TCR_Public/171229.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, December 29, 2017, Vol. 21, No. 362

                            Headlines

ABC FAMILY DENTAL: Taps Kutner Brinen as Legal Counsel
ABRAXAS PETROLEUM: Egan-Jones Hikes Sr. Unsec. Ratings to B-
ARBOR REALTY: Egan-Jones Withdraws 'B+' Sr. Unsec. Debt Rating
BAYTEX ENERGY: Egan-Jones Hikes Sr. Unsec. Ratings to B-
BIKRAM'S YOGA: Hires Levene Neale Bender as Bankruptcy Counsel

BILL BARRETT: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
BIOMARIN PHARMACEUTICAL: Egan-Jones Cuts Sr. Unsec. Ratings to B
BLACK IRON: Delays Plan Filing to Resolve Pending Litigation
BOWMAN DAIRY: Exclusive Plan Filing Deadline Moved to Feb. 24
BRINKER INT'L: Egan-Jones Lowers LC Sr. Unsecured Rating to BB-

BROCADE COMMUNICATIONS: Egan-Jones Withdraws BB+ Unsec. Ratings
CARRIZO OIL: Egan-Jones Hikes Sr. Unsecured Ratings to B+
CASHMAN EQUIPMENT: Delays Plan Filing to Continue Sales Efforts
CF INDUSTRIES: Egan-Jones Cuts Sr. Unsecured Ratings to B+
CLEVELAND-CLIFFS INC: Egan-Jones Hikes Sr. Unsec. Ratings to B

CONTINENTAL RESOURCES: Egan-Jones Hikes FC Sr. Unsec. Rating to B+
DENBURY RESOURCES: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
DUPONT FABROS: Egan-Jones Withdraws BB+ Sr. Unsecured Ratings
ENCANA CORP: Egan-Jones Raises LC Unsec. Debt Rating to BB+
EQT CORP: Egan-Jones Hikes FC Unsecured Debt Rating to BB+

EXCO RESOURCES: Moody's Lowers Corporate Family Rating to C
EXPRO HOLDINGS: 100% Recovery for Unsecureds on Prepackaged Plan
FARWEST PUMP: Taps Mac Restructuring as Financial Advisor
FELCOR LODGING: Egan-Jones Withdraws B+ Sr. Unsec. Debt Ratings
FOUR SEASONS: S&P Affirms 'BB-' CCR on Good Operating Performance

FRED'S INC: Egan-Jones Lowers LC Sr. Unsecured Rating to CCC
FREEPORT-MCMORAN INC: Egan-Jones Hikes LC Sr. Unsec. Rating to BB
GANDER MOUNTAIN: Has Until March 31 to Solicit Plan Votes
GENERAL CABLE: Egan-Jones Hikes LC Sr. Unsecured Rating to B+
GLOBAL BROKERAGE: Hires Prime Clerk as Administrative Advisor

GLOBAL BROKERAGE: Taps King & Spalding as Counsel
GNC HOLDINGS: Fitch Cuts IDR to C on Distressed Debt Exchange
GNC HOLDINGS: S&P Cuts CCR to SD Following Completed Debt Exchange
GREIF INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
GUTIERREZ FURNITURE: Wants to Renew & Extend Debt to Lone Star

HESS CORP: Egan-Jones Hikes Sr. Unsecured Ratings to BB
HUDSON'S BAY: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+
IGNITE RESTAURANT: Plan Declared Effective on Dec. 19
JONATHAN KELMAN: $2M Sale of Studio City Property Approved
JONES PRINTING: $90K Sale of 1998 Komori 628 Printing Press Okayed

KC7 RANCH: Voluntary Chapter 11 Case Summary
MAMMOET-STARNETH: Proposes $5.5M of DIP Financing From Affiliate
MCDERMOTT INT'L: Egan-Jones Hikes Sr. Unsec. Ratings to BB-
MERITOR INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
MICHELE MAYER: Stipulation Resolving Visalia Property Sale Approved

MISSION RECREATION: Taps McRuer CPA as Accountant
MURPHY OIL: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
NATIONAL RURAL: Egan-Jones Withdraws 'BB-' Sr. Unsecured Ratings
NEWSTAR FINANCIAL: Fitch Withdraws BB- IDR After Acquisition Close
OASIS PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to B+

OYSTER COMPANY: Wants $150,000 DIP Financing From OCVA Holdings
PAUL'S AUTO CENTERS: Taps Lusky & Associates as Legal Counsel
PERFORMANCE SPORTS: Monitor Files 12th CCAA Report
PH GLATFELTER: Egan-Jones Hikes FC Unsec. Debt Rating to BB+
PHASERX INC: Hires Donlin Recano as Claims and Noticing Agent

PHH CORP: Egan-Jones Lowers Sr. Unsecured Ratings to C
PROTEA BIOSCIENCES: Committee Taps Leech Tishman as Legal Counsel
QEP RESOURCES: Egan-Jones Hikes Sr. Unsec. Debt Ratings to BB-
RAIT FINANCIAL: Egan-Jones Cuts Sr. Unsecured Ratings to B+
REGAL ENTERTAINMENT: Egan-Jones Hikes Sr. Unsec. Ratings to B+

RICE ENERGY: EganJones Withdraws 'BB-' Sr. Unsec. Debt Rating
RICHARD MERCER: $228K Sale of Lexington Property to Johns Approved
SABLE NATURAL: Plan Withdrawn, Case Converted to Ch. 7 Proceeding
STAPLES INC: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings
STONE ENERGY: Egan-Jones Lowers FC Sr. Unsecured Rating to B

SWIM SEVENTY: $100K Sale of All Assets to Conn. Aquatics Okayed
TEC-AIR INC: $6.1M Sale of All Assets to Angstrom Approved
THORCO INC: Voluntary Chapter 11 Case Summary
TRIPLE J TOURS: Lease Agreement with Charabanc for 4 Coaches Okayed
UNISYS CORP: Egan-Jones Cuts Sr. Unsecured Ratings to B-

UNITED MOBILE: Assignment of T-Mobile Agreement to Midtown Approved
VALLEY LUMBER: Hires Maples Law Firm as Attorney
VANITY SHOP: Wants to Maintain Plan Exclusivity Until Feb. 9
VARINDER JEET SINGH: Jan. 9 Meeting Set to Form Creditors' Panel
VILLAGE VENTURE: Case Summary & 12 Unsecured Creditors

VIP RESORT: Case Summary & 3 Largest Unsecured Creditors
WEBMD HEALTH: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
WELLMAN DYNAMICS: $3.2M Sale of All Assets to York Approved
WELLMAN DYNAMICS: Bidding Procedures for All Assets Approved
WESTERN REFINING: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings

WESTINGHOUSE ELECTRIC: UCC Taps Kadak as Project Management Expert
WESTMOUNTAIN GOLD: Files 1st Amendment to Reorganization Plan
WHITING PETROLEUM: Egan-Jones Hikes Sr. Unsec. Ratings to B
WILLIAM COS: Egan-Jones Hikes Sr. Unsec. Ratings to BB+
WILLIAM THOMAS, JR: Sale of Memphis Properties to TI Approved

WPX ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to B- From CCC
YUM! BRANDS: Egan-Jones Cuts FC Sr. Unsec. Rating to BB-
[^] BOOK REVIEW: Competition, Regulation, and Rationing

                            *********

ABC FAMILY DENTAL: Taps Kutner Brinen as Legal Counsel
------------------------------------------------------
ABC Neighborhood Dental & Orthodontics, P.C. seeks approval from
the U.S. Bankruptcy Court for the District of Colorado to hire
Kutner Brinen, P.C. as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in the formulation of a plan of
reorganization; and provide other legal services related to its
Chapter 11 case.

The firm's hourly rates are:

     Lee Kutner         $500
     Jeffrey Brinen     $430
     Jenny Fujii        $340
     Keri Riley         $280
     Erin Coughlin      $175
     Paralegal           $75

Jeffrey Brinen, Esq., disclosed in a court filing that his firm is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code, according to court filings.

The firm can be reached through:

     Jeffrey S. Brinen, Esq.
     Keri L. Riley, Esq.
     Kutner Brinen, P.C.  
     1660 Lincoln Street, Suite 1850  
     Denver, CO 80264
     Telephone: (303) 832-2400  
     Telecopy: (303) 832-1510  
     Email: klr@kutnerlaw.com
     Email: jsb@kutnerlaw.com

                   About ABC Neighborhood Dental
                        & Orthodontics P.C.

ABC Neighborhood Dental & Orthodontics, P.C. is a dental clinic
located at 1250 S Buckley Road, Aurora, Colorado.  The company's
gross revenue amounted to $938,213 in 2016 and $882,106 in 2015.
ABC Family Dental is 100% owned by Michael Shifman.

ABC Neighborhood sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 17-21637) on December 26,
2017.  Michael Shifman, its owner, signed the petition.

At the time of the filing, the Debtor disclosed $92,521 in assets
and $1.21 million in liabilities.

Judge Kimberley H. Tyson presides over the case.


ABRAXAS PETROLEUM: Egan-Jones Hikes Sr. Unsec. Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 18, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by Abraxas Petroleum Corp to B- from CCC.  EJR also raised
the local currency and foreign currency commercial paper rating on
the Company to B from C.

Based in San Antonio, Texas, Abraxas Petroleum Corporation is an
independent energy company engaged in the acquisition,
exploitation, development, and production of oil and gas properties
in the United States.


ARBOR REALTY: Egan-Jones Withdraws 'B+' Sr. Unsec. Debt Rating
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 18, 2017, withdrew the 'B+'
local currency and foreign currency senior unsecured ratings on the
debt issued by Arbor Realty Trust Inc.

Arbor Realty Trust, Inc. is a specialized real estate finance
company that invests in a diversified portfolio of structured
finance assets in the multifamily and commercial real estate
markets.


BAYTEX ENERGY: Egan-Jones Hikes Sr. Unsec. Ratings to B-
--------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 21, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by Baytex Energy Corp. to B- from CCC+.  EJR also upgraded
the local currency and foreign currency commercial paper rating on
the Company to B from C.

Baytex Energy Corp. is a Calgary-based Canadian producer, developer
and explorer of oil and natural gas.


BIKRAM'S YOGA: Hires Levene Neale Bender as Bankruptcy Counsel
--------------------------------------------------------------
Bikram's Yoga College of India and its debtor-affiliates seek
authority from United States Bankruptcy Court for the Central
District of California (Santa Barbara) to employ Levene, Neale,
Bender, Yoo & Brill L.L.P. as bankruptcy counsel.

Legal services to be rendered by Levene Neale are:

     a. advise the Debtors with regard to the requirements of the
Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules and the
U.S. Trustee as they pertain to the Debtors;

     b. advise the Debtors with regard to certain rights and
remedies of the Debtors' bankruptcy estate and the rights, claims
and interests of their creditors;

     c. advise the Debtors and with regard to resolving claims
against the Debtors;

     d. represent the Debtors in any proceeding or hearing in the
Bankruptcy Court involving the Debtors' estates, unless the Debtors
are represented in such proceeding or hearing by other special
counsel;

     e. conduct examinations of witnesses, claimants or adverse
parties and representing the Debtors in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of Levene Neale's expertise or which is beyond the
firm's staffing capabilities;

     f. prepare and assist the Debtors in the preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, monthly operating
reports, quarterly reports, initial filing requirements, schedules
and statement of financial affairs, lease pleadings, financing
pleadings, and pleadings with respect to the Debtors' use, sale or
lease of property outside the ordinary course of business;

     g. assist the Debtors to evaluate their executory contracts
and unexpired leases and, where appropriate, to assist the Debtors
to assume or reject such executory contracts and unexpired leases;

     h. assist the Debtors in the negotiation, formulation,
preparation and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement in respect of
the plan; and

     i. perform any other services which may be appropriate in the
firm's representation of the Debtors during the Debtors' chapter 11
bankruptcy cases.

Martin J. Brill attests that Levene Neale does not hold or
represent any interest adverse to the Debtors or the Debtors'
estates, and that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

Levene Neale's 2017 hourly rates are:

    David W. Levene    $595
    David L. Neale     $595
    Ron Bender         $595
    Martin J. Brill    $595
    Timothy J. Yoo     $595
    Paraprofessionals  $250

                        About Bikram's Yoga

Bikram's Yoga College of India L.P. operates yoga training centers.
Bikram Choudhury, founded Bikram's Yoga College of India, is
dedicated to the wellness of the millions of people around the
world, spreading the therapeutic value of Hatha Yoga through 26
postures sequence, which is known as Bikram Yoga.

Bikram's Yoga College of India, and related entities Bikram
Choudhury Yoga Inc., Bikram Inc., Yuz Inc., and Int'l Trading
Representative sought Chapter 11 protection (Bankr. C.D. Cal. Lead
Case No. 17-12045) on Nov. 9, 2017.

The case judge is Hon. Deborah J. Saltzman. Levene, Neale, Bender,
Yoo & Brill LLP serves as counsel to the Debtors.  The Watley
Group, LLC, is the restructuring advisor.

Bikram's Yoga College of India disclosed under $100,000 in
estimated assets.  Bikram Choudhury Yoga Inc. listed under $50,000
in assets.  Bikram Inc. listed under $1 million in assets.  Yuz
Inc. estimated under $100,000 in assets.  Int'l Trading
Representative listed under $500,000 in assets.  The Debtors, other
than Int'l Trading, disclosed under $50 million in estimated
liabilities.  Int'l Trading said its liabilities are under
$500,000.


BILL BARRETT: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
---------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 19, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on the debt
issued by Bill Barrett Corp to CCC+ from CCC.

Based in San Antonio, Texas, Abraxas Petroleum Corporation, an
independent energy company, engages in the acquisition,
exploitation, development, and production of oil and gas properties
in the United States.


BIOMARIN PHARMACEUTICAL: Egan-Jones Cuts Sr. Unsec. Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 27, 2017, lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by BioMarin Pharmaceutical Inc. to B from A3.

BioMarin Pharmaceutical Inc. is a biotechnology company based in
San Rafael, California.


BLACK IRON: Delays Plan Filing to Resolve Pending Litigation
------------------------------------------------------------
Black Iron, LLC, asks the U.S. Bankruptcy Court for the District of
Utah to extend its exclusive periods within which to file and
solicit acceptances of a Chapter 11 plan through and including June
1 and July 31, 2018, respectively.

As reported by the Troubled Company Reporter on Sept. 26, 2017, the
Court extended the exclusive period during which the Debtor may
file a plan through Jan. 27, 2018, as well as the exclusive period
during which the Debtor may solicit acceptances of the plan through
March 28, 2018.

In consideration of complex pending litigation issues that have now
been removed or referred to the Court and ongoing efforts to
resolve tax obligations, the Debtor seeks for the extension.

The Debtor assures the Court that the requested extension of the
Exclusive Periods will not prejudice the legitimate interests of
any creditor, and will provide the Debtor the opportunity to
formulate, negotiate, and draft a viable plan.

The complex issues and contentious nature of the legacy litigation
demonstrate the need for additional time for the Debtor to
negotiate and, if necessary, pursue litigation with the various
creditors and parties-in-interest.  The Debtor says it has spent
substantial time since the Petition Date addressing the complex
legacy and pending litigation.  The Debtor took steps to remove or
refer to the Court all substantive litigation matters relating to
the Debtor's estate and its assets within approximately the first
60 days of filing.

The Debtor continues to make progress in the pending litigation
before the Court.  First, in Adversary Proceeding No. 17-02062, the
parties have filed dispositive motions, which are scheduled for
hearing with the Court on Jan. 10, 2018.  In Adversary Proceeding
No. 17-02088, the Debtor anticipates resolution of this
consolidated case either by settlement or trial.  Amended
complaints, answers, and initial disclosures have been filed.
Discovery is underway.  The Debtor anticipates that it will
continue to make significant progress toward completing a
consensual restructuring and emerging from Chapter 11 with improved
operations.  Because there has been limited time since the Petition
Date, this factor favors the requested extension.

The Debtor's management has been handling and responding to
creditor inquiries, negotiating with utilities, obtaining approval
of, and administering, a number of motions designed to minimize the
disruption of the Debtor's business during the Chapter 11 case;
complying with various procedural requirements under the U.S.
Bankruptcy Code, including the filing of monthly financial reports;
and engaging in discussions with all parties-in-interest in an
attempt to negotiate a consensual path forward that maximizes value
for the estate.

The Debtor has filed all required monthly reports through Nov. 30,
2017.  The Debtor has also made progress on other fronts, including
the approval of a settlement agreement between Debtor and Mark
Oldroyd.  Additionally, the Debtor has received the Court's
approval to assume several leases, including (1) a lease agreement
with Gold Springs, L.L.C.; (2) a land lease with the Federal
Aviation Administration, U.S. Department of Transportation; and (3)
a communications lease with Vertical Bridge CCR, LLC.

The Debtor is paying its bills as they come due and has sufficient
liquidity to continue paying those bills.

                      About Black Iron, LLC

Black Iron, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 17-24816) on June 1, 2017.
Steve L. Gilbert, its manager, signed the petition. At the time of
the filing, the Debtor estimated its assets and debts at $1 million
to $10 million.

Judge William T. Thurman presides over the case.

The Debtor is represented by Adelaide Maudsley, Esq., and Ralph R.
Mabey, Esq., at Kirton McConkie P.C.  The Debtor tapped Hires Gary
Thorup, Esq., at Durham Jones to serve as its special litigation
counsel; WSRP, LLC, as its accountant; and Alysen Tarrant as its
environmental consultant.


BOWMAN DAIRY: Exclusive Plan Filing Deadline Moved to Feb. 24
-------------------------------------------------------------
The Hon. James M. Carr of the U.S. Bankruptcy Court for the
Southern District of Indiana has extended, at the behest of Bowman
Dairy Farms, LLC, the periods within which the Debtor has the
exclusive right to file a Chapter 11 plan and to solicit
acceptances of that plan until Feb. 24 and April 24, 2018,
respectively.

As reported by the Troubled Company Reporter on Dec. 13, 2017, the
Debtor asked for the extension, saying that the severe volatility
of milk prices has continued for the past few years, and volatility
is still in the market.  The Debtor needs additional time to better
formulate a reorganization plan that considers the milk market and
allows for the Debtor's continued operations as the Debtor may be
restructured.

                   About Bowman Dairy Farms

Bowman Dairy Farms LLC owns a dairy farm in Hagerstown, Indiana.

Bowman Dairy Farms filed a Chapter 11 petition (Bankr. S.D. Ind.
Case No. 17-06475) on Aug. 27, 2017.  Trent N. Bowman, its member,
signed the petition.  At the time of filing, the Debtor estimated
assets and liabilities at $10 million to $50 million.  The Debtor
is represented by Terry E. Hall, Esq., at Faegre Baker Daniels LLP.


BRINKER INT'L: Egan-Jones Lowers LC Sr. Unsecured Rating to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 12, 2017, lowered the local
currency senior unsecured rating on debt issued by Brinker
International Inc. to BB- from BB, and the foreign currency senior
unsecured debt rating on the Company to BB- from BB+.

Brinker International, Inc. is an American multinational
hospitality industry company that owns Chili's and Maggiano's
Little Italy restaurant chains.


BROCADE COMMUNICATIONS: Egan-Jones Withdraws BB+ Unsec. Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 26, 2017, withdrew the 'BB+'
local currency and foreign currency senior unsecured ratings on
debt issued by Brocade Communications Systems Inc.

Brocade Communications Systems, Inc. is an American technology
company specializing in data and storage networking products.


CARRIZO OIL: Egan-Jones Hikes Sr. Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 15, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by Carrizo Oil & Gas Inc. to B+ from B.

Carrizo Oil & Gas, Inc., together with its subsidiaries, engages in
the exploration, development, and production of oil and gas
primarily in the United States.


CASHMAN EQUIPMENT: Delays Plan Filing to Continue Sales Efforts
---------------------------------------------------------------
Cashman Equipment Corp. asks the U.S. Bankruptcy Court for the
District of Massachusetts to extend the period during which the
Debtors have the exclusive right to file a plan of reorganization
through and including June 30, 2018, and the period during which
the Debtors have the exclusive right to solicit acceptances of
their plan through and including Aug. 30, 2018.

As reported by the Troubled Company Reporter on Oct. 17, 2017, the
Court extended the exclusive period during which only the Debtors
may file a plan from Oct. 12 through and including Oct. 24.

The Debtors tell the Court that the size and complexity of their
cases, in and of themselves, warrants extension of the exclusivity
deadlines.  The Debtors own and operate a fleet of barges located
across the globe.  There is approximately $142 million in secured
claims owed to 12 different lenders with 12 different collateral
pools, the value and extent of which vary, and multiple differing
loan documents and obligations.  The Debtors' vessels and certain
equipment have an appraised fair market value of approximately
$307,000,000 and an appraised orderly liquidation value of
approximately $237 million.

Based on the Debtors' schedules, there is approximately $46.50
million of non-priority unsecured debt, consisting of approximately
$5.3 million of trade debt, and three disputed litigation claims
totaling approximately $41.20 million.

Since the Petition Date, the Debtors have stabilized their
operations and worked with their creditor constituencies to
establish a consensual framework to operate their business and
respond to their creditors' requests for information and adequate
protection.  The sale court order and the 8th cash collateral court
order, both of which were entered on a consensual basis, were the
product of lengthy negotiations between the Debtors, the lenders
and the Official Committee of Unsecured Creditors, and established
procedures for the orderly sales of vessels, the use of cash
collateral, and the granting of adequate protection liens.

The Debtors' operating and financial performance since the filing
of their petitions demonstrates progress towards a successful
reorganization.  The Debtors' postpetition operations have
generated a substantial increase in cash collateral and reflect
improved efficiencies and an effective response to improving market
conditions.

Since the entry of the Sale Order approximately two months ago, the
Debtors have sold multiple vessels, signed additional agreements
and Purchase Option Charters, and paid down secured indebtedness
with proceeds generated from the sales.  During the Extension
Period, the Debtors intend to continue to aggressively market and
sell vessels at prices at or above the minimum disposition prices
with a goal of further reducing indebtedness and related expenses.

The Debtors say that they have complied with all of their reporting
and other obligations as debtors-in-possession.  The Debtors
provide bi-weekly reports on cash collateral usage, vessel status
and sale/charter status to the Lenders, the Committee and Office of
the U.S. Trustee.  The Debtors, the Lenders and the Committee hold
bi-weekly conference calls to discuss the reports provided by the
Debtors, the Debtors' operations and sale/charter efforts.  The
Debtors are current in their submission of monthly operating
reports to the U.S. Trustee.

While the Debtors have made significant progress towards their
restructuring, additional time is needed to move to the next phase
of their reorganization.  The Debtors warn that lifting exclusivity
at this point would jeopardize the Debtors' accomplishments since
the Petition Date, the consensus-building for which the exclusivity
period is designed, and the underlying policy of the U.S.
Bankruptcy Code favoring reorganization.  The filing of competing
plans would only result in uncertainty and additional costs, to the
detriment of the Debtors, their estates and their creditors.  

During the Extension Period, the Debtors: (i) intend to capitalize
on improved market conditions to increase charter revenue, fleet
utilization, and, in some instances, relocate vessels between
locales to respond to differing market demands; (ii) intend to
continue their sales efforts as well as close the sale of vessels
with customers who exercise their options to purchase under the
Purchase Option Charters; (iii) will need to develop detailed
multiyear financial projections, balance sheets and supporting
schedules that will serve as the baseline of their plan of
reorganization; (iv) intend to review the claims filed in these
cases by the Dec. 22, 2017 bar date and to attempt to resolve
disputed claims; and (v) intend to explore the potential for new
capital to be invested into their business upon terms to be
reflected in their plan of reorganization.

The financial projections will include details as to charter and
sale revenues and operating and overhead expenses and, based upon
those projections, tax liabilities in view of the recently enacted
2017 Tax Cut and Jobs Act.

Once the financial projections are finalized, the Debtors intend to
develop term sheets for the re-profiling of the various Lenders'
loans and the repayment terms to unsecured creditors.  These
projections and term sheets will be shared with the Debtors' major
creditor constituencies and will likely be the subject of extensive
review and discussions.  It is expected that discussions will not
be limited to the Lenders and Committee as a group, but also will
also take place with each of the creditor constituents individually
to address their particular questions and concerns.

Following the completion of those discussions, the Debtors intend
to incorporate into their plan and disclosure statement treatment
of creditor claims that, where possible, addresses all creditor
concerns or that otherwise satisfies the requirements to obtain
plan confirmation.

                  About Cashman Equipment Corp.

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

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

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

Judge Melvin S. Hoffman presides over the cases.

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

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


CF INDUSTRIES: Egan-Jones Cuts Sr. Unsecured Ratings to B+
----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 6, 2017, lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by CF Industries Holdings Inc. to B+ from BB.

CF Industries Holdings, Inc. manufactures and distributes nitrogen
fertilizer, and other nitrogen products. The Company's nitrogen
fertilizer products are ammonia, granular urea, urea ammonium
nitrate solution (UAN) and ammonium nitrate (AN).


CLEVELAND-CLIFFS INC: Egan-Jones Hikes Sr. Unsec. Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 15, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on the debt
issued by Cleveland-Cliffs Inc to B from B-.

Cleveland-Cliffs, Inc., formerly Cliffs Natural Resources, is a
Cleveland, Ohio, business firm that specializes in the mining and
beneficiation of iron ore. The firm is an independent company whose
shares are traded on the New York Stock Exchange.


CONTINENTAL RESOURCES: Egan-Jones Hikes FC Sr. Unsec. Rating to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 4, 2017, raised the foreign
currency senior unsecured rating on debt issued by Continental
Resources Inc. to B+ from B.

Continental Resources, Inc. is an oil and natural gas producer
based in Oklahoma City.


DENBURY RESOURCES: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 26, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by Denbury Resources Inc. to CCC+ from CCC.

Denbury Resources Inc. is a petroleum and natural gas exploration
and production company headquartered in Plano, Texas.


DUPONT FABROS: Egan-Jones Withdraws BB+ Sr. Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 26, 2017, withdrew the 'BB+'
local currency and foreign currency senior unsecured ratings on
debt issued by DuPont Fabros Technology Inc.

DuPont Fabros Technology, Inc., a real estate investment trust
(REIT), engages in the ownership, acquisition, development,
operation, management, and lease of large-scale data center
facilities in the United States.


ENCANA CORP: Egan-Jones Raises LC Unsec. Debt Rating to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 15, 2017, upgraded the local
currency senior unsecured rating on debt issued by Encana Corp to
BB+ from BB, and the foreign currency senior unsecured rating on
the Company's debt to BB+ from BB-.

Encana Corporation produces, transports and markets natural gas,
oil and natural gas liquids.


EQT CORP: Egan-Jones Hikes FC Unsecured Debt Rating to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 20, 2017, raised the foreign
currency senior unsecured rating on the debt issued by EQT Corp. to
BB+ from BB.

EQT Corporation is a petroleum and natural gas exploration and
pipeline company headquartered in EQT Plaza in Pittsburgh,
Pennsylvania.


EXCO RESOURCES: Moody's Lowers Corporate Family Rating to C
-----------------------------------------------------------
Moody's Investors Service downgraded EXCO Resources, Inc.'s (XCO)
Probability of Default Rating (PDR) to C-PD/LD from Ca-PD and its
Corporate Family Rating (CFR) to C from Ca. Its senior secured bank
credit facility was affirmed at Caa1 as was the C rating on its
unsecured notes. These rating actions follow the company's
announcement that it did not make the interest payment due on its
1.75 lien term loans following the expiration on December 26 of the
3-day grace period with respect to its December 20, 2017 scheduled
payment date. The Speculative Grade Liquidity Rating of SGL-4
remains unchanged and the outlook was changed to stable from
negative.

Downgrades:

Issuer: EXCO Resources, Inc.

-- Probability of Default Rating, Downgraded to C-PD /LD from Ca-
    PD

-- Corporate Family Rating, Downgraded to C from Ca

Affirmations:

Issuer: EXCO Resources, Inc.

-- Senior Secured Revolving Credit Facility, Affirmed Caa1 (LGD1)

    from (LGD2)

-- Senior Unsecured Notes, Affirmed C (LGD6)

Outlook Actions:

Issuer: EXCO Resources, Inc.

-- Outlook, Changed to Stable from Negative

RATINGS RATIONALE

On December 21, 2017, XCO announced that it did not make the
quarterly $27 million interest payment on its $709 million 1.75
lien term loans (not rated) due December 20, disclosing that it had
entered into a Forbearance Agreement with the majority lenders
under its reserve-based credit agreement (the RBL), and the
majority of its 1.5 lien noteholders (not rated) and its 1.75 lien
term loan holders, who collectively agreed to forbear from
exercising any and all remedies available to them. The Forbearance
Agreement will expire upon the earlier of January 15, 2018 or the
occurrence of certain events specified in the Forbearance
Agreement. A three-day cure period on the non-payment of interest
is provided for under the terms of the 1.75 lien term loans'
Indenture.

XCO concurrently announced it has received a commitment for a $250
million debtor-in-possession financing should it elect to file a
voluntary petition under Chapter 11 of the US Bankruptcy Code.

The forbearance agreement is intended to provide XCO with
additional flexibility to continue discussions with its creditors
regarding the company's debt and capital structure. However,
Moody's does not recognize forbearance agreements and treats the
missed interest payment on the 1.75 lien term loans beyond the
3-day grace period as a default. The downgrade of the CFR to C from
Ca reflects the default and Moody's view on the potential overall
recovery of less than 25%. Moody's believes the unsecured notes
rating of C appropriately reflects the highly uncertain recovery
prospects given the subordination of the unsecured notes to the
company's secured RBL, its 1.5 lien notes and 1.75 lien term loans'
priority claim to the company's assets.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

EXCO Resources, Inc. is an independent exploration and production
company headquartered in Dallas, Texas.


EXPRO HOLDINGS: 100% Recovery for Unsecureds on Prepackaged Plan
----------------------------------------------------------------
BankruptcyData.com reported that privately-held Expro Holdings US,
along with more than 30 affiliated debtors filed for Chapter 11
protection with a Joint Prepackaged Chapter 11 Plan of
Reorganization and related Disclosure Statement.  The Disclosure
Statement explains, "The Debtors believe that the Prepackaged Plan
provides the best available path forward for the Company, one that
eliminates significant financial burdens, provides the Debtors with
an expeditious and cost-effective road to emergence, positions the
Company for success in the years to come, and is in the best
interests of all of the Company's stakeholders."  Among other
things, the Plan provides for the following: a 100% recovery to
allowed general unsecured claims and all other creditors who are
unimpaired under Plan and deleveraging the Company's balance sheet
by (i) equitizing approximately $1,410 million of prepetition first
lien claims and (ii) cancelling approximately $18 million of
prepetition mezzanine facility claims, in exchange for either
tranche A warrants or payment in full in cash. The Chapter 11
petition indicates total assets greater than $500 million.

                       About Expro Holdings

Expro Holdings US Inc. -- https://www.exprogroup.com -- is a
provider of specialized well flow management products and services
to the oil and gas industry, with a specific focus on offshore,
deepwater and other technically challenging environments.

Expro's products and services help its customers in the oil and gas
industry optimize production costs and maximize recoveries by
measuring, improving, controlling and processing flow from
high-value oil and gas wells.

Expro has more than 40 years of experience assisting its customers
in all aspects of well management, from exploration and appraisal
through to mature field production optimization and eventual well
abandonment.  Expro has more than 4,100 employees and more than 500
contractors in over 50 countries.  Expro was founded in 1973 in the
U.K. and is headquartered in Houston, Texas.

Expro Holdings US Inc. and 30 affiliates and subsidiaries sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 17-60179) on

Dec. 18, 2017.

Expro Holdings estimated assets of $500 million to $1 billion and
liabilities of $1 billion to $10 billion.

The Debtors tapped Jackson Walker, L.L.P., and Paul, Weiss,
Rifkind, Wharton & Garrison LLP as counsel; Alvarez & Marsal as
restructuring advisors; and Prime Clerk LLC as claims agent.


FARWEST PUMP: Taps Mac Restructuring as Financial Advisor
---------------------------------------------------------
Farwest Pump Company seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to hire Ted Burr of Mac Restructuring
Advisors LLC as financial advisor.

Ted Burr and Mac Restructuring will perform a variety of financial
and accounting tasks including but not limited to any historic
financial analyses required, review and assist in preparing any
pro-forma sets of financial and operating projections, assist and
advise regarding feasibility of possible debt restructuring
scenarios, and provide any other service mutually agreed upon
between the Debtor, the Debtor's counsel, and Mac Restructuring.

Ted Burr attests that MAC Restructuring has no connections to the
Debtor, any of the Debtor's creditors, parties in interest, the
office of the U.S. Trustee, or the Court.

MAC Restructuring’s fees will be based on its standard hourly
rates, which range from $95 to $355 per hour for restructuring
services, plus actual out of pocket expenses including travel
expenses. MAC Restructuring has Requested that the Debtor Fund a
post-petition retainer of $5,000.

The firm can be reached through:

     Edward M. Burr, CTP, CIRA
     Mac Restructuring Advisors, LLC
     75 Virginia Road
     North White Plains, NY 10603
     Phone: 602-418-2906
     Email: Ted@MacRestructuring.com

                    About Farwest Pump Company

Based in Tucson, Arizona, Farwest Pump Company --
http://farwestwell.com/-- is a small organization that provides
well drilling services to all of the southwest United States.
Farwest also offers a wide variety of related services including
sonar jet, municipal water systems, electrical control systems,
complete machine shop, and environmental and geothermal services.

Founded in 1982, Farwest is a licensed, bonded, and insured company
with locations in Tucson, Willcox and Las Cruces.  It is owned and
operated by Clark and Channa Vaught.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 17-11112) on September 20, 2017.
Channa Vaught, its president, signed the petition.  At the time of
the filing, the Debtor disclosed $2.51 million in assets and $1.85
million in liabilities.

Judge Brenda Moody Whinery presides over the case.


FELCOR LODGING: Egan-Jones Withdraws B+ Sr. Unsec. Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 27, 2017, withdrew the 'B+'
local currency and foreign currency senior unsecured ratings on
debt issued by Felcor Lodging Trust Inc.

Founded in 1994 and based in Irving, Texas, FelCor Lodging Trust
Incorporated is a publicly owned real estate investment trust. The
firm primarily invests in hotels with a focus on the ownership of
upper-upscale, full-service hotels and resorts. It was formerly
known as FelCor Suite Hotels, Inc.




FOUR SEASONS: S&P Affirms 'BB-' CCR on Good Operating Performance
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' corporate credit rating on
Toronto, Ontario-based Four Seasons Holdings Inc. The outlook is
stable.

The affirmation reflects good operating performance and improved
credit measures despite uncertainty surrounding one of Four
Seasons' two largest shareholders. S&P said, "Continued EBITDA
growth and higher cash balances have resulted in lower leverage at
Four Seasons, and we now expect adjusted debt to EBITDA in the mid-
to high-3x area and funds from operations (FFO) to debt in the
high-teens percentage area through 2018. Although this level of
leverage represents an improvement in our assessment of financial
risk at the company and might otherwise be associated with a higher
rating, we affirmed our 'BB-' rating on the company because there
is still significant near-term uncertainty surrounding one of Four
Seasons' two largest shareholders, Kingdom Holding Co. Kingdom is
the investment holding company founded by Prince Alwaleed bin Talal
of Saudi Arabia, who has been detained by the Saudi Arabian
government as part of its recent broad crackdown on alleged
corruption. Many other prominent Saudis who were detained at the
same time as Alwaleed have been released after reaching settlements
with the government, and these settlements have reportedly been as
high as $1 billion. Alwaleed has reportedly not reached a
settlement with the government and the resolution of his detention
remains uncertain. It is possible that Alwaleed may direct Kingdom
to sell assets in order to fund a potential settlement. We believe
another possibility is that the Saudi government could attempt to
seize Kingdom and sell assets in order to fund a settlement. As a
private company, Kingdom's stake in Four Seasons is probably less
liquid than some other publicly traded Kingdom holdings, although
Kingdom could attempt to extract cash in other ways from its
private holdings like Four Seasons. However, we believe an attempt
to do so would be negotiated with Four Seasons' other large
shareholder, Cascade Investment LLC. Still, there is sufficient
near-term uncertainty that we are unlikely to raise our rating on
Four Seasons until a resolution is clearer and we have confidence
that there will be no near-term financial policy decisions
detrimental to creditors."

S&P said, "The stable outlook reflects good operating performance
and higher cash balances which have significantly improved leverage
metrics at Four Seasons. We expect debt to EBITDA in the mid- to
high-3x area and FFO to debt in the high-teens percentage area
through 2018. However, ratings upside is limited at this time
because of the uncertainty surrounding Prince Alwaleed, who is one
of Four Seasons' two largest shareholders through his investment
company Kingdom Holding.

"Although unlikely given our current base-case forecast, we could
consider lowering the rating in the event that adjusted debt to
EBITDA is sustained above 6x, which would likely result from
operating performance significantly worse than our current
expectation, or distributions to the company's owners that are
meaningfully higher than what is currently planned. Additionally,
we could consider lowering the rating if Prince Alwaleed were to
reach a settlement with the Saudi government and if it became clear
that the settlement would involve a large distribution from Four
Seasons that resulted in leverage sustained above 6x.   

"We could raise the rating one notch to 'BB' if good operating
performance at Four Seasons keeps leverage below 5x debt to EBITDA
and above 12% FFO to debt, incorporating volatility over the
economic cycle and any other potential leveraging transactions,
such as special distributions to owners. However, we are not likely
to raise the rating until the uncertainty surrounding Prince
Alwaleed has been resolved, such that we are confident there will
not be any near-term policy decisions detrimental to creditors."


FRED'S INC: Egan-Jones Lowers LC Sr. Unsecured Rating to CCC
------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 7, 2017, downgraded the local
currency senior unsecured rating on debt issued by Fred's Inc. to
CCC from CCC+, and the foreign currency senior unsecured rating on
the Company's debt to CCC from B-.  EJR also lowered the foreign
currency commercial paper rating on the Company to C from B.

Fred's, Inc. operates discount general merchandise stores in the
southeastern United States. The Company also markets goods and
services through Fred's Super Dollar Stores and Pharmacies and
Fred's Xpress Pharmacies.



FREEPORT-MCMORAN INC: Egan-Jones Hikes LC Sr. Unsec. Rating to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 5, 2017, raised the local
currency senior unsecured rating on debt issued by Freeport-McMoran
Inc to BB from BB-.

Freeport-McMoRan Inc., is an international natural resources
company.  The Company operates large, long-lived, geographically
diverse assets with significant reserves of copper, gold,
molybdenum, cobalt, oil and gas.


GANDER MOUNTAIN: Has Until March 31 to Solicit Plan Votes
---------------------------------------------------------
The Hon. Michael E. Ridgway of the U.S. Bankruptcy Court for the
District of Minnesota has extended, at the behest of Gander
Mountain Company and Overton's, Inc., the period in which the
Debtors have the exclusive right to obtain acceptances of a plan of
reorganization without any other party filing a plan, through March
31, 2018.

As reported by the Troubled Company Reporter on Dec. 14, 2017, the
Debtors believe that cause exists for an extension based on the
size and complexity of the cases, their efforts in moving towards a
consensual resolution of the cases by the pending plan jointly
proposed with the Official Committee of Unsecured Creditors, and
the status of the cases and the Plan.

                     About Gander Mountain

Gander Mountain Company operates outdoor specialty stores dedicated
for shooting sports, hunting, fishing, camping, marine, apparel,
footwear, and outdoor lifestyle products.  Its subsidiary
Overton's, Inc., is a catalog and internet retailer of products for
the recreational boater and other water sports enthusiasts at
http://www.Overtons.com/

Gander Mountain and Overton's Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Minn. Case Nos. 17-30673 and
17-30675) on March 10, 2017.  The cases are jointly administered
under Case No. 17-30673.  The petitions were signed by Timothy
Becker, Executive VP of Lighthouse Management Group, Inc., as CRO.
The cases are assigned to Judge Michael E. Ridgway.

At the time of the filing, Gander Mountain estimated its assets and
debt at $500 million to $1 billion.

The Debtors' advisors are Fredrikson & Byron, PA, which serves as
legal counsel; Lighthouse Management Group, chief restructuring
officer; Hilco Real Estate LLC, real estate advisor; and Faegre
Baker Daniels LLP, special corporate counsel.  Donlin, Recano &
Company Inc. is the Debtors' claims, noticing and balloting agent.
Houlihan Lokey Capital Inc. serves as the Debtors' investment
banker.

On March 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee members
are: (1) Ellett Brothers; (2) Carhartt, Inc.; (3) Smith & Wesson
Corp; (4) Pure Fishing, Inc.; (5) Benelli USA; (6) Vista Outdoor
Sales, LLC; (7) National Retail Properties, Inc.; (8) Liberty Safe
and Security Products, Inc.; and (9) DDR Corp.

The Committee retained Jeffrey Cohen, Esq., at Lowenstein Sandler
LLP, as its counsel and Connie Lahn, Esq., Christopher Knapp, Esq.,
and Roger Maldonado, Esq., at Barnes & Thornburg LLP as co-counsel.


GENERAL CABLE: Egan-Jones Hikes LC Sr. Unsecured Rating to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 6, 2017, raised the local
currency senior unsecured debt rating on General Cable Corp. to B+
from B, and the foreign currency senior unsecured debt rating on
the Company to B+ from B-.

Previously, on Dec. 1, 2017, EJR raised the local currency senior
unsecured debt rating on the Company to B from B-.

Based in Highland Heights, Kentucky, General Cable Company
manufactures and distributes copper, aluminum, and optical fiber
cables, for energy, construction, industrial, specialty and
communications sectors.


GLOBAL BROKERAGE: Hires Prime Clerk as Administrative Advisor
-------------------------------------------------------------
Global Brokerage,  Inc. seeks authority from the United States
Bankruptcy Court from the Southern District of New York in
Manhattan to hire Prime Clerk LLC as administrative advisor.

Administration services to be rendered by Prime Clerk are:

     (a) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices and institutional holders;

     (b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;

     (c) assist with the preparation of the Debtor's schedule of
assets and liabilities and statement of financial affairs and
gather data in conjunction therewith;

     (d) provide a confidential data room, if requested;

     (e) manage and coordinate any distributions pursuant to a
chapter 11 plan; and

     (f) provide such other processing, solicitation, balloting and
other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtor, the Court or the
Office of the Clerk of the Bankruptcy Court.

Shira D. Weiner, General Counsel of Prime Clerk LLC, attests that
Prime Clerk is a "disinterested person" within the meaning of
section 101(14) of the Bankruptcy Code, as required by section
327(a) of the Bankruptcy Code, and does not hold or represent any
interest materially adverse to the Debtor’s estate in connection
with any matter on which it would be employed.

Prime Clerk hourly rates are:

     Analyst                        $30 - $50
     Technology Consultant          $35 - $95
     Consultant/Sr. Consultant     $65 - $165
     Director                     $175 - $195
     COO/Executive VP               No charge
     Solicitation Consultant             $190
     Director of Solicitation            $210

The advisor can be reached through:

     Shira D. Weiner
     Prime Clerk LLC
     830 3rd Avenue, 9th Floor
     New York, NY 10022
     Tel: (212) 257-5450
     Email: sweiner@primeclerk.com

                      About Global Brokerage

New York-based Global Brokerage, Inc., is a holding company with an
indirect effective ownership of FXCM Group, LLC through its equity
interest in Global Brokerage Holdings, LLC.  Through FXCM Group,
LLC the company provides an online foreign exchange trading and
related services to more than 178,000 active retail accounts
globally as of Dec. 31, 2016.  The company offers its customers
access to over-the-counter FX markets and has developed a
proprietary technology platform that it believes provides its
customers with an efficient and cost-effective way to trade FX. The
company also offers its non-U.S. customers the ability to trade
contracts-for-difference.

Global Brokerage  filed a voluntary Chapter 11 petition (Bankr.
S.D.N.Y. 17-13532) with a prepackaged reorganization plan on Dec.
11, 2017.  The Debtor disclosed total assets of $78.78 million and
total liabilities of $172.55 million as of Oct. 31, 2017.  The case
is pending before the Honorable Michael E. Wiles.

Global Brokerage's legal advisors are King & Spalding LLP, and its
financial advisors are Perella Weinberg Partners LP.   The claims
agent, Prime Clerk, maintains the Web site
https://cases.primeclerk.com/globalbrokerage.


GLOBAL BROKERAGE: Taps King & Spalding as Counsel
-------------------------------------------------
Global Brokerage, Inc. seeks authority from the United States
Bankruptcy Court from the Southern District of New York (Manhattan)
to hire King & Spalding LLP as counsel.

Global Brokerage requires King & Spalding to:

     i. advise the Debtor with respect to its rights, powers, and
duties as a debtor-in-possession in the continued operation of its
business and management of its assets;

    ii. advise the Debtor with respect to the conduct of its
chapter 11 case, including all of the legal and administrative
requirements in chapter 11;

   iii. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the Debtor's estate;

    iv. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and other papers in
connection with the administration of the Debtor's estate;

     v. appear before the Court and any other courts to represent
the interests of the Debtor's estate before such courts;

    vi. attend meetings and represent the Debtor in negotiations
with representatives of creditors and other parties in interest;

   vii. negotiate and prepare documents relating to the disposition
of assets, as requested by the Debtor;

  viii. advise the Debtor on finance transactions and other finance
related matters, and matters relating to the sale of the Debtor's
assets, if any; and

    ix. perform other legal services for the Debtor as may be
necessary and appropriate in connection with the Debtor's chapter
11 case, including, without limitation, advising the Debtor on
corporate and litigation issues and matters.

King & Spalding has agreed to bill at 85% of its standard hourly
rates in effect when services are rendered. The current hourly
rates (with 85% levels in parentheses) for the firm's attorneys
are:

     Arthur Steinberg                        $1,435 ($1,219.75)
       Partner, Financial Restructuring
     Sarah R. Borders                        $1,000 ($850)
       Partner, Financial Restructuring
     Thaddeus D. Wilson                        $775 ($658.75)
       Senior Associate, Financial
       Restructuring              
     Michael R. Handler                        $790 ($673.20)
       Associate, Financial Restructuring
     Elizabeth T. Dechant                      $525 ($446.25)
       Associate, Financial Restructuring
     Sarah L. Primrose                         $525 ($446.25)
       Associate, Financial Restructuring

Sarah R. Borders attests that King & Spalding is a "disinterested
person," as such term is defined in Bankruptcy Code section
101(14), as modified by Bankruptcy Code section 1107(b), and does
not hold or represent an interest adverse to the Debtor's estate
and has no connection to the Debtor, its creditors, or other
parties 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, Ms.
Borders disclosed that:

     -- K&S has agreed as a courtesy to the Debtor to bill at 85%
of its standard hourly rates in effect when services are rendered;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- no adjustments were made to either the billing rates or the
material financial terms of K&S's employment by the Debtor as a
result of the filing of this chapter 11 case; and

     -- the Debtor has approved a prospective budget and staffing
plan for K&S's engagement for the two-month period after the
Petition Date.

King & Spalding can be reached through:

     Arthur J. Steinberg, Esq.
     Michael R. Handler, Esq.
     KING & SPALDING LLP
     1185 Avenue of the Americas
     New York, NY   10036
     Tel: 212.556.2100
     Fax: 212.556.2222
     E-mail: asteinberg@kslaw.com
             mhandler@kslaw.com

          - and -

    Sarah R. Borders, Esq.
    Thaddeus D. Wilson, Esq.
    Elizabeth T. Dechant, Esq.
    KING & SPALDING LLP
    1180 Peachtree Street N.E.
    Atlanta, GA   30309
    Tel: 404.572.4600
    Fax: 404.572.5100
    E-mail: sborders@kslaw.com
            thadwilson@kslaw.com
            edechant@kslaw.com

                      About Global Brokerage

New York-based Global Brokerage, Inc., is a holding company with an
indirect effective ownership of FXCM Group, LLC through its equity
interest in Global Brokerage Holdings, LLC.  Through FXCM Group,
LLC the company provides an online foreign exchange trading and
related services to more than 178,000 active retail accounts
globally as of Dec. 31, 2016.  The company offers its customers
access to over-the-counter FX markets and has developed a
proprietary technology platform that it believes provides its
customers with an efficient and cost-effective way to trade FX. The
company also offers its non-U.S. customers the ability to trade
contracts-for-difference.

Global Brokerage filed a voluntary Chapter 11 petition (Bankr.
S.D.N.Y. 17-13532) with a prepackaged reorganization plan on Dec.
11, 2017.  The Debtor disclosed total assets of $78.78 million and
total liabilities of $172.55 million as of Oct. 31, 2017.  The case
is pending before the Honorable Michael E. Wiles.

Global Brokerage's legal advisors are King & Spalding LLP, and its
financial advisors are Perella Weinberg Partners LP.  The claims
agent, Prime Clerk, maintains the Web site
https://cases.primeclerk.com/globalbrokerage


GNC HOLDINGS: Fitch Cuts IDR to C on Distressed Debt Exchange
-------------------------------------------------------------
Fitch Ratings has downgraded GNC Holdings, Inc.'s Issuer Default
Rating (IDR) to 'C' from 'B-' following the company's announcement
that it will be exchanging approximately $99 million of its $288
million of convertible notes due August 2020 for approximately 14.6
million shares (approximately 17% of pro forma share count or
around $55 million in value), given Fitch's view that this
represents a distressed debt exchange (DDE). Per Fitch's criteria,
Fitch would downgrade the IDR to Restricted Default (RD) upon the
completion of the exchange. The IDR may subsequently be upgraded
reflecting the post-DDE credit profile. The existing senior secured
credit facility is not affected by the exchange; however, Fitch's
'B+/RR2' rating on the facility has been placed on Negative Rating
Watch given the possibility that following the DDE, GNC's IDR may
be upgraded to a level below the prior 'B-'. A full list of rating
actions follows at the end of this release.

While GNC's announced exchange would modestly reduce the company's
total debt burden, it also highlights GNC's challenges in
addressing upcoming maturities after recent operating declines and
the December 2017 withdrawal of its proposed credit facility
refinancing. Fitch remains concerned about the company's ability to
address upcoming maturities ($300 million revolver due September
2018 and $1.1 billion term loan maturity in March 2019). The
inability of GNC to successfully address its upcoming maturities in
a timely fashion would be a rating concern.

The ratings continue to reflect GNC's leading position in the
growing health and wellness products market. The ratings consider
recent market share declines, driven by encroaching competition and
executional missteps, which in concert with recent financial policy
decisions, have weakened the company's leverage profile. However,
the ratings also reflect steps the company has taken to reverse
operational declines and reduce leverage, through diverting FCF to
debt paydown and suspending dividends and share buybacks.

Fitch expects total revenue to remain fairly stable at around $2.5
billion between 2016 and 2020 and EBITDA is expected to trough in
the mid-$200 million range in 2017, versus $350 million in 2016 and
the average $500 million between 2012 and 2015. EBITDA is expected
to improve to the $300 million-$325 million range by 2019/2020 on
modest top-line growth and gross margin expansion as a result of
store closings leading to reduced occupancy costs and merchandise
margin stabilization.

KEY RATING DRIVERS

Unsuccessful Refinancing: Upon the withdrawal of its proposed
credit facility refinancing on Dec. 4, 2017, the company announced
that it had engaged Goldman Sachs and Co. LLC to explore strategic
alternatives and optimize its capital structure, inclusive of a
$300 million revolver due September 2018, $1.1 billion term loan
maturing March 2019 and $288 million of convertible notes due
August 2020. On Dec. 21, the company announced an exchange of
approximately $99 million in convertible notes for 14.6 million
shares of common equity. Fitch views this as a DDE, as the common
equity is valued at approximately $55 million based on GNC's Dec.
21 closing price. Fitch viewed the withdrawal of the proposed
credit facility refinancing as a rating concern given heightened
urgency in addressing upcoming maturities. While the company could
generate some liquidity through asset sales (such as distribution
centers) or increased refranchising activity, Fitch projects the
company will need to refinance a significant portion of upcoming
maturities; as such, its inability to successfully complete its
proposed refinancing suggests the possibility the company may need
to perform further distressed debt exchanges or a restructuring.

Good Position in a Growing Category: GNC is a leading U.S. retailer
and manufacturer (with around 6% share) of health and wellness
products, including vitamins, minerals and herbal supplements
(VMHS), and sports nutrition and diet products. Historically, the
company has benefited from stable growth in the VMHS industry,
brand leadership, and its broad store footprint and brand presence
in the U.S. and internationally. The company has 9,083 stores
globally as of September 2017 and manufactures products sold at
retailers across the food, drug, and discount category. The company
has outsized presence at Rite Aid Corporation stores through a
partnership and a storefront on Amazon.com. Overall online sales
penetration is around 10%, in line with industry averages. GNC's
brand leadership is evident with nearly half of consolidated
revenue derived from owned-brand product.

The approximately $40 billion VMHS industry has proven to be
recession resistant by growing at a mid-single-digit rate through
economic cycles. The consumable nature of the products and high
frequency of usage as part of regular dietary regimens drive the
stability and defensibility of the business. Given an aging U.S.
population and increased consumer focus on personal health and
wellness, Fitch expects the VMHS industry to continue
mid-single-digit growth over the next several years, making it one
of the faster-growing segments within retail.

Historically, the standalone vitamin retail business has been
resilient to channel disruption from discount and online players
for several reasons. First, inventory breadth in the category is
significant, which is an unappealing characteristic for discount
players that prefer a focused, high-turning inventory mix. Second,
the nature of the industry's product requires an elevated service
component. GNC, whose service model provides product and regimen
guidance to less knowledgeable customers, has benefited from this
information asymmetry. Finally, loyalty programs have proven
effective for standalone players to maintain share in the space,
with GNC's (now-replaced) Gold Card discount program generating
nearly 80% of company sales.

Recent Weakness: Despite good historical fundamentals, GNC's
operating trajectory turned in 2014, with sales declining from a
peak of $2.6 billion in 2013 to an expected $2.5 billion in 2017,
while EBITDA has been halved from around $530 million in 2013 to an
expected $260 million in 2017. While the category has continued its
growth trajectory, the alternate channels appear to be taking share
from standalone players such as GNC. The proliferation of
vitamin-related information online coupled with an increased
vitamin focus by a number of competitors in the discount, grocery,
drug retail and online spaces have limited GNC's competitive
advantage in recent years.

Fitch believes GNC also took some operational missteps in recent
years. The company's marketing and merchandising efforts have
historically appealed to sports-related products such as
muscle-gain proteins, while industry growth has focused more on
natural/organic supplements, particularly for the aging baby boomer
population. In addition, while the company's Gold Card loyalty
program was a historical advantage, the loyalty scheme recently
created price confusion among consumers who increasingly value
price transparency. The pricing structure was also misaligned in
the company's stores relative to its online channel, where products
were heavily discounted.

EBITDA declines in recent years have outpaced revenue moderation
due to the deleveraging impact on fixed expenses such as rent and
store payroll as well as the company's decisions to maintain
investments in marketing and product innovation. More recently,
margins have declined due to the company's concerted efforts to
reduce prices in an increasingly competitive environment and to
align pricing across its channels and simplify its pricing model
for loyalty card customers. EBITDA erosion has weakened the
company's leverage profile, with adjusted debt/EBITDAR forecast to
rise from the mid-4.0x range in 2013 to around 7.0x in 2017. This
increase was exacerbated by the company's decision to execute
debt-financed share buybacks in 2015 and first half of 2016 (1H16).
Outstanding debt balances increased by around $300 million from the
beginning of 2015 until the company ceased share buybacks in
mid-2016.

EBITDA Expected to Trough in 2017: Over the past 18 months, GNC has
implemented a number of strategic changes that could stabilize
results while improving leverage. The company has reduced prices to
be more competitive and aligned price points across channels to
reduce customer confusion. GNC replaced its existing loyalty
program, wherein a paid membership provided ongoing product
discounts. The new loyalty program includes both a free tier where
customers can earn rewards based on spending, and a paid tier with
additional benefits. The goal of the new free tier is to grow
enrollment in the overall program while improving ongoing product
margins. Research and development investments have been geared
toward enhanced product innovation to drive customer excitement and
brand differentiation. Sales staff re-training is designed to
fortify the company's ability to effectively counsel and advise
customers.

GNC's efforts have led to some signs of improvement, with average
transactions improving from negative in 2015-2016 to up over 10%
through the first three quarters of 2017, and positive enrollment
trends for the company's new loyalty program (nine million members
in the free tier and 600,000 members in the paid tier as of October
2017). Comparable store sales (comps) were 1.3% in 3Q17, the
company's first positive comp since 4Q15, and are expected to be
positive in 4Q17 and annually beginning in 2018.

While sales have shown some evidence of stabilization, GNC's
initiatives have had a negative impact on EBITDA. Price reductions
have reduced gross margin by over 200bps to 33% through 3Q17, while
the elimination of the paid loyalty program has caused significant
declines in high-margin membership fee revenue. EBITDA, which was
$350 million in 2016, could decline to around $260 million in 2017,
with quarterly declines YTD through 3Q17 but flattish EBITDA in
4Q17.

Despite recent trends and increased competition from alternate
channels, Fitch believes there is long-term viability in the
standalone vitamin retail space and that GNC's size, positive FCF
generation, brand recognition and vertical manufacturing
capabilities are assets that would allow it to defend share
longer-term should its recently enacted strategies be unsuccessful.
As the company laps significant changes made in 2017, the
continuation of modestly positive comps could yield EBITDA trending
above $300 million over the next three years.

New Financial Policy and FCF Supports Deleveraging: As GNC
undertakes these initiatives; the company has also made significant
changes to its cash deployment strategies. Over the past 18 months,
the company has eliminated both its dividend and share buyback
program, and redirected its FCF to debt paydown, repaying nearly
$200 million of debt from 2Q16 through 3Q17. The company's net
leverage target of 3x, capitalizing leases at 5x, equates to 4x
Fitch-defined leverage (capitalizing leases at 8x) assuming minimal
cash balances for both calculations. Assuming the company
successfully completes the refinancing of its upcoming maturities
and continues to direct FCF toward debt paydown along with its
stated financial policy, leverage could approach mid-5.0x in 2020
based on around $200 million of FCF in 2017 and $100 million
annually beginning in 2018.

RECOVERY CONSIDERATIONS

Fitch's recovery analysis is based on a going-concern value of
$1.25 billion, versus approximately $630 million from an orderly
liquidation of assets composed primarily of inventory, receivables
and owned property and equipment. Post-default EBITDA was estimated
at $250 million, similar to the company's TTM EBITDA. Fitch
believes current operating results represent a potential
post-bankruptcy scenario following an approximately 50% decline in
EBITDA over the past three years. The analysis uses a 5.0x
enterprise value/EBITDA multiple, consistent with the 5.4x median
multiple for retail going-concern reorganization but at the low end
of the 12-year retail market multiples of 5x-11x, and below 7x-12x
for retail transaction multiples. The multiple considers GNC's
historically strong position in a good category, recent competitive
encroachment by alternate channels and operational missteps.

After deducting 10% for administrative claims, the remaining $1.125
billion would lead to superior recovery prospects (71%-90%) for the
company's credit facility, which is therefore rated 'B+'/'RR2'.

DERIVATION SUMMARY

GNC's previous IDR of 'B-' reflected increased refinancing risk
following the company's withdrawal of its proposed term loan
refinancing. The ratings continue to reflect GNC's leading position
in the growing health and wellness products market. The rating
considers recent market share declines, driven by encroaching
competition and executional missteps, which in concert with recent
financial policy decisions, have weakened the company's leverage
profile. However, the rating also reflects steps the company has
taken to reverse operational declines and reduce leverage, through
diverting FCF toward debt paydown and suspending dividends and
share buybacks.

Other retailers within the 'B' category include SUPERVALU Inc.
(B/Stable) and Rite Aid Corporation (B/Stable). SUPERVALU is a
secularly challenged grocery retailer and wholesale grocery
operator, with leverage around 4.0x. Rite Aid is a drug retailer
whose recent market share losses raise questions around EBITDA
stabilization prospects. Its pro forma leverage following the sale
of assets to Walgreens Boots Alliance, Inc. is projected to trend
around 7.0x.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Fitch expects total revenue to remain fairly stable in the
    $2.5 billion range in 2016-2020. Revenue is expected to
    decline 3% in 2017 and 1% in 2018 due to store closings
    before turning modestly positive in the low-single-digits.
    Same store sales are expected to be flat in 2017 given second-
    half improvement, and grow in the low single digits in 2018-
    2020.

-- EBITDA is expected to trough in the mid-$200 million range in
    2017, versus $350 million in 2016 and the average $500 million
    range in 2012-2015. EBITDA is expected to improve to $300
    million-$325 million by 2019/2020 on modest top-line growth
    and gross margin expansion as a result of store closings
    leading to reduced occupancy costs and merchandise margin
    stabilization.

-- FCF is expected to be $200 million in 2017, partly driven by
    working capital improvement of $75 million, and $100 million
    annually thereafter, assuming interest expense could increase
    from a refinancing of the company's term loan. GNC has
    suspended both its dividends and share buybacks. Fitch would
    expect the company to use FCF for debt paydown, in line with
    its public guidance.

-- Adjusted leverage (capitalizing rent expense at 8x) is
    projected at 7x for 2017, versus the 4.5x-5x range in 2013-
    2015, but is expected to trend toward mid-5x by 2020 based on
    EBITDA growth and debt reduction. This assumes the successful
    refinancing of its entire capital structure.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Per Fitch's criteria, Fitch would downgrade the IDR to
    Restricted Default (RD) upon the completion of the exchange.
    The IDR would subsequently be upgraded reflecting the post-DDE
    Credit profile. GNC's IDR may be upgraded to a level below the

    prior 'B-'; therefore, ratings on GNC's senior secured credit
    facility and term loan have been placed on Negative Watch.

Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Following the completion of its DDE, a downgrade would occur
    if the company is unable to successfully address upcoming debt

    maturities in a timely fashion.

LIQUIDITY

GNC's total liquidity as of Sept. 30, 2017 was $286 million, which
includes $40 million in cash and $246 in availability on the
company's $300 million revolver. Revolver availability was reduced
by $48 million in borrowings and $5.9 million in letters of
credit.

FULL LIST OF RATING ACTIONS

Fitch has downgraded GNC:
GNC Holdings, Inc.
-- Long-Term IDR to 'C' from 'B-'.

General Nutrition Centers, Inc.
-- Long-Term IDR to 'C' from 'B-'.

Fitch has placed the following rating on Negative Watch:

General Nutrition Centers, Inc.
-- Senior secured credit facility at 'B+'/'RR2'.


GNC HOLDINGS: S&P Cuts CCR to SD Following Completed Debt Exchange
------------------------------------------------------------------
GNC Holdings Inc. (GNC) completed its previously announced debt
exchange offer, exchanging nearly $99 million in principal value of
the convertible senior unsecured notes (not rated) for common
shares and cash worth about $57 million at recent trading prices.
S&P Global Ratings believes the transaction constitutes a
distressed exchange, as the convertible noteholders received
significantly less value than the terms of the original securities.


S&P Global Ratings, thus, lowered its corporate credit rating on
the Pittsburgh-based GNC Holdings Inc. to 'SD' from 'CC'.

S&P said, "At the same time, we affirmed our 'CC' issue-level
rating on the company's secured credit facility and removed it from
CreditWatch, where it was placed with negative implications on Dec.
5, 2017. The '3' recovery rating is unchanged, indicating our
expectation for meaningful (50% to 70%; rounded estimate: 60%)
recovery in the event of a payment default or bankruptcy."

The downgrade follows the close of GNC's previously announced debt
exchange transaction for $98.9 million (out of an original
principal value of $287 million) of convertible senior unsecured
notes due 2020. Noteholders received 14.6 million of common shares
(about $57 million in value at the $3.8 per share recent trading
price for GNC's) and about $0.5 million in cash for accrued and
unpaid interest.


GREIF INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 11, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by Greif Inc. to BB+ from BB.

Greif, Inc. is an American manufacturing company based in Delaware,
Ohio.


GUTIERREZ FURNITURE: Wants to Renew & Extend Debt to Lone Star
--------------------------------------------------------------
Gutierrez Furniture & Appliances, LLC, and Lone Star National Bank
ask the U.S. Bankruptcy Court for the Southern District of Texas to
approve the renewal and extension of the Debtor's existing debt.

On May 20, 2013, the Debtor executed a promissory note in the
original principal sum of $253,000 and payable to Lone Star,
secured by a deed of trust of even date therewith covering the
following described real property.

The Note will be renewed and extended, with a renewal balance of
$248,804.19 (principal and interest).  The Debtor will make monthly
installments of principal and accrued interest in the amount of
$2,043 each on or before the 20th day of each month commencing Dec.
20, 2017, and continuing to maturity on Nov. 5, 2022, on which date
all principal and accrued interest will be due and payable.  The
monthly installment shall also include an ad valorem tax escrow
payment in the amount of $458.55 for a total monthly payment of
$2,502.  Interest will accrue at the rate of 5.50% per annum, with
payments calculated on a 15-year amortization.

The Debtor and Lone Star assure the Court that the renewal of the
Note will not adversely affect the Debtor's Chapter 11 plan or the
estate.

A copy of the request is available at:

           http://bankrupt.com/misc/txsb17-70207-38.pdf

The Lone Star is represented by:

     Walsh Mcgurk Cordova Nixon, PLLC
     4900-B N. 10th Street
     McAllen, Texas 78504
     Tel: (956) 632-5013
     Fax: (956) 630-5199

            About Gutierrez Furniture & Appliances

Gutierrez Furniture & Appliances, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
17-70207) on June 5, 2017.  Julian Gutierrez, president and member,
signed the petition.  

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

Judge Eduardo V. Rodriguez presides over the case.

Marcos D. Oliva, Esq., at Marcos D. Oliva, P.C., serves as the
Debtor's legal counsel.


HESS CORP: Egan-Jones Hikes Sr. Unsecured Ratings to BB
-------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 21, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by Hess Corp. to BB from BB-.

Hess Corporation is a global independent energy company engaged in
the exploration and production of crude oil and natural gas.


HUDSON'S BAY: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+
-----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 12, 2017, lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by Hudson's Bay Co to CCC+ from BB-.

Hudson's Bay Company offers a selection of branded merchandise in
Canada and the United States.  The Company operates department
stores and other retail stores that offers kitchen and bed and
bath/products.


IGNITE RESTAURANT: Plan Declared Effective on Dec. 19
-----------------------------------------------------
BankruptcyData.com reported that Ignite Restaurant Group's Chapter
11 Plan of Liquidation became effective on December 19, 2017, and
the Company emerged from Chapter 11 protection. The U.S. Bankruptcy
Court confirmed the Plan on December 1, 2017. BankruptcyData's
detailed Plan Summary notes, "The Plan constitutes a plan of
liquidation and sets forth the means for satisfying Claims against
and Interests in the Debtors. Pursuant to the Settlement, the
Lenders will be receiving all of the net proceeds of the sale,
except for $900,000 to be distributed to general unsecured
creditors. The Liquidation Analysis for the Debtors estimates the
Estimated Net Proceeds available from Assets to be $46.14 million.
The recovery rate to the Class 2 - Secured Lender Claims is
estimated to be 100%.  The recovery rate to Class 4 - General
Unsecured Claims is estimated to be 1%, and the recovery rate to
Class 3 - Other Priority Claims is estimated to be zero."

                    About Ignite Restaurant

Ignite Restaurant Group, Inc., et al., operate two well-known
restaurant brands, Joe's Crab Shack and Brick House Tavern + Tap
that offer a variety of high-quality food and beverages in a
distinctive, casual, high-energy atmosphere.  They operate 130+
restaurants and have three international franchise locations, and
employ about 8,400 employees.

Ignite Restaurant Group and its affiliates filed for bankruptcy in
Texas (Bankr. S.D. Tex. Lead Case No. 17-33550) on June 6, 2017.
The petitions were signed by Jonathan Tibus, chief executive
officer.  The Hon. David R. Jones presides over the Debtors'
cases.
  
Ignite Restaurant Group and its affiliated debtors sought
bankruptcy protection to facilitate a sale of its business to a
private equity firm for $50 million in cash plus the assumption of
certain liabilities.

As of April 30, 2017, the Debtors reported $153.4 million in total
assets and $197.4 million in total liabilities.

The Debtors have employed King & Spalding LLP as legal counsel;
Jonathan Tibus, managing director at Alvarez & Marsal North
America, as their chief executive officer; Piper Jaffray & Co. as
investment banker; Hilco Real Estate, LLC as real estate advisor;
and Garden City Group as their claims and noticing agent.

On June 21, 2017, a five-member panel was appointed as the official
unsecured creditors committee in the Debtors' cases.  The committee
tapped Pachulski Stang Ziehl & Jones LLP as counsel, Cole Schotz
P.C. as local counsel, and FTI Consulting, Inc., as financial
advisor.


JONATHAN KELMAN: $2M Sale of Studio City Property Approved
----------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California authorized Jonathan I. Kelman's sale of his
real property commonly described as 4057 Farmdale Ave., Studio
City, California to Justin Rhoades and Jessica Rhoades and/or
nominee for $2,210,000.

A hearing on the Motion was held on Dec. 19, 2017 at 1:30 p.m.

The sale is free and clear of liens, encumbrances and interests,
with the liens of record to be satisfied and/or attach to the sale
proceeds.

The Purchase Agreement and the overbidding procedures set forth in
the Debtor's Sale Motion are approved.

From the proceeds of the sale of the Property, these claims,
encumbrances and liens will be directly satisfied from escrow
without further order from the Court:

     a. A lien of record, that appears in a preliminary title
report prepared by Fidelity National Title Company, dated Aug. 21,
2017, obtained for the Property as item no. "7," is a deed of trust
for an obligation in the principal amount of $1,143,000 owing to
Wells Fargo Bank, recorded on June 20, 2005, and assigned to U.S.
Bank National Association, as Trustee for Citigroup Mortgage Loan
Trust, Inc., Mortgage Pass-Through Certificates, Series 2006-AR6.
This debt is set forth in Official Claim No. 6 filed by U.S. Bank
National Association in the amount of $1,190,617.  This debt (plus
accrued interest and related costs), upon the timely submission of
a written demand to escrow, will be satisfied directly from escrow
with the sale proceeds.

     b. There is a lien of record, that appears in the Title Report
as item no. "8," consisting of a deed of trust for an obligation in
the principal amount of $307,500 owing to Wells Fargo Bank,
recorded on May 30, 2007.  This debt is set forth in Official Claim
No. 5 filed by Wells Fargo Bank in the amount of $310,960.  This
debt (plus accrued interest and related costs), upon the timely
submission of a demand to escrow, will be satisfied directly from
escrow with the sale proceeds.

     c. There is a lien of record, that appears in the Title Report
as item no. "10," consisting of a deed of trust for an obligation
in the principal amount of $10,000 owing to Craig Strong, recorded
on Aug. 29, 2016.  This debt (plus accrued interest) will be
satisfied directly from escrow with the sale proceeds.

     d. There is a lien of record, that appears in the Title Report
as item no. "11," consisting of a tax lien for an obligation in the
principal amount of $170,733 owing to the Internal Revenue Service.
This is the same debt set forth in Official Claim No. 1, filed by
the Internal Revenue Service in the amount of $279,703, with
$168,398 secured by the Property and $111,305 as unsecured.  The
debt, set forth in the recorded lien, the filed proof of claim and
as well as the tax debt (priority) owing for 2016 will all be
satisfied, upon the timely submission of a written demand to
escrow, directly from escrow.

     e. The unsecured claim of Discover Bank in the amount of
$8,979 will be satisfied with the sale proceeds directly from
escrow.

     f. The unsecured claim of Navient Solutions in the amount of
$54,483 will be satisfied with the sale proceeds directly from
escrow.

     g. The claim of City of Los Angeles in the amount of $641,
with $395 as priority will be satisfied with the sale proceeds
directly from escrow.

     h. The unsecured claim of Department of Store National Bank in
the amount of $154 will be satisfied with the sale proceeds
directly from escrow.

     i. The claim of Franchise Tax Board in the amount of $26,240,
with $24,653 as priority will be satisfied with the sale proceeds
directly from escrow.

     j. The unsecured claim of Portfolio Recovery Associates, LLC
in the amount of $828 will be satisfied with the sale proceeds
directly from escrow.

     k. Any court costs and fees owing to the U.S. Bankruptcy Court
for the Central District of California and to the Office of the
United States Trustee will be paid directly from escrow.

     l. All property taxes owing for the Property at the closing of
escrow will be satisfied with the sale proceeds directly from
escrow.

     m. All sale costs such as escrow and tile, and the Purchaser's
broker's commission, will be satisfied with the sale proceeds
directly from escrow.

The escrow company employed for the sale of the Property is
specifically authorized to communicate directly with the agents,
the counsel and representatives of the lien holders and creditors
identified.  The Debtor's professionals employed by court orders in
the case consisting of the Debtors' Broker (Wish | Sotheby's
International Realty), the Debtor's accountant (Leonard De Los
Prados), and the Debtor's counsel (Gonzalez & Associates, P.L.C.),
will be required to file and serve applications for fees and costs
to be considered and approved by the Court.  As such, while escrow
for the sale of the Property will be permitted to close, escrow
will hold the remaining funds until further order from the Court.

Any amount remaining after the satisfaction of these debts, claims
and obligations will be paid to the Debtor directly from escrow.  

Any tenant or occupant of the Property is ordered and directed to
immediately surrender and turnover the Property to the Debtor
and/or his agents or representatives for the timely completion of
the sale transaction and closing of escrow.

The recording of the order with the Los Angeles County Recorder's
Office will constitute a discharge, termination and cancellation of
all liens and encumbrances identified in the Order, without the
need for re-conveyances or releases of said liens and
encumbrances.

                      About Jonathan I. Kelman

Jonathan I. Kelman is an attorney who operates "The Law Offices of
Jonathan I. Kelman" in the primary area of criminal law.  He filed
a voluntary petition for protection under Chapter 13 of Title 11 of
the U.S. Bankruptcy Code on Nov. 22, 2016.  Barry E. Borowitz of
Borowitz & Clark, LLP, was the Debtor's initial counsel in the
case.  

Elizabeth F. Rojas was duly appointed as the Chapter 13 trustee.

On Jan. 31, 2017, Gonzalez & Associates, P.L.C. ("G&A") was
retained by the Debtor (without a retainer paid, but with only the
filing fee for a Chapter 11 case), as the new counsel in the case.

On Feb. 1, 2017, G&A submitted the substitution of counsel form and
a motion to convert to Chapter 11 (Bankr. C.D. Cal. Case No.
1:16-bk-13334-MB) which the Court approved on March 2, 2017.

On March 31, 2017, the Debtor filed and served the application to
employ Leonard De Los Prados, C.P.A., as his accountant in the
case, which the Court approved on May 1, 2017.

On March 31, 2017, the Debtor filed and served the application to
employ G&A as his general bankruptcy counsel in the case on a nunc
pro tunc basis which the Court approved on May 1, 2017.

On May 30, 2017, the Debtor filed and served application to employ
Michael J. Okun of Wish I. Sotheby's International Realty as his
real estate broker in the case which the Court approved on July 14,
2017.


JONES PRINTING: $90K Sale of 1998 Komori 628 Printing Press Okayed
------------------------------------------------------------------
Judge Shelley D. Rucker of the U.S. Bankruptcy Court for the
Eastern District of Tennessee authorized Jones Printing, LLC's sale
of a 1998 Komori 628 printing press to Anand Printing Machinery,
Inc., for $90,000.

The sale is free and clear of the interests of Celtic Capital
Corp., with such interests to attach to the proceeds of the sale.

                     About Jones Printing LLC

Jones Printing, LLC -- http://jonesprinter.com-- is a printing
company founded in 1941 in Chattanooga, Tennessee.  For more than
75 years, it has produced creative communications solutions for
Fortune 500 companies in insurance, manufacturing, healthcare,
pharma, software, retail, gaming and entertainment industries.
Beginning in 2011, Jones Printing has maintained "GMI
Certification."

Jones Printing sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Tenn. Case No. 17-15187) on Nov. 10, 2017.
Richard Dale Ford, its president, signed the petition.

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million to $10 million.

Judge Shelley D. Rucker presides over the case.

The Debtor tapped David Fulton, Esq., at Scarborough & Fulton as
legal counsel.


KC7 RANCH: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: KC7 Ranch, Ltd.
        4800 Bryant Irvin Court
        Fort Worth, TX 76107
        Tel: 817-665-4825

Business Description: KC7 Ranch, Ltd., is a privately held company
                      in Fort Worth, Texas that owns a real
                      property asset known as the "KC7 Ranch".

Chapter 11 Petition Date: December 28, 2017

Case No.: 17-45166

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Debtor's Counsel: Michael J. Sutherland, Esq.
                  CARRINGTON, COLEMAN, SLOMAN & BLUMENTHAL, L.L.P.
                  901 Main Street, Suite 5500
                  Dallas, TX 75202-3767
                  Tel: (214) 855-3069
                  Fax: (214) 855-1333
                  E-mail: msutherland@ccsb.com

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Thomas F. Darden, president.

The Debtor did not file a list of its 20 largest unsecured
creditors together with the petition.

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

           http://bankrupt.com/misc/txnb17-45169.pdf


MAMMOET-STARNETH: Proposes $5.5M of DIP Financing From Affiliate
----------------------------------------------------------------
Mammoet-Starneth LLC asks the U.S. Bankruptcy Court for the
District of Delaware to allow interim borrowing of up to $1 million
and the borrowing of up to $5.5 million in total under the DIP
credit agreement with affiliate Mammoet USA North Inc.

The financing will be used to fund the costs of administration of
the bankruptcy case, facilitate the sale of the Debtor's hard
assets, and seek confirmation of a plan of liquidation.

To the extent the plan is confirmed and goes effective, the DIP
Lender will waive its claims under the DIP loan documents, and MUSA
will contribute approximately $1 million for distribution to the
Debtor's creditors and receive assignment of, and in its
discretion, undertake prosecution of, certain causes of action for
certain creditors' benefit.  The Debtor anticipates that this
process will maximize the value of the Debtor's assets, bring in
new funds (including the contribution by MUSA) for the benefit of
the Debtor's creditors, provide a path for the prosecution of the
assigned causes of action, limit any potential future liability of
the Debtor and its estate, and provide an efficient means for the
Debtor to wind itself down.

The Debtor is no longer operating, and although the Debtor owns
project components, the assets are largely held at locations in
Europe.  Because of the lack of additional pre-petition funding,
the Debtor had no means to liquidate or otherwise dispose of its
assets for the benefit of its creditors.  Meanwhile, the Debtor
continued to accrue debt for the costs of the components' storage.
For the same reason, although the Debtor asserted claims against
New York Wheel in pending litigation totaling approximately $128.5
million, the Debtor had no means to continue to pursue the claims.

Even if the Debtor had been able to dispose of its assets outside
of bankruptcy, the Debtor and its creditors, who are mainly
subcontractors, would have had no guarantee that future use of the
project components would not result in additional claims against
the Debtor.

The foregoing left the Debtor without any viable path for winding
down and effectuating an orderly disposition of its assets for the
benefit of its creditors outside of the Chapter 11 case, in which
the Debtor proposes to, among other things, (i) sell any interest
in project components in storage free and clear of liens, claims,
encumbrances, and interests, (ii) reject any remaining executory
contracts, including, subcontracts and (iii) confirm a plan of
liquidation under which (a) the claims under the DIP Loan Documents
will be waived, (b) MUSA will contribute approximately $1 million
for distribution to the Debtor's creditors, and (c) the Debtor's
causes of action against New York Wheel will be assigned to MUSA
for prosecution in its discretion, with any net recovery to be
shared between MUSA and certain creditors under the plan.  It is
anticipated that this will maximize the value of the Debtor's
assets, bring in new funds (including the MUSA contribution) for
the benefit of the Debtor's creditors, provide a path for the
prosecution of the Debtor's causes of action against New York
Wheel, limit any potential future liability of the Debtor, and
provide an efficient means for the Debtor to wind itself down.

In the absence of operations generating income sufficient to meet
the Debtor's post-petition expenses and fund the Chapter 11 case
through the confirmation and implementation of the soon-to-be
proposed plan of liquidation, the proposed post-petition financing
is essential to the success of the case.

The loan will have an interest rate of 6.00% per annum.  Commitment
fee is $27,500 or 0.50% of the DIP Credit Agreement commitment
amount.  The loan will mature on March 31, 2018.

The DIP Credit Agreement also contains these milestones:

     (i) on the Petition Date, the Debtor will have filed a
         petition for relief under Chapter 11 of the U.S.
         Bankruptcy Code;

    (ii) on or before Dec. 15, 2017, the Debtor will have filed
         the Chapter 11 Plan and Disclosure Statement and the
         Stored Equipment Sale Motion in form and substance
         reasonably acceptable to the DIP Lender;

   (iii) on or before Jan. 19, 2018, the Court will have entered
         an order granting the Subcontract Rejection Motion;

    (iv) on or before Jan. 17, 2018, the Court will have entered
         an order approving the adequacy of the information in the

         Disclosure Statement and scheduled a confirmation hearing

         to be held in March 2018;

     (v) on or before Feb. 14, 2018, the Court will have entered
         an order granting the Stored Asset Sale Motion;

    (vi) on or before March 15, 2018, the Court will have entered
         an order confirming the Plan; and

   (vii) on or before March 31, 2018, the effective date of the
         Plan will have occurred.

Effective immediately upon the entry of the interim court order,
the DIP Lender will be granted continuing, valid, binding,
enforceable, non- avoidable and automatically and properly
perfected post-petition security interests in and liens on any  and
all presently owned and thereafter acquired assets and real and
personal property of the Debtor.  The DIP Collateral includes the
proceeds from claims or causes of action to avoid a transfer of
property (or an interest in property) or an obligation incurred by
the Debtor pursuant to any applicable section of the Bankruptcy
Code, including, without limitation, chapter 5 and section 724(a)
of the Bankruptcy Code.

More specifically, the DIP Facility will:

     (a) be secured, subject to the DIP Carve Out and any
         Prepetition Permitted Liens, by (i) first priority
         perfected liens and security interests in all of the
         Debtor's unencumbered assets pursuant to Section
         364(c)(2) of the Bankruptcy Code and (ii) second priority

         perfected liens and security interests in all of the
         Debtor's assets that are subject to Prepetition Permitted

         Liens pursuant to Section 364(c)(3) of the Bankruptcy
         Code, subject to the DIP Carve Out; and

     (b) constitute (without the need to file a proof of claim) an

         allowed superpriority administrative expense claim
         against the Debtor pursuant to Section 364(c)(1) of the
         Bankruptcy Code, senior to any pre- or post-petition
         claims, with priority over all other costs and expenses
         of administration of any kind, with recourse to all of
         the Debtor's assets (including, only upon entry of the
         final court order, the proceeds of avoidance actions),
         subject, in each case, only to the DIP Carve Out, the DIP

         Liens and any Prepetition Permitted Liens.

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

             http://bankrupt.com/misc/deb17-12925-5.pdf

                   About Mammoet-Starneth LLC

Mammoet-Starneth, LLC, based in Wilmington, Delaware, designs and
constructs giant observation wheels and structures.

Mammoet-Starneth sought Chapter 11 protection (Bankr. D. Del. Case
No. 17-12925) on Dec. 13, 2017.  The Debtor estimated assets and
liabilities in the range of $100 million to $500 million.  The
petition was signed by Christiaan Lavooij, its manager.

The case is assigned to Judge Laurie Selber Silverstein.

The Debtor tapped Sills Cummins & Gross P.C. as its lead counsel,
and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., as
its local counsel.  William Henrich at Getzler Henrich &
Associates, LLC, serves as the Debtor's chief restructuring
officer.


MCDERMOTT INT'L: Egan-Jones Hikes Sr. Unsec. Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 15, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by McDermott International Inc. to BB- from B+.

McDermott International is an American multinational engineering,
procurement, construction and installation company with operations
in the Americas, Middle East, the Caspian Sea and the Pacific Rim.


MERITOR INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 7, 2017, upgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by Meritor Inc. to BB- from B+.

Meritor, Inc. is an American corporation headquartered in Troy,
Michigan, which manufactures automobile components for military
suppliers, trucks, and trailers.


MICHELE MAYER: Stipulation Resolving Visalia Property Sale Approved
-------------------------------------------------------------------
Judge Louise D. Adler of the U.S. Bankruptcy Court for the Southern
District of California has entered an order on the Amended
Stipulation entered into by and between, Secured Creditor, Deutsche
Bank National Trust Co. as Trustee for GSAA Home Equity Trust
2006-8 Asset-Backed Certificates Series 2006-8; Mr. Cooper
(formerly known as Nationstar Mortgage, LLC), and Michele Ann Mayer
resolving the Debtor's proposed short sale of her real property
located at 2341 North Sea Ct, Visalia, California for $117,000.

The Amended Stipulation filed on Dec. 20, 2017 is approved and
adopted as an order of the Court.

A copy of the Amended Stipulation attached to the Order is
available for free at:

    http://bankrupt.com/misc/Michele_Ann_Mayer_218_Order.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.


MISSION RECREATION: Taps McRuer CPA as Accountant
-------------------------------------------------
Mission Recreation Inc. filed an amended application seeking
approval from the U.S. Bankruptcy Court for the District of Kansas
to hire Scott McRuer and McRuer, CPA as accountant.

Professional services to be rendered by McRuer are:

     (a) advise the Debtor related to the bankruptcy filing and
forthcoming Chapter 11 Plan; and

     (b) prepare all necessary tax returns and their filing.

The firm's professionals will be paid at these hourly rates:

     Scott McRuer      $275/hour
     Steven Green      $190/hour
     Joe Globoke       $150/hour
     Lisa Hill         $150/hour
     Michael Froeschl  $150/hour
     Ariell Braem      $ 50/hour
     Jeannie Salmon    $ 75/hour

Scott McRuer, managing member of McRuer, CPA, attests that McRuer
and its members are disinterested parties as defined in 11 U.S.C.
Sec. 101(14) and neither he, McRuer or its members, hold or
represent any interest adverse to the Debtor or its estate on the
matters upon which they are to be engaged and their employment
would be in the best interest of the bankruptcy estate.

McRuer may be reached through:

     Scott McRuer, CPA
     McRuer CPAs
     1251 NW Briarcliff Parkway, Suite 100
     Kansas City, MO 64116
     Tel: (816) 741-7882

              About Mission Recreation Inc.

Privately held Mission Recreation Inc. owns a mini-golf course
located at 5399 Martway, Mission, Kansas, valued at $306,000.  Its
gross revenue amounted to $939,284 in 2016, $1.26 million in 2015,
and $1.82 million in 2014.

Mission Recreation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 17-22143) on November 3,
2017.  Beverly A. O'Donnell, its president, signed the petition.

At the time of the filing, the Debtor disclosed $2.01 million in
assets and $642,990 in liabilities.

Judge Robert D. Berger presides over the case.


MURPHY OIL: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 20, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by Murphy Oil Corp to BB+ from BB-.

Murphy Oil Corporation is an American petroleum and natural gas
exploration company headquartered in El Dorado, Arkansas. The
company also has operating offices in Houston, Texas; Calgary,
Alberta; and Kuala Lumpur, Malaysia.


NATIONAL RURAL: Egan-Jones Withdraws 'BB-' Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 21, 2017, withdrew the 'BB-'
local currency and foreign currency senior unsecured ratings on
debt issued by National Rural Utilities Cooperative Finance Corp.

Headquartered in Dulles, Virginia, National Rural Utilities
Cooperative Finance Corporation, a cooperative association,
provides its members with financing to supplement the loan programs
of the Rural Utilities Service of the United States Department of
Agriculture.


NEWSTAR FINANCIAL: Fitch Withdraws BB- IDR After Acquisition Close
------------------------------------------------------------------
Fitch Ratings has withdrawn NewStar Financial, Inc.'s (NewStar)
Long- and Short-Term Issuer Default Ratings (IDRs) of 'BB-'/'B'.
NewStar's senior unsecured debt rating of 'BB-' and subordinated
debt rating of 'B/RR6' have also been withdrawn, as the corporate
debt has been paid in full.

The rating withdrawals follow the closing of the previously
announced acquisition of NewStar by First Eagle Investment
Management on Dec. 22, 2017.

KEY RATING DRIVERS

IDRS, SENIOR AND SUBORDINATED DEBT

Fitch was not able to resolve the Rating Watch Evolving prior to
the closing of the acquisition because Fitch did not have
sufficient information to form a credit view of First Eagle. As a
result, Fitch has withdrawn the IDRs at their current levels.

The senior unsecured debt and subordinated debt ratings have also
been withdrawn, as all of NewStar's outstanding debt has been
repaid concurrent with the closing of the acquisition.

RATING SENSITIVITIES
IDRS, SENIOR AND SUBORDINATED DEBT

Rating sensitivities for NewStar are no longer relevant given the
rating withdrawal.

Fitch has withdrawn the following ratings:

NewStar Financial, Inc.
-- Long-Term IDR 'BB-';
-- Short-Term IDR 'B';
-- Senior unsecured debt 'BB-';
-- Subordinated debt 'B/RR6'.


OASIS PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 22, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by Oasis Petroleum Inc to B+ from B.

Oasis Petroleum Inc., headquartered in Houston, Texas, is an
independent E&P company with operations focused on Williston Basin
in North Dakota and Montana.


OYSTER COMPANY: Wants $150,000 DIP Financing From OCVA Holdings
---------------------------------------------------------------
Oyster Company of Virginia, LLC, seeks permission from the U.S.
Bankruptcy Court for the Eastern District of Virginia to obtain
$150,000 in postpetition financing from OCVA Holdings, LLC.

On Nov. 1, 2017, the Debtor filed its motion to (i) approve
compromise with Half Shell Partners, LLC, and William and Patricia
Loughridge and (ii) shorten notice and memorandum in support
thereof.  

A court order was entered on Dec. 6, 2017, approving the
settlement.  As part of the settlement, OCVA will pay and provide
payment of $150,000 to the Loughridges by Dec. 31, 2017.

At the time of the Initial Payment, the Deed of Trust and any and
all other security interests or encumbrances will be released
immediately (if the Debtor so elects, this would be through
simultaneous transactions).

The Debtor says it contacted various sources about a loan to make
the initial payment, but no prospective lenders were willing to
provide unsecured or secured financing to the Debtor under terms
that were more favorable than the terms provided herein.
Accordingly, the Debtor has negotiated with the Lender, who is a
related entity to the Debtor, for certain debtor-in-possession
financing, and the parties have agreed to the terms thereof, which
the Debtor believes are normal and customary (if not more favorable
to the Debtor than current market terms) for financing of this
nature.

The Debtor is seeking the Financing to fund the Initial Payment.
The Lender agreed to provide the Financing under the terms and
conditions.  In summary, the Lender will provide up to $150,000 to
the Debtor in exchange for a first position lien OCVA Docks located
at 146 Forrest Drive, Poquoson, Virginia 23662.

Interest will not accrue on the outstanding principal balance.

All outstanding principal will be due and payable without notice,
demand, or setoff on the earlier of (a) six months from the date of
the court orderrder approving the Financing, (b) conversion of the
Debtors' Chapter 11 case to Chapter 7 and (c) confirmation of the
Debtor's Chapter 11 plan; and (d) the Lender will have a perfected
first-priority lien in the OCVA Docks.

The Financing is necessary for the Debtor to complete certain terms
of the Settlement.

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

         http://bankrupt.com/misc/vaeb16-34750-161.pdf

                About Oyster Company of Virginia

The Oyster Company of Virginia promotes the sustainable return of
the native 'Virginia Oyster' ("Crassostrea virginica") as the basis
for the health of the Chesapeake Bay and its ecosystem  by
accelerating  programs and projects with proven results and
enlisting its Virginia Watermen as an important part of the
solution.

OCVA has developed specific programs and projects using modeled and
measured
science from scientists and other individuals from highly regarded
institutions  as  the  basis for creating value added solutions for
restoring the Chesapeake  Bay's oyster population while balancing
the commodities (fisheries) with restoration (habitat).

A Chapter 7 involuntary petition was filed against Oyster Company
of Virginia, LLC (Bankr. E.D. Va. Case No. 16-34750) on Sept. 27,
2016.  The petition was filed by Jeffrey and Eleanor Orndorff,
Chandler Wiegand, and Half Shell Partners, LLC.

On Nov. 4, 2016, the Chapter 7 case was converted to a Chapter 11
case.  The case is assigned to Judge Keith L. Phillips.

The U.S. trustee for Region 4 on Dec. 23, 2016, appointed seven
creditors of Oyster Company of Virginia, LLC, to serve on the
official committee of unsecured creditors.  The Committee retained
Christian & Barton, LLP, as counsel.

                          *     *     *

On July 6, 2017, the Debtor filed a Plan of Reorganization, and a
Disclosure  Statement pursuant to Section 1125 of the Bankruptcy
Code.


PAUL'S AUTO CENTERS: Taps Lusky & Associates as Legal Counsel
-------------------------------------------------------------
Paul's Auto Centers seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Lusky & Associates, P.C.
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.

Herman Lusky, Esq., the attorney who will be handling the case,
charges an hourly fee of $385.  Paralegals charge $85 per hour.

The firm can be reached through:

     Herman A. Lusky, Esq.
     Lusky & Associates, P.C.
     4925 Greenville Ave., Suite 715
     Dallas, TX 75206
     Tel: 972-386-3900
     Email: mail@lusky.com

                  About Paul's Auto Centers, Ltd.

Paul's Auto Centers, Ltd. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-34657) on December
12, 2017.  Paul Hamiter, its authorized representative, 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 less than
$1 million.

Judge Harlin Dewayne Hale presides over the case.


PERFORMANCE SPORTS: Monitor Files 12th CCAA Report
--------------------------------------------------
BankruptcyData.com reported that Ernst & Young, the Court-appointed
monitor in Performance Sports Group's (PSG) CCAA proceedings, filed
with the U.S. Bankruptcy Court a twelfth report, which explains,
"On the Effective Date, the Distribution Agent is required to fund
the Reserves, which consist of the following: (a) the Liquidation
Trust Expense Reserve, which is anticipated to be $6,000,000 (as
set out in the Plan Supplement), subject to being adjusted up or
down prior to the Confirmation Hearing, which will be used to pay
the wind-down expenses of the Applicants and the Liquidation Trust;
(b) the Holdback Amount Reserve for the payment of unpaid amounts
asserted by the professionals payable in the Chapter 11 Proceedings
(which shall be held by the Reorganized Parent Debtor); and (c) a
reserve held on account of a Disputed or estimated Claim or Fee
Claim. The Reserves are to be held by the Reorganized Parent Debtor
until (1) the issuance of a Clearance Certificate (except in the
case of the Holdback Amount Reserve); or (2) the decision of the
Board of Directors of the Reorganized Parent Debtor to disburse
such Reserves that are held by the Reorganized Parent Debtor. The
CCAA Approval Order also discharges the CCAA Charges (except the
Administration Charge and Directors' Charge) on the Effective Date.
The Administration Charge will be reduced from $7.5 million to $5
million. The Monitor also understands that the Applicants intend to
modify the service version of the CCAA Approval Order to make the
Litigation Representative and Chief Wind-Down Officer beneficiaries
under the Administration Charge. In exchange for the benefits of
the Global Settlement, the Equity Committee agreed to a
reallocation from PSG to the other Applicants in the range of
approximately $2 million to $4 million in value to elevate
unsecured creditors' recoveries to 100% of Allowed Claims for all
of the Applicants."

                   About Performance Sports

Exeter, N.H.-based Performance Sports Group Ltd. --
http://www.PerformanceSportsGroup.com/-- is a developer and
manufacturer of ice hockey, roller hockey, lacrosse, baseball and
softball sports equipment, as well as related apparel and soccer
apparel.

On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its
affiliates filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the District of Delaware and commenced
proceedings under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice.

The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.;
Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer
Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.;
BPS Diamond Sports Inc.; and PSG Innovation Inc.

The Canadian Debtors are Performance Sports Group Ltd.; KBAU
Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton
Baseball/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.;
BPS Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer
Performance Sports Uniforms Corp.; and Performance Lacrosse Group
Corp.

The Debtors hired Paul, Weiss, Rifkind, Wharton & Garrison LLP as
counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel;
Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as
investment banker to the special committee; Alvarez & Marsal North
America, LLC, as restructuring advisor; Joele Frank, Wilkinson,
Brimmer, Katcher as communications & relations advisor; KPMG LLP as
auditors; and Prime Clerk LLC as notice, claims, solicitation and
balloting agent.

Ernst & Young LLP is the monitor in the CCAA cases.  The Monitor
tapped Thornton Grout Finnigan LLP, Allen & Overy LLP, and Buchanan
Ingersoll & Rooney PC as attorneys.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10, 2016,
appointed three creditors of BPS US Holdings, Inc., parent of
Performance Sports, to serve on the official committee of unsecured
creditors.  The Creditors' Committee retained by Blank Rome LLP as
counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and
Province Inc. as financial advisor.

The U.S. Trustee appointed a committee of equity security holders.

The equity committee is represented by Natalie D. Ramsey, Esq., and
Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads, LLP;
and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll,
Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP.

The U.S. Court appointed M.J. Renick & Associates LLC as the fee
examiner.

                          *     *     *

As reported by the Troubled Company Reporter, effective as of Feb.
27, 2017, the Company consummated the sale of substantially all of
the assets of the Company and its North American subsidiaries,
including its European and global operations, pursuant to an asset
purchase agreement, dated as of Oct. 31, 2016, as amended, by and
among the Sellers, 9938982 Canada Inc., an acquisition vehicle
co-owned by affiliates of Sagard Holdings Inc. and Fairfax
Financial Holdings Limited, and the designated purchasers party
thereto, for a base purchase price of US$575 million in aggregate,
subject to certain adjustments, and the assumption of related
operating liabilities.

The transaction was the culmination of the process commenced by the
Sellers pursuant to creditor protection proceedings launched on
Oct. 31, 2016, in the Ontario Superior Court of Justice under the
Companies' Creditors Arrangement Act, and in the U.S. Bankruptcy
Court for the District of Delaware under Chapter 11 of the
Bankruptcy Code, as amended.

The Company conducted a court-supervised sale and auction process
as part of its Canadian and U.S. court proceedings.  The bid made
by the Purchaser served as the "stalking horse" bid for purposes of
the process and was ultimately determined to be the successful bid
in accordance with the related court approved bidding procedures.

In accordance with, and pursuant to, the terms and conditions of
the Agreement, the Company has changed its name to "Old PSG
Wind-down Ltd." from "Performance Sports Group Ltd." effective as
of March 20, 2017.  BPS US Holdings Inc. changed its name to Old
BPSUSH Inc.

On Aug. 25, 2017, the Debtors filed their original Plan of
Liquidation and related Disclosure Statement.  On Oct. 19, 2017,
the Debtors filed their modified Plan of Liquidation and modified
Disclosure Statement.


PH GLATFELTER: Egan-Jones Hikes FC Unsec. Debt Rating to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 14, 2017, upgraded the foreign
currency senior unsecured rating on debt issued by PH Glatfelter Co
to BB+ from BB.

P. H. Glatfelter Company is a manufacturer of specialty papers and
fiber-based engineered materials.  The company was founded in 1864
and is headquartered in York, Pennsylvania.


PHASERX INC: Hires Donlin Recano as Claims and Noticing Agent
-------------------------------------------------------------
PhaseRx, Inc. seeks approval from the United States Bankruptcy
Court for the District of Delaware to hire Donlin, Recano &
Company, Inc. as claims and noticing agent.

Services to be rendered by Donlin Recano are:

     (a) prepare and serve the required notices and documents in
the chapter 11 case in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the Debtor
and/or the Court, including (i) notice of the commencement of this
chapter 11 case and the initial meeting of creditors under
Bankruptcy Code Sec. 341(a), (ii) notice of any claims bar date,
(iii) notices of transfers of claims, (iv) notices of objections to
claims and objections to transfers of claims, (v) notices of any
hearings on a disclosure statement and confirmation of the Debtor's
plan or plans of reorganization, including under Bankruptcy Rule
3017(d), (vi) notice of the effective date of any plan and (vii)
all other notices, orders, pleadings, publications and other
documents as the Debtor or Court may deem necessary or appropriate
for an orderly administration of this chapter 11 case;

     (b) maintain (i) a list of all potential creditors, equity
holders and other parties-in-interest and (ii) a "core" mailing
list consisting of all parties described in Bankruptcy Rule
2002(i), (j) and (k) and those parties that have filed a notice of
appearance pursuant to Bankruptcy Rule 9010; update and make said
lists available upon request by a party-in-interest or the Clerk;

     (c) furnish notice to all potential creditors of the last date
for filing proofs of claim and a form for filing a proof of claim,
after such notice and form are approved by the Court, and notify
said potential creditors of the existence, amount and
classification of their respective claims as set forth in the
Schedules, which may be effected by inclusion of such information
(or the lack thereof, in cases where the Schedules indicate no debt
due to the subject party) on a customized proof of claim form
provided to potential creditors;

     (d) maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received;


     (e) for all notices, motions, orders or other pleadings or
documents served, prepare and file or cause to be filed with the
Clerk an affidavit or certificate of service within seven (7)
business days of service which includes (i) either a copy of the
notice served or the docket number(s) and title(s) of the
pleading(s) served, (ii) a list of persons to whom it was mailed
(in alphabetical order) with their addresses, (iii) the manner of
service and (iv) the date served;

     (f) process all proofs of claim received, including those
received by the Clerk, check said processing for accuracy and
maintain the original proofs of claim in a secure area;

     (g) maintain the official claims register for the Debtor on
behalf of the Clerk; upon the Clerk's request, provide the Clerk
with a certified, duplicate unofficial Claims Register; and specify
in the Claims Register the following information for each claim
docketed: (i) the claim number assigned, (ii) the date received,
(iii) the name and address of the claimant and agent, if
applicable, who filed the claim, (iv) the amount asserted, (v) the
asserted classification(s) of the claim (e.g., secured, unsecured,
priority, etc.), and (vi) any disposition of the claim;

     (h) provide public access to the Claims Register, including
complete proofs of claim with attachments, if any, without charge;


     (i) implement necessary security measures to ensure the
completeness and integrity of the Claims Register and the
safekeeping of the original claims;

     (j) record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);

     (k) relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of Donlin Recano, not
less than weekly;

     (l) upon completion of the docketing process for all claims
received to date, turn over to the Clerk a copy of the Claims
Register for the Clerk's review (upon the Clerk's request);

     (m) monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations on and/or changes to the claims register
and any service or mailing lists, including to identify and
eliminate duplicative names and addresses from such lists;

     (n) identify and correct any incomplete or incorrect addresses
in any mailing or service lists;

     (o) assist in the dissemination of information to the public
and respond to requests for administrative information regarding
this chapter 11 case as directed by the Debtor or the Court,
including through the use of a case website and/or call center;

     (p) monitor the Court's docket in this chapter 11 case and,
when filings are made in error or containing errors, alert the
filing party of such error and work with them to correct any such
error;

     (q) if this chapter 11 case is converted to a case under
chapter 7 of the Bankruptcy Code, contact the Clerk's office within
three days' notice to Donlin Recano of entry of the order
converting the case;

     (r) 30 days prior to the close of this chapter 11 case, to the
extent practicable, request that the Debtor submits to the Court a
proposed order dismissing Donlin Recano as Claims and Noticing
Agent and terminating its services in such capacity upon completion
of its duties and responsibilities and upon the closing of this
chapter 11 case;

     (s) within seven days of notice to Donlin Recano of entry of
an order closing this chapter 11 case, provide to the Court the
final version of the Claims Register as of the date immediately
before the close of the chapter 11 case; and

     (t) at the close of this chapter 11 case, (i) box and
transport all original documents, in proper format, as provided by
the Clerk's office, to (A) the Philadelphia Federal Records Center,
14700 Townsend Road, Philadelphia, PA 19154 or (B) any other
location requested by the Clerk's office; and (ii) docket a
completed SF-135 Form indicating the accession and location numbers
of the archived claims.

Donlin Recano's hourly rates are:

     Senior Bankruptcy Consultant       $175
     Case Manager                       $140
     Technology/Programming Consultant  $110
     Consultant/Analyst                  $90
     Clerical                            $45

Nellwyn Voorhies, Executive Director of Donlin, Recano & Company,
Inc., attests that Donlin Recano is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code with
respect to the matters upon which it is engaged.

The firm can be reached through:

     Nellwyn Voorhies
     Donlin, Recano & Company, Inc.
     6201 15th Avenue
     Brooklyn, NY 11219
     Tel: 619.346 1628
     Email: nvoorhies@donlinrecano.com

                        About PhaseRx, Inc.

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.

PhaseRx filed a Chapter 11 petition (Bankr. D. Del. Case No.
17-12890) on December 11, 2017. The petition was signed by Robert
W. Overell, Ph.D., president and CEO.

Judge Christopher S. Sontchi presides over the case. The Debtor is
represented by Christopher A. Ward, Esq. and Shanti M. Katona, Esq.
at Polsinelli PC as counsel.

As of September 30, 2017, the Debtor estimates $4.10 million in
assets and $5.60 million in liabilities.

Cowen and Company, LLC is the Debtor's investment banker. Donlin,
Recano & Company, Inc. stands as the Debtor's claims and noticing
agent.


PHH CORP: Egan-Jones Lowers Sr. Unsecured Ratings to C
------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 8, 2017, downgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by PHH Corp. to C from B.

The PHH Corporation is an American financial services corporation
headquartered in Mount Laurel, New Jersey, which provides mortgage
services to some of the world's largest financial services firms.


PROTEA BIOSCIENCES: Committee Taps Leech Tishman as Legal Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Protea
BioSciences, Inc. and Protea Biosciences Group, Inc. seeks approval
from the U.S. Bankruptcy Court for the Northern District of West
Virginia to hire Leech Tishman Fuscaldo & Lampl, LLC as its legal
counsel.

The firm will advise the committee regarding its duties under the
Bankruptcy Code; assist in investigating the financial condition
and business operations of the Debtors; assist in the formulation
of a bankruptcy plan; and provide other legal services related to
the Debtors' Chapter 11 cases.

The firm's hourly rates are:

     Partner                  $250 - $535
     Associate                $195 - $325
     Paralegals/Law Clerks     $50 - $200

Leech Tishman is "disinterested" as defined in section 101(14) of
the Bankruptcy Code, according to court filings.

The firm can be reached through:

     David J. DelFiandra, Esq.
     Leech Tishman Fuscaldo & Lampl, LLC
     525 William Penn Place, 28th Floor
     Pittsburgh, PA 15219
     Phone: (412) 261-1600
     Email: ddelfiandra@leechtishman.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.  The Debtors hired
Compass Advisory Partners, LLC, as their restructuring advisor.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases.


QEP RESOURCES: Egan-Jones Hikes Sr. Unsec. Debt Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 26, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by QEP Resources Inc to BB- from B+.

QEP Resources, Inc. (QEP) is a holding company with two
subsidiaries, QEP Energy Company and QEP Marketing Company, which
are engaged in two primary lines of business: oil and gas
exploration and production (QEP Energy), and oil and gas marketing,
operation of a gas gathering system and an underground gas storage
facility, and corporate activities (QEP Marketing and Other).


RAIT FINANCIAL: Egan-Jones Cuts Sr. Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 6, 2017, lowered the local
currency and foreign currency senior unsecured ratings on debt
issued by RAIT Financial Trust to B+ from BB-.

Headquartered in Philadelphia, Pennsylvania, RAIT Financial Trust
(RAIT), incorporated on August 14, 1997, is a real estate
investment trust (REIT). The Company focuses on providing
commercial real estate (CRE) financing throughout the United
States. The core of its business is a full service CRE lending
platform focused on first lien loans. It offers customized lending
solutions to meet borrower needs and internal credit goals. It
offers personalized middle-market financing solutions and a
complement of lending products for CRE.


REGAL ENTERTAINMENT: Egan-Jones Hikes Sr. Unsec. Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 6, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by Regal Entertainment Group to B+ from BB-.

Regal Entertainment Group is an American movie theater chain
headquartered in Halls Crossroads, just north of Knoxville,
Tennessee.


RICE ENERGY: EganJones Withdraws 'BB-' Sr. Unsec. Debt Rating
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 20, 2017, withdrew the 'BB-'
local currency and foreign currency senior unsecured ratings on the
debt issued by Rice Energy Inc.

Based in Canonsburg, Pennsylvania, Rice Energy Inc., an independent
natural gas and oil company, engages in the acquisition,
exploration, and development of natural gas, oil, and natural gas
liquid (NGL) properties in the Appalachian Basin.


RICHARD MERCER: $228K Sale of Lexington Property to Johns Approved
------------------------------------------------------------------
Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the
District of Nevada authorized Richard Mercer and Christine Mercer
to sell the real property located at 167 Breezes Dr., Unit #30A,
Lexington, South Carolina to Michael D. Johns for $228,000.

The sale will result in payment of all commissions, fees, escrow
and title charges as customary pursuant to the agreement contained
in the Seller's Closing Statement.

The Attorney's fees to Thomas E. Crowe Professional Law Corp. in
the amount of $4,181 will be paid from escrow.

The 14-day appeals process is waived.

The proceeds due to the Debtors will be turned over to the attorney
for Debtors in trust to be used to complete their Plan obligations,
including administrative, secured and unsecured debt.

Based upon the fact that the sale takes the Property from a 6%
investment property to a 4% investment property, a tax refund check
will be issued.  Said refund check will be mailed directly to Blair
Cato Pickren Casterline, LLC, who will disburse said refund check
back to the Seller and the Buyer accordingly.

                About Richard and Christine Mercer

Richard Mercer and Christine Mercer sought Chapter 11 protection
(Bankr. D. Nev. Case No. 11-23178) on Aug. 19, 2011.  The Debtors'
Chapter 11 Plan was confirmed on July 26, 2013.

The Debtors' attorneys:

          THOMAS E. CROWE PROFESSIONAL
          Thomas E. Crowe, ESQ.
          2830 S. Jones Blvd., Suite 3
          Las Vegas, Nevada 89146


SABLE NATURAL: Plan Withdrawn, Case Converted to Ch. 7 Proceeding
-----------------------------------------------------------------
BankruptcyData.com reported that Sable Natural Resources filed with
the U.S. Bankruptcy Court a notice of withdrawal of its First
Amended Plan of Reorganization and related Disclosure Statement and
the Company's motion for an exclusivity extension.  The U.S.
Trustee assigned to the case also filed a certification of failure
to comply with the agreed order granting in part and denying in
part the Trustee's motion to convert the case to Chapter 7 or, in
the alternative, dismiss the case, in accordance with 11 U.S.C.
Section 1112(b)(1). The Trustee's certification explains, "After
discussions among the Debtor, Mr. Hall, the SEC, and the United
States Trustee, the Debtor determined to withdraw the Motion to
Extend, the amended plan and the amended disclosure statement.
.Accordingly, because the Debtor has withdrawn its Motion to
Extend, the amended plan and the amended disclosure statement, the
Debtor has failed to meet the Extended Deadlines. Having failed to
meet the Extending Deadlines, the Debtor has not complied with the
terms of the Agreed Order Conditioning Conversion. By filing this
pleading, the United States Trustee hereby certifies that the
Debtor has failed to comply with a deadline and shall, as required
by the Agreed Order, shall upload an order converting this case to
a case under chapter 7 for failure to comply with an order of the
Court in accordance with 11 U.S.C. Sec. 1112(b)(4)(E)." The Court
subsequently entered an order converting Sable Natural Resources'
Chapter 11 reorganization to a liquidation under Chapter 7.

                 About Sable Natural Resources

Sable Natural Resources Corp. acquires, develops and produces oil
and natural gas reserves from wells in carbonate reservoir.

Sable Natural Resources filed for Chapter 11 protection (Bankr.
N.D. Tex. Case No. 16-34422) on Nov. 11, 2016.  The Company is
represented by Joyce Lindauer of Joyce W. Lindauer Attorney, PLLC.
The Debtor disclosed $20.24 million in assets and $3.19 million in
liabilities.

Subsidiary Sable Operating previously filed a Chapter 11 petition
on Aug. 28, 2015, and emerged from that bankruptcy on Nov. 1,
2016.



STAPLES INC: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 27, 2017, withdrew the 'BB+'
local currency and foreign currency senior unsecured ratings on
debt issued by Staples Inc.

Staples, Inc. is a large United States office supply chain store,
with over 2,000 stores worldwide in 26 countries.



STONE ENERGY: Egan-Jones Lowers FC Sr. Unsecured Rating to B
------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 11, 2017, downgraded the
foreign currency senior unsecured rating on debt issued by Stone
Energy Corp. to B from A3.

Stone Energy Corporation (NYSE: SGY) is an independent oil and
natural gas exploration and production company headquartered in
Lafayette, Louisiana with additional offices in New Orleans,
Houston and Morgantown, West Virginia.  Stone is engaged in the
acquisition, exploration, development and production of properties
in the Gulf of Mexico basin.


SWIM SEVENTY: $100K Sale of All Assets to Conn. Aquatics Okayed
---------------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut authorized Swim Seventy, LLC's sale of
substantially all of the Debtor's assets to Connecticut Aquatics,
LLC, or its designee for the aggregate purchase price of (i)
$100,000, plus, (ii) if paid by the Buyer, the payment of the
administrative wage claims asserted by the Debtor's employees up to
$20,000.

The sale is free and clear of all interests of any kind or nature
whatsoever, with all such interests of any kind or nature
whatsoever to attach to the net proceeds of the Sale in the order
of their priority, with the same validity, force and effect which
they now have as against the Assets, subject to any claims and
defenses the Debtor may possess with respect thereto.

The Order constitutes a final and appealable order within the
meaning of 28 U.S.C. Section 158(a).  Notwithstanding Bankruptcy
Rules 6004(g), 6006(d) and 7062, the Order will be effective and
enforceable immediately upon entry.

                      About Swim Seventy

Swim Seventy, LLC -- http://swimseventy.com/about/-- is a
for-profit, and privately owned company that provides swim lessons,
adult triathlon training, aquatic group fitness and aquatic
rehabilitation.

Swim Seventy, based in Norwalk, Conn., filed a Chapter 11 petition
(Bankr. D. Conn. Case No. 17-50549) on May 15, 2017.  Antoinette L.
Phillips, member, signed the petition.  The Debtor estimated
$100,000 to $500,000 million in assets and $1
million to $10 million in liabilities.  The Hon. Julie A. Manning
presides over the case.  Douglas S. Skalka, Esq., at Neubert, Pepe
& Monteith, P.C., serves as the Debtor's bankruptcy counsel.

An Official Committee of Unsecured Creditors has been appointed in
the case.


TEC-AIR INC: $6.1M Sale of All Assets to Angstrom Approved
----------------------------------------------------------
Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized Tec-Air, Inc.'s sale of
substantially all assets to Angstrom Automotive Group, LLC for
$6,140,000.

The sale is free and clear of all Encumbrances.

The cure costs specified in Schedule 2.3(a)(i) to the Asset
Purchase Agreement are the sole amounts necessary to cure all
monetary defaults by the Debtor and to pay all actual pecuniary
losses, if any, payable by the Debtor under the Assumed Contracts
and Assumed Leases pursuant to section 365(b)(l) of the Bankruptcy
Code.  On the Closing Date, the Purchaser will pay the Cure Costs
up to the maximum amount specified in Section 2.3(a)(i) of the
Asset Purchase Agreement.

The Debtor is authorized and directed pursuant to sections 105(a)
and 365 of the Bankruptcy Code, upon satisfaction (or Waiver to the
extent permitted by the Asset Purchase Agreement) of the conditions
to the occurrence of the Closing Date, (i) to assume and assign to
Purchaser each of the Assumed Contracts and Assumed Leases in
accordance with the Asset Purchase Agreement, in each case free and
clear of all Encumbrances; and (ii) to execute and deliver to
Purchaser such agreements, instruments and other documents as may
be necessary or appropriate to assign and transfer the Assumed
Contracts and Assumed Leases to the Purchaser.

On the Closing Date, the Purchaser will assume all liabilities
associated with the Assumed Contracts and Assumed Leases in
accordance with the terms of the Asset Purchase Agreement.

For purposes of disbursement, the gross Sale proceeds of $6,140,000
will be reduced by the sum of:

     i. the Transaction Fee payable to 321 Capital pursuant to the
Order Authorizing the Employment and Retention of Three Twenty-One
Capital Partners as Financial Advisor and Investment Banker to the
Debtor Effective as of the Petition Date, in the amount of
$450,000, plus expenses in the amount of $15,000;

     ii. the Break-Up Fee payable to the Stalking Horse Bidder
pursuant to the in the amount of $215,000;

    iii. the Holdback Amount in the amount of $300,000;

     iv. $250,000 for payment of administrative expense claims of
the Debtors counsel, to be held in the DIP Account pending further
order of the Court;

     v. $100,000 for payment of administrative expense claims of
Committee professionals, to be held in the DIP Account pending
further order of the Court;

     vi. the $250,000 Unsecured Creditor Carve-Out to be held in
the DIP Account pending further order of the Court; and

     vii. the sum of $500,000 to Byline Bank at Closing, in full
payment of Byline Bank's lien on the PMSI Collateral.

The net proceeds of the Sale (after application of the deductions
in the previous sentence) will be disbursed to Leaders at closing:
(i) first, in full satisfaction of any amount due and owing under
the DIP Loan Agreement; and second, in full and final satisfaction
of the Leaders Prepetition Claim.

The Holdback Amount will be disbursed to the Leaders or the
Purchaser, as appropriate, upon completion of the working capital
adjustment calculation as set forth in the Asset Purchase
Agreement.  Notwithstanding anything to the contrary, any payments
to the Leaders or Byline Bank pursuant to the Order will be subject
to the Committee's challenge rights as set forth in the Final DIP
Order.

In accordance with the provisions of the Stalking Horse APA, the
Bidding Procedures Order and the Bidding Procedures and the Order,
the Debtor is authorized and directed to pay to the Break-Up Fee to
the Stalking Horse Bidder as compensation for the Stalking Horse
Bidder's efforts in connection with the negotiation and execution
of the Stalking Horse  APA, and the transactions contemplated
thereby, not later than the time of the closing of the Sale to the
Purchaser, in immediately available, good funds of the United
States of America, and the Stalking Horse Bidder will have an
allowed administrative priority claim in the Debtor's bankruptcy
case for any portion of the Break-Up Fee that is not paid at the
closing of the Sale to the Purchaser pursuant to section
503(b)(l)(A) of
the Bankruptcy Code.

In accordance with the provisions the Stalking Horse APA, the
Bidding Procedures Order and the Bidding Procedures, the Debtor is
authorized and directed to return the Deposit of the Back-Up Bidder
within three business days after either (i) the closing of the Sale
to the Purchaser or (ii) the Back-Up Bid Acceptance Deadline.

Notwithstanding any provision to the contrary in the Order or in
the Asset Purchase Agreement, the definition of Purchased Assets is
modified to exclude from the Purchased Assets, these assets, which
the Debtor's bankruptcy estate will retain, and the Committee or
any subsequently appointed trustee of the Debtor's estate, has
authority to pursue:

     a. all rights, claims, refunds, causes of action, choses in
action, rights of recovery and rights of setoff of Seller against
third parties, including against the Debtor's insiders and
affiliates, arising out of events occurring prior to the Closing
Date that do not directly relate to any of the other types of
Purchased Assets.

     b. all Avoidance Actions, including actions against the
Debtor's insiders and affiliates, but excluding Avoidance Actions
against Entec Polymers, LLC.

     c.  all rights, claims, refunds, causes of action, choses in
action, rights of recovery and rights of setoff of Seller against
the Debtor's prepetition lenders, Leaders and Byline Bank ("Lender
Actions") with the Debtor's bankruptcy estate retaining exclusive
right, title and interest in and to the Lender Actions.

With the exception of Lender Actions, the Purchaser will be deemed
to have acquired as part of the Purchased Assets the right to
receive 40% of the Debtor's right, title and interest in the net
proceeds, if any, of the Estate Retained Causes of Action, after
payment of reasonable legal fees and expenses incurred by the
bankruptcy estate pursuant to a contingency fee arrangement
approved by the Court, with the bankruptcy estate retaining 60% of
the net proceeds of such Estate Retained Causes of Action.
Additionally, the Purchaser's consent is required for settlement of
any Estate Retained Cause of Action that relates to the Debtor's
insiders and affiliates for an asserted amount in excess of
$250,000, which consent will not be unreasonably withheld.

In the event that the Back-Up Bidder is required to perform under
its Back-Up Bid as contemplated by the Bidding Procedures Order and
the Bidding Procedures and is deemed to be the Purchaser for
purposes of the Order, the foregoing will apply to it with equal
force and effect.

In resolution of the Committee's objection to the Sale, $250,000 of
the Sale proceeds that would otherwise be payable to Leaders Bank
on account of its secured claim will be reserved for payment of
administrative expense claims of Committee professionals and
allowed unsecured claims pursuant to a subsequently confirmed plan
of liquidation or other order of the Court.  The Unsecured Creditor
Carve-Out represents a compromise of (i) the Committees claim to an
allocation of the Sale proceeds, and (ii) any claim or liabilities
that could be asserted by the Committee with respect to the
treatment of certain over-advances by Leaders as reflected in the
Budget attached to the Final DIP Order.

Furthermore, in the event that the Committee does not assert a
claim against Leaders during the Challenge Period, then, as
additional consideration for the Released Claims, Leaders agrees to
assign to the Debtor's bankruptcy estate (or any successor
liquidating trust) all of Leaders' third party claims and causes of
action related to the Debtor and, at the election of the Committee
or any subsequently appointed trustee, (a) waive any right to
receive a distribution from the bankruptcy estate on account of its
deficiency claim against the Debtor; or (b) waive any deficiency
claim against the bankruptcy estate.  The Released Claims are
expressly conditioned on Leaders' agreement to fund the budgeted
amounts set forth in the Final DIP Order.

Notwithstanding Bankruptcy Rules 6004, 6006 and 7062, the Order
will be effective and enforceable immediately upon entry and its
provisions will be self-executing, and the Motion will be deemed to
provide sufficient notice of the Debtor's request for relief from
any stay.  In the absence of any person or entity obtaining a stay
pending appeal, the Debtor and the Purchaser are free to close
under the Asset Purchase Agreement at any time, subject to the
terms of the Asset Purchase Agreement.

The Debtor is authorized to change its corporate name and the
caption of the Chapter 11 Case, consistent with applicable law.
The Debtor will file a notice of change of case caption, containing
the new caption and the proposed new corporate name of the Debtor,
within five business days of the Closing Date, and the change of
case caption for the Chapter 11 Case will be deemed effective as of
the Closing Date.

                      About Tec-Air, Inc.

Tec-Air, Inc., doing business as Tec Air, Inc. --
https://www.tecairinc.com/ -- manufactures, designs and develops
injection molded plastic parts for the consumer appliance,
automotive, off highway vehicle, industrial equipment, medical, air
movement and HVAC industries. Tec-Air's 130,000-square-foot
manufacturing facility, engineering lab, and business headquarters
are located in Lake Business Center in Munster, Indiana.  The
company was founded by Richard E. Swin, Sr. in 1965.

Tec-Air, Inc., sought Chapter 11 protection (Bankr. N.D. Ill. Case
No. 17-32273) on Oct. 27, 2017.  The petition was signed by Robert
J. McMurtry, president/chief executive officer.  The Debtor
estimated assets and liabilities in the range of $1 million to $10
million.  The case is assigned to Judge Janet S. Baer.  The Debtor
tapped Michael H. Traison, Esq., Jason S. Steele, Esq., and Nicole
Stefanelli, Esq., at Cullen and Dykman LLP as counsel.

On Nov. 6, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  Shaw Fishman Glantz &
Towbin LLC is the committee's bankruptcy counsel.


THORCO INC: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Thorco, Inc.
        P.O. Box 1557
        Kalispell, MT 59901

Business Description: Thorco Inc is classified under heavy & civil
                      engineering construction and has been in
                      business for more than 10 years.  Thorco Inc
                      is a privately held company located in
                      Kalispell, Montana.  The company previously
                      sought bankruptcy protection on May 27, 2014
                      (Bankr. D. Mont. Case No. 14-60633).

Chapter 11 Petition Date: December 27, 2017

Case No.: 17-61219

Court: United States Bankruptcy Court
       District of Montana (Butte)

Judge: Hon. Benjamin P. Hursh

Debtor's Counsel: Jon R Binney, Esq.
                  BINNEY LAW FIRM, PC
                  P.O. Box 2253
                  Missoula, MT 59806
                  Tel: 406 541-8020
                  E-mail: jon@binneylaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Dennis Thornton, president.

The Debtor did not file a list of its 20 largest unsecured
creditors together with the petition.

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

          http://bankrupt.com/misc/mtb17-61219.pdf


TRIPLE J TOURS: Lease Agreement with Charabanc for 4 Coaches Okayed
-------------------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Triple J Tours, Inc. as the Lessee,
and Charabanc, LLC as the Lessor, to enter into the Equipment Lease
Agreement for four coaches for five years at a rate of $4,000 per
month per coach or $16,000.

A hearing on the Motion was held on Nov. 29, 2017 at 1:30 p.m.

The Court waived the 14-day stay as required under Federal Rules of
Bankruptcy Procedure Rule 6004(h).

                      About Triple J Tours

Triple J Tours, Inc., has been operating as a tour coach business,
providing transportation in buses of between 50 and 56 passenger
capacity, to conventions and tours.

Triple J Tours sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 17-10762) on Feb. 21, 2017.  Jonathan
Brazzell, president, signed the petition.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.


UNISYS CORP: Egan-Jones Cuts Sr. Unsecured Ratings to B-
--------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 18, 2017, lowered the local
currency and foreign currency senior unsecured ratings on the debt
issued by Unisys Corp to B- from B.

Unisys Corporation is a worldwide information technology services
and solutions company. The Company's services include systems
integration, outsourcing, infrastructure, server technology and
consulting.  The Company primarily serves the financial services,
public sector, communications, transportation, commercial and media
markets.


UNITED MOBILE: Assignment of T-Mobile Agreement to Midtown Approved
-------------------------------------------------------------------
Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized United Mobile Solutions,
LLC's transfer and assignment of its Wholesale Agent Agreement with
T-Mobile USA, Inc. to Midtown Cellular, Inc.

A hearing on the Motion was held on Dec. 20, 2017, at 11:00 a.m

The approved Agreement is subject to the T-Mobile Consent, which
T-Mobile has not yet granted.

The Debtor is authorized to sell the Acquired Assets free and clear
of all liens, claims, encumbrances, and other interests to Midtown
for the Purchase Price, in accordance with the Agreement and the
provisions of any and all documentation required by T-Mobile in its
sole and absolute discretion as a condition to the T-Mobile
Consent.

Notwithstanding anything to the contrary in the Order, such
authorization is subject to the T-Mobile Consent.  Furthermore, the
Debtor is not assigning and is not authorized to assign the WA
Agreement itself.  Any security or consignment interest or other
lien of T-Mobile will remain attached to the Acquired Assets until
completion of payment of the Purchase Price or otherwise expressly
agreed by T-Mobile.

Midtown will be and is directed to pay the Purchase Price, plus any
Residual and Commission Spiffs due and owing to Debtor under the
T-Mobile Dealer Agreement prior to the Effective Date of Transfer,
to the Debtor in accordance with the Agreement.  The Debtor is
authorized to use and distribute the proceeds of the Purchase Price
free and clear of liens, claims, encumbrances, and other interests
for the benefit of the estate or the orderly wind-down of the
Debtor's operations.

Notwithstanding Bankruptcy Rule 6004(h) or otherwise, the Order
will be effective immediately on entry; and any stay of the Order
is waived so that the Debtor may effectuate the Agreement
immediately upon entry of the Order.

T-Mobile is not a Party or otherwise a party to the Agreement or
otherwise required to perform under any agreements between the
Debtor and Midtown or the Order.

Notwithstanding anything to the contrary in the Agreement, or any
other agreements between the Debtor and Midtown, or the Order, they
are without prejudice to T-Mobile, and all of T-Mobile's rights and
remedies are preserved with respect to the Debtor and Midtown.
Specifically, and without limitation, upon the Effective Date of
Transfer, T-Mobile will no longer pay the Residual and Commission
Spiff or any other amounts T-Mobile owes under the WA Agreement to
Debtor, but to Midtown, and T-Mobile will be entitled to exercise
its rights of recoupment and setoff based on any debt owed by
Debtor to T-Mobile against any payments of Residual and Commission
Spiffs or other amounts under the WA Agreement to Midtown, such
that any such payment by T-Mobile to Midtown will be net of amounts
owed by Debtor to T-Mobile under the WA Agreement.

                About United Mobile Solutions

United Mobile Solutions, LLC, is a carrier master dealer that
operates and manages approximately 20 retail cellular phone stores.
Its corporate offices are located in Norcross, Georgia.

United Mobile filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
16-62537) on July 20, 2016.  The petition was signed by Kil Won
Lee, president.  At the time of the filing, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million.

The Debtor is represented by Cameron M. McCord, Esq., at Jones &
Walden, LLC.  

An official committee of unsecured creditors has not been appointed
in the case.

                         *     *     *

On Dec. 16, 2016, the Debtor filed a disclosure statement and
Chapter 11 plan of reorganization.


VALLEY LUMBER: Hires Maples Law Firm as Attorney
------------------------------------------------
Valley Lumber Company, Inc. seeks authority from the United States
Bankruptcy Court for the Northern District of Alabama (Tuscaloosa)
to employ Maples Law Firm, P.C. as its Chapter 11 counsel.

Professional legal services to be rendered by Maples are:

     a. prepare pleadings and applications, and conduct
examinations incidental to any related proceedings or to the
administration of this case;

     b. develop the relationship of the status of the Debtor to the
claims of creditors in this case;

     c. advise the Debtor of its rights, duties, and obligations as
Debtor operating under Chapter 11 of the Bankruptcy Code;

     d. take any and all other necessary action incident to the
proper preservation and administration of this Chapter 11 case;
and

     e. advise and assist the Debtor in the formation and
preservation of a plan pursuant to Chapter 11 of the Bankruptcy
Code, the disclosure statement, and any and all matters related
thereto.

Stuart M. Maples attests that each member of his firm is a
disinterested person in this case and no member represents or holds
any interest adverse to the estate in the matters upon which the
firm is to be engaged.

The current rate for the bankruptcy partner that will be the
Debtor's main contact is $360.00 per hour. The rate for associates
charged by the Law Firm is currently $205.00 to $215.00 per hour.
The rate for paralegals charged by the Law Firm is currently $55.00
to $130 per hour.

The firm can be reached through:

     Stuart M. Maples, Esq.
     Maples Law Firm, PC
     200 Clinton Ave. West, Suite 1000
     Huntsville, AL 35801
     Tel: (256) 489-9779
     Fax: (256) 489-9720
     Email: smaples@mapleslawfirmpc.com

                 About Valley Lumber Company, Inc.

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.

Valley Lumber Company, Inc. filed a Chapter 11 petition (Bankr.
N.D. Ala. Case No.: 17-72121) on December 8, 2017. The petition was
signed by Steven D. Hammack, its president.

Judge Jennifer H. Henderson presides over the case. Stuart M.
Maples, Esq. of Maples Law Firm, PC represents the Debtor as
counsel.

At the time of filing, the Debtor estimates $50,000 in assets and
$1 million to $10 million in liabilities.


VANITY SHOP: Wants to Maintain Plan Exclusivity Until Feb. 9
------------------------------------------------------------
Vanity Shop of Grand Forks, Inc. asks the U.S. Bankruptcy Court for
the District of North Dakota to extend the exclusive periods to
file a plan of liquidation and solicit votes thereon by 60 days
each, until February 9 and April 10, 2018, respectively.

The Debtor filed its Disclosure Statement and Plan of
Reorganization on November 22, 2017. The hearing to approve the
Disclosure Statement is set for January 10, 2018. The Debtor and
the Unsecured Creditors' Committee filed a joint motion requesting
a continuance of the Disclosure Statement hearing for a period of
45 days.

The Debtor seeks these extensions based on the Joint Motion for
Continuance and to ensure that its plan for liquidation best
addresses the interests of the Debtor, its creditors and estate.

The Debtor asserts that there are certain critical matters that
must be resolved, including the evaluation of TGC, LP's claim, the
claims of landlords for rejection damages and engaging with the
Unsecured Creditors' Committee towards a resolution of possible
statutory insider claims before the Debtor can further pursue and
gain approval of a plan and accompanying disclosure statement
containing adequate information.

The Debtor relates that it has successfully conducted store closing
sales at all of its retail locations over the course of a month and
a half and generated $15.7 million in gross sales. The Debtor has
paid its secured lender in full together with substantially all of
the costs, expenses and tax obligations generated during the store
closing sales and had approximately $7.3 million in cash as of the
filing of the July 2017 monthly operating report.

The Debtor has retained Hilco Streambank and DBTS to market and
sell the Debtor's intellectual property assets. The IP assets were
sold at an auction held on October 26, 2017 for the total sum of
$477,500.

The Unsecured Creditors' Committee has indicated it intends to
pursue subordination and/or a finding that the debt owed by the
Debtor to TGC, LP is invalid and unenforceable. Treatment of TGC,
LP's debt will have a significant impact on the treatment of the
unsecured creditors and voting for a liquidation plan.

                About Vanity Shop of Grand Forks

Based in Fargo, North Dakota, Vanity Shop of Grand Forks, Inc.,
filed a Chapter 11 petition (Bankr. D. N.Dak. Case No. 17-30112) on
March 1, 2017, after announcing plans to close 137 Vanity stores in
27 states.  The petition was signed by James Bennett, chairman of
the Board of Directors.  In its petition, the Debtor estimated
assets of less than $100,000 and liabilities of $10 million to $50
million.

Judge Shon Hastings presides over the case.

Caren Stanley, Esq., at Vogel Law Firm, serves as the Debtor's
bankruptcy counsel. The Debtor hired Eide Bailly, LLP as auditor;
Bell Bank as trustee for the ERISA Plan; and Jill Motschenbacher as
accountant.

On March 10, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee hired Fox
Rothschild LLP as bankruptcy counsel, BGA Management, LLC, as
financial advisor, and Brady Martz & Associates PC, as accountant.

On June 16, 2017, Hilco IP Services, LLC d/b/a Hilco Streambank,
was appointed as the Debtor's Intellectual Property Disposition
Consultant, nunc pro tunc to May 12, 2017.

On Aug. 2, 2017, Diamond B Technology Services, LLC, was appointed
as IT Consultant.


VARINDER JEET SINGH: Jan. 9 Meeting Set to Form Creditors' Panel
----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Jan. 9, 2017, at 10:00 a.m. in the
bankruptcy case of Varinder Jeet Singh.

The meeting will be held at:
              
               Office of the U.S. Trustee
               833 Chestnut Street, Suite 501
               Philadelphia, PA 19107

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

Varinder Jeet Singh sought bankruptcy protection (Bankr. E.D. Pa.
Case No. 16-18245) on December 6, 2017.  The Debtor is represented
by Michael J. McCrystal, Esq.


VILLAGE VENTURE: Case Summary & 12 Unsecured Creditors
------------------------------------------------------
Debtor: Village Venture Realty, Inc.
           dba ERA Equity Group
           dba Village Ventures Realty
        PO Box 8216
        Hot Springs Village, AR 71910

Business Description: Village Venture Realty, Inc. (dba Village
                      Ventures Realty, Inc., dba ERA Equity Group)
                      is a privately held real estate company in
                      Hot Springs Village, Arizona.  Village
                      Venture lists and sells properties of other
                      people and buys properties for
                      subdivisions, building out roads, utilities,
                      and other infrastructure.  The company also
                      entered into the business of financing home
                      sales in its subdivisions.  The company
                      previously sought bankruptcy protection on
                      Sept. 14, 2016 (Bankr. W.D. Ark. Case No.
                      16-72187) and Feb. 8, 2016 (Bankr. W.D. Ark.

                      Case No. 16-70284).

Chapter 11 Petition Date: December 28, 2017

Case No.: 17-73221

Court: United States Bankruptcy Court
       Western District of Arkansas (Hot Springs)

Debtor's Counsel: Jennifer Lancaster, Esq.
                  THE LANCASTER LAW FIRM
                  P.O. Box 1295
                  Benton, AR 72018
                  Tel: 501-776-2224
                  Fax: 501-778-6186
                  E-mail: jennifer@thelancasterlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gary Coleman, president.

A full-text copy of the petition, along with a list of 12 unsecured
creditors, is
available for free at http://bankrupt.com/misc/arwb17-73221.pdf


VIP RESORT: Case Summary & 3 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: VIP Resort LLC
           fdba A-VIP Pet Resort
           fdba A-VIP Kennel
        2675 W. Arby Avenue
        Las Vegas, NV 89119

Business Description: A-V.I.P. Pet Resort is a privately owned
                      provider of dog & cat boarding services.
                      Pet Resort is conveniently located in the
                      heart of Las Vegas, just minutes from both
                      McCarran International Airport and the
                      famous Las Vegas Strip.  Visit
                      http://www.a-vippetresort.comfor more
                      information.

Chapter 11 Petition Date: December 27, 2017

Case No.: 17-16841

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Debtor's Counsel: Samuel A. Schwartz, Esq.
                  SCHWARTZ FLANSBURG PLLC
                  6623 Las Vegas Blvd. So., Ste 300
                  Las Vegas, NV 89119
                  Tel: (702) 385-5544
                  Fax: (702) 385-2741
                  E-mail: sam@nvfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kurt Williams, managing member.

A full-text copy of the petition, along with a list of three
unsecured creditors, is available for free at
http://bankrupt.com/misc/nvb17-16841.pdf


WEBMD HEALTH: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 27, 2017, withdrew the 'BB-'
local currency and foreign currency senior unsecured ratings on
debt issued by WebMD Health Corp.

WebMD is an American corporation known primarily as an online
publisher of news and information pertaining to human health and
well-being.


WELLMAN DYNAMICS: $3.2M Sale of All Assets to York Approved
-----------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa authorized Wellman Dynamics Machining &
Assembly, Inc.'s sale of substantially all assets outside the
ordinary course of business to York Precision Machining and
Hydraulics, LLC, for $3,200,000.

A hearing on the Motion was held on Dec. 12, 2017 at 9:00 a.m.

A competing bid was received for the Assets and the Debtor
conducted an auction for the Assets beginning on Dec. 7, 2017 and
ending on Dec. 10, 2017.

The Bidding Procedures Order is ratified and reaffirmed in all
respects.

The sale is sale free and clear of all Claims.  All non-assumed
Claims, if any, will attach to the proceeds of the sale.

Due to the nature of the Assets, time is of the essence.
Notwithstanding Fed. R.Bankr. P. 6004(h) and 6006(d), the Sale
Order will take effect immediately upon entry, and the Debtor may
close the transaction on the Closing Date.

                 About Fansteel and Affiliates

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

Fansteel, Wellman Dynamics and Wellman Dynamics Machinery &
Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case
Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.  Jim
Mahoney, CEO, signed the petitions.  The Debtors disclosed total
assets of $32.9 million and total debt of $41.97 million.

The cases are assigned to Judge Anita L. Shodeen.  

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

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

On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors in Fansteel's bankruptcy
case.  The committee retained Morris Anderson & Associates, Ltd.,
as financial advisor; and Archer & Greiner, P.C., and Nyemaster
Goode, P.C., as counsel.

In March 2017, the U.S. trustee announced that the unsecured
creditors' committee of Fansteel would no longer serve as the
official committee in its case and that it would be reconstituted
as the official committee of unsecured creditors in the Chapter 11
cases of Wellman Dynamics and Wellman Dynamics Machinery.  As of
March 22, 2017, a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

Wellman Dynamics filed a Chapter 11 plan of reorganization and
disclosure statement on Jan. 11, 2017.  On May 8, 2017, the
creditors' committee of Wellman Dynamics filed a rival Chapter 11
plan of liquidation for the company.


WELLMAN DYNAMICS: Bidding Procedures for All Assets Approved
------------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa authorized Wellman Dynamics Corp.'s
bidding procedures in connection with the sale of substantially all
its assets to TCTM Financial DS, LLC for (i) a credit bid of
$15,500,000, (ii) cash equal to $5,000,000, and (iii) the
assumption of liabilities, subject to overbid.

A telephonic hearing on the Motion was held on Dec. 21, 2017.

The amended Asset Purchase Agreement along with the related
Schedules/Exhibits procedures are approved.

All parties' rights are reserved to raise issues pursuant to 11
U.S.C. Section 363(f) at the time of the final hearing to approve
the sale.

The Court's record will constitute its findings of fact and
conclusions of law pursuant to Federal Rules of Bankruptcy
Procedure 7052 and 9014.

                 About Fansteel and Affiliates

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

Fansteel, Wellman Dynamics and Wellman Dynamics Machinery &
Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case
Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.  Jim
Mahoney, CEO, signed the petitions.  The Debtors disclosed total
assets of $32.9 million and total debt of $41.97 million.

The cases are assigned to Judge Anita L. Shodeen.  

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

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

On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors in Fansteel's bankruptcy
case.  The committee retained Morris Anderson & Associates, Ltd.,
as financial advisor; and Archer & Greiner, P.C., and Nyemaster
Goode, P.C., as counsel.

In March 2017, the U.S. trustee announced that the unsecured
creditors' committee of Fansteel would no longer serve as the
official committee in its case and that it would be reconstituted
as the official committee of unsecured creditors in the Chapter 11
cases of Wellman Dynamics and Wellman Dynamics Machinery.  As of
March 22, 2017, a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

Wellman Dynamics filed a Chapter 11 plan of reorganization and
disclosure statement on Jan. 11, 2017.  On May 8, 2017, the
creditors' committee of Wellman Dynamics filed a rival Chapter 11
plan of liquidation for the company.


WESTERN REFINING: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 27, 2017, withdrew the 'BB+'
local currency and foreign currency senior unsecured ratings on
debt issued by Western Refining Inc.

Western Refining, Inc., headquartered in El Paso, Texas, is an
independent refining and marketing company that operates three
refineries.


WESTINGHOUSE ELECTRIC: UCC Taps Kadak as Project Management Expert
------------------------------------------------------------------
The statutory unsecured claimholders' committee (UCC) of
Westinghouse Electric Company LLC, et al. seeks approval from the
U.S. Bankruptcy Court for the Southern District of New York to hire
Kadak Associates, Inc. as project management and plant construction
expert to the UCC, nunc pro tunc to December 5, 2017.

The Committee needs Kadak to render strategic advice about nuclear
power plant project management and construction analysis, among
other subjects, as specifically directed by the Committee.

The standard hourly rate charged by Mr. Andrew Kadak is $300 per
hour.

Mr. Kadak, President of the firm of Kadak Associates, Inc., attests
that his firm 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 and has no
connection to the Debtors, their creditors, or their related
parties.

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, Andrew
Kadak disclosed that:

     -- Kadak 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

     -- Kadak is in the process of developing a prospective budget
and staffing plan for the UCC's review and approval.

The firm can be reached through:

     Andrew Kadak
     Kadak Associates, Inc.
     1652 SE Green Acres Cir
     Port Saint Lucie, FL 34952
     Phone: (772) 237-2516

                    About Westinghouse Electric

Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S.-based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components.  Westinghouse manufactures and supplies the commercial
fuel products needed to run the plants, and it offers training,
engineering, maintenance, and quality management services.  Almost
50% of nuclear power plants around the world and about 60% of U.S.
plants are based on Westinghouse's technology.  Westinghouse's
world headquarters are located in the Pittsburgh suburb of
Cranberry Township, Pennsylvania.

On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share).  After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba obtained ownership of 87% of
Westinghouse.

Amid cost overruns at U.S. nuclear reactors it was building,
Westinghouse Electric Company LLC, along with 29 affiliates, filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29,
2017.  The petitions were signed by AlixPartners' Lisa J. Donahue,
the Debtors' chief transition and development officer.

The Debtors disclosed total assets of $4.32 billion and total
liabilities of $9.39 billion as of Feb. 28, 2017.

The Hon. Michael E. Wiles presides over the cases.

Weil, Gotshal & Manges LLP serves as counsel to the Debtors.  The
Debtors hired AlixPartners LLP as financial advisor; PJT Partners
Inc. as investment banker; Kurtzman Carson Consultants LLC as
claims and noticing agent; K&L Gates as special counsel; and KPMG
LLP as tax consultant and accounting and financial reporting
advisor.

Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert
Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at
Togut, Segal & Segal LLP.

On April 7, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  Proskauer Rose LLP is
the committee's bankruptcy counsel, and Houlihan Lokey Capital,
Inc., serves as its investment banker.

The Board of Directors of Westinghouse appointed a special panel
called the U.S. AP1000 Committee to oversee the company's
activities related to certain AP1000 nuclear plants located in
Georgia and South Carolina.


WESTMOUNTAIN GOLD: Files 1st Amendment to Reorganization Plan
-------------------------------------------------------------
BankruptcyData.com reported that WestMountain Gold filed with the
U.S. Bankruptcy Court a first amendment to its Plan of
Reorganization.  According to documents filed with the Court,
"Article III of the Plan is amended to provide for the following
classes of Claims and Interests: Class I - All Allowed Unsecured
Claims specified in Section 507 (a) (4) and 507(a)(5) of the Code
as having priority; Class 2 - The Allowed pre-petition Secured
Claim held be BOCO Investments; Class 3 - The Allowed Unsecured
Claims held by unsecured creditors other than as separately
classified; Class 3 (a) - The Allowed Unsecured Claim held by
Gordon Investments (Alaska); Class 3(b) - The Allowed Unsecured
Claim held by BOCO Investments. Class 4 - The Interests held by
pre-petition common shareholders; Class 5 - The Interests held by
pre-petition preferred shareholders; Terra Class A - All Allowed
Unsecured Claims specified in Section 507 (a) (4) and 507 (a)(5) of
the Co as having priority; Class B -The Allowed pre-petition
Secured Claim held by BOCO Investments; Class C - The Allowed
Unsecured Claims held by unsecured creditors other than as
separately classified; Class C - The Allowed Unsecured Claims held
by unsecured creditors other than as separately classified; Class
C.1 - The Allowed Unsecured Claim held by Gordon Investments
(Alaska); Class C.2 - The Allowed Unsecured Claim held by Gordon
Investments (Alaska); Class C.2 - The Allowed Unsecured Claim held
by BOBO Investment; Class D - The Interest held by West Mountain."

                  About Westmountain Gold

Based in Fort Collins, Colorado, WestMountain Gold, Inc., is a
precious metals exploration company.  Its major project is known as
the Terra or TMC Project, which consists of a gold mining operation
in Alaska.

WestMountain Gold, Inc., and Terra Gold Corporation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Lead Case No. 17-11527) on March 1, 2017.  The petitions were
signed by Rick Bloom, authorized representative.  At the time of
the filing, the Debtors estimated their assets and debt at $1
million to $10 million.

Kutner Brinen, P.C., is serving as bankruptcy counsel to the
Debtors.  Holland & Hart LLP, Schwabe Williamson & Wyatt, P.C., and
Thrasher Worth LLC have been tapped as special counsel to the
Debtors.


WHITING PETROLEUM: Egan-Jones Hikes Sr. Unsec. Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 20, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by Whiting Petroleum Corp. to B from B-/CCC+.  EJR also
raised the foreign currency commercial paper rating on the Company
to B from C.

Whiting Petroleum Corporation is an American petroleum and natural
gas exploration and production company headquartered in Denver,
Colorado.


WILLIAM COS: Egan-Jones Hikes Sr. Unsec. Ratings to BB+
-------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 20, 2017, raised the local
currency and foreign currency senior unsecured ratings on the debt
issued by The William Cos Inc. to BB+ from BB.

The Williams Companies, Inc. is an energy infrastructure company.
The Company is focused on connecting North America's hydrocarbon
resource plays to markets for natural gas, natural gas liquids
(NGL), and olefins.



WILLIAM THOMAS, JR: Sale of Memphis Properties to TI Approved
-------------------------------------------------------------
Judge David S. Kennedy of the U.S. Bankruptcy Court for the
District of Tennessee authorized William H. Thomas, Jr.'s sale of
real property consisting of (i) approximately 12.18 +/- acres of
real property located on Steve Road, Memphis, Tennessee; and (ii)
approximately 8.30 +/- acres of real property located on Kate Bond
Road, Memphis, Tennessee to TI Properties, LLC.

The sale is free and clear of all liens, claims, judgments,
interests and encumbrances.

The proceeds of any sale will be subject to and impressed with the
duly perfected first priority lien of the trust deed in favor of
Trustmark National Bank, as recorded at Instrument No. 04160045, as
partially released at Instrument No. 05048633 (re-recorded at
Instrument No. 05053221), and as modified at Instrument Nos.
05078064, 05119942 (re-recorded at 05130095), 07137187, 10088352,
12022972, 14058752, and 14061894, all in the Shelby County
Register’s Office ("Deed of Trust") and the duly perfected first
priority lien of the trust deed in favor of Trustmark National
Bank, as recorded at Instrument No. 10088350, as modified, and any
other subordinate liens in the order of their priority so that the
net proceeds, after payment of regular and customary closing costs,
real estate taxes, recording fees to the extent applicable,
customary and reasonable closing attorneys' fees and fees related
to obtaining court approval of the motion and any amounts required
to be paid pursuant to the Agreement, will at closing be paid to
the obligations of Trustmark National Bank.  No net proceeds of
sale will be distributed to the Debtor.

The Debtor is directed to provide counsel for Clear Channel
Outdoors, Inc. and Tennison with copies of reports filed by the
Debtor pursuant to Fed. R. Bankr. P. 2015.3.  The Debtor will
further provide notice to Clear Channel and Tennison Brothers, Inc.
if billboards are erected by TI Properties on the Property being
sold pursuant to the Order.  The aforesaid notice provision will
constitute a personal obligation of the Debtor and will not
constitute a covenant, lien, encumbrance, and/or restriction upon
the Property or any portion thereof.

The Order will be effective upon entry and that the 14-day stay
period provided in Fed. R. Bankr. P. 6004 (h) will not apply.

                  About William H. Thomas, Jr.

William H. Thomas, Jr., is a resident of Perdido Key, Florida.  He
is an attorney licensed to practice in the State of Tennessee and
owns various real estate and business interests, including the
ownership and operation of various advertising billboards and raw
land.

William H. Thomas, Jr., sought Chapter 11 protection (Bankr. D.
Tenn. Case No. 16-27850-DSK) on June 2, 2016.

Counsel for the Debtor is Michael P. Coury, Esq., at Glankler Brown
PLC.


WPX ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to B- From CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 19, 2017, raised the local
currency and foreign currency senior unsecured ratings on debt
issued by WPX Energy Inc. to B- from CCC.

Previously, on Dec. 5, 2017, EJR upgraded the foreign currency
commercial paper rating on the Company to B from C.

WPX Energy, Inc.is a petroleum and natural gas exploration company
headquartered in the Williams Center in Tulsa, Oklahoma.


YUM! BRANDS: Egan-Jones Cuts FC Sr. Unsec. Rating to BB-
--------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 5, 2017, downgraded the foreign
currency senior unsecured rating on debt issued by Yum! Brands Inc.
to BB- from BB.

Yum! Brands, Inc., or Yum! and formerly Tricon Global Restaurants,
Inc., is an American fast food company. Yum operates the licensed
brands Taco Bell, KFC, Pizza Hut, and WingStreet worldwide.


[^] BOOK REVIEW: Competition, Regulation, and Rationing
-------------------------------------------------------
Author:     Greenberg, Warren
Publisher:  Beard Group
Paperback:  188 pages
List Price: $34.95
Review by:  Gail Hoelscher

Order a personal copy today at http://is.gd/3sdhDD

This book is fundamental reading for those involved directly in
health care as well as those interested and concerned about the
past, present and future of the health care industry in the United
States. Originally published in 1990, Warren Greenberg examined
the U.S. health care sector over the period 1960-1988 using
standard industrial organization economic analysis. He looked at
regulation and competition, antitrust elements, technology, and
rationing, as well as pricing behavior and advertising. Although
some experts claimed the health care industry to be unique and
outside the purview of such analysis, Dr. Greenberg demonstrated
that all industries differ in their own ways, but nonetheless can
be analyzed using these techniques.

Dr. Greenberg's first goal in writing this book was to educate the
layperson about the economics of the health care industry.
Economists have pointed out two major potential differences
between health care and other sectors of the economy: uncertainty
of demand and imperfect and imbalanced information on the part of
providers and consumers. Dr. Greenberg agrees with the first and
less so with the second. Obviously, the timing, extent and length
of future illness and the demand for medical services are
impossible to know. A good deal of the consumer's uncertainty is
smoothed over by health insurance. The uncertainty for insurance
companies in the sector is somewhat different than that for other
industries: while consumers commonly seek more health care than
they would if they were not covered, it is rare for someone to
burn down his own home just to collect the insurance. With regard
to the imbalance in information, physicians do indeed know more
about a particular illness and treatment than the average
potential patient, but Dr. Greenberg asks how that differs from
plumbing, law and accounting!

Dr. Greenberg identified and described the industries that make up
the health care sector: medical services, hospitals, insurance,
and long-term care. He explored market failures and imperfections
in each and detailed some of the measures government has taken to
correct these imperfections. For example, he described the efforts
of the federal government to force competition in the medical
services field and how barriers to entry imposed by physicians'
lobbies to limit the number of physicians in practice were lifted,
physicians were permitted to advertise, and restrictions on the
services of nonphysicians were eased. He recounted efforts to
require hospitals to disclose information on mortality rates,
infections, and medical complications.

Dr. Greenberg's second goal in writing the book was to consider
policy options. Although he claims skepticism of regulation (after
working for the federal government), he believes that ongoing
efforts to devise a more efficient and equitable health care
system will require more competition, regulation, and rationing.
He examined the Canadian, British and Dutch systems, so
fascinating and different from ours, and found the Dutch system
the least regulatory and most equitable.

This book is a primer on the health care industry. Dr. Greenberg
explains economic terms in a straightforward and clear way without
condescension and takes the reader way beyond Economics 101.
Although the sector has changed significantly since this book was
published, Dr. Greenberg's analysis of the past offers valuable
insight into why our system evolved the way it did and what
direction it might take in future.


                            *********

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 ***