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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, June 18, 2018, Vol. 22, No. 168

                            Headlines

303 DEAN REALTY: Seeks Authorization to Use Cash Collateral
ABRAXAS PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
ACCESS CIG: S&P Affirms 'B' Corp. Credit Rating, Outlook Negative
ACCESS GLOBAL: Case Summary & 5 Unsecured Creditors
ADIENT GLOBAL: Moody's Alters Outlook to Neg. & Affirms Ba2 CFR

AERIAL PARENT: S&P Cuts Corp. Credit Rating to 'B', Outlook Stable
AHP HEALTH: S&P Assigns CCC+ Rating on $535MM Sr. Unsecured Notes
AIMIA INC: S&P Lowers Preferred Shares Rating to 'D'
AMYRIS INC: Maxwell Lowers Stake to 7.4% as of June 14
ANDERSON SHUMAKER: $5.3M Sale of All Assets to AS 1902 Approved

ANTHONY LAWRENCE: Wins Approval of Disclosure Statement
APB IMPORTS: Taps Fuentes Law Offices as Legal Counsel
APTIM CORP: S&P Cuts Corp. Credit Rating to 'B-', Outlook Negative
ARLEN HOUSE: Hires Joel M. Aresty PA as Attorney
BAKERCORP INTERNATIONAL: Incurs $10.6-Mil. Net Loss in 1st Quarter

BAVARIA YACHTS: Hires Ritterhaus Rechtsanwalte as Special Counsel
BETHANY COLLEGE: S&P Cuts Rating on 2011A/B Revenue Bonds to 'B'
BOWIE RESOURCE: S&P Lowers CCR to 'CCC', On CreditWatch Negative
BOYD GAMING: Fitch Rates $500M Unsec. Notes Due 2026 'B+/RR4'
BOYD GAMING: Moody's Rates Proposed $700M Notes Due 2026 'B3'

BOYD GAMING: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
C & M AIR: Gets Okay on Interim Cash Collateral Use Until July 6
CALMARE THERAPEUTICS: Reports Preliminary Tally of Consents
CALPINE CORP: Egan-Jones Withdraws 'B-' Sr. Unsec. Debt Ratings
CAREVIEW COMMUNICATIONS: Signs 2nd Amendment Modification Pact

CD HALL: Seeks Authorization On Interim Cash Collateral Use
CHESAPEAKE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to CCC+
CHICAGO CENTRAL: Disclosure Statement Has Court Approval
CLAIRE'S STORES: Plan Disclosures Hearing Adjourned Sine Die
COMMUNITY CHOICE: Non-Binding Term Sheet Reached With Noteholders

CONCHO RESOURCES: Moody's Withdraws Ba1 CFR; Outlook Stable
DORIAN LPG: Board Declines BW LPG'S Unsolicited Proposal
DORIAN LPG: Delays Form 10-K Filing
DORIAN LPG: Reports $3.5 Million Fourth Quarter Net Loss
DOUBLE EAGLE: AIIC Objects to Adequacy of Disclosure Statement

DU-RITE COMPANY: Case Summary & 20 Largest Unsecured Creditors
ENERGIZER HOLDINGS: Moody's Cuts CFR to B1, Outlook Stable
ENERGIZER HOLDINGS: S&P Rates New $1.6BB Credit Facilities 'BB+'
ENVISION HEALTHCARE: Moody's Puts B1 CFR on Review for Downgrade
ENVISION HEALTHCARE: S&P Puts 'BB-' CCR on CreditWatch Negative

FLOYD E. SQUIRES: Examiner Selling Eureka Property for $450K
FREEDOM HOLDING: Appoints Askar Tashtitov as President
FT. HOWARD DEVELOPMENT: Involuntary Chapter 11 Case Summary
FUNERAL SERVICES: July 19 Plan Confirmation Hearing
GOLDSTREET AUTOMOTIVE: Court Approves Disclosure Statement

HALO BUYER: Moody's Assigns 'B2' CFR & Rates 1st Lien Loans 'B1'
HALO BUYER: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
INVENERGY THERMAL: Moody's Rates $415MM Secured Loans 'Ba2'
JEFFREY DEGEN: Demeo Buying Miami Property for $3.2 Million
KADMON HOLDINGS: Prices $100M Underwritten Common Stock Offering

KSA INVESTMENTS: Parkers Renew Bid for Chapter 11 Trustee
LAYNE CHRISTENSEN: Completes Merger with Granite Construction
LIFELINE SLEEP: Court Approves Disclosure Statement
MELINTA THERAPEUTICS: Stockholders Elected Three Directors
MENSONIDES DAIRY: Case Summary & 20 Largest Unsecured Creditors

MONTREIGN OPERATING: Moody's Cuts CFR & Term Loan Ratings to Caa1
NEONODE INC: CEO Persson Gets Additional Role as President
NORTH FORK: Court Denies Approval of Disclosure Statement
PEGASUS VIP: Seeks Permission to Use Engs Cash Collateral
PLEDGE PETROLEUM: Reports First Quarter Net Loss of $193,000

POTOMAC XPRESS: Judge Bars Use of Cash Collateral
PRECIPIO INC: Amends Resale Prospectus of 7 Million Shares
PROMETHEUS & ATLAS: May Abandon Property if Sale Fails
Q&C PROPERTIES: Unsecureds to Get Paid Over 5 Years
QUADRANT 4 SYSTEM: Disclosure Statement Hearing Set for July 12

REX ENERGY: Hires Buchanan Ingersoll & Rooney PC as Local Counsel
REX ENERGY: Hires FTI Consulting as Financial Advisor
REX ENERGY: Hires Jones Day as Counsel
RPX CORP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
RUSSELL INVESTMENTS: S&P Lowers ICR to 'BB-', Outlook Stable

SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB+
SEVERIN HOLDINGS: S&P Assigns 'B-' CCR, Outlook Stable
SHARING ECONOMY: Unit Signs $1M Software License Agreement
SJKWD LLC: Case Summary & 20 Largest Unsecured Creditors
SONOMA MT. LLC: Voluntary Chapter 11 Case Summary

SOUTHERN INTERNAL: Taps Jose Ramon Cintron as Counsel
STARSHINE ACADEMY: Trustee Taps Cushman as Real Estate Agent
SUNPRO SOLAR: Taps Global Tax & Accounting as Bankruptcy Accountant
SUNSHINE DAIRY: Wants to Use $6.5-Mil Cash Collateral Until July 13
TANGA.COM: Hires Fennemore Craig PC as Counsel

TANGA.COM: Hires Mac Restructuring as Financial Advisor
TEXAS E&P: Interests in Lassiter 1H and Beeler 1H Sold for $25K
TINTRI INC: Delays Filing of First Quarter Form 10-Q
TINTRI INC: May File for Bankruptcy
TRADER CORP: Moody's Hikes CFR to B2, Outlook Stable

TREEHOUSE FOODS: S&P Raises Rating on $2.15BB Secured Loans 'BB+'
TWITTER INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB
U & J CAFE: Case Summary & 15 Unsecured Creditors
U & J REALTY: Hires Buddy D. Ford PA as Attorney
UNITED DISTRIBUTION: S&P Lowers CCR to 'CC', On Watch Negative

US FOODS: Moody's Hikes CFR & Sr. Secured Ratings to Ba3
VESTCOM PARENT: Moody's Rates $60MM Revolver Loan Due 2022 'B2'
VISHAY INTERTECHNOLOGY: S&P Rates $600MM Unsecured Notes 'BB+'
VIVID SEATS: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
WILLOW BEND: DOJ Watchdog Wants Case Converted to Chapter 7

WOLVERINE WORLD: S&P Affirms 'BB+' CCR & Alters Outlook to Stable
WOODBRIDGE GROUP: $101K Sale of Lenni's Carbondale Property Okayed
WOODBRIDGE GROUP: $250K Sale of Glenwood Springs Property Approved
WOODBRIDGE GROUP: $610K Sale of Donnington's Basalt Property OK'd
WOODBRIDGE GROUP: $670K Sale of Lilac's Sherman Oaks Property OK'd

WOODBRIDGE GROUP: $985K Sale of Carbondale Property to Keims Okayed
[^] BOND PRICING: For the Week from June 11 to 15, 2018

                            *********

303 DEAN REALTY: Seeks Authorization to Use Cash Collateral
-----------------------------------------------------------
303 Dean Realty Inc. seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of New York to use the cash
collateral of 303 Dean Street Lender LLC, the successor to Amerasia
Bank, and Edith and Partners LLC.

The Debtor proposes to use the cash collateral in accordance with,
and subject to, the budget in order to satisfy postpetition costs
and expenses of the continued operations of its business.  The
initial budget covers the first three months of this case.

As adequate protection for any diminution in the value of DSL's
first priority interest in its collateral, DSL will receive the
following adequate protection: (i) replacement liens on all
property of Debtor and its estate, whether now owned or hereafter
required, to the extent required by the prepetition loan documents;
and (ii) payments on a monthly basis, commencing on the approval of
the Interim Order and on the first day of each month thereafter, at
the non-default rate set forth in the Note, without prejudice to
the re-characterization of said payments.

As adequate protection for any diminution in the value of Edith's
alleged second priority interest in its collateral, Edith will
receive as adequate protection, replacement liens on all property
of Debtor and its estate, whether now owned or hereafter required,
to the extent required by the prepetition loan documents.

A full-text copy of the Cash Collateral Motion is available at

            http://bankrupt.com/misc/nyeb18-42786-16.pdf

                     About 303 Dean Realty

303 Dean Realty Inc. is a real estate company that owns a property
located in Brooklyn, New York valued by the company at $4 million.

303 Dean Realty Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 18-42786) on May 14,
2018.  In the petition signed by Dawn Foster, president, the Debtor
disclosed total assets of $4 million assets and total liabilities
of $2.86 million.  Avrum J. Rosen, Esq. at Rosen, Kantrow & Dillon,
PLLC, serves as counsel to the Debtor.


ABRAXAS PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 5, 2018, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Abraxas Petroleum Corporation to BB- from B+.

Abraxas Petroleum Corporation, an independent energy company,
engages in the acquisition, exploration, exploitation, development,
and production of oil and gas properties in the United States. The
company was founded in 1977 and is based in San Antonio, Texas.


ACCESS CIG: S&P Affirms 'B' Corp. Credit Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Livermore, Calif.-based Access CIG LLC. The rating outlook is
negative.

S&P said, "At the same time, we affirmed our 'B' issue-level
ratings on the company's $780 million senior secured first-lien
term loan, which includes the proposed $85 million add-on, and $120
million delayed-draw term loan ($43 million currently drawn). The
'3' recovery rating indicates our expectation for meaningful
recovery (50%-70%; rounded estimate: 50%) of principal for
debtholders in the event of a payment default.

"We are also affirming our 'CCC+' issue-level ratings on the
company's $275 million senior secured second-lien term loan, which
includes the proposed $20 million add-on and $40 million
delayed-draw term loan ($27 million currently drawn). The '6'
recovery rating indicates our expectation for negligible recovery
(0%-10%) of principal for debtholders in the event of a payment
default."

The rating reflects the company's small size, its limited
geographic and business mix diversification, and the industry's low
barriers to entry. Access has a successful track record of
integrating acquisitions (117 to date); leading S&P to believe
there will be limited integration risks over the next 12 months.
The most recent acquisitions also contribute to further geographic
diversification as they are outside the U.S. However, the company
still faces significant competition against many smaller players in
the small and midsize enterprise (SME) segment and from a much
larger player (Iron Mountain Inc.) in the enterprise segment.


ACCESS GLOBAL: Case Summary & 5 Unsecured Creditors
---------------------------------------------------
Affiliated companies that have filed voluntary petitions seeking
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                     Case No.
    ------                                     --------
    Access Global Capital LLC                  18-22031
    8 Old Clinton Road
    Lebanon, NJ 08833

    Global Commodities Group, LLC              18-22043
    8 Old Clinton Road
    Lebanon, NJ 08833

Business Description: Global Commodities Group, LLC is a privately
                      held company in Lebanon, New Jersey
                      operating under the food services industry.
                      Access Global Capital LLC is a commodities
                      trading company.  Global and Access are both
                      owned by James Besch.

Chapter 11 Petition Date: June 14, 2018

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

Judges: Hon. Kathryn C. Ferguson (18-22031)
        Hon. Christine M. Gravelle (18-22043)

Debtors' Counsel: Douglas J. McGill, Esq.
                  WEBBER MCGILL, LLC
                  760 Route 10, Suite 104
                  Whippany, NJ 07981
                  Tel: 973-739-9559
                  E-mail: dmcgill@webbermcgill.com

Assets and Liabilities:

                                 Total          Total
                                Assets       Liabilities
                            -------------    -----------
Access Global Capital        $2,230,000       $4,650,000
Global Commodities Group       $403,044      $11,150,000

The petitions were signed by James Besch, sole member and manager.

A full-text copy of Access Global Capital LLC's petition
containing, among other items, a list of the Debtor's five
unsecured creditors is available for free at:

           http://bankrupt.com/misc/njb18-22031.pdf

A full-text copy of Global Commodities Group's petition containing,
among other items, a list of the Debtor's seven unsecured creditors
is available for free at:

           http://bankrupt.com/misc/njb18-22043.pdf


ADIENT GLOBAL: Moody's Alters Outlook to Neg. & Affirms Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service revised Adient Global Holdings Ltd's
rating outlook to Negative from Stable. Moody's also affirmed
Adient's long-term ratings, including: Corporate Family and
Probability of Default Ratings at Ba2, and Ba2-PD respectively;
senior secured credit facilities at Baa3; and senior unsecured
notes at Ba3. The company's Speculative Grade Liquidity Rating was
downgraded to SGL-3 from SGL-2.

Adient Global Holdings Ltd:

Rating Outlook: Revised to Negative from Stable

The following rating was downgraded:

Speculative Grade Liquidity Rating: to SGL-3 from SGL-2,

The following ratings were affirmed:

Corporate Family Rating, Ba2;

Probability of Default, Ba2-PD;

$1.5 billion senior secured revolving credit facility due 2021, at
Baa3 (LGD2);

$1.5 billion senior secured term loan facility due 2021, at Baa3
(LGD2);

Euro dollar guaranteed senior unsecured notes due 2024, at Ba3
(LGD5);

U.S. dollar guaranteed senior unsecured notes due 2026, at Ba3
(LGD5);

RATINGS RATIONALE

Adient's negative rating outlook incorporates the company's
announcement that it has revised its profit guidance for 2018
downward and that it expects free cash flow for the fiscal year to
be negative. Despite showing improvement in the second quarter
results, operational inefficiencies in the seating structures and
mechanisms business (SSM) continue to challenge the company's
operating performance. Issues in the SSM business have centered
around operating inefficiencies relating to: 1) a large number of
platform launches; 2) higher than anticipated commodity costs; and,
3) capacity shortages on specialty steel. The company's performance
is also being pressured by weaker-than-expected performance in the
seating and interiors businesses. The combination of these items
resulted in Adient revising its Adjusted EBITDA for fiscal 2018 to
$1.25 billion, down 12% from its previous guidance midpoint of
$1.425 billion. In addition free cash flow generation for 2018 was
revised to negative from positive $225 million.

The negative outlook reflects the likelihood that the above
pressures will carry into fiscal 2019. Adient announced that
further details of its revised FY2018 outlook will be provided
during the company's fiscal Q3 earnings call. However, Moody's will
assess Adient's ability to address the operational and competitive
challenges it faces, and restore profitability to levels consistent
with the Ba2 CFR during the near-term.

The affirmation of Adient's Ba2 Corporate Family Rating (CFR)
reflects the company's position as the world's leading supplier of
automotive seating, with strong regional and customer
diversification, longstanding customer relationships and realized
earnings from unsconsolidated affiliates. Even with the above
challenges, Adient increased its fiscal 2018 revenue guidance to
$17.5 billion which reflects growth above the acquisition and JV
consolidation executed in fiscal 2018.

The lowering of Adient's Speculative Grade Liquidity Rating to
SGL-3 from SGL-2 incorporates the company's revised guidance of
negative free cash flow generation, which may spill further into
fiscal 2019, and the risk that weakening profitability over the
coming quarters will lessen the cushion under the financial
maintenance covenant. As of March 31, 2018 cash on hand was $353
million. The $1.5 billion revolving credit facility had $150
million of borrowing, leaving $1.35 billion of availability. While
Adient had good cushion under its net leverage ratio financial
maintenance covenant test for the senior secured facilities as of
March 31, 2018, this cushion is anticipated to weaken over the
coming quarters given weakening operating performance, borrowings
may also increase under the revolving credit facility to maintain
operating flexibility.

The ratings could be downgraded with the expectation of material
deterioration of automotive demand, the loss of a major customer,
the expecation of continued weak operating performance into fiscal
2019 leading to EBITA margins sustained below 5%, or Debt/EBITDA
above 4.0x, or a further deterioration in liquidity. Debt funded
acquisitions or large shareholder return actions could also result
a lower outlook or rating.

The ratings could be upgraded if Moody's expects Adient to sustain
EBITA margins above 6%, inclusive of restructuring charges, with
Debt/EBITDA approaching 2.0x, supported by positive free cash flow
generation solidly in the high-teens as percentage of debt annually
and balanced financial policies, while maintaining a good liquidity
profile.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Adient plc will be the world's largest automotive seating supplier
with leading market position in the Americas, Europe and China, and
has longstanding relationships with the largest global original
equipment manufacturers (OEMs) in the automotive space. Adient's
automotive seating solutions includes complete seating systems,
frames, mechanisms, foam, head restraints, armrests, trim covers
and fabrics. Adient also participates in the automotive interiors
market primarily through its joint venture in China, Yanfeng Global
Automotive Interior Systems Co., Ltd., or YFAI. Revenues for the
LTM period March 31, 2018 were approximately $16.8 billion.


AERIAL PARENT: S&P Cuts Corp. Credit Rating to 'B', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Aerial
Parent Corp. (parent of Sterling, Va.-based Neustar Inc.) to 'B'
from 'B+'. The outlook is stable.

S&P said, "At the same time, we lowered the issue-level rating on
Neustar's first-lien debt to 'BB-' from 'BB'. The recovery rating
remains '1', which indicates our expectation of very high
(90%-100%; rounded estimate: 90%) recovery in the event of payment
default.

"In addition, we lowered the issue-level rating on Neustar's
second-lien debt to 'CCC+' from 'B-'. The '6' recovery rating
indicates our expectation of negligible (0%-10%; rounded estimate:
5%) recovery in the event of payment default."

The downgrade reflects Neustar's weaker earnings profile, reduced
business diversity, and higher leverage following the completion of
the transition of NPAC activities to iconectiv. S&P expects credit
metrics will be weaker over the next 12 months, including adjusted
debt to EBITDA, which will likely increase to the high-4x area in
2018 and to 6x in 2019 from about 3x in 2017. The NPAC contract had
previously accounted for about 40% of Neustar's total revenue in
2017.

S&P said, "The stable outlook reflects our view that while the loss
of the NPAC contract will result in S&P-adjusted debt leverage
increasing to the low-6x area over the next 12 months from about 3x
in 2017, we expect mid-single-digit revenue and EBITDA growth in
Neustar's information service business, such that adjusted leverage
remains below 6.5x longer term.

"We could lower the rating if Neustar's operating performance is
materially weaker than we expect because of lower demand for its
analytics solutions and addressing services or if competitive
pressures from larger players results in customer losses. We could
also lower the rating if the company makes a debt-financed dividend
to shareholders or an acquisition, such that adjusted debt leverage
increased to above 6.5x on a sustained basis.

"Although unlikely in the near term, we could raise the rating if
Neustar continues to successfully expand its information services
business and recoup lost EBITDA from the contract loss, such that
adjusted leverage remains comfortably below 5x. However, given the
company's private equity ownership, an upgrade would be contingent
on Neustar's owners maintaining a financial policy that allows for
leverage to be sustained below 5x."


AHP HEALTH: S&P Assigns CCC+ Rating on $535MM Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating to AHP
Health Partners Inc.'s $535 million senior unsecured notes. AHP
Health Partners is a subsidiary of U.S.-based acute-care hospital
operator Ardent Health Partners LLC. The recovery on this debt is
'6', indicating S&P's expectations for negligible (rounded
estimate: 0%) recovery in the event of default.

S&P said, "Our 'B' corporate credit rating on Ardent reflects the
company's exposure to reimbursement risk, as it derives about a
third of its revenues from commercial payors and two-thirds from
government payors. Additionally, while the company continues to
generate a significant percentage of its profitability from its
Amarillo, Albuquerque, and Tulsa markets, it is somewhat less
reliant on these markets due to the potential upside in its East
Texas market as well as the addition of the LHP hospitals. Given
Ardent's favorable track record of acquiring and turning around
properties, we expect the company will be able to improve margins
following its recent acquisitions.

"However, we believe it will take time for the company to fully
realize these achievements and its most recently acquired assets
will also not be a meaningful contributor to profitability until
2019."

ISSUE RATINGS--RECOVERY ANALYSIS

Key Analytical Factors

Ardent's new capital structure consists of a $225 million ABL (not
rated), a $765 million secured term loan, as well as $535 million
senior unsecured notes.

S&P said, "Our '3' recovery rating on the company's senior secured
term loan reflects the substantial addition of secured debt within
the expanded capital structure. The recovery rating on the proposed
senior unsecured notes is a '6', indicating our expectations for
negligible (rounded estimate: 0%) recovery in the event of
default.

"We treat the $30 million collateral carve-out in favor of Ventas,
and the ABL obligations as a priority claim.

"Our simulated default scenario contemplates a default in 2021
stemming from reimbursement pressures and escalating rent
obligations that leave the company unable to meet its other
expenses. This represents a significant decline from current EBITDA
levels. We believe Ardent would reorganize in the event of default,
and that the company would continue to lease its facilities on
comparable terms from Ventas.

"We assume a 60% draw on the company's ABL, a 350-basis-point
increase in blended borrowing costs on the term loan debt resulting
from LIBOR increases, and margin increases stemming from covenant
violations."

Simulated Default Assumptions

-- Simulated year of default: 2021
-- EBITDA at emergence: $153 million
-- EBITDA multiple: 5x (consistent with peers)

Simplified Waterfall

-- Gross enterprise value: $765 million
-- Valuation split (obligors/nonobligors): 90%/10%
-- Net enterprise value (after 7% administrative expenses and
priority claims): $712 million
-- Priority claims: $169 million (ABL and Ventas collateral
carve-out)
-- Secured first-lien debt: $762 million
    --Recovery expectations: 50%-70% (rounded estimate: 65%)
-- Total value available to unsecured claims: 0
-- Estimated unsecured claim: $565 mil.
-- Recovery range: 0%-10%; rounded estimate: 0%

Notes: Priority claims include the ABL and a $30 million collateral
carve-out in favor of the mortgage holder for three months' rent
expense. All debt amounts include six months of prepetition
interest.

  RATINGS LIST

  Ardent Health Partners LLC
   Corporate Credit Rating             B/Stable/--

  New Rating

  AHP Health Partners Inc.
   Senior Unsecured Notes
    $535 Mil. Notes Due 2026           CCC+
     Recovery Rating                   6 (0%)



AIMIA INC: S&P Lowers Preferred Shares Rating to 'D'
----------------------------------------------------
S&P Global Ratings said it has lowered its global scale and Canada
scale issue-level ratings on Aimia Inc.'s preferred shares to 'D'
from 'B-' and 'P-4(Low)', respectively, on the company's continued
deferral of preferred dividend payments. The company's ability to
meet the dividend payments in full and on schedule remains
restricted by Aimia's inability to pass the capital impairment test
set forth under the CBCA (Canada Business Corporations Act). S&P
Global Ratings views this as a breach of the "imputed promise" on
the preferred shares' timely payment of dividends, and characterize
it as a payment default.

Aimia had suspended the dividend payments on its preferred and
common shares almost a year ago, on June 14, 2017, due to its
inability to satisfy the capital impairment test as set forth under
the CBCA. As per S&P's criteria, it lowers the issue-level ratings
on a hybrid capital instrument to a 'D' if the company is unable to
repay the dividends within one year of the deferral date and is
unable to pay future dividend payments in full and on time.

The above rating action does not have any impact on S&P's corporate
credit rating on Aimia (BB-/Negative/--) or its BB' issue-level
rating on the company's senior secured debt, because the deferral
of payments on the preferred shares is allowed in the instrument's
terms and conditions.

  RATINGS LIST

  Aimia Inc.
  Corporate credit rating      BB-/Negative/--

  Ratings Lowered
                               To        From
  Aimia Inc.
  Preferred shares
   Global scale                D         B-
   Canada scale                D         P-4(Low)


AMYRIS INC: Maxwell Lowers Stake to 7.4% as of June 14
------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, Maxwell (Mauritius) Pte Ltd disclosed that as of June
11, 2018, it beneficially owns 3,836,297 shares of common stock of
Amyris, Inc., which represents 7.4 percent of the shares
outstanding.  

The percentage is based on 52,066,725 shares of Common Stock
outstanding as of June 13, 2018, which is the sum of the (a)
50,176,739 shares of Common Stock outstanding as of May 10, 2018,
as set forth in the Issuer's Quarterly Report on Form 10-Q (File
No. 001-34885) filed with the SEC on May 18, 2018 and (b) 1,889,986
shares of Common Stock issuable upon exercise of the Funding
Warrant.

As of June 13, 2018, Maxwell is the direct beneficial owner of
1,946,311 shares of Common Stock.  Maxwell is deemed under Rule
13d-3(d)(1) to have beneficial ownership of the 1,889,986 shares of
Common Stock issuable upon exercise of the Funding Warrant.

For the period from May 23, 2018, through June 13, 2018, Maxwell
disposed of 788,806 Common Shares.

Cairnhill Investments (Mauritius) Pte Ltd, through its ownership of
Maxwell, may be deemed to share voting and dispositive power over
the 3,836,297 shares of Common Stock beneficially owned or deemed
to be beneficially owned by Maxwell.

Fullerton Management Pte Ltd, through its ownership of Cairnhill,
may be deemed to share voting and dispositive power over the
3,836,297 shares of Common Stock beneficially owned or deemed to be
beneficially owned by Cairnhill and Maxwell.

Temasek Holdings (Private) Limited, through its ownership of FMPL,
may be deemed to share voting and dispositive power over the
3,836,297 shares of Common Stock beneficially owned or deemed to be
beneficially owned by FMPL, Cairnhill and Maxwell.

A full-text copy of the regulatory filing is available at:

                     https://is.gd/ZqI7Ay

                         About Amyris

Amyris, Inc., Emeryville, California, is an industrial
biotechnology company that applies its technology platform to
engineer, manufacture and sell natural, sustainably sourced
products into the Health & Wellness, Clean Skincare, and Flavors &
Fragrances markets.  The Company's proven technology platform
enables the Company to rapidly engineer microbes and use them as
catalysts to metabolize renewable, plant-sourced sugars into large
volume, high-value ingredients.  The Company's biotechnology
platform and industrial fermentation process replace existing
complex and expensive manufacturing processes.  The Company has
successfully used its technology to develop and produce five
distinct molecules at commercial volumes.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2017, on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has suffered
recurring losses from operations and has current debt service
requirements that raise substantial doubt about its ability to
continue as a going concern.

Amyris incurred net losses of $72.32 million in 2017, $97.33
million in 2016 and $217.95 million in 2016.  As of March 31, 2018,
Amyris had $118.2 million in total assets, $404.4 million in total
liabilities, $5 million in contingently redeemable common stock and
a total stockholders' deficit of $291.2 million.


ANDERSON SHUMAKER: $5.3M Sale of All Assets to AS 1902 Approved
---------------------------------------------------------------
Judge Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Anderson Shumaker Co.'s
sale of substantially all assets to AS 1902, LLC for $5,310,000,
plus the elimination of the remediation escrow from its Asset
Purchase Agreement (valued at $100,000).

The sale is free and clear of any and all liens, claims, and
encumbrances.  All liens, claims and encumbrances against the
Acquired Assets will attach solely to the proceeds of the Sale with
the same validity, priority, force and effect that they now have as
against the Acquired Assets, subject to the terms of the Debtor's
confirmed Plan of Liquidation.

The bid of AS 1902 is approved as the Winning Bid.  The bid of AS
Forge Acquisition, LLC in the amount of $5,150,000 is approved as
the Back-Up Bid.  The Asset Purchase Agreement of each party will
be modified respectively to reflect the foregoing purchase price
and additional changes made on the record at the Auction, namely
the elimination of the Remediation Escrow by both parties.

Any counterparty to an Assumed Contract objecting to the Cure
Amount or to the assignment of such Assumed Contract will file an
objection with the Court no later than June 19, 2018.  Absent a
timely filed Objection, the Debtor is authorized to assume and
assign the Assumed Contracts to AS 1902, and to execute and deliver
such documents or other instruments as may be necessary to assign
and transfer the Assumed Contracts to AS 1902.

Any automatic stay or injunction is vacated and modified solely to
the extent necessary to implement the terms and provisions of the
APA and the provisions of the Order.

Without further order of the Court, the Debtor is authorized to pay
the Break-Up Fee of $150,000 to AS Forge at the closing of the
Sale; or, in the alternative, the Debtor is authorized to close the
Sale to the Back-Up Bidder, AS Forge, pursuant to its Bid of
$5,150,000 and revised APA if AS 1902 fails to close the sale of
the Acquired Assets.  In such case, AS Forge will be subject to the
terms of the Order as if it were the Winning Bidder.

Pursuant to Bankruptcy Rules 9014 and 6004(h), the Order will be
effective immediately upon entry.

                      About Anderson Shumaker

Based in Chicago, Illinois, Anderson Shumaker Company provides open
die forgings and custom forgings in various shapes and finishes
using stainless steel, aluminum, carbon steel and various grades of
alloy steel.

Anderson Shumaker filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 17-05206) on Feb. 23, 2017.  In the petition signed by CEO
Richard J. Tribble, the Debtor estimated $1 million to $10 million
in assets and $10 million to $50 million in liabilities.

The case is assigned to Judge Donald R Cassling.

Scott R. Clar, Esq. and Brian P. Welch, Esq. at Crane, Heyman,
Simon, Welch & Clar serve as counsel to the Debtor.  The Debtor
tapped CFO Advise LLC as financial advisor and RSM US LLP as
accountant.  In September 2017, the Debtor sought approval to hire
Fort Dearborn Partners Inc. as its financial advisor, to provide
projections for its Chapter 11 plan of reorganization and to
perform financial functions required during the remainder of the
Debtor's bankruptcy case.

U.S. Trustee Patrick S. Laying on March 9, 2017, appointed five
creditors to serve on an official committee of unsecured creditors.
The committee members are: (1) Electralloy, G.O. Carlson, Inc.;
(2) Carlson Tool & Manufacturing Corp.; (3) Progressive Steel
Treating, Inc.; (4) Haynes International, Inc.; and (5) Ellwood
Group.

Shelly A. DeRousse, Esq., Devon J. Eggert, Esq., Elizabeth L.
Janczak, Esq., and Trinitee G. Green, Esq., at Freeborn & Peters
LLP, serve as counsel to the Committee.

On May 8, 2018, the Court confirmed the Debtor's First Amended
Plan of Liquidation.


ANTHONY LAWRENCE: Wins Approval of Disclosure Statement
-------------------------------------------------------
Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York has approved the second amended
disclosure statement explaining Anthony Lawrence of New York,
Inc.'s plan of reorganization.

As previously reported by The Troubled Company Reporter, unsecured
creditors will be paid 29% of their claims under the company's
proposed plan to exit Chapter 11 protection.

According to the plan of reorganization, the company will pay
general unsecured creditors $450,000 or 29% of their claims.  They
will receive quarterly payments over the life of the plan, with the
first quarterly payment to be made on the 15th day of the month
immediately following the month in which the court confirms the
plan.

Payments under the plan will come from the company's future
revenues and current cash on hand, and from proceeds generated from
the settlement of its malpractice action against its former
counsel, James Pagano.  If necessary, the company's cash on hand
will be augmented by a one-time contribution of $25,000 by its
owner, according to its disclosure statement filed with the U.S.
Bankruptcy Court for the Eastern District of New York.

A copy of the disclosure statement is available for free at:

        http://bankrupt.com/misc/nyeb15-44702-162.pdf

              About Anthony Lawrence of New York

Headquartered in Long Island City, New Yok, Anthony Lawrence of New
York, Inc., filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 15-44702) on Oct. 15, 2015, estimating its assets
at up to $50,000 and its liabilities at between $1 million and $10
million.  The petition was signed by Joseph J. Calagna, president.
Judge Elizabeth S. Stong presides over the case.

The Debtor is engaged in the business of custom manufacturing of
furniture and window treatments for the wholesale market only.

James P Pagano, Esq., was formerly tapped to serve as the Debtor's
bankruptcy counsel.  The Law Office of Rachel S. Blumenfeld PLLC
now represents the Debtor.

No trustee, examiner or committee of unsecured creditors has been
appointed.


APB IMPORTS: Taps Fuentes Law Offices as Legal Counsel
------------------------------------------------------
APB Imports, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Fuentes Law Offices, LLC 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.

Alexis Fuentes-Hernandez, Esq., the attorney who will be handling
the case, charges an hourly fee of $250.  The Debtor has agreed to
pay the firm a $20,000 retainer.

Mr. Fuentes-Hernandez disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Fuentes Law Offices can be reached through:

     Alexis Fuentes-Hernandez, Esq.
     Fuentes Law Offices, LLC
     P.O. Box 9022726
     San Juan, PR 00902
     Tel: (787) 722-5216
     Fax: (787) 722-5206
     Email: alex@fuentes-law.com

                      About APB Imports Inc.

APB Imports, Inc. and its affiliate Condado Realty Co. are lessors
of real estate based in San Juan, Puerto Rico.

APB Imports and Condado Realty sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case Nos. 18-03273 and
18-03274) on June 10, 2018.

In the petitions signed by Aurora M. Ray Chacon, secretary, APB
Imports estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.  Condado Realty estimated
$1 million to $10 million in assets and liabilities.


APTIM CORP: S&P Cuts Corp. Credit Rating to 'B-', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Aptim
Corp. to 'B-' from 'B'. The outlook is negative.

S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured notes to 'B-' from 'B'. The '4'
recovery rating is unchanged, indicating our expectation for
average recovery (30%-50%; rounded estimate: 40%) for noteholders
in the event of a payment default.

"The downgrade reflects our view that Aptim's revenue will likely
decline in 2018, following the loss of significant customer
contracts in 2017, work not yet fully replaced. With respect to
future revenue and earnings, the company's backlog has declined to
$2.1 billion as of March 31, 2018, from $2.9 billion as of Sept.
30, 2017. However, margin in backlog has improved somewhat over
this timeframe. Although the company is undertaking a number of
cost-reduction initiatives that should result in improved earnings
this year, credit measures will likely remain weak in 2018.

"The negative outlook reflects our expectation of an increased risk
that earnings and cash flow will remain weak if the company cannot
successfully execute on its project work and cost-reduction
initiatives this year. We expect adjusted debt to EBITDA will
remain elevated at above 7x in 2018.

"We could lower our ratings on Aptim during the next 12 months if
leverage increases further this year or FOCF remains negative. This
could occur, for example, because of a greater than expected swing
in working capital, declines in company operating performance due
to a number of projects turning meaningfully less profitable than
we expect, or the adoption of a more aggressive growth plan. We
could also lower the ratings if liquidity deteriorates or we come
to believe Aptim is dependent upon favorable business, financial,
and economic conditions to meet its financial commitments and that
its financial commitments appear to be unsustainable in the long
term.

"We could revise the outlook to stable over the next 12 months if
we come to believe that credit measures will improve, such that
adjusted debt to EBITDA falls below 7x and we expect the company to
sustain positive FOCF. This could occur if the company profitably
executes on its backlog of projects and delivers on its
cost-reduction initiatives."


ARLEN HOUSE: Hires Joel M. Aresty PA as Attorney
------------------------------------------------
Arlen House East 715, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Joel M. Aresty
of the law firm of Joel M. Aresty, P.A., as attorney.

Professional services Joel Aresty will render are:

    (a) give advice to the debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;

    (b) advise the debtor with respect to its responsibilities in
complying with the U.S. trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

    (c) prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;

    (d) protect the interest of the debtor in all matters pending
before the court; and

    (e) represent the debtor in negotiation with its creditors in
the preparation of a plan.

Joel M. Aresty of the law firm of Joel M. Aresty, P.A., attests
that neither he nor the firm represent any interest adverse to the
debtor, or the estate, and we are disinterested persons as required
by 11 U.S.C. Sec. 327(a).

The counsel can be reached through:

     Joel M. Aresty, Esq.
     JOEL M. ARESTY, P.A.
     309 1st Ave S
     Tierra Verde FL 33715
     Phone: 305-904-1903
     Fax: 800-899-1870
     E-mail: Aresty@Mac.com

                  About Arlen House East 715

Based in Miami Beach, Florida, Arlen House East 715, LLC, r filed a
voluntary petition under chapter 11 of the United States Bankruptcy
Code (Bankr. S.D. Fla. Case No. 18-16263) on May 24, 2018, listing
under $1 million in both assets and liabilities.  The Debtor is
represented by Joel M. Aresty, Esq. at Joel M. Aresty, P.A. as
counsel.


BAKERCORP INTERNATIONAL: Incurs $10.6-Mil. Net Loss in 1st Quarter
------------------------------------------------------------------
Bakercorp International, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $10.64 million on $75.81 million of total revenue for
the three months ended April 30, 2018, compared to a net loss of
$8.21 million on $63.13 million of total revenue for the three
months ended April 30, 2017.

As of April 30, 2018, BakerCorp had $809.81 million in total
assets, $753.78 million in total liabilities and $56.03 million in
total shareholders' equity.

As of April 30, 2018, the Company had $27.5 million of cash and
cash equivalents on its condensed consolidated balance sheet and
$40.0 million of availability under its revolving credit facility.
A substantial amount of the Company's cash from operations is used
for debt service obligations.  Under the Company's current debt
structure, if the maturity date of the senior notes is not extended
90 days beyond its revolving credit facility's maturity date, the
revolving credit facility maturity date accelerates to Jan. 30,
2019 and, if the maturity date of the senior notes is not extended
90 days beyond its term loan maturity date, the term loan maturity
date accelerates to March 2, 2019.

The Company's current cash and cash equivalents and its forecasted
cash flows generated from operating activities through June 15,
2019, will not be sufficient to meet the Company's debt maturities,
prior to June 15, 2019.  As a result, the Company stated there is
substantial doubt about the Company's ability to continue as a
going concern.

"The Company has been reviewing a number of potential alternatives
regarding its outstanding indebtedness, including refinancing or
extending its debt obligations.  The Company's ability to meet its
obligations as they become due in the ordinary course of business
over the next twelve months will depend on its ability to refinance
or extend the maturity of its senior notes.  There can be no
assurance that management's plan will be successful such that the
debt will be refinanced or extended in a timely manner in amounts
that are sufficient to meet the Company's obligations as they
become due, or on terms acceptable to the Company, or at all," said
the Company in the SEC filing.

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/q8Yg3h

                    About BakerCorp International

Plano, Texas-based BakerCorp International, Inc. and its
consolidated subsidiaries -- http://www.bakercorp.com/-- provide
liquid containment, transfer and treatment solutions operating
within the specialty sector of the broader industrial services
industry.  Throughout its operating history of over 75 years, the
Company has developed a reputation for delivering quality
containment, transfer and treatment equipment and services to a
broad range of customers across a wide variety of end markets.  The
company maintains a large and diverse rental fleet consisting of
more than 25,000 serialized units as of Jan. 31, 2018.  The
Company's fleet includes steel tanks, polyethylene tanks, modular
tanks, roll-off boxes, pumps, pipes, hoses and fittings,
filtration, tank trailers, berms, and trench shoring equipment.

BakerCorp reported net income of $7.48 million for the fiscal year
ended Jan. 31, 2018, compared to a net loss of $124.13 million for
the fiscal year ended Jan. 31, 2017.

The report from the Company's independent accounting firm Ernst &
Young LLP, the Company's auditor since 2005, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has significant debt
obligations coming due and has stated that substantial doubt exists
about the Company's ability to continue as a going concern.


BAVARIA YACHTS: Hires Ritterhaus Rechtsanwalte as Special Counsel
-----------------------------------------------------------------
Bavaria Yachts USA, LLLP, seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Dr. Markus Bauer
and Ritterhaus Rechtsanwalte Partnerschaftsgesellschaft mbB as
special counsels for matters related to Bavaria Yachtbau Gmbh
insolvency proceeding in Germany.

Ritterhaus' ordinary rates are:

     Partners              EUR400 per hour
     Senior Associates     EUR300 per hour
     Junior Associates     EUR225 per hour

Dr. Markus Bauer, Partner with Ritterhaus Rechtsanwalte
Partnerschaftsgesellschaft mbB, attests that neither he nor his
firm represent any interest adverse to the Debtor or its estate on
the matters for which they seek to be engaged.

The counsel can be reached through:

     Markus Bauer
     Ritterhaus Rechtsanwalte Partnerschaftsgesellschaft mbB     
     Mainzer Landstrabe 61
     60329 Frankfurt am Main
     Tel: +49 (0) 69 27 40 40-0
     Fax: +49 (0) 69 27 40 40-250
     E-Mail: ffm@rittershaus.net

                     About Bavaria Yachts

Bavaria Yachts USA, LLLP, is a Georgia limited liability limited
partnership which is in the business of buying and selling new and
used Bavaria boats.

Bavaria Yachts USA, LLLP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-68583) on Oct. 18,
2016.  The petition was signed by Kenneth Feld, manager of Oddbody
LLC, the Debtor's general partner.  At the time of the filing, the
Debtor estimated its assets and liabilities at $1 million to $10
million.

The Debtor tapped Louis G. McBryan, Esq., of McBryan LLC, to serve
as legal counsel in connection with its Chapter 11 case.  The
Debtor hired Alexander Dombrowsky, Esq., at Robert Allen Law, as
its special counsel; and Mark M. Chase and Chase CPA, LLC, as its
accountant.

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


BETHANY COLLEGE: S&P Cuts Rating on 2011A/B Revenue Bonds to 'B'
----------------------------------------------------------------
S&P Global Ratings has lowered its long-term rating to 'B' from
'B+' on the County Commission of Brooke County, W.Va.'s series
2011A and B revenue bonds, issued for Bethany College. The outlook
is stable.

"We lowered the rating based on our view of the college's low total
full-time enrollment with continuing enrollment declines, as well
as its extremely high overall discount rate and four-year trend of
declining net tuition revenue," said S&P Global Ratings credit
analyst Gauri Gupta. In recent years, the college has accepted
fewer incoming freshmen than historical levels, and as a result,
expects continued enrollment declines. "The 'B' rating further
reflects our view that while 2017 operating performance had
improved, the college still experienced a large deficit on a full
accrual basis for fiscal 2017," added Ms. Gupta. "It is our opinion
that the college's persistent negative operating margins have
significantly weakened its balance sheet over metrics over time,
such that the college reported negative unrestricted net assets for
the first time in fiscal 2017." Consequently, S&P believes the
college's balance sheet metrics are more consistent with the 'B'
rating level.

S&P said, "The stable outlook reflects our expectation that current
fundraising activities, coupled with management's efforts to
improve operations will support growth in the college's available
resources over the next year and contribute to stabilization and
strengthening of Bethany's financial equilibrium.

"We could consider further negative rating actions if management's
expectation of improvement in operations or growth in balance sheet
does not come to fruition or if the college experiences a further
decline in available resources or additional enrollment declines
and softening demand. Furthermore, while the college's current
violation of its debt service coverage covenant did not trigger a
default, if the college were to violate any financial covenants
that lead to event of default, we could consider a multi-notch
rating action.

"While unlikely, we could consider an upgrade beyond the outlook
period, should the college demonstrate sustained improvement in
financial performance, stabilized enrollment, and growth in
available resources to levels more consistent with a higher
rating."

Bethany College is a private, nonprofit corporation organized in
West Virginia, affiliated with the Christian Church (Disciples of
Christ). The college, founded in 1840, is West Virginia's oldest
college.


BOWIE RESOURCE: S&P Lowers CCR to 'CCC', On CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings lowered the corporate credit rating on
Louisville, Ky.-based Bowie Resource Partners LLC to 'CCC' from
'CCC+' and placed all ratings on CreditWatch with negative
implications.

S&P said, "At the same time, we lowered the rating on the company's
$335 million senior secured first-lien term loan due 2020 to 'B-'
from 'B'. The recovery rating is unchanged at '1', indicating our
expectation of very high (90%-100%; rounded estimate: 95%) recovery
in the event of payment default. In addition, we lowered the rating
on the company's $100 million senior secured second-lien term loan
due 2021 to 'CC' from 'CCC'. We revised the recovery rating on the
term loan '6' from '5', indicating our expectation of negligible
(0%-10%, rounded estimate: 0%) recovery in the event of a default.
Bowie Resource Holdings, LLC, a wholly owned subsidiary of Bowie
Resource Partners LLC, is the issuer of the company's senior
secured debt.

"The rating action is based on our view that Bowie could default
within the next year, without an unforeseen positive development.
We believe that Bowie's sources of liquidity are insufficient to
cover the company's upcoming maturities and mandatory amortizations
over the next 12 months. The company's $35 million asset-based
revolver (ABL) ($24.7 million outstanding as of June 7, 2018) is
due on Aug. 15, 2018. In total, the company has approximately $117
million in required amortizations and maturities in the next 12
months, which far exceeds our estimated cash funds from operations,
consisting of approximately $80 million to $85 million. The $117
million of required payments include a $24.7 million ABL
outstanding balance, $39 million in required amortizations under
the term loan and other debt, $34 million in Pacificorp notes, and
about $19 million in other debt classified as current. If the ABL
lenders terminate the ABL and accelerate its balance, a cross
default under the term loans would occur.

"The CreditWatch with negative implications placement indicates
that there is at least 50% chance that we could lower the rating
within the next 90 days.  

"We would lower the rating on Bowie if a default, distressed
exchange, or redemption appeared to be inevitable within six
months, absent unanticipated significantly favorable changes in the
issuer's circumstances. This could happen if the company is unable
to extend the Aug. 15, 2018 maturity on its ABL facility. We
anticipate that termination of the ABL and an acceleration of its
balance would result in a cross default under the company's term
loans totaling $291.6 million as of March 31, 2018.

"We could resolve the CreditWatch and revise the outlook to stable
if Bowie's liquidity improved such that the company could cover its
fixed charges over the next 12 months. This could happen if the
company extended its revolver or received support from the
sponsor."



BOYD GAMING: Fitch Rates $500M Unsec. Notes Due 2026 'B+/RR4'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B+'/'RR4' rating to Boyd Gaming
Corp.'s announced $500 million senior unsecured notes maturing
2026. Boyd's Issuer Default Rating (IDR) is currently 'B+' with a
Stable Outlook.

The use of proceeds could include, among other uses, financing a
portion of the acquisitions of four Pinnacle Entertainment (PNK)
assets and Valley Forge Casino Resort, both expected to close by
year-end 2018. The aggregate purchase price is $856 million,
subject to final working capital adjustments. Boyd also intends to
raise an incremental $230 million under its existing credit
facility to fund the acquisitions.

KEY RATING DRIVERS

Stable Outlook: Fitch revised Boyd's Rating Outlook to Stable from
Positive in December 2017, reflecting the Pinnacle (PNK) and Valley
Forge debt-funded transactions, which will keep Boyd's traditional
debt/EBITDA leverage at above 5x for a longer duration than Fitch
previously estimated. The Outlook revision also reflects the master
lease that Boyd will enter into with GLPI, which increases its
fixed-cost structure. As a result of the lease, Fitch estimates
Boyd's lease-adjusted leverage will be in mid-5x range through
2019. The leased assets will account for slightly more than 20% of
the company's total property EBITDAR.

Greater Diversification: Both the Valley Forge and PNK acquisitions
diversify Boyd's asset base with access to four new regional gaming
markets and grow its regional gaming network. The company's
exposure to the Las Vegas markets, where it was concentrated, will
decline to about 36% of property EBITDAR from 44% prior to the
acquisitions. Fitch views the acquired PNK gaming assets favorably,
as they are market-leading assets in markets with minimal threat of
new competition.

FCF Support IDR: Boyd generates healthy FCF, which creates some
cushion against potential operating pressure. Fitch expects annual
FCF before dividends in excess of $300 million through the forecast
period. Fitch expects FCF use to be balanced between debt paydown
and shareholder returns in the form of Boyd's quarterly dividend
(currently $23 million per year) and opportunistic share
repurchases. Boyd has a target gross debt/EBITDA range of 4x-5x and
an upgrade to 'BB-' will hinge on Boyd managing closer to the
middle of that range.

Tepid Regional Gaming Outlook: Fitch forecasts overall U.S.
regional gaming revenues to be relatively flat in 2018. Employment,
consumer confidence, and wage inflation are all providing support
to the U.S. consumer. This will help offset secular headwinds,
including the retirement of baby boomers, the sector's core
demographic. The proliferation of video lottery terminals (VLTs),
social gaming and instant-ticket lottery will also continue to
cannibalize traditional, land-based gaming.

DERIVATION SUMMARY

Boyd's rent-adjusted leverage and FCF generation are some of the
strongest among U.S. regional gaming operators. Boyd's credit
profile is better positioned than peer Penn National Gaming as it
still owns a majority of its underlying real estate and is not as
subject to as high of operating leverage as pure play gaming OpCos
have from master leases. As a result, Boyd's FCFs are more
sustainable under moderate operating pressures, similar to other
more traditional gaming operators that still own all or a majority
of their underlying real estate (e.g. Red Rock Resorts, Eldorado
Resorts). Boyd also has outsized exposure to the Las Vegas Locals
market, for which Fitch has a more favorable view relative to other
regional gaming markets. Offsetting these positives is the cyclical
nature of regional gaming, underlying secular headwinds (including
demographic shift and alternatives to casino gaming), and the
industry's capital intensity.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Low single-digit same-store revenue growth across Boyd's
gaming markets;

  -- Boyd closes on announced asset acquisitions in mid-2018;

  -- EBITDAR margins increase slightly through 2020 driven by Las
Vegas Locals, reflecting the segment's larger scale and revenue
flowthrough;

  -- State and federal NOLs absorb all tax liability through the
forecast horizon;

  -- Run-rate maintenance capex of about $150 million per year
(excludes $25 million at acquired assets);

  -- Uses of excess cash flow are spread about evenly among debt
reduction, dividend increases and share repurchases.

Key Recovery Rating Assumptions

  -- The recovery analysis assumes that Boyd would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated;

  -- Fitch has assumed a 10% administrative claim;

  -- The going-concern EBITDA reflects stresses at Boyd's segments
of 20% below LTM levels (adjusted for the PNK assets acquisition).
This reflects a moderate recessionary environment with revenue
declines of low double-digits and 50% flow-through to EBITDA. This
is slightly better than Boyd's performance in the previous
recession;

  -- Fitch's recovery analysis is based on EV multiples that are
slightly below historical market and M&A-implied multiples. This is
to account for the difficulty of estimating multiples at the time
of default, which could be under distressed circumstances. Fitch
assigns 6.5x multiples to the Midwest & South segment, 6x to
Downtown and 7x to Las Vegas Locals. Actual M&A-implied multiples
for regional assets have been generally above 7x. Fitch assigns a
6x multiple for the previously owned PNK OpCo assets, as their high
fixed cost structure offset solid asset quality and favorable
competitive environments. Fitch also assigns a 6x multiple for
Valley Forge given its competitive environment;

  -- Assumes a full draw on Boyd's revolver, which has $775 million
in capacity and $595 million in availability as of March 31, 2018;

  -- The waterfall results in a 100% recovery corresponding to an
'RR1' recovery for the senior secured credit facility. The
waterfall also indicated a 48% recovery corresponding to 'RR4' for
the senior unsecured notes. This incorporates the $500 million
unsecured issuance and planned issuance of $230 million in secured
debt.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Debt/EBITDA declining and remaining below 5.0x (Fitch
forecasts 4.9x for 2019);

  -- Adjusted debt/EBITDAR declining close to 5.0x (Fitch forecasts
5.3x 2019);

  -- Discretionary run-rate FCF exceeding $300 million on sustained
basis (Fitch forecasts $400 million for 2019);

  -- Regional markets remaining stable or growing on same-store
basis.

Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Boyd's debt/EBITDA ratio remaining above 6.0x on a sustained
basis (Fitch forecasts 4.9x for 2019);

  -- Adjusted debt/EBITDAR increasing to 6.0x (Fitch forecasts 5.3x
2019);

  -- Discretionary run-rate FCF declining toward or below $150
million (Fitch forecasts $400 million for 2019);

  -- Operating pressure with same-store revenues declining over an
extended period;

  -- Boyd pursuing a REIT spin-off or an M&A activity that would
result in rent-adjusted leverage increasing.

LIQUIDITY

Strong Liquidity: Boyd had $595 million available on its $775
million revolver as of March 31, 2018, Boyd's run-rate
discretionary FCF is approximately $300 million pro forma for the
acquisition, and Boyd has no meaningful maturities until 2021 when
the revolver ($130 million outstanding as of March 31, 2018) and
term loan A ($207 million prior to any required prepayments and
incremental issuance) mature. There are no major developments and
run-rate maintenance capex of $150 million is also manageable.
Boyd's strong FCF generation allows some cushion for moderate
operating stress or a more aggressive return of shareholder value.


FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Boyd Gaming Corp.

  -- Senior unsecured notes due 2026 'B+'/'RR4'.

Fitch currently rates Boyd as follows:

Boyd Gaming Corp.

  -- Long-Term IDR 'B+'; Outlook Stable;

  -- Senior secured credit facility 'BB+'/'RR1';

  -- Senior unsecured notes 'B+'/'RR4'.


BOYD GAMING: Moody's Rates Proposed $700M Notes Due 2026 'B3'
-------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Boyd Gaming
Corporation's proposed $700 million senior notes due 2026. The
company's existing ratings -- B2 Corporate Family Rating, B2-PD
Probability of Default Rating, B3 senior unsecured debt rating, and
Ba3 senior secured debt rating -- did not change. Boyd's SGL-2
Speculative Grade Liquidity rating and stable rating outlook were
also unaffected.

The B3 rating on the new notes considers that it has similar terms
to Boyd's existing senior unsecured notes, and that the proposed
issue does not have a notching impact on the company's existing
senior B3 unsecured and Ba3 senior secured ratings or Loss Given
Default (LGD) results, even when considering a future increase of
Boyd's revolving credit facility. Concurrent with the new note
announcement, the company announced it intends to pursue a $230
million increase in its revolver later this year.

Boyd intends to initially use the proceeds from the new notes to
pay down the outstanding amounts under its senior secured revolving
credit facility and will retain the balance of the net proceeds as
additional cash on hand or invest the balance of the net proceeds
in cash equivalents and short-term marketable securities. The
proceeds will then be used for working capital and general
corporate purposes, which may include, reducing or refinancing
indebtedness, expansion efforts, including acquisitions of assets
or businesses, and general capital expenditures.

Assignments:

Issuer: Boyd Gaming Corporation

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD5)

RATINGS RATIONALE

Boyd's credit profile reflects the company's significant size and
geographic diversification, both on a current and pro forma basis.
In terms of revenue, Boyd is currently one of the three largest
regional gaming companies with over $2.3 billion of net revenue
derived from 24 casino properties across 14 distinct gaming
markets. Those numbers will increase once the acquisition of five
regional properties that Boyd announced in December 2017 close
later this year. Also adding to Boyd's size and diversification is
the company's recent acquisition of Lattner Entertainment Group
(Lattner) which closed on June 1. Lattner owns approximately1,000
video lottery terminals (VLT) across a network of 220 bars and
retail gaming establishments throughout Illinois. Positive credit
consideration is also provided by Moody's stable Industry Sector
Outlook (ISO) for US Gaming.

Key credit concerns include Boyd's significant leverage. Pro forma
for the company's recent and pending acquisitions, debt/EBITDA is
about 5.8x. Additionally, while the stable rating outlook also
incorporates Moody's view that deleveraging will occur, Boyd will
continue to maintain what Moody's characterizes as an aggressive
financial policy as it relates to the use of debt to fund
acquisitions and investment over the longer-term. Market saturation
is another concern. While there have been some recent improvements
in overall gaming demand throughout the US, Boyd and other U.S.
regional gaming operators face casino oversupply conditions and the
resulting cannibalization of customer dollars that is occurring
throughout many US gaming markets.

The stable rating outlook incorporates Moody's view that some
modest deleveraging will occur during the next 12-18 month period
which will enable Boyd to maintain itself comfortably within the B2
rating category in terms of leverage. Also supporting Boyd's stable
outlook is the company's good liquidity profile. Moody's expects
Boyd, on a pro forma basis, will continue to generate positive free
cash flow, maintain significant availability on its revolver, and
will continue to comfortably maintain compliance with the financial
covenants included in the bank facilities. The company also has
discrete assets that it can sell to raise cash should the need
arise.

Boyd's rating could be upgraded if it appears the company will be
able to achieve and maintain debt/EBITDA below 5.25 times. An
upgrade would also require a continuation of stable gaming revenue
trends along with the maintenance of a good liquidity profile. A
downgrade could occur if Boyd's debt/EBITDA rises to and stays
at/or above 6.0 times for any reason.

Boyd is an owner and operator of gaming entertainment properties
located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and
Mississippi. Net revenue for the latest 12-month period ended March
31, 2018 was about $2.3 billion.


BOYD GAMING: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on Las Vegas-based
Boyd Gaming Corp., including our 'B+' corporate credit rating. The
outlook remains stable.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '5' recovery rating to the company's proposed $500 million
senior unsecured notes due 2026. The '5' recovery rating indicates
our expectation for modest recovery (10%-30%; rounded estimate:
25%) for lenders in the event of a payment default."

Boyd Gaming plans to use the proceeds from the proposed notes,
along with borrowings from its revolving credit facility and cash
flow from operations, to finance its pending acquisitions and for
general corporate purposes. S&P also expects Boyd to seek up to
$230 million of incremental commitments for its existing senior
secured credit facility.

S&P said, "The affirmation reflects our expectation that Boyd will
maintain solid adjusted EBITDA interest coverage of around 3x
through 2019. It also reflects our expectation that the company
will continue to generate good levels of discretionary cash flow
over our forecast period, which it can use to pay down its debt.
These factors will offset a temporary spike in Boyd's leverage to
about 6x in 2018 for productive acquisitions, which we believe will
modestly enhance its business. We expect the company's adjusted
debt-to-EBITDA to decline to the mid-5x area in 2019 from about 6x
as of the end of 2018.

"The stable outlook on Boyd reflects our expectation that the
company will continue to generate good levels of discretionary cash
flow over the next two years, which will enable it to further pay
down its debt and reduce its leverage to the mid-5x area in 2019.
We also expect Boyd to maintain EBITDA interest coverage of about
3x through 2019.

"We could lower our ratings on Boyd if we believe the company will
sustain leverage of more than 6x for an extended period of time.
The most likely path for this to happen, in our view, would be if
the company meaningfully underperformed our base-case scenario in
2019 or adopted a more aggressive financial policy than we expect
with regard to acquisitions, growth spending, or shareholder
returns.

"While an upgrade is unlikely over the next 18 months due to the
company's increased leverage from its planned acquisitions, we
could raise our rating on Boyd if it outperformed our forecast or
repaid its debt at a faster-than-expected pace such that we expect
it to sustain adjusted leverage of less 5x and a FFO-to-debt ratio
or more than 12%."


C & M AIR: Gets Okay on Interim Cash Collateral Use Until July 6
----------------------------------------------------------------
The Hon. Ronald B. King of the U.S. Bankruptcy Court for the
Western District of Texas has entered a third interim order
authorizing C & M Air Cooled Engine, Inc., to use cash collateral
to pay the Debtor's business expenses in accordance with the
Budget, until the earlier to occur of (a) the conclusion of the
final hearing on the Motion, or (b) July 6, 2018.

The Court will conduct status hearings on June 5, 2018 at 1:30 p.m.
and June 19, 2018 at 2:00 p.m. at which time the Debtor's
authorization to use cash collateral may be modified or
terminated.

Since 2008, Wells Fargo Commercial Distribution Finance, LLC
(WFCDF) has provided floor plan financing to the Debtor with which
the Debtor acquired inventory from manufacturers for resale to
customers, pursuant to the parties' Inventory Financing Agreement.
Under the IFA, the Debtor granted to WFCDF a security interest in
all of the Debtor's then owned or after acquired accounts,
inventory, equipment, fixtures, other goods, general intangibles,
chattel paper, deposit accounts, investment property, documents,
and all products and proceeds of the foregoing, which included the
goods acquired by the Debtor with WFCDF's purchase money financing
to be held as inventory.

As of the Petition Date, the amount of the Debtor's indebtedness to
WFCDF under the WFCDF Pre-petition Loan Agreements is alleged by
WFCDF to be at least $1,292,021.25 in unpaid principal and accrued
interest of $11,344.51 as of March 31, 2018.

TCF Inventory Finance, Inc. (TCFIF), entered into an Inventory
Security Agreement with the Debtor, pursuant to which, the Debtor
granted TCFIF a security interest in assets of Debtor in order to
secure the obligations of Debtor to TCFIF under the Agreement.
TCFIF claims a purchase money security interest in the TCFIF
Financed Inventory.  As of April 23, 2018, the outstanding
obligation owed to TCFIF by Debtor is alleged by TCFIF to be
$1,334,784, plus accrued interest.  

The Debtor's records indicate that Texas First State Bank is a
secured creditor with an indebtedness of approximately $2,177,330
and claims a lien on substantially all of the Debtor's assets.

As adequate protection for the interests of WFCDF and Texas First
State Bank and TCFIF, the Debtor will timely make the following
payments:

     (a) With respect to WFCDF, upon the sale of any WFCDF Financed
Inventory or the receipt of proceeds therefrom, the Debtor will
segregate and hold in trust for WFCDF the amount of such proceeds
equal to the amount financed by WFCDF for the acquisition thereof
and accrued interest thereon and, not later than the first business
day of each week, remit to WFCDF via wire transfer the WFCDF Payoff
Amount for all collections during the preceding week.

     (b) With respect to TCFIF, upon the pre- or post-petition sale
of any inventory financed by TCFIF or the receipt of proceeds from
any pre- or post-petition sale of any inventory financed by TCFIF,
the Debtor will segregate and hold in trust for TCFIF the amount of
such proceeds equal to the amount financed by TCFIF for the
acquisition thereof and accrued interest thereon and, not later
than the first business day of each week, remit to TCFIF via wire
transfer the TCFIF Payoff Amount for all collection during the
preceding week.

     (c) The Debtor will make the adequate protection payments to
Texas First Bank as provided in the budget.

     (d) With respect to PNC Equipment Finance, LLC (PNC), upon the
pre- or post-petition sale of any "End of Term Equipment" as
defined in the Debtor's vendor operating agreement with PNC or the
receipt of proceeds from any pre- or post-petition sale of any End
of Term Equipment owned by PNC, the Debtor will segregate and hold
in trust for PNC the amount of such proceeds equal to PNC's booked
residual amount and, not later than the first business day of each
week, remit to PNC via wire transfer the PNC Residual Amount for
all collection during the preceding week.

     (e) With respect to Redexim USA B.V., upon the pre- or
postpetition sale of any inventory sold by Redexim pursuant to the
Exclusive Distributorship and Security Agreement or the receipt of
proceeds from any pre- or post-petition sale of any Redexim
Inventory, the Debtor will segregate and hold in trust for Redexim
the amount of such proceeds equal to the cost of such items.

A full-text copy of the Third Interim Order is available at

           http://bankrupt.com/misc/txwb18-60249-106.pdf

                       About C & M Air Cooled

C & M Air Cooled Engine, Inc., is a family-owned and operated
company that owns a lawn and garden equipment and supplies stores
based in Waco, Texas, with locations in Albuquerque, New Mexico;
Commerce City, Colorado; and San Antonio, Texas. Founded in 1978, C
& M offers outdoor power equipment, parts and service.

C & M Air Cooled Engine sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-60249) on April 3,
2018.  In the petition signed by Linda Darlyne Mathis,
vice-president, the Debtor estimated assets of less than $50,000
and liabilities of $1 million to $10 million.  Judge Ronald B. King
presides over the case.


CALMARE THERAPEUTICS: Reports Preliminary Tally of Consents
-----------------------------------------------------------
Calmare Therapeutics Incorporated reported the preliminary tally of
consents by shareholders with respect to a recent consent
solicitation neither supported by Calmare's officers nor by four of
its five directors.  This preliminary tally is based on information
prepared by IVS Associates Inc., a professional services
organization specializing in independent tabulation and
certification of voting results.  The preliminary tally indicates
that none of the proposals were adopted because none of them
received approval of a majority of the shares outstanding on the
Feb. 13, 2018 record date.

The consent solicitation for these proposals was opposed by current
management, and also opposed by four of the five current directors
of Calmare.  The six proposals, none of which were approved,
proposed to remove four of the five current directors, elect new
directors to the Board, make two different amendments to Calmare's
existing Bylaws, and provide new requirements for additional Bylaws
and Bylaw amendments.

Participants in Solicitation

The Company and its directors and executive officers are deemed to
be participants in the consent revocation solicitation.  These
participants are identified in the Company's Amended Definitive
Consent Revocation Statement (Amendment No. 1) that the Company
filed with the U.S. Security and Exchange Commission on Jan. 16,
2018.  Information regarding the interests of participants of the
Company in the solicitation of consent revocations and other
relevant material will be filed with the SEC when they become
available.  Some of this information has been included in the
preliminary consent revocation materials that the Company filed
with the SEC.

Additional Information

Shareholders are encouraged to read the Company's Consent
Revocation Statement and subsequent filings, together with any
other relevant documents that the Company files with the SEC when
they become available.  They will contain important information.

Investors and security holders will be able to obtain the documents
electronically, free of charge, from the SEC's website, www.sec.gov
or the Calmare Therapeutics Incorporated website,
www.calmaretherapeutics.com or in print form by writing to Calmare
Therapeutics Incorporated, 1375 Kings Highway, Suite 400,
Fairfield, CT 06824-5380 Attention: Investor Relations.

                  About IVS Associates, Inc.

IVS Associates, Inc. is a professional services organization
specializing in independent tabulation and certification of voting
results for corporations and associations throughout the United
States.  IVS has served as independent inspectors at over 200
contested meetings and 600 routine annual meetings.  It has earned
its reputation as the leading provider of independent inspectors
for the most important votes-proxy fights and contested meetings.

                  About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc. -- http://www.calmaretherapeutics.com/-- is a
medical device company developing and commercializing innovative
products and technologies for chronic neuropathic pain.  The
Company's flagship medical device, the Calmare Pain Therapy Device,
is a non-invasive and non-addictive modality that can treat
chronic, neuropathic pain.

Mayer Hoffman McCann CPAs, issued a "going concern" opinion in its
report on the consolidated financial statements for the year ended
Dec. 31, 2016, noting that the Company has incurred operating
losses since fiscal year 2006 and has a working capital and
shareholders' deficit at Dec. 31, 2016.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

Calmare reported a net loss of $3.82 million for the year ended
Dec. 31, 2016, compared to a net loss of $3.67 million for the year
ended Dec. 31, 2015.  As of Dec. 31, 2016, Calmare had $3.88
million in total assets, $17.69 million in current total
liabilities and a total shareholders' deficit of $13.81 million.


CALPINE CORP: Egan-Jones Withdraws 'B-' Sr. Unsec. Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on June 6, 2018, withdraws B- foreign
currency and local currency senior unsecured ratings on debt issued
by Calpine Corporation.

Headquartered in Houston, Texas, Calpine Corporation is the largest
generator of electricity from natural gas and geothermal resources
in the United States, with operations in competitive power markets.


CAREVIEW COMMUNICATIONS: Signs 2nd Amendment Modification Pact
--------------------------------------------------------------
CareView Communications, Inc., and a wholly owned subsidiary of the
Company, CareView Operations, L.L.C. (Borrower), and a wholly owned
subsidiary of the Borrower (the "Subsidiary Guarantor"), and PDL
Investment Holdings, LLC (as assignee of PDL BioPharma, Inc.), in
its capacity as administrative agent and lender (the "Lender")
under the Credit Agreement dated as of  June 26, 2015, as amended,
by and among the Company, the Borrower and the Lender, entered into
a Modification Agreement on Feb. 2, 2018, effective as of Dec. 28,
2017, with respect to the Credit Agreement in order to modify
certain provisions of the Credit Agreement and Loan Documents to
prevent an Event of Default from occurring.

Under the Modification Agreement, the parties agreed that (i) the
Borrower would not make the principal payment due under the Credit
Agreement on Dec. 31, 2017 until the end of the Modification
Period, (ii) the Borrower would not pay the principal installments
due at the end of each calendar quarter during the Modification
Period and (iii) because the Borrower's Liquidity (as defined in
the Credit Agreement) was anticipated to fall below $3,250,000, the
Liquidity required during the Modification Period would be lowered
to $2,500,000.  The Lender agreed that the occurrence and
continuance of any of the Covered Events will not constitute Events
of Default for a period from Dec. 28, 2017 through the earliest to
occur of (a) any Event of Default under any Loan Documents that
does not constitute a Covered Event, (b) any event of default under
the Modification Agreement, (c) the Lender's election, in its sole
discretion, to terminate the Modification Period on May 31, 2018 or
Sept. 30, 2018 (with each such date permitted to be extended by the
Lender in its sole discretion) by delivering a written notice to
the Borrower on or prior to such date, or (d) Dec. 31, 2018.

In consideration of the Lender's entry into the Modification
Agreement, the Company and the Borrower agreed, among other things,
that the Borrower would obtain (i) at least $2,250,000 in net cash
proceeds from the issuance of Capital Stock (other than
Disqualified Capital Stock) or Debt (each such term as defined in
the Credit Agreement) on or prior to Feb. 23, 2018 and (ii) an
additional $3,000,000 in net cash proceeds from the issuance of
Capital Stock (other than Disqualified Capital Stock) or Debt on or
prior to May 31, 2018 (resulting in aggregate net cash proceeds of
at least $5,250,000).

As previously reported in the Company's Current Report on Form 8-K
filed with the SEC on Feb. 26, 2018, the Company, the Borrower and
the Lender entered into a Second Amendment to Credit Agreement on
Feb. 23, 2018, pursuant to which, among other things, the parties
agreed to amend the Modification Agreement to provide that the
Borrower could satisfy its obligations under the Modification
Agreement to obtain financing by obtaining (i) at least $2,050,000
in net cash proceeds from the issuance of Capital Stock (other than
Disqualified Capital Stock) or Debt on or prior to Feb. 23, 2018
and (ii) an additional $3,000,000 in net cash proceeds from the
issuance of Capital Stock (other than Disqualified Capital Stock)
or Debt on or prior to May 31, 2018 (resulting in aggregate net
cash proceeds of at least $5,050,000).

As previously reported in the Company's Current Report on Form 8-K
filed with the SEC on June 4, 2018, the Company, the Borrower, the
Subsidiary Guarantor and the Lender entered into an Amendment to
Modification Agreement on May 31, 2018, pursuant to which the
parties agreed to amend the Modification Agreement to provide that
the dates on which the Lender may elect, in the Lender's sole
discretion, to terminate the Modification Period would be July 31,
2018 and Sept. 30, 2018 (with each such date permitted to be
extended by the Lender in its sole discretion); and that the
Borrower could satisfy its obligations under the Modification
Agreement to obtain financing by obtaining (i) at least $2,050,000
in net cash proceeds from the issuance of Capital Stock (other than
Disqualified Capital Stock) or Debt on or prior to February 23,
2018 and (ii) an additional (A) $750,000 in net cash proceeds from
the issuance of Capital Stock (other than Disqualified Capital
Stock) or Debt on or prior to June 15, 2018 and (B) $750,000 in net
cash proceeds from the issuance of Capital Stock (other than
Disqualified Capital Stock) or Debt on or prior to August 31, 2018
(resulting in aggregate net cash proceeds of at least $3,550,000).

On June 14, 2018, the Company, the Borrower, the Subsidiary
Guarantor and the Lender entered into a Second Amendment to
Modification Agreement, pursuant to which the parties agreed to
further amend the Modification Agreement to provide that the
Borrower could satisfy its obligations under the Modification
Agreement to obtain financing by obtaining (i) at least $2,050,000
in net cash proceeds from the issuance of Capital Stock (other than
Disqualified Capital Stock) or Debt on or prior to Feb. 23, 2018
and (ii) an additional (A) $750,000 in net cash proceeds from the
issuance of Capital Stock (other than Disqualified Capital Stock)
or Debt on or prior to July 3, 2018 (rather than June 15, 2018) and
(B) $750,000 in net cash proceeds from the issuance of Capital
Stock (other than Disqualified Capital Stock) or Debt on or prior
to Aug. 31, 2018 (resulting in aggregate net cash proceeds of at
least $3,550,000).

A full-text copy of the Second Amendment to Modification Agreement
is available for free at https://is.gd/GHRGcY

                  About CareView Communications

Headquartered in Lewisville, Texas, CareView Communications, Inc.
-- http://www.care-view.com/-- is a provider of products and
on-demand application services for the healthcare industry,
specializing in bedside video monitoring, software tools to improve
hospital communications and operations, and patient education and
entertainment packages.  Its proprietary, high-speed data network
system is the next generation of patient care monitoring that
allows real-time bedside and point-of-care video monitoring
designed to improve patient safety and overall hospital costs.  The
entertainment packages and patient education enhance the patient's
quality of stay.

Careview Communications incurred a net loss of $20.07 million in
2017 following a net loss of $18.66 million for the year ended Dec.
31, 2016.  As of March 31, 2018, Careview Communications had $12.51
million in total assets, $79.33 million in total liabilities and a
total stockholders' deficit of $66.81 million.

BDO USA, LLP, in Dallas, Texas, issued a "going concern" opinion in
its report on the consolidated financial statements for the year
ended Dec. 31, 2017, citing that the Company has suffered recurring
losses from operations and has accumulated losses since inception
that raise substantial doubt about its ability to continue as a
going concern.


CD HALL: Seeks Authorization On Interim Cash Collateral Use
-----------------------------------------------------------
C.D. HALL LLC seeks authorization and approval from the U.S.
Bankruptcy Court for the District of Nevada to use of cash and
alleged cash collateral on an emergency and interim basis pending a
Final Hearing and consistent with the Budget.

The Debtor has determined it must either restructure its operations
or sell its assets as a going concern.  In order to accomplish
this, the Debtor must maintain and preserve its operations at some
level pending such transaction.  The Debtor requires the use of
cash generated by its operations and in its bank accounts in order
to continue its operations.  The Debtor has therefore prepared and
developed its Budget.

As illustrated by the Budget, the Debtor is only seeking to use
cash collateral to preserve, maintain, and operate its operations
in the ordinary course of the business, and presently only for the
first four weeks of the Case. The proposed Budget provides total
expenses of approximately $162,035 during the weeks of June 4, 2018
through August 21, 2018.

The Debtor obtained two loans by two separate lenders. Each loan is
secured by its Property with a first deed of trust held by
Clearinghouse CDFI and the second deed of trust held by Donna
Canada.

The Debtor was current on its payments to the Clearinghouse, and as
of May 24, 2018, the outstanding balance owed on the Clearinghouse
was approximately $1,599,269.78.

Donna Canada was a former partner in the Debtor's business. Canada
exited the Debtor's business during the Debtor's previous
bankruptcy case. As part of Ms. Canada's buy-out, the Debtor and
Canada entered into a loan agreement for the principal amount of
$270,000. The Debtor currently owes Ms. Canada $250,000.

It is undisputed that the Clearinghouse is in the senior secured
lender with a first priority security interest in and to any cash
and cash collateral and Ms. Canada is a secured lender with a
second priority security interest in and to any cash and cash
collateral.

The Debtor believes that the Clearinghouse and Ms. Canada's
interests are adequately protected by the significant equity
cushion that is represented by the difference in the amount owed to
both the Clearinghouse under the Note and Ms. Canada under the
Second Note and the value of the Property.

Specifically, the Debtor's Property is valued at $2,800,000, while
the debt represented by the first and second deeds of trusts total
about $1,900,000. Thus, the value of the Property securing both the
first and second deeds of trusts significantly exceeds these debts,
leaving the Debtor with an equity cushion between $800,000 and
$1,000,000.

A full-text copy of the Cash Collateral Motion is available at

             http://bankrupt.com/misc/nvb18-13058-11.pdf

                       About C.D. Hall LLC

C.D. Hall LLC owns a child day care center in Las Vegas, Nevada.
The company previously sought protection from creditors on Nov. 29,
2013 (Bankr. D. Nev. Case No. 13-20032).

C.D. Hall LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 18-13058) on May 25, 2018.  In the
petition signed by Jhonna Diller, managing member, the Debtor
estimated assets and liabilities ranging from $1 million to $10
million.  The Hon. Laurel E. Babero presides over the case.  The
Debtor is represented by Ryan A. Aanderson, Esq. of Andersen Law
Firm, Ltd.


CHESAPEAKE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 8, 2018, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Chesapeake Energy Corporation to CCC+ from CCC-.

Chesapeake Energy Corporation is an American petroleum and natural
gas exploration and production company headquartered in Oklahoma
City. The company is named after the founder's love for the
Chesapeake Bay region.


CHICAGO CENTRAL: Disclosure Statement Has Court Approval
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Oklahoma has
approved the disclosure statement explaining Chicago Central, LLC's
Chapter 11 Plan, according to court dockets.

                     About Chicago Central

Chicago Central, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Okla. Case No. 17-13704) on Sept. 15, 2017.  The
petition was signed by William C. Liedtke, III, its manager.  In
its petition, the Debtor estimated $1 million to $10 million in
assets and $10 million to $50 million in liabilities.  The Hon.
Sarah A. Hall presides over the case.  Crowe & Dunlevy is the
Debtor's counsel.  D.R. Payne & Associates, Inc., is the Debtor's
financial advisors and financial accountants.


CLAIRE'S STORES: Plan Disclosures Hearing Adjourned Sine Die
------------------------------------------------------------
The hearing to consider approval of the disclosure statement
explaining Claire's Stores, Inc.'s reorganization plan has been
adjourned to a "date to be determined".

The hearing to consider the adequacy of the disclosure statement
and the proposed confirmation schedule was originally scheduled for
May 30, but was adjourned to June 20.

The hearing has now been adjourned sine die after Judge Mary F.
Walrath ordered a more open and an extended bidding process for
Claire's Stores.

The Debtors have filed a plan of reorganization that's based on the
restructuring support agreement signed with sponsor Apollo
Management, and the first lien lenders led by Elliott Management
Corporation and Monarch Alternative Capital LP.  The Plan
contemplates a new money investment of up to $575 million from
sponsor Apollo, and the ad hoc group of first lien lenders.  The
first lien lenders will receive 100% of the equity in the
reorganized Claire's Stores.  Aside from the subscription rights,
Apollo will receive releases.

The RSA, which is a prepetition agreement that has not yet been
assume by the Debtors, requires the Claire's to comply with these
milestones:

           Milestone                    Date
           ---------                  -----------
File Plan and Disclosure Statement   April 9, 2018
Entry of Disclosure Statement Order  June 11, 2018
Commence Plan Solicitation           June 18, 2018
Entry of Confirmation Order          Aug. 25, 2018
Plan Effective Date                  Sep. 14, 2018

Pursuant to the RSA, the Debtors conducted a marketing process but
said that it was only soliciting a "Payout Event Proposal", i.e. an
alternative Chapter 11 plan that would repay the Debtors' first
lien debt and other senior debt in full, in cash (thus setting a
minimum all-cash bid of approximately $1.9 billion).

Judge Walrath on June 13, 2018, conducted a hearing on Oaktree
Capital's motion to modify the process by which the Debtors may
solicit proposals to purchase all or substantially all of their
assets or to otherwise serve as the sponsor for transactions that
could constitute, or serve as the basis for, a chapter 11 plan of
reorganization for the Debtors.

In her ruling, Judge Walrath held that while the motion's novel,
and a requested postponement/suspension requires an adversary
proceeding, she acknowledged that the bidding process was not in
accordance with 11 U.S.C. Sec. 363.  She ordered a "short"
extension of the bidding deadline, and a marketing process that's
open to any and all bids, and bids in whatever "format they have".

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

          http://bankrupt.com/misc/deb18-10584-236.pdf

                     About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer of jewelry, accessories, and beauty products for
young women, teens, "tweens," and kids.  Through the Claire's
brand, the Claire's Group has a presence in 45 nations worldwide,
through a total combination of over 7,500 Company-owned stores,
concessions locations, and franchised stores.  Headquartered in
Hoffman Estates, Illinois, the Company began as a wig retailer by
the name of "Fashion Tress Industries" founded by Rowland Schaefer
in 1961.  In 1973, Fashion Tress Industries acquired the
Chicago-based Claire's Boutiques, a 25-store jewelry chain that
catered to women and teenage girls.  Following that acquisition,
Fashion Tress Industries changed its name to "Claire's Stores,
Inc." and shifted its focus to a full line of fashion jewelry and
accessories.

In 2007, the Company was taken private and acquired by investment
funds affiliated with, and co-investment vehicles managed by,
Apollo Management VI, L.P. Claire's Group employs approximately
17,000 people globally.

Claire's Stores, Inc., and 7 affiliates sought Chapter 11
protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018,
after reaching terms of a balance sheet restructuring with their
first lien lenders and sponsor Apollo Global Management, LLC.

As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in
total assets against $2.53 billion in total liabilities.

The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy
counsel; Richards, Layton & Finger, P.A. as local counsel; FTI
Consulting as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; Hilco Real Estate, LLC as real estate advisor;
and Prime Clerk as claims agent and administrative advisor.  Grant
Thornton, LLP has been tapped as auditor and Deloitte Tax LLP as
tax service provider.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on March 27,
2018, appointed seven creditors to serve on the official committee
of unsecured creditors in the Chapter 11 case of Claire's Stores
Inc. and its affiliates. Cooley LLP serves as lead counsel to the
Committee, Bayard, P.A., as co-counsel, and Province, Inc., as
financial advisor.

The Ad Hoc First Lien Group tapped Morris, Nichols, Arsht & Tunnell
LLP, and Willkie Farr & Gallagher LLP, as counsel.

Oaktree Capital Management tapped White & Case LLP, led by Thomas E
Lauria, and J. Christopher Shore, as counsel; Fox Rothschild LLP as
local counsel; and Houlihan Lokey as investment banker.


COMMUNITY CHOICE: Non-Binding Term Sheet Reached With Noteholders
-----------------------------------------------------------------
Between April 12, 2018 and May 31, 2018, Community Choice Financial
Inc. entered into confidentiality agreements in connection with
discussions regarding potential transactions to refinance or
restructure the company's debt with certain holders, and investment
advisors or persons acting in similar capacities for certain
holders (the "Ad Hoc Group") of CCFI's 10.75% Senior Secured Notes
due 2019 issued pursuant to that certain indenture, dated as of
April 29, 2011, by and among CCFI, the guarantors party thereto,
Computershare Trust Company of Canada, as successor trustee and
U.S. Bank National Association, as collateral agent, and CCFI's
12.75% Senior Secured Notes due 2020 issued pursuant to that
certain indenture, dated as of July 6, 2012, by and among CCFI, the
guarantors party thereto, the Trustee and the Collateral Agent.
The members of the Ad Hoc Group hold a majority of the issued and
outstanding principal amount of the Notes.

Pursuant to the Confidentiality Agreements, the Ad Hoc Group has
been provided with certain material non-public information which it
provided to the Ad Hoc Group and their respective financial and
legal advisers in connection with the above referenced discussions.
The Disclosure Materials are available for free at:

                     https://is.gd/8aJiKb

The above referenced discussions resulted in a non-binding term
sheet setting forth key terms and conditions of the potential
Restructuring, which is available for free at https://is.gd/N5fGn1
upon which there is substantial agreement between the Company and
the members of the Ad Hoc Group.  The discussions between CCFI and
the Ad Hoc Group regarding the potential Restructuring are ongoing,
and the Company and the Ad Hoc Committee have commenced negotiation
of a restructuring support agreement which would set forth the
material terms and conditions that would be applicable to the
potential Restructuring.

                  About Community Choice Financial

Dublin, Ohio-based Community Choice Financial Inc. --
http://www.ccfi.com/-- is a retailer of financial services to
unbanked and underbanked consumers through a network of 483 retail
storefronts across 12 states and are licensed to deliver similar
financial services over the internet in 30 states.  CCFI focuses on
providing consumers with a wide range of convenient financial
products and services to help them manage their day-to-day
financial needs including consumer loans, check cashing, prepaid
debit cards, money transfers, bill payments, and money orders.

Community Choice incurred a net loss of $180.9 million in 2017,
compared to a net loss of $1.54 million in 2016.  As of Dec. 31,
2017, Community Choice had $212.40 million in total assets, $417.6
million in total liabilities and a total stockholders' deficit of
$205.2 million.

                           *    *    *

As reported by the TCR on April 19, 2018, S&P Global Ratings said
it lowered its issuer credit rating on Community Choice Financial
to 'CC' from 'CCC'.  The outlook is negative.  "The downgrade
follows the company's amended revolver and subsidiary note payable
on March 30, 2018 -- both of which require CCFI to make a proposal
to restructure its senior secured notes, which, if
completed, we would likely view as a selective default."

In February 2016, Moody's Investors Service affirmed Community
Choice's 'Caa1' corporate family rating.  Moody's affirmation of
Community Choice's ratings reflects the company's meaningfully
reduced leverage as a result of its recently announced debt
repurchases at a substantial discount.


CONCHO RESOURCES: Moody's Withdraws Ba1 CFR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded Concho Resources Inc. to
investment grade, raising its senior unsecured rating to Baa3 from
Ba1. Moody's also withdrew Concho's Ba1 Corporate Family Rating,
Ba1-PD Probability of Default Rating, and SGL-1 Speculative Grade
Liquidity rating. The rating outlook was changed to stable from
positive.

"The upgrade acknowledges Concho's commitment to maintain credit
metrics and financial philosophy appropriate for the investment
grade Baa3 rating as it continues growing in the Permian Basin,"
commented Arvinder Saluja, Moody's Vice President. "The upgrade is
not contingent upon the closing of Concho's acquisition of RSP
Permian."

Upgrades:

Issuer: Concho Resources Inc.

Senior Unsecured Notes, Upgraded to Baa3 from Ba1 (LGD4)

Outlook Actions:

Issuer: Concho Resources Inc.

Outlook, Changed To Stable From Positive

Withdrawals:

Issuer: Concho Resources Inc.

Probability of Default Rating, Withdrawn , previously rated
Ba1-PD

Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-1

Corporate Family Rating, Withdrawn , previously rated Ba1

RATINGS RATIONALE

Concho's Baa3 senior unsecured rating reflects its position as one
of the biggest producers in the Permian Basin with a large drilling
inventory, oil focused production mix, good hedging program and
competitive cost structure that will support leading cash margins
and good cash flow generation even in a weak commodity price
environment. Importantly, Concho has demonstrated a commitment to
maintain a conservative and balanced financial policy consistent
with an investment grade rating, including targeting low leverage
metrics and attaining growth while maintaining capital spending
within its cash flow. Its improving production scale and leverage,
and strong expected leveraged full-cycle ratio, interest coverage
and cash flow metrics further support an investment grade rating.
The rating also incorporates Concho's strategy, which has been to
grow its reserve base both organically and with acquisitions, and
its history of using internal cash flow generation, asset sales and
equity offerings to reduce debt balances. Geographic concentration
risks associated with all operations being in a single hydrocarbon
basin are high but the Permian Basin remains one of the most
prolific oil producing regions in North America.

Concho's planned acquisition of RSP Permian, Inc. (RSP, Ba3 RUR-up)
in an all-stock transaction valued at approximately $9.5 billion
(as of the acquisition announcement in March 2018; includes
assumption of $1.5 billion of RSP's net debt), is beneficial to
Concho's credit profile. However, the upgrade is not contingent
upon the closing of the transaction expected to happen in the third
quarter of 2018, subject to shareholder approvals.

Concho combined with RSP will benefit from expanded production,
premium inventory, and capital allocation opportunities and will
become the largest pure play unconventional producer in the Permian
Basin, affording efficiency gains. Even though RSP's outstanding
debt is 62% of Concho's debt ($2.4 billion standalone) despite
RSP's relatively smaller scale, the combined entity's credit
metrics would remain strong given Concho's solid standalone metrics
and the fact that Concho is not issuing any additional debt. A
modest weakening of the combined entity's leverage and coverage
credit metrics would be adequately offset by improvement in scale
and drilling inventory, and the potential for operational
synergies.

Concho should have an excellent liquidity profile based on the
company's expected free cash flow generation through 2019 and high
availability under its unsecured revolver due 2022. This gives
primary liquidity for the company's unexpected capital expenditures
in excess of cash flows, if any, over 2018-19. Concho had no cash
as of March 31, 2018. The financial covenants are net debt /
EBITDAX of no more than 4.25x and PV-9 / total debt (asset coverage
test) of no less than 1.50x. Moody's expects Concho to remain well
within compliance with these covenants. However, the latter
covenant will be waived going forward due to the company's Baa3
rating. Concho's next debt maturity will be in 2022 when its
unsecured revolving credit facility comes due, followed by the
maturity of its 2025 notes.

The stable outlook reflects Moody's assumption that Concho will
maintain a financial policy supportive of an investment grade
rating, and will maintain low leverage, consistent with its
practice of using internal cash flows, equity, or asset sales to
offset any increase in debt. The assumption applies for Concho with
or without the RSP acquisition. The outlook also reflects our
expectation for successful execution of its production growth
objectives at competitive costs even in a challenging commodity
price environment.

The rating could be upgraded should Concho maintain debt to average
daily production below $10,000, leveraged full cycle ratio above
2x, and positive free cash flow. If the RSP acquisition closes
under currently expected terms, Moody's would also look for
successful integration and a sustained track record of growing as a
combined entity while maintaining strong metrics before considering
Concho for an upgrade.

The ratings could be downgraded if RCF / debt falls below 30%, if
Concho is unable to profitably execute on its growth objectives, if
its strategy and financial policies become less conservative, or if
there is a meaningful increase in debt such that debt on production
exceeds $20,000/boe.

Concho Resources Inc. is an independent exploration & production
(E&P) company with operations in the Permian Basin of Southeast New
Mexico and West Texas.



DORIAN LPG: Board Declines BW LPG'S Unsolicited Proposal
--------------------------------------------------------
Dorian LPG Ltd.'s Board of Directors has unanimously declined an
unsolicited, conditional proposal from BW LPG Ltd. to combine with
Dorian in a stock-for-stock transaction.

After a thorough review, conducted in consultation with its
financial and legal advisors, the Board of Directors unanimously
concluded that the proposal is not in the best interests of Dorian
and its shareholders.  The Board noted that:

BW LPG's proposal undervalues Dorian on both an absolute- and
relative-value basis;

   * Fails to recognize the value of Dorian's younger, more fuel
     -efficient ships;

   * Fails to recognize Dorian's superior commercial performance;

   * Forces shareholders to accept equity in a more highly-
     leveraged combined company; and

   * Proposes a dual listing that is unlikely to benefit Dorian
     shareholders.

The Board believes that Dorian's current strategy is working and
that Dorian's younger, more fuel-efficient fleet with lower
leverage protects the Company at the bottom of the industry cycle
and positions it best for long-term growth and success.

Dorian has retained Evercore as financial advisor and Wachtell,
Lipton, Rosen & Katz and Seward & Kissel LLP as legal advisors, in
connection with the proposal.

Below is the text of a letter that was sent by John Hadjipateras,
chairman, president and chief executive officer of Dorian, to
Andreas Sohmen-Pao, chairman of the Board of Directors of BW LPG.

June 15, 2018

Dear Andreas,

This letter is in response to your May 29, 2018 letter indicating
BW LPG's interest in combining with Dorian LPG.

Thank you for your kind words about Dorian's fleet, management and
operating principles.

Since receiving your letter, our Board of Directors, consistent
with its fiduciary obligation to our shareholders and in
consultation with our outside advisors, has worked diligently to
evaluate your unsolicited and conditional proposal.  In this
regard, we have carefully considered the strategic, financial and
commercial merits of the proposal and whether it accelerates our
efforts to build shareholder value by enhancing our company's
market position, strengthening our financial position or advancing
strategic initiatives.

After these deliberations, the Board unanimously decided to decline
your proposal.

The Dorian Board has taken this action for many reasons,
including:

Dorian's Fleet: Younger, More Fuel Efficient, and better prepared
for Environmental Regulations.

     Your proposal undervalues Dorian on both an absolute- and
     relative value basis by failing to account for the true value
     of Dorian's substantially younger, more fuel-efficient ships
     as well as Dorian's superior commercial performance.

     BW LPG's indication of interest fails to recognize the value
     of Dorian's 19 ECO-ships, comprising 86% of Dorian's fleet of
     22 ships.  By contrast, only about 40% of BW LPG's 51-ship
     fleet consists of ECO-ships, and BW LPG's owned and operated
     fleet is considerably older than Dorian's.

     Dorian has already invested substantial capital to comply
     with regulation-driven ship modifications.  Our understanding
     is that the BW LPG fleet will require significant additional
     capital investment to modernize and comply with regulatory
     requirements.

     Dorian shareholders should not be asked to subsidize BW LPG's
     fleet renewal, upgrade, and regulatory compliance costs.

     Dorian's Commercial Performance is Superior

     Based on the exchange ratio proposed, BW LPG would benefit
     from the acquisition of our ships with higher earnings power
     without paying a price that reflects the value differential
     in our assets and our commercial platform.  Over the past
     four quarters, Dorian has consistently outperformed BW LPG on
     key metrics such as EBITDA per vessel and TCE (time charter
     equivalent) per day.

     Dorian's Balance Sheet is Less Leveraged

     A combination of BW LPG and Dorian would improve financial
     flexibility for BW LPG, but would have the opposite effect
     for Dorian.  BW LPG's balance sheet is more leveraged, with
     older assets on average, while Dorian's balance sheet has
     considerably lower leverage -- Dorian's net debt to total
     capitalization (34.6%) vs BW LPG's (51.7%) -, in addition to
     having a younger fleet.  Our growth trajectory, credit
     profile, and cash flow accretion would be burdened by a
     combination with BW LPG, not enhanced.

     A Dual Listing is Not a Benefit to Dorian Shareholders

     You suggest that the combined company's stock would have an
     enhanced trading liquidity due to its larger market
     capitalization, and propose a dual listing of the shares on
     the New York Stock Exchange and the Oslo Stock Exchange.  We
     believe the promise of increased liquidity is illusory, as
     there is limited investor overlap and little reason to
     believe BW LPG's existing shareholders would change their  
     currency trading preferences.

Notwithstanding declining your proposal, our Board is willing to
discuss acquiring or consolidating some or all of your 17 ECO-ships
into our commercial platform.  We believe that such a proposal
would allow for a more transparent relative valuation and could be
concluded relatively expeditiously.

If your Board is interested in this type of consolidation, we would
be prepared to enter into discussions about its potential merits.

Thank you and your Board for your interest in Dorian, which clearly
recognizes the exceptional business we have created and its
long-term potential.

That said, I hope that you understand why the Dorian Board cannot
pursue a transaction that is by all relevant measures not in the
best interests of our shareholders.

Sincerely,

John Hadjipateras
Chairman, President and Chief Executive Officer

                         About Dorian LPG

Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum
gas shipping company and an owner and operator of modern very large
gas carriers ("VLGCs").  Dorian LPG's fleet currently consists of
twenty-two modern VLGCs.  Dorian LPG has offices in Stamford,
Connecticut, USA, London, United Kingdom and Athens, Greece.  

Dorian LPG reported a net loss of $1.44 million for the year ended
March 31, 2017, compared with net income of $129.68 million for the
year ended March 31, 2016.  As of Dec. 31, 2018, Dorian LPG had
$1.70 billion in total assets, $744.23 million in total liabilities
and $961.95 million in total shareholders' equity.

As of Dec. 31, 2017, the Company's current liabilities exceeded its
current assets by $50.4 million, mainly as a result of the 2017
Bridge Loan, of which $66.9 million of principal is due on Dec. 31,
2018, and for which the Company has not yet secured refinancing.
"As we have not yet implemented a refinancing of the remaining
portion of the 2017 Bridge Loan, we are required under U.S. GAAP to
state that the absence of such refinancing raises substantial doubt
about the Company's ability to continue as a going concern, before
consideration of our plans," the Company stated in its Quarterly
Report on Form 10-Q for the quarter ended Dec. 31, 2017.


DORIAN LPG: Delays Form 10-K Filing
-----------------------------------
Dorian LPG Ltd. filed a Form 12b-25 with the Securities and
Exchange Commission notifying that it will delayed in filing its
Annual Report on Form 10-K for the year ended March 31, 2018.  The
Company plans to file the Annual Report as soon as practicable and
in any event by June 29, 2018, as prescribed in Rule 12b-25.

Dorian LPG is presently seeking to refinance its existing bridge
loan agreement with DNB Capital LLC, and that refinancing, if
completed, would impact the Company's assessment of its financial
position and liquidity and corresponding disclosure.  The Company
currently anticipates completing such refinancing on or before June
29, 2018, although there can be no assurance that such refinancing
will be completed by that date or at all.

As indicated in the press release, included as Exhibit 99.1 to the
Company's Current Report on Form 8-K furnished to the SEC on June
15, 2018, the Company preliminarily reported an unaudited net loss
of $20.4 million in the year ending March 31, 2018, in comparison
to a net loss of $1.4 million in the year ending
March 31, 2017, as a result of, among other things, a reduction in
revenues and an increase in interest and finance costs and general
and administrative expenses, partially offset by a reduction in
realized loss on derivatives, vessel operating expenses, and voyage
expenses.  The financial information set forth in the
aforementioned press release consists of preliminary unaudited
results, which will not be final until the Company files its
audited financial statements in the Annual Report.

                      About Dorian LPG

Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum
gas shipping company and an owner and operator of modern very large
gas carriers ("VLGCs").  Dorian LPG's fleet currently consists of
twenty-two modern VLGCs.  Dorian LPG has offices in Stamford,
Connecticut, USA, London, United Kingdom and Athens, Greece.  

Dorian LPG reported a net loss of $1.44 million for the year ended
March 31, 2017, compared with net income of $129.68 million for the
year ended March 31, 2016.  As of Dec. 31, 2018, Dorian LPG had
$1.70 billion in total assets, $744.23 million in total liabilities
and $961.95 million in total shareholders' equity.

As of Dec. 31, 2017, the Company's current liabilities exceeded its
current assets by $50.4 million, mainly as a result of the 2017
Bridge Loan, of which $66.9 million of principal is due on Dec. 31,
2018, and for which the Company has not yet secured refinancing.
"As we have not yet implemented a refinancing of the remaining
portion of the 2017 Bridge Loan, we are required under U.S. GAAP to
state that the absence of such refinancing raises substantial doubt
about the Company's ability to continue as a going concern, before
consideration of our plans," the Company stated in its Quarterly
Report on Form 10-Q for the quarter ended Dec. 31, 2017.


DORIAN LPG: Reports $3.5 Million Fourth Quarter Net Loss
--------------------------------------------------------
Dorian LPG Ltd. reported its financial results for the three months
and fiscal year ended March 31, 2018.

Key Recent Developments

   * Entered into a memorandum of understanding with Hyundai
     Global Service Co., Ltd. to research and conduct preliminary
     engineering studies on ways to upgrade the main engines of up
     to 10 of the Company's VLGCs to dual fuel technology
     utilizing liquefied petroleum gas as fuel in anticipation of
     the upcoming environmental regulations aimed at reducing
     sulphur emissions.

   * Anticipate entering into new financing arrangements to repay
     all outstanding amounts under the DNB Capital LLC bridge loan
     agreement before the end of the quarter ending June 30, 2018.
     There can be no assurances that such financing arrangements
     will be completed, whether timely or at all.

John Hadjipateras, chairman, president and chief executive officer
of the Company, commented, "Despite experiencing lower fleet
utilization due to a weak LPG arbitrage environment in our fourth
fiscal quarter, our VLGCs continue to earn a demonstrable premium.
We believe this premium may become more pronounced following the
implementation of new regulations to reduce sulphur emissions, and
we are taking additional steps to optimize our fleet in advance of
these regulations.  We continue to strengthen our balance sheet
without decreasing our exposure to a potential market recovery.  In
the near term, we remain cautiously optimistic about the outlook
for the LPG tanker sector as industry fundamentals improve."

The Company's net loss amounted to $(3.5) million, or $(0.06) per
share, for the three months ended March 31, 2018, compared to net
income of $2.0 million, or $0.04 per share, for the three months
ended March 31, 2017.

The Company's adjusted net loss amounted to $(9.8) million, or
$(0.18) per share for the three months ended March 31, 2018,
compared to adjusted net income of $1.0 million, or $0.02 per
share, for the three months ended March 31, 2017.  The Company has
adjusted its net income for the three months ended March 31, 2018
for unrealized gains on derivative instruments of $6.4 million.

The $10.8 million change in adjusted net income/(loss) for the
three months ended March 31, 2018 compared to the three months
ended March 31, 2017 is primarily attributable to a  reduction in
revenues of $8.6 million, a $3.5 million increase in interest and
finance costs, and a $0.9 million increase in general and
administrative expenses, partially offset by a $0.9 million
decrease in realized loss on derivatives, a $0.7 million decrease
in vessel operating expenses, a $0.3 million decrease in voyage
expenses, and a $0.2 million increase in interest income.

The TCE rate for the Company's fleet was $24,695 for the three
months ended March 31, 2018, a 0.1% increase from the $24,677 TCE
rate from the same period in the prior year, reflecting continued
subdued market conditions.  Total fleet utilization (including the
utilization of the Company's vessels deployed in the Helios Pool)
decreased from 96.3% in the quarter ended March 31, 2017 to 79.2%
in the quarter ended March 31, 2018.

Vessel operating expenses per day decreased to $8,027 during the
three months ended March 31, 2018 from $8,363 in the same period in
the prior year.  

Revenues of $39.0 million for the three months ended March 31,
2018, including net pool revenues-related party, voyage charters,
time charters and other revenues earned by the Company's vessels,
decreased $8.6 million, or 18.0%, from $47.6 million for the three
months ended March 31, 2017.  The decrease is primarily
attributable to relatively flat TCE rates coupled with a decrease
in utilization from 96.3% for the three months ended March 31, 2017
to 79.2% for the three months ended March 31, 2018.  The decline in
utilization during the three months ended March 31, 2018 was driven
by a weaker LPG arbitrage environment.

                  Fiscal Year 2018 Results Summary

The Company's net loss amounted to $(20.4) million, or $(0.38) per
share, for the year ended March 31, 2018, compared to a net loss of
$(1.4) million, or $(0.03) per share, for the year ended
March 31, 2017.

The Company's adjusted net loss amounted to $(32.9) million, or
$(0.62) per share, for the year ended March 31, 2018, compared to
an adjusted net loss of $(28.9) million, or $(0.54) per share, for
the year ended March 31, 2017.  The Company has adjusted its net
loss for the year ended March 31, 2018 for unrealized gains on
derivative instruments of $8.4 million and gain on early
extinguishment of debt of $4.1 million.  The Company has adjusted
its net loss for the year ended March 31, 2017 for unrealized
losses on derivatives of $27.5 million.

The change of $4.0 million in adjusted net loss for the year ended
March 31, 2018 compared to the year ended March 31, 2017 is
primarily attributable to a reduction in revenues of $8.1 million,
a $6.7 million increase in interest and finance costs, and a $4.5
million increase in general and administrative expenses,  partially
offset by a $12.5 million reduction in realized loss on
derivatives, a $1.8 million decrease in vessel operating expenses,
and a $0.8 million decrease in voyage expenses.  The TCE rate for
the Company's fleet was $21,966 for the year ended March 31, 2018,
a 0.3% decrease from the $22,037 TCE rate from the prior year,
reflecting continued subdued market conditions.  Total fleet
utilization (including the utilization of the Company's vessels
deployed in the Helios Pool) decreased from 93.6% in the year ended
March 31, 2017 to 89.1% in the year ended March 31, 2018.

Vessel operating expenses per day decreased to $8,009 in the year
ended March 31, 2018 from $8,233 in the prior year.

                    Market Outlook Update

Growth in seaborne LPG volumes has extended from the beginning of
2018 to date.  U.S. export volumes in 2018 have been hampered by
poor arbitrage economics and a series of weather-related closures
of the Houston ship channel, which constrained exports in February
2018.  The year-on-year decrease in export supply from the U.S.,
however, has been offset by robust exports from the Middle East,
which exported approximately 1.5 million metric tons of LPG in the
first calendar quarter of 2018.  

Further supply growth is anticipated in the second half of the year
as incremental production in the U.S. reaches the export market.
According to the U.S. Energy Information Administration, the U.S.
averaged approximately 1.95 million barrels per day of LPG
production in the first quarter of 2018 while total gas plant
production in the U.S. is expected to grow by approximately 9% in
2018 versus the previous year.  Additional LPG supply is also
expected from Australia in the second half of the year as the
Ichthys and Prelude LNG projects exit their respective
commissioning phases.

Demand in the East continues to ramp up due to increased
consumption from both the retail and petrochemical markets. Chinese
imports totaled roughly 4.7 million metric tons in the first three
months of 2018, 20% higher than in the same period last year, while
imports into Japan were flat.  India recorded import growth of
approximately 4% in the first quarter while full year 2018 imports
are conservatively estimated to grow by approximately 1 million
metric tons as new infrastructure comes onstream.  Further demand
growth is also expected to emerge from Southeast Asian countries
such as Indonesia and the Philippines.

In northwest Europe, the petrochemical market has driven increased
demand for LPG in 2018 as cracking margins for LPG remain strong
relative to naphtha.  Propane's spread to naphtha has favored
propane by $114 per metric ton in 2018 to date versus $45 per
metric ton in 2017.

At the Panama Canal, LPG vessels remain frequent visitors at both
the old and new locks with VLGCs traveling from the U.S. Gulf to
the Far East boasting the highest transit numbers.  The LPG segment
represents around 25% of all traffic through the new locks.

The VLGC orderbook stands at 12.5% of the current fleet with
another three ships scheduled for delivery this year.  A further 30
VLGCs, equivalent to approximately 2.5 million cbm of carrying
capacity, will be added to the fleet by year end 2020.

In 2018, there has been an increase in both the demolition and
second-hand resale markets.  Three VLGCs are reported to have been
scrapped between January and April this year, partly reflective of
higher scrap values.  However, the global fleet has an average age
of approximately nine years, and it is unlikely that scrapping
levels will be sufficient to offset supply growth.  In the sale and
purchase market, five VLGCs have changed hands as buyers in Asia
emerge with appetite for older tonnage.

                         Seasonality

Liquefied gases are primarily used for industrial and domestic
heating, as a chemical and refinery feedstock, as a transportation
fuel and in agriculture.  The LPG shipping market historically has
been stronger in the spring and summer months in anticipation of
increased consumption of propane and butane for heating during the
winter months.  In addition, unpredictable weather patterns in
these months tend to disrupt vessel scheduling and the supply of
certain commodities.  Demand for the Company's vessels therefore
may be stronger in its quarters ending June 30 and September 30 and
relatively weaker during the Company'sr quarters ending December 31
and March 31, although 12-month time charter rates tend to smooth
these short-term fluctuations and recent LPG shipping market
activity has not yielded the expected seasonal results.  To the
extent any of the Company's time charters expire during the
typically weaker fiscal quarters ending December 31 and March 31,
it may not be possible to re-charter our vessels at similar rates.
As a result, the Company may have to accept lower rates or
experience off-hire time for its vessels, which may adversely
impact its business, financial condition and operating results.

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

                     https://is.gd/cq8rgz  

                       About Dorian LPG

Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum
gas shipping company and an owner and operator of modern very large
gas carriers ("VLGCs").  Dorian LPG's fleet currently consists of
twenty-two modern VLGCs.  Dorian LPG has offices in Stamford,
Connecticut, USA, London, United Kingdom and Athens, Greece.  

Dorian LPG reported a net loss of $1.44 million for the year ended
March 31, 2017, compared with net income of $129.68 million for the
year ended March 31, 2016.  As of Dec. 31, 2018, Dorian LPG had
$1.70 billion in total assets, $744.23 million in total liabilities
and $961.95 million in total shareholders' equity.

As of Dec. 31, 2017, the Company's current liabilities exceeded its
current assets by $50.4 million, mainly as a result of the 2017
Bridge Loan, of which $66.9 million of principal is due on Dec. 31,
2018, and for which the Company has not yet secured refinancing.
"As we have not yet implemented a refinancing of the remaining
portion of the 2017 Bridge Loan, we are required under U.S. GAAP to
state that the absence of such refinancing raises substantial doubt
about the Company's ability to continue as a going concern, before
consideration of our plans," the Company stated in its Quarterly
Report on Form 10-Q for the quarter ended Dec. 31, 2017.


DOUBLE EAGLE: AIIC Objects to Adequacy of Disclosure Statement
--------------------------------------------------------------
American Interstate Insurance Company objects to the adequacy of
the disclosure statement made by Double Eagle Energy Services,
L.L.C., to explain its plan of reorganization.

AIIC filed a Proof of Claim on July 26, 2017, in the amount of
$393,881 for premiums due under various workers' compensation
insurance policies issued by AIIC to DEE.  AIIC's claim for
premiums is pending as a Reconventional Demand against DEE in a
State Court action.

In the State Court action, DEE claims in that it overpaid premiums
to AIIC and is due a refund in the approximate amount of
$936,000.00. In the State Court action, AIIC has not only presented
a $393,881.00 Reconventional Demand, but has also raised
affirmative defenses and policy-based defenses which could defeat
DEE's lawsuit altogether. AIIC has affirmatively asserted the
defense of offset. DEE has not listed AIIC's Reconventional Demand
and claim for underpaid premiums in its schedules or otherwise
acknowledged AIIC's claim.

In the proposed Plan, DEE submits that certain of the Class 1
claims of Gibsland Bank & Trust will be satisfied out of the
proceeds of the State Court action against AIIC.  In the proposed
Plan, DEE also avers that: "[S]hould the Reorganized Debtor make
any recovery of claims which are owned by the Debtor in Possession
at the confirmation date, the net recovery (after costs of
prosecution and payments of secured claims that are secured by the
causes of action) would be payable to unsecured creditors as an
additional dividend."  Finally, in the proposed Plan, DEE submits
that the Reorganized Debtor will retain its cause of action against
AIIC.  The proposed Plan does not refer to AIIC's Reconventional
Demand against DEE, and DEE has not objected to AIIC's Proof of
Claim.

AIIC believes DEE's failure to disclose AIIC's Reconventional
Demand against DEE for approximately $393,881 in underpaid
premiums, and/or AIIC's other defenses and affirmative defenses in
the State Court action, renders the Disclosure Statement
inadequate.

AIIC is represented by:

     Joel P. Babineaux, Esq.
     Babineaux, Poche, Anthony & Slavich, LLC
     1201 Camellia Blvd, Suite 300 (70508)
     Post Office Box 52169
     Lafayette, LA 70505-2169
     Phone: 337-984-2505
     Email: jbabineaux@bpasfirm.com

        -- and --

     Harold L. Domingue, Jr., Esq.
     Harold L. Domingue, Jr., APLC
     711 W. Pinhook Rd
     Lafayette, LA 70503-2315
     Phone: 337-234-6003
     Fax: 337-261-5479
     Email: hdomingue@bellsouth.net

              About Double Eagle Energy Services

Founded in 2006, Double Eagle Energy Services, a company based in
Alexandria, Louisiana, provides general contracting services
including constructing water and sewer mains.

Double Eagle Energy Services filed a Chapter 11 petition (Bankr.
W.D. La. Case No. 17-80717) on July 17, 2017.  In the petition
signed by Joe Ratcliff or Bob Ratcliff, its owners, the Debtor
indicated $12.41 million in total assets and $13.18 million in
total liabilities.  Judge John W. Kolwe presides over the case.
Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell,
serves as the Debtor's bankruptcy counsel.  The Debtor hired
Colvin, Smith & McKay as its special counsel.


DU-RITE COMPANY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Du-Rite Company
           dba Denny's Classic Diner
        15 Bay Drive
        Key West, FL 33040

Business Description: Du-Rite Company dba Denny's Classic Diner
                      leases a 4000 sq ft Denny's Restaurant (77
                      seats), located at 925 Duval Street, Key
                      West, FL 33040.
      
Chapter 11 Petition Date: June 15, 2018

Case No.: 18-17194

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Robert A. Mark

Debtor's Counsel: Aaron A Wernick, Esq.
                  FURR & COHEN
                  2255 Glades Rd # 301E
                  Boca Raton, FL 33431
                  Tel: (561) 395-0500
                  Fax: (561) 338-7532
                  E-mail: awernick@furrcohen.com

Total Assets: $69,884

Total Liabilities: $1,257,193

The petition was signed by Stan Jackowski, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/flsb18-17194.pdf


ENERGIZER HOLDINGS: Moody's Cuts CFR to B1, Outlook Stable
----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
("CFR") of Energizer Holdings, Inc. to B1 from Ba2 and its
Probability of Default Rating to B1-PD from Ba2-PD. Moody's also
downgraded the rating on the company's $600 million unsecured
global notes to B2 from Ba3. Concurrently, Moody's assigned a Ba1
rating on the company's proposed $1.6 billion in new senior secured
credit facilities. Proceeds from the new facilities will be used to
acquire the Spectrum battery company, refinance existing debt and
pay estimated fees and expenses. The outlook is stable. This
concludes the review that was initiated on January 16, 2018 when
the Spectrum battery acquisition was announced.

The downgrade reflects the substantial increase in Energizer's
pro-forma financial leverage with debt to EBITDA increasing to 6.3x
from about 3.2x. Moody's also recognizes the heightened integration
and execution risk given that this is the largest acquisition in
Energizer's history.

The Ba1 rating on the senior secured debt is three notches higher
than the B1 CFR. This reflects Moody's expectation that Energizer
will add a meaningful amount of unsecured debt to the capital
structure within the near term, which would absorb losses before
the secured debt.

Ratings downgraded:

Energizer Holdings, Inc.

Corporate Family Rating to B1 from Ba2

Probability of Default Rating to B1-PD from Ba2-PD

$600 million Unsecured Notes due 2025 to B2 (LGD5) from Ba3
(LGD5)

Ratings assigned:

Energizer Holdings, Inc.

$400 million Senior Secured Revolving Credit Facility expiring
2023 at Ba1 (LGD2)

$1000 million Senior Secured Term Loan B due 2025 at Ba1 (LGD2)

$200 million Senior Secured Term Loan A due 2021 at Ba1 (LGD2)

Ratings Affirmed:

Energizer Holdings, Inc.

Speculative Grade Liquidity Rating at SGL-1

Ratings to be withdrawn following close of the Energizer
acquisition:

Energizer Holdings, Inc.

$350 million Senior Secured Revolving Credit Facility expiring
2020 at Baa3 (LGD2)

$400 million Senior Secured Term Loan B due 2022 at Baa3 (LGD2)

$600 million Unsecured Notes due 2025 at B2 (LGD5) from Ba3
(LGD5)

Outlook Actions:

The rating outlook is stable, from on review

RATINGS RATIONALE

Energizer's B1 CFR reflects the company's high pro forma financial
leverage with debt to EBITDA estimated at about 6.3x. Moody's
expects debt to EBITDA to improve to about 5.4x over the next 12
months through a combination of earnings growth boosted by cost and
operational synergies that the company expects to realize through
2021 and debt repayment. The rating also reflects Energizer's
concentration in the declining battery category. The battery
category is facing a slow secular decline as consumer products are
increasingly evolving toward rechargeable technologies. The battery
category is becoming increasingly commoditized, rendering the space
highly promotional. The company sells a modest array of non-battery
related products, but they represent a small percentage of overall
revenue. The rating is supported by the company's leading market
position in the single use and specialized battery market, its
portfolio of well-known brands in the battery and car fragrance
industries, and solid cash flow.

The SGL-1 Speculative Grade Liquidity Rating reflects Moody's view
that Energizer's liquidity is excellent. Moody's projects that the
company will be able to fund its obligations from internally
generated cash.

The stable outlook reflects Moody's expectation that Energizer's
financial leverage will remain high over the next 12 months, but
will decline over time through a combination of earnings growth and
debt repayment. It also reflects the rating agency's expectation
that Energizer will continue to generate solid free cash flow and
maintain excellent liquidity.

The ratings could be downgraded if Energizer experiences
significant operating disruption due to the integration of the
Spectrum battery business. Further, the ratings could be downgraded
if the company's financial policies become increasingly aggressive,
including additional debt funded acquisitions or shareholder
returns. Moody's could also downgrade the ratings if the company's
liquidity deteriorates or if debt to EBITDA is sustained above
5.5x.

Moody's could upgrade the ratings if Energizer successfully
integrates the Spectrum battery business and improves credit
metrics. Debt/EBITDA would need to be sustained below 4.5x before
Moody's would consider an upgrade.

Energizer Holding, Inc. manufactures and markets batteries,
lighting products and car fragrance and appearance products around
the world. The product portfolio includes household batteries,
specialty batteries, portable lighting equipment and various car
fragrance dispensing systems. Pro-forma annual revenue is estimated
at $2.7 billion.


ENERGIZER HOLDINGS: S&P Rates New $1.6BB Credit Facilities 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
Energizer Holdings Inc.'s proposed $1.6 billion senior secured
credit facilities, which consist of a $400 million revolving credit
facility due in 2023, a $200 million term loan A due in 2021, and a
$1 billion term loan B due in 2025. The recovery rating is '2',
reflecting S&P's expectation for substantial (70%-90%; rounded
estimate: 85%) recovery in the event of a payment default.

The net proceeds from the proposed senior secured credit facilities
will partially fund the pending acquisition of Spectrum Brands'
global battery and portable lighting business, refinance existing
credit facilities, and pay expenses and fees related to the
transaction. S&P's ratings assume the transaction closes on
substantially the terms provided to us. Total debt outstanding as
of March 31, 2018, is about $980 million.

S&P said, "All of our existing ratings on the company, including
our 'BB' corporate credit rating, are unchanged. Our 'BB'
issue-level rating on Energizer's $600 million existing senior
unsecured notes remains on CreditWatch with negative implications,
reflecting the meaningful expected increase in debt and the
potential for lower recovery expectations in the event of default.
We expect to resolve the CreditWatch placement once there is
greater clarity around the post-acquisition capital structure. The
outlook on our corporate credit rating is negative.

"Our ratings on Energizer incorporate the company's premier brand
name with No. 1 or No. 2 market positions globally but
participation in a highly competitive and mature industry. We
believe Energizer has a strong position in the premium and
specialty segments and the pending acquisition of Spectrum Brands'
global battery and portable lighting business will allow it to
expand in the lower-priced segment of the category to compete with
Amazon and private labels. We expect the company to close the
acquisition before the end of calendar year 2018 and assume it will
successfully integrate the acquired business, strengthen EBITDA,
and apply free cash flow to debt reduction to improve its credit
protection measures over the next few years. We forecast adjusted
debt to EBITDA to decline to the high-4x area by the end of fiscal
year 2019 and the low-4x area by the end of fiscal year 2020, from
the low-5x area pro forma at the close of the transaction."

  RATINGS LIST

  Energizer Holdings Inc.
   Corporate Credit Rating            BB/Negative/--

  Ratings Unchanged
  Energizer Holdings Inc.
   Senior Unsecured                   BB/WatchNeg
    Recovery Rating                   3(50%)

  New Rating
  Energizer Holdings Inc.
   Senior Secured
    $4 million revolver due 2023      BB+
    Recovery Rating                   2(85%)
   $200 mil term loan A due 2021      BB+
    Recovery Rating                   2(85%)
  $1 billion term loan B due 2025     BB+
    Recovery Rating                   2(85%)


ENVISION HEALTHCARE: Moody's Puts B1 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings for Envision
Healthcare Corporation on review for downgrade, including the B1
Corporate Family Rating, B1-PD Probability of Default Rating, and
all debt instrument ratings. The outlook, previously stable, is
also on review. This follows the announcement that private equity
firm KKR will acquire Envision in an all-cash transaction valued at
approximately $9.9 billion. The transaction's completion is
expected during the fourth quarter of 2018. Lastly, Moody's
affirmed Envision's SGL-1 Speculative Grade Liquidity Rating due to
the company's strong existing cash balance, ample revolver
availability, and good free cash flow. The SGL-1 rating does not
reflect Envision's post-LBO liquidity.

Ratings placed on review for downgrade:

Envision Healthcare Corporation

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

Senior secured first lien term loan due 2023 at Ba2 (LGD2)

Guaranteed senior unsecured notes due 2022 at B3 (LGD5)

Senior unsecured notes due 2024 at B3 (LGD5)

Ratings affirmed:

Envision Healthcare Corporation

Speculative Grade Liquidity Rating at SGL-1

The outlook, previously stable, is on review.

RATINGS RATIONALE

Moody's review of KKR's pending LBO of Envision Healthcare will
focus on the go-forward capital structure and resulting leverage,
coverage and cash flow generating capabilities.

Excluding the announced acquisition by KKR, Envision's B1 Corporate
Family Rating reflects its aggressive acquisition strategy and
moderately high financial leverage. Pro forma for recent
acquisitions and divestitures, Envision's adjusted debt/EBITDA was
roughly 4.6 times as of March 31, 2018. The credit profile is
supported by Envision's considerable scale and market position as
the largest physician staffing outsourcer. It is also supported by
the firm's strong geographic and product diversification with its
physician staffing and ambulatory surgery center segments.

The company's SGL-1 rating reflects its strong existing cash
generation ability, good existing cash balance, and access to a
sizeable $650 million ABL revolver (not rated) expiring in 2021.

Envision Healthcare Corporation is a leading provider of emergency
medical services in the U.S. Envision operates an extensive
emergency department, hospital, anesthesiology, radiology, and
neonatology physician outsourcing segment. The company also
operates 261 ambulatory surgery centers (ASCs). Revenues for the
LTM period ended March 31, 2018 were $8 billion.


ENVISION HEALTHCARE: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings placed its ratings on Envision Healthcare Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications

S&P said, "The CreditWatch reflects the potential for a downgrade
upon close of the transaction. We could also resolve the
CreditWatch when final details of the company's capital structure
are announced and after discussing the company's updated business
strategy and financial policies under the new ownership structure.
We previously expected leverage could decline below 4.5x, but now
believe that leverage will increase after this transaction, rather
than decline. Thus we think we could revise our assessment of the
company's financial risk profile and view it as weaker.

"We intend to resolve our CreditWatch listing after we receive
final details of the company's capital structure and discuss with
the company its financial policy and business strategy under the
new ownership structure. There is the potential for a multi-notch
downgrade depending on the capital structure and changes to
business post-transaction."


FLOYD E. SQUIRES: Examiner Selling Eureka Property for $450K
------------------------------------------------------------
Janina M. Hoskins, the Examiner with Expanded Powers of the estate
of the Floyd E. Squires III and Betty J. Squires, asks the U.S.
Bankruptcy Court for the Northern District of California to
authorize the sale of the real property located at 315 C Street and
202 Third Street, Eureka, California, an improved parcel, to Scott
Vasterling and Alice Howe Vasterling for $450,000, subject higher
and better bids.

A hearing on the Motion is set for June 20, 2018 at 10:30 a.m.

315 C Street is an empty warehouse and 202 Third Street is a
store-front that generates $600 per month in rent.  The tenant is
current on rent payments.  

The Examiner has accepted an offer of $450,000 from the Buyers for
the Property, with an initial deposit of $3,000 and the balance to
be paid at the close of escrow, with escrow to close within 20 days
after entry of an order approving the sale.  The parties have
entered into their Commercial Property Purchase Agreement and Joint
Escrow Instructions.  The Property will be sold free and clear of
liens.

Any and all terms of the Sale Agreement, including, but not limited
to the payment of any commissions, are subject to the approval of
the Court and overbid.  The Sale Agreement is a non-contingent
purchase contract.  The Buyers have completed all inspections and
reviewed all documents.  They're purchasing the Property on an "as
is, where is" basis, with no warranties or representation.

The sale is subject to overbids, with a minimum overbid in the sum
of $500,000 all cash, on the same terms and conditions as the
offer, with the overbid deadline being set three days prior to the
Court hearing on the Motion.  If a qualified overbid is received,
an auction will be held before the Court.

The title report for the Property notes a "Super Priority Deed of
Trust" in favor of Mark S. Adams, solely in his capacity as
receiver for the Property in the amount of $15,317.  The lien
amount was increased by an amendment recorded March 13, 2017, which
increased the loan amount to $158,107.  The Examiner intends to pay
the non-disputed sums collateralizing $158,107 obligation, plus
interest, if any, at the close of escrow.  Any disputed additional
amounts will be held pursuant to 11 U.S.C. Section 363(f)(4).

The Property is subject to a first deed of trust in the sum of
$270,000, dated April 13, 1999 in favor of James R. Quintrell and
Joanne M. Quintrell, husband and wife, as community property.  The
Examiner is informed and believes that the trust deed was paid but
never reconveyed.  Accordingly, she believes that the Property can
be sold free and clear of this lien.  The Debtors' schedules do
indicate a $28,500 debt to Joanne Quintrell collateralized by the
real property located at 2245 Broadway, Eureka, California. Only
Joanne Quintrell is included in the Debtors' Mailing Matrix.

The sale of the Property will be free and clear of a grant deed
from Floyd E. Squires III and Betty J. Squires, as husband and
wife, to FBSquires Family Trust, a revocable trust, in that,
according to the title report, the grantee therein is not an entity
capable of taking title.  However, notwithstanding the foregoing,
the Examiner believes she can sell the Property pursuant to 11
U.S.C. Section 363(f)(2), and that the entity will consent to the
sale and execute those documents as may be necessary or under 11
U.S.C. Section 363(f)(4), and that, the interest is subject to a
bona fide dispute.

The Property is subject to various interests in favor of the City
of Eureka, a municipal corporation, including a temporary
restraining order and four abstracts of judgment for various sums.
The Examiner believes she can sell free and clear of these liens
pursuant to 11 U.S.C. Section 363(f)(2), in that, the City of
Eureka will consent to the sale and execute those documents as may
be necessary to satisfy the title company prior to closing.

To the extent any of the liens are disputed, any disputed amounts
will reattach to the net proceeds of sale to be held by the
Examiner pending further order of the Court.  The Examiner
contemplates that the sale of the Property will free up cash that
can be used to address problems that exist in the case, assuming
agreement with lienholder City of Eureka.

The Examiner asks an order authorizing her to direct payment from
escrow of the following standard expenses: (i) a real estate
broker's commission not to exceed 6% of the total sales price,
which will be split with the Buyer's broker; and (ii) Standard
closing costs, including but not limited to unpaid real property
taxes, escrow fees, if any, recording costs and the like.

The Examiner asks the Court to waive the 14-day stay imposed by
Rule 62(a) of the Federal Rules of Civil Procedure and/or
Bankruptcy Rule 6004(h) and that the order is effective upon
entry.

A copy of the Sale Agreement attached to the Motion is available
for free at:
  
          http://bankrupt.com/misc/Floyd_Squires_279_Sales.pdf

Floyd E. Squires, III, and Betty J. Squires filed for chapter 11
protection (Bankr. N.D. Cal. Case No. 16-10828) on Nov. 8, 2017,
and are represented by David N. Chandler, Esq. of the Law Offices
of David N. Chandler.

Janina M. Hoskins was appointed as examiner of the Debtors.


FREEDOM HOLDING: Appoints Askar Tashtitov as President
------------------------------------------------------
The board of directors of Freedom Holding Corp. appointed Askar
Tashtitov as president of the Company on June 6, 2018.

Mr. Tashtitov has served as a director of the Company since May
2008 and was employed with BMB Munai, Inc., the predecessor of the
Company, from 2004 to 2015, serving as president from May 2006 to
November 2015.  Mr. Tashtitov earned a Bachelor of Arts degree from
Yale University majoring in economics and history in 2002. Mr.
Tashtitov passed the AICPA Uniform CPA Examination in 2006. Mr.
Tashtitov is not, and has not been in the past five years, a
director or nominee of any other SEC registrant or registered
investment company.  In making this appointment, the Board
considered Mr. Tashtitov's extensive experience in the public
company arena, particularly his expertise in interfacing with
equity and debt financing professionals, his investment banking
experience, and his significant business management experience in
concluding that his services as Company president working in close
association with the Company's CEO, Timur Turlov, would be a
valuable addition to the Company's management team.  The Company
said Tashtitov's appointment did not result from any arrangement or
understanding between himself and any other person.  Mr. Tashtitov
is 39 years old.  There is no family relationship between Mr.
Tashtitov and any other director or executive officer of the
Company.

The Company and Mr. Tashtitov are currently negotiating the terms
of an employment agreement.

                       About Freedom Holding

Freedom Holding Corp., formerly known as BMB Munai, Inc., is a
financial services holding company conducting retail financial
brokerage, investment counseling, securities trading, investment
banking and underwriting services through its subsidiaries under
the name of Freedom Finance in the Commonwealth of Independent
States (CIS).  The Company is a member of the Moscow Exchange
(MOEX), Saint-Petersburg Exchange and Kazakhstan Stock Exchange
(KASE).  The Company is headquartered in Almaty, Kazakhstan, with
executive offices also in Moscow, Russia and the United States.
The Company employs more than 400 experienced professionals across
24 branch offices in Russia, 15 branches in Kazakhstan, and offices
in Kyrgyzstan, Ukraine and Cyprus.

BMB Munai reported a net loss of US$578,139 for the year ended
March 31, 2017, a net loss of US$491,999 for the year ended March
31, 2016, and a net loss of US$138,634 for the period from Aug. 25,
2014, to March 31, 2015.

As of Dec. 31, 2017, Freedom Holding had US$258.84 million in total
assets, US$173.32 million in total liabilities and US$85.52 million
in total stockholders' equity.


FT. HOWARD DEVELOPMENT: Involuntary Chapter 11 Case Summary
-----------------------------------------------------------
Alleged Debtor: Ft. Howard Development LLC
                10721 Wayfarer Road
                Germantown, MD 20876

Business Description: Ft. Howard Development LLC is a real
                      estate company based in Germantown,
                      Maryland.

Case Number: 18-18061

Involuntary Chapter 11 Petition Date: June 14, 2018

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Petitioners' Counsel: Ronald J. Drescher, Esq.
                      DRESCHER & ASSOCIATES, PA
                      4 Reservoir Circle, Suite 107
                      Pikesville, MD 21208
                      Tel: 410-484-9000
                      Email: rondrescher@drescherlaw.com

Alleged creditors who signed involuntary petition:

  Petitioners                  Nature of Claim  Claim Amount
  -----------                  ---------------  ------------
  David L. Woody                 Legal Fees         $100,563
  11245 Lockwood Drive
  Silver Spring, MD 20901
     
  Zarella Contractors           Construction         $42,259
  16601 Peach Street
  Bowie, MD 20716
     
  Trinity Protection              Security          $293,484
  Services, Inc.
  12138 Central Ave., #345
  Mitchellville, MD 20721

A full-text copy of the Involuntary Petition is available at:

            http://bankrupt.com/misc/mdb18-18061.pdf


FUNERAL SERVICES: July 19 Plan Confirmation Hearing
---------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
will convene a hearing on July 19, 2018, at 9:30 a.m., to consider
confirmation of the plan of reorganization filed by Funeral
Services LLC.

Holders of general unsecured claims, classified in Class 5, will
receive no distributions under the Plan.  Bradley Bytnar will
maintain ownership interest in the Debtor through a minimum cash
contribution to the Debtor of $5,000 of cash or equivalents, to be
paid in new value.

Payments under the Plan will be made from the Debtor's funds on
hand, ongoing business revenue, and a cash contribution from the
sole member.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/wawb17-12710-72.pdf

                     About Funeral Services

Funeral Services LLC -- http://jernsfuneralchapel.net/-- is a
family-owned provider of funeral and cremation services based in
Bellingham, Washington.  The Debtor has served the communities of
Whatcom and Skagit Counties, along with those of Lower Mainland
British Columbia.  

Funeral Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 17-12710) on June 15,
2017.  Bradley Bytnar, owner and operator, signed the petition.  

The Debtor disclosed $951,812 in assets and $2.19 million in
liabilities.

Jacob D. DeGraaff, Esq., at Henry DeGraaff & McCormick PS, is the
Debtor's counsel.

An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case.


GOLDSTREET AUTOMOTIVE: Court Approves Disclosure Statement
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee has
approved the disclosure statement explaining Goldstreet Automotive,
LLC's chapter 11 plan of reorganization dated March 19, 2018.

The Plan will provide a pool of $10,000 to be paid prorata to
general unsecured creditors.  The Reorganized Debtor will commence
pro-rata payments to general unsecured creditors beginning on, or
following, the first day of the month after 24 months following the
Effective Date.

The Effective Date is anticipated to be Sept. 1, 2018.  The Debtor
will continue to operate to obtain funds for the Plan.

The Debtor estimates that administrative expenses associated with
the implementation of the Plan include approximately $6,500 in
attorney's fees, $2,000 in U.S. Trustee fees, and $3,000 in other
professional fees, such as accounting fees.

A full-text copy of the Disclosure Statement is available at:

          http://bankrupt.com/misc/tnmb17-04943-84.pdf

                  About Goldstreet Automotive

Goldstreet Automotive, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Tenn. Case No. 17-04943) on July 21, 2017.  The Debtor
is engaged in the business of repairing and customizing
automobiles.  In the petition signed by Michael J. Dennison,
member, the Debtor estimated $100,000 to $500,000 in assets and
$500,000 to $1 million in liabilities.  The Hon. Charles M. Walker
preside over the case.  Timothy G. Niarhos, Esq., at Niarhos &
Waldron, PLC, serves as bankruptcy counsel.  An official committee
of unsecured creditors has not been appointed in the Chapter 11
case.


HALO BUYER: Moody's Assigns 'B2' CFR & Rates 1st Lien Loans 'B1'
----------------------------------------------------------------
Moody's Investors Service assigned first-time new issuer ratings
for Halo Buyer, Inc., including a B2 Corporate Family Rating (CFR)
and B2-PD Probability of Default Rating (PDR). In addition, the
company's senior secured first-lien revolver and term loan were
rated B1, and its second-lien term loan was rated Caa1. The ratings
outlook is stable.

"Although HALO is relatively small and will likely remain highly
levered at over 5 times debt-to-EBITDA on a Moody's-adjusted basis
over the next 12-18 months, the company is expected to grow its
top-line and profitability while generating positive free cash flow
that could be used for debt repayment," said Moody's Vice President
and lead analyst for the company, Brian Silver. "However, cash
flows are expected to be used primarily for acquisitions, as HALO
will be an active buyer seeking to grow share in the highly
fragmented promotional products order management space, which will
delay deleveraging while increasing its industry presence over
time," added Silver.

The following ratings for Halo Buyer, Inc. have been assigned:

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

$50 million Gtd Senior Secured First-Lien Revolving Credit Facility
due 2023, B1 (LGD3)

$205 million Gtd Senior Secured First-Lien Term Loan due 2025, B1
(LGD3)

$90 million Gtd Senior Secured First-Lien Delayed Draw Term Loan
due 2025, B1 (LGD3)

$75 million Gtd Senior Secured Second-Lien Term Loan due 2026, Caa1
(LGD5)

Outlook Actions:

Outlook, assigned stable

RATINGS RATIONALE

Halo Buyer, Inc.'s credit profile is broadly constrained by its
relatively small size, with annual revenue of more than $500
million, as well as its elevated financial leverage approximating
5.9 times debt-to-EBITDA on a pro forma basis for the company's new
capital structure. It also considers the company's exposure to the
cyclical and discretionary promotional products industry, potential
challenges growing the topline in its recognition business, its
acquisition based growth strategy, and private equity ownership.

However, the company's credit profile is supported by its good
position as a distributor/sales and order management organization
in the highly fragmented promotional products space. The company
also has a good supplier and customer diversification profile, and
Moody's expects the company to generate positive free cash flow
that can be used for debt repayment, buoyed by limited capital
expenditure requirements, over the next 12-18 months. Halo also
benefits from a largely variable cost structure resulting from the
mostly commission based compensation of Account Executives, and the
company has good liquidity.

The stable ratings outlook reflects Moody's view that the company
will grow its topline in the low- to mid-single-digit percent
range, while moderately expanding margins and gradually
deleveraging toward the mid-to-low 5 times debt-to-EBITDA range
over the next 12-18 months.

The ratings could be upgraded if debt-to-EBITDA is sustained below
4.5 times and EBITA-to-interest climbs above 2.5 times.
Alternatively, the ratings could be downgraded if debt-to-EBITDA is
sustained above 6.0 times, EBITA-to-interest falls below 1.5 times,
or the company's liquidity profile weakens materially.

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

Halo Buyer, Inc. (Halo), through its subsidiaries dba Halo Branded
Solutions and Halo Recognition and headquartered in Sterling,
Illinois, is a provider of promotional products and employee
recognition solutions services. Halo is in the process of being
acquired by TPG Growth. Halo is private and does not publicly
disclose its financials. Halo generated pro forma revenue of over
$500 million for the twelve-month period ended March 31, 2018.


HALO BUYER: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' corporate credit rating to
Sterling, Ill.-based HALO Buyer Inc. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '3' recovery rating to the company's first-lien credit
facilities, including a $50 million revolving credit facility due
in 2023, $205 million first-lien term loan due in 2025, and $90
million delayed draw term loan due 2025. The '3' recovery rating
indicates our expectation for meaningful recovery (50%-70%; rounded
estimate: 60%) in the event of payment default. Additionally, we
assigned our 'CCC+' issue-level rating and '6' recovery rating to
the company's proposed $75 million second-lien term loan due in
2026. The '6' recovery rating indicates our expectation for
negligible recovery (0%-10%; rounded estimate: 0%) in the event of
payment default.  

"HALO's rating reflects the highly fragmented market and cyclical
business that it operates in, particularly given its small scale
and reliance on contracted account executives (AEs) to drive
revenue. Partially offsetting these risks is our view that
disintermediation by suppliers is unlikely and that it has a
limited customer base, end market and supplier concentration, and
historically high customer and account executive retention rates.
The transaction will increase HALO's adjusted leverage to the high
7x area as of year-end 2017 (before earnings and synergies from
2017 acquisitions) Pro forma for previous and expected near-term
acquisitions, we believe leverage could decline to the low 6x area
over the next 12 months. In addition, we expect positive free
operating cash flow-to-debt (FOCF) in the mid-single-digit
percentage area.

"Our stable outlook reflects our expectation that over the next 12
months the company will benefit from growth in corporate
promotional product spending, maintain high customer and sales
force retention rates, and make accretive acquisitions such that
liquidity is sufficient to operate the business and leverage
remains below 7.5x

"We could lower the rating if the company experiences operating
difficulties or pursues debt-financed acquisitions or dividends. We
believe this could occur if the competitive landscape changes
significantly, resulting in increased customer/account executive
attrition, and/or if the company pursues a more aggressive
financial policy resulting in over 7.5x debt leverage and
FOCF-to-debt in the low-single-digit percentage area on a sustained
basis.

"Although an upgrade is highly unlikely over the next 12 months, we
could raise our rating if HALO's leverage is sustained below 5x.
For this to occur, the financial sponsors need to demonstrate
commitment to and a track record of sustaining total debt-to-EBITDA
below 5x. Alternatively, we could raise the rating if the company
materially increased scale and diversity in service offerings."


INVENERGY THERMAL: Moody's Rates $415MM Secured Loans 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Invenergy
Thermal Operating I LLC's $415 million senior secured credit
facilities. The facilities consist of a $350 million senior secured
term loan B due 2025 and a $65 million revolving credit facility
due 2023. Concurrent with this rating action, Moody's affirmed the
B1 rating on the currently outstanding $310 million term loan B due
2022 and the existing $70 million revolving credit facility due
2020. Invenergy's rating outlook is revised to stable from
negative.

Proceeds from the financing along with an equity capital infusion
from the Sponsor will be used to fully repay the $204.7 million
outstanding second lien debt, as well as refinance the outstanding
$310 million senior secured term loan B due in 2022 and a $70
million senior secured revolving credit facility due 2020 as well
as to pay transaction fees and expenses. Additionally, the existing
Grays Harbor operating company level debt, a new addition to the
portfolio, will be fully repaid at financial close. The Sponsor
will not be taking a distribution as part of this transaction, and
instead will be refinancing the existing debt and extending its
maturity. Once the new financing closes, Moody's will withdraw the
B1 ratings on the existing debt.

RATINGS RATIONALE

The Ba2 rating reflects the significant portfolio deleveraging by
more than $200 million through the elimination of the high cost
second lien debt, a less costly refinanced capital structure
enabling a reduction of more than $10 million in annual interest
expense or almost one third of total annual debt service, and the
addition of the 620 MW Grays Harbor combined cycle natural gas
power plant, located in WA, which adds to the portfolio's diversity
and strengthens the collateral package.

The Ba2 rating factors in the benefits from the new 50/50
partnership of Invenergy Clean Power LLC and AMP Capital's Global
Infrastructure Equity Platform, who will provide $200 million of
equity capital for debt retirement at the Borrower. The rating
further incorporates the improved financial performance at both the
Nelson and Ector plants, with Nelson benefiting from sustainable
higher dispatch rates following transmission upgrades, along with
the recent strong capacity auction results, while Ector's near-term
performance is aided by the plant entering into a Heat Rate Call
Option through 2022.

The Grays Harbor plant, an addition to the Borrower's portfolio, is
party to a power purchase agreement (PPA) with Shell Energy North
America (US), L.P. (SENA: A3 stable) which expires in December
2019. The project has generated around $7 million of annual EBITDA
over the past four years. Given its location in the Pacific
Northwest, a region with substantial hydro and renewable capacity
along with regional excess capacity, its cash flows are expected to
be impacted by the highly volatile energy market in the region, if
it becomes merchant. Moody's recognizes that there are coal
generation closures expected to happen within the current
financing's horizon, including 1.34 GW's from the Centralia power
plant which could benefit the project in the medium term. Given the
uncertainties surrounding the market structure beyond 2019, Moody's
assumes that Grays Harbor renews its existing PPA with SENA, and
generates similar levels of cash flows throughout the remaining
debt period, which represents close to 10% of total CFADS over the
debt life.

The rating also incorporates the fact that the portfolio of
generating assets relies heavily on merchant-based cash flows
derived from Nelson, a combined cycle plant in northern Illinois
for around 30% of CFADS, whose recent performance has been aided by
transmission upgrades and who benefits from the receipt of PJM
capacity auction revenue.

Moody's further acknowledges that over 30% of CFADS will come from
four contracted assets, each of which are encumbered and subject to
a 1.20x debt service coverage ratio (DSCR) distribution test. All
projects have reasonable cushions with respect to meeting such
tests with the exception of Hardee, a combined cycle gas power
plant in Florida, whose DSCR is anticipated to be around 1.20x
through the forecasted period owing to leverage and somewhat lower
dispatch than originally anticipated. Although the lack of
distributions from Hardee is a credit negative, Hardee is the
smallest contributor to consolidated CFADS, at around 2.5% of
total. Moody's observes that Hardee had a generator step-up unit
(GSU) failure in late June 2017 which is not anticipated to be back
online until July of 2018.The project has received insurance
proceeds of around $6 million in the first part of 2018, and has
also been utilizing a spare on site GSU to remain operational,
although it is not sufficient to support one of the simple cycle
units which has remained offline. While cash flows have not
significantly been impacted over this period, there were no
distributions from Hardee in FY 2017 or anticipated in the first
half of 2018.

Invenergy's CFADS for FY 2017 was around $52 million, as
anticipated. Moody's expects CFADS to average around $70 million in
FY 2018-2021, benefitting from Nelson's improvement in operations
as well as higher known capacity prices for the period. Under
Moody's case, it expects FFO / Debt to approximate 15% and the DSCR
to average around 1.70x over the next few years. Moody's further
assumes that during the 2022-2025 period, CFADS should be slightly
lower, in the $65 million range given its lower capacity price
assumptions for the period. Under its case, Moody's expects
approximately $166 million in cash flow repayment during the
2018-2025 period based upon sensitivities examined. Moody's notes
however the change in the required cash flow sweep to 75% relative
to the 100% sweep in the existing deal. The reduction in cash sweep
is partially mitigated by the lower level of debt at financial
close and the fact that no distribution is being taken in
association with the transaction. The sweep feature further steps
down to 50% in the event the leverage ratio (Net Debt of Borrower/
consolidated CFADS) drops to below 4.0x, and to 25% when the ratio
is  2.5x DSCR and > 20% FFO/debt on a sustained basis.

WHAT COULD CHANGE THE RATING DOWN

The rating could be downgraded if cash flow generation is lower
than currently forecasted, in particular for the Nelson plant,
leading to weaker credit metrics of 1.50x DSCR or 15% FFO/Debt, or
if there are significant operating issues at any of the projects
leading to an inability to generate and distribute excess cash
flows to the Borrower.

In May 2018, AMP Capital's Global Infrastructure Equity Platform
and Invenergy Clean Power LLC announced a 50/50 partnership named
Invenergy AMPCI Thermal Energy LLC, which will wholly own the
Borrower and other natural gas generation projects. The Sponsor in
turn owns 100% of Invenergy Thermal Operating I LLC, the Borrower,
which holds interests in a portfolio of seven operating natural
gas-fired plants located throughout the United States and Canada.
Four of the projects are wholly owned (St. Clair, Nelson, Ector and
Grays Harbor) while the other three (Cannon Falls, Spindle Hill and
Hardee) are owned 51% by the Sponsor. The gross capacity of each
plant ranges from 330 MW to 620 MW and the net capacity of the
portfolio is 2,680 MW. Five of the plants (Cannon Falls, Spindle
Hill, Hardee, St. Clair and Grays Harbor) have been operating for
several years. The portfolio has a weighted average contract life
of about 7 years.

The current capital structure includes a first lien term loan ($310
million outstanding), a second lien term loan ($204.7 million
outstanding), and a first lien working capital facility (sized up
to $70 million with $18 million currently undrawn). In addition,
there is a total of about $356 million of project level debt
attributable to Invenergy at the St. Clair, Hardee, Cannon Falls,
and Spindle Hill projects. Once the planned refinancing closes,
Invenergy will have a $350 million term loan and a $65 million
revolving credit facility, and $356 million of Invenergy
attributable project level indebtedness.



JEFFREY DEGEN: Demeo Buying Miami Property for $3.2 Million
-----------------------------------------------------------
Jeffrey B. Degen asks the U.S. Bankruptcy Court for the Southern
District of Florida to authorize the sale of the real property
located at 1921 South Bayshore Drive, Miami, Florida, Parcel ID:
01-4115-024-0011, to Ronald F. Demeo for $3.2 million.

The Debtor jointly owns the Property as tenancy by the entirety
with his spouse Gary J. Majka.  Subject to the Court's approval and
releases from the mortgagee as set forth, the Debtor asks to sell
the Property to the Buyer for $3.2 million pursuant to the AS IS
Residential Contract For Sale and Purchase negotiated in good faith
and executed April 17, 2018.

On Jan. 23, 2017, in advance of a court ordered mediation of the
case, the mortgagee U.S. Bank National Association, as Trustee for
Harborview Mortgage Loan Trust 2006-4, had the Property appraised
for $2,550,000.  Thus, the agreed purchase price under the Contract
is $650,000 more than the lender's own appraisal of the property as
recently as January 2017.

Furthermore, the Property has a market value of $3,063,588
according to the 2018 assessed valuation of the Miami Dade County
Property Appraiser's office.  So the agreed purchase price of $3.2
million exceeds the tax assessed value by nearly $150,000.  

The Property is encumbered by a mortgage with a total payoff
balance of $3,319,763 owed to mortgagee U.S. Bank as Trustee for
Harborview Mortgage Loan Trust 2006-4 as of May 10, 2018.

The Contract provides for a closing date on or before 90 days after
the date of the Court's approval of the Contract.

The Debtor asks the Court's approval of the sale subject to the
condition that the secured mortgage lender, U.S. Bank National
Association, as Trustee for Harborview Mortgage Loan Trust 2006-4,
releases both the Debtor and his spouse, Gary Majka, from any
further liability under that certain Adjustable Rate Promissory
Note dated March 21, 2006 executed by Jeffrey Degen and Gary Majka
and that certain Mortgage dated March 21, 2006 executed by Jeffrey
Degen and Gary Majka recorded in Miami Dade County on April 17,
2006.  If this condition is not satisfied or accepted by the
mortgagee, then the Debtor asks that the Court deny the Motion
because non-acceptance by the mortgagee would expose the Debtor and
his spouse to great financial risk.

The Schedule B from the title insurance policy reflects these liens
and potential claims and encumbrances on the Property:

     A) Open Mortgage recorded April 17th, 2006 in Official Records
Book 24432, Page 1436 of the Public Records of Miami-Dade County,
Florida in favor of Countrywide Home Loans Inc.

     B) Notice of Lis Pendens dated March 12, 2010, and recorded in
Official Records Book 27912, Page 1258 of the Public Records of
Miami Dade County, Florida

     C) Amended Notice of Lis Pendens dated Dec. 22, 2015 and
recorded in Official Records Book 29904 at Page 766 of the Public
Records of Miami Dade County, Florida.

     D) Various assignments of Mortgage with final Assignment dated
October 16, 2017 in O.R. Book 30791, Page 490 of the Public Records
of Dade County Florida in favor of U.S. Bank National Association,
as Trustee for Harborview Mortgage Loan Trust 2006-4.

The Miami Dade County Tax Collector has a lien for unpaid real
estate taxes.  It will be paid in full from the proceeds of sale.
The mortgage lien of U.S. Bank National Association, as Trustee for
Harborview Mortgage Loan Trust 2006-4 is disputed to the extent
there is no equity in the Debtor’s Property to secure same.

The Debtor respectfully asks the entry of an order approving the
sale of the Property, subject to the condition that the secured
mortgage lender, U.S. Bank National Association, as Trustee for
Harborview Mortgage Loan Trust 2006-4, releases both the Debtor and
his spouse, Gary Majka, from any further liability under that
certain Adjustable Rate Promissory Note dated March 21, 2006
executed by Jeffrey Degen and Gary Majka and that certain Mortgage
dated March 21, 2006 executed by Jeffrey Degen and Gary Majka
recorded in Miami Dade County on April 17, 2006 and pursuant to 363
(f) authorizing the sale and transfer of his Property free and
clear of the claims and interests set forth herein and such further
relief as the Court deems just.

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

    http://bankrupt.com/misc/Jeffrey_Degen_77_Sales.pdf

The Creditor:

         U.S. BANK NATIONAL ASSICIATION
         44 West Flagler Street
         Suite 2500
         Miami, FL 33130-6808

Jeffrey B. Degen sought Chapter 11 protection (Bankr. S.D. Fla.
Case No. 17-14645) on April 13, 2017.  He taaped Susan D. Lasky,
Esq., as counsel.


KADMON HOLDINGS: Prices $100M Underwritten Common Stock Offering
----------------------------------------------------------------
Kadmon Holdings, Inc., announced the pricing of an offering of an
aggregate of 30,303,030 shares of its common stock at an offering
price of $3.30 per share in an underwritten offering and a
registered direct offering to certain institutional investors.  The
gross proceeds to Kadmon from the Offerings, before deducting
underwriting discounts and commissions and other expenses of the
Offerings, are expected to be approximately $100.0 million.  Kadmon
has granted the underwriters in the Underwritten Offering a 30-day
option to purchase up to an additional 4,000,000 shares of Kadmon's
common stock on the same terms and conditions.  The Underwritten
Offering is expected to close on June 14, 2018, subject to
customary closing conditions.  A portion of the Direct Offering is
expected to close on June 14, 2018, and the remainder on June 26,
2018, in each case subject to customary closing conditions.

Jefferies LLC is acting as the sole book-running manager for the
Underwritten Offering.  H.C. Wainwright & Co., LLC is acting as the
lead manager for the Underwritten Offering.

Kadmon intends to use the net proceeds from the Offerings for
preclinical and clinical development of its lead product
candidates, discovery, research and preclinical studies of its
other product candidates and for other general corporate purposes.

The securities are being offered pursuant to a shelf registration
statement on Form S-3 that was declared effective by the Securities
and Exchange Commission on Jan. 10, 2018.  The Offerings may be
made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement.  Final
prospectus supplements and accompanying prospectuses relating to
the Offerings will be filed with the SEC and will be available on
the SEC's website at www.sec.gov.  Copies of the final prospectus
supplement and the accompanying prospectus relating to the
Underwritten Offering, when available, may also be obtained by
request at Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or
by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com.

                     About Kadmon Holdings

Based in New York, Kadmon Holdings, Inc. -- http://www.kadmon.com/
-- is a biopharmaceutical company engaged in the discovery,
development and commercialization of small molecules and biologics
within autoimmune and fibrotic diseases, oncology and genetic
diseases.

Kadmon Holdings reported a net loss attributable to common
stockholders of $81.69 million in 2017, a net loss attributable to
common stockholders of $230.5 million in 2016, and a net loss
attributable to common stockholders of $147.1 million in 2015.  As
of March 31, 2018, Kadmon Holdings had $63.78 million in total
assets, $55.85 million in total liabilities and $7.93 million in
total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2017, noting that the Company has suffered recurring
losses from operations and expects losses to continue in the future
that raise substantial doubt about its ability to continue as a
going concern.


KSA INVESTMENTS: Parkers Renew Bid for Chapter 11 Trustee
---------------------------------------------------------
Lattissia Parker, Michael Parker, Sr., Lashae McClellan, Michael
Parker, Jr. and Lundin Parker, secured judgment creditors, filed a
renewed motion for the appointment of a Trustee to administer the
Chapter 11 case of KSA Investments, LLC.

As previously reported by The Troubled Company Reporter, the
Judgment Creditors have earlier filed a motion seeking appointment
of a Chapter 11 Trustee.

The Parkers renew their request for the Court to appoint a
disinterested Trustee to administer the Chapter 11 Estate and to
propose a plan of reorganization that would pay the Parkers'
judgments in full and/or to convert the case to Chapter 7 for the
liquidation of KSA's investment properties to satisfy the Parkers'
judgments.

The Parkers resided in rental property owned by KSA. The Parkers
sued KSA in the Circuit Court for Baltimore City (Case No.
24-C-14-001967) for personal injuries resulting from infestation of
bed bugs at the rental property. The Parkers obtained a judgment
against KSA on October 13, 2015 in the aggregate amount of $90,525,
and a supplemental judgment against KSA on November 13, 2015 in the
aggregate amount of $20,000. Such judgments operate as liens on all
realty owned by KSA.

The Parkers attempted to execute on their judgments and discovered
that KSA fraudulently conveyed Deeds of Trusts on the five
properties it owns to Abdul Samie, the 50% owner of KSA. The other
50% owner of KSA is Abdul Samie's wife, Kamina Samie.

The Parkers then filed suit in the Circuit Court for Baltimore City
(Case No. 24-C-17-000238 OG), asking the Court to set aside the
Deeds of Trust that were recorded on the eve of the entry of
judgment in the tort litigation. On March 8, 2018, the Circuit
Court for Baltimore City granted the Parkers' request, finding that
KSA's transfers of the five properties to Abdul Samie were
fraudulent within the meaning of the Maryland Uniform Fraudulent
Conveyance Act. The Court further ordered that a writ of execution
be granted as to the properties for the Parkers to secure payment
of their judgments.

However, six days after the entry of the Order setting aside the
fraudulent conveyances, KSA filed the instant Chapter 11 petition.

                     About KSA Investments

KSA Investments, LLC, filed a Chapter 11 petition (Bankr. D. Md.
Case No. 18-13303) on March 14, 2018.  In its petition signed by
its member Kamina Samie, the Debtor estimated $100,000 to $500,000
in assets and liabilities.  The Law Offices of E. Christopher Amos
serves as counsel.


LAYNE CHRISTENSEN: Completes Merger with Granite Construction
-------------------------------------------------------------
Layne Christensen Company said that its merger with Granite
Construction Incorporated has now been completed.  As a result of
the transaction, Layne's common stock will no longer be traded on
the Nasdaq Stock Market, effective June 14, 2018.  All Layne shares
will be exchanged for 0.27 Granite shares and be eligible for
trading effective June 15, 2018.  Layne is now a division of
Granite.

Michael J. Caliel, president and chief executive officer of Layne,
said, "We are pleased that the completion of this transaction
creates significant value to our stockholders in the form of a
compelling premium and the opportunity to meaningfully participate
in the growth of a combined entity with differentiated scale and
resources.  The merger with Granite is a recognition that Layne's
turnaround strategy, executed over the last several years, has
created benefits for each of our stakeholders.  We wish our
employees, whose work and dedication enabled this success, all the
best as our businesses continue to evolve.  It has been an honor to
lead Layne over the last several years as we positioned the Company
for long term success."

On Feb. 13, 2018, the Company entered into a definitive agreement
whereby Granite Construction Incorporated will acquire all of the
outstanding shares of Layne with each Layne stockholder receiving
0.27 shares of Granite stock for each share of Layne stock.  The
Company's stockholders approved and adopted the Merger Agreement at
a special meeting held on June 13, 2018.

                  4.25% Supplemental Indenture

On June 14, 2018, in connection with the consummation of the
Merger, Layne Christensen Company and U.S. Bank National
Association, as trustee, entered into a First Supplemental
Indenture, dated as of June 14, 2018, which amends and supplements
the Indenture, dated as of Nov. 12, 2013, by and between the
Company and the Trustee relating to the Company's 4.25% Convertible
Senior Notes Due 2018.

Pursuant to the 4.25% Supplemental Indenture, the consideration due
upon conversion of any 4.25% Notes, and the conditions to any such
conversion, is determined in the same manner as if each reference
to any number of shares of Company Common Stock in Article 10 of
the 4.25% Indenture were instead a reference to Granite Common
Stock multiplied by the Exchange Ratio.  The conversion rate in
effect immediately following the Merger is 11.7739 shares of
Granite Common Stock per $1,000 principal amount of 4.25% Notes.

As previously reported by the Company on a Current Report on Form
8-K dated May 14, 2018, the Company delivered a Notice of
Settlement Method to holders of the 4.25% Notes whereby the Company
elected cash settlement as the settlement method for conversion of
the 4.25% Notes.  As a result of that election, Granite
Construction Incorporated is not required to become a party to the
4.25% Supplemental Indenture.

                  8.00% Supplemental Indenture

On June 14, 2018, in connection with the consummation of the
Merger, the Company, Granite and the Trustee, entered into a First
Supplemental Indenture, dated as of June 14, 2018, which amends and
supplements the Indenture, dated as of March 2, 2015, by and among
the Company, the Guarantors party thereto, the Trustee and U.S.
Bank National Association as collateral agent relating to the
Company's 8.00% Senior Secured Second Lien Convertible Notes.

Pursuant to the 8.00% Supplemental Indenture, the consideration due
upon conversion of any 8.00% Notes is, for each $1,000 principal
amount of such 8.00% Notes, the number of shares of Granite Common
Stock equal to the conversion rate in effect at such time; with
cash in lieu of fractional shares as described in Section 10.03 of
the 8.00% Indenture.  The conversion rate in effect immediately
following the Merger is 23.0769 shares of Granite Common Stock per
$1,000 principal amount of 8.00% Notes. Granite executed the 8.00%
Supplemental Indenture solely to acknowledge its obligation to
deliver to the Company a sufficient number of shares of Granite
Common Stock to satisfy any conversion of the 8.00% Notes into
shares of Granite Common Stock.

             Termination of Material Agreements

On June 14, 2018, the Company terminated all commitments to provide
loans or other extensions of credit under the Amended and Restated
Credit Agreement, dated as of Aug. 17, 2015, among the Company, the
subsidiaries of the Company party thereto, the lenders, PNC Bank,
National Association, as administrative agent, co-collateral agent,
swingline lender and issuing bank, Jeffries Finance LLC, as
arranger and syndication agent and Wells Fargo Bank, N.A., as
co-collateral agent.  The Credit Agreement has been terminated
except for provisions that expressly survive termination of the
Credit Agreement and the payment in full of all obligations
thereunder and provisions thereof relating to letters of credit
issued thereunder.

As of June 14, 2018, no borrowings were outstanding under the
Credit Agreement.  Cash collateral in the amount of approximately
$25 million has been deposited by Granite with the Agent to secure
the letters of credit issued under the Credit Agreement that remain
outstanding and the reimbursement and other obligations of the Loan
Parties.

                        Nasdaq Delisting

In connection with the consummation of the Merger, the Company
requested Nasdaq Global Select Market to suspend trading in the
Company Common Stock as of close of trading on June 14, 2018 and
file a notification of removal from listing on Form 25 with the
Securities and Exchange Commission to delist shares of the Company
Common Stock from Nasdaq and remove the shares from registration
under Section 12(b) of the Securities Exchange Act of 1934, as
amended, as of the close of trading on June 14, 2018.  On June 14,
2018, Nasdaq filed a notification of removal from listing on Form
25 with the SEC with respect to the Company Common Stock.  The
Company will file a Form 15 with the SEC to suspend the Company's
reporting obligations with respect to Company Common Stock under
Sections 13 and 15(d) of the Exchange Act 10 days after the Form 25
is filed.

     Resignations and Appointments of Executives and Directors

The following directors and officers of the Company ceased to hold
their respective positions at the Company: Michael J. Anderson,
David A.B. Brown, Samuel J. Butler, Michael J. Caliel, Steven F.
Crooke, Robert R. Gilmore, Alan P. Krusi, Kevin Maher, John T.
Nesser III, Nelson Obus, and Larry Purlee.  

James H. Roberts, the sole member of the Board of Directors of
Granite and Lowercase Merger Sub Incorporated, a wholly owned
subsidiary of Granite, immediately prior to the Effective Time,
became the sole member of the Board of Directors of the Company and
will serve until his successor is duly elected or appointed and
qualified, or until the earlier of his death, resignation, or
removal.

The following officers of Merger Sub became the officers of the
Company: Richard A. Watts 55, president and group manager; Bradley
G. Graham, 47, vice president and controller of Merger Sub; and
Jigisha Desai, 51, vice president and treasurer, and each will hold
office until his or her respective successor is duly elected and
qualified, or the earlier of his or her resignation or removal.
Mr. Watts, has worked at Granite since 2003 and currently serves as
Granite's senior vice president, general counsel, corporate
compliance officer and secretary.  Mr. Graham has worked at Granite
since 2013 and currently serves as Granite's vice president and
corporate controller.  Ms. Desai has worked at Granite since 1993
and currently serves as Granite's vice president of corporate
finance and treasurer.

                         About Layne

Layne Christensen Company -- http://www.layne.com/-- is a global
water management, infrastructure services and drilling company.
The Company primarily operates in North America and South America.
Its customers include government agencies, investor-owned
utilities, industrial companies, global mining companies,
consulting engineering firms, heavy civil construction contractors,
oil and gas companies, power companies and agribusinesses.  Layne
maintains executive offices at 1800 Hughes Landing Boulevard, Suite
800, The Woodlands, Texas 77380.

Layne Christensen reported a net loss of $27.31 million for the
year ended Jan. 31, 2018, compared to a net loss of $52.23 million
for the year ended Jan. 31, 2017.  As of April 30, 2018, Layne
Christensen had $367.29 million in total assets, $307.88 million in
total liabilities and $59.41 million in total equity.

                          *   *    *

This concludes the Troubled Company Reporter's coverage of Layne
Christensen Company until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


LIFELINE SLEEP: Court Approves Disclosure Statement
---------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
has approved the disclosure statement explaining Lifeline Sleep
Center, LLC's Chapter 11 plan.

As previously reported by The Troubled Company Reporter, the
amended plan adds the unsecured priority claim of the Pennsylvania
Department of Revenue in the total amount of $3,431 which will be
paid at 4% over 5 years, with 60 equal monthly payments of $64.00.

The Administrative Claims to be paid on the effective date of the
plan will be funded in part by a capital contribution of the
President of the Debtor, Mark Kegg, in the approximate amount of
$18,000.

Unsecured claimants, previously classified in Class 6, are now in
Class 5.

A full-text copy of the Latest Disclosure Statement is available
at:

       http://bankrupt.com/misc/pawb16-24201-172.pdf

A full-text copy of the Amended Plan is available at:

       http://bankrupt.com/misc/pawb16-24201-171.pdf

                  About Lifeline Sleep Center

Lifeline Sleep Center, LLC, operates several specialty outpatient
sleep centers, with a principal place of business at 2030 Ardmore
Boulevard, Suite 251, Pittsburgh, Pennsylvania.

Lifeline Sleep Center sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-24201) on Nov. 10,
2016.  In the petition signed by Mark Kegg, owner.  At the time of
the filing, the Debtor estimated assets of less than $50,000 and
liabilities of less than $1 million.

Judge Jeffery A. Deller presides over the case.  

Brian C. Thompson, Esq., at Thompson Law Group, P.C., serves as the
Debtor's legal counsel.

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


MELINTA THERAPEUTICS: Stockholders Elected Three Directors
----------------------------------------------------------
The annual meeting of stockholders of Melinta Therapeutics, Inc.,
was held on June 12, 2018, at which the stockholders:

   (a) elected Daniel Wechsler, David Gill and John H. Johnson as
       Class I members to the Company's board of directors, each
       for a three-year term expiring at the annual meeting of
       stockholders in 2021;

   (b) approved on a non-binding advisory basis, Melinta's 2017
       executive compensation;

   (c) ratified the appointment of Deloitte & Touche LLP as
       the Company's independent registered public accounting
       firm for the fiscal year ending Dec. 31, 2018; and

   (d) approved the adoption of the Company's 2018 Stock
       Incentive Plan.

The 2018 Plan and certain awards of options to employees and
directors of the Company, including the Company's executive
officers, previously had been approved by the Compensation
Committee of the Company, subject to stockholder approval of the
2018 Plan.  The 2018 Plan replaces the Melinta Therapeutics, Inc.
(f/k/a Cempra, Inc.) 2011 Equity Incentive Plan, as amended, and
from and after the date of stockholder approval of the 2018 Plan,
no additional awards will be made under the 2011 Plan.  However,
the adoption and effectiveness of the 2018 Plan will not affect the
terms and conditions of any outstanding awards granted under the
2011 Plan.

                  About Melinta Therapeutics

New Haven, Connecticut-based Melinta Therapeutics, Inc. --
http://www.melinta.com/-- is a commercial-stage pharmaceutical
company focused on discovering, developing and commercializing
differentiated anti-infectives for the hospital and select
non-hospital, or community, settings that address the need for
effective treatments for infections due to resistant gram-negative
and gram-positive bacteria.  The Company currently market four
antibiotics to treat a variety of infections caused by these
resistant bacteria.

Deloitte & Touche LLP, in Chicago, Illinois, the Company's auditor
since 2014, issued a "going concern" opinion in its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Company's recurring losses from operations and its
need to obtain additional capital raise substantial doubt about its
ability to continue as a going concern.

Melinta reported a net loss available to common shareholders of
$78.17 million in 2017, a net loss available to common shareholders
of $95.04 million in 2016, and a net loss available to common
shareholders of $94.92 million in 2015.  As of March 31, 2018,
Melinta had $448.7 million in total assets, $248.9 million in total
liabilities and $199.8 million in total shareholders' equity.


MENSONIDES DAIRY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Mensonides Dairy LLC
        305 S Fisher Road
        Mabton, WA 98935

Business Description: Mensonides Dairy LLC operates a farm that
                      produces milk and other dairy products.
                      The company was founded in 1993 and is based

                      in Mabton, Washington.

Chapter 11 Petition Date: June 14, 2018

Case No.: 18-01681

Court: United States Bankruptcy Court
       Eastern District of Washington (Spokane/Yakima)

Judge: Hon. Frank L Kurtz

Debtor's Counsel: Steven H. Sackmann, Esq.
                  SACKMANN LAW, PLLC
                  PO Box 409
                  Othello, WA 99344
                  Tel: 509 488-5636
                  Fax: 509 488-6126
                  Email: steve@sackmannlaw.com

                     - and -

                  Toni Meacham, Esq.
                  1420 Scooteney Road
                  Connell, WA 99326
                  Tel: 509-488-3289
                  Email: tonipierson@rocketmail.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Art Mensonides, owner/member.

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

            http://bankrupt.com/misc/waeb18-01681.pdf

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
INTL FC Stone LLC                      Futures          $1,875,000
1251 NW Briarcliff Pkwy               Contract
Suite 800                            Liquidation
Kansas City, MO 64116
Derek
Tel: 312-456-3623

Western Stockmen's                       Feed             $985,050
c/o JR Simplot Company
PO Box 413058
Salt Lake City, UT 84141-3058
Cindy Smith
Tel: 208-780-4857

Vet-Ex Animal Supply, Inc.           Vet Supplies/        $410,591
151 McGonagle Road                     Services
Selah, WA 98942
Jeff
Tel: 509-697-5589

Lansing Vermont, Inc.                    Feed             $405,521

PO Box 741671
Atlanta, GA 30374-1671
Travis Lehouiller/
Justin Tracy
Tel: 802-857-3575

Calaway Company, Inc.                     Feed            $341,221
10190 Glade North Road
Pasco, WA 99301
Courtney Calaway/Leigh Ann
Tel: 509-266-4644

Apex, LLC                                Feed            $172,477

Blue Mountain Hay, LLC                   Feed            $152,308

Orange Dairy Service                Dairy Cleaning       $148,474
                                        Services


Bleyhl Farm Service, Inc.               Services/        $146,682
                                        Supplies

Whitby Farm                               Feed           $146,405

Tallgrass Commodities, LLC                Feed           $129,628

Archer Daniels Midland                    Feed           $116,541

Daritech, Inc.                          Services/         $98,593
                                         Supplies

Bank of America                      Goods/Services       $96,707

Bank of America                      Goods/Services       $88,763

MWI Animal Health                          Feed           $87,496

Commodity Specialists Co.                  Feed           $78,284

Westway Feed Products, LLC                 Feed           $70,003

US Commodities, LLC                        Feed           $61,738

Auke Bruinsma                              Feed           $56,756


MONTREIGN OPERATING: Moody's Cuts CFR & Term Loan Ratings to Caa1
-----------------------------------------------------------------
Moody's Investor Services downgraded Montreign Operating Company,
LLC's Corporate Family Rating to Caa1 from B3 and Probability of
Default Rating to Caa1-PD from B3-PD. At the same time, the
company's term loan A and term loan B were downgraded to Caa1 from
B3. All of Montreigns ratings were placed on review for downgrade.

Montreign, a wholly-owned indirect subsidiary of Empire Resorts,
Inc. (not-rated), owns and operates Resorts World Catskills
(Resorts), a casino resort which opened to the public on February
8, 2018. Resorts is located in Sullivan County, New York,
approximately 90 miles from New York City.

"The downgrade to Caa1 considers Moody's view that given Resorts'
monthly gross gaming revenue performance since opening this past
February, without a significant near-term improvement in revenue,
Resorts will be challenged to support its annual fixed charges
going forward, about $75 million," stated Keith Foley, a Senior
Vice President at Moody's.

Downgrades:

Issuer: Montreign Operating Company, LLC

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD;
Placed Under Review for further Downgrade

Corporate Family Rating, Downgraded to Caa1 from B3; Placed Under
Review for further Downgrade

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD3) from
B3 (LGD3); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Montreign Operating Company, LLC

Outlook, Changed To Rating Under Review From Stable

"At the same time, the one-notch downgrade recognizes that Resorts
is only first entering the summer months which is expected will be
the strongest season in terms of revenue and earnings, and that not
all of the amenities supporting the casino are available and open
yet," added Foley. "The next two months will provide meaningful
insight into Resorts' ability to ramp-up on a full year basis."

The review for downgrade considers that without a strong revenue
performance this June and July, Resorts will fall meaningfully
short of Moody's first year gross gaming revenue expectation for
Resorts of at/near $250 million.

Resorts, which opened about 4 months ago, about a month earlier
than scheduled, has reported monthly gross gaming revenue between
$9.0 million and $12.5 million each month, or $32.2 million on a
cumulative basis, from this past February through April. At this
rate, and without giving consideration to the benefit of any
seasonality, Resorts' gross gaming revenue will only reach about
$150 million; less than that on a net revenue basis once
promotional allowances are considered. And as a result, debt/EBITDA
would be well above Moody's stated 6.0 times debt/EBITDA downgrade
trigger.

Moody's review will focus on the gross gaming revenue reported on
the New York Gaming Commission website for the months of June and
July. To the extent these results indicate that Resorts will not
achieve Moody's expectation for its first full year of operations,
ratings would be downgraded. The degree of any downgrade will also
consider Montreign's liquidity profile.

RATINGS RATIONALE

Key credit challenges include Resorts' slower than expected ramp
up, single asset profile, and the highly competitive nature of the
market which it operates that may impede the company's ability to
support its capital structure. Positive credit considerations
include Resorts' favorable tax rate compared to nearby competitors.
It is required to pay a 39% tax rate on slot revenue compared to
55% for Pennsylvania casinos and 60%-75% for the New York racinos.



NEONODE INC: CEO Persson Gets Additional Role as President
----------------------------------------------------------
The Board of Directors of Neonode Inc. has designated Hakan Persson
as president of the Company in addition to his current title of
chief executive officer.

On June 7, 2018, Neonode held its 2018 annual meeting of
stockholders at which the stockholders:

   1. elected Mr. Andreas Bunge to the Board of Directors of
      the Company for a three year term as Class I director;

   2. indicated their approval on the advisory vote related to
      named executive officer compensation;
       
   3. indicated their choice of the option of every one year as
      the preferred frequency for the advisory vote on executive
      compensation;
       
   4. ratified the appointment of KMJ Corbin & Company LLC to
      serve as the Company's independent auditors for the year
      ended Dec. 31, 2018;
       
   5. approved the amendment to the Company's Certificate of
      Incorporation to effect a reverse stock split of common
      stock at a ratio in the range of 1-for-5 to 1-for-15 in the
      discretion of the Board of Directors of the Company and to
      reduce the number of authorized shares of the company's
      common stock in a corresponding proportion to the reverse
      stock split; and

   6. approved the authorization of an adjournment of the Meeting,
      if necessary, to solicit additional proxies if there were
      not sufficient votes in favor of Proposal 5.

In light of the voting results on Proposal 3, the Board of
Directors has determined that the Company will continue to include
an advisory vote on executive compensation in the Company's proxy
materials every year until the next required advisory vote on the
frequency of future advisory votes on executive compensation, which
will occur no later than the Company's 2024 Annual Meeting of
Stockholders.  

                        About Neonode

Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com/-- develops,
manufactures and sells advanced sensor modules based on the
company's proprietary zForce AIR technology.  Neonode zForce AIR
Sensor Modules enable touch interaction, mid-air interaction and
object sensing and are ideal for integration in a wide range of
applications within the automotive, consumer electronics, medical,
robotics and other markets.  The company also develops and licenses
user interfaces and optical interactive touch solutions based on
its patented zForce CORE technology.  To date, Neonode's technology
have been deployed in more than 59 million products, including 3
million cars and 56 million consumer devices.  The company is
headquartered in Stockholm, Sweden and was established in 2001.

Neonode Inc. reported a net loss attributable to the Company of
$4.70 million in 2017, a net loss attributable to the Company of
$5.29 million in 2016 and a net loss attributable to the Company of
$7.82 million in 2015.  As of March 31, 2018, Neonode had $12.96
million in total assets, $4.49 million in total liabilities and
$8.46 million in total stockholders' equity.


NORTH FORK: Court Denies Approval of Disclosure Statement
---------------------------------------------------------
For reasons stated at a hearing, the U.S. Bankruptcy Court for the
District of South Carolina has denied approval of the disclosure
statement explaining North Fork Group, LLC's Chapter 11 Plan.

A South Carolina Limited Liability Company, North Fork Group LLC
was formed in 2004 for the purpose of another business venture
totally unrelated to its current purpose, the ownership of a
332-acre farm. The farm has been owned by the family of the members
of the LLC for generations. The LLC acquired the real estate
through Johanna F. Ruffin, who is the mother of Thomas Ruffin, Jr.

Class 2 secured claimants will be paid in full, with interest at 6%
A.P.R., no later than Dec. 31, 2019 either by refinancing or by
proceeds from the sale of the property securing the claim.

The Debtor's Plan will be funded by refinancing the debt on the
property or by proceeds from the sale of the property. Based on an
appraisal dated Feb. 8, 2018, there appears to be sufficient equity
in the property to qualify for refinancing or to receive sufficient
funds from the sale of the real estate to pay the claims in full.

The interim payments required by the Plan will be funded by Thomas
Ruffin, Jr. The funds will come from Mr. Ruffin's distributions
from other ventures.

A full-text copy of the Disclosure Statement is available at:

          http://bankrupt.com/misc/scb17-05600-27.pdf

                     About North Fork Group

North Fork Group, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.S.C. Case No. 17-05600) on Nov. 6, 2017.
Judge David R. Duncan presides over the case.  At the time of the
filing, the Debtor estimated assets of less than $50,000 and
liabilities of less than $1 million.  No official committee of
unsecured creditors has been appointed in the Chapter 11 case.


PEGASUS VIP: Seeks Permission to Use Engs Cash Collateral
---------------------------------------------------------
Pegasus VIP & Tour Services, LLC, requests the U.S. Bankruptcy
Court for the Southern District of Texas to permit its use of cash
the collateral in which creditor, Engs Commercial Finance Company,
and the bankruptcy estate has interest.

The Bankruptcy Estate has an interest in Self Employment Cash
proceeds from the operation of the Debtor's charter bus tour and
transportation business which is subject to Engs Commercial's
security interest contained in its financing documents. The current
outstanding principal aggregate amounts of approximately $227,756.

The Debtor proposes to use the cash collateral in the approximate,
projected yearly amount of $1,259,258 to operate its charter bus
tour and transportation business and pay Debtor's secured,
priority, unsecured creditors in addition to its business expenses
such as office/management payroll, real property commercial
leasehold, commercial motor bus retail installment and leasing
payments, repairs and maintenance costs, insurance premiums,
telephone and utilities, advertising costs, commission/fees,
contract labor, office expenses, taxes and licenses, fuel
gasoline/diesel purchases, accountant and legal fees and other
miscellaneous business related operating expenses.

The Debtor has been advised and instructed by the undersigned
counsel to take action to deposit, segregate and not use, employ,
avail, or expend said Cash proceeds from the operation of the
Business cash collateral pursuant 11 U.S.C. 363(a) with the Debtor
being ready and able to provide a complete and itemized accounting
from its new established DIP Bank Account to the Court, the U.S.
Trustee, Engs Commercial and any other creditors or parties of
interest pending further order of the Court.

A full-text copy of the Cash Collateral Motion is available at

            http://bankrupt.com/misc/txsb18-32528-15.pdf

                About Pegasus VIP & Tour Services

Pegasus VIP & Tour Services, LLC, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-32528) on
May 12, 2018.  In the petition signed by its manager/sole member,
Juan Emerson-Caballero, the Debtor estimated assets and liabilities
of less than $50,000.  The Debtor is represented by Jesse Aguinaga,
Esq., of Aguinaga & Associates.


PLEDGE PETROLEUM: Reports First Quarter Net Loss of $193,000
------------------------------------------------------------
Pledge Petroleum Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
available to common stockholders of $193,028 on $0 of net revenue
for the three months ended March 31, 2018, compared to a net loss
available to common stockholders of $364,802 on $0 of net revenue
for the three months ended March 31, 2017.

As of March 31, 2018, Pledge Petroleum had $663,199 in total
assets, $132,150 in total current liabilities and $531,049 in total
stockholders' equity.

Although the Company had cash balances of $637,787 as of March 31,
2018, the Company has a history of annual losses from operations
since inception and it has primarily funded its operations through
sales of its unregistered equity securities.  The Company has
recently disposed of substantially all of its assets for $650,000
and simultaneously therewith acquired the entire shareholding of
Ervington, for gross proceeds of $8,500,000.  The Company is
actively looking to acquire businesses in a similar field which may
require substantial cash.

"To date, our primary sources of cash have been funds raised from
the sale of our securities and the issuance of convertible and
non-convertible debt.  No additional funds were raised during the
current financial period," the Company stated in the Report.

Pledge Petroleum has incurred an accumulated deficit of $19,298,484
through March 31, 2018 and incurred a negative cash flow from
operations of $111,833 for the three months ended March 31, 2018.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/9KFPpF

                     About Pledge Petroleum

Headquartered in Houston, Texas, Pledge Petroleum Corp --
http://www.pledgepcorp.com/-- focuses on the acquisition of
various oil producing fields.  The Company was formerly known as
Propell Technologies Group, Inc. and changed its name to Pledge
Petroleum Corp. in February 2017.

Pledge Petroleum incurred a net loss available to common
stockholders of $1.22 million on $25,000 of net revenue for the
year ended Dec. 31, 2017, compared to a net loss available to
common stockholders of $4.74 million on $0 of net revenue for the
year ended Dec. 31, 2016.

The report from the Company's independent accounting firm RBSM LLP,
the Company's auditor since 2016, on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has suffered
recurring losses from operations, will require additional capital
to fund its current operating plan, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.


POTOMAC XPRESS: Judge Bars Use of Cash Collateral
-------------------------------------------------
The Hon. Ashely M. Chan of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania, upon consideration of the request
of Commercial Credit Group, Inc., has barred Potomac Xpress LLC
from using cash collateral for any purpose without the express
consent of CCG, and vacated the automatic stay of Bankruptcy Code
section 362(a) to permit the CCG to pursue its rights in the CCG
Collateral.

                     About Potomac Xpress

Potomac Xpress LLC, which operates a trucking business, filed a
Chapter 11 petition (Bankr. E.D. Pa. Case No. 18-10935) on Feb. 9,
2018, estimating under $1 million in assets and liabilities.  Judge
Ashely M. Chan is the case judge.  Carol L. Knowlton, Esq., at
Gorski & Knowlton PC, in Hamilton, New Jersey, is the Debtor's
counsel.



PRECIPIO INC: Amends Resale Prospectus of 7 Million Shares
----------------------------------------------------------
Precipio, Inc., filed with the Securities and Exchange Commission
an amendment no.1 to its Form S-1 registration statement relating
to 7,000,000 shares of common stock of the Company that may be sold
by the Leviston Resources LLC.  The shares of common stock offered
under the prospectus by the selling stockholder are issuable to
Leviston Resources LLC pursuant to an Equity Purchase Agreement
dated Feb. 8, 2018 with Leviston and the Company in accordance with
which the Company may offer and sell shares of its common stock
having an aggregate offering price of up to $8,000,000 from time to
time to the Investor.

Precipio will not receive any of the proceeds from the sale of
shares by the selling stockholder.  This registration statement
covers only approximately 41% of the $8,000,000 of shares of the
Company's common stock issuable pursuant to the Equity Agreement.
The Company will file subsequent registration statements covering
the resale of additional shares of its common stock issuable
pursuant to the Equity Agreement with the Investor beginning
approximately 30 days after we have substantially completed the
sale to the Investor under the Equity Agreement of the shares
subject to this registration statement.  

Sales of the Company's common stock, if any, under this prospectus
may be made in sales deemed to be "at-the-market" equity offerings
as defined in Rule 415 promulgated under the Securities Act of
1933, as amended, or the Securities Act, at a purchase price equal
to 97.25% of the volume weighted average sales price of the common
stock reported on the date that the Investor receives a capital
call from the Company.

The Company will pay the expenses incurred in registering the
shares, including legal and accounting fees.

Precipio's common stock is listed on The NASDAQ Capital Market
under the symbol "PRPO."

A full-text copy of the Form S-1/A is available for free at:

                    https://is.gd/0wNd8U

                       About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.  

The audit opinion included in the company's Annual Report on Form
10-K for the year ended Dec. 31, 2017 contains a going concern
explanatory paragraph.  Marcum LLP, the Company's auditor since
2016, stated that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

Precipio reported a net loss available to common stockholders of
$33.21 million in 2017 and a net loss available to common
stockholders of $4.08 million in 2016.  As of March 31, 2018,
Precipio had $26.09 million in total assets, $12.68 million in
total liabilities and $13.40 million in total stockholders'
equity.

                     Nasdaq Delisting Notice

On March 26, 2018, Precipio received written notice from The Nasdaq
Stock Market LLC indicating that, based on the closing bid price of
the Company's common stock for the preceding 30 consecutive
business days, the Company is not in compliance with the $1.00
minimum bid price requirement for continued listing on the Nasdaq
Capital Market.  The Notice has no immediate effect on the listing
of Precipio's common stock, and its common stock will continue to
trade on the Nasdaq Capital Market under the symbol "PRPO" at this
time.  In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
Precipio has a period of 180 calendar days, or until Sept. 24, 2018
to regain compliance with the Minimum Bid Price Requirement.


PROMETHEUS & ATLAS: May Abandon Property if Sale Fails
------------------------------------------------------
Prior to the hearing to consider confirmation of its Chapter 11
plan of liquidation, Prometheus & Atlas Real Estate Development,
LLC, filed a second amended Chapter 11 liquidation plan providing
that in the event the sale of its property fails for any reason,
the Debtor may abandon the Property in full satisfaction of Holders
of Allowed Secured Claims pursuant section 554 of the Bankruptcy
Code.

The abandonment, if any, will be approved by the Bankruptcy Court.
If approved, the Confirmation Order will constitute the Bankruptcy
Court's finding and determination that the abandonment of the
Property is: (i) in full satisfaction of the Debtor's Secured
Claims; (ii) in the best interests of the Debtor, its Creditors,
Estate and parties-in-interest, (iii) fair, equitable and
reasonable; (iv) made in good faith; and (v) approved pursuant to
section 554 of the Bankruptcy Code and Bankruptcy Rule 9019.

The Debtor also disclosed that pursuant to a court ruling on
November 1, 2017 in the adversary case of Caballos de Oro, LLC,
etc. v. Eliot Alpert, etc., et al. USBC D. Nev. Case no.
2:17-bk-12699-MKN, adv. No. 17-012221-mkn, the Debtor and others
who are or who may become parties to the Litigation are and will be
litigating their respective rights and obligations to the Property
in the Litigation, including, among others, the validity and
relative priority of their respective claimed interests in the
Property.  As a result of the November 1, 2017 order, the
Litigation has been remanded and is now pending in Nevada State
District Court, Eighth Judicial District, Clark County as Caballos
de Oro etc. v. Eliot Alpert, etc. et al., District Court, Clark
County Case No. A-17-752905-C.  The rights and obligations of the
parties to the Litigation in the Property are to be determined in
the Litigation and any resolution thereof.  The Plan's provisions
relating to the sale or other monetization of the Property are
contingent upon the outcome of the Litigation.

A full-text copy of the Second Amended Plan is available at:

        http://bankrupt.com/misc/nvb17-12699-99.pdf

              About Prometheus & Atlas Real Estate

Based in Las Vegas, Nevada, Prometheus & Atlas Real Estate
Development, LLC, owns and manages a real estate development
company.

Prometheus & Atlas Real Estate sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-12699) on May
19, 2017.  James Kalhorn, managing member, signed the petition.  At
the time of the filing, the Debtor disclosed $2.6 million in assets
and $1.75 million in liabilities.

Ghandi Deeter Blackham is the Debtor's bankruptcy counsel.  David
J. Merrill P.C. is the special counsel.

The Debtor tapped Mark Holten of Signa Realty Group as real estate
broker to sell the property located at NW4 SEC 12 20 59, City of
Las Vegas, County of Clark, Nevada.


Q&C PROPERTIES: Unsecureds to Get Paid Over 5 Years
---------------------------------------------------
Q&C Properties, LLC, filed a plan of reorganization and
accompanying disclosure statement proposing to continue its
business so that proceeds from its ongoing operations will be used
to fund payments under the Plan.

The Debtor's net operating income for 2016 was $28,515; for 2017,
it was $142,461.

Holders of allowed unsecured claims, classified in Class 2, will
receive pro rata share of the Debtor's disposable income, with
interest, within five years of the Effective Date.

A full-text copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/nvb17-16663-104.pdf

                     About Q&C Properties

Founded in 2005, Q&C Properties, LLC, operates a car wash business
at 3265 S. Nellis Boulevard, Las Vegas, Nevada 89121.  The
company's gross revenue amounted to $937,437 in 2016 and $848,812
in 2015.  Q&C Properties is owned by Steven D. Rice (55%) and
Donald Rice (45%).

Q&C Properties filed a Chapter 11 petition (Bankr. D. Nev. Case No.
17-16663) on Dec. 14, 2017.  In the petition signed by Steven D.
Rice, its managing member, the Debtor disclosed $2.25 million in
assets and $4.90 million in liabilities.  The case is assigned to
Judge Laurel E. Davis.  Marjorie A. Guymon, Esq., at Goldsmith &
Guymon, P.C., is the Debtor's counsel.


QUADRANT 4 SYSTEM: Disclosure Statement Hearing Set for July 12
---------------------------------------------------------------
The Hon. Jack B. Schmetterer of the U.S Bankruptcy Court for the
Northern District of Illinos will hold a hearing on July 12, 2018,
at 11:00 a.m. (Central Time) in Room 682, 219 S. Dearborn St.,
Chicago, Illinois, to approved the adequacy of the disclosure
statement explaining the Chapter 11 plan of liquidation filed by
Quadrant 4 System Corporation and Stratitude Corporation, and the
Official Committee of Unsecured Creditors.  Objections on the
approval of the disclosure statement, if any, must be filed no
later than July 10, 2018.

As reported by the Troubled Company Reporter on June 12, 2018, the
Chapter 11 Plan proposes to continue this procedure to obviate the
need for another liquidating trustee, duplicate notices,
applications, and orders, and thereby save considerable time and
expense for the Debtors and, consequently, their Estates.

The Liquidating Trustee will maintain separate accounts and
segregate funds generated by or from claims and/or causes of action
in favor of Q4 and Stratitude, as the case may be to the extent
practicable insofar as certain Causes of Action may equally affect
both Estates, in which case the Liquidating Trustee may have to
equally divide such monies, or make such apportionment as he deems
fair and reasonable in his business judgment.

The Plan also provides for the sale, liquidation or other
disposition of all assets in the Debtors' Estates in order that
Creditor distributions can be maximized and accomplished as soon as
is practicable after the Plan's confirmation. All tangible and
intangible personal property assets utilized in the operation of
the Debtors' businesses have been sold and/or liquidated pursuant
to prior orders of the Bankruptcy Court.

Under the Plan, the Liquidating Trustee will pay each Allowed Class
4 General Unsecured Claim Pro Rata from available funds. The
Liquidating Trustee will make a distribution to each Holder of an
Allowed Class 4 Claim within the later of: (a) 30 days of the
Liquidating Trustee's determination that there are funds sufficient
to make a distribution to Holders of Allowed Class 4 Claims; and
(b) 30 days of a disputed Class 4 Claim being Allowed by a final,
non-appealable order of the Bankruptcy Court.

Allowed Class 4(a) General Unsecured Claims will be paid initially
from: any Net Proceeds from Q4 Causes of Action; and any other
proceeds obtained by the Liquidating Trustee upon liquidation of
the "Q4 Liquidating Trust Assets" as applicable. To the extent any
Net Proceeds remain after satisfaction of all Class 4(b) Claims,
such Net Proceeds will be distributed to Q4 as the sole owner of
Stratitude and distributed by the Liquidating Trustee under the
Plan. Allowed Class 4(b) General Unsecured Claims will be paid
initially from: (a) any Net Proceeds from Stratitude Causes of
Action; and (b) any other proceeds obtained by the Liquidating
Trustee upon liquidation of the "Stratitude Liquidating Trust
Assets" as applicable.

A full-text copy of the Disclosure Statement is available at:

      http://bankrupt.com/misc/ilnb17-19689-408.pdf

                    About Quadrant 4 System

Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/--
sells IT products and services.  Its revenues are primarily
generated from the placement of staffing or solution consultants,
and the sale and licensing of its proprietary cloud-based Software
as a Service (SaaS) systems, as well as a wide range of technology
oriented services and solutions.  The company's principal executive
offices are located in Schaumburg Illinois.  It also operates its
business from various offices located in Naples, Florida;
Alpharetta, Georgia; Bingham Farms, Michigan; Cranbury, New Jersey;
Pleasanton, California; and Ann Arbor, Michigan.

Quadrant 4 is the 100% owner of the issued and outstanding common
stock of Stratitude, Inc., a California corporation, which it
acquired on or about Nov. 3, 2016.  Concurrently with the
Stratitude Acquisition, Stratitude acquired certain of the assets
of Agama Solutions, Inc., a California corporation.  Both
Stratitude and Agama are located in Pleasanton and Fremont,
California and are engaged in the IT business.

Quadrant 4 disclosed total assets of $47.05 million and total
liabilities of $31.39 million as of Sept. 30, 2016.

Quadrant 4 filed a Chapter 11 petition (Bankr. N.D. Ill. Case No.
17-19689) on June 29, 2017.   Stratitude, Inc., filed a Chapter 11
petition (Bankr. N.D. Ill. Case No. 17-30724) on Oct. 13, 2017.
The case is jointly administered with that of Quadrant 4.

Quadrant 4, which was subject to a securities fraud probe that led
to the arrest and resignation of its top two executives seven
months ago, sought Chapter 11 protection after reaching a
settlement with the U.S. Securities and Exchange Commission and
signing deals to sell four business segments for at least $6.9
million.

The Debtors' cases are assigned to Judge Jack B. Schmetterer.

The Debtors' bankruptcy counsel is Adelman & Gettleman Ltd.  Nixon
Peabody LLP acts as special counsel to the Debtors for matters
concerning taxes, labor, ERISA, securities compliance,
international law, and related matters while Faegre Baker Daniels
LLP acts as special counsel for securities litigation.  The Debtors
hired Silverman Consulting Inc. as financial consultant, and
Livingstone Partners, LLC, as investment banker.

On July 10, 2017, an official committee of unsecured creditors was
appointed in the Debtor's case.  The Committee retained Sugar
Felsenthal Grais & Hammer LLP as its legal counsel, and Amherst
Partners, LLC, as its financial advisor.


REX ENERGY: Hires Buchanan Ingersoll & Rooney PC as Local Counsel
-----------------------------------------------------------------
R.E. Gas Development, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Western District of
Pennsylvania to hire Buchanan Ingersoll & Rooney PC as local
counsel.

Services to be rendered by the local counsel:

     a. advise the Debtors of their rights, powers and duties as
debtors and debtors in possession continuing to operate and manage
their respective businesses amnd properties under chapter 11 of the
Bankruptcy Code;

     b. prepare, on behalf of the Debtors, all necessary and
appropriate applications, motions, proposed orders and other
pleadings, notices, schedules and other documents, and reviewing
all financial and other reports to be filed in these Cases;

     c. advise the Debtors concerning and prepare responses to
applications, motions, other pleadings, notices and other papers
that may be  filed by other parties in these Cases and appear on
behalf of the Debtors in any hearings or other proceedings relating
to those matters;

     d. advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of their
estates;

     e. advise and assit the Debtors in connection with any asset
dispositions;

     f. advise and represent the Debtors with respect to
emmployment related issues;

     g. advise and assist the Debtors in negotiations with the
Debtor's debt holders and other stakeholders;

     h. advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments and rejections;

     i. advise the Debtors in connection with the formulation,
negotiation and promulgation of any plan or plans of
reorganization, and related transactional documents;

     j. assist the Debtors in reviewing, estimating and resolving
claims asserted against the Debtors' estates;

     k. commence and conduct litigation that is necessary and
appropriate to assert rights held by the Debtors or protect assets
of the Debtors' chapter 11 estates;

     l. provide non-restructuring services for the Debtors to the
extent requested by the Debtors, including, among others, advice
related to mergers and acquisitions, securities law issues and
corporate governance; and

     m. perform all other necessary and appropriate legal services
in connection with these cases for or on behalf of the Debtors.

Buchanan's present hourly rates are:

     Shareholders     $625-$820
     Counsel          $520-$635
     Associates       $240-$460
     Paralegal        $120-$360

James D. Newell, shareholder, Buchanan Ingersoll & Rooney, PC,
attests that Buchanan is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.

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, James D.
Newell disclosed that:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

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

     -- Buchanan represented the Debtors during the 12-month period
prior to the petition date. During that period, Buchanan charged
the Debtors its customary hourly rates; and

     -- Buchanan has developed a budget and staffing plan covering
May 18, 2018 through July 31, 2018.

The counsel can be reached through:

    James D. Newell, Esq.
    Buchanan Ingersoll & Rooney, PC
    One Oxford Centre
    301 Grant Street, 20th Floor
    Pittsburgh, PA 15219-1410
    Phone: 412 392 2027
    Email: james.newell@bipc.com

                    About Rex Energy Corp.

Rex Energy Corporation -- http://www.rexenergy.com-- and its
subsidiaries are independent oil and gas companies operating in the
Appalachian Basin, engaged in the acquisition, production,
exploration and development of oil, natural gas and natural gas
liquids.  They are focused on drilling and exploration activities
in the Marcellus Shale, Utica Shale and Upper Devonian Shale.  Rex
Energy is headquartered in State College, Pennsylvania and became a
public company in 2007.  

On May 18, 2018, Chapter 11 cases were filed by Rex Energy
Corporation (Bankr. W.D. Pa. Case No. 18-22033) and its affiliates
R.E. Gas Development, LLC (Bankr. W.D. Pa. Case No. 18-22032), Rex
Energy Operating Corp. (Case No. 18-22034), and Rex Energy I, LLC
(Case No. 18-22035).  R.E. Gas Development is the lead case.

In the petitions signed by Thomas C. Stabley, president and CEO,
the Debtors listed total assets of $851,000,957 and total debt of
$984,529,090 as of April 30, 2018.

Judge Jeffery A. Deller presides over the cases.

James D. Newell, Esq., Timothy P. Palmer, Esq., and Tyler S.
Dischinger, Esq., at Buchanan Ingersoll & Rooney PC and Scott J.
Greenberg, Esq., Michael J. Cohen, Esq., Anna Kordas, Esq., Thomas
A. Howley, Esq., and Rachel Biblo Block, Esq., at Jones Day, serve
as the Debtors' bankruptcy counsel.

The Debtors tapped Perella Weinberg Partners as their investment
banker; FTI Consulting, Inc., as financial advisor; and Prime Clerk
LLC as claims and noticing agent.

The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on May 29, 2018.


REX ENERGY: Hires FTI Consulting as Financial Advisor
-----------------------------------------------------
R.E. Gas Development, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Western District of
Pennsylvania to hire FTI Consulting Inc. as financial advisor.

Services to be rendered by FTI are:

     a. assist with developing accounting and operating procedures
to segregate prepetition and post-petition business transactions;

     b. support the preparation of first day notions and develop
procedures and processes necessary to implement such motions;

     c. assist with the development of a creditor matrix;

     d. work with the Debtors and their communications advisors to
develop chapter 11 communications;

     e. develop training materials and assist to train the Debtors'
personnel with respect to chapter 11 procedures;

     f. assist with developing the process and infrastructure to
respond to and track calls received from suppliers, employees and
other constituents, including the production of various management
reports reflecting call center activity;

     g. assist in the development and analysis of various strategic
alternatives available to the Debtors;

     h. assist in analyzing and developing strategies to address
the Debtor's existing obligations;

     i. assist the Debtors in preparing financial related
disclosures required by the Court, including schedules of assets
and liabilities, the statement of financial affairs and monthly
operating reports;

     j. assist the Debtors with analyses required pursuant to the
Debtors' debtor in possession facility including, but not limited
to, preparing for hearings regarding the use of cash collateral and
the DIP Facility;

     k. assist with the identification and implementation of
short-term cash management procedures;

     l. assist in developing and implementing key employee
retention and other critical employee benefit programs;

     m. assist with the identification of executory contracts and
leases abd performancce of cost/benefit evaluations with respect to
the assumption or rejection of each;

     n. assist and advise the Debtors with respect to the
identification of core business assets and the disposition of
assets or liquidation of unprofitable operations;

     o. assist with valuation of the present level of operations
and identification of areas of potential cost savings, including
overhed and operating expense reductions and efficiency
improvements;

     p. assist with the preparation of financial information for
distribution to creditors and others, including, but not limited
to, cash flow projections and budgets, cash receipts and
disbursement analysis, of analysis of various asset and liability
accounts, and of analysis of proposed transactions for which the
court approval is sought;

     q. attend meetings and assist in discussions with potential
investors, banks and other secured lenders, any official
committee(s) appointed in these Cases, the United States trustee,
other parties in interest and professionals hires by the same, as
requested;

     r. analyze creditor claims by type, entity and individual
claim, including assisting with the development of databases, as
necessart, to track such claims;

     s. assist in the preparation of information and analysis
necessary for the confimration of a plan in these Cases;

     t. assist with fresh-start accounting planning and
implementation;

     u. provide litigation advisory services with respect to
accounting and tax matters, along with expert witness teatimony on
case related issues as required by the Debtors; and

     v. render such other general business consulting or such other
assistance as Debtors' management or counsel may deem necessary
that are consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in this
proceeding.

FTI's current hourly rates are:

     Senior Managing Directors            $875-$1,075
     Directors/Senior Directors           $650-$855
     Consultants/Senior Consultants       $345-$620
     Administrative/Paraprofessionals     $140-$270

Albert S. Conly, Senior Managing Director with FTI Consulting Inc,
attests that his firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.

The advisor can be reached through:

    Albert S. Conly
    FTI Consulting Inc
    2001 Ross Avenue, Suite 650
    Dallas, TX, 75201
    Phone: 214 397 1600
    Fax: 214 397 1790
    Email: albert.conly@fticonsulting.com

                    About Rex Energy Corp.

Rex Energy Corporation -- http://www.rexenergy.com/-- and its
subsidiaries are independent oil and gas companies operating in the
Appalachian Basin, engaged in the acquisition, production,
exploration and development of oil, natural gas and natural gas
liquids.  They are focused on drilling and exploration activities
in the Marcellus Shale, Utica Shale and Upper Devonian Shale.  Rex
Energy is headquartered in State College, Pennsylvania and became a
public company in 2007.  

On May 18, 2018, Chapter 11 cases were filed by Rex Energy
Corporation (Bankr. W.D. Pa. Case No. 18-22033) and its affiliates
R.E. Gas Development, LLC (Bankr. W.D. Pa. Case No. 18-22032), Rex
Energy Operating Corp. (Case No. 18-22034), and Rex Energy I, LLC
(Case No. 18-22035).  R.E. Gas Development is the lead case.

In the petitions signed by Thomas C. Stabley, president and CEO,
the Debtors listed total assets of $851,000,957 and total debt of
$984,529,090 as of April 30, 2018.

Judge Jeffery A. Deller presides over the cases.

James D. Newell, Esq., Timothy P. Palmer, Esq., and Tyler S.
Dischinger, Esq., at Buchanan Ingersoll & Rooney PC and Scott J.
Greenberg, Esq., Michael J. Cohen, Esq., Anna Kordas, Esq., Thomas
A. Howley, Esq., and Rachel Biblo Block, Esq., at Jones Day, serve
as the Debtors' bankruptcy counsel.

The Debtors tapped Perella Weinberg Partners as their investment
banker; FTI Consulting, Inc., as financial advisor; and Prime Clerk
LLC as claims and noticing agent.

The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on May 29, 2018.


REX ENERGY: Hires Jones Day as Counsel
--------------------------------------
R.E. Gas Development, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Western District of
Pennsylvania to hire Jones Day as counsel.

Services to be rendered by the local counsel:

     a. advise the Debtors of their rights, powers and duties as
debtors and debtors in possession continuing to operate and manage
their respective businesses amnd properties under chapter 11 of the
Bankruptcy Code;

     b. prepare, on behalf of the Debtors, all necessary and
appropriate applications, motions, proposed orders and other
pleadings, notices, schedules and other documents, and reviewing
all financial and other reports to be filed in these Cases;

     c. advise the Debtors concerning and prepare responses to
applications, motions, other pleadings, notices and other papers
that may be  filed by other parties in these Cases and appear on
behalf of the Debtors in any hearings or other proceedings relating
to those matters;

     d. advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of their
estates;

     e. advise and assit the Debtors in connection with any asset
dispositions;

     f. advise and represent the Debtors with respect to
emmployment related issues;

     g. advise and assist the Debtors in negotiations with the
Debtor's debt holders and other stakeholders;

     h. advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments and rejections;

     i. advise the Debtors in connection with the formulation,
negotiation and promulgation of any plan or plans of
reorganization, and related transactional documents;

     j. assist the Debtors in reviewing, estimating and resolving
claims asserted against the Debtors' estates;

     k. commence and conduct litigation that is necessary and
appropriate to assert rights held by the Debtors or protect assets
of the Debtors' chapter 11 estates;

     l. provide non-restructuring services for the Debtors to the
extent requested by the Debtors, including, among others, advice
related to mergers and acquisitions, securities law issues and
corporate governance; and

     m. perform all other necessary and appropriate legal services
in connection with these cases for or on behalf of the Debtors.

Standard hourly rates for Jones Day are:

     Partners          $675 to $1,450
     Of Counsel        $675 to $1,300
     Counsel           $625 to $925
     Associates        $300 to $950
     Paralegals        $150 to $600

Scott J. Greenberg, Partner at Jones Day, attests that his firm is
a "disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

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, Scott J.
Greenberg disclosed that:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

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

     -- Jones Day was retained by the Debtors to provide high-level
restructuring advice prior to Petition Date in the fall of 2017 to
January 2018; the material financial terms of Jones Day's
engagement have not changed postpetition; and

     -- Jones Day has developed a budget and staffing plan covering
May 18, 2018 through July 31, 2018.

The counsel can be reached through:

    Scott J. Greenberg, Esq.
    Jones Day
    500 Grant Street, Suite 4500
    Pittsburgh, PA 15219-2514
    Phone: +1-412-391-3939
    Fax: +1-412-394-7959
    Email: sgreenberg@jonesday.com
   
                     About Rex Energy Corp.

Rex Energy Corporation -- http://www.rexenergy.com/-- and its
subsidiaries are independent oil and gas companies operating in the
Appalachian Basin, engaged in the acquisition, production,
exploration and development of oil, natural gas and natural gas
liquids.  They are focused on drilling and exploration activities
in the Marcellus Shale, Utica Shale and Upper Devonian Shale.  Rex
Energy is headquartered in State College, Pennsylvania and became a
public company in 2007.  

On May 18, 2018, Chapter 11 cases were filed by Rex Energy
Corporation (Bankr. W.D. Pa. Case No. 18-22033) and its affiliates
R.E. Gas Development, LLC (Bankr. W.D. Pa. Case No. 18-22032), Rex
Energy Operating Corp. (Case No. 18-22034), and Rex Energy I, LLC
(Case No. 18-22035).  R.E. Gas Development is the lead case.

In the petitions signed by Thomas C. Stabley, president and CEO,
the Debtors listed total assets of $851,000,957 and total debt of
$984,529,090 as of April 30, 2018.

Judge Jeffery A. Deller presides over the cases.

James D. Newell, Esq., Timothy P. Palmer, Esq., and Tyler S.
Dischinger, Esq., at Buchanan Ingersoll & Rooney PC and Scott J.
Greenberg, Esq., Michael J. Cohen, Esq., Anna Kordas, Esq., Thomas
A. Howley, Esq., and Rachel Biblo Block, Esq., at Jones Day, serve
as the Debtors' bankruptcy counsel.

The Debtors tapped Perella Weinberg Partners as their investment
banker; FTI Consulting, Inc., as financial advisor; and Prime Clerk
LLC as claims and noticing agent.

The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on May 29, 2018.


RPX CORP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to San
Francisco-based RPX Corp. The outlook is stable.

S&P said, "We also assigned our 'B+' issue-level and '2' recovery
ratings to the proposed first-lien credit facilities to be issued
by Riptide Purchaser Inc. prior to the completion of the
acquisition, which include a $20 million revolving credit facility
due in 2023 and a $240 million term loan due in 2024. The '2'
recovery rating indicates our expectation for substantial recovery
(80%-90%; rounded estimate: 85%) in the event of payment default.

"Our ratings on RPX reflect the company's revenue concentration in
the niche patent risk management services segment, limited pricing
power, risk of regulatory changes affecting the volume of patent
litigation, and financial sponsor ownership. These factors are
partially offset by a leading position in the niche patent risk
management segment of legal services, good brand reputation, and
relatively low starting leverage. We believe RPX will maintain
modest free cash flow generation over our forecast period, despite
top-line declines on lower patent litigation volumes and
subscription fees next year. We expect S&P Global Ratings' adjusted
FOCF to debt to be in the low-30% area at the end of 2018 and
declining to the low-20% area by 2019.

"The stable outlook reflects our expectations that RPX will
maintain leverage below 2x and generate modest FOCF, despite our
expectations for top-line declines from subscription fee repricing
in the next year. We expect S&P Global Ratings' adjusted FOCF to
debt to decline to the low-20% area by the end of 2019 from the
low-30% area in 2018.

"We could lower the rating if a steeper than expected revenue
decline leads to narrowing free cash flow generation, or due to
liquidity constraints or a tightened covenant cushion. Such a
scenario would most likely result from unfavorable regulatory
changes that severely limit patent litigation activity from NPEs,
drastic reduction in patent approvals, or reduced cost to defend
patent assertion claims. We could also lower the ratings if more
aggressive financial policies to fund shareholder returns resultmc
in leverage increasing to above 3x.

"While very unlikely over the next 12 months, we could consider an
upgrade if the company can demonstrate better than expected revenue
performance. We believe an immediate regulatory change that becomes
significantly conducive to patent litigation activity from NPEs
would be the most likely catalyst. Longer term, we could also
consider an upgrade if the company demonstrates further scale and
geographic expansion, or successfully diversifies into other
business segments." The company would also need to demonstrate no
material deterioration from current credit metrics and
profitability.


RUSSELL INVESTMENTS: S&P Lowers ICR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings said it lowered its issuer credit rating on
Russell Investments Cayman Midco Ltd. to 'BB-' from 'BB'. The
outlook is stable. S&P said, "At the same time, we also lowered the
issue rating on the company's first-lien facility to 'BB-' from
'BB' and assigned a '4' recovery rating, indicating our expectation
for average (45%) recovery in the event of default. Finally, we
have removed all the ratings on the company from CreditWatch, where
we placed them with negative implications on May 29, 2018."

S&P said, "The stable outlook reflects our expectation that Russell
will operate with leverage close to 4.5x during the next 12 months
while assets under management (AUM) and investment performance
remain relatively unchanged.

"We could lower the ratings if leverage increases above 5x or if
the company's investment performance and AUM meaningfully
deteriorate.

"We could raise the ratings if the company operates with leverage
below 4x on a sustained basis while investment performance and AUM
flows remain strong."


SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on June 7, 2018, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Sealed Air Corporation to BB+ from BBB-.

Headquartered in Charlotte, North Carolina, Sealed Air Corporation
is a packaging company known for its brands: Cryovac food packaging
and Bubble Wrap cushioning packaging. Sealed Air Corporation has
two divisions: Food Care & Product Care. It sold off its stake in
Diversey Care in 2017.


SEVERIN HOLDINGS: S&P Assigns 'B-' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B-' corporate credit rating to
Folsom, Calif.-based student information system (SIS) and
enterprise resource planning (ERP) software provider Severin
Holdings LLC. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the company's proposed $120
million revolver expiring in 2023 and $775 million first-lien term
loan expiring in 2025. The '3' recovery rating reflects our
expectation for meaningful recovery (50%-70%; rounded estimate:
65%) in the event of payment default.

"We also assigned our 'CCC' issue-level rating and '6' recovery
rating to the company's proposed $365 million second-lien term loan
due in 2026. The '6' recovery rating indicates our expectation for
negligible recovery (0%-10%; rounded estimate: 0%) in the event of
payment default.

"The rating reflects PowerSchool's improved scale, further
diversification within the K-12 non-instructional software market,
strong potential for cross selling, and an expectation of
substantially improved EBITDA margins by 2019. These factors are
offset by the sizable increase in debt in the capital structure and
higher debt service requirements, execution risks during the
PeopleAdmin integration, and PowerSchool's limited track record as
an independent company. Through cost savings and synergies,
management's plan is to reduce 2017 total operating expenditures of
the combined companies to a degree higher than what we would expect
of companies that are already private equity owned. At the same
time, the company's goal is to expand capabilities that will
contribute to further revenue growth.

"The stable outlook on Severin Holdings reflects our expectation
that the company will deleverage and improve EBITDA interest
coverage over the next 12 months as synergies, cost savings, and
operating leverage from revenue growth improve earnings. We also
expect FOCF to return to positive in 2019 (at least $30 million).
In S&P Global Ratings' base case, the company continues to have
very strong revenue retention rates close to 100% and growth of
about 4% after 2018.

"We would lower the rating if we believe the company's capital
structure becomes unsustainable. This could occur if the company
cannot return to positive FOCF or repay revolver borrowings. A
severe business disruption from restructuring activities that leads
to declining revenues and profitability may also result in a
downgrade.

"An upgrade is unlikely over the next 12 months because of the
company's elevated financial leverage and debt service requirements
following this transaction. However, we could consider an upgrade
longer term if the company sustains leverage below 7x. This could
occur with voluntary prepayment of debt and faster-than-expected
earnings growth from operating leverage and full achievement of
planned synergies and cost savings."


SHARING ECONOMY: Unit Signs $1M Software License Agreement
----------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited has entered into a license
agreement with Ecrent Capital Holdings Limited, regarding the grant
of an exclusive and sub-licensable license from ECRENT to SEII to
utilize certain software and trademarks in order to develop,
launch, operate, commercialize, and maintain an online website
platform in North Korea.  The Agreement is valid until Dec. 31,
2023.  In return, SEII will pay ECRENT a maximum amount of
US$1,000,000 upon satisfying the condition precedent that the gross
profit generated from the corresponding business arrangement in
North Korea exceeds the license fee payment, which will be
determined at expiration of the Agreement on Dec. 31, 2023.

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

                     https://is.gd/Xk2lgB

Ecrent Capital can be reached at:
       
          Ecrent Capital Holdings Limited
          Cornwall Centre, 85 Castle Peak Road, Coffee Bay,
          Tuen Mun, N.T., Hong Kong     

                     About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. --
http://www.seii.com/-- designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry.  The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models.  Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing.  

RBSM LLP's audit opinion included in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2017 contains a going concern
explanatory paragraph stating that the Company had a loss from
continuing operations for the year ended Dec. 31, 2017 and expects
continuing future losses, and has stated that substantial doubt
exists about the Company's ability to continue as a going concern.
RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and a
net loss of $11.67 million in 2016.  As of March 31, 2018, the
company had $76.73 million in total assets, $9.05 million in total
liabilities and $67.67 million in total stockholders' equity.


SJKWD LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: SJKWD, LLC
           dba Denny's Restaurant
        15 Bay Drive
        Key West, FL 33040

Business Description: SJKWD, LLC leases a 6000 Sq Ft Denny's
                      Restaurant (235 seats with a full
                      bar) located at 2710 N. Roosevelt
                      Blvd, Key West Florida 33040.

Chapter 11 Petition Date: June 14, 2018

Case No.: 18-17154

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Robert A Mark

Debtor's Counsel: Aaron A. Wernick, Esq.
                  FURR & COHEN
                  2255 Glades Rd # 301E
                  Boca Raton, FL 33431
                  Tel: (561) 395-0500
                  Fax: (561) 338-7532
                  Email: awernick@furrcohen.com

Total Assets: $199,323

Total Liabilities: $1,036,677

The petition was signed by Stan Jackowski, managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/flsb18-17154.pdf


SONOMA MT. LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Sonoma Mt. LLC
        1205 Enos Ave
        Sebastopol, CA 95472-4455

Business Description: Sonoma Mt. LLC is a privately held
                      company whose principal assets are located
                      at 5365 Sonoma Mountain Rd Santa Rosa, CA
                      95404-8883.  The company is a small business
                      debtor as defined in 11 U.S.C. Section
                      101(51D).

Chapter 11 Petition Date: June 15, 2018

Case No.: 18-10425

Court: United States Bankruptcy Court
       Northern District of California (Santa Rosa)

Judge: Hon. Roger L. Efremsky

Debtor's Counsel: Allan J. Cory, Esq.
                  LAW OFFICE OF ALLAN J. CORY
                  740 4th St.
                  Santa Rosa, CA 95404
                  Tel: (707) 527-8810
                  Email: cory@sonic.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kimberly Lichter-Gardner, managing
member.

The Debtor failed to incorporate in the petition a list of its 20
largest unsecured creditors.

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

           http://bankrupt.com/misc/canb18-10425.pdf


SOUTHERN INTERNAL: Taps Jose Ramon Cintron as Counsel
-----------------------------------------------------
Southern Internal Medicine PSC seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Jose Ramon
Cintron, Esq. as counsel to assist and represent it in all its
proceedings.

Mr. Cintron will assist the Debtor in preparation of court
documents, appearance at the 341 meeting of creditors and other
court hearings, accounting, tax & financial analyses, and
preparation of a Plan & Disclosure Statement.

The Debtor has paid Mr. Crintron a $5,000 retainer fee against
which all future fees and costs will be charged until exhausted.
Mr. Crintron will charge $200 per hour for his services.

Mr. Crintron assures this Court that he and all members of my firm
are disintered persons as the term is defined under the Bankruptcy
Code.

The counsel can be reached through:

     Jose Ramon Cintron, Esq.
     Calle Condado 605, Suite 602
     Santurce, PR 00907
     Tel: 787-725-4027
     Fax: 787-725-1709
     Cell: 787-605-3342
     E-mail: jrcintron@prtc.net

                About Southern Internal Medicine

Based in Mercedita, Puerto Rico, health care provider Southern
Internal Medicine PSC filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 18-03136) on June 1, 2018, estimating under $1 million in
both assets and liabilities.  Jose Ramon Cintron, Esq., is the
Debtor's counsel.


STARSHINE ACADEMY: Trustee Taps Cushman as Real Estate Agent
------------------------------------------------------------
Dina Anderson, the Chapter 11 Trustee of Starshine Academy, d/b/a
Starshine Academy Schools, seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to hire Cushman & Wakefield U.S.,
Inc. as real estate agent for the Trustee to assist in the
marketing and sale of the Debtor's property located at 1500 N. 35th
Street, Phoenix, AZ 85008 - APN 121-03-038.

The professional services which the Agent will are:

     (a) represent the Trustee as the Trustee's agent;

     (b) provide real estate brokerage consulting services and
sales assistance to the Trustee regarding the sale of the Property;
and

     (c) provide such other realty brokerage services as may be
required.

C&W will be paid a total commission of 5% of the purchase price at
the close of escrow.

The firm can be reached through:

     Will French
     CUSHMAN & WAKEFIELD
     2555 E. Camelback Road, Suite 400
     Phoenix, AZ 85016
     Phone: (602) 253-7900
     Email: will.french@cushwake.com

                    About Starshine Academy

Starshine Academy, d/b/a Starshine Academy Schools, filed a Chapter
11 bankruptcy petition (Bankr. D. Ariz. Case No. 16-01803) on Feb.
26, 2016.  In the petition signed by Patricia A. McCarty, the
president, the Debtor estimated both assets and liabilities in the
range of $10 million to $50 million.   

Judge Scott H. Gan is assigned to the case.

Carmichael & Powell, P.C., is the Debtor's counsel.  

Dina L. Anderson has been appointed as the Chapter 11 trustee.  The
Trustee tapped her own firm Gutilla Murphy Anderson as counsel.
The Trustee is an "Of Counsel" at the firm.


SUNPRO SOLAR: Taps Global Tax & Accounting as Bankruptcy Accountant
-------------------------------------------------------------------
Sunpro Solar, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to hire Global Tax &
Accounting, Inc., as bankruptcy accountant.

Services Global will render are preparation of monthly accounting
statements, Monthly Operating Reports and tax returns when due, and
generally provide assistance to the Debtor relating to accounting
matters arising in course of the bankruptcy case.

David Garelick, President of Global Tax & Accounting, Inc., attests
that his firm is a "disinterested person" as that term is defined
in the US Bankruptcy Code.

Global's hourly rates are:

     David Garelick     $200
     CPA/EA             $175
     Bookkeepper        $100

The firm can be reached through"

     David Garelick, EA, CFP
     Global Tax & Accounting, Inc.
     15250 Ventura Blvd., Suite #710
     Sherman Oaks, CA 91403
     Tel: (818) 385-3100
     Fax: (818) 385-3110
     Email: dgarelick@gbmi.com

                      About Sunpro Solar

Sunpro Solar -- http://www.sunpro-solar.com/-- offers the newest
in solar module technology to residential and commercial clients.
Headquartered in Wildomar, California, the Company designs and
installs solar power system.

Sunpro Solar Inc., d/b/a SunPro Solar, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 18-13196), on April 17, 2018.  The
petition was signed by Adam Joshua Evans, president.  The case is
assigned to Judge Mark S Wallace.  The Debtor is represented by
Robert B. Rosenstein, Esq., at Rosenstein & Associates.  At the
time of filing, the Debtor disclosed $1.04 million in total assets
and $937,475 in total debt.


SUNSHINE DAIRY: Wants to Use $6.5-Mil Cash Collateral Until July 13
-------------------------------------------------------------------
Sunshine Dairy Foods Management, LLC and Karamanos Holdings, Inc.
seek authorization from the U.S. Bankruptcy Court for the District
of Oregon to use cash collateral on final basis.

In order to formulate a plan of reorganization, the Debtors require
the use of cash collateral for the payment of operating expenses.
The Debtors propose to use cash collateral of $6,488,212 over the
period commencing May 11, 2018 through July 13, 2018. Not less than
three days prior to the final hearing on use of cash collateral,
Debtors will file and serve a proposed 60 day budget to accompany
the Final Order.

The Debtors propose that the authority to use cash collateral be
limited to the cumulative amounts and uses of cash collateral as
will be set forth in the Budget. However, the Debtors request that
they may be allowed to make expenditures in excess of the amounts
specified in the forthcoming Budget subject to the limitation that
the aggregate budget variance will not exceed 10% of any line item
expenditures under the Budget for that budget period.

The Debtors believe that Lien Creditors (a) Citibank, N.A., and (b)
First Business Capital Corp., may claim a lien in the cash
collateral.

As security for and an inducement to said parties to permit use of
cash collateral, the Debtors propose to grant to each of them the
following protection:

     (a) A replacement lien on all of the post-petition property of
the same nature and kind in which each of them has a pre-petition
line or security interest. The replacement liens will have the same
relative priority vis-a-vis one another as existed on the petition
date with respect to the original liens.

     (b) The Debtors will timely perform and complete all actions
necessary and appropriate to protect Lien Creditors' collateral
against diminution in value.

     (c) Subject to Debtors' sole discretion, or if subsequently
ordered by the Court after notice and hearing, to commence making
monthly payments of interest only, calculated at the then
applicable non-default rates, to each Lien Creditor, beginning not
later than the date that is 90 days after entry of the Order for
Relief, based on the value of each respective Lien Creditors'
interest in their respective collateral.

In addition, the Debtors believe that the Lien Creditors enjoy a
sufficient equity cushion to supply adequate protection for their
interests. The Debtors represent that based solely on its real
estate collateral, First Business Capital Corp. enjoys an equity
cushion of 40% which is likely understated in light of the
additional collateral pledged. The Debtors further represent that
Citibank, N.A., does not appear, based on the Debtors' records, to
have an outstanding claim.

A full-text copy of the Cash Collateral Motion is available at

            http://bankrupt.com/misc/orb18-31644-148.pdf

                     About Sunshine Dairy Foods

Sunshine Dairy Foods is family-owned dairy processor serving local
food service customers, local food manufacturer partners, local
retailers and co-pack customers in the Pacific Northwest.  All
Sunshine milk products are packaged in recyclable opaque white jugs
and paper cartons to protect the milk from light and prevent
oxidation.  Sunshine's largest vendor is its milk supplier, Oregon
Milk Marketing Federation.  OMMF members are almost universally
family farmers who manage small to mid-sized farms in the
Willamette Valley, Oregon and Yakima Valley and Chehalis,
Washington.

Sunshine Dairy Foods Management, LLC, and Karamanos Holdings, Inc.
concurrently filed voluntary petitions seeking relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 18-31644 and
18-31646) on May 9, 2018.  The petitions were signed by Norman
Davidson III, president of Karamanos Holdings, Inc., managing
member.

Nicholas J. Henderson, Esq., at Motschenbacher & Blattner, LLP and
Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP, serve as the
Debtors' counsel; and Daniel J. Boverman and Boverman & Associates,
LLC, as business and turnaround consultants.

At the time of filing, Sunshine Dairy Foods estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

The Office of the U.S. Trustee for Region 18 on May 18, 2018,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Sunshine Dairy Foods
Management, LLC.  The Committee members are: (1) Valley Falls Farm,
LLC; (2) High Desert Milk; (3) Electric Inc.; (4) Ernest Packaging
Solutions; and (5) Stiebrs Farms, Inc.  The Committee tapped
Leonard Law Group LLC as its legal counsel.


TANGA.COM: Hires Fennemore Craig PC as Counsel
----------------------------------------------
Tanga.com seeks authority from the United States Bankruptcy Court
for the District of Arizona (Phoenix) to hire Fennemore Craig,
P.C., as counsel.

Services Fennemore Craig will render are:

     (a) advise the Debtor with respect to the powers and duties of
debtors in Chapter 11 cases;

     (b) consult with Debtor concerning the administration of this
case and related proceedings;

     (c) advise the Debtor with respect to the powers and duties of
Debtor in the operation of their business and the management of
their assets in this Chapter 11 case;

     (d) analyze Debtor's financial situation and investigate the
acts, conduct, assets, liabilities, and financial condition of
Debtor, the operation of Debtor's business and any other matter
relevant to the case;

     (e) advise the Debtor with respect to the use, sale or lease
of property, financing and the rejection and assumption of
executory contracts and unexpired leases, among other things;

     (f) participate in the negotiation, formulation, and drafting
of a plan of reorganization, including modifications and
amendments, and advise Debtor regarding their options and
alternatives, and the acceptance and
confirmation process;

     (g) prepare all necessary pleadings and papers pertaining to
matters of bankruptcy law or the case, including, without
limitation, appeals and other litigation as is necessary to
represent Debtor;

     (h) participate in any proceedings or hearings in the
Bankruptcy Court, the District Court, the Bankruptcy Appellate
Panel, the Circuit Court of Appeals, the United States Supreme
Court, or any other judicial or
administrative forum in which any action or proceeding may be
pending which may affect Debtor, its assets, or the claims of its
creditors; and

     (i) provide any other legal services that may be necessary
during the pendency of this Chapter 11 case on behalf of Debtor.

Fennemore Craig assures the Court that it is a "disinterested
persons," as that term is defined by 11 U.S.C. Sec. 101(14), and
does not hold nor represent any interest adverse to Debtor, the
estate, or its creditors.

Fennemore Craig's hourly rates are:

      Directors                   $350 to $660
      Associates                  $270 to $350
      Anthony Austin (Director)       $410
      Justin DePaul (Associate)       $310

The counsel can be reached through:

      Anthony W. Austin, Esq.
      FENNEMORE CRAIG, P.C.
      2394 East Camelback Rd., Ste. 600
      Phoenix, AZ 85016-3429
      Tel: 602-916-5000
      Fax: 602-916-5999
      E-mail: aaustin@fclaw.com

                       About Tanga.com

Tanga.com is a Chandler, Arizona-based e-retailer that sells
various products including men & women apparel, electronics, home
appliances and health & beauty products.  Tanga was founded by
Jeremy Young in 2006.  

Tanga.com filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-06314) on June 1,
2018.  In the petition signed by Jeremy Young, manager, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.  Judge Brenda Moody Whinery presides over
the case.  Anthony W. Austin, Esq., at FENNEMORE CRAIG, P.C., is
the Debtor's counsel.


TANGA.COM: Hires Mac Restructuring as Financial Advisor
-------------------------------------------------------
Tanga.com seeks authority from the U.S. Bankruptcy Court for the
District of Arizona (Phoenix) to hire Mac Restructuring Advisors,
LLC, as its financial advisors to assist he Debtor with the
reorganization and to provide expert testimony at any necessary
hearing, including confirmation, which are important to the success
of the Debtor's Chapter 11 case.

Edward Burr, CTP, Managing Director of Mac Restructuring Advisors
LLC, attests that Mac is a "disinterested person" as such term is
defined in Section 101(14) of the Bankruptcy Code.

Mac will be paid at a rate of $355 per hour billed against an
initial retainer of $5,000 for the financial advisory services.

The firm can be reached through:

     Edward (Ted) Burr, CTP
     Mac Restructuring Advisors, LLC
     10191 E Shangri La Rd
     Scottsdale, AZ 85260-6302
     Phone: (602) 418-2906
     Email: Ted@MacRestructuring.com

                       About Tanga.com

Tanga.com is a Chandler, Arizona-based e-retailer that sells
various products including men & women apparel, electronics, home
appliances and health & beauty products.  Tanga was founded by
Jeremy Young in 2006.  

Tanga.com filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-06314) on June 1,
2018.  The petition was signed by Jeremy Young, manager.  At the
time of filing, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities.  Judge Brenda
Moody Whinery presides over the case.  Anthony W. Austin, Esq., at
FENNEMORE CRAIG, P.C., is the Debtor's counsel.


TEXAS E&P: Interests in Lassiter 1H and Beeler 1H Sold for $25K
---------------------------------------------------------------
Judge Stacey G. C. Jennings of the U.S. Bankruptcy Court for the
Northern District of Texas authorized Jason R. Searcy, the Chapter
11 Trustee of Texas E&P Operating, Inc., to sell a leasehold
interest in the Lassiter 1H and Beeler 1H wells located in Anderson
County, Texas and all fixtures and equipment associated therewith,
to Richmond Engineering, Inc. for $25,000.

The Trustee is authorized to execute Texas Railroad Commission Form
P-4's for each of the wells transferring operations on them to the
Buyer.

The lien created for 2018 ad valorem taxes to Anderson County and
any other taxing entity will remain attached to the property being
sold notwithstanding the Order.  

Any valid liens, claims and encumbrances will attach to the
proceeds of such sale to the same extent, in the same priority, and
with the same validity, as was the case against the property prior
to the proposed sale.

                   About Texas E&P Operating

Based in Richardson, Texas, the Texas E&P group of companies --
http://texasepgroup.com/-- offer direct investment opportunities
in its oil and natural gas projects in the Southwestern United
States.  From the initial investment to the production of each
well, the Group oversees each phase of development.  Texas E&P
Operating is an independent oil and natural gas operator, with
specialties in developing new and existing oil fields since 1994.
Texas E&P Funding manages a diverse offering of oil and natural Gas
investments.  Texas E&P Well Service is in the well work-over and
completion industry, with dedication to safety and innovation.

Texas E&P Operating, Inc., f/k/a Chestnut Exploration and
Production, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Tex. Case No. 17-34386) on Nov. 29, 2017.  In the
petition signed by Mark A. Plummber, president, the Debtor
estimated its assets and liabilities at between $10 million and $50
million.

Judge Stacey G. Jernigan presides over the case.

John Mark Chevallier, Esq., at McGuire, Craddock & Strother, P.C.,
serves as the Debtor's bankruptcy counsel.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors' in the Debtor's case.  The Committee retained
Okin Adams LLP as its legal counsel.

On Jan. 19, 2018, Jason Searcy was appointed as the Debtor's
Chapter 11 trustee. The trustee hired Searcy & Searcy, P.C., as
bankruptcy counsel.  Snow Spence Green LLP, is the special counsel.


TINTRI INC: Delays Filing of First Quarter Form 10-Q
----------------------------------------------------
Tintri, Inc., filed with the Securities and Exchange Commission a
Notification of Late Filing on Form 12b-25 with respect to its
Quarterly Report on Form 10-Q for its fiscal quarter ended April
30, 2018.  The Company has determined that it is unable to file its
Quarterly Report within the prescribed time period without
unreasonable effort or expense.  

The company said its evaluation of its strategic options has
required a considerable amount of time from the company's
management and other personnel that would otherwise be dedicated to
the preparation of this Quarterly Report.  The company has also
experienced recent losses of employees whose job functions related
to the preparation of the Quarterly Report.  As a result of these
and related factors, the company requires additional time to
complete the preparation and review of the Quarterly Report and the
financial statements contained therein.  The company anticipates
filing this Quarterly Report with the SEC in June 2018, although
after the due date prescribed by SEC rules.


The Company is currently out of compliance with certain financial
and other covenants under its credit facilities and does not have
sufficient cash to satisfy the amounts outstanding should its
lenders elect to accelerate the repayment of the Company's
indebtedness under its credit facilities.  Based on the Company's
current cash projections, and regardless of whether its lenders
were to choose to accelerate the repayment of the Company's
indebtedness under its credit facilities, the Company likely does
not have sufficient liquidity to continue its operations beyond
June 30, 2018.

For the fiscal quarter ended April 30, 2018, the Company
anticipates total revenue of approximately $22 million and a net
loss of approximately $37 million, compared to total revenue of
$30.5 million and a net loss of $30.5 million for the fiscal
quarter ended April 30, 2017.

                        About Tintri

Founded in 2008 and headquartered in Mountain View, California,
Tintri, Inc. develops and markets an enterprise cloud platform
combining cloud management software technology and a range of
all-flash and hybrid storage systems, for virtualized and cloud
environments.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2014, on the Company's consolidated
financial statements for the year ended Jan. 31, 2018, contains an
explanatory paragraph stating that the Company has incurred
negative cash flows from operations, is required to maintain
compliance with certain financial covenants and, regardless of the
financial covenants, the Company likely does not have sufficient
cash to meet its obligations associated with its operating
activities beyond June 30, 2018.  Together, these factors raise
substantial doubt about the Company's ability to continue as a
going concern.

Tintri incurred net losses of $157.7 million for the year ended
Jan. 31, 2018, $105.80 million for the year ended Jan. 31, 2017,
and $100.96 million for the year ended Jan. 31, 2016.  As of Jan.
31, 2018, Tintri had $76.24 million in total assets, $167.95
million in total liabilities, and a total stockholders' deficit of
$91.71 million.


TINTRI INC: May File for Bankruptcy
-----------------------------------
Tintri, Inc., said in a press release that there is a significant
possibility that the company may file for bankruptcy protection,
which could result in a complete loss of shareholders' investment.

As of April 30, 2018, the Company had $15.4 million of principal
indebtedness outstanding under its line of credit with Silicon
Valley Bank and $50.0 million under its credit facility with
TriplePoint Capital.  The Company does not currently have any
borrowing capacity available under either credit facility.  Since
May 31, 2018, the company has not been in compliance with certain
financial and other covenants under these credit facilities, and
SVB or TriplePoint may declare an event of default at any time.  If
either lender were to declare an event of default, the debt
outstanding under the relevant facility would become immediately
due and payable.  The Company does not at present, and may not in
the future, have sufficient liquidity to repay amounts outstanding
under its debt facilities should they become immediately due and
payable.  The company also has $25.0 million in principal amount of
subordinated indebtedness outstanding in addition to other
liabilities.

As of April 30, 2018, and May 31, 2018, Tintri held aggregate cash
and cash equivalents of $30.9 million and $11.5 million,
respectively.  Based on the company's current cash projections, and
regardless of whether its lenders were to choose to accelerate the
repayment of the Company's indebtedness under its credit
facilities, the Company likely does not have sufficient liquidity
to continue its operations beyond June 30, 2018.

The Company continues to evaluate its strategic options, including
a sale of the company.  However, the Company said, even if it is
able to secure a strategic transaction, there is a significant
possibility that it may file for bankruptcy protection.

According to Tintri, "The company's financial condition exposes its
business to a number of risks.  Existing and potential customers
and suppliers have expressed concerns regarding the company's
financial condition, which may negatively impact the company's
ability to sell and ship products and services.  In addition, the
company's financial condition may adversely affect its ability to
continue to attract and retain key personnel and other employees.
Tintri expects its bookings and revenues to be significantly
impacted in the second quarter by its liquidity constraints and
overall financial condition."

The closing bid price of the Company's common stock on the Nasdaq
Stock Market has been less than $1.00 per share since May 22, 2018.
In accordance with Nasdaq rules, if the company's closing bid
price is less than $1.00 per share for 30 consecutive business
days, then the company's shares may eventually be delisted from and
cease to trade on the Nasdaq Stock Market.  Following such a
delisting, Tintri's common stock may trade only on the
over-the-counter market, or not at all.

                         Preliminary Results

First Quarter revenue is expected to be approximately $22 million
and GAAP net loss per share is expected to be approximately
($1.14).  These financial results are preliminary and the company's
independent registered public accounting firm has not completed its
review of these preliminary financial results.

Tintri is not providing guidance for its second quarter of fiscal
2019 and the Company will not be holding a conference call for its
first quarter fiscal 2019 financial results.

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

                        https://is.gd/oLUpQI

                            About Tintri

Founded in 2008 and headquartered in Mountain View, California,
Tintri, Inc. -- http://www.tintri.com/-- develops and markets an
enterprise cloud platform combining cloud management software
technology and a range of all-flash and hybrid storage systems, for
virtualized and cloud environments.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2014, on the Company's consolidated
financial statements for the year ended Jan. 31, 2018, contains an
explanatory paragraph stating that the Company has incurred
negative cash flows from operations, is required to maintain
compliance with certain financial covenants and, regardless of the
financial covenants, the Company likely does not have sufficient
cash to meet its obligations associated with its operating
activities beyond June 30, 2018.  Together, these factors raise
substantial doubt about the Company's ability to continue as a
going concern.

Tintri incurred net losses of $157.7 million for the year ended
Jan. 31, 2018, $105.80 million for the year ended Jan. 31, 2017,
and $100.96 million for the year ended Jan. 31, 2016.  As of Jan.
31, 2018, Tintri had $76.24 million in total assets, $167.95
million in total liabilities, and a total stockholders' deficit of
$91.71 million.


TRADER CORP: Moody's Hikes CFR to B2, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded Trader Corporation's corporate
family rating (CFR) to B2 from B3, probability of default rating to
B2-PD from B3-PD, senior secured first lien term loan and revolver
ratings to B1 from B2, and senior secured second lien term loan
rating to Caa1 from Caa2. The ratings outlook is stable.

"The upgrade reflects Trader's meaningfully reduced leverage
(adjusted Debt/EBITDA to 5.7x from 8.1x) since its 2016 buyout by
Thoma Bravo, together with expectations that it will decline
further in the next 12 to 18 months" said Peter Adu, a Moody's Vice
President and Senior Analyst.

Ratings Upgraded:

Corporate Family Rating, to B2 from B3

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

C$50 million senior secured revolving credit facility due 2021, to
B1 (LGD3) from B2 (LGD3)

C$510 million ($395 million face value) ) senior secured first
lien term loan due 2023, to B1 (LGD3) from B2 (LGD3)

C$200 million (face value) senior secured second lien term loan
due 2024, to Caa1 (LGD5) from Caa2 (LGD5)

Outlook Actions:

Outlook, Remains Stable

RATINGS RATIONALE

Trader B2 CFR is constrained by: (1) its narrowly-focused business;
(2) small scale relative to rated peers; (3) risk of new entrants
to the online marketplace for the purchase and sale of used
automobiles due to limited entry barriers and potential for
increased competition from existing online marketplace peers; and
(4) ownership by private equity, which could lead to a
highly-leveraged capital structure. The company benefits from: (1)
its demonstrated ability to deleverage and Moody's expectation that
leverage (adjusted Debt/EBITDA) will be sustained below 5.5x
through the next 12 to 18 months (5.7x at LTM Q1/2018); (2) strong
position in the Canadian used automobile advertising market with a
well-recognized brand; (3) good subscription-based recurring
revenue from automobile dealerships and manufacturers; and (4)
strong margins.

Trader has very good liquidity. The company's sources of liquidity
exceed C$140 million while it has no mandatory term loan repayment
until maturity in September 2023. Sources of liquidity consist of
C$36 million of cash at Q1/2018, Moody's expected free cash flow
around C$60 million for the next four quarters, and full
availability under a C$50 million revolving credit facility due in
September 2021. Trader is subject to a springing net leverage
covenant if revolver drawings exceed a certain threshold and
Moody's does not expect the covenant to be applicable in the next
four quarters. The company has limited ability to generate
liquidity from asset sales as its assets are encumbered. Trader has
no refinancing risk until 2021 when the revolver comes due.

The stable outlook reflects Moody's expectation that the company
will grow its revenue in the mid-single digits and that modest
EBITDA improvement will enable leverage to be sustained below 5.5x
through the next 12 to 18 months.

To consider an upgrade, Moody's will require clearly defined
financial policy from the financial sponsor while Trader will have
to materially enhance its scale and sustain adjusted Debt/EBITDA
below 4.5x (5.7x at LTM Q1/2018) and EBITA/Interest above 4x (2.3x
at LTM Q1/2018). Trader's rating would be downgraded if adjusted
Debt/EBITDA was sustained above 6.5x (5.7x at LTM Q1/2018) and
EBITA/Interest below 1.5x (2.3x at LTM Q1/2018). The rating could
also be downgraded if Trader engages in debt-funded distributions
to its financial sponsor or in leveraging acquisitions. Weak
liquidity, possibly from negative free cash flow generation could
also cause a downgrade.

Trader Corporation, headquartered in Toronto, Canada, is a provider
of advertising and digital marketing services for Canadian
automotive dealers and manufacturers. Revenue for the last twelve
months ended March 31, 2018 was around C$250 million. The company
is owned by Thoma Bravo, a private equity firm.



TREEHOUSE FOODS: S&P Raises Rating on $2.15BB Secured Loans 'BB+'
-----------------------------------------------------------------
S&P Global Ratings said that it raised its issue-level rating on
TreeHouse Foods Inc.'s bank credit facility, which consists of a
$750 million revolving credit facility, a $900 million term loan
A-1, and a $500 million term loan A, to 'BB+' from 'BB-'. S&P said,
"At the same time, we revised our recovery rating on the debt to
'1' from '3'. The '1' recovery rating indicates our expectation for
very high (90%-100%, rounded estimate: 95%) recovery in the event
of a payment default. We are simultaneously affirming the 'BB-'
issue-level rating and revising our recovery rating on the
company's senior unsecured notes to '4' from '3' given the notes'
junior position in the capital structure. The '4' recovery rating
reflects our expectation for average (30%-50%, rounded estimate:
30%) recovery in the event of a payment default."

The rating action follows the granting of a first priority security
interest on all assets of the borrower and guarantors to the
previously unsecured bank facility. The upgrade and revision are
due to the bank facility's improved recovery prospects given its
priority position in the capital structure ahead of the company's
senior unsecured notes.

The company has amended its existing credit agreement to loosen the
consolidated leverage ratio financial covenant, to 5.25x through
December 2018, currently set at 4x. The amended covenant testing
level will step down to 5x in March 2019, 4.5x in June 2019, and 4x
in December 2019. The company forecasts it will be above the
current 4x covenant in the third quarter of 2018, when cash outlay
for restructuring is at its highest. Lenders have been granted
security until the fourth quarter of 2019 in exchange for looser
covenants. Under the amendment the colleteral securing the facility
can only be released once leverage falls to or below 4x.

S&P said, "Our 'BB-' corporate credit rating incorporates our
expectation for margin pressure in 2018 because of the company's
large restructuring programs, portfolio optimization, and commodity
and freight inflation. Our expectation is that the company will
incur higher cash uses for consulting costs, compensation expenses,
plant closures, and information technology (IT) integration. We
expect S&P Global Ratings adjusted debt to EBITDA to remain between
4x and 5x by the end of fiscal 2018, consistent with our current
expectations for the ratings."

RECOVERY ANALYSIS

Key analytical factors

The borrower and issuer of the company's senior secured credit
facility and unsecured notes is TreeHouse Foods Inc., a Delaware
corporation. The facilities are guaranteed by each existing and
future material subsidiary of the borrower.

The company's capital structure consists of the following tranches
of debt:

-- $750 million senior secured revolver due in 2023;
-- $900 million senior secured term loan A-1 due in 2023;
-- $500 million senior secured term loan A due in 2025;
-- $400 million senior unsecured notes due in 2022; and
-- $775 million senior unsecured notes due in 2024.

Simulated default assumptions

S&P said, "Our simulated default scenario contemplates a default in
2022 stemming from increased competitive pressures from both name
brand and private-label products, and the loss of several key
customers. At the same time, the company experiences an increase in
raw material costs, which hurts margins and profitability.
Additional difficulties could result from acquisition-related
integration issues or product recall issues.

"We value the company as a going concern, using a 7x multiple of
our projected emergence EBITDA, which reflects the company's scale
and leading market position in the private-label food manufacturing
industry and longstanding relationships with customers. The
emergence EBITDA of $367 million roughly reflects fixed-charge
requirements of about $215 million in interest costs (assuming a
higher rate because of default and including prepetition interest),
$14 million in term loan amortization, and $105 million in capital
expenditures (capex) assumed at default.
We also assume an operational adjustment of roughly 10%, reflecting
our belief that the company would restore some profitability with
cost cutting."

Calculation of EBITDA at emergence:

-- Debt service assumption: $229 million (assumed default year
interest and debt amortization)
-- Capex assumption: $105 million Operational adjustment: 10%
-- Emergence EBITDA: $367 million

Simplified waterfall

-- Emergence EBITDA: $367 million
-- Multiple: 7x
-- Gross recovery value: $2.6 billion
-- Net recovery value for waterfall after administrative expenses
(5%): $2.4 billion
-- Obligor/nonobligor valuation split: 90%/10%
-- Collateral value available for secured facilities: $2.4
billion
-- Estimated senior secured claims: $2 billion
    --Recovery range for secured claims: 90%-100% (rounded
estimate: 95%)
-- Collateral value available for unsecured notes: $382 million
-- Estimated unsecured notes: $1.2 billion
    --Recovery range for senior unsecured debt: 30%-50% (rounded
estimate: 30%)

  RATINGS LIST

  TreeHouse Foods Inc.
   Corporate Credit Rating                BB-/Stable/--

  Issue-Level Ratings Raised; Recovery Ratings Revised
                                          To                From
  TreeHouse Foods Inc.
   Senior Secured                         BB+               BB-
    Recovery Rating                       1(95%)            3(65%)

  Issue-Level Ratings Affirmed; Recovery Ratings Revised

  TreeHouse Foods Inc.
   Senior Unsecured                       BB-               BB-
    Recovery Rating                       4(30%)            3(65%)


TWITTER INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on June 8, 2018, upgraded the foreign
currency and local currency senior unsecured rating on debt issued
by Twitter Incorporated to BB from BB-.

Headquartered in San Francisco, California, Twitter is an online
news and social networking service on which users post and
interacts with messages known as "tweets".


U & J CAFE: Case Summary & 15 Unsecured Creditors
-------------------------------------------------
Debtor: U & J Cafe, LLC
           dba Mortar & Pestle
           dba Mortar & Pestle Cafe
        7012 Bonaventure Drive
        Tampa, FL 33607

Business Description: U & J Cafe, LLC operates a restaurant at
                      6310 N. Florida Avenue Tampa, FL 33604.
                      It is an affiliate of U & J Realty, LLC,
                      which sought bankruptcy protection on
                      June 1, 2018 (Bankr. M.D. Fla. Case No.
                      18-04591).

Chapter 11 Petition Date: June 14, 2018

Case No.: 18-04940

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Buddy D Ford, Esq.
                  BUDDY D. FORD, P.A.
                  9301 West Hillsborough Avenue
                  Tampa, FL 33615-3008
                  Tel: 813-877-4669
                  Fax: 813-877-5543
                  E-mail: Buddy@TampaEsq.com
                          All@tampaesq.com

Total Assets: $119,910

Total Liabilities: $2.06 million.

The petition was signed by Ujwal Patel, manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 unsecured creditors is available for free
at:

           http://bankrupt.com/misc/flmb18-04940.pdf


U & J REALTY: Hires Buddy D. Ford PA as Attorney
------------------------------------------------
U & J Realty, LLC, seeks authority from the United States
Bankruptcy Court for the Middle District of Florida (Tampa) to hire
Buddy D. Ford, P.A. as attorney.

Services the counsel will render are:

     a. analyse the financial situation, andrender advice and
assistance to the Debtor to determine whether to file a petition
under Title 11, United States Code;

     b. advise the Debtor with regard to the powers and duties of
the Debtor and as Debtor in Possession in the continued operation
of the business and management of the property of the estate;

     c. prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and othre documents required by
the Court.

     d. represent the Debtor at the Section 341 Creditor's
meeting;

     e. give the Debtor legal advise with respect to its powers and
duties as Debtor and as Debtor-in-Possession in the continued
operation of its business and management of its property; if
appropriate;

     f. prepare on behalf of the Debtor, necessary motions,
pleadings, applications, answers, orders, complaints, and other
legal papers and appear at hearings thereon;

     g. protect the interest of the Debtor in all matters pending
before the court;

     h. advise the Debtor with respect to its resposibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     i. represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and

     j. perform all other legal services for the Debtor as Debtor
in Possession which may be necessary.

The Counsel's standard hourly rates are:

     Buddy D. Ford        $425
     Senior Associate     $375
     Junior Associate     $300
     Senior Paralegal     $150
     Junior Paralegal     $100

Buddy D. Ford, P.A., represents no interest adverse to the Debtor
or its estate as per court filing.

The counsel can be reached through:

     Buddy D. Ford, Esq.
     BUDDY D. FORD, P.A.
     9301 West Hillsborough Avenue
     Tampa, FL 33615-3008
     Tel: 813-877-4669
     Fax: 813-877-5543
     Email: Buddy@TampaEsq.com
            All@tampaesq.com

                      About U & J Realty

U & J Realty, LLC, owns in fee simple commercial buildings and
adjacent vacant lot used for parking located in Tampa, Florida. The
company valued at Properties at $1.6 million.

U & J Realty filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
18-04591) on June 1, 2018.  In the petition signed by Ujwal J.
Patel, manager, the Debtor disclosed $1.60 million in total assets
and $1.86 million in total liabilities.  Buddy D. Ford, Esq., at
BUDDY D. FORD, P.A., is the Debtor's counsel.



UNITED DISTRIBUTION: S&P Lowers CCR to 'CC', On Watch Negative
--------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Bristol,
Tenn.-based United Distribution Group Inc. to 'CC' from 'CCC-' and
placed the rating on CreditWatch with negative implications.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the company's proposed $250
million senior secured first-lien term loan due 2023. The '3'
recovery rating indicates our expectation that lenders will receive
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of a payment default.

"In addition, we lowered our issue-level rating on UDG's first-lien
revolving credit facility and term loan due October 2018 to 'CCC-'
from 'CCC'. The '2' recovery rating is unchanged, indicating our
expectation for substantial recovery (70%-90%; rounded estimate:
75%) in the event of a payment default.

"Our 'C' issue-level and '6' recovery rating on the company's
second-lien term loan due April 2019 are unchanged."

The downgrade follows UDG's announcement earlier that it intends to
exchange its second-lien term loan for an equal amount in preferred
stock shares. S&P said, "We view the transaction as a distressed
exchange because the preferred stock will have a more junior
ranking in the capital structure and carry a later maturity date
(pushed out to 2024 from 2019) than the second-lien term loan. We
treat the preferred stock as debt-like and include the financing in
our consolidated financial analysis, including our leverage and
coverage calculations. We are not assigning a rating to the
preferred stock."

S&P said, "The CreditWatch negative placement reflects that we will
likely lower our corporate credit rating on UDG to 'SD' and our
issue-level rating on its second-lien term loan to 'D' upon the
completion of the preferred stock exchange in June or July of this
year. Shortly thereafter, we expect to raise the corporate credit
rating to 'B-' to reflect the risk of a conventional default."


US FOODS: Moody's Hikes CFR & Sr. Secured Ratings to Ba3
--------------------------------------------------------
Moody's Investors Service upgraded the senior secured ratings of US
Foods, Inc. ("USF") to Ba3 from B1 and its senior unsecured notes
to B2 from B3. In addition, Moody's upgraded the company's
Corporate Family Rating (CFR) to Ba3 from B1, Probability of
default rating to Ba3-PD from B1-PD and Speculative Grade Liquidity
Rating (SGL) to SGL-1 from SGL-2. In addition, the ratings outlook
is positive.

"The ratings upgrade and positive outlook reflects USF's steady
improvement in operating earnings and credit metrics and Moody's
view that operating performance will continue to strengthen as
management focuses on driving sales and managing costs," stated
Bill Fahy, Moody's Senior Credit Officer. The combination of
material debt reduction and improved operating earnings led to a
steady decline in leverage on a debt to EBITDA basis from a high of
about 7.5 times at the end of 2014 to under 4.5 times for the LTM
period ending March 2018. "The upgrade and positive outlook also
factors in the exit of its remaining financial sponsor ownership
and management's publicly stated leverage target of about 2.5 times
(as calculated by USF) and its very good liquidity," stated Fahy.

Upgrades:

Issuer: US Foods, Inc.

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

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

Corporate Family Rating, Upgraded to Ba3 from B1

Senior Secured Bank Credit Facility, Upgraded to Ba3 (LGD4) from B1
(LGD4)

Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD6) from
B3 (LGD6)

Outlook Actions:

Issuer: US Foods, Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

USF benefits from its position as the second largest food service
provider in the US, sound execution ability, publicly stated
leverage target and very good liquidity. The expectation of
stronger credit metrics is driven in part by USF's publicly stated
leverage target of around 2.5 times (as calculated by USF). The
company is constrained by more modest operating margins versus its
largest peer, acquisitive business strategy, higher operating cost
environment and competitive pressures.

The positive outlook reflects Moody's view that USF's operating
performance and credit metrics will continue to improve as the
company successfully executes its growth initiatives and focuses on
lowering costs throughout its system while maintaining a balanced
financial policy. The outlook also reflects its transition from a
private sponsor owned entity to a publicly traded company.

Factors that could lead to an upgrade include continued improvement
in operating performance while maintaining a balanced financial
policy that results in debt to EBITDA approaching 3.5 times and
EBITA to interest above 3.0 times on a sustained basis. Whereas, a
steady deterioration in operating performance or the adoption of a
more aggressive financial policy that results in debt to EBITDA
migrating towards 4.5 times or EBITA to interest falling below 2.5
times on a sustained basis could lead to a downgrade. A sustained
deterioration in liquidity for any reason could also lead to a
downgrade.

US Foods, Inc. is a leading North American food service marketing
and distribution company, with annual revenues of around $24
billion. The company operates as a national, broad-line
distributor, providing a complete range of products - from fresh
farm produce, frozen food, and specialty meat products to paper
products, restaurant equipment, and machinery.




VESTCOM PARENT: Moody's Rates $60MM Revolver Loan Due 2022 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Vestcom Parent
Holdings, Inc.'s upsized and extended $60 million first lien senior
secured revolving credit facility due December 2022. There are no
changes to the B2 rating of the senior secured first lien term
loan, which is increased to $429.8 million. The incremental $90
million increase in the first lien term loan, together with $34
million increase in second lien term loan (unrated), will be used
to fund $124 million dividend to shareholders. There are no changes
to the B3 corporate family rating (CFR), or the B3-PD probability
of default rating (PDR). The outlook remains stable. Ratings on the
$40 million first lien senior secured revolving credit facility due
December 2021 will be withdrawn upon closing of the transaction in
early July 2018.

A summary of Moody's action is as follows:

Issuer: Vestcom Parent Holdings, Inc.

$60 million Senior Secured Revolving Credit Facility due 2022,
Assigned B2 (LGD3)

RATINGS RATIONALE

The debt funded distribution increases Vestcom's leverage by 1.4x
to 7.3x, raising it well above historical operating leverage levels
for the company. Though Vestcom has a demonstrated a track record
of reducing its leverage through improved operating performance and
innovation in its product base, the levering dividend distribution
raises concerns about the company's financial policy and its
ability to service materially increased debt service obligations in
an event of an economic downturn. Vestcom's high customer
concentration amplifies the risk of a weak financial profile,
although the company holds a leading position in its niche market
and has generated consistent growth over the last several years
through the expansion of in-store marketing services. A meaningful
portion of the company's operations is tied to its mature price
communication business, which provides stability and predictability
to its revenue base, albeit with limited growth potential.
Vestcom's customers operate in a highly competitive and lower
margin business, which may reduce margin expansion opportunity for
Vestcom in an event of economic stress and thus challenge its
ability for debt service. For the 12 months ended March 2018, the
company generated free cash flow of approximately $20.6 million and
continued to expand its EBITDA margins. Vestcom's adequate
liquidity is supported by projected free cash flow of approximately
$20-$30 million in 2018 and 2019, which Moody's expects to be
applied towards debt repayment and a $60 million revolver expiring
in 2022 that is expected to be undrawn at the close of the
transaction. The current rating and outlook do not incorporate any
further debt funded distributions, which if occur, may result in a
negative rating action.

The stable rating outlook incorporates Moody's expectations that
the combination of EBITDA growth and debt reduction will result in
lower leverage over the next 12-18 months, absent any additional
sponsor distributions or acquisitions. Moody's also assumes in the
stable outlook that Vestcom sustains or improves its EBITDA margin,
generates positive free cash flow, and maintains adequate
liquidity.

Given the material increase in leverage as a result of the dividend
distribution, a rating upgrade is unlikely in the foreseeable
future. Ratings could be downgraded if revenues decline due to a
loss of a significant client, or increased pricing pressure on the
company's products. Liquidity erosion or negative free cash flow
could also result in a downgrade. Ratings could also be downgraded
if additional debt funded distributions lead to increased
leverage.

Vestcom Parent Holdings, Inc. (Vestcom) provides shelf-edge
communications and specialized marketing services to the retail
industry. It maintains headquarters in Little Rock, Arkansas.
Charlesbank Capital Partner's acquired the company from Court
Square Capital Partners in December 2016. Total revenue for the
last twelve months ended March 2018 was $295 million.


VISHAY INTERTECHNOLOGY: S&P Rates $600MM Unsecured Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '4'
recovery rating to Malvern, Pa.-based Vishay Intertechnology Inc.'s
new $600 million senior unsecured convertible notes due 2025. The
'4' recovery rating indicates S&P's expectation for average
(30%-50%; rounded estimate: 30%) recovery of principal in the event
of a payment default.

All of our other ratings on Vishay remain unchanged.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned its '4' recovery rating to Vishay's new senior
unsecured convertible notes.

-- S&P has valued the company on a going-concern basis using a 5x
multiple of its projected emergence-level EBITDA.

-- S&P estimates that, for Vishay to default, EBITDA would need to
decline significantly, representing a material deterioration from
the current state of the business.

Simplified waterfall

-- Emergence EBITDA: about $199 million
-- Net enterprise value (after 5% administrative costs): about
$859 million
-- Valuation split (obligors/nonobligors): 15%/85%
-- Collateral value available to secured creditors: about $564
million
-- Secured first-lien debt: about $564 million
-- Total value available to unsecured claims: about $295 million
-- Senior unsecured debt and other pari passu claims: $896 million

    --Recovery expectation: 30%-50% (rounded estimate: 30%)

  RATINGS LIST

  Vishay Intertechnology Inc.
   Corporate Credit Rating               BB+/Stable/--

  New Rating

  Vishay Intertechnology Inc.
   Senior Unsecured
    $600M Convertible notes due 2025     BB+
     Recovery Rating                     4(30%)


VIVID SEATS: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
Vivid Seats LLC. The outlook remains stable.

S&P said,"At the same time, we affirmed our 'B' issue-level rating
on the company's first-lien credit facility, including the proposed
$80 million incremental first-lien term loan. The '3' recovery
rating remains unchanged, indicating our expectation for meaningful
recovery (50%-70%; rounded estimate: 50%) of principal in the event
of a payment default.

"In addition, we assigned our 'B' corporate credit rating to Hoya
Midco LLC, the company's parent and the borrowing entity for the
senior secured credit facility. The outlook is stable.

"Subsequently, we withdrew our corporate credit rating on Vivid
Seats LLC. From now on, we will collectively refer to Hoya Midco
LLC and Vivid Seats LLC as Vivid Seats.

"We expect Vivid Seats to continue to post revenue growth in the
mid- to high-single digit percent area in 2018 while maintaining a
free operating cash flow-to-debt ratio of more than 5% over the
next 12 months, which compares favorably with the metrics of its
similarly rated peers. We view this refinancing as slightly credit
positive because it will marginally reduce the company's leverage
and provide it with annual interest savings of about $8 million.
However, we still expect Vivid to maintain leverage of more than 5x
on a sustained basis given its private-equity ownership. Pro forma
for the refinancing, Vivid Seats' leverage was in the high-6x area
as of March 31, 2018, and we expect it to decline slightly to the
mid- to high-6x area by the end of 2018. In our leverage
calculation, we attribute minimal equity content to the $140
million of Class A preferred stock and add it to our debt
calculation. This reflects our assumption that the Class A shares
are nonpermanent due to their redemption and step-up features. The
Class A stock does not require any cash payments by the company. In
our leverage calculation, we also adjust the company's debt for
operating leases, unamortized debt issuance costs, and accrued
interest. This rating action reflects that we believe the alignment
of our corporate credit rating to the ultimate borrowing entity and
parent, Hoya Midco, better represents the company's credit
profile.

"The stable outlook on Vivid Seats reflects our expectation that
the company will post a good operating performance in 2018 with
revenue growth in the mid- to high-single digit percent area. We
also expect its free operating cash flow-to-debt ratio to remain
above 5% during the next 12 months and believe that its adjusted
leverage will decline to the mid-to high-6x area by the end of
2018.

"We could lower our ratings on Vivid Seats if the company
experiences low-single digit percent revenue growth over the next
12 months due to a significant increase in competitive pressures,
market share losses, or a lower-than-expected return on marketing
investments. Additionally, we could lower the rating if a poor
operating performance, margin pressure, or unfavorable financial
policy actions--such as a debt-financed dividend--cause the
company's free operating cash flow-to-debt ratio to decline below
5%.

"Although unlikely, we could raise our ratings on Vivid Seats if
the company materially increases its market share and reduces its
leverage below 5x on a sustained basis. In order to raise the
ratings, we would also need the company to commit to maintain a
less aggressive financial policy."


WILLOW BEND: DOJ Watchdog Wants Case Converted to Chapter 7
-----------------------------------------------------------
David W. Asbach, Acting United States Trustee for Region 5, asks
the U.S. Bankruptcy Court for the Eastern District of Louisiana for
an order converting the Chapter 11 case of Willow Bend Ventures,
LLC, to one under Chapter 7 of the Bankruptcy Code, pursuant to
Section 1112(b) or, alternatively, authorizing the appointment of a
Chapter 11 trustee, pursuant to Section 1104, as the Debtor cannot
reorganize and has engaged in gross mismanagement of the estate.

The U.S. Trustee asserts that conversion of the case to Chapter 7
would be in the best interest of the creditors and the estate.  He
points out that the Debtor has been in bankruptcy for over 12
months, yet has made little progress toward reorganization.
Despite receiving Court authority to sell substantially all of its
assets on January 4, 2018, the Debtor has been unable to close the
sale with the purchaser -- in fact, the purchaser recently filed an
adversary proceeding against the Debtor alleging, in part, that the
Debtor engaged in fraud and bad faith dealings as part of the the
sale.  Additionally, the Debtor has
suffered continuing losses since the filing of the bankruptcy
petition and has failed to comply with the Bankruptcy Code's
requirements of disclosure, candor, and transparency. Thus,
conversion of this case to Chapter 7 would be in the best interests
of the creditors and the estate, the U.S. Trustee says.

In the alternative, there is cause for the appointment of a Chapter
11 trustee. During the pendency of this case, the Debtor has failed
to perform its duties as a fiduciary and debtor-in-possession,
engaged in gross mismanagement of the estate, and made improper
payments outside of the ordinary course of business and without
Court approval.  The Debtor, according to the U.S. Trustee, has
exhibited an overall lack of control over its financial affairs.
Therefore, in the event the Court declines to convert this case to
Chapter 7, the U.S. Trustee seeks the appointment of a Chapter 11
trustee, pursuant to Section 1104(a).

                    About Willow Bend Ventures

Edgard, Louisiana-based Willow Bend Ventures, LLC, sought Chapter
11 protection (Bankr. E.D. La. Case No. 17-11178) on May 9, 2017.
The Debtor hired Phillip K. Wallace, PLC, as its bankruptcy counsel
and Fletcher & Associates, LLC as its accountant.  The Debtor
tapped Robert S. Angelico, Cheryl Mollere Kornick, Jeff Birdsong,
and the Professional Law Corporation of Liskow & Lewis, as special
counsel.


WOLVERINE WORLD: S&P Affirms 'BB+' CCR & Alters Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate credit rating on
Rockford, Mich.-based Wolverine World Wide Inc. and revised the
outlook to stable from negative.

S&P said, "At the same time, we affirmed our 'BBB-' issue-level
rating on the company's first-lien credit facilities due to 2020.
The recovery rating is unchanged at '1', indicating our expectation
of very high (90%-100%; rounded estimate: 95%) recovery in the
event of a payment default. We also affirmed our 'BB+' issue-level
rating on the company's senior unsecured notes maturing in 2026.
The recovery rating is unchanged at '4', indicating our expectation
of average (30%-50%; rounded estimate: 35%) recovery in the event
of a payment default."

The company has approximately $680 million of reported debt
outstanding as of March 31, 2018.

S&P said, "The outlook revision to stable from negative reflects
Wolverine's improving performance in 2018, as we project margin to
expand to around 11.5% by the end of the year, and leverage
decreasing to 2.5x from 3.1x (excluding the environmental reserve)
at the end of 2017. Wolverine's Way Forward plan to shorten lead
times, streamline its portfolio, and close unprofitable retail
stores is gaining traction, as the company's underlying sales are
improving and margins are expanding, we project margins to improve
materially in 2018 because of the roll off of the one-time costs,
and related productively savings.  

"The stable outlook reflects our expectation that Wolverine's
profitability will strengthen in 2018 as the company's one-time
costs roll off and it begins to realize benefits from its
restructuring initiatives. We expect the company will restore
EBITDA margins to about 11.5% in 2018, which would result in
adjusted leverage declining to the mid-2x area.

"We could lower our ratings if profitability deteriorates causing
adjusted leverage to remain above 3x. This could occur if a weak
retail environment causes retailers to reduce orders, the company
experiences fashion misses in its key brands, or there are
additional environmental remediation costs. We could also lower our
ratings if the company's financial policy becomes more aggressive
with debt-funded acquisitions resulting in leverage staying above
3x.  

"Although unlikely, we could consider an upgrade if the company
successfully expands and diversifies into other product categories
and geographies, while maintaining its current credit measures. In
addition, a higher rating would also incorporate our assessment of
the company's financial policies with respect to shareholder
returns and our belief that Wolverine manages its capital
allocation such that it maintains leverage below 3x."


WOODBRIDGE GROUP: $101K Sale of Lenni's Carbondale Property Okayed
------------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware authorized Woodbridge Group of Companies, LLC and its
affiliated debtors to sell Lenni Heights Investments, LLC's real
property located at 302 Wildflower Road, Carbondale, Colorado,
together with the Seller's right, title, and interest in and to the
buildings located thereon and any other improvements and fixtures
located thereon, and any and all of the Seller's right, title, and
interest in and to the tangible personal property and equipment
remaining on the real property as of the date of the closing of the
sale, to Raymond F. Snyder and Mondeen M. Snyder for $101,000.

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

All proceeds of the Sale (net of the Broker Fees and Other Closing
Costs) will be paid to the Debtors into the general account of
Debtor Woodbridge Group of Companies, LLC, and such net proceeds
will be disbursed and otherwise treated by the Debtors in
accordance with the Final DIP Order.

The Debtors are authorized and empowered to pay the Broker Fee to
Amore Realty in an amount up to 6% of the gross sale proceeds.

Any title insurer, escrow agent, or other intermediary
participating in a closing of the Sale of the Property is
authorized to disburse all funds at the closing of the Sale
pursuant to the applicable settlement statement or escrow
instructions provided by the parties to such Sale.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry notwithstanding any applicability of
Bankruptcy Rule 6004(h).

                      About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company.  Its
principal business is buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations.  The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions.  These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered.

Judge Kevin J. Carey presides over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.

The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC.  Beilinson Advisory Group is
serving as independent management to the Debtors.  Garden City
Group, LLC, is the Debtors' claims and noticing agent.

Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017.  On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.


WOODBRIDGE GROUP: $250K Sale of Glenwood Springs Property Approved
------------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware authorized Woodbridge Group of Companies, LLC and its
affiliated debtors to sell Seven Stars Investments, LLC's two
parcels of real property located at 342 River Bend Way, Glenwood
Springs, Colorado and 368 River Bend Way, Glenwood Springs,
Colorado, together with the Seller's right, title, and interest in
and to the buildings located thereon and any other improvements and
fixtures located thereon, and any and all of the Seller's right,
title, and interest in and to the tangible personal property and
equipment remaining on the real property as of the date of the
closing of the sale, to Red Deer Realty for $250,000.

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

All proceeds of the Sale (net of the Broker Fees and Other Closing
Costs) will be paid to the Debtors into the general account of
Debtor Woodbridge Group of Companies, LLC, and such net proceeds
will be disbursed and otherwise treated by the Debtors in
accordance with the Final DIP Order.

The Debtors are authorized and empowered to (i) pay the Purchaser's
Broker Fee to the Purchaser's Broker in an amount up to 3% of the
gross sale proceeds and (ii) pay the Seller's Broker Fee to
Property Shop in an amount up to 3% of the gross sale proceeds.

Any title insurer, escrow agent, or other intermediary
participating in a closing of the Sale of the Property is
authorized to disburse all funds at the closing of the Sale
pursuant to the applicable settlement statement or escrow
instructions provided by the parties to such Sale.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry notwithstanding any applicability of
Bankruptcy Rule 6004(h).

                      About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company.  Its
principal business is buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations.  The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions.  These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered.

Judge Kevin J. Carey presides over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.

The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC.  Beilinson Advisory Group is
serving as independent management to the Debtors.  Garden City
Group, LLC, is the Debtors' claims and noticing agent.

Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017.  On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.


WOODBRIDGE GROUP: $610K Sale of Donnington's Basalt Property OK'd
-----------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware authorized Woodbridge Group of Companies, LLC and its
affiliated debtors to sell Donnington Investments, LLC's real
property located at 780 E. Valley Road, Unit C-126, Basalt,
Colorado, together with the Seller's right, title, and interest in
and to the buildings located thereon and any other improvements and
fixtures located thereon, and any and all of the Seller's right,
title, and interest in and to the tangible personal property and
equipment remaining on the real property as of the date of the
closing of the sale, to D&H Aspen Properties, LLC for $610,000.

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

All proceeds of the Sale (net of the Broker Fees and Other Closing
Costs) will be paid to the Debtors into the general account of
Debtor Woodbridge Group of Companies, LLC, and such net proceeds
will be disbursed and otherwise treated by the Debtors in
accordance with the Final DIP Order.

The Debtors are authorized and empowered to (i) pay the Purchaser's
Broker Fee to the Purchaser's Broker in an amount up to 2.5% of the
gross sale proceeds, and (ii) pay the Seller’s Broker Fee to
Sotheby's in an amount up to 2.5% of the gross sale proceeds.  

Any title insurer, escrow agent, or other intermediary
participating in a closing of the Sale of the Property is
authorized to disburse all funds at the closing of the Sale
pursuant to the applicable settlement statement or escrow
instructions provided by the parties to such Sale.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry notwithstanding any applicability of
Bankruptcy Rule 6004(h).

                      About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company.  Its
principal business is buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations.  The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions.  These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered.

Judge Kevin J. Carey presides over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.

The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC.  Beilinson Advisory Group is
serving as independent management to the Debtors.  Garden City
Group, LLC, is the Debtors' claims and noticing agent.

Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017.  On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.


WOODBRIDGE GROUP: $670K Sale of Lilac's Sherman Oaks Property OK'd
------------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware authorized Woodbridge Group of Companies, LLC and its
affiliated debtors to sell Lilac Valley Investments, LLC's real
property located at 14115 Moorpark Street, #212, Sherman Oaks,
California, together with the Seller's right, title, and interest
in and to the buildings located thereon and any other improvements
and fixtures located thereon, and any and all of the Seller's
right, title, and interest in and to the tangible personal property
and equipment remaining on the real property as of the date of the
closing of the sale, to Kristin A. Fenn-Lenahan and Richard Connor
Lenahan for $670,000.

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

All proceeds of the Sale (net of the Broker Fees and Other Closing
Costs) will be paid to the Debtors into the general account of
Debtor Woodbridge Group of Companies, LLC, and such net proceeds
will be disbursed and otherwise treated by the Debtors in
accordance with the Final DIP Order.

The Debtors are authorized and empowered to pay the Broker Fees in
an amount not to exceed an aggregate amount of 5% of gross sale
proceeds by (i) paying the Purchaser's Broker Fee in an amount not
to exceed 2.5% of the gross Sale proceeds out of such proceeds and
(ii) paying the Seller's Broker Fee in an amount not to exceed 2.5%
of the gross Sale proceeds out of such proceeds.

Any title insurer, escrow agent, or other intermediary
participating in a closing of the Sale of the Property is
authorized to disburse all funds at the closing of the Sale
pursuant to the applicable settlement statement or escrow
instructions provided by the parties to such Sale.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry notwithstanding any applicability of
Bankruptcy Rule 6004(h).

                      About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company.  Its
principal business is buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations.  The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions.  These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered.

Judge Kevin J. Carey presides over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.

The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC.  Beilinson Advisory Group is
serving as independent management to the Debtors.  Garden City
Group, LLC, is the Debtors' claims and noticing agent.

Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017.  On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.


WOODBRIDGE GROUP: $985K Sale of Carbondale Property to Keims Okayed
-------------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware authorized Woodbridge Group of Companies, LLC and its
affiliated debtors to sell Carbondale Glen Lot D-22, LLC's real
property located at 63 Sweetgrass Drive, Carbondale, Colorado,
together with the Seller's right, title, and interest in and to the
buildings located thereon and any other improvements and fixtures
located thereon, and any and all of the Seller's right, title, and
interest in and to the tangible personal property and equipment
remaining on the real property as of the date of the closing of the
sale, to David Donald Keim and Diana Owen Keim for $895,000.

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

All proceeds of the Sale (net of the Broker Fees and Other Closing
Costs) will be paid to the Debtors into the general account of
Debtor Woodbridge Group of Companies, LLC, and such net proceeds
will be disbursed and otherwise treated by the Debtors in
accordance with the Final DIP Order.

The Debtors are authorized and empowered to (i) pay the Purchaser's
Broker Fee to the Purchaser's Broker in an amount up to 2.5% of the
gross sale proceeds and (ii) pay the Seller's Broker Fee to
Property Shop in an amount up to 2.5% of the gross sale proceeds.

Any title insurer, escrow agent, or other intermediary
participating in a closing of the Sale of the Property is
authorized to disburse all funds at the closing of the Sale
pursuant to the applicable settlement statement or escrow
instructions provided by the parties to such Sale.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry notwithstanding any applicability of
Bankruptcy Rule 6004(h).

                      About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/-- is a
comprehensive real estate finance and development company.  Its
principal business is buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owns and
operates full-service real estate brokerages, a private investment
company, and real estate lending operations.  The Woodbridge Group
Enterprise and its management team have been in the business of
providing a variety of financial products for more than 35 years,
and have been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions.  These transactions involve real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered.

Judge Kevin J. Carey presides over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, serve as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, as special counsel, Province, Inc., as
expert consultant, Moelis & Company LLC, as investment banker.

The Debtors' financial advisors are Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC.  Beilinson Advisory Group is
serving as independent management to the Debtors.  Garden City
Group, LLC, is the Debtors' claims and noticing agent.

Pachulski Stang Ziehl & Jones is counsel to the Official Committee
of Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017.  On Jan. 23, 2018, the Court
approved a settlement providing for the formation of an ad hoc
noteholder group and an ad hoc unitholder group.


[^] BOND PRICING: For the Week from June 11 to 15, 2018
-------------------------------------------------------
  Company               Ticker    Coupon   Bid Price     Maturity
  -------               ------    ------   ---------     --------
Alpha Appalachia
  Holdings Inc          ANR        3.250       2.048     8/1/2015
Appvion Inc             APPPAP     9.000       0.563     6/1/2020
Appvion Inc             APPPAP     9.000       0.514     6/1/2020
Ascent Capital
  Group Inc             ASCMA      4.000      50.000    7/15/2020
Avaya Inc               AVYA      10.500       4.232     3/1/2021
Avaya Inc               AVYA       9.000      77.922     4/1/2019
Avon Products Inc       AVP        6.500     102.278     3/1/2019
BPZ Resources Inc       BPZR       6.500       3.017     3/1/2049
BPZ Resources Inc       BPZR       6.500       3.017     3/1/2015
Bon-Ton Department
  Stores Inc/The        BONT       8.000      18.250    6/15/2021
Cenveo Corp             CVO        6.000      33.875     8/1/2019
Cenveo Corp             CVO        8.500       1.375    9/15/2022
Cenveo Corp             CVO        6.000       1.091    5/15/2024
Cenveo Corp             CVO        8.500       1.125    9/15/2022
Cenveo Corp             CVO        6.000      34.111     8/1/2019
Chassix Inc             CHASSX     9.250      90.125     8/1/2018
Chassix Inc             CHASSX     9.250      90.125     8/1/2018
Claire's Stores Inc     CLE        9.000      63.813    3/15/2019
Claire's Stores Inc     CLE        8.875       6.250    3/15/2019
Claire's Stores Inc     CLE        7.750      10.766     6/1/2020
Claire's Stores Inc     CLE        6.125      57.092    3/15/2020
Claire's Stores Inc     CLE        9.000      59.550    3/15/2019
Claire's Stores Inc     CLE        7.750      10.766     6/1/2020
Claire's Stores Inc     CLE        9.000      54.886    3/15/2019
Claire's Stores Inc     CLE        6.125      55.969    3/15/2020
Community Choice
  Financial Inc         CCFI      10.750      76.956     5/1/2019
Creditcorp              CRECOR    12.000      99.750    7/15/2018
Creditcorp              CRECOR    12.000      98.919    7/15/2018
DBP Holding Corp        DBPHLD     7.750      48.500   10/15/2020
DBP Holding Corp        DBPHLD     7.750      47.332   10/15/2020
EXCO Resources Inc      XCOO       8.500      17.000    4/15/2022
Egalet Corp             EGLT       5.500      35.934     4/1/2020
Emergent Capital Inc    EMGC       8.500      70.015    2/15/2019
Energy Conversion
  Devices Inc           ENER       3.000       7.875    6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU        9.750      37.375   10/15/2019
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU       11.250      37.354    12/1/2018
Fleetwood
  Enterprises Inc       FLTW      14.000       3.557   12/15/2011
Gibson Brands Inc       GIBSON     8.875      85.250     8/1/2018
Gibson Brands Inc       GIBSON     8.875      84.609     8/1/2018
Gibson Brands Inc       GIBSON     8.875      85.250     8/1/2018
Homer City
  Generation LP         HOMCTY     8.137      38.750    10/1/2019
Illinois Power
  Generating Co         DYN        6.300      33.375     4/1/2020
LBI Media Inc           LBIMED    11.500      18.741    4/15/2020
Las Vegas Monorail Co   LASVMC     5.500       4.037    7/15/2019
Lehman Brothers
  Holdings Inc          LEH        1.500       3.326    3/29/2013
Lehman Brothers
  Holdings Inc          LEH        2.070       3.326    6/15/2009
Lehman Brothers
  Holdings Inc          LEH        5.000       3.326     2/7/2009
Lehman Brothers
  Holdings Inc          LEH        4.000       3.326    4/30/2009
Lehman Brothers
  Holdings Inc          LEH        1.600       3.326    11/5/2011
Lehman Brothers
  Holdings Inc          LEH        2.000       3.326     3/3/2009
Lehman Brothers
  Holdings Inc          LEH        1.383       3.326    6/15/2009
Lehman Brothers Inc     LEH        7.500       1.226     8/1/2026
Linc USA GP / Linc
  Energy Finance
  USA Inc               LNCAU      9.625       1.748   10/31/2017
MModal Inc              MODL      10.750       6.125    8/15/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC      MPO       10.750       0.848    10/1/2020
Molycorp Inc            MCP       10.000       0.951     6/1/2020
New Gulf Resources
  LLC/NGR Finance Corp  NGREFN    12.250       6.929    5/15/2019
New Gulf Resources
  LLC/NGR Finance Corp  NGREFN    12.250       6.929    5/15/2019
New Gulf Resources
  LLC/NGR Finance Corp  NGREFN    12.250       6.929    5/15/2019
Nine West Holdings Inc  JNY        8.250      25.250    3/15/2019
Nine West Holdings Inc  JNY        6.875      19.750    3/15/2019
Nine West Holdings Inc  JNY        8.250      17.750    3/15/2019
OMX Timber Finance
  Investments II LLC    OMX        5.540       5.154    1/29/2020
Orexigen
  Therapeutics Inc      OREXQ      2.750       5.650    12/1/2020
Orexigen
  Therapeutics Inc      OREXQ      2.750       5.125    12/1/2020
PaperWorks
  Industries Inc        PAPWRK     9.500      54.341    8/15/2019
PaperWorks
  Industries Inc        PAPWRK     9.500      55.000    8/15/2019
Pernix Therapeutics
  Holdings Inc          PTX        4.250      42.018     4/1/2021
Pernix Therapeutics
  Holdings Inc          PTX        4.250      42.018     4/1/2021
Powerwave
  Technologies Inc      PWAV       1.875       0.133   11/15/2024
Powerwave
  Technologies Inc      PWAV       1.875       0.133   11/15/2024
Prospect Holding
  Co LLC / Prospect
  Holding Finance Co    PRSPCT    10.250      48.250    10/1/2018
Real Alloy Holding Inc  RELYQ     10.000      68.375    1/15/2019
Real Alloy Holding Inc  RELYQ     10.000      68.375    1/15/2019
Renco Metals Inc        RENCO     11.500      27.000     7/1/2003
Rex Energy Corp         REXX       8.000      10.750    10/1/2020
Rex Energy Corp         REXX       8.875       1.750    12/1/2020
Rex Energy Corp         REXX       6.250       1.747     8/1/2022
Rex Energy Corp         REXX       8.000      10.050    10/1/2020
Rolta LLC               RLTAIN    10.750      14.821    5/16/2018
SAExploration
  Holdings Inc          SAEX      10.000      53.375    7/15/2019
Sears Holdings Corp     SHLD       8.000      50.863   12/15/2019
Sempra Texas
  Holdings Corp         TXU        5.550      12.845   11/15/2014
Sempra Texas
  Holdings Corp         TXU        6.500      11.594   11/15/2024
SiTV LLC / SiTV
  Finance Inc           NUVOTV    10.375      63.500     7/1/2019
SiTV LLC / SiTV
  Finance Inc           NUVOTV    10.375      64.750     7/1/2019
TerraVia Holdings Inc   TVIA       5.000       4.644    10/1/2019
TerraVia Holdings Inc   TVIA       6.000       4.644     2/1/2018
Toys R Us –
  Delaware Inc          TOY        8.750       7.358     9/1/2021
Transworld Systems Inc  TSIACQ     9.500      25.953    8/15/2021
Transworld Systems Inc  TSIACQ     9.500      25.953    8/15/2021
Tunica-Biloxi Gaming
  Authority             PAGON      3.780      24.439    6/15/2020
Valeant
  Pharmaceuticals
  International         VRXCN      6.375      99.901   10/15/2020
Walter Energy Inc       WLTG       9.875       0.834   12/15/2020
Walter Energy Inc       WLTG       8.500       0.834    4/15/2021
Walter Energy Inc       WLTG       9.875       0.834   12/15/2020
Westmoreland Coal Co    WLBA       8.750      27.502     1/1/2022
Westmoreland Coal Co    WLBA       8.750      28.057     1/1/2022
iHeartCommunications
  Inc                   IHRT      14.000      12.875     2/1/2021
iHeartCommunications
  Inc                   IHRT      14.000      12.581     2/1/2021
iHeartCommunications
  Inc                   IHRT      14.000      12.581     2/1/2021


                            *********

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 2018.  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.

                   *** End of Transmission ***