TCR_Public/180224.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, February 24, 2018, Vol. 22, No. 54


ESCALERA RESOURCES: Posts $907,508 Net Loss in December
REAL INDUSTRY: Net Loss Increases to $4.18 Million in December
TRIAD GUARANTY: Reports $10,980 Net Loss for January


ESCALERA RESOURCES: Posts $907,508 Net Loss in December
Escalera Resources Co. filed with the U.S. Securities and Exchange
Commission its monthly operating report for December 2017.

The Debtor posted a net loss of $907,508 on $770,340 of revenue for

The Debtor posted $57,104,665 in total assets, $56,744,330 in total
liabilities, and $360,335 in total shareholders' equity as of
December 31, 2017.

At the beginning of the month, the Debtor had $4,122,454 beginning
cash balance.  It listed total receipts of $957,282 and total
disbursements of $1,235,961.  Thus, the Debtors ended the month
with $3,843,775 cash.

A copy of the monthly operating report is available at:


                About Escalera Resources

Headquartered in Denver, Colorado, Escalera Resources Co.
(OTCMKTS:ESCRQ) is an independent energy company engaged in the
exploration, development, production and sale of natural gas and
crude oil, primarily in the Rocky Mountain basins of the western
United States.  Escalera was incorporated in Wyoming in 1972 and
reincorporated in Maryland in 2001.  As of October 2015, the
Company had 22 employees, none of whom are subject to a collective
bargaining agreement.

Escalera Resources filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 15-22395) on Nov. 5, 2015.  In the
petition signed by CFO Adam Fenster, Escalera disclosed total
assets of $97.7 million and total liabilities of $67.7 million as
of June 30, 2015.

Judge Thomas B. McNamara is assigned to the case.

The Debtor hired Onsager Guyerson Fletcher Johnson as bankruptcy
counsel; Hein & Associates, LLP, as accountants; Lindquist & Vennum
LLP, as special counsel in connection with the Humphrey litigation;
Jones & Keller, P.C., as special counsel for general corporate and
securities matters; Williams, Porter, Day & Neville, P.C. as
special counsel in the pursuit of a tax refund from the State of
Wyoming; and Seaport Global Securities LLC as investment banker.

On Nov. 13, 2015, the U.S. Trustee appointed an Official Unsecured
Creditors Committee.  

The Creditors Committee filed a motion to appoint a chapter 11
trustee on Oct. 16, 2016.  The Debtor filed a response, and the
parties informally agreed to put the matter on hold while Debtor
obtained and hired financial advisors to conduct a sale process and
file a new Plan.

REAL INDUSTRY: Net Loss Increases to $4.18 Million in December
Real Industry, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for December

The Debtors' consolidated statement of operations showed a net loss
of $4.18 million on $48.06 million of revenue, wider as compared to
$2.11 million net loss reported for November 30.

As of December 31, 2017, the Debtors listed $513.86 million in
consolidated total assets, $558.76 million in consolidated total
liabilities, and -$44.89 million in consolidated total
shareholders' equity.

At December 1, 2017, Real Industry had $2,849,223 in beginning cash
balance.  It listed total cash receipts of $104 and total cash
disbursements of $251,429.  At December 31, 2017, Real Industry had
$2,547,898 in ending cash balance.

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


                   About Real Industry Inc.

Real Industry, Inc. -- is a   
Delaware holding company that operates through its subsidiaries.
Its current business focus is supporting the performance of Real
Alloy, an aluminum recycling company and its single largest
operating business, and to make acquisitions of additional
operating companies. The company regularly considers acquisitions
of businesses that operate in undervalued industries, as well as
businesses that it believes are in transition or are otherwise
misunderstood by the marketplace. As a holding company, Real
Industry relies on the operations of its subsidiaries and external
financing sources for its liquidity needs.

Real Industry, Inc., and eight affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12464) on Nov. 17,
2017. The cases are pending before the Honorable Kevin J. Carey.

The Debtors tapped Morrison & Foerster LLP as legal counsel; Saul
Ewing Arnstein & Lehr LLP as co-counsel; Berkeley Research Group,
LLC as financial advisor; Jefferies LLC as investment banker; and
Prime Clerk as administrative advisor.

The Ad Hoc Noteholder Group whose members include DDJ Capital
Management, LLC, Osterweis Capital Management, HPS Investment
Partners, LLC, Hotchkis & Wiley Capital Management, and Southpaw
Credit Opportunity Master Fund L.P., hired Latham & Watkins LLP and
Young Conway Stargatt & Taylor LLP to represent it in the Chapter
11 bankruptcy cases of Real Industry, Inc., and its affiliates.

Andrew S. Vara, Acting U.S. Trustee for Region 3, appointed five
creditors to serve on the Official Committee of Unsecured Creditors
in the Chapter 11 cases of Real Industry, Inc., and its
debtor-affiliates. The Committee hired Duane Morris LLP, as
Delaware counsel, Brown Rudnick LLP, as co-counsel, Goldin
Associates, LLC, as financial advisor, Stifel Nicolaus & Co., Inc.,
as investment banker.

TRIAD GUARANTY: Reports $10,980 Net Loss for January
---------------------------------------------------- reported that Triad Guaranty Inc. filed with the
U.S. Bankruptcy Court a monthly operating report for January 2018.
For the month, the Company reported a $10,980 net loss on zero net
revenue and paid $155 in administrative expenses and $9,200 in
professional fees and $10,825 in reorganization expenses. The
Company also reported $10,980 in cash disbursements on zero total
receipts during the month. Cash at the beginning of January 2018
was $24,302 and $13,322 at month's end, with negative net cash flow
of $10,980.

                     About Triad Guaranty

Winston-Salem, N.C.-based Triad Guaranty Inc. (OTC BB: TGIC) -- is a holding company that
historically provided private mortgage insurance coverage in the
United States through its wholly-owned subsidiary, Triad Guaranty
Insurance Corporation.  TGIC is a nationwide mortgage insurer
pursuing a run-off of its existing in-force book of business.

In December 2012, the Company's mortgage insurer subsidiary, Triad
Guaranty Insurance Corporation, was placed into rehabilitation,
whereby the Illinois Department of Insurance was vested with
possession and control over all of TGIC's assets and operations.

On May 30, 2013, the magistrate judge for the U.S. District Court
of the Middle District of North Carolina issued an order denying
the Company's motion to dismiss a class action lawsuit against the
company and two of its former officers.  Shareholders filed the
class action suit in 2009, claiming the company misled investors
about poor financial results caused by improper underwriting

Triad Guaranty Inc. filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11452) on June 3, 2013.  The Company estimated assets
of at least $100 million and liabilities of less than $50,000.

Thomas M. Horan, Esq., at Shaw Fishman Glantz & Towbin LLC replaced
Womble Carlyle Sandridge & Rice, LLP, as counsel to the Debtor.
Thomas M. Horan, Esq., previously worked at Womble Carlyle
Sandridge & Rice, LLP.  The Debtor tapped Donlin, Recano & Company,
Inc., as claims and noticing agent.


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Troubled Company Reporter is a daily newsletter co-published
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