclosure statement to accompany its proposed reorganization plan. A hearing will be held on Jan. 11, 2018 at 11:00 a.m. at the United States Bankruptcy Court, Eastern District of New York, in Courtroom 970 of the Alfonse M. D'Amato Federal Courthouse, 290 Federal Plaza, Central Islip, New York 11722 for final approval of the Disclosure Statement and for confirmation of the Plan. Jan. 4, 2018 is fixed as the last day for filing written acceptances or rejections of the Plan, or for filing and serving written objections to the Disclosure Statement and to confirmation of the Plan. Objections to the adequacy of the Disclosure Statement or to confirmation of the Plan must be in writing and must be filed by Jan. 4, 2018. About Terranova Landscapes Inc. Terranova Landscapes, Inc. dba Terranova Fine Landscapes, based in Center Moriches, New York, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-70472) on January 27, 2017. The petition was signed by Eric Searles, president. At the time of the filing, the Debtor disclosed $827,529 in assets and $2.07 million in liabilities. The case is assigned to Judge Louis A. Scarcella. The Debtor is represented by Gary C. Fischoff, Esq., at Berger, Fischoff, & Shumer, LLP. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Terranova Landscapes, Inc. as of March 3, according to a court docket. TIFARO GROUP: December 20 Plan Confirmation Hearing --------------------------------------------------- The Hon. David R. Jones of the U.S. Bankruptcy Court for the Northern District of Texas has conditionally approved the second amended disclosure statement filed by Tifaro Group, Ltd. in support of its Second Amended Chapter 11 Plan of Reorganization. The Court also authorized the Debtor to solicit votes with respect to the Plan, and fixed December 18, 2017 at 12:00 noon (Central Time) as the deadline for filing ballots accepting or rejecting the Plan. The deadline for filing and serving written objections to confirmation of the Plan or the final approval of the Disclosure Statement is on December 18, 2017. The Court will conduct an evidentiary hearing to consider final approval of the Disclosure Statement and confirmation of the Plan on December 20, 2017 at 1:00 p.m. (Central Time). About The Tifaro Group Ltd., EC Mansfield LLC The Tifaro Group, Ltd., is a Texas limited partnership organized as an investment vehicle for the purpose of owning interest in various healthcare-related entities. Headquartered in Houston, EC Mansfield LLC, an affiliate of Tifaro Group, owns an emergency care ambulatory facility located in Mansfield, Texas. It does business as Elitecare Emergency Room, Elitecare 24 Hour Emergency Room Manfield, Elitecare 24 Hour Emergency Room, Elitecare 24 Hour Emergency Center, Elitecare Emergency Center, Elitecare Emergency Room. The Tifaro Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-80171) on June 2, 2017. At the time of the filing, Tifaro Group, Ltd. estimated its assets and debt at $10 million to $50 million. EC Mansfield filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-34452) on July 25, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petitions were signed by J. Patrick Magill, president of Magill, P.C., which is the financial agent of The Tifaro Group Management Company LLC. TGMC is the Tifaro Group, Ltd.'s general partner. The cases are jointly administered under Tifaro Group. Judge David R. Jones presides over the cases. Melissa A. Haselden, Esq., and Edward L. Rothberg, Esq., at Hoover Slovacek LLP, serve as the Debtors' legal counsel. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of The Tifaro Group, Ltd., and EC Mansfield LLC as of Nov. 14, according to a court docket. TOWN SPORTS: Atlas Fund Has 10.1% Stake as of Dec. 8 ---------------------------------------------------- PW Partners Atlas Fund III LP disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Dec. 8, 2017, it beneficially owned directly 2,707,424 shares and Patrick Walsh beneficially owned directly 1,485,376 Shares (including 1,032,666 unvested restricted Shares), constituting approximately 10.1% and 5.6%, respectively, of the shares outstanding of Town Sports International Holdings, Inc. PW Partners Atlas Funds, LLC, as the general partner of Atlas Fund III, may be deemed to beneficially own the 2,707,424 Shares directly beneficially owned by Atlas Fund III, constituting approximately 10.1% of the Shares outstanding. PW Partners Capital Management LLC, as the investment manager with respect to Atlas Fund III, may be deemed to beneficially own the 2,707,424 Shares directly beneficially owned by Atlas Fund III, constituting approximately 10.1% of the Shares outstanding. Mr. Walsh, as the managing member and chief executive officer of Atlas Fund GP and the managing member of PW Capital Management, may be deemed to beneficially own the 2,707,424 Shares beneficially owned by Atlas Fund GP and PW Capital Management, which, together with the Shares he directly beneficially owns, constitutes an aggregate of 4,192,800 Shares or approximately 15.7% of the Shares outstanding. The aggregate purchase price of the 2,707,424 Shares directly owned by Atlas Fund III is approximately $14,336,912, excluding brokerage commissions. Other than 1,205,344 Shares (including 1,032,666 unvested restricted Shares) awarded to Mr. Walsh in connection with his service as an officer and director of the Issuer, the Shares directly owned by Mr. Walsh were purchased with personal funds. The aggregate purchase price of the 280,032 Shares purchased by Mr. Walsh is approximately $1,075,827, excluding brokerage commissions. The aggregate percentage of Shares reported owned by each person is based upon 26,681,090 Shares outstanding as of Oct. 23, 2017, which is the total number of Shares outstanding as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on Oct. 26, 2017. On Dec. 4, 2017, Mr. Walsh received 250,000 restricted Shares in his capacity as an officer of the Issuer. These restricted Shares will vest in three equal annual installments commencing on Dec. 4, 2018, the first anniversary of the grant date. On Nov. 10, 2017, Atlas Fund III made a distribution of 16,311 Shares to limited partners. On Nov. 14, 2017, Atlas Fund III made a distribution of 94,741 Shares to limited partners. A full-text copy of the regulatory filing is available at: https://is.gd/i3whot About Town Sports International Headquartered in New York, Town Sports International Holdings, Inc., is the owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States and, through its subsidiaries, owned and operated 164 fitness clubs as of Sept. 30, 2017, comprising 118 clubs in the New York metropolitan market (102 of which were under the "New York Sports Clubs" brand name and 16 of which were under the "Lucille Roberts" brand name), 28 clubs in the Boston metropolitan region under its "Boston Sports Clubs" brand name, 10 clubs (one of which is partly-owned) in the Washington, D.C. metropolitan region under its "Washington Sports Clubs" brand name, five clubs in the Philadelphia metropolitan region under its "Philadelphia Sports Clubs" brand name, and three clubs in Switzerland. These clubs collectively served approximately 588,000 members as of Sept. 30, 2017. Town Sports posted net income of $8.04 million for the year ended Dec. 31, 2016, compared to net income of $21.15 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $230.85 million in total assets, $330.51 million in total liabilities and a total stockholders' deficit of $99.65 million. * * * In May 2016, S&P Global Ratings said that it affirmed its corporate credit rating on New York City-based Town Sports International Holdings Inc. at 'CCC+'. The rating outlook is negative. The CCC+' corporate credit rating affirmation reflects a highly leveraged capital structure that S&P believes is unsustainable over the long term, the ongoing risk of a conventional default, and the risk of another type of distressed debt restructuring in the future. In May 2017, Moody's Investors Service changed the ratings outlook for the debt of Town Sports International Holdings, Inc., to stable from negative. At the same time, Moody's affirmed the Company's Corporate Family Rating (CFR) and Probability of Default Rating (PDR) at 'Caa2' and 'Caa2-PD', respectively, and its Speculative Grade Liquidity Rating at SGL-3, while also upgrading the company's senior secured credit facilities rating to 'Caa1' from 'Caa2'. Town Sports' Speculative Grade Liquidity Rating is SGL-3. According to Moody's analyst David Berge, "Town Sports has made progress in stabilizing the fee-based portion of its revenue stream, which is an important early step in the company's recovery. The ability to grow its membership base while demonstrating the viability of its pricing strategy in the highly-competitive fitness club sector will be key to future improvement in the company's credit profile." TOYS "R" US: Creditors Seek Key Docs Related to Debt Transactions ----------------------------------------------------------------- Lillian Rizzo and Soma Biswas, writing for The Wall Street Journal Pro Bankruptcy, reported that unsecured creditors of Toys "R" Us Inc. filed court papers seeking permission from Judge Keith Phillips to obtain more documents related to the numerous debt transactions that took place in the years leading up to the company's September bankruptcy filing, including several transfers of intercompany notes, its 2005 leveraged buyout and fees paid to its private-equity backers. According to the report, the creditors are investigating whether any transactions could be cause for any claims against the company. The report noted that at the time of its filing, Toys "R" Us had $5.3 billion in debt, unchanged from when it was taken private by private-equity firms Bain Capital and KKR & Co. and real-estate investment trust Vornado Realty Trust in a $6.6 billion deal. The creditors also said that while Toys "R" Us has already provided some of the requested information and documents and made two executives available for two hours to answer questions, they are still waiting on "a substantial number of key documents," the report related. Between 2013 and 2017, Toys "R" Us went through a number of intercompany debt transactions, including several 2016 transactions in which the company created at least five new entities, transferring equity interests from one to the other and issuing nearly $583 million of new debt, the report further related. The creditors also said in court papers they planned to investigate the many fees Toys "R" Us paid to its private-equity owners, which were "well in excess of $100 million for advisory services, transaction fees, and lease payments in the five years" before the bankruptcy filing, the report said. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. TOYS "R" US: Has Court OK to Pay Bankruptcy Bonuses --------------------------------------------------- Lillian Rizzo, writing for The Wall Street Journal Pro Bankruptcy, reported that Judge Keith Phillips of the U.S. Bankruptcy Court in Richmond, Va., authorized Toys "R" Us Inc. to pay millions of dollars in bonuses to executives despite objections raised by a federal bankruptcy watchdog. The Troubled Company Reporter, citing BankruptcyData.com, previously reported that the Debtors' motion for approval of their senior executive incentive plan (SEIP) explains, "the Debtors developed the SEIP for 17 senior members of the management team as part of an overall compensation package that is both consistent with the Debtors' historical compensation programs and offers payments similar to its peers. The total amount available for payment under the SEIP on an annual basis is $16 million at the Target Threshold. That amount could double if management attained its 'stretch' goal -- a result the Debtors will find very difficult to achieve. The SEIP Participants are at the forefront of the Debtors' most important endeavours: executing on daily performance and leading Toys "R" US through its restructuring. The importance of having these individuals fully incentivized cannot be overstated." Following testimony from Toys "R" Us financial advisers regarding the financial thresholds and the need to keep executives in place to achieve a successful reorganization, Judge Phillips sided with the company on the matter, the report related. "I understand the U.S. trustee's job is to be the federal watchdog, and you very well performed that responsibility," Judge Phillips said during the hearing, according to the report. "However, I believe the preponderance of evidence . . . establishes the plan is to incentivize and not retain." The Journal also related that the Debtors ended up lowering the proposed bonuses, which was originally between $16 million and $32 million, after negotiations with unsecured creditors. Following the negotiations, the unsecured creditors filed papers in court indicating their support of the proposed bonuses. The judge also approved a plan to pay non-insiders up to $68 million in bonuses if certain financial thresholds are met, the report said. The payments are earmarked for 3,805 employees. Toys "R" Us employs a total 64,000 workers, court papers show, the report pointed out. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. TRELAWNY HOLDINGS: Hires Kristy Qiu as Attorney ----------------------------------------------- Trelawny Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Offices of Kristy Qiu, P.A., as attorney to the Debtor. Trelawny Holdings requires Kristy Qiu to: a. give advice to the Debtor with respect to the powers and duties as debtor in possession and the continued management of any business operations; b. advise the Debtor with respect to responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the Court; and e. represent the Debtor in negotiation with its creditors in compliance of the Plan. Kristy Qiu will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mengjun Kristy Qiu, partner of the Law Offices of Kristy Qiu, P.A., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Kristy Qiu can be reached at: Mengjun Kristy Qiu, Esq. LAW OFFICES OF KRISTY QIU, P.A. 101 NE 3rd Ave., Suite 1500 Fort Lauderdale, FL 33301 Tel: (954) 282-8296 About Trelawny Holdings, LLC Trelawny Holdings LLC, based in Fort Lauderdale, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 11-43988) on December 12, 2011. The Hon. John K. Olson presides over the case. Stephen P. Orchard, Esq., at the Law Offices of Stephen P. Orchard, serves as bankruptcy counsel. In its petition, the Debtor estimated $500,001 to $1,000,000 in assets and $1,000,001 to $10,000,000 in liabilities. The petition was signed by Marlon O. Thompson, its managing member. TRIBE BUYER: Moody's Affirms B2 CFR; Outlook Stable --------------------------------------------------- Moody's Investors Service affirmed Tribe Buyer LLC's ("Tradesmen") credit ratings. The Corporate Family rating ("CFR") was affirmed at B2, the Probability of Default rating at B2-PD, the senior secured 1st lien revolving credit facility due 2022 and term loan due 2024 at B1 and the senior secured 2nd lien term loan due 2025 at Caa1. The rating outlook is stable. Tradesmen announced it will issue a $90 million incremental 1st lien term loan to purchase Construction Labor Contractors ("CLC") for $85 million and pay transaction-related fees and expenses of $5 million. Issuer: Tribe Buyer LLC Affirmations: -- Corporate Family Rating, at B2 -- Probability of Default Rating, at B2-PD -- Senior Secured 1st Lien, at B1 (LGD3) -- Senior Secured 2nd Lien, at Caa1 (LGD6) Outlook: -- Outlook, Remains Stable RATINGS RATIONALE The B2 Corporate Family rating ("CFR") reflects Tradesmen's narrow operating scope, modest profitability and Moody's expectations for moderately high debt to EBITDA over 5 times. Moody's anticipate around 8% revenue growth, driven by volume growth from a favorable secular demand shift by small-to-mid sized non-residential construction managers in the U.S. toward sourcing skilled construction trade employees through employment service providers, a high customer retention rate and over 10 new agency location openings per year. Moody's expect Tradesman's "same-store" agency revenues could be cyclical and volatile, reflecting regional commercial construction market conditions. There is robust competition from other employment services providers and informal networking within each trade. That said, Tradesman is the largest service provider with its market focus in the U.S., and one of the largest sources of skilled tradesmen in most of the regional markets where it operates. The acquisition of CLC should enhance its leadership position in its largest markets while providing the opportunity to expand profit margins from merger-related cost reduction initiatives. Given the agency growth strategy and private equity sponsor ownership, Moody's do not expect sustained financial leverage reduction. Debt-financed shareholder returns are also a risk. All financial metrics cited reflect Moody's standard adjustments. Tradesman has a good liquidity profile. Moody's anticipate an unrestricted cash balance of around $17 million and free cash flow to be at least $15 million. Moody's expect Tradesman will have full availability of its $40 million senior secured revolving credit facility. The senior secured first lien debt agreement includes a financial maintenance covenant that requires total net leverage (as defined in the agreement) of no greater than 8 times. Moody's expect an ample coverage cushion for the financial covenant over the next year. The senior secured first lien term loan requires $3.4 million per year of debt amortization and contains a 75% excess cash flow sweep with step downs based on leverage. The B1 senior secured first lien rating reflects both the Probability of Default rating ("PDR") reflected in the B2-PD rating and a Loss Given Default assessment ("LGD") of LGD3. The first lien facilities are secured on a first lien basis by substantially all property and assets of the Issuer. The B1 rating benefits from the loss absorption provided by the junior debt in the capital structure. The Caa1 senior secured second lien rating also reflects the B2-PD PDR rating and a LGD of LGD6. The second lien term loan is secured by a second priority interest in substantially all assets of Tradesman and its operating subsidiaries. The Caa1 rating reflects the contractual subordination of the lien securing the 2nd lien term loans on the collateral to that of the lien securing the first lien obligations in the debt capital structure. The stable outlook reflects Moody's expectations for Tradesman to maintain EBITA margins around 10%, some free cash flow and at least good liquidity in a cyclical non-residential construction downturn. The stable outlook also reflects Moody's anticipation of only contractually-required debt reduction, as well as the risk that free cash flow or cash raised in subsequent debt offerings could be used to fund additional acquisitions or shareholder returns. Given the financial sponsor ownership, modest revenue scale and narrow operating scope, Moody's considers a ratings upgrade unlikely in the near term. However, the ratings could be upgraded if Moody's anticipates Tradesman will maintain conservative financial policies, expand the size and scope of revenues through end market and regional expansion and maintain debt to EBITDA around 4 times. The ratings could be downgraded if revenue or profitability declines due to pricing pressure or customer losses, Moody's expects debt to EBITDA to be sustained at 6 times or liquidity diminishes. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Tradesmen, controlled by affiliates of The Blackstone Group and based in Cleveland, OH, provides agency-based staffing services for skilled craftsmen to the non-residential, small to medium size construction industry in the U.S.. Moody's expects 2018 revenues of over $700 million. TROVERCO INC: Unsecureds to Receive Payments from Plan Trust ------------------------------------------------------------ Troverco, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a disclosure statement with respect to its chapter 11 plan of reorganization dated Nov. 28, 2017. The primary objective of the Plan is to maximize value to all creditor groups on a fair and equitable basis under the priorities established by the Bankruptcy Code and applicable law. Class 4 under the plan consists of the non-insider general unsecured claims, which total approximately $1.6 million, based upon the Schedules and the proofs of Claim filed. After all Allowed Unclassified and Section 503(b)(9) Claims have been paid in full, the holders of Allowed General Unsecured Claims will receive Pro Rata payments from the Plan Trust throughout the Excess Cash Flow Commitment. The proceeds from the Class 6 Distribution will make all payments due on the Effective Date to holders of Priority Tax Claims and Class 2 Claims; fund the Exit Payment; fund the Plan Trust Fee Reserve Payment; and such other purposes deemed necessary by the Reorganized Debtor. On the Effective Date, all operating assets of the Debtor will be vested in the Reorganized Debtor. Such assets include all of the Debtor’s present and future assets, including without limitation Cash, accounts, equipment, machinery, fixtures, inventory and general intangibles, including contract and lease rights. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/moeb17-44474-185.pdf About Troverco Inc. Based in Saint Louis, Missouri, Troverco Inc. -- http://www.troverco.com/-- is in the food industry specializing in freshly prepared sandwiches and snacks for delivery to businesses. Troverco began as a franchise in 1959 under the name Lakeshire Sandwiches. Troverco filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mo. Case No. 17-44474) on June 29, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Joseph E. Trover, Jr., the CEO. Judge Charles E. Rendlen III presides over the case. Spencer Fane LLP and Cullen and Dykman LLP represent the Debtor as legal counsel. The Debtor hired Three Twenty-One Capital Partners, LLC, as financial advisor and investment banker. On July 18, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Goldstein & McClintock LLLP as bankruptcy counsel and Protiviti Inc. as financial advisor. No trustee or examiner has been appointed in this chapter 11 case. TULSA SCHOOL: Hires McAfee & Taft as Counsel -------------------------------------------- Tulsa School Pictures, LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Oklahoma to hire McAfee & Taft, A Professional Corporation, as counsel. Services required of McAfee & Taft are: a. take all necessary or appropriate actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the estate; b. prepare on behalf of the Debtor all necessary and appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the estate; c. take all necessary action or appropriate actions in connection with a Chapter 11 plan and related disclosure statement and all related documents, as well as such further actions as may be required in connection with the administration of the estate, including an orderly liquidation of assets; and d. perform all other necessary legal services in connection with the Chapter 11 case. Charles Greenough attests that McAfee & Taft is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The principal attorneys expected to represent the Debtor and their hourly rates are: Charles Greenough -- $325 Anna Imose -- $200 Hourly rates of other partners will nor exceed that of Mr. Greenough and hourly rates of associate attorneys will not exceed $200. The Counsel can be reached through: Charles Greenough, OBA Anna E Immose, OBA McAfee & Taft, A Professional Corporation Williams Center Tower II Two West Second Street, Suite 1100 Tulsa, OK 74103 Tel: (918) 587-0000 Fax: (918) 599-9317 Email: charles.greenough@mcafeetaft.com anna.imose@mcafeeatft.com About Tulsa School Pictures Based in Tulsa, Oklahoma, Tulsa School Pictures, LLC, -- http://www.tulsaschoolpics.com-- is a locally owned and operated school photography company. Tulsa School Pictures filed a Chapter 11 petition (Bankr. N.D. Okla. Case No. 17-12315) on November 27, 2017. The petition was signed by Nathan Dunn, member. Judge Terrence L. Michael presides over the case. Charles Greenough, OBA and Anna E Immose, OBA at McAfee & Taft, A Professional Corporation, represent the Debtor as counsel. At the time of filing, the Debtor estimates $50,000 in assets and $1 million to $10 million in liabilities. VALLEY LUMBER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Valley Lumber Company, Inc. PO Box 280 Hackleburg, AL 35564 Type of Business: Valley Lumber Company, Inc., based in Hackleburg, Alabama, manufactures, sells, and delivers lumber, timbers, and glulams. The company has added several products over the 25 plus years in business including plywood, post, poles, boards and siding. The company is a member of the Southern Pine Inspection Bureau, Alabama Forestry Association and National Frame Building Association. http://www.valleylumbercompany.com/ Chapter 11 Petition Date: December 8, 2017 Case No.: 17-72121 Court: United States Bankruptcy Court Northern District of Alabama (Tuscaloosa) Judge: Hon. Jennifer H. Henderson Debtor's Counsel: Stuart M Maples, Esq. MAPLES LAW FIRM, PC 200 Clinton Avenue W., Suite 1000 Huntsville, AL 35801 Tel: 256 489-9779 Fax: 256-489-9720 E-mail: smaples@mapleslawfirmpc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Steven D. Hammack, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/alnb17-72121_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/alnb17-72121.pdf VISUAL HEALTH: Hires Weinman & Associates as Special Counsel ------------------------------------------------------------ Visual Health Solutions, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Colorado to employ Weinman & Associates, as special investigation counsel to the Debtor. The Debtor's President, Paul Baker, filed for relief under Chapter 7 on July 6, 2017. Buechler & Garber, LLC represented Mr. Baker in his Chapter 7 case. Buechler & Garber ceased its representation of Mr. Barker as part of its retention in the Chapter 11 proceeding. Mr. Baker lists in his bankruptcy schedules that he is owed a non-exempt wages from the Debtor. There are also disclosed transfers between the Debtor and Mr. Bker. Visual Health requires Weinman & Associates to investigate any claims the Debtor may hold against the estate and the defenses thereto. Weinman & Associates will be paid at the hourly rate of $475. Weinman & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey A. Weinman, president of Weinman & Associates, 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. Weinman & Associates can be reached at: Jeffrey A. Weinman, Esq. WEINMAN & ASSOCIATES 730 17th Street, Suite 240 Denver, CO 80202 Tel: (303) 572-1010 About Visual Health Solutions, Inc. Headquartered in Fort Collins, Colorado, Visual Health Solutions -- http://www.visualhealthsolutions.com/-- creates multimedia content, including medical animations, medical illustrations, and interactive graphics for the healthcare industry. Visual Health Solutions' multimedia medical library content includes 3D medical animations, medical device animations, pharmaceutical MOA animations, multimedia programs, medical illustrations, and interactive anatomy models. Visual Health partners with hospitals to create new patient education content and pharmaceutical companies to assist with sales training and product launch or development. Visual Health Solutions filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 17-18643) on Sept. 18, 2017, estimating its assets at between $100,000 and $500,000 and liabilities between $1 million and $10 million. The petition was signed by Paul Baker, its CEO. Judge Elizabeth E. Brown presides over the case. Aaron A Garber, Esq., at Buechler & Garber, LLC, serves as the Debtor's bankruptcy counsel. The Debtor hires Weinman & Associates, as special investigation counsel. VOLUME DRIVE: Hires Edward J. Kaushas as Counsel ------------------------------------------------ Volume Drive, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Edward J. Kaushas, Esq., as counsel to the Debtor. Volume Drive requires Edward J. Kaushas to: a. prepare all forms, petitions, orders, applications and other legal papers and documents filed with the Bankruptcy Court for the Debtor-in-Possession; b. advise the Debtor on legal matters pertaining said Bankruptcy; c. conduct any negotiations involving the Debtor's rights; d. prepare and file of Bankruptcy pleadings, motions, and related documents in facilitating Debtor's Chapter 11 Case; and e. attend the Bankruptcy proceedings in facilitating the Debtor's Chapter 11 Case. Edward J. Kaushas will be paid at the hourly rate of $175. Edward J. Kaushas will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward J. Kaushas, 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. Edward J. Kaushas can be reached at: Edward J. Kaushas, Esq. KAUSHAS LAW Room 3218 Pittston Ave Scranton, PA 18505 Tel: (570) 299-7487 Fax: (570) 227-3196 E-mail: ekaushas@kaushaslaw.com About Volume Drive, Inc. Volume Drive Inc., a Pennsylvania corporation engaged in providing cloud storage services to its customers throughout the United States, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. M.D. Pa. Case No. 17-04763) on November 17, 2017. The Debtor is represented by Edward J. Kaushas, Esq., at Kaushas Law. WARWICK YARD: Ch. 11 Trustee Hires Maltz as Auctioneer ------------------------------------------------------ Marianne T. O'Toole, the Chapter 11 Trustee of The Warwick Yard, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Maltz Auctions, Inc., d/b/a Maltz Auctions, as Auctioneer to the Trustee. The Trustee requires Maltz Auctions to market and sell the Debtor's real property known as and located at 120 State School Road, Warwick, New York 10990, together with all personal property utilized by the Debtor in the operation of its business at the Real Property including, but not limited to, any furniture fixtures equipment. Maltz Auctions will be paid based upon its normal and usual billing rates. Richard B. Maltz, president of Maltz Auctions, Inc., d/b/a Maltz Auctions, 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. Maltz Auctions can be reached at: Richard B. Maltz MALTZ AUCTIONS, INC., D/B/A MALTZ AUCTIONS 39 Windsor Place Central Islip, NY 11722 Tel: (516) 349-7022 About The Warwick Yard, LLC The Warwick Yard is a New York limited liability company that operates a sports complex, which has open fields and covered dome field for rent to sports teams, and charges on a per use basis. Warwick Yard's only asset is the real property located at 120 State School Road, Warwick, New York 10990, which has been valued at approximately $5 million. The Warwick Yard filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-36103) on June 28, 2017. The petition was signed by Mark Goldstein, its member and manager. The case is assigned to Judge Cecelia G. Morris. Brian K. Condon, Esq. at Condon & Associates, PLLC represents the Debtor. The Debtor estimates $1 million to $10 million in assets and liabilities. No official committee of unsecured creditors has been appointed. WESTAMPTON COURTS: Hires Budzyn & Associates as Accountant ---------------------------------------------------------- Westampton Courts Condominium One Association seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to hire Budzyn & Associates CPA as accountant. Budzyn & Associates will provide accounting services, tax preparation and tax advise. Budzyn & Associates will assist with monthly operating reports and cash flow projections for the plan. Christopher Budzyn, CPA, attests that Budzyn & Associates CPA is disinterested under 11 U.S.C. Sec. 101(14). Hourly rates charged by Budzyn are: Christopher Budzyn $175 Edward J. Budzyn $225 The Accountant can be reached through: Christopher Budzyn, CPA Budzyn & Associates CPA 101 Evesboro-Medford Road Marlton, NJ 08053-3864 Phone: 856-983-7444 Fax: 856-983-7806 Email: cpa@budzyncpa.com About Westampton Courts Condominium One Association Westampton Courts Condominium One Association filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 17-30543) on Oct. 10, 2017, listing under $1 million in both assets and liabilities. The Debtor hired Allen I. Gorski, Esq., at Gorski & Knowlton PC, as attorney, and McGovern Legal Services, as special counsel. WET SEAL: Seeks February 27 Exclusive Plan Filing Period Extension ------------------------------------------------------------------ The Wet Seal, and its debtor-affiliates, request the U.S. Bankruptcy Court for the District of Delaware to extend the exclusive periods during which only the Debtors may file a Plan of Reorganization and solicit acceptances of a plan through February 27, 2018 and April 30, 2018, respectively. In the early months of these Chapter 11 Cases, the Debtors and their professionals devoted significant time and resources to, among other things: (a) coordinating tasks associated with implementing the store closing sales and vacating their retail properties in a timely manner, thereby avoiding the incurrence of additional administrative expenses; (b) resolving the Committee's objection to the proposed terms of the Debtors' cash collateral use, and implementing the negotiated resolution reached in connection therewith; (c) preparing and filing their respective schedules of assets and liabilities and statements of financial affairs; (d) negotiating (and amending) independent contractor agreements with a limited number of pivotal personnel; (e) designing, negotiating and obtaining Court approval for their key employee incentive plan and related key employee retention plan for non-insiders; (f) retaining ASK LLP, as Special Counsel, to pursue the Avoidance Actions and conducting due diligence in pursuit thereof; (g) retaining Ernst & Young LLP to pursue employment tax refunds from various taxing authorities and conducting due diligence in pursuit thereof; and (h) ensuring that the estates continue to be competently and efficiently managed during the pendency of these Chapter 11 Cases. Pursuant to the Second Exclusivity Extension Order entered on September 7, 2017, the Debtors' Exclusive Periods were extended to November 29, 2017, and January 29, 2018, respectively. The Debtors now seek an additional extension of the Exclusive Periods so that, among other things, ASK LLP (Special Counsel to the Debtors) may be afforded sufficient time to pursue the Avoidance Actions and recover maximum proceeds generated thereby, and EY LLP may, similarly, be afforded sufficient time to pursue tax refunds from applicable taxing authorities. Since the Second Exclusivity Extension Order was entered, the Debtors have continued to, among other things, meet their reporting obligations and pursue potential estate assets as appropriate, notwithstanding that the Debtors no longer have any full-time employees and are administering these cases with a very lean staff. Moreover, the Debtors, together with the Committee and Crystal Financial, LLC (the "Senior Agent"), have secured authority to use cash collateral on a consensual basis through the end of January 2018, which the Debtors believe will allow (a) ASK to pursue Avoidance Actions and (b) EY LLP to pursue tax refunds on a more realistic timeline. As set forth in the Final Cash Collateral Order, avoidance action proceeds will be distributed as follows: first, to the Senior agent, until such Senior Agent is repaid its prepetition claim in full; second, to fund the remainder of "stub rent" claims; third, to fund claims arising under section 503(b)(9) of the Bankruptcy Code; and fourth, to fund any other administrative claims that have not been paid during the course of the Chapter 11 Cases. Accordingly, the Debtors believe that it is reasonable to request additional time to negotiate and finalize a chapter 11 plan given ASK's unfolding litigation strategy in pursuit of the Avoidance Actions and EY LLP's recent engagement and go-forward objective. The Debtors assert that the outcome of the Avoidance Actions, among other things, will determine whether the Debtors have sufficient assets to pursue a chapter 11 plan and/or make distributions to various creditors in connection therewith or otherwise, including with respect to "stub rent" claims and Section 503(b)(9) Claims. The Debtors believe that, with EY LLP's assistance, the estates may be able to recover significant estate assets through the preparation and pursuit of applicable refunds. At this time, however, the Debtors contend that EY LLP continues to diligently interface with taxing authorities in pursuit thereof, and the Debtors anticipate realizing valuable returns from these efforts in the near term. The Debtors believes that after satisfying any and all obligations to EY LLP, consistent with the terms of the most recently amended cash collateral budget, any proceeds obtained by EY LLP on behalf of the Debtors' estates will, in the first instance, be used to further pay down the Senior Agent's prepetition claim, for the benefit of all interested parties. About The Wet Seal The Wet Seal, LLC, and its affiliates are a national multi-channel specialty retailer selling fashion apparel and accessory items designed for female customers aged 18 to 24 years old. They are currently comprised of two primary units: the retail store business and an e-commerce business. Through their retail store business, they operate approximately 142 retail locations in 37 states, principally in lease-based mall locations. They also have historically sold gift cards, which business has been primarily operated through The Wet Seal Gift Card, LLC. The Wet Seal, LLC, also known as The Wet Seal (2015), LLC, sought Chapter 11 protection (Bankr. D. Del. Case No. 17-10229) on Feb. 2, 2017. The petitions were signed by Judd P. Tirnauer, executive vice president and chief financial officer. The cases are assigned to Judge Christopher S. Sontchi. The Debtors estimated assets in the range of $10 million to $50 million and $50 million to $100 million in debt. The Debtors tapped Robert S. Brady, Esq., Michael R. Nestor, Esq., Jaime Luton Chapman, Esq., Andrew L. Magaziner, Esq., of the Young Conaway Stargatt & Taylor, LLP, as counsel. They also tapped Berkeley Research Group, LLC, as financial advisors; Hilco IP Services, LLC dba Hilco Streambank as intellectual property disposition consultant; and Donlin, Recano & Company as claims and noticing agent. The Debtors employ Ernst & Young LLP, as tax advisor to the Debtors. The Official Committee of Unsecured Creditors tapped Cooley LLP and Saul Ewing LLP as its attorneys. WILLIAMS FLAGGER: JJA Blocks Approval of Plan Outline ----------------------------------------------------- James J. Anderson Construction Company, Inc., objected to the amended disclosure statement and amended chapter 11 small business plan of reorganization, dated Oct. 24, 2017, proposed by Williams Flagger Logistics, LLC. JJA complains that the Disclosure Statement contains numerous material misstatements and does not achieve its essential purpose -- to adequately describe the risks and benefits associated with the plan. In particular, the Disclosure Statement is inadequate in the following respects: a. In Section 1.10, on page 2 of the Disclosure Statement. The Subcontract with JJA should be identified as an assumed executory contract by Order of the Bankruptcy Court dated April 6, 2017. b. Section 1.10, on page 2 of the Disclosure Statement incorrectly states that the Subcontract will be assumed. However, as set forth herein, it has already been assumed by Order of the Bankruptcy Court dated April 6, 2017. c. The Disclosure Statement fails to correctly identify the Debtor's outstanding obligations to its Former Employees and Current Employees at the Airport Project. d. Since the Former Employees were not Union members when they worked at the Airport Project, the Debtor is obligated under the Subcontract, PLA and the Davis- Bacon Act (i) to pay the Unions, as if these former employees were members of the Union and (ii) to also to pay directly to these employees the prevailing wage and fringe benefits due them for the hours worked. JJA also argues that Article 3 of the Plan is misleading in that it fails to clearly state that the Subcontract with JJA was assumed by Order of the Bankruptcy Court dated April 6, 2017. The Plan needs to be amended to clearly state that the Debtor is presently in default of the Subcontract with JJA and the PLA as set forth in paragraph 18 above for (i) failing to pay the Wage and Benefit Claims in the amount of $39,895.54 due the Former Employees under the Subcontract, (ii) failing to pay the Wage Claims in the amount of $17,472.15 due the Current Employees under the Subcontract, and (iii) failing to cure the Reporting Defaults under the Subcontract. The Plan also fails to state how the Debtor will cure its default under the Subcontract, PLA and applicable law in connection with the Wage and Benefit Claims due Fonner Employees, the Wage Claims due Current Employees, or the Reporting Defaults. JJA believes that the inadequacies preclude a finding that the Disclosure Statement contains adequate information so as to enable a creditor to make a reasoned and informed decision on the merits of the Plan. Equally as important is that the deficiencies recited in respect to the Plan are such that the Plan cannot be confirmed as a matter of law. Accordingly, approval of the Disclosure Statement and confirmation of the plan should be denied. The Troubled Company Reporter previously reported that the Collective Bargaining Agreement with the Local 1058 and 57 and or 413 union, previously classified in Class 6, has been removed in the amended plan. Class 5 consists of general unsecured claims of employees who are not members covered by a Collective Bargaining Agreement. They work in the Reading, Pennsylvania area. They will be paid 100% of their allowed contributions claims on the Consummation Date by payments from Contractors holding "Withheld Funds." The Previous version of the plan stated that Class 5 consists of employees who are not members covered by a Collective Bargaining Agreement. A full-text copy of the Objection is available at: http://bankrupt.com/misc/pawb16-23882-112.pdf Attorneys for James J. Anderson Construction Company, Inc.: Gary Philip Nelson, Esq. SHERRARD, GERMAN & KELLY, P.C. 535 Smithfield Street, Suite 300 Pittsburgh, PA 15222 412-355-0220 Email: gpn@sgkpc.com -and- Aris J. Karalis, Esq. Robert W. Seitzer, Esq. MASCHMEYER KARALIS P.C. 1900 Spruce Street Philadelphia, PA 19103 About Williams Flagger Logistics Williams Flagger Logistics, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 16-23882) on Oct. 17, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Donald R. Calaiaro, Esq., at Calaiaro Valencik. The Office of the U.S. Trustee on Dec. 1, 2016, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Williams Flagger Logistics, LLC. WINDSOR PLAZA: Hires Rattet as Bankruptcy Counsel ------------------------------------------------- Windsor Plaza LLC seeks authority from the United States Bankruptcy Court for the Southern District of New York to hire Rattet PLLC as bankruptcy counsel. Services to be rendered by Rattet are: a. advise the Debtor with respect to its powers and duties as Debtor-in-possession in the continued management and operation of its business and properties; b. attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the bankruptcy case, including all of the legal and administrative requirements of operating in Chapter 11; c. prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; d. negotiate and prepare on the Debtor's behalf plans of reorganization, disclosure statements and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plans; e. advise and assist the Debtor in connection with any extraordinary sale of assets; f. appear before this Court, any appellate courts, and the United States Trustee, and protect the interests of the Debtor’s estate before such courts and the US Trustee; g. perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with its Chapter 11 case. Robert L. Rattet, Esq., partner to Rattet PLLC, assures the Court that the members, counsel and associates of Rattet PLLC are disinterested persons as the term is defined in Section 101(14) of the Bankruptcy Code. Rattet's standard hourly rates are: Members & counsel - $650 Associates - $400 The Counsel can be reached through: Robert L. Rattet, Esq. RATTET PLLC 202 Mamaroneck Avenue, Suite 300 White Plains, NY 10601 Phone: 914-381-7400 About Windsor Plaza LLC Windsor Plaza LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) with its principal place of business located at 952 Fifth Avenue New York, NY 10075. Windsor Plaza LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-12891) on October 16, 2017. The petition was signed by Maurice J. Herman, managing member. The Hon. James L. Garrity Jr. presides over the case. Robert Leslie Rattet, Esq. at Ratet LLC represents the Debtor as counsel. At the time of filing, the Debtor estimates $10 million to $50 million in assets and $1 million to $10 million in liabilities. WOODBRIDGE GROUP: Law Firm Begins Investigation After Bankruptcy ---------------------------------------------------------------- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. on Dec. 8, 2017, disclosed that it has commenced an investigation into the sales of notes by brokerage firms and financial advisors who recommended Woodbridge Group of Companies, LLC ("Woodbridge") to their customers. Woodbridge, a luxury real estate developer, is currently being investigated by the Securities and Exchange Commission ("SEC") for the direct and indirect sale of unregistered securities. In recent days, amidst the SEC investigation, the CEO of Woodbridge, Robert Shapiro resigned. Following the resignation of their CEO, Woodbridge filed for chapter 11 Bankruptcy. Brokerage firms and financial advisors who sold securities in Woodbridge had a duty to their customers to perform their due diligence and recommend suitable investments to their clients. This would require the brokerage firms and financial advisors to evaluate the risks and client objectives before recommending securities. Documents in the SEC investigation and Bankruptcy filing suggest Woodbridge raised more than $1 billion in various funds sold to investors. While all $1 billion is not currently accounted for, it appears that investments were made in many states. Massachusetts, for instance barred Woodbridge and its entities from selling securities in the state. Many other states recently began investigating the sales practices of Woodbridge within their borders regarding the sale of securities. The sole purpose of this release is to investigate the sales practices and financial misconduct of brokerage firms and financial advisors in connection with the sale of Woodbridge to their customers. Investors who purchased these investments are encouraged to contact Lawrence L. Klayman, Esq. of Klayman & Toskes, P.A. at (888) 997-9956, or visit our website at www.nasd-law.com About Klayman & Toskes, P.A. K&T -- http://www.nasd-law.com-- is a national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico. About Woodbridge Group Headquartered in Sherman Oaks, California, The Woodbridge Group Enterprise -- http://woodbridgecompanies.com-- is a comprehensive real estate finance and development company. Its principal business is buying, improving, and selling high-end luxury homes. The Woodbridge Group Enterprise also owns and operates full-service real estate brokerages, a private investment company, and real estate lending operations. The Woodbridge Group Enterprise and its management team have been in the business of providing a variety of financial products for more than 35 years, and have been primarily focused on the luxury home business for the past five years. Since its inception, the Woodbridge Group Enterprise team has completed over $1 billion in financial transactions. These transactions involve real estate, note buying and selling, hard money lending, and alternative financial transactions involving thousands of investors. In total, the Woodbridge Group Enterprise has executed hundreds of significant transactions. Woodbridge Group of Companies, LLC and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case No. 17-12560) on Dec. 4, 2017. Woodbridge estimated assets and liabilities at between $500 million and $1 billion. Judge Kevin J. Carey presides over the case. Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq., Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey, Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher, LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J. Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel. The Debtors' financial advisors are Larry Perkins, John Farrace, Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman at SierraConstellation Partners, LLC. Beilinson Advisory Group is serving as independent management to the Debtors. Garden City Group, LLC, is the Debtors' claims and noticing agent. YONG XIN: Hires James S. Yan Law as Bankruptcy Counsel ------------------------------------------------------ Yong Xin Investment Group, LLC seeks approval from the United States Bankruptcy Court for the Central District of California to hire James S. Yan, Esq. as counsel. The professional services required of Mr. Yan are: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; (b) negotiate with any secured creditors regarding their secured claims; (c) negotiate with creditors regarding post-petition transactions; (d) prepare on behalf of the Debtor as Debtor-in-Possession necessary applications, answers, orders, reports and other legal papers; (e) prepare a disclosure statement and a plan of reorganization for the Court's approval; and (f) perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary. The Debtor agreed that James S. Yan will be paid at his standard hourly rate of $350. James S. Yan, Esq. attests that he does not have or had any connection with any insider of the Debtor or any insider of an insider of the Debtor. Mr. Yan does not represent, or currently represent, or intend to represent any related debtor in a bankruptcy case in this or any other court or any related debtors/principals/insiders. The Counsel can be reached through: James S. Yan, Esq. Law Offices of James S. Yan 980 S. Arroyo Parkway Suite 250 Pasadena, CA 91105 Tel: (626) 405-0872 Fax: (626) 405-0970 Email: jsyan@msn.com About Yong Xin Investment Group, LLC Yong Xin Investment Group, LLC is a California Domestic Limited Liability Company founded in 2013 engaged in the real estate business. The company owns 40 acres of land in Hacienda Heights, California, valued by the company at $6.50 million. Qing Zhang holds 90% LLC membership interest in Yong Xin Investment. The remaining 10% is held by Howard Shih. Yong Xin Investment filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-24288) on Nov. 20, 2017. The petition was signed by Howard Shih, its manager. James S. Yan, Esq. at Law Offices of James S. Yan represents the Debtor as counsel. Judge Robert N. Kwan presides over the case. At the time of filing, the Debtor estimated $6.52 million in assets and $8.02 million in liabilities. [*] Smiley Wang-Ekvall's Robert Marticello Among ABI's 40 Under 40 ------------------------------------------------------------------ Law firm Smiley Wang-Ekvall on Dec. 8, 2017, disclosed that its Partner Robert S. Marticello was selected as an emerging leader by the American Bankruptcy Institute (ABI) for its inaugural "40 Under 40" award. The organization recognized Mr. Marticello as one of the top insolvency professionals under the age of 40 for his excellence in corporate bankruptcy and restructuring and bankruptcy-related litigation. Mr. Marticello, 39, accepted the award during a luncheon held last week in connection with ABI's 2017 Winter Leadership Conference at the La Quinta Resort & Club as the audience listened to words of praise about Marticello's accomplishments. The "40 Under 40" winners, distinguished by professional achievements and service, were selected by experienced professionals from ABI's leadership. "Each of these 40 young men and women are distinguished by their extraordinary professional accomplishments and leadership in their communities," said ABI Executive Director Samuel J. Gerdano. Mr. Marticello is "immensely brilliant and talented in every capacity I have witnessed him in—writer, orator, advocate, strategist, and facilitator," said firm client Yan Lee of JBJ Supply Co. who recommended Mr. Marticello for the award. "What truly distinguishes Bobby is his passion for his work, his personal integrity and, above all, the empathy and fairness with which he approaches not just his clients but also his adversaries." Mr. Marticello has represented virtually all parties in chapter 11 and chapter 7 bankruptcy cases and in out-of-court workouts across a broad range of industries, including retail and real estate. He currently represents the committee of creditors in the case of East Coast Foods, Inc., owner and operator of four Roscoe's House of Chicken and Waffles restaurants in Southern California, including the original location on Gower in Hollywood. This is the second time in five years that Mr. Marticello, who has a JD from California Western School of Law (graduating Magna Cum Laude), won a Top 40 award recognizing emerging talent. In 2012, he was honored by the National Conference of Bankruptcy Judges' Next Generation Program, which chose 40 "up and coming" bankruptcy attorneys from across the country. Mr. Marticello was the President of the California Bankruptcy Forum from 2015-2016 and was a director of the Orange County Bankruptcy Forum from 2008-2011, and its president from 2010-2011. About Smiley Wang-Ekvall Smiley Wang-Ekvall achieves unparalleled results for its clients in the areas of business litigation, real estate transactions, and bankruptcy and insolvency matters, combining the hands-on attention and cost-effectiveness of a small firm with the depth and breadth of experience of a large firm. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ALSWF US 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE OU1 GR 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT CN 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT2EUR EU 94.0 (54.4) (32.8) AGENUS INC AJ81 GR 149.3 (51.6) 29.9 AGENUS INC AGEN US 149.3 (51.6) 29.9 AGENUS INC AJ81 TH 149.3 (51.6) 29.9 AGENUS INC AGENEUR EU 149.3 (51.6) 29.9 AGENUS INC AJ81 QT 149.3 (51.6) 29.9 AIMIA INC AIM CN 4,260.0 (20.8) (1,176.3) ALTAIR ENGINEE-A ALTR US 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 QT 301.5 (60.2) (92.4) ALTAIR ENGINEE-A ALTREUR EU 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 GR 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 TH 301.5 (60.2) (92.4) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) ARSANIS INC ASNS US 7.6 (16.7) (6.3) ASPEN TECHNOLOGY AZPN US 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST GR 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AZPNEUR EU 202.7 (267.5) (327.7) ATLATSA RESOURCE ATL SJ 193.5 (142.5) (46.4) AUTOZONE INC AZO US 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 TH 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 GR 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZOEUR EU 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 QT 9,259.8 (1,428.4) (155.0) AVID TECHNOLOGY AVID US 225.3 (270.4) (78.0) AVID TECHNOLOGY AVD GR 225.3 (270.4) (78.0) AXIM BIOTECHNOLO AXIM US 3.3 (4.9) (3.5) BENEFITFOCUS INC BNFT US 171.2 (37.0) 7.0 BENEFITFOCUS INC BTF GR 171.2 (37.0) 7.0 BIOHAVEN PHARMAC BHVN US 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN GR 184.7 156.2 157.4 BIOHAVEN PHARMAC BHVNEUR EU 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN TH 184.7 156.2 157.4 BLUE BIRD CORP BLBD US 295.8 (58.5) 21.7 BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4) BOMBARDIER INC-A BBD/A CN 23,709.0 (3,623.0) 103.0 BOMBARDIER INC-B BBD/B CN 23,709.0 (3,623.0) 103.0 BRINKER INTL EAT US 1,368.6 (539.0) (273.5) BRINKER 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(111.3) 133.3 IMMUNOMEDICS INC IMMU US 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 GR 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 TH 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 QT 153.4 (67.4) (52.0) INNOVIVA INC INVA US 391.0 (223.0) 187.6 INNOVIVA INC HVE GR 391.0 (223.0) 187.6 INNOVIVA INC INVAEUR EU 391.0 (223.0) 187.6 INSPIRED ENTERTA INSE US 219.0 (2.3) 2.0 INSTRUCTURE INC INST US 135.5 (10.9) (24.0) INSTRUCTURE INC 1IN GR 135.5 (10.9) (24.0) IRONWOOD PHARMAC I76 GR 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWD US 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWDEUR EU 625.1 (17.6) 249.6 JACK IN THE BOX JBX GR 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK US 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK1EUR EU 1,228.4 (388.0) (122.7) JUST ENERGY GROU JE US 1,276.8 (268.4) (183.6) JUST ENERGY GROU 1JE GR 1,276.8 (268.4) (183.6) JUST ENERGY GROU JE CN 1,276.8 (268.4) (183.6) L BRANDS INC LTD GR 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD TH 7,816.0 (1,119.0) 911.0 L BRANDS INC LB US 7,816.0 (1,119.0) 911.0 L BRANDS INC LBEUR EU 7,816.0 (1,119.0) 911.0 L BRANDS INC LB* MM 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD QT 7,816.0 (1,119.0) 911.0 LAMB WESTON LW US 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 GR 2,527.8 (521.6) 321.5 LAMB WESTON LW-WEUR EU 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 TH 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 QT 2,527.8 (521.6) 321.5 LANTHEUS HOLDING LNTH US 281.0 (77.9) 90.5 LANTHEUS HOLDING 0L8 GR 281.0 (77.9) 90.5 MANNKIND CORP MNKD US 56.5 (251.0) (62.8) MCDONALDS - BDR MCDC34 BZ 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO TH 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD TE 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO GR 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD* MM 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD US 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD CI 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO QT 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDCHF EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDEUR EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD AV 32,559.6 (3,477.6) 1,050.1 MCDONALDS-CEDEAR MCD AR 32,559.6 (3,477.6) 1,050.1 MDC PARTNERS-A MDCA US 1,617.8 (328.8) (220.3) MDC PARTNERS-A MD7A GR 1,617.8 (328.8) (220.3) MDC PARTNERS-A MDCAEUR EU 1,617.8 (328.8) (220.3) MEDLEY MANAGE-A MDLY US 135.5 (11.6) 35.7 MICHAELS COS INC MIK US 2,306.1 (1,732.8) 482.5 MICHAELS COS INC MIM GR 2,306.1 (1,732.8) 482.5 MIRAGEN THERAPEU MGEN US 47.1 39.0 39.9 MONEYGRAM INTERN MGI US 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N GR 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N TH 4,546.1 (184.0) (66.1) MONEYGRAM INTERN MGIEUR EU 4,546.1 (184.0) (66.1) MOODY'S CORP DUT GR 8,304.9 (156.8) 296.2 MOODY'S CORP MCO US 8,304.9 (156.8) 296.2 MOODY'S CORP DUT TH 8,304.9 (156.8) 296.2 MOODY'S CORP MCOEUR EU 8,304.9 (156.8) 296.2 MOODY'S CORP DUT QT 8,304.9 (156.8) 296.2 MOSAIC ACQUISITI MOSC/U US 0.6 (0.0) (0.0) MOTOROLA SOLUTIO MTLA GR 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MTLA TH 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI US 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MOT TE 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI1EUR EU 8,618.0 (818.0) 773.0 MSG NETWORKS- A MSGN US 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 GR 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 TH 819.5 (902.7) 193.1 MSG NETWORKS- A MSGNEUR EU 819.5 (902.7) 193.1 NATHANS FAMOUS NATH US 84.5 (60.4) 63.8 NATHANS FAMOUS NFA GR 84.5 (60.4) 63.8 NATIONAL CINEMED XWM GR 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMI US 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMIEUR EU 1,153.4 (61.9) 70.0 NAVISTAR INTL IHR GR 6,080.0 (4,923.0) 767.0 NAVISTAR INTL NAV US 6,080.0 (4,923.0) 767.0 NAVISTAR INTL IHR TH 6,080.0 (4,923.0) 767.0 NEW ENG RLTY-LP NEN US 237.8 (32.4) - NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7) ONCOMED PHARMACE OMED US 120.5 (62.2) 82.0 ONCOMED PHARMACE O0M GR 120.5 (62.2) 82.0 ONCOMED PHARMACE OMEDUSD EU 120.5 (62.2) 82.0 PAPA JOHN'S INTL PZZA US 550.9 (39.4) 29.5 PAPA JOHN'S INTL PP1 GR 550.9 (39.4) 29.5 PHILIP MORRIS IN PM1EUR EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI SW 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 TE 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 TH 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1CHF EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 GR 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM US 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM FP 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI1 IX 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI EB 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 QT 41,951.0 (9,633.0) 2,345.0 PINNACLE ENTERTA PNK US 3,926.3 (343.8) (90.2) PINNACLE ENTERTA 65P GR 3,926.3 (343.8) (90.2) PLANET FITNESS-A PLNT US 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL TH 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL GR 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL QT 1,366.0 (139.6) 49.0 PLANET FITNESS-A PLNT1EUR EU 1,366.0 (139.6) 49.0 PROS HOLDINGS IN PH2 GR 292.6 (35.4) 105.8 PROS HOLDINGS IN PRO US 292.6 (35.4) 105.8 QUANTUM CORP QNT2 GR 211.2 (124.3) (48.3) QUANTUM CORP QNT1 TH 211.2 (124.3) (48.3) QUANTUM CORP QTM US 211.2 (124.3) (48.3) QUANTUM CORP QTM1EUR EU 211.2 (124.3) (48.3) REATA PHARMACE-A RETA US 160.4 (132.4) 108.2 REATA PHARMACE-A 2R3 GR 160.4 (132.4) 108.2 REATA PHARMACE-A RETAEUR EU 160.4 (132.4) 108.2 REGAL ENTERTAI-A RGC US 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RETA GR 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGC* MM 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGCEUR EU 2,672.2 (855.2) (59.1) REMARK HOLD INC 3SWN GR 109.7 (9.4) (58.2) REMARK HOLD INC MARK US 109.7 (9.4) (58.2) REMARK HOLD INC MARKEUR EU 109.7 (9.4) (58.2) RESOLUTE ENERGY R21 GR 792.3 (73.8) (109.3) RESOLUTE ENERGY REN US 792.3 (73.8) (109.3) RESOLUTE ENERGY RENEUR EU 792.3 (73.8) (109.3) RESTORATION ROBO HAIR US 16.0 (14.0) (7.5) RESTORATION ROBO 0RR TH 16.0 (14.0) (7.5) RESTORATION ROBO HAIREUR EU 16.0 (14.0) (7.5) REVLON INC-A REV US 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 GR 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 TH 3,167.8 (701.9) 241.5 REVLON INC-A REVEUR EU 3,167.8 (701.9) 241.5 RH RH US 1,801.6 (25.3) 219.2 RH RS1 GR 1,801.6 (25.3) 219.2 RH RH* MM 1,801.6 (25.3) 219.2 RH RHEUR EU 1,801.6 (25.3) 219.2 ROKU INC ROKU US 225.5 (42.8) 52.0 ROKU INC R35 GR 225.5 (42.8) 52.0 ROKU INC ROKUEUR EU 225.5 (42.8) 52.0 ROKU INC R35 QT 225.5 (42.8) 52.0 ROKU INC R35 TH 225.5 (42.8) 52.0 ROSETTA STONE IN RST US 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 GR 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 TH 196.8 (1.4) (58.1) ROSETTA STONE IN RST1EUR EU 196.8 (1.4) (58.1) RR DONNELLEY & S DLLN GR 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRD US 3,956.7 (163.0) 740.3 RR DONNELLEY & S DLLN TH 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRDEUR EU 3,956.7 (163.0) 740.3 RYERSON HOLDING RYI US 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY GR 1,817.3 (14.4) 731.7 SALLY BEAUTY HOL SBH US 2,123.1 (363.6) 595.9 SALLY BEAUTY HOL S7V GR 2,123.1 (363.6) 595.9 SANCHEZ ENERGY C SN US 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SN* MM 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S GR 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S TH 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SNEUR EU 2,240.1 (90.4) (43.2) SAUDI AMERICAN H SAHN US 0.0 (2.6) (2.6) SBA COMM CORP 4SB GR 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBAC US 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBJ TH 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBACEUR EU 7,300.5 (2,257.8) (698.6) SCIENTIFIC GAM-A TJW GR 7,062.4 (1,976.5) 554.8 SCIENTIFIC GAM-A SGMS US 7,062.4 (1,976.5) 554.8 SEARS HOLDINGS SEE GR 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SEE TH 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SHLD US 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SHLDEUR EU 8,193.0 (4,007.0) (1,112.0) SIGA TECH INC SIGA US 148.7 (312.8) 27.9 SILVER SPRING NE SSNI US 316.5 (39.0) (14.9) SILVER SPRING NE 9SI GR 316.5 (39.0) (14.9) SILVER SPRING NE 9SI TH 316.5 (39.0) (14.9) SILVER SPRING NE SSNIEUR EU 316.5 (39.0) (14.9) SIRIUS XM HOLDIN SIRI US 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO TH 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO GR 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRIEUR EU 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRI AV 8,652.4 (1,050.1) (2,186.3) SIX FLAGS ENTERT SIX US 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT 6FE GR 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT SIXEUR EU 2,528.3 (67.7) (70.3) SOLARWINDOW TECH WNDW US 0.8 (3.6) 0.5 SONIC CORP SONC US 561.7 (201.8) 30.6 SONIC CORP SO4 GR 561.7 (201.8) 30.6 SONIC CORP SONCEUR EU 561.7 (201.8) 30.6 SONIC CORP SO4 TH 561.7 (201.8) 30.6 STRAIGHT PATH-B STRP US 11.9 (17.5) (11.8) STRAIGHT PATH-B 5I0 GR 11.9 (17.5) (11.8) SYNTEL INC SYNT US 461.0 (63.6) 142.3 SYNTEL INC SYE GR 461.0 (63.6) 142.3 SYNTEL INC SYE TH 461.0 (63.6) 142.3 SYNTEL INC SYNT1EUR EU 461.0 (63.6) 142.3 TAILORED BRANDS TLRD US 2,111.3 (15.0) 735.6 TAILORED BRANDS WRMA GR 2,111.3 (15.0) 735.6 TAILORED BRANDS TLRD* MM 2,111.3 (15.0) 735.6 TAUBMAN CENTERS TU8 GR 4,108.0 (148.8) - TAUBMAN CENTERS TCO US 4,108.0 (148.8) - TINTRI INC TNTR US 123.7 (48.5) 23.8 TOWN SPORTS INTE CLUB US 230.9 (99.7) (4.1) TRANSDIGM GROUP T7D GR 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG US 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG SW 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGCHF EU 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP T7D QT 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGEUR EU 9,975.7 (2,951.2) 1,262.6 ULTRA PETROLEUM UPL US 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPL1EUR EU 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 GR 1,862.1 (1,257.8) (157.3) UNISYS CORP UISCHF EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UISEUR EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS US 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS1 SW 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 TH 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 GR 2,296.9 (1,649.9) 340.6 UNITI GROUP INC UNIT US 4,292.2 (1,052.9) - UNITI GROUP INC 8XC GR 4,292.2 (1,052.9) - VALVOLINE INC VVV US 1,915.0 (117.0) 312.0 VALVOLINE INC 0V4 GR 1,915.0 (117.0) 312.0 VALVOLINE INC VVVEUR EU 1,915.0 (117.0) 312.0 VECTOR GROUP LTD VGR GR 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR US 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR QT 1,409.9 (318.2) 431.7 VERISIGN INC VRS TH 2,908.4 (1,229.9) 870.5 VERISIGN INC VRS GR 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSN US 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSNEUR EU 2,908.4 (1,229.9) 870.5 VIEWRAY INC VRAY US 88.1 (26.6) 27.9 VIEWRAY INC 6L9 GR 88.1 (26.6) 27.9 VIEWRAY INC VRAYEUR EU 88.1 (26.6) 27.9 VTV THERAPEUTI-A VTVT US 24.1 (5.7) 9.3 W&T OFFSHORE INC WTI US 887.4 (597.3) 34.5 WEIGHT WATCHERS WTW US 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 GR 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 TH 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WTWEUR EU 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 QT 1,315.5 (1,080.7) (12.7) WIDEOPENWEST INC WOW US 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WU5 GR 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WOW1EUR EU 3,038.4 (291.2) (28.9) WINGSTOP INC WING US 121.1 (57.7) (2.1) WINGSTOP INC EWG GR 121.1 (57.7) (2.1) WINMARK CORP WINA US 47.2 (39.4) 12.5 WINMARK CORP GBZ GR 47.2 (39.4) 12.5 WORKIVA INC WK US 155.6 (14.5) (12.1) WORKIVA INC 0WKA GR 155.6 (14.5) (12.1) WORKIVA INC WKEUR EU 155.6 (14.5) (12.1) YRC WORLDWIDE IN YRCW US 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 GR 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 TH 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YRCWEUR EU 1,701.6 (403.7) 226.5 YUM! BRANDS INC YUM US 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR GR 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR TH 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMEUR EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR QT 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMCHF EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUM SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD EU 5,454.0 (6,121.0) 596.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***