/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180627.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 27, 2018, Vol. 22, No. 177 Headlines 1-800 CONTACTS: Bank Debt Trades at 2.21% Off 260 SADDLEWOOD: U.S. Trustee Unable to Appoint Committee 484 MAIN STREET: Hires Gate House Realty as Real Estate Broker 768 BIRCH ST: U.S. Trustee Unable to Appoint Committee A'GACI LLC: Has Adequate Liquidity and Funding to Finance Plan ABENGOA BIOENERGY: Court Narrows Claims in FDIC Suit vs Murex ABT MOLECULAR: Hires Garden City as Claims and Noticing Agent ACADEMY SPORTS: Bank Debt Trades at 18% Off ACCESS GLOBAL: Hires Webber McGill LLC as Attorney ALSTRAW ENTERPRISES: Hires Analytic Financial as Financial Advisor ALSTRAW ENTERPRISES: Hires Auction Markets LLC as Sales Agent ALTERRA MOUNTAIN: S&P Alters Outlook to Stable & Affirms 'B' CCR AMERICAN TIRE: Bank Debt Trades at 13% Off AMERICAN WEST: Seeks to Hire Thomas E. Crowe as Attorney ASCENA RETAIL: Bank Debt Trades at 12% Off AUSTLEN BABY: Seeks to Hire Kell C. Mercer as Counsel AUTO SUPPLY: Needs Additional Extension of Plan Filing Deadline BAYTEX ENERGY: S&P Puts 'BB-' CCR on CreditWatch Positive BEAUFORT RESTAURANT: July 24 Plan Confirmation Hearing BIOSTAT LLC: U.S. Trustee Unable to Appoint Committee BOWLIN FUNERAL: Commerce Bank Objects to Disclosure Statement BOWLIN FUNERAL: Commerce Bank to be Paid in Full in 12 Years BRETON L. MORGAN: U.S. Trustee Unable to Appoint Committee CAPITOL STATION 65: Hires Keen-Summit & Colliers as Estate Advisors CENGAGE: Bank Debt Trades at 9% Off CENTEGRA HEALTH: S&P Alters Bond Ratings Outlook to Positive CHAPARRAL ENERGY: S&P Gives B- Corp Credit Rating, Outlook Stable CHIEF POWER: Bank Debt Trades at 11% Off COLOR SPOT: Committee Taps Berkeley Research as Financial Advisor COLOR SPOT: Committee Taps Kilpatrick Townsend as Attorney COLOR SPOT: Committee Taps Morris Nichols as Delaware Co-Counsel COTIVITI CORP: S&P Puts 'BB-' CCR on CreditWatch Negative CT TECHNOLOGIES: Bank Debt Trades at 5% Off DIOCESE OF GREAT FALLS: Aug. 14 Plan Confirmation Hearing DITECH HOLDING: Bank Debt Trades at 5% Off DRAGONFLY GRAPHICS: Seeks to Hire Ruff & Cohen as Attorney DRILLING STRUCTURES: Case Summary & 20 Largest Unsecured Creditors DYESS MEDICAL: July 20 Disclosure Statement Hearing EAST COAST FOODS: Committee Taps Rutan & Tucker as Special Counsel ELITE RESORTS: U.S. Trustee Unable to Appoint Committee ENDURO RESOURCE: Revises Solicitation, Confirmation Procedures ENERGY TRANSFER: Egan-Jones Hikes Senior Unsecured Ratings to BB ENTERPRISE DEVELOPMENT: S&P Assigns B- ICR, Outlook Positive EXCEL WEST: Hires Ciardi Ciardi & Astin as Attorney EZTOPELIZ LLC: Seeks to Hire Fisher Rushmer as Attorney FAGERDALA USA: 9th Cir. Reverses Order Designating Purchased Claims FAT FACE: Bank Debt Trades at 19% Off FIRESTAR DIAMOND: Trustee Taps Alvarez & Marsal as Fin. Advisor FIRESTAR DIAMOND: Trustee Taps Jenner & Block as Attorney FIRST NATIONLE SOLUTION: SEC Shuts Down $102 Million Ponzi Scheme FREELINC TECHNOLOGIES: U.S. Trustee Unable to Appoint Committee GENERAL NUTRITION: Bank Debt Trades at 4% Off GENUINE JOURNEY: Seeks to Hire Nelson M. Jones as Counsel GEOKINETICS INC: Case Summary & 30 Largest Unsecured Creditors GLOBAL COMMODITIES: Hires Webber McGill LLC as Attorney GRIMM BROTHERS: Taps Jensen Bagnato as Co-Counsel GROVE AVE: Hires Colliers International as Real Estate Broker HHH CHOICES: July 25 HHHS Plan Confirmation hearing HOUGHTON MIFFLIN: Bank Debt Trades at 6% Off INDIANA HOTEL: IAA Bid for Relief from Automatic Stay Denied JOHN HULL TRUCKING: Taps Karpan and White as Legal Counsel JP MORGAN 2018-7FRB: Fitch to Rate Class B-5 Certs 'Bsf' KELLER OUTDOOR: U.S. Trustee Unable to Appoint Committee LENNAR CORP: CACC Suit Stayed Pending Resolution of Bankr. Case LIGHTSQUARED INC: Bank Debt Trades at 16% Off LUKE'S LOCKER: Needs More Time to Have Plan Confirmed M/I HOMES: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable MAJESTIC PROPERTIES: Voluntary Chapter 11 Case Summary MARBLE MASTERS: Hires William A. Amos PC as Accountant MEADOWBROOK COAL: Seeks to Hire Cunningham Chernicoff as Counsel MIDCOAST OPERATING: S&P Assign 'B+' CCR, Outlook Stable MOUNTAIN CREEK: Has Until Sept. 4 to Solicit Acceptances of Plan MUNN WORKS: Case Summary & 20 Largest Unsecured Creditors MURRAY ENERGY: Bank Debt Trades at 6% Off NATURE'S BOUNTY: $1.5-Bil. Bank Debt Trades at 7% Off NATURE'S BOUNTY: $400-Mil. Bank Debt Trades at 20% Off NELSON FOUNDRY: Foreclosure Auction of Queens Lot on July 27 NEW HOPE: To Pay Unsecured Creditors in Full Over 52 Months NIGHTHAWK ENERGY: No Competing Bids Against Polaris by Deadline OCWEN LOAN: Moody's Rates Sec. Bank Credit Facility Due 2024 'B3' ONE HIT WONDER: Seeks to Hire Mushkin Cica as General Counsel ORANGE ACRES: Needs More Time to Solicit Acceptances of Plan PALMAZ SCIENTIFIC: AIC Bid to Dismiss Trustee Suit Tossed PARKWAY RADIOLOGY: Bid For Exclusive Plan Filing Extension Granted PAUL'S AUTO CENTERS: July 25 Plan Confirmation Hearing PBF ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to BB+ PETROLEUM TOWERS: Sale of Properties Delays Plan Filing PETSMART INC: Bank Debt Trades at 17% Off PF ROOSEVELT: S&P Suspends BB+ Rating on 2014A Housing Bonds PH GRINDERS: U.S. Trustee Unable to Appoint Committee POINT.360: Hearing on Bid For Exclusivity Extension Set for July 5 PREGIS HOLDING I: Moody's Affirms B3 CFR, Outlook Stable QUEENS LODGE 1001: Queens Property Up for Auction on July 20 RIVER HACIENDA: Creditors File Competing Chapter 11 Plan RK & GROUP: Taps DeAnna Moss as Accountant RMH FRANCHISE: Committee Hires Bayard PA as Co-Counsel RMH FRANCHISE: Committee Taps Kelley Drye & Warren as Lead Counsel RMH FRANCHISE: Committee Taps Zolfo Cooper as Bankruptcy Consultant RNY AUSTRALIA: Lender to Auction Off 5 Buildings on July 25 ROYAL AUTOMOTIVE: Taps Suttle & Stalnaker as Accountant SANDOVAL FAMILY: Hires First American as Real Estate Broker SEADRILL LTD: Bank Debt Trades at 12% Off SHERIDAN INVESTMENT: Bank Debt Trades at 18% Off SKILLSOFT CORP: $185MM Bank Debt Trades at 17% Off SKILLSOFT CORP: $465MM Bank Debt Trades at 6% Off SKY-SCAN INC: Taps Next Level's Lisa Giannelli as CFO SMB SHIPPING: Moody's Affirms B3 CFR & Rates 1st Lien Loans B1 SUNSHINE DAIRY: Taps CBRE Group as Real Estate Broker TANGA.COM: U.S. Trustee Forms 2-Member Committee TEJANO CENTER: S&P Lowers 2009A Bonds Rating to 'B', Outlook Stable TIMBER RIDGE: Seeks to Hire Forestmere Holdings as M&A Advisor TOPS HOLDING II: Needs More Time to Exclusively File Plan TOYS R US: Taps Raider Hill as Real Estate Advisor TREASURE TAXI: Seeks to Hire Alla Kachan as Counsel TWEDDLE HOLDINGS: S&P Lowers CCR to to 'CCC', Will Withdraw Ratings U.S. CONCRETE: Moody's Lowers CFR to B2 & Unsec. Notes Rating to B3 US TAX RECOVERY: Hires Kelly & Associates as Attorney VALLEY GREEN: Hires Matrix Management as Financial Analyst VALLEY GREEN: Seeks to Hire AP Law Group as Counsel VCVH HOLDING II: S&P Puts 'B-' CCR on CreditWatch Negative VERITAS SOFTWARE: Bank Debt Trades at 7% Off VIDEOLOGY INC: Seeks to Hire Hogan Lovells as Special Counsel VITAMIN WORLD: Seek to Hire Verdolino & Lowey as Accountant WAYNE E HOYT: Rusty's Breakfast and Steakhouse Assets Up for Sale WESTERN HOST: Hires Jose R. Olmo-Rodriguez as Special Counsel WESTERN HOST: Hires RC Ingenieros as Professional Engineer WESTMORELAND COAL: S&P Lowers Issuer Credit Rating to 'D' WHITEWATER/EVERGREEN: U.S. Trustee Unable to Appoint Committee WINDSTREAM CORP: Bank Debt Trades at 10% Off WINDSTREAM HOLDINGS: S&P Cuts CCR to 'CC', Outlook Negative WOODNER HOUSE CONDOMINIUM: Queens Property Up for July 13 Auction [*] $405,000 in Defaulted Timeshare Loans Up for Auction July 6 [*] Beard Group 25th Annual Distressed Investing Conference Nov. 26 [*] Bloomberg Law Releases Updated Bankruptcy Practice Center [*] O'Melveny Adds 3 Lawyers to Bankruptcy & Restructuring Practice ********* 1-800 CONTACTS: Bank Debt Trades at 2.21% Off --------------------------------------------- Participations in a syndicated loan under which 1-800 Contacts Incorporated is a borrower traded in the secondary market at 97.79 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.99 percentage points from the previous week. 1-800 Contacts pays 325 basis points above LIBOR to borrow under the $496 million facility. The bank loan matures on January 22, 2023. Moody's gave no rating to the loan and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. 260 SADDLEWOOD: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of 260 Saddlewood, LLC as of June 25, according to a court docket. About 260 Saddlewood LLC 260 Saddlewood, LLC listed its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of a real property located at 260 Saddlewood Drive, Novato, California, having an appraised value of $1.69 million. 260 Saddlewood sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-03847) on May 9, 2018. In the petition signed by Gregory Stranger, manager, the Debtor disclosed $1.69 million in assets and $1.43 million in liabilities. The Debtor tapped Michael R. Dal Lago, Esq., at Dal Lago Law, as its legal counsel. 484 MAIN STREET: Hires Gate House Realty as Real Estate Broker -------------------------------------------------------------- 484 Main Street Realty Corp. seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to hire Gate House Realty, Lamb Hills, LLC, as real estate broker to publish, list and find a ready, willing and able buyer for the Debtor's sole real property located at 484-488 Main St. Beacon, N.Y. 10528. The Broker seeks a commission of 5% of the contract price. Charlotte Guernsey, principal at Gate House Realty, attests that the brokerage is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The broker can be reached through: Charlotte Guernsey Gate House Realty, Lamb Hill, LLC 492 Main St. Beacon, NY 12508 Phone: 845-831-9550 Email: info@gatehouserealty.com About 484 Main Street Realty Corp. Based in Harrison, New York, 484 Main Street Realty Corp. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-22843) on May 26, 2017, listing under $1 million in both assets and liabilities. Brian McCaffrey at Brian McCaffrey Attorney At Law, P.C., is the Debtor's counsel. 768 BIRCH ST: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ No official committee of unsecured creditors has been appointed in the Chapter 11 case of 768 Birch St. Project LLC as of June 25, according to a court docket. 768 Birch is represented by: Kevin M. O'Shaughnessy, Esq. 1177 Grant Street, Suite 300 Denver, CO 80203 Phone: (303) 860-7333 Email: kevin@totalspeed.com About 768 Birch St. Project LLC 768 Birch St. Project LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-14225) on May 17, 2018. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Thomas B. Mcnamara presides over the case. The Debtor hired Kevin M. O'Shaughnessy, Esq., as its legal counsel. A'GACI LLC: Has Adequate Liquidity and Funding to Finance Plan -------------------------------------------------------------- A'GACI, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas its second amended disclosure statement in support of its plan of reorganization dated June 12, 2018. As of the Petition Date, A'GACI's unaudited balance sheet reflected total assets of approximately $82.9 million, total liabilities of approximately $62.1 million, and partners' capital of approximately $20.8 million. The Debtor's principal assets consist of its accounts receivable, inventory, and fixed assets, including furniture and fixtures, information technology assets, and leasehold improvements. The Debtor's prepetition debt structure primarily consists of: (i) obligations owed to Chase; (ii) the Term Loan Obligations; (iii) the Capital Lease Obligations and (iv) unsecured debt consisting of, among other things, amounts owed to vendors and landlords. Class 1 under the latest plan consists of the Chase secured claim. On the Effective Date, Chase will receive, payment in full, in Cash, of its Allowed Class 1 Claim; provided, however, that Chase will receive no distribution for or on account of the Chase Waived Fees and such Chase Waived Fees shall be discharged without payment. Upon satisfaction of the Chase Secured Claim (minus the Chase Waived Fees) in accordance with the Plan, on the Effective Date, all liens and security interests granted to secure the Chase Secured Claim shall be terminated and released and shall be of no further force and effect. Estimated total Allowed Class 1 Claims is $5.8 million. The Debtor's Financial Projections show that the Reorganized Debtor will have adequate liquidity and funding to meet its obligations. Further, the Financial Projections evidence that the Reorganized Debtor is not likely to need financial reorganization or liquidation. Therefore, the Debtor believes the Plan is feasible and is not likely to be followed by subsequent liquidation or the need for further financial reorganization of the Debtor. A full-text copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/txwb18-50049-393.pdf About A'GACI, L.L.C. Founded in San Antonio, Texas, A'GACI, L.L.C. -- http://www.agacistore.com/-- is a fast-fashion retailer of women's apparel and accessories. A'GACI attracts young, fashion-driven consumers through its value-pricing and frequent introductions of new and trendy merchandise. It operates specialty apparel and footwear stores under the A'GACI banner as well as a direct-to-consumer business comprised of its e-commerce Web site http://www.agacistore.com/Stores feature an assortment of tops, dresses, bottoms, jewelry, and accessories sold primarily under the Company's exclusive A'GACI label. In addition, the Company sells shoes under its sister brand labels of O'Shoes and Boutique Five. A'GACI, L.L.C., filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-50049) on Jan. 9, 2018. In the petition signed by manager David Won, the Debtor disclosed $82 million in total assets and $62 million in total liabilities as of Nov. 25, 2017. The company listed $37.3 million in assets and $54.7 million in liabilities in a February 2018 court filing, according to a San Antonio Express-News report. The case is assigned to Judge Ronald B. King. Haynes and Boone, LLP, serves as the Debtor's bankruptcy counsel; Berkeley Research Group, LLC is the financial advisor; and SSG Advisors, LLC, is the investment banker. Kurtzman Carson Consultants LLC, is the claims, noticing and balloting agent. No trustee, examiner or official committee of unsecured creditors has been appointed in the case. ABENGOA BIOENERGY: Court Narrows Claims in FDIC Suit vs Murex ------------------------------------------------------------- District Judge Paul A. Engelmayer granted in part and denied in part Murex LLC's motion to dismiss the case captioned THE FEDERAL DEPOSIT INSURANCE CORPORATION, as receiver for FIRST NBC BANK, Plaintiff, v. MUREX LLC, Defendant, No. 16 Civ. 7703 (PAE) (S.D.N.Y.). This case involves claims that a bank was induced to purchase receivables that the seller knew to be fictitious. The bank, First NBC Bank, a state-chartered bank organized under the laws of Louisiana, originally brought this lawsuit in 2016, but on April 28, 2017, the Louisiana Office of Financial Institutions closed FNBC and appointed the Federal Deposit Insurance Corporation as its receiver. The FDIC now pursues these claims on FNBC's behalf. FNBC's claims here are against Murex LLC, a Texas-based company that provides marketing and distribution services for ethanol producers. The FDIC claims that Murex obtained funds from FNBC by selling the bank accounts receivable representing payments owed to Murex by its customer, Abengoa Bioenergy Company, LLC. In fact, the FDIC alleges, those receivables -- the "ABC Receivables" -- were bogus. The FDIC claims that the fictitious receivables were fabricated by ABC in knowing collusion with Murex, and that the two worked together to give FNBC the false impression that ABC had bought ethanol from Murex when in fact no ethanol had ever changed hands. ABC has now defaulted on more than $69 million in payments owed to FNBC under the obligations represented by the ABC Receivables. ABC has also filed for bankruptcy. In this lawsuit, the FDIC seeks to hold Murex responsible for the Receivables. Murex has moved to dismiss the FDIC's complaint for failure to state a claim. Murex argues that the FDIC is judicially estopped from advancing any claim in the Second Amended Complaint (SAC) because the FDIC has elsewhere characterized the ABC Receivables as valid. Because all claims in the SAC are based on the theory that the receivables are invalid, Murex argues, all such claims must be dismissed. The Court finds that the FDIC is not judicially estopped from pursuing its claims here. Murex's argument for estoppel turns on statements the FDIC and FNBC made in ABC's on-going bankruptcy proceedings, which, Murex contends, depicted the ABC Receivables as valid obligations of ABC's. Murex contends that the FDIC's position here is inconsistent with those statements. Murex overstates the FDIC's claims here. Contrary to Murex's reading, the SAC does not argue that the ABC Receivables are other than genuine obligations owed to FNBC (now the FDIC) by ABC. Rather, the SAC alleges that the ABC Receivables are not what Murex held them out to be when it offered them for sale on The Receivables Exchange -- they are less valuable in that they do not derive from actual ethanol sales. The SAC also alleges that Murex either negligently (Count II) or intentionally (Count III) made misrepresentations to FNBC and that these misrepresentations breached a fiduciary duty Murex owed to FNBC (Count V). Murex challenges these claims on several grounds. First, Murex contends that the FDIC's tort claims are barred by New York's economic-loss rule. As to the negligent misrepresentation claim (Count II), Murex's argument is clearly meritorious. "Under New York law, the doctrine applies to claims for negligent misrepresentation," and thus bars "New York negligent misrepresentation claims." Murex also argues that the SAC's claim of breach of fiduciary duty (Count V) must be dismissed because Murex owed FNBC no such duty. The FDIC contends that Murex became FNBC's fiduciary by virtue of Sections 7.5 and 7.6 of the CSP Agreement, which made Murex the "Account Manager" for the sale of ABC Receivables and, as the FDIC casts the agreement, set out Murex's "standard of care" in that role. The Agreement obliged Murex to manage ABC's account "in substantially the same manner and with substantially the same degree of care that [Murex] uses in managing its account relationships" with the obligors of any receivable not sold through TRE. While this provision imposed contractual obligations on Murex, including obligations that might have benefitted a buyer like FNBC, it did not make Murex a fiduciary with respect to FNBC. Nothing about that Murex-ABC relationship created a fiduciary relationship between Murex and FNBC. The SAC does not allege that FNBC was harmed by any mistreatment Murex may have committed to the detriment of ABC. The Court, therefore, grants Murex's motion to dismiss Counts II, V, and VII. The Court otherwise denies the motion. A full-text copy of the Court's Opinion and Order dated June 5, 2018 is available at https://bit.ly/2to2oFG from Leagle.com. Federal Deposit Insurance Corporation, As Receiver For First NBC Bank, Plaintiff, represented by Allen Maines -- Allen.Maines@hklaw.com -- Holland & Knight LLP, Benjamin Richard Wilson -- benjamin.wilson@hklaw.com -- Holland & Knight LLP, Cynthia G. Burnside -- Cynthia.burnside@hklaw.com -- Holland & Knight LLP, Grant Edward Lavelle Schnell -- Edward.schnell@hklaw.com -- Holland & Knight LLP, Peter Richard Jarvis -- peter.jarvis@hklaw.com -- Holland & Knight LLP, Zackary Lane Stillings , Nixon Peabody LLP, Kathleen M. Balderston , Nixon Peabody LLP & Robert Joseph Burns -- Robert.burns@hklaw.com -- Holland & Knight LLP. Murex LLC, formerly known as, Defendant, represented by Michael Bruce Miller -- mbmiller@mofo.com -- Morrison & Foerster LLP, Robert N. Lemay -- rlemay@krcl.com -- Kane Russell Coleman & Logan PC, Jaime M. Dewees -- jdewees@krcl.com -- Kane Russell Coleman & Logan PC, John Joseph Kane --jkane@krcl.com -- Kane Russell Coleman & Logan PC & Richard L. Hathaway -- rhathaway@krcl.com -- Kane Russell Coleman & Logan PC. About Abengoa Bioenergy US Holding Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A., a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. Spanish energy giant Abengoa S.A. is an engineering and clean technology company with operations in more than 50 countries worldwide that provides innovative solutions for a diverse range of customers in the energy and environmental sectors. Abengoa is one of the world's top builders of power lines transporting energy across Latin America and a top engineering and construction business, making massive renewable-energy power plants worldwide. On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to seek protection under Article 5bis of Spanish insolvency law, a pre-insolvency statute that permits a company to enter into negotiations with certain creditors for restricting of its financial affairs. The Spanish company is facing a March 28, 2016, deadline to agree on a viability plan or restructuring plan with its banks and bondholders, without which it could be forced to declare bankruptcy. Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy Company, LLC ("ABC"). ABC's involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary Case is Bankr. D. Neb. Case No. 16-80141. An order for relief has not been entered, and no interim Chapter 7 trustee has been appointed in the Involuntary Cases. The petitioning creditors are represented by McGrath, North, Mullin & Kratz, P.C. On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC, and five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstron Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent. The Troubled Company Reporter, on March 14, 2016, reported that the Office of the U.S. Trustee appointed seven creditors of Abengoa Bioenergy US Holding LLC and its affiliates to serve on the official committee of unsecured creditors. The Office of the U.S. Trustee on June 14 appointed three creditors of Abengoa Bioenergy Biomass of Kansas LLC to serve on the official committee of unsecured creditors. The creditors' committee of Abengoa Bioenergy US Holdings retained Lovells US LLP as counsel, Thompson Coburn LLP as local counsel, and FTI Consulting, Inc. as financial advisor. The creditors' committee of Abengoa Bioenergy Biomass of Kansas retained Baker & Hostetler LLP as counsel, Robert L. Baer as local counsel, and MelCap Partners, LLC as financial advisor and investment banker. On January 25, 2017, the Debtors filed a joint Chapter 11 plan of liquidation and disclosure statement. The court approved the disclosure statement after a hearing on February 27, 2017. ABT MOLECULAR: Hires Garden City as Claims and Noticing Agent ------------------------------------------------------------- ABT Molecular Imaging, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to employ Garden City Group, LLC, as claims and noticing agent to the Debtor. ABT Molecular requires Garden City to: a. prepare and serve required notices and documents in the bankruptcy case in accordance with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure in the form and manner directed by the Debtor and the Court, including (i) notice of the commencement of the case and the initial meeting of creditors under the Bankruptcy Code, (ii) notice of any claims bar date, (iii) notice of transfer of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtor's plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan and (vii) all other notices, orders, pleadings, publications and other documents as the Debtor or Court may deem necessary or appropriate for an orderly administration of the case; b. maintain an official copy of the Debtor's schedules of assets and liabilities and statement of financial affairs, listing the Debtor's known creditors and the amounts owed thereto; c. maintain (i) a list of all potential creditors, equity holders and other parties-in-interest and (ii) a core mailing list consisting of all parties described in sections 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; updated said lists and make said lists available upon request by a party-in-interest or the Clerk; d. furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after such notice and form are approved by the bankruptcy Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information on a customized proof of claim form provided to potential creditors; e. maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; f. for all notices, motions, orders or other pleadings or documents served, prepare and file or caused to be filed with the Clerk an affidavit or certificate of service within seven (7) business days of service which includes (i) either a copy of the notice served or the docket number and title of the pleading served, (ii) a list of persons to whom it was mailed, in alphabetical order, with their addresses, (iii) the manner of service ,and (iv) the date served; g. process all proofs of claim received, including those received by the Clerk's Office, and check said processing for accuracy, and maintain the original proofs of claim in a secure area; h. maintain the official claims register for the Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Register; and specify in the Claims Registers the following information for each claim docketed (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classifications of the claim, (vi) the applicable Debtor, and (vii) any disposition of the claim; i. provide public access to the Claims Register, including complete proofs of claim with attachments, if any, without charge; j. implement necessary security measures to ensure the completeness and integrity of the Claims Register and the safekeeping of the original claims; k. record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e), and, if the evidence of transfer or notice of such transfer executed by the parties waives the 21-day notice and objection period required by Bankruptcy Rule 3001(e), then GCG may process the transfer of claim to change the name and address of the claimant of such claim to reflect the transfer, and the effective date of such transfer will be the date the evidence of such transfer was docketed in the case; l. relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of GCG, not less than weekly; m. upon completion of the docketing process for all claims received to date, turn over to the Clerk a copy of the Claims Register for the Clerk's review (upon the Clerk's request); n. monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the Claims Register; o. assist in the dissemination of information to the public and respond to requests for administrative information regarding the case as directed by the Debtor or the Court, including through the use of a case website and/or call center if requested; p. if the case is converted to one under chapter 7, contact the Clerk's Office within three (3) days of the notice to Garden City of entry of the order converting the case; q. 30 days prior to the close of this Chapter 11 Case, to the extent practicable, request that the Debtor submit to the Court a proposed order dismissing GCG and terminating its services upon completion of its duties and responsibilities and upon the closing of these cases; r. within 7 days of notice to Garden City of entry of an order closing this Chapter 11 Case, provide to the Court the final version of the Claims Register as of the date immediately before the close of this Chapter 11 Case; s. at the close of this Chapter 11 Case, box and transport all original proofs of claim, in proper format, as provided by the Clerk's Office, to (i) the Federal Archives Record Administration, located at 14700 Townsend Road, Philadelphia, PA 19154-1096 at or (ii) any other location requested by the Clerk's Office; and t. provide such other related claims and noticing services as the Debtor may request in connection with this Chapter 11 Case. Executives $295 Senior Project Managers/ Senior Consultants/Directors $200 to $275 Project Managers and Consultants $125 to $250 Technology and Programming Consultants $100 to $225 Staffs $45 to $70 Garden City will be paid a retainer in the amount of $20,000. Garden City will also be reimbursed for reasonable out-of-pocket expenses incurred. Jennifer Meyerowitz, managing director of Garden City Group, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Garden City can be reached at: Jennifer Meyerowitz GARDEN CITY GROUP, LLC 1985 Marcus Avenue Lake Success, NY 11042 Tel: (800) 327-3664 About ABT Molecular Imaging ABT Molecular Imaging, Inc. -- http://abt-mi.com/-- is a medical imaging company marketing the BG-75 Biomarker Generator, which produces unit doses of molecular imaging drugs for positron emission tomography (PET) at the point of use. The company was founded in 2006 by industry experts in the molecular imaging industry. ABT's investor partners include Intersouth Partners, River Cities Capital and two TNInvestco Funds, Council & Enhanced Tennessee Fund and Limestone Fund. ABT employs 24 individuals across its operations, research and development, administration and sales functions. The Company is headquartered in Knoxville, Tennessee. On June 13, 2018, ABT Molecular Imaging sought Chapter 11 protection (Bankr. D. Del. Case No. 18-11398). As of Dec. 31, 2017, the Company's assets had a net book value of $2,507,000 and it had total liabilities of $30,509,000. The Hon. Laurie Selber Silverstein is the case judge. The Debtor tapped BAYARD, P.A., as counsel; SSG CAPITAL ADVISORS as investment banker; and GARDEN CITY GROUP, LLC, as the claims agent. ACADEMY SPORTS: Bank Debt Trades at 18% Off ------------------------------------------- Participations in a syndicated loan under which Academy Sports & Outdoors is a borrower traded in the secondary market at 82.48 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 2.64 percentage points from the previous week. Academy Sports pays 400 basis points above LIBOR to borrow under the $1.825 billion facility. The bank loan matures on June 15, 2022. Moody's rates the loan 'B3' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. ACCESS GLOBAL: Hires Webber McGill LLC as Attorney -------------------------------------------------- Access Global Capital LLC seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to hire Webber McGill LLC as attorneys. Professional services to be rendered by Webber McGill are: a. advise the Debtor with respect to its rights, powers, and duties in this case; b. assist and advise the Debtor in its consultations with creditors relative to the administration of these cases, including analyzing the clains of creditors and in negotiating with such creditors; c. assist the Debtor in negotiation, formulating and proposing a plan of reorganization; d. commence and prosecure necessary and appropriate actons and/or proceedings on behalf of the Debtor's estate; e. review, analyze or prepare, on behalf of the Debtor, all necessary applications, motions, answers , orders, reports, schedules, pleadings and other documents; f. represent the Debt at all hearings and other proceedings; g. confer with any other professional advisors retained by the Debtor in providing advice to the Debtor; h. perform all other necessary legal services in this case as may be requested by the Debtor or otherwise required in this Chapter 11 proceeding. Douglas J. McGill, Esq., a member of Weber McGill LLC, attests that his firm does not hold or represent an adverse interest to the estate and is a "disinterested person" under 11 U.S.C. Sec. 101(14). Webber McGill's hourly compensation rates are $290 to $425 for attorneys and $115 for paralegals. The firm can be reached through: Douglas J. McGill Michael J. Reynolds WEBER MCGILL LLC 760 Route 10, Suite 104 Whippany, NJ 07981 Phone: (973) 739-9559 About Access Global Capital 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. Global Commodities Group, LLC, and Access Global Capital, LLC, filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 18-22031 & Bankr. D. N.J. Case No. 18-22043, respectively) on June 14, 2018. In the petitions signed by James Besch, sole member and manager, Access disclosed $2.23 million in assets and $4.65 million in liabilities while Global disclosed $403,044 in assets and $11.15 million in liabilities. Judges Kathryn C. Ferguson presides over Case No. 18-22031 and Judge Christine M. Gravelle presides over Case No. 18-22043. Douglas J. McGill, Esq., at WEBBER MCGILL, LLC, is the Debtors' counsel. ALSTRAW ENTERPRISES: Hires Analytic Financial as Financial Advisor ------------------------------------------------------------------ Alstraw Enterprises, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Scott W. Miller of Analytic Financial Group, LLC as a financial advisor for the debtor retroactively to June 15, 2018. In order to market the locations to be sold, the Debtor will require the services of a financial advisor to compile sales, income, and expense data for each location. The Debtor may also need the help of a financial advisor to compile the same data in order to justify the assumption of the lease at the location it wishes to retain. Finally, the Debtor may need the help of a financial advisor to prepare operating reports and to compile projections and other data needed for a disclosure statement. Mr. Miller will charge $185 per hour for his services and $115 per hour for associates of his firm. Scott W. Miller, principal of Analytic Financial Group, attests that he is a disinterested person who does not have any interest in this case adverse to the estate, nor does he have any conflicts that would bar his employment by the debtor. The advisor can be reached through: Scott W. Miller Analytic Financial Group, LLC 8639B 16th Street #106 Silver Spring, MD 20910 Tel: (301) 602-9258 About Alstraw Enterprises Alstraw Enterprises, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 18-11430) on April 23, 2018, estimating under $1 million in assets and liabilities. The Debtor hired Richard G. Hall, as counsel. ALSTRAW ENTERPRISES: Hires Auction Markets LLC as Sales Agent ------------------------------------------------------------- Alstraw Enterprises, Inc., seeks authority from the Eastern District of Virginia, Alexandria Division, to hire Stephen Karlbelk of Auction Markets, LLC, as sales agent. The Debtor has four locations where it operates coin laundries, one in Manassas, one in Dumfries, and two in Herndon, Virginia. The Debtor believes that some or all of these businesses may have value as going concerns, and that their sale would benefit the estate and put the debtor in a position to file a confirmable Plan. Mr. Karlbelk's compensation will be a 10% commission on all assets sold, and a $225 hourly rate for advisory and expert testimony in matters not connected with the sale of assets. In addition, Mr. Karlbeck shall be able to apply for reimbursement of up to a total of $3,000.00 for sale-related expenses, including photographs, advertising, due diligence research, and the like, for matters related to the sale and marketing of the Debtor's locations. Stephen Karlbelk, owner of Auction Markets, assures the Court that he is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Stephen Karbelk Auction Markets, LLC 20333 Medalist Drive Ashburn, VA 20147 Phone: 571-481-1037 E-mail: info@auctionmarkets.com About Alstraw Enterprises Alstraw Enterprises, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 18-11430) on April 23, 2018. The Debtor hired Richard G. Hall, as counsel. ALTERRA MOUNTAIN: S&P Alters Outlook to Stable & Affirms 'B' CCR ---------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Denver-based Alterra Mountain Co. to stable from positive and affirmed its 'B' corporate credit rating. S&P said, "We also affirmed our 'B' issue-level rating on the first-lien credit facility, which consists of a $225 million revolving credit facility due 2022 and an upsized $1.61 billion term loan B due 2024, which incorporates the incremental term-loan of $50 million. The first lien debt has a recovery rating of '3', indicating our expectation for meaningful recovery (50% to 70%; rounded estimate: 65%) for lenders in the event of a payment default. We affirmed the first-lien debt's issue-level rating despite additional secured debt in our hypothetical default scenario because we modestly increased Alterra's emergence valuation to reflect the proposed acquisition. "The outlook revision to stable from positive reflects incremental leverage from the proposed Project Eagle acquisition, which is expected to result in pro forma adjusted debt to EBITDA in the low-6x area in the fiscal year ending July 31, 2018, and in the high-5x area in fiscal 2019. As a result, the acquisition is likely to result in slower reduction of leverage to below our 6x upgrade threshold. In addition, because of the company's acquisitive strategy and an active market for ski resorts (as evidenced by recent transactions in the industry), Alterra could continue to pursue debt-financed acquisitions that sustain our measure of lease-adjusted leverage in the 6x area. This level of leverage would not provide a cushion for a higher rating incorporating the potential for periodic snowfall and operating volatility. We also believe Alterra's over $500 million capital expenditure program over the next five years could raise asset quality and help the company stay competitive compared to peers. However, high investment spending will probably result in very thin cash flow available for debt repayment, which also supports the outlook revision and our base case forecast that the company will be highly leveraged over at least the next two years. Still, we are affirming the 'B' corporate credit rating because we expect adjusted leverage to be well below our mid-7x downgrade threshold. "The stable outlook reflects our forecast for pro forma adjusted debt to EBITDA (including recently completed acquisitions and the proposed Project Eagle purchase) to be in the low-6x area in fiscal 2018 ending July 31, which is well below our downgrade threshold of mid-7x for the company. "We could consider lowering the rating if operating performance deteriorates and results in adjusted debt to EBITDA above the mid-7x area or adjusted EBITDA coverage of interest expense below 1.5x on a sustained basis. This could result from multi-year below-average snowfall concurrent with other leveraging events. "We could consider a higher rating if we are confident the company will sustain adjusted debt to EBITDA below 6x." AMERICAN TIRE: Bank Debt Trades at 13% Off ------------------------------------------ Participations in a syndicated loan under which American Tire Distributors Inc. is a borrower traded in the secondary market at 87.36 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.65 percentage points from the previous week. American Tire pays 425 basis points above LIBOR to borrow under the $720 million facility. The bank loan matures on October 1, 2021. Moody's rates the loan 'Caa1' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. AMERICAN WEST: Seeks to Hire Thomas E. Crowe as Attorney -------------------------------------------------------- American West Real Estate, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ Thomas E. Crowe Professional Law Corporation, as attorney to the Debtor. American West requires Thomas E. Crowe to: a. perform all services relating to the completion of the Chapter 11 proceedings, including 341 meeting; b. prepare all appropriate orders; c. file of all evidence of insurance; d. file monthly operating reports, and all other necessary and essential items to the successful completion of the Chapter 11 proceeding. Thomas E. Crowe will be paid at these hourly rates: Attorneys $425 Paralegals $175 Thomas E. Crowe will be paid a retainer in the amount of $5,000, plus a filing fee advance of $1,717. Thomas E. Crowe will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas E. Crowe, partner of Thomas E. Crowe Professional Law Corporation, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Thomas E. Crowe can be reached at: Thomas E. Crowe, Esq. THOMAS E. CROWE PROFESSIONAL LAW CORPORATION 2830 S. Jones Blvd., Suite 3 Las Vegas, NV 89146 Tel: (702) 794-0373 About American West Real Estate American West Real Estate, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 18-13271) on June 5, 2018, estimating under $1 million in assets and liabilities. The Debtor is represented by Thomas E. Crowe, Esq., at Thomas E. Crowe Professional Law Corporation. ASCENA RETAIL: Bank Debt Trades at 12% Off ------------------------------------------ Participations in a syndicated loan under which Ascena Retail Group Inc. is a borrower traded in the secondary market at 88.16 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.72 percentage points from the previous week. Ascena Retail pays 450 basis points above LIBOR to borrow under the $1.8 billion facility. The bank loan matures on August 21, 2022. Moody's rates the loan 'Ba3' and Standard & Poor's gave a 'B+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. AUSTLEN BABY: Seeks to Hire Kell C. Mercer as Counsel ----------------------------------------------------- Austlen Baby Co., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ Kell C. Mercer, P.C., as bankruptcy counsel to the Debtor. Austlen Baby requires Kell C. Mercer to: a. advise the Debtor with respect to its rights, duties and powers in the Bankruptcy Case; b. advise the Debtor regarding compliance with U.S. Trustee guidelines; c. assist and advise the Debtor in its consultations with creditors and parties in interest relating to the administration of the Bankruptcy Case; d. attend meetings and negotiate with representatives of creditors and other parties in interest; e. assist and advise the Debtor as to its communications, if any, to the general creditor body regarding significant matters in the Bankruptcy Case; f. represent the Debtor at all necessary hearings and other proceedings; g. represent the Debtor in connection with DIP financing and cash collateral proceedings; h. review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; i. assisting the Debtor in formulating a Plan and Disclosure Statement, engaging in negotiations regarding any Plan and Disclosure Statement, and prosecut a Plan and Disclosure Statement to confirmation, if possible; j. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and k. perform such other legal services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. Kell C. Mercer will be paid at the hourly rate of $400. Prior to the Petition Date, Kell C. Mercer received a total of $23,117 from the Debtor. Kell C. Mercer currently is holding a retainer in the amount of $15,000.80. Kell C. Mercer will also be reimbursed for reasonable out-of-pocket expenses incurred. Kell C. Mercer, partner of Kell C. Mercer, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Kell C. Mercer can be reached at: Kell C. Mercer, Esq. KELL C. MERCER, P.C. 1602 E. Cesar Chavez Street Austin, TX 78702 Tel: (512) 627-3512 Fax: (512) 597-0767 E-mail: kell.mercer@mercer-law-pc.com About Austlen Baby Co. Austlen Baby Co. -- https://www.austlen.com -- creates baby gear and products that make being a parent a little easier. Austlen Baby Co.'s flagship product is the Entourage Stroller, a 3-stage expansion stroller with adjustable market tote, platform rider and stowable jump seat, reclining and stowable second seat, and dual car seat compatibility. Austlen Baby Co. was founded by CEO Leslie Stiba. Austlen Baby Co. is based in Austin, with a design and engineering office in Philadelphia. Austlen Baby Co., based in Austin, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-10749) on June 10, 2018. In the petition signed by Leslie Stiba, president and CEO, the Debtor disclosed $13.24 million in assets and $4.37 million in liabilities. The Hon. Christopher H. Mott presides over the case. Kell C. Mercer, Esq., at Kell C. Mercer, P.C., serves as bankruptcy counsel. AUTO SUPPLY: Needs Additional Extension of Plan Filing Deadline --------------------------------------------------------------- ASCO Liquidating Company asks the U.S. Bankruptcy Court for the Middle District of North Carolina to further extend the exclusive periods during which only the Debtor can file a plan of liquidation and disclosure statement and obtain acceptances of the Plan through and including, July 16, 2018, and Sept. 17, 2018, respectively. As reported by the Troubled Company Reporter on June 6, 2018, the Court previously extended, at the behest of the Debtor, the exclusive periods during which only the Debtor can file a plan of liquidation and disclosure statement and obtain acceptances of the Plan through and including June 7, 2018, and Aug. 6, 2018, respectively. On Jan. 10, 2018, the Debtor filed a motion to sell substantially all of its assets to a stalking horse bidder, or other successful bidder, at an auction sale. The Court entered an interim order on Jan. 31, 2018, approving, inter alia, the form of asset purchase agreement, the auction bidding procedures, and the notice of auction sale. The Court entered a final order on March 1, 2018, approving the sale of the assets to Elliott Auto Supply Co., Inc. dba Factory Motor Parts the successful bidder at the auction sale, free and clear of liens, claims and encumbrances, transferring liens, claims and encumbrances to the proceeds of sale, and authorizing the assumption and assignment of certain executory contracts and leases in connection with the sale of the assets. The Debtor and FMP closed the sale of the assets on March 12, 2018. The Debtor and the Official Committee of Unsecured Creditors have been working in concert since mid-March to resolve certain claims issues and to formulate what it hopes will be a joint plan of liquidation to submit to the Court with a Disclosure Statement. The Debtor anticipates that it and the Committee will be able to agree on a proposed Plan, if additional time is provided for the parties to finalize their discussions and drafting. Many of the disputed issues and claims have been resolved as between Debtor, the Committee and certain creditors, which resolution has impacted the proposed Plan and Disclosure Statement to be filed with the Court. Nevertheless, the Debtor, the Committee and Partland and other insiders of Debtor have not reached agreement regarding the claims of the Committee against Partland and other insiders, on the one hand, and the treatment of the claims of insiders against Debtor under a Plan, on the other hand. The Debtor believes that it is fundamentally important to determine whether such agreement can be reached as between the parties prior to classifying and treating the claims of insiders under the Plan, and thus, seeks additional time to determine whether those issues can be resolved by agreement. The Debtor says that this request for extension has been timely submitted to the Court, and cause exists for granting the request due to the Debtor's good faith progress and efforts towards drafting a joint Plan with the Committee, which should streamline the plan confirmation process, and the Debtor's attempt to propose a Plan with consensual plan treatment for key creditors. The Debtor has consulted with the Committee and counsel for Partland, and they do not oppose this request. A copy of the Debtor's request is available at: http://bankrupt.com/misc/ncmb18-50018-305.pdf About Auto Supply Company Founded in 1954, Auto Supply Co., Inc. -- http://www.ascodc.com/-- is a family-owned supplier of OEM and aftermarket automotive parts, serving the automotive repair professional from three distribution centers, 15 store locations and seven battery trucks throughout North Carolina and Western Virginia. The Company is based in Winston Salem, North Carolina. About Auto Supply Co. sought Chapter 11 protection (Bankr. M.D.N.C. Case No. 18-50018) on Jan. 8, 2018. In the petition signed by President Charles A. Key, Jr., the Debtor disclosed total assets of $13.17 million and total debt of $22.04 million. The case is assigned to Judge Lena M. James. The Debtor tapped Ashley S. Rusher, Esq., at Blanco Tackabery & Matamoros, P.A., as its bankruptcy counsel, and The Finley Group as its financial advisor. The Office of the U.S. Trustee on Jan. 22, 2018, appointed an official committee of unsecured creditors. The Committee retained Kane Russell Coleman Logan PC as its bankruptcy counsel, and Waldrep LLP as its local counsel. BAYTEX ENERGY: S&P Puts 'BB-' CCR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings said it placed its ratings, including its 'BB-' long-term corporate credit rating, on Calgary, Alta.-based Baytex Energy Corp. on CreditWatch with positive implications. The CreditWatch placement follows the company's announced merger with Raging River Exploration Inc. in an all-equity transaction valued at about C$1.9 billion. Baytex will offer 1.36 Baytex shares for each Raging River share, and assume about C$250 million of the company's debt. S&P expects the transaction to close in August 2018. S&P said, "We believe Baytex's combination with Raging River should enhance the company's existing business risk profile, given its pro forma expanded product mix with the addition of Raging River's light oil focused reserves and production. We expect Baytex's pro forma upstream production will increase about 35% following the combination, and the company's pro forma product mix will be 83% liquids." The targeted 5%-10% drill-bit-related production growth should ensure production levels exceed 100,000 barrels of oil equivalent per day in 2019. Based on the equity funding, and small amount of assumed debt, S&P Global Ratings' initial estimate of Baytex's pro forma three-year, weighted-average funds from operations-to-debt ratio (for 2018-2020) should increase above 30%. Furthermore, with required sustaining capital spending estimated at about C$575 million, the company should generate meaningful positive free operating cash flow, which would improve Baytex's net debt position during our 2018-2020 cash flow forecast period. S&P said, "This material improvement could enhance the company's financial risk profile to support a 'BB' rating, if we can determine that Baytex's expanded product mix and increased light oil production will temper future cash flow volatility. In contrast, if we believe the company's cash flow generation will remain vulnerable to Canadian regional price volatility, its overall financial risk profile might not improve." The CreditWatch placement reflects S&P Global Ratings view of the potential improvement to Baytex's credit profile and the ratings following the merger. Adding Raging River's producing assets will expand Baytex's upstream scale and broaden its product mix. Furthermore, because the company is funding the transaction entirely with equity, pro forma credit metrics are likely to strengthen as long as Baytex's expanded product mix and increased light oil production temper the heightened volatility associated with the prevailing high price discounts for Canadian heavy oil and natural gas. Nevertheless, subject to our assessment of the company's cash flow resilience, S&P believes Baytex's financial risk profile could improve by one category. As a result, S&P could raise the rating one notch to 'BB'. S&P expects to resolve the CreditWatch placement after the transaction closes in August 2018. BEAUFORT RESTAURANT: July 24 Plan Confirmation Hearing ------------------------------------------------------ Judge John E. Waites of the U.S. Bankruptcy Court for the District of Carolina issued an order conditionally approving the disclosure statement explaining Beaufort Restaurant Group's Chapter 11 plan. July 17, 2018 is set as the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. July 24, 2018 at 10:30 A.M. is set for the hearing on final approval of the disclosure statement and for the hearing on the confirmation of the plan. About Beaufort Restaurant Beaufort Restaurant Group, Inc. -- http://breakwatersc.com/-- is a privately-held company in Beaufort, South Carolina, that operates restaurants. The company posted gross revenue of $1.97 million in 2016 and $2.70 million in 2015. Beaufort Restaurant Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 17-06310) on Dec. 19, 2017. In the petition signed by Owner Elizabeth Ann Shaw, the Debtor disclosed $24,280 in assets and $1.23 million in liabilities. Judge John E. Waites presides over the case. Philip Fairbanks, Esq., P.C., serves as counsel to the Debtor. BIOSTAT LLC: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Biostat, LLC as of June 25, according to a court docket. About Biostat LLC Founded in 2010, Biostat, LLC maintains a presence in the biomedical field and holds assets that ultimately develop products used in cutting edge medical treatments for cancer and other conditions. Biostat sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-02800) on May 11, 2018. As of March 31, 2017, the Debtor had $900,560 in assets and $1.5 million in liabilities. The Debtor hired Latham, Shuker, Eden & Beaudine, LLP, as its legal counsel. BOWLIN FUNERAL: Commerce Bank Objects to Disclosure Statement ------------------------------------------------------------- Commerce Bank objects to the corrected combined plan and disclosure statement explaining the plan proposed by Bowlin Funeral Home, Inc. Commerce Bank, a creditor and party in interest, objects because (1) the Corrected Disclosure Statement fails to provide adequate information as that term is defined in 11 U.S.C. Section 1125(a)(1); and (2) the plan described in the Corrected Disclosure Statement is not capable of being performed. Commerce Bank submits that the Court should not approve the Corrected Disclosure Statement because it does not contain adequate information as that term is defined in Section 1125(a)(1) of the Bankruptcy Code and because the plan cannot be confirmed. Commerce Bank is represented by: Trevin E. Wray, Esq. Todd A. Norris, Esq. Megan L. Moseley, Esq. SIMPSON, LOGBACK, LYNCH, NORRIS, P.A. 7400 W. 110th St., Suite 600 Overland Park, KS 66210 Tel: (913) 342-2500 Fax: (913) 342-0603 About Bowlin Funeral Home Bowlin Funeral Home, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 17-20965) on Oct. 3, 2017. Mark R. Elliott, Jr., its owner, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. Judge Dennis R. Dow presides over the case. Boul & Associates is the Debtor's bankruptcy counsel. BOWLIN FUNERAL: Commerce Bank to be Paid in Full in 12 Years ------------------------------------------------------------ Bowlin Funeral Home, Inc., filed a combined plan and disclosure statement with the U.S. Bankruptcy Court for the Western District of Missouri. Under the Plan, Class 1 Secured Claim of Commerce Bank, estimated at $405,576.37, will be paid in full over a period of 12 years, with interest at prime, plus .50 %, to be adjusted according to original contract terms, principal and interest to be paid in equal monthly installments starting at approximately $3,957.82, commencing 45 days after the effective date of the Plan. Class 2, Unsecured portion for the Commerce Bank claim, estimated at $142,416.45 will be paid according to original contract terms, except over a period of 12 years from confirmation. The debt will bear interest at prime, plus 0.50% (currently 6.0% per annum). Interest will be adjusted according to original contract terms, principal and interest to be paid in equal monthly installments, estimated at $1389.77, commencing 45 days after the effective date of the Plan. Class 3, General Unsecured Creditors that includes Batesville Casket Co. ($3,748.30); Saline Vault Co. ($9,409.94); Wilbert Funeral Services, Inc. ($15,367.00), CenturyLink /Embarq Missouri ($3,366.23), United Fire and Casualty ($3,012.00), American Express ($19,061.27), Synchrony Bank (4,121.00) IRS [for non-priority taxes] ($13,588.00) and Missouri Dept. of Revenue [for non-priority taxes]$1,066.67). Members of this class shall be paid in full over a period of 12 years, with interest at 2.5% per annum, in equal monthly installments, commencing 45 days after the effective date of the Plan. Class 4, includes the claim of JoAnn Cantriel for the unpaid balance on a promissory note given in exchange for redemption of capital stock of the debtor corporation. Debtor believes that Section 510(b) of the Bankruptcy Code requires that this claim shall receive no payments, until Classes 2 and 3 have been paid in full. Starting one month after payment of Classes 2 and 3 in full, Ms. Cantriel shall be paid $148,765.51 over the term of 7 years, in equal monthly payments of approximately $1,932.34, which includes interest at 2.5% per annum from and after the date on which Classes 2 and 3 creditors shall be paid in full. Class 5 includes the debtor's sole owner, Mark R. Elliott, Jr., who will retain his 100% ownership interest in the debtor. Payments and distributions under the Plan will be funded by income generated from operation of Debtor's funeral home business, and any discretionary capital contributions that may from time-to-time be made by Debtor's owner or owners. A full-text copy of the Combined Disclosure Statement and Plan is available at: http://bankrupt.com/misc/mowb17-20965-125.pdf About Bowlin Funeral Home Bowlin Funeral Home, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 17-20965) on Oct. 3, 2017. Mark R. Elliott, Jr., its owner, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. Judge Dennis R. Dow presides over the case. Boul & Associates is the Debtor's bankruptcy counsel. BRETON L. MORGAN: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Breton L. Morgan, M.D., Inc. as of June 25, according to a court docket. About Breton L Morgan Md Inc. Breton L Morgan Md Inc is a Medical Group that has only one practice medical office located in Point Pleasant WV. There is only one health care provider, specializing in General Practice, Internal Medicine, being reported as a member of the medical group. Medical taxonomies which are covered by Breton L Morgan Md Inc. include Family Medicine. Breton L Morgan Md Inc. filed a Chapter 11 petition (Bankr. S.D.W.V. Case No. 18-30195) on April 27, 2018, estimating under $1 million in both assets and liabilities. The case is assigned to Judge Frank W. Volk. Joe M. Supple, Esq., at Supple Law Office, PLLC, is the Debtor's counsel. CAPITOL STATION 65: Hires Keen-Summit & Colliers as Estate Advisors ------------------------------------------------------------------- Capitol Station 65, LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to hire Keen-Summit Capital Partners LLC and Colliers International CA, Inc. to serve jointly as the Debtors' real estate advisors and brokers. Services by Keen and Colliers will render are: 1. review pertinent documents and consult with the Debtors' counsel, as appropriate; 2. coordinate with and assist the Debtors in connection with the development of due diligence materials; 3. develop, subject to the Debtors review and approval, a comprehensive marketing plan and implement each facet of the marketing plan; 4. communicate regularly with prospects and maintain records of communications; 5. solicit offers for a transaction involving the sale of available parcels constituting Township Nine; 6. assist the Debtors in evaluating, structuring, negotiating and implementing the terms and conditions of a proposed transaction; 7. run an auction or overbid process in accordance with bid procedures, if required; 8. communicate regularly with the Debtors and their professional advisors in connection with the status of its efforts; and 9. work with the Debtors' attorneys responsible for the implementation of the proposed transactions, reviewing documents, negotiating and assisting in resolving problems which may arise. Mathew Bordwin, principal and managing director for Keen-Summit Capital Partners, and Randy Dixon, managing director of Colliers International, attest that both Keen and Colliers are "disinterested persons" within the meaning of section 101(14) of the Bankruptcy Code, as required by Section 327(a) of the Bankruptcy Code; do not hold or represent an interest materially adverse to the Debtors' estates with respect to the matter on which Keen and Colliers will be employed; and have no connection to the Debtors, their creditors, or other parties in interest in these cases. Fees Keen and Colliers will be compensated for their services are: (a) Advisory Fee of $80,000 earned and payable at $20,000 per month, to be fully set off against Transaction Fees; (b) Transaction Fees of 4.0% of gross proceeds on a bulk sale or 5.0% on a non-bulk sale; (c) Reasonable and actual out-of-pocket costs and expenses; and (d) Marketing Budget not to exceed $40,000. The brokers can be reached through: Mathew Bordwin Keen-Summit Capital Partners LLC 60 Cutter Mill Road Great Neck, NY 11021-3104 Phone: 516-482-2700 Fax: 516-482-5764 -- and -- Randy Dixon Colliers International CA, Inc. 9820 Willow Creek Road, Suite 300 San Diego, CA 92131 Phone: 858-860-3800 About Capitol Station 65 Capitol Station 65 LLC, Capitol Station Holdings LLC, Capitol Station Member LLC, and Township Nine Owners LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case Nos. 17-23627 to 17-23630) on May 30, 2017. In the petitions signed by CEO Suneet Singal, the Debtors estimated their assets at $50 million to $100 million and debt at $10 million to $50 million. Judge Christopher D. Jaime presides over the cases. Nuti Hart LLP is the Debtors' legal counsel. On July 20, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee hired Felderstein Fitzgerald Willoughby & Pascuzzi LLP, as counsel. On Aug. 28, 2017, the Debtors filed a disclosure statement and a joint Chapter 11 plan of reorganization. CENGAGE: Bank Debt Trades at 9% Off ----------------------------------- Participations in a syndicated loan under which Cengage (fka Thomson Learning) is a borrower traded in the secondary market at 91.33 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.90 percentage points from the previous week. Cengage pays 425 basis points above LIBOR to borrow under the $1.71 billion facility. The bank loan matures on June 7, 2023. Moody's rates the loan 'B2' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. CENTEGRA HEALTH: S&P Alters Bond Ratings Outlook to Positive ------------------------------------------------------------ S&P Global Ratings revised its outlook on Illinois Finance Authority’s series 2012 and 2014A fixed rate bonds issued for Centegra Health System to positive from stable. At the same time, S&P Global Ratings affirmed its 'BB+' long-term rating on the bonds. The outlook revision follows Centegra's definitive agreement to join Northwestern Memorial Healthcare (NMHC). "We believe that the system will benefit from being part of the NMHC system," said S&P Global Ratings credit analyst Anne Cosgrove. "Specifically, Centegra will benefit from NMHC's strong management team that has a track record of integrating new members and of very strong credit metrics. We expect Centegra will reduce migration and broaden the scope of services in its facilities," Ms. Cosgrove added. The merger could yield operating synergies and over the medium term, supporting Centegra's broader market position. The system maintains a sizable net patient revenue base of $532 million with a solid business position in a growing service area in the far northwest suburbs of Chicago, characterized by a leading (although not dominant) primary service area market share of 45.6% (McHenry County), which additional physician expertise with NMHC could augment. The boards of both Centegra and NMHC have approved the affiliation, which has also received all regulatory approvals. Centegra will become a member of Northwestern Sept. 1, 2018. S&P said, "The positive outlook reflects our view of the affiliation. We could raise the rating once Centegra becomes a member of NMHC and we apply our group rating methodology. The number of notches will be contingent upon NMHC's treatment of Centegra's debt and our view of Centegra's strategic importance to NMHC." CHAPARRAL ENERGY: S&P Gives B- Corp Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' corporate credit rating to U.S.-based oil and gas exploration and production company Chaparral Energy Inc. The rating outlook is stable. S&P said, "At the same time, we assigned our 'B-' issue-level and '4' recovery ratings to the company's proposed $300 million senior notes due 2023. The '4' recovery rating indicates our expectation of average (30% to 50%; rounded estimate: 45%) recovery to creditors in the event of a payment default." Chaparral Energy has launched a $300 million senior note offering to repay outstanding borrowings on its credit facility due 2022, with the remaining proceeds for general corporate purposes. Total debt outstanding under the facility was about $243 million as of June 11, 2018. The transaction will add liquidity to support Chaparral's rapid development of its STACK assets in Oklahoma. The high levels of capital spending and resulting negative free cash flow over the next two to three years will temper the benefits from solid production and reserve growth, and make the maintenance of sufficient liquidity a key component of ratings. S&P said, "The stable outlook reflects the completion of the proposed senior note offering to support liquidity and help fund aggressive spending over the next 12 months. We expect strong operational performance and related production growth over the next 24 months that will help offset high negative cash flows stemming from aggressive capital spending. We also expect Chaparral's borrowing base and resulting liquidity will keep pace with spending to support liquidity. We forecast debt leverage to remain solid for the rating at around 3x and FFO to debt of 20%. "We note that if the bond offering is not completed, or is materially less than expected, we could revise the outlook to negative to reflect diminished expectations for near-term liquidity and need to address negative free cash flow. "We could lower ratings if liquidity materially weakens with no near-term solution, or if we assess debt leverage as unsustainable. Both could occur over the next 12 months if negative free cash flow is greater than expected, likely due to a fall in cash flows, most likely because of weak operating performance over the next 12 months, and Chaparral fails to reign in capital spending to limit negative cash flow. "We could raise ratings if Chaparral can grow reserves and production to levels consistent with 'B' rated peers, while maintaining adequate liquidity and sound financial measures such as FFO to debt above 12%. This could occur if Chaparral's development program is successful, which should lead to material reserve and production growth over the next 12 months." CHIEF POWER: Bank Debt Trades at 11% Off ---------------------------------------- Participations in a syndicated loan under which Chief Power Finance LLC is a borrower traded in the secondary market at 89.33 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 2.68 percentage points from the previous week. Chief Power pays 475 basis points above LIBOR to borrow under the $351 million facility. The bank loan matures on December 31, 2020. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. COLOR SPOT: Committee Taps Berkeley Research as Financial Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Color Spot, Inc., and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain Berkeley Research Group, LLC, as financial advisor to the Committee. financial advisory services BRG will render are: a) advise the Committee in its analysis of the Debtors' historical, current, and projected financial affairs, including, schedules of assets and liabilities and statement of financial affairs; b) develop a periodic monitoring report to enable the Committee to evaluate effectively the Debtors' financial performance relative to projections and any relevant operational issues, including liquidity and the 363 sale process, on an ongoing basis; c) evaluate relief requested in cash management motion, including proper controls related to and financial transparency into intercompany and related party transactions; d) analyze both historical and ongoing related party transactions and or material unusual transactions of the Debtors. Such analysis to include developing an oversight protocol with the Debtors' advisors to closely monitor such transactions to prevent value leakage; e) scrutinize cash disbursements on an on-going basis for the period subsequent to the commencement of these cases; f) advise the Committee and counsel in evaluating any court motions, applications, or other forms of relief, filed or to be filed by the Debtors, or any other parties-in-interest; g) analyze the Debtors' assets (tangible and intangible) and possible recoveries to creditor constituencies under various scenarios and developing strategies to maximize recoveries; h) attend Committee meetings and court hearings as may be required; i) evaluate and participate in the Debtors' 363 sale process to ensure the process proceeds in the most efficient manner to maximize recoveries to the unsecured creditors; j) evaluate the stalking horse asset purchase agreement to ensure economic terms are fair and reasonable in order to maximize recoveries to unsecured creditors; k) develop sales proceeds waterfall to evaluate allocation of value from 363 sales to ensure value is not inappropriately allocated to the detriment of unsecured creditors; l) review and provide analyses of any bankruptcy plan and disclosure statement relating to the Debtors including, the assessment of projections to ensure any plan of reorganization is supported by credible business and operational plans, and if appropriate, the development of any bankruptcy plans proposed by the Committee to assess their achievability; m) assist counsel in evaluating all purported lien claims by creditors, including the validity and enforcement of such claims; n) monitoring Debtors' claims management process, including analyzing claims and guarantees, and summarizing claims by entity; o) advise the Committee in connection with any potential avoidance actions, including preference payments, illegal dividends, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties; p) if requested to do so, prepare certain valuation analyses of the Debtors' businesses and assets using various professionally accepted methodologies; q) evaluate and advise on the Debtors' assumption and or rejection of executory contracts and or leases; r) working with the Debtors' tax advisors to ensure that the sale transaction is structured to minimize tax liabilities to the estate; s) perform other matters as may be requested by the Committee from time to time, including: rendering expert testimony, issuing expert reports and or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its counsel. Jay Borrow, managing director of Berkeley Research Group, attests that BRG is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code and BRG represents no interest adverse to the Committee, the Debtors, their estates, or any other party in interest in the matters upon which it is to be engaged. BRG's current hourly rates are: Managing Director $675 to $995 Director $505 to $740 Professional Staff $260 to $510 Support Staff $135 to $195 Jay Borow $995 Andrew Cowie $695 Kevin Beard $390 Robert Cohen $295 The advisor can be reached through: Jay Borow BERKELEY RESEARCH GROUP, LLC 810 Seventh Avenue, Suite 4100 New York, NY 10019 Phone: 646-205-9320 Fax: 646-454-1174 Email: jborow@thinkbrg.com About Color Spot Color Spot Holdings, Inc., through its subsidiaries, owns and operates nurseries. It was incorporated in 2007 and is based in Fallbrook, California. Color Spot Holdings and its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-11272) on May 29, 2018. In the petitions signed by CEO Paul Russo, the Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Hon. Laurie Selber Silverstein presides over the Debtors' cases. The Debtors tapped Young Conaway Stargatt & Taylor LLP as their counsel; Raymond James & Associates, Inc., as investment banker; and Epiq Bankruptcy Solutions, Inc., as claims and noticing agent and administrative services advisor. COLOR SPOT: Committee Taps Kilpatrick Townsend as Attorney ---------------------------------------------------------- The Official Committee of Unsecured Creditors of Color Spot, Inc., and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain the law firm of Kilpatrick Townsend & Stockton LLP as its attorneys, nunc pro tunc to June 5, 2018. Services Kilpatrick Townsend will render are: a) render legal advice regarding the Committee's organization, duties and powers in these cases; b) evaluate and participate in the Debtors' 363 sale process to ensure the process proceeds in the most efficient manner to maximize recovers to the unsecured creditors; c) assist the Committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and participating in and reviewing any proposed asset sales or dispositions, and any other matters relevant to these cases; d) attend meetings of the Committee and meetings with the Debtors and secured creditors, and their attorneys and other professionals, and participating in negotiations with these parties, as requested by the Committee; e) take all necessary action to protect and preserve the interests of the Committee, including possible prosecution of actions on its behalf and investigations concerning litigation in which the Debtors are involved; f) assist the Committee in the review, analysis, and negotiation of any financing or proposed use of cash collateral; g) assist the Committee with respect to communications with the general unsecured creditor body about significant matters in these cases; h) review and analyze claims filed against the Debtors' estates; i) represent the Committee in hearings before the Court, appellate courts, and other courts in which matters may be heard, and representing the interests of the Committee before those courts and before the U.S. Trustee; j) assist the Committee in preparing all necessary motions, applications, responses, reports and other pleadings in connection with the administration of these cases; k) assist the Committee in the review, formulation, analysis, and negotiation of any plan(s) of reorganization and accompanying disclosure statement(s) that may be filed; and l) provide such other legal assistance as the Committee may deem necessary and appropriate. Kilpatrick Townsend's hourly rates are: Partners $650 to $1,035 Counsel $675 Associates $395 to $635 Paralegals $265 to $280 David M. Posner $975 Gianfranco Finizio $635 Blaine E. Adams $425 Kelly Moynihan $395 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, David M. Posner disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Committee in the 12 months prepetition; and -- The Committee and its counsel are currently in the process of formulating a budget. David M. Posner, Esq., partner at the law firm of Kilpatrick Townsend & Stockton LLP, attests that he and each member of the Firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: David M. Posner, Esq. Gianfranco Finizio, Esq. KILPATRICK TOWNSEND & STOCKTON LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036 Tel: (212) 775-8700 Fax: (212) 775-8800 Email: dposner@kilpatricktownsend.com gfinizio@kilpatricktownsend.com About Color Spot Color Spot Holdings, Inc., through its subsidiaries, owns and operates nurseries. It was incorporated in 2007 and is based in Fallbrook, California. Color Spot Holdings and its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-11272) on May 29, 2018. In the petitions signed by CEO Paul Russo, the Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Hon. Laurie Selber Silverstein presides over the Debtors' cases. The Debtors tapped Young Conaway Stargatt & Taylor LLP as their counsel; Raymond James & Associates, Inc., as investment banker; and Epiq Bankruptcy Solutions, Inc., as claims and noticing agent and administrative services advisor. COLOR SPOT: Committee Taps Morris Nichols as Delaware Co-Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Color Spot, Inc., and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain Morris, Nichols, Arsht & Tunnell LLP as Delaware co-counsel to the Committee nunc pro tunc to June 5, 2018. Services to be rendered by Morris Nichols are: (a) advise the Committee with respect to its rights, duties, and powers in this case; (b) assist and advise the Committee in its consultations with the Debtors relative to the administration of this case; (c) assist the Committee in analyzing the claims of the Debtors' creditors in negotiating with such creditors; (d) assist with the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtor's business; (e) assist the Committee in its analysis of, and negotiations with, the Debtors or their creditors concerning matters related to, among other things, the terms of a plan or plans of reorganization for the Debtors; (f) assist and advise the Committee with respect to its communications with the general creditor body regarding significant matters in this case; (g) assist and counsel the Committee with regard to its organization, the conduct of its business and meetings, the dissemination of information to its constituency, and such other matters as are reasonably deemed necessary to facilitate the administrative activities of the Committee; (h) attend the meetings of the Committee; (i) represent the Committee at all hearings and other proceedings; (j) review and analyze all applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; (k) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (l) perform such other legal services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code; (m) assist the Committee as conflicts counsel, should the need arise; (n) perform all other services assigned by the Committee, in consultation with Kilpatrick Townsend, to Morris Nichols as Delaware co-counsel to the Committee; and (o) assist the Committee in its investigation of the extent, priority, and validity of liens. Derek C. Abbott, partner at Morris, Nichols, Arsht & Tunnell LLP, attests that none of Morris Nichols' partners, counsel, or associates hold or represent any interest adverse to the Debtors' estates or their creditors, and Morris Nichols is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Morris Nichols' current hourly rates are: Partners $650 to $1,050 Associates $415 to $675 Paraprofessionals $280 to $325 Case Clerks $195 The counsel can be reached through: Derek C. Abbott, Esq. Andrew R. Remming, Esq. Matthew O. Talmo, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Tel: (302) 658-9200 Fax: (302) 658-3989 About Color Spot Color Spot Holdings, Inc., through its subsidiaries, owns and operates nurseries. It was incorporated in 2007 and is based in Fallbrook, California. Color Spot Holdings and its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-11272) on May 29, 2018. In the petitions signed by CEO Paul Russo, the Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Hon. Laurie Selber Silverstein presides over the Debtors' cases. The Debtors tapped Young Conaway Stargatt & Taylor LLP as their counsel; Raymond James & Associates, Inc., as investment banker; and Epiq Bankruptcy Solutions, Inc., as claims and noticing agent and administrative services advisor. COTIVITI CORP: S&P Puts 'BB-' CCR on CreditWatch Negative --------------------------------------------------------- S&P Global Ratings placed its 'BB-' corporate credit rating on Cotiviti Corp. on CreditWatch with negative implications, meaning we could lower the rating upon further information. At the same time, S&P placed its 'BB' issue-level rating on Cotiviti's first-lien debt on CreditWatch with negative implications. The CreditWatch placement follows the announcement that lower-rated Verscend Technologies Inc. plans to acquire Cotiviti, a leading provider of audit and recovery services. S&P's ratings on Verscend, incorporate the company's leverage in the mid-8x and aggressive financial policies under its financial sponsor ownership, among other factors. The transaction values Cotiviti at approximately $4.9 billion and represents a 32% premium to the unaffected share price as of June 4, 2018, and a 136% premium to the initial public offering price of Cotiviti's common stock. This valuation represents a multiple of approximately 15.5x Cotiviti's adjusted EBITDA for the 12 months ended March 31, 2018. S&P expects the transaction will close by the fourth quarter 2018. S&P said, "We will resolve the CreditWatch placement after we assess the acquisition's impact on Cotiviti's capital structure, as well as the strategic integration between Verscend Technologies Inc. and Cotiviti Corp. and its new subsidiary. We expect the ratings to be lower by one or more notches upon close of the transaction; however, we could also discontinue the ratings if all of the debt is repaid." CT TECHNOLOGIES: Bank Debt Trades at 5% Off ------------------------------------------- Participations in a syndicated loan under which CT Technologies Intermediate Holdings, Inc. is a borrower traded in the secondary market at 95.00 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 2.06 percentage points from the previous week. CT Technologies pays 425 basis points above LIBOR to borrow under the $155 million facility. The bank loan matures on December 1, 2021. Moody's rates the loan 'B2' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. DIOCESE OF GREAT FALLS: Aug. 14 Plan Confirmation Hearing --------------------------------------------------------- Judge Jim D. Pappas of the U.S. Bankruptcy Court for the District of Montana issued an order approving the disclosure statement explaining the plan filed by the Roman Catholic Bishop of Falls, Montana. August 14, 2018 at 9:30 A.M. is fixed as the date of hearing on confirmation of the plan, and July 31, 2018 is fixed as the last day for filing written objections to confirmation of the plan. About Roman Catholic Bishop of Great Falls, Montana The Roman Catholic Bishop of Falls, Montana, a Montana Religious Corporate Sole, also known as the Diocese of Great Falls-Billings -- http://www.dioceseofgfb.org/-- filed a Chapter 11 bankruptcy petition (Bankr. D. Mont. Case No. 17-60271. Bishop Michael W. Warfel, signed the petition. The Debtor disclosed $20.75 million in total assets and $14.78 million in total liabilities as of the bankruptcy filing. The Hon. Jim D. Pappas presides over the case, which was originally assigned to Judge Benjamin P. Hursh. Bruce Alan Anderson, Esq., at Elsaesser Jarzabek Anderson Elliott & MacDonald, CHTD.; and Gregory J. Hatley, Esq., at Davis Hatley Haffeman & Tighe PC, serves as counsel to the Debtor. NAI Business Properties and Matt Robertson have been employed as realtor. Pachulski Stang Ziehl & Jones LLP is counsel to the official committee of unsecured creditors formed in the Debtor's case. DITECH HOLDING: Bank Debt Trades at 5% Off ------------------------------------------ Participations in a syndicated loan under which Ditech Holding Corporation is a borrower traded in the secondary market at 95.06 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.59 percentage points from the previous week. Ditech Holding pays 600 basis points above LIBOR to borrow under the $1.156 billion facility. The bank loan matures on June 30, 2022. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. DRAGONFLY GRAPHICS: Seeks to Hire Ruff & Cohen as Attorney ---------------------------------------------------------- Dragonfly Graphics, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Florida to employ the Law Firm of Ruff & Cohen, P.A., as attorney to the Debtor. Dragonfly Graphics requires Ruff & Cohen to: a. advise and counsel the debtor-in-possession concerning the operation of its business in compliance with the Chapter 11, the operating guidelines of the Office of the U.S. Trustee, and orders of the Bankruptcy Court; b. prosecute and defend any causes of action on behalf of the debtor-in-possession, including motions for use of cash collateral and for payment of critical vendors; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers; d. assist in the formulation of a Chapter 11 plan of reorganization an a disclosure statement; and e. assist in obtaining a discharge and a final decress. Ruff & Cohen will be paid at the hourly rates of $300 to $325. Ruff & Cohen will be paid a retainer in the amount of $15,000, and $1,717 filing fee. Ruff & Cohen will also be reimbursed for reasonable out-of-pocket expenses incurred. Lisa C. Cohen, partner of the Law Firm of Ruff & Cohen, P.A., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Ruff & Cohen can be reached at: Lisa C. Cohen, Esq. LAW FIRM OF RUFF & COHEN, P.A. 4010 W Newberry Rd. Gainesville, FL 32607 Tel: (352) 376-3601 About Dragonfly Graphics Dragonfly Graphics, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 18-10155) on June 12, 2018, estimating under $1 million in both assets and liabilities. The Debtor tapped Ruff & Cohen, P.A., as counsel. DRILLING STRUCTURES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Drilling Structures International, Inc. P.O. Box 680207 Houston, TX 77268 Business Description: Drilling Structures International, Inc. -- http://www.drillingstructuresintl.com-- designs and constructs complete drilling rig packages. DSII also fabricates rig components, large-scale industrial materials, and overhauls and updates existing rigs. DSII specializes in rig inspection, maintenance, installation, and repair services. Founded in 1971, DSII is an international company based in Houston, Texas, on a 60-acre, full-capacity manufacturing facility. DSII also utilizes a second full manufacturing and service facility located in Barranquilla, Columbia. Chapter 11 Petition Date: June 25, 2018 Case No.: 18-33395 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Richard L. Fuqua, II, Esq. FUQUA & ASSOCIATES, PC 5005 Riverway, Ste. 250 Houston, TX 77056 Tel: 713-960-0277 E-mail: fuqua@fuqualegal.com rlfuqua@fuqualegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Phillip Rivera, Jr., executive vice president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/txsb18-33395_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txsb18-33395.pdf DYESS MEDICAL: July 20 Disclosure Statement Hearing --------------------------------------------------- Judge Elizabeth W. Magner of the U.S. Bankruptcy Court for the Eastern District of Louisiana issued an order fixing hearing on approval of disclosure statement explaining the Chapter 11 plan filed by Dyess Medical Center, Inc. July 13, 2018 is fixed as the last day for filing written objections to disclosure statement, and July 20, 2018 at 10:00 A.M. is fixed as the date of hearing to consider the approval of the disclosure statement. About Dyess Medical Center Dyess Medical Center, Inc., and Tower Properties, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case Nos. 17-11907) on June 15, 2017. James M. Dyess, their president, signed the petition. At the time of the filing, the Debtors estimated assets and liabilities of less than $1 million. Judge Elizabeth W. Magner presides over the cases. The Debtor tapped Richard W. Martinez, APLC as its legal counsel. EAST COAST FOODS: Committee Taps Rutan & Tucker as Special Counsel ------------------------------------------------------------------ The Committee of Creditors Holding Unsecured Claims of of East Coast Foods, Inc., seeks authorization from the U.S. Bankruptcy Court for the Central District of California to retain Rutan & Tucker, LLP, as its special counsel. Services required of Rutan are: 1. prepare, review, revise, and assist with the completion of the Security Instruments, e.g., the deeds of trust, security agreements, guaranties, and other instruments necessary to effectuate, record, and/or perfect the Security Interests granted to the Plan Trust created under the Plan in the assets of the Debtor and certain non-Debtor entities, including the personal property assets of the Debtor and the Hudson Entities' as required by the Plan; 2. prepare, review, revise, and assist with the completion of the loan documents for the SMS Loan; 3. prepare, review, revise, and assist with the completion of the intercreditor agreement between the Plan Trust and SMS; and 4. perform additional tasks requested by the Committee. Rutan's customary hourly rates for attorneys range between $260 per hour and $825 per hour. Bob Hagle $735 Shigenobu Itoh $700 Roger Friedman $525 Calista Wu $425 Roger F. Friedman, a partner with the law firm of Rutan & Tucker, LLP, attests that the Firm does not hold or represent any interest adverse to the Debtor's estate with respect to the matters for which it is to be employed. The counsel can be reached through: Roger F. Friedman, Esq. RUTAN & TUCKER, LLP 611 Anton Boulevard, Suite 1400 Costa Mesa, CA 92626-1931 Tel: 714-641-5100 Fax: 714-546-9035 About East Coast Foods East Coast Foods Inc., a California corporation, is the owner and operator of four Roscoe' Chicken N' Waffles restaurants in Los Angeles area. East Coast Foods sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 16-13852) on March 25, 2016. In the petition signed by Herbert Hudson, president, the Debtor estimated assets of $0 to $50,000 and debts of $10 million to $50 million. The Debtor is represented by Vakhe Khodzhayan, Esq., at KG Law, APC. The case is assigned to Judge Sheri Bluebond. The Office of the U.S. Trustee on April 29, 2016, appointed five creditors to serve on an official committee of unsecured creditors. The Committee tapped Smiley Wang-Ekvall, LLP, as legal counsel. Bradley D. Sharp was appointed Chapter 11 trustee of the Debtor's estate on Sept. 28, 2016. The Trustee tapped Danning, Gill, Diamond & Kollitz LLP as legal counsel. ELITE RESORTS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Elite Resorts Managers, LLC as of June 25, according to a court docket. About Elite Resorts Managers Elite Resorts Managers, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 18-01066) on Feb. 27, 2018, disclosing under $1 million in both assets and liabilities. Judge Karen S. Jennemann presides over the case. Seldon J. Childers, Esq., at Childers Law LLC, is the Debtor's counsel. ENDURO RESOURCE: Revises Solicitation, Confirmation Procedures -------------------------------------------------------------- Enduro Resource Partners LLC and its Debtor Affiliates on June 18 filed with the U.S. Bankruptcy Court for the District of Delaware revised versions of their proposed chapter 11 plan and proposed disclosure statement. Prior to the Objection Deadline, the Debtors received informal comments from the office of the United States Trustee and the U.S. Securities and Exchange Commission. In response to those informal comments, the Debtors agreed to make certain modifications to the solicitation and confirmation procedures, as well as certain ministerial and conforming changes to the exhibits. Under the joint plan, Each Holder of a Class 3 Unsecured Claim will receive payment in Cash in accordance with the Plan Administration Process equal to (i) if holders of General Unsecured Claims voting as a Class approve the Plan, the lesser of (A) the amount of such Claim and (B) a Pro Rata distribution of Cash from the Unsecured Claims Reserve Amount or (ii) otherwise, $0. Class 4, Second Lien Claims are deemed Allowed in the aggregate principal amount of $141,176,036, plus any interest, fees, and expenses due and owing pursuant to the terms of the Loan Documents (as defined in the Second Lien Credit Agreement) as of the Effective Date. The Second Lien Agent and the Holders of Second Lien Claims will not be required to file proofs of Claim on account of any Second Lien Claims. The further revised Disclosure Statement states that "the Plan provides for a release of the Released Parties by, among other parties, (a) each Holder of a Claim or Interest that accepts or is deemed to accept the Plan, and (b) each other Holder of a Claim or Interest that is entitled to vote on the Plan and does not both (i) vote to reject the Plan or abstain from voting to accept or reject the Plan and (ii) elect the Release Opt Out on its Ballot. Accordingly, and because the distribution provided under the Plan to Holders of Class 3 General Unsecured Claims is contingent on such Class voting to accept the Plan, it is possible that Holders of Class 3 General Unsecured Claims that do not properly opt out of such release will have consented to such release and receive no consideration under the Plan. If, on the other hand, Class 3 votes to accept the Plan, all Holders of General Unsecured Claims shall receive the distribution provided under the Plan, even those that properly opt out of such release." A blacklined version of the Disclosure Statement dated June 18, 2018, is available at: http://bankrupt.com/misc/deb18-11174-195.pdf A full-text copy of the Disclosure Statement dated June 18, 2018, is available at: http://bankrupt.com/misc/deb18-1117-194.pdf About Enduro Resource Enduro Resource Partners LLC and its subsidiaries are independent oil and natural gas companies engaged in the acquisition, exploration, exploitation, development, and operation of oil and gas properties. They have operated and non-operated oil and gas assets in Texas, Louisiana, New Mexico, North Dakota, and Wyoming, as well as royalty interests in certain properties in Montana. Enduro Resource Partners LLC and five affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 18-11174) on May 15, 2018. Enduro Royalty Trust, a publicly-traded Delaware statutory trust formed on May 3, 2011, has not filed a chapter 11 petition and will also continue to operate in the normal course. In the petition signed by Kimberly A. Weimer, vice president and CFO, the Debtors estimated $100 million to $500 million in assets and liabilities. The Hon. Kevin Gross presides over the case. Michael R. Nestor, Esq., and Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP; and George A. Davis, Esq., Caroline A. Reckler, Esq., Matthew L. Warren, Esq., and Jason B. Gott, Esq., at Latham & Watkins LLP, serve as counsel to the Debtors. Evercore Group, L.L.C. serves as the Debtors' financial advisor; and Alvarez & Marsal North America, LLC, as the Debtors' restructuring advisor. Kurtzman Carson Consultants LLC serves as the Debtors' claims and noticing agent. ENERGY TRANSFER: Egan-Jones Hikes Senior Unsecured Ratings to BB ---------------------------------------------------------------- Egan-Jones Ratings Company, on June 14, 2018, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Energy Transfer Equity, L.P. to BB from BB-. Headquartered in Dallas, Texas, Energy Transfer Equity, L.P. is a Fortune 500 company based in Dallas, Texas, a sister partnership to Energy Transfer Partners. It specializes in the storage and transportation of natural gas. The CEO of Energy Transfer Equity is John W. McReynolds. ENTERPRISE DEVELOPMENT: S&P Assigns B- ICR, Outlook Positive ------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issuer credit rating to Yuba County, Calif.-based Enterprise Development Authority (EDA). EDA is a wholly owned, unincorporated governmental instrumentality of the Estom Yumeka Maidu Tribe of the Enterprise Rancheria (the tribe). The rating outlook is positive. S&P said, "At the same time, we assigned our 'B-' issue-level rating (same as our issuer credit rating) to EDA's proposed senior secured debt, consisting of $440 million of senior secured notes due 2023 and a $10 million revolving credit facility. EDA's capital structure, pro forma for the close of this financing, will also contain about $36 million of subordinated developer related debt, which we will not rate." S&P Global Ratings does not assign recovery ratings to Native American debt issues, as there are significant uncertainties surrounding the exercise of creditor rights against a sovereign nation. These include whether the U.S. Bankruptcy Code would apply, whether a U.S. court would ultimately be the appropriate venue to settle such a matter, and to what extent a creditor would be able to enforce a judgment against a sovereign nation. EDA's proposed notes are rated 'B-', same as the issuer credit rating, because they are secured and no significant elements of subordination risk are present in the capital structure. EDA plans to use proceeds from the proposed transaction, along with $12 million in new subordinated loans, to: -- Fund the development and construction of Hard Rock Hotel & Casino – Sacramento at Fire Mountain. -- Establish a funded interest reserve expected to fund debt service during the 15-month construction period and for three months following the casino opening. -- Fund pre-opening operating costs and cage cash. -- Fund transaction fees and expenses. The 'B-' issuer credit rating reflects the risks related to successfully ramping up operations in a highly competitive market, as well as the construction and development risks associated with a greenfield casino project. Construction and development risks are largely mitigated by EDA's partnership with Hard Rock International, which has extensive and deep development experience, a history of opening projects on schedule and on budget, and healthy construction contingencies of about 13% of the development's remaining hard costs. Nevertheless, any unforeseen events that cause a delay in the opening date could cause EDA to draw on its funded interest reserves longer than anticipated, which could strain liquidity. That being said, between 18 months of funded interest reserves through the notes issuance, and a 9-month line of credit from Hard Rock Sacramento that will be available to pay interest on the notes, EDA has sufficient sources of liquidity to cover interest for 12 months post-opening. S&P views this favorably relative to the reserves of other recent gaming projects. S&P said, "The positive outlook reflects our belief that EDA will open on schedule and generate goods levels of EBITDA once open. We believe EDA will generate discretionary cash flow which it can use to pay down modest levels of debt, leading to stronger credit measures. "We could raise the rating one notch if the casino opens on time and meets our operating expectations such that debt to EBITDA will be sustained at less than 5x and EBITDA coverage of total interest at more than 2x. Before raising the rating, we would need to assess the impact that nearby competitors (particularly Elk Grove) would have on EDA's ability to sustain credit measures in line with our upgrade thresholds. "While a downgrade is unlikely given the Authority's 18 month interest reserve, we could revise the outlook to stable or lower the rating if unforeseen delays or construction cost overruns strain liquidity. In addition, if the economy deteriorates and we believe the project will open slower than we expect, we could revise the outlook to stable. We would also consider revising the outlook if, upon opening, the casino's operating results are weaker than we expect and leverage appears unlikely to improve to less than 5x or coverage to more than 2x in a relatively short time. If liquidity becomes impaired after opening as a result of weak operating performance, we could lower the rating. Weaker than expected operating results could be caused by fewer visitors than expected, a weak economy, or unexpectedly aggressive competitive responses from nearby casinos." EXCEL WEST: Hires Ciardi Ciardi & Astin as Attorney --------------------------------------------------- Excel West Rio, LLC, t/a Wildwood Mini Golf and Tomcat, seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to hire Ciardi Ciardi & Astin as attorney. Professional services to be rendered by Ciardi are: a. give legal advice to the debtor with respect to its powers and duties as Debtor-in-Possession; b. prepare all motions, applications, answers, orders, reports & other legal papers as necessary; c. perform all other legal services for the Debtor. Ciardi's hourly rates are: Partners $515 Of-Counsel $475 Associates $300 to $475 Paralegal $120 to $180 Albert A. Ciardi, III, attests that his firm does not hold or represent an adverse interest to the estate and are disinterested under 11 U.S.C. Sec. 101(14). The firm can be reached through: Albert A. Ciardi, III, Esq. Adrienne N. Anderson, Esq. CIARDI CIARDI & ASTIN, P.C. One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Tel: (215) 557-3550 Fax: (215) 557-3551 About Excel West Rio, LLC t/a Wildwood Mini Golf and Tomcat Wildwood Mini Golf, designed by Harris Miniature Golf Company, is a miniature golf course in Wildwood, New Jersey. The course also features a waterfall, four fountains and a rolling river. Adjacent to the golf course is the Tomcat restaurant. Excel West Rio, LLC, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 18-21962) on June 13, 2018. In the petition signed by Gary J. Papa, managing member, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. presides over the case. Albert A. Ciardi, III, Esq. at Ciardi Ciardi & Astin is the Debtor's attorney. EZTOPELIZ LLC: Seeks to Hire Fisher Rushmer as Attorney ------------------------------------------------------- Eztopeliz, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Fisher Rushmer, P.A., as attorneys to the Debtor. Eztopeliz, LLC, requires Fisher Rushmer to: a. advise and counsel the debtor-in-possession concerning the operation of its business in compliance with Chapter 11 and orders of this Court; b. defend and prosecute causes of action on behalf of the debtor-in-possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and e. provide all services of a legal nature in the field of bankruptcy law. Fisher Rushmer will be paid based upon its normal and usual hourly billing rates. Prior to the Petition Date, Fisher Rushmer was paid $7,760.10 by the Debtor. The amount of $956.90 was paid as a retainer to be held in trust for payment of post-bankruptcy fees and costs. Fisher Rushmer will also be reimbursed for reasonable out-of-pocket expenses incurred. David R. McFarlin, partner of Fisher Rushmer, P.A., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Fisher Rushmer can be reached at: David R. McFarlin, Esq. FISHER RUSHMER, P.A. 390 N. Orange Avenue, Suite 2200 Orlando, FL 32801 Tel: (407) 843-2111 Fax: (407) 422-1080 E-mail: dmcfarlin@fisherlawfirm.com About Eztopeliz Eztopeliz, LLC, a real estate company, owns in fee simple a property located at 4600 & 4650 Dixie Hwy NE, Port Malabar Unit 1, with two parcels of vacant land located in Palm Bay, Florida. The Property is valued by the company at $5 million. Eztopeliz, LLC, based in Cocoa, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-03486) on June 12, 2018. In the petition signed by Jeffrey C. Unnerstall, managing member, the Debtor estimated $5 million in assets and $1.81 million in liabilities. David R. McFarlin, Esq., at Fisher Rushmer, P.A., serves as bankruptcy counsel to the Debtor. FAGERDALA USA: 9th Cir. Reverses Order Designating Purchased Claims ------------------------------------------------------------------- In the appeals case captioned PACIFIC WESTERN BANK; COASTLINE RE HOLDINGS CORP., Appellants, v. FAGERDALA USA-LOMPOC, INC., Appellee, No. 16-35430 (9th Cir.), the U.S. Court of Appeals, Ninth Circuit, rules in favor of Pacific Western and reverses the district court's order affirming the bankruptcy court, vacates the bankruptcy court's order granting Fagerdala's motion to designate the Purchased Claims, and remands the case to the bankruptcy court. Fagerdala USA-Lompoc, Inc., the debtor, owns real property worth approximately $6 million. Pacific Western Bank, through its wholly-owned entity, Coastline RE Holdings Corp. holds the senior, secured claim (in excess of $3.95 million) on Fagerdala's real property. Fagerdala filed its second amended plan on June 2, 2015. The next day, Pacific Western voted its secured claim and the Purchased Claims against the plan. Because the Purchased Claims constituted at least "one-half in number" of the general unsecured class, Pacific Western's votes were sufficient to block the second amended plan. After the vote, Fagerdala moved to designate the votes of the Purchased Claims, arguing that Pacific Western had not purchased the claims in good faith. The bankruptcy court then granted Fagerdala's designation motion. With the Purchased Claims removed from voting, Fagerdala had sufficient creditors in the general unsecured class to accept the plan. The bankruptcy court ultimately confirmed the fourth amended plan. The district court affirmed the bankruptcy court's designation of the Purchased Claims with reservation. Pacific Western timely appealed. Pacific Western argues that the district court erred by considering only the effect of Pacific Western's actions, without respect for its motivation. The 9th Circuit agrees. The bankruptcy court found that "designation is appropriate in this case because [Pacific Western] will have an unfair advantage over the unsecured creditors who did not receive a purchase offer and who hold the largest percentage of claims in this in terms of amount." In the bankruptcy court's ruling, only two facts were relevant: (1) Pacific Western did not make an offer to all unsecured creditors; and (2) if Pacific Western's Purchased Claims were voted, it would "have an unfair advantage" and be "highly prejudicial" to other creditors. However, under section 1126(e), neither of these considerations--alone or together--are by themselves sufficient to support a finding of bad faith. Under 11 U.S.C. section 1126(e), a bankruptcy court may not designate claims for bad faith simply because (1) a creditor offers to purchase only a subset of available claims in order to block a plan of reorganization, and/or (2) blocking the plan will adversely impact the remaining creditors. Bad faith requires more. At a minimum, there must be some evidence that a creditor is seeking "to secure some untoward advantage over other creditors for some ulterior motive." Accordingly, the Ninth Circuit held that the bankruptcy court erred when it refused to analyze whether Pacific Western acted under an "ulterior motive," beyond its "mere enlightened self-interest" in protecting its secured claim. In the absence of some ulterior motive, the mere failure to make purchase offers to all outstanding creditors does not support a bad faith finding--even if the outstanding creditors will be adversely affected by a decision to block the reorganization plan. A full-text copy of the Court's Opinion dated June 4, 2018 is available at https://bit.ly/2tcAJZ0 from Leagle.com. Teresa H. Pearson -- teresa.pearson@millernash.com -- (argued) and David W. Hercher -- david.hercher@millernash.com -- Miller Nash Graham & Dunn LLP, Portland, Oregon; David K. Eldan , Parker Milliken Clark O'Hara & Samuelian, Los Angeles, California; for Appellants. Douglas R. Pahl (argued) -- dpahl@perkinscoie.com -- Perkins Coie LLP, Portland, Oregon, for Appellee. Based in Portland, Oregon, Fagerdala USA - Lompoc, Inc. filed for chapter 11 bankruptcy (Bankr. D. Or. Case No. 14-34642) on August 14, 2014, with estimated assets at $1 million to $10 million and estimated liabilities at $10 million to $50 million. The petition was signed by Rex Hansen, president. FAT FACE: Bank Debt Trades at 19% Off ------------------------------------- Participations in a syndicated loan under which Fat Face Ltd. is a borrower traded in the secondary market at 80.79 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.67 percentage points from the previous week. Fat Face pays 550 basis points above LIBOR to borrow under the $140 million facility. The bank loan matures on September 12, 2020. Moody's gave no rating to the loan and Standard & Poor's gave no rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. FIRESTAR DIAMOND: Trustee Taps Alvarez & Marsal as Fin. Advisor --------------------------------------------------------------- Richard Levin, Esq., Chapter 11 Trustee of Firestar Diamond, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Alvarez & Marsal Disputes and Investigations, LLC, as financial advisors to the Chapter 11 Trustee, nunc pro tunc to June 14, 2018. Services to be rendered by A&M are: (a) assist and advise the Chapter 11 Trustee in the discharge of his duties and responsibilities under section 1106 of the Bankruptcy Code, orders of this Court, and applicable law; (b) assist with the review and maintenance of the books and records of the Debtors and the analysis and verification of accounts with regard to the assets, liabilities, financial affairs, and financial obligations of the estates of the Debtors; (c) assist with the review, analysis, and reporting to the Chapter 11 Trustee and his legal counsel with regard to any financial reports; information or data concerning the administration of the Estates; the liquidation of assets; the collection of accounts receivable owed to the Debtors; and the enforcement and collection of any claims, including, without limitation, claims for preferences, fraudulent conveyances, and other transfers avoidable under the Bankruptcy Code, improper disposal of assets, and other claims of recovery granted to the Estate; (d) advise and assist the Chapter 11 Trustee and his legal counsel in connection with an investigation of the affairs of the Debtors and to assist in the administration of the Estates and liquidation of the assets of the Estates; (e) provide support and assistance to the Chapter 11 Trustee and his legal counsel with regard to the review of claims against the Debtors, the investigation of amounts properly allowable and the appropriate priority or classification of same, and the prosecution of objections to claims as appropriate; (f) manage electronic data discovery, as well as recover and preserve electronic records of the Debtors as the Chapter 11 Trustee or his legal counsel may request; (g) perform any other services that may be required to assist the Chapter 11 Trustee or his legal counsel in the performance of his duties and the exercise of his rights and powers under the Bankruptcy Code, including providing testimony, preparing state and local filings, and responding to document requests and subpoenas; (h) assist the Chapter 11 Trustee in the preparation of reports and other documents necessary in the discharge of the Chapter 11 Trustee's duties; and (i) assist the Chapter 11 Trustee in undertaking any additional tasks or duties that the Court may direct or that the Chapter 11 Trustee may determine are necessary and appropriate in connection with the discharge of his duties. William Waldie, Managing Director of Alvarez & Marsal Disputes and Investigations, LLC, attests that A&M has no connection with the Debtors, their creditors, other parties in interest, or the attorneys or accountants of any of the foregoing, or the United States Trustee or any person employed in the Office of the United States Trustee; does not hold any interest adverse to the Debtors' estates; and is a "disinterested person" as defined by section 101(14) of the Bankruptcy Code. A&M will be paid by the Debtors' estates for the services of A&M professionals at their customary hourly billing rates less a discount: Standard Discounted -------- ---------- Bill Waldie, Managing Director $750 $563 Other Managing Directors $650 to $950 $553 to $808 Senior Directors $575 $650 $489 to $553 Directors / Managers $450 to $575 $383 to $489 Senior Associates / Associates $350 to $450 $298 to $383 The advisor can be reached through: William Waldie Alvarez & Marsal Disputes and Investigations, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Phone: +1 212 328 8717 Email: bwaldie@alvarezandmarsal.com About Firestar Diamond Firestar Diamond Inc. procures, designs, manufactures, and distributes diamond-studded jewelry. Firestar Diamond's operations span the USA, Europe, the Middle East, the Far East and India. The Company employs over 1200 people. Firestar Diamond has offices in Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan, Dubai, and Hong Kong. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designs and manufacturers wedding rings and wedding bands. Firestar Diamond, Inc., A. Jaffe, Inc., and Fantasy, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26, 2018. Firestar Diamond estimated assets and debt of $50 million to $100 million. The Hon. Sean H. Lane is the case judge. The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as their bankruptcy counsel; Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach Siegel, LLP as special counsel; Getzler Henrich & Associates LLC and its managing director Mark Samson as chief restructuring officer; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. FIRESTAR DIAMOND: Trustee Taps Jenner & Block as Attorney --------------------------------------------------------- Richard Levin, Esq., Chapter 11 Trustee of Firestar Diamond, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Jenner & Block, LLP, nunc pro tunc as of June 14, 2018, as his attorneys. Services Jenner & Block will provide are: a. represent and assist the Trustee in the discharge of his duties and responsibilities under section 1106 of the Bankruptcy Code, the orders of this Court, and applicable law; b. assist the Trustee and represent him in the preparation of motions, applications, notices, orders and other documents necessary in the discharge of the Trustee's duties; c. represent the Trustee at hearings and other proceedings before this Court (and, to the extent necessary, any other court); d. analyze and advise the Trustee regarding any legal issues that arise in connection with the discharge of his duties; e. assist the Trustee with the operation of the Debtors' businesses and in his investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors; and f. perform all other necessary legal services on behalf of the Trustee in connection with the chapter 11 cases. Angela M. Allen, a partner at Jenner & Block, attests that Jenner & Block is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Jenner & Block's ordinary and customary hourly rates in effect as of January 1, 2018 are: Partners $635 to $1,300 Counsel $625 to $1,250 Associates $465 to $845 Staff Attorneys $400 to $500 Discovery Attorneys $220 to $275 Paraprofessionals $210 to $370 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, Angela M. Allen disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Trustee in the 12 months prepetition; and -- the Jenner & Block will prepare a budget and staffing plan for the Trustee's approval following the Trustee's determination of the appropriate scope of the Trustee's role in these Chapter 11 cases. The counsel can be reached through: Angela M. Allen, Esq. JENNER & BLOCK LLP 919 Third Avenue, 37th Floor New York, NY 10022-3908 Tel: (212) 891-1600 Fax: 212 891-1699 E-mail: aallen@jenner.com About Firestar Diamond Firestar Diamond Inc. procures, designs, manufactures, and distributes diamond-studded jewelry. Firestar Diamond's operations span the USA, Europe, the Middle East, the Far East and India. The Company employs over 1200 people. Firestar Diamond has offices in Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan, Dubai, and Hong Kong. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designs and manufacturers wedding rings and wedding bands. Firestar Diamond, Inc., A. Jaffe, Inc., and Fantasy, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26, 2018. Firestar Diamond estimated assets and debt of $50 million to $100 million. The Hon. Sean H. Lane is the case judge. The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as their bankruptcy counsel; Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach Siegel, LLP as special counsel; Getzler Henrich & Associates LLC and its managing director Mark Samson as chief restructuring officer; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. FIRST NATIONLE SOLUTION: SEC Shuts Down $102 Million Ponzi Scheme ----------------------------------------------------------------- The Securities and Exchange Commission on June 19, 2018, filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S. According to the SEC's complaint, the defendants defrauded more than 600 investors through sales of securities in issuers they controlled, including First Nationle Solution LLC, United RL Capital Services, and Percipience Global Corp. The complaint alleges that investors were told that their funds would be used for the companies and some were guaranteed dividends or double-digit returns. But, according to the complaint, the defendants spent at least $20 million to enrich themselves, paid $38.5 million in Ponzi-like payments, and transferred much of the remainder in transactions that appear unrelated to the issuers' purported businesses. The complaint charges Perry Santillo, of Rochester, New York, Christopher Parris, also of Rochester, Paul LaRocco, of Ocala, Florida, John Piccarreto, of San Antonio, and Thomas Brenner, of Orville, Ohio, along with the three companies. "We allege that the defendants engaged in a massive fraud and swindled investors to line their pockets with ill-gotten gains," said Marc P. Berger, Director of the SEC's New York Office. "Investors should be on high alert whenever they are promised guaranteed returns." The SEC's complaint, filed in federal district court in Manhattan, charges Santillo, Parris, LaRocco, Piccarreto, Brenner, and the three issuers with violating the antifraud provisions of the federal securities laws. The court granted the SEC's request for an asset freeze and a temporary restraining order. The court will hold a hearing in 10 days concerning the asset freeze and will consider ordering a preliminary injunction. The SEC encourages investors to check out the background of their investment professional by using the free and simple search tool on http://Investor.gov. Investors should be cautious of investment professionals with a history of misconduct, including disciplinary actions by the Financial Industry Regulatory Authority, or FINRA. The SEC's continuing investigation is being conducted by Dina Levy, Jordan Baker, and Thomas P. Smith, Jr., and supervised by Lara S. Mehraban. The SEC's litigation will be led by Dugan Bliss and Ms. Levy. The SEC appreciates the assistance of FINRA. FREELINC TECHNOLOGIES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- The Office of the U.S. Trustee on June 25 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of FreeLinc Technologies, Inc. About Freelinc Technologies Headquartered in Boston, Massachusetts, FreeLinc Technologies -- http://www.freelinc.com/-- is a research and development company focused on the adoption of Near Field Magnetic Induction (NFMI) as a new wireless standard in the public safety, military, healthcare and consumer markets. FreeLinc's NFMI solves the security and reliability problems for Bluetooth and the reading distance problems for NFC. FreeLinc claims to be the world's only provider of its NFMI-enabled products and solutions, and has 43+ patents to protect its position. FreeLinc Technologies, Inc. and FreeLinc Technologies, LLC, concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-11254 and 18-11255, respectively) on May 24, 2018. In the petitions signed by Dr. Michael S. Abrams, CEO, both debtors estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Dragich Law Firm PLLC, serves as counsel to the Debtors; and William Pierce Bowden, Esq., Katharina Earle, Esq. and Gregory A Taylor, Esq. at Ashby & Geddes, P.A., serve as co-counsel. GENERAL NUTRITION: Bank Debt Trades at 4% Off --------------------------------------------- Participations in a syndicated loan under which General Nutrition Centers is a borrower traded in the secondary market at 95.92 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.88 percentage points from the previous week. General Nutrition pays 875 basis points above LIBOR to borrow under the $1.131 billion facility. The bank loan matures on March 4, 2021. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. GENUINE JOURNEY: Seeks to Hire Nelson M. Jones as Counsel --------------------------------------------------------- Genuine Journey, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Law Office of Nelson M. Jones III, as counsel to the Debtor. Genuine Journey requires Nelson M. Jones to: a. assist the Debtor with the resolution of all contested claims; b. assist the Debtor with the proposing, prosecuting and consummating the plan of reorganization; c. advise the Debtor with regard to any litigation matters that exist or might arise prior to confirmation of the plan of reorganization; d. prepare all appropriate pleadings to be filed in this case; e. perform any other legal services that may be appropriate in connection with this reorganization case. Nelson M. Jones will be paid at these hourly rates: Attorneys $400 Associates $250 Paralegals $75 Nelson M. Jones will be paid a retainer in the amount of $7,500. Nelson M. Jones will also be reimbursed for reasonable out-of-pocket expenses incurred. Nelson M. Jones III, partner of the Law Office of Nelson M. Jones III, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Nelson M. Jones can be reached at: Nelson M. Jones III 440 Louisiana Street, Suite 1575 Houston, TX 77002 Tel: (713) 236-8736 Fax: (713) 236-8990 E-mail: njoneslawfirm@aol.com About Genuine Journey Genuine Journey LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 18-32697) on May 24, 2018, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Nelson M. Jones III, Esq., at the Law Office of Nelson M. Jones III. GEOKINETICS INC: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Affiliates that concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Geokinetics Inc. (Lead Debtor) 18-33410 1500 Citywest Blvd., Suite 2380 Houston, TX 77042 Geokinetics Holdings USA, Inc. 18-33411 Geokinetics Processing, Inc. 18-33412 Geokinetics USA, Inc. 18-33413 Geokinetics International Holdings, Inc. 18-33414 Advanced Seismic Technology, Inc. 18-33415 Geokinetics International, Inc. 18-33416 Geokinetics Exploration, Inc. 18-33417 Geokinetics (Australasia) Pty. Ltd. 18-33418 Business Description: Geokinetics Inc. -- http://www.geokinetics.com-- is an independent land and seafloor geophysical company. Headquartered in Houston, Texas, Geokinetics specializes in acquiring and processing seismic data in challenging environments worldwide. Geokinetics' Multi-Client team has developed more than 7,000 square miles of 3D library data. Chapter 11 Petition Date: June 25, 2018 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. David R. Jones Debtors' Counsel: John F. Higgins, IV, Esq. PORTER HEDGES LLP 1000 Main St, Ste 3600 Houston, TX 77002-6336 Tel: 713-226-6648 Fax: 713-226-6248 Email: jhiggins@porterhedges.com - and - Aaron James Power, Esq. PORTER HEDGES LLP 1000 Main 36th Flr Houston, TX 77002 Tel: 713-226-6631 Fax: 713-226-6231 Email: apower@porterhedges.com - and - Joshua W. Wolfshohl, Esq. PORTER HEDGES LLP 1000 Main, 36th Floor Houston, TX 77002 Tel: 713-226-6000 Fax: 713-228-1331 Email: jwolfshohl@porterhedges.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Claims Agent: PRIME CLERK LLC https://cases.primeclerk.com/geok/Home-Index Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David J. Crowley, president and chief executive officer. A full-text copy of Geokinetics Inc.'s petition is available for free at: http://bankrupt.com/misc/txsb18-33410.pdf List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Shareholder Note Debt $15,676,750 (Wilmington Trust as Agent) Joseph Feil 1100 N. Market Street Wilmington, DE 19890 Tel: 302-636-6466 Fax: 302-636-4145 Email: jfeil@wilmingtontrust.com Term Loan A (Ascribe and Wilmington Debt $15,597,501 Trust as Agents) Lawrence First (Ascribe) 229 Park Avenue 34th Floor New York, NY 10171 Joseph Feil (Wilmington Trust) 1100 N. Market Street Wilmington, DE 19890 Tel: 212-455-9700 302-636-6466 Fax: 212-697-5524 303-636-4145 Email: lfirst@ascribecapital.com jfeil@wilmingtontrust.com Revolving Credit Facility Debt $6,861,764 (Ascribe and Wilmington Trust as Agents) Lawrence First (Ascribe) 229 Park Avenue, 34th Floor New York, NY 10171 Joseph Feil (Wilmington Trust) 1100 N Market Street Wilmington Trust, DE 19890 Tel: 212-455-9700 302-636-6466 Fax: 212-697-5524 302-636-4145 Email: lfirst@ascribecapital.com jfeil@wilmingtontrust.com Clean Harbors Exploration Services Inc. Trade $2,729,966 Pete Scott 3624 Westchase Drive Houston, TX 77042 Tel: 403-233-6539 Fax: 403-263-6748 Email: scott.pete@cleanharbors.com Moelis & Company Group LP Trade $2,667,944 David Cunningham 333 Clay Street, Suite 3750 Houston, TX 77002 Tel: 713-343-5880 Email: david.cunningham@moelis.com Fried Frank Harris Sriver & Jacobson LLP Trade $2,211,111 Brad Scheler One New York Plaza New York, NY 10004 Tel: 212-859-8019 Fax: 212-859-4000 Email: brad.scheler@friedfrank.com Geospace Technologies, LP Trade $1,724,555 Phil Nelson PO Box 3049 Houston, TX 77253-3049 Tel: 713-986-8701 Email: Pnelson@geospace.com Banco Itau S.A. Debt 1,650,000 Paula Barroso Praia de Botafogo, 501 - 7 andar Rio de Janeiro/RJ Brazil Email: maria-paula.barroso@itau-unibanco.com.br RGM Energy Solutions, LLC Trade $1,400,651 c/o LSQ Funding Group, LLC Jesus Ramos 2600 Lucien Way, Suite 100 Miami, FL 32751 Tel: 832-379-2971 Fax: 832-379-2982 Emai: jramos@rgmenergy.com SWZ Services, Inc. Trade $1,286,812 Justin Zelaya PO Box 1252 Premont, TX 78375 Tel: 361-325-1300 Fax: 361-325-4892 Email: justinzelaya@swzservicesinc.com Northern Oilfield Services Inc. Trade $1,230,112 Cerkez Lena 420 L. Street Suite 101 Anchorage, AK 99501 Tel: 907-885-0597 Fax: 907-343-5740 Email: Cerkez.lena@nosi.com Omni Energy Service LLC Trade $1,169,776 dba Gibson Exploration Support Services Marlyn Thibodeaux 2292 Payshere Circle Chicago, IL 60674 Tel: 337-896-2754 Fax: 337-896-2778 Email: marlyn.thibodeaux@oesinc.com Great Slave Helicopters Ltd. Trade $1,139,241 Christa Letkeman 3285 Airport Way Kelowna, BC V1V 1S1 Canada Tel: 250-491-3730 Fax: 250-765-0077 Email: ar@gsheli.com North Slope Borough-Dept Trade $811,126 of Admin & Finance Eben Hopson Jr. 1274 Agvik Street Barrow, AK 99723 Tel: 907-852-0240 Fax: 907-852-0245 Email: Eben.HopsonJr@north-slope.org Denali Universal Services, LLC Trade $560,356 M. Hofeldt 11500 C Street, Suite 100 Anchorage, AK 99515-2692 Tel: 907-522-1300 Fax: 907-522-3531 Email: mhofeldt@denaliuniversal.com Greyco Seismic Personnel Services, LLC Trade $546,746 Paul Mitcham PO Box 721883 Houston, TX 77072 Tel: 713-728-6264 Fax: 713-728-6269 Email: paul.mitcham@greyco.net Caribou Construction Inc. Trade $510,970 Donald E. Pearson 5100 Cordova St., Suite 206 Anchorage, AK 99503 Tel: 907-563-5444 Fax: 907-562-6448 Email: theresa.quick@acsalaska.net Discovery Acquisition Services, LLC Trade $433,913 Andy Lauhoff 4141 Katy Hockley Road Katy, TX 77493 Tel: 281-371-2700 Fax: 281-371-2744 Email: andy.lauhoff@discoveryacquisitions.com linda.benavides@discoveryacquisition.com Sercel SA Trade $418,188 Robin Ellis 16 Rue De Bel-Air BP-439 44474 Carqifou Cedex France Tel: 281-492-6688 Fax: 713-298-5218 Email: robin.ellis@sercel.com Seismic Equipment Solutions Trade $280,609 Brett Lamensky 7115 48 Street SE Calgary, AB T2C 5A4 Canada Tel: 281-313-9494 Fax: 281-313-9499 Email: blamensky@globalses.com Seismic Services Inc. Trade $277,648 Mark Moore 74232 Hwy 25 Covington, LA 70435 Tel: 985-867-9434 Email: mooremark@aol.com Nyman Equipment Inc. Trade $251,119 Jan Blanchard PO Box 91938 Anchorage, AK 99509 Tel: 907-244-4051 Email: Rwnyman@gmail.com Rimini Street Inc. Trade $227,839 Email: smbugua@riministreet.com Texas State Comptroller Trade $213,002 Email: tobacco.enforcement@cpa.texas.gov Alta Mesa Services LP Trade $180,965 Email: info@altamesa.net Cougar Land Services Trade $147,125 Email: bfulker@cougarlandservices.com American Express Trade $135,379 Email: stefanie.m.salaiz@aexp.com Bud Griffin Customer Support, Inc. Trade $119,200 Email: dianaharrell@bgasales.com Cruz Construction Inc. Trade $118,836 Email: sferguson@cruzconstruct.com Fairfield Industries Inc. Trade $0 dba Fairfieldnodal Email: smitchell@fairfieldnodal.com GLOBAL COMMODITIES: Hires Webber McGill LLC as Attorney ------------------------------------------------------- Global Commodities Group LLC seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to hire Webber McGill LLC as attorneys. Professional services to be rendered by Webber McGill are: a. advise the Debtor with respect to its rights, powers, and duties in this case; b. assist and advise the Debtor in its consultations with creditors relative to the administration of these cases, including analyzing the claims of creditors and in negotiating with such creditors; c. assist the Debtor in negotiation, formulating and proposing a plan of reorganization; d. commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Debtor's estate; e. review, analyze or prepare, on behalf of the Debtor, all necessary applications, motions, answers , orders, reports, schedules, pleadings and other documents; f. represent the Debt at all hearings and other proceedings; g. confer with any other professional advisors retained by the Debtor in providing advice to the Debtor; h. perform all other necessary legal services in this case as may be requested by the Debtor or otherwise required in this Chapter 11 proceeding. Douglas J. McGill, Esq., member of Weber McGill LLC, attests that his firm does not hold or represent an adverse interest to the estate and is a "disinterested person" under 11 U.S.C. Sec. 101(14). Webber McGill's hourly compensation rates are $290 to $425 for attorneys and $115 for paralegals. The firm can be reached through: Douglas J. McGill Michael J. Reynolds WEBER MCGILL LLC 760 Route 10, Suite 104 Whippany, NJ 07981 Phone: (973) 739-9559 About Global Commodities Group 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. Global Commodities Group, LLC, filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-22031 on June 14, 2018. In the petition signed by James Besch, sole member and manager, Global disclosed $403,044 in assets and $11.15 million in liabilities. Judges Kathryn C. Ferguson presides over the case. Douglas J. McGill, Esq. at WEBBER MCGILL, LLC, represents the Debtor as counsel. GRIMM BROTHERS: Taps Jensen Bagnato as Co-Counsel ------------------------------------------------- Grimm Brothers Realty Co. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Jensen Bagnato, P.C. Jensen Bagnato will serve as co-counsel with Joshua L. Thomas & Associates, the firm employed by the Debtor to be its legal counsel in connection with its Chapter 11 case. Fees will be charged at the current hourly rate of $350 per hour for attorneys, $275 per hour for associate counsel, and $100 per hour for paralegals. The Debtor has agreed to pay the firm a $10,000 retainer. Jensen Bagnato neither holds nor represents any interest adverse to the Debtor or its estate and creditors. The firm can be reached through: Erik B. Jensen, Esq. Jensen Bagnato, P.C. 1500 Walnut Street, Suite 1920 Philadelphia, PA 19102 Phone: (215) 546-4700 Fax: (215) 546-7440 erik@jensenbagnatolaw.com About Grimm Brothers Realty Co. Grimm Brothers Realty Co. is a privately-held company in Norristown, Pennsylvania, and is a wholesale building materials supplier. Grimm Brothers sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 17-13697) on May 26, 2017. In the petition signed by Gary Grimm, officer, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $1 million. Judge Magdeline D. Coleman presides over the case. The Debtor employed Joshua L. Thomas & Associates as its legal counsel. GROVE AVE: Hires Colliers International as Real Estate Broker ------------------------------------------------------------- Grove Avenue Apartments, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to hire Colliers International CA. Inc., as real estate broker and Matt Sarro as sales agent to to list and market the properties to obtain the best obtainable sales price.. The Debtor's estate owns two properties commonly known as 506-508 B Street, West Sacramento, California 95605 and 328-332 North California Street, Stockton, California 95202. The Debtor desires to sell these two properties to partially pay off the debt to its secured lender, NORCAL, who holds a first lien against both of these properties. The sole compensation to the broker and the sales agent is 6% of the actual sales price. Matt Sarro, real estate agent employed by Colliers International, CA Inc., attests that neither the broker nor the sales agent holds any interest adverse to the estate and are disinterested parties. The firm can be reached through: Matt Sarro Colliers International CA, Inc. 301 University Avenue, #100 Sacramento, CA 95825 Phone: 916-616-5267 About Grove Ave Apartments Grove Ave Apartments, LLC, is a privately-owned company engaged in the apartment business. It is the fee simple owner of multiple residential apartment units in Stockton, West Sacramento, and Richmond California, valued by the company at $3 million. Grove Ave Apartments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-40241) on Jan. 30, 2018. In the petition signed by Waqar Khan, manager, the Debtor disclosed $3 million in assets and $2.20 million in liabilities. Judge Roger L. Efremsky presides over the case. Lewis Phon, Esq., at the Law Offices of Lewis Phon, is the Debtor's as counsel. HHH CHOICES: July 25 HHHS Plan Confirmation hearing --------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York issued an order approving the disclosure statement explaining the HHH Choices Health Plan, LLC's plan of liquidation. July 25, 2018 at 10:00 A.M. is fixed as the date for the hearing on the final approval of the disclosure statement and the confirmation of the plan, and June 22, 2018 is the date fixed for filing of objection of the disclosure statement and plan. HHSH, in its Plan, estimates that the allowed Class 3 Unsecured Claims will total approximately $11,000,000 to $14,000,000, and that holders thereof will receive a recovery in the range of 0% to 5%. The holders of Allowed Unsecured Claims, in full and final satisfaction, release and settlement of their Allowed Claims, will from time to time receive Pro Rata distributions of Cash from the Net Proceeds. Class 3 is Impaired and is entitled to vote on the Plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nysb15-11158-852.pdf About HHH Choices Health Plan Three alleged creditors owed about $1.9 million submitted an involuntary Chapter 11 petition for HHH Choices Health Plan, LLC, on May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan. The petitioners are The Royal Care, Inc., (allegedly owed $772,762), Amazing Home Care Services ($1,178,752), and InterGen Health LLC ($42,298), all claiming that they are owed by the Debtor for certain services rendered. They all tapped Marc A. Pergament, Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New York, as counsel. With the consent from the board of directors, HHH Choices filed a notice of consent to order for relief on June 1, 2015, and an order for relief was entered on June 22, 2015. HHH Choices was engaged in operating a managed long-term care program ("MLTCP"). HHH Choices, which essentially was a health insurance maintenance plan, sold its business in 2015. On Dec. 9, 2015, Hebrew Hospital Senior Housing, Inc., commenced a Chapter 11 case (Bankr. S.D.N.Y. Case No. 15-13264). HHSH is engaged in the sponsorship and operation of a 120-unit continuing care retirement community ("CCRC") with ancillary components consisting of; a 20 bed skilled nursing facility ("SNF"), which includes an adult day healthcare program ("ADHCP"), and a 10-bed enriched housing unit. These programs are commonly known as, Westchester Meadows and Fieldstone. On Jan. 8, 2016, Hebrew Hospital Home of Westchester, Inc., commenced a Chapter 11 Case (Case No. 16-10028). HHHW's predecessor, Hebrew Hospital Home, Inc. owned and operated a 480-bed skilled nursing facility located in the Bronx. In 1998, HHHW opened a new 160-bed facility situated at 61 Grasslands Road, Valhalla, New York. HHHW sold the Bronx SNF in 2007 and the Westchester SNF in mid-2015. HHHW no longer has any active business operations. However, it still has responsibilities to wind-up its affairs, including finishing any remaining billing and processing, filing reports with regulatory agencies and closing its books and records. The true-up process and final reconciliation with the purchasers of the Westchester SNF is incomplete. The Debtors sought and obtained an order directing joint administration of their cases under Case No. 15-11158. Judge Michael E. Wiles oversees the cases. Mary Frances Barrett is president of all of the Debtors. The Debtors tapped Harter Secrest & Emery LLP as counsel and Getzler Henrich & Associates LLC as financial advisor. The Office of the U.S. Trustee appointed five creditors of HHH Choices to serve on an official committee of unsecured creditors. The HHH Choices Committee tapped Farrell Fritz, P.C., as counsel. William K. Harrington, U.S. Trustee for Region 2, appointed five creditors of Hebrew Hospital Home of Westchester Inc., an affiliate of HHH Choices Health Plan LLC, to serve on an official committee of unsecured creditors. The Hebrew Hospital Committee tapped Duane Morris as counsel and Alston & Bird LLP as counsel. The Official Committee of Unsecured Creditors of Hebrew Hospital Senior Housing, Inc., hired Bragar Eagel & Squire, P.C., as special litigation counsel. * * * Hebrew Hospital Home of Westchester, Inc., and its Official Committee of Unsecured Creditors filed a joint Chapter 11 plan of liquidation on Aug. 10, 2017. The Official Committee of Unsecured Creditors of HHH Choices Health Plan filed a Chapter 11 plan of liquidation for the Debtor on Aug. 15, 2017. Hebrew Hospital Senior Housing, Inc., on April 18, 2018, filed a Chapter 11 Plan of Liquidation. The Plan is not jointly filed by the Official Committee of Unsecured Creditors. HOUGHTON MIFFLIN: Bank Debt Trades at 6% Off -------------------------------------------- Participations in a syndicated loan under which Houghton Mifflin Harcourt Publishers Inc. is a borrower traded in the secondary market at 94.13 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.71 percentage points from the previous week. Houghton Mifflin pays 300 basis points above LIBOR to borrow under the $800 million facility. The bank loan matures on May 29, 2021. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. INDIANA HOTEL: IAA Bid for Relief from Automatic Stay Denied ------------------------------------------------------------ Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan denied without prejudice the Indianapolis Airport Authority's motion for relief from the automatic stay. Debtor Indiana Hotel Equities, LLC, operates a hotel, located at 2500 South High School Road in Indianapolis, Indiana, near the Indianapolis airport. But the Debtor does not own the land or building where the hotel is located. That real property (the "Property") is owned by the IAA. The Debtor leased this Property from the IAA, beginning in January 2016. The Debtor filed the Chapter 11 bankruptcy case on April 10, 2018, and remains in possession of the Property. Shortly before filing this bankruptcy case, the Debtor also filed, in the Indiana Lawsuit, a notice of appeal (filed April 6, 2018) and a motion for a stay pending appeal (filed April 10, 2018). The Indiana court has not yet ruled on the Debtor's motion for a stay pending appeal, presumably because of the Debtor’s bankruptcy filing. Although the IAA's Motion is labeled, in part, as a "Motion for Relief from the Automatic Stay," the motion actually does not seek relief from the automatic stay. Rather, the motion only seeks an order confirming that the automatic stay does not apply, with respect to actions the IAA wishes to take to obtain possession of the Property, based on Bankruptcy Code sections 362(b)(10) and 541(b)(2). The Court construes the IAA's motion as limited to only seeking an order confirming that the automatic stay does not apply, with respect to actions the IAA wishes to take to obtain possession of the Property, based on Bankruptcy Code sections 362(b)(10) and 541(b)(2). Because the Court rejects the IAA's interpretation of sections 362(b)(10) and 541(b)(2), the IAA's motion must be denied. It follows that the automatic stay does apply, and it prevents the IAA from taking any action to enforce the State Court Decision to dispossess the Debtor of the Property. Counsel for the IAA conceded during the hearing that this is so, if, as the Court has now ruled, section 362(b)(10) does not apply. The Court does not construe the IAA’s present Motion as seeking relief from the automatic stay, for example, based on any of the provisions of Bankruptcy Code section 362(d). To the extent the IAA attempted, in its reply brief, or during the hearing on the motion, to broaden its motion to include seeking relief from stay, or to argue that its motion actually sought relief from stay in the first place, the Court rejects this attempt. The motion itself, to which the Debtor filed its written response, clearly did not seek relief from the automatic stay. And the Court agrees with the Debtor that it would be unfair and inappropriate for the Court to allow the motion to be transformed into one seeking relief from stay. That would deprive the Debtor of a full and fair opportunity to file a written response to such a request for relief. There is an additional reason that counsels against the Court allowing the IAA's present motion to slide into one seeking stay relief. The question of whether the Court should grant relief from the automatic stay, to permit the IAA to obtain possession of the Property at this time, is not a simple one. Rather, it is a difficult and complex question, potentially involving several disputed issues that the parties have not yet fully briefed. It is fair and appropriate for the Court to require the parties to flesh these issues out by briefing and arguing them in the context of a new motion. The complexity of the stay relief question arises, in part, because the Debtor has an appeal pending in the Indiana courts that could result in a reversal of the State Court Decision that the lease terminated, such that the lease would no longer be deemed terminated. If the Debtor were to lose possession of the Property now, that could quickly ruin the Debtor's hotel business and destroy any chance of a successful reorganization, so that any later success by the Debtor in its state court appeal would be a useless victory. But if the automatic stay remains in place, the IAA may have valid arguments that some form of adequate protection must be ordered, to protect its ownership interest in the Property while the Debtor's state court appeal proceeds. For all of these reasons, but especially because of the way the motion is worded, the Court construes the present motion as not seeking relief from the automatic stay. And it follows that the Court's denial of the present motion will not preclude the IAA from filing a new motion that expressly seeks relief from the automatic stay. A full-text copy of the Court's Opinion dated June 18, 2018 is available at: http://bankrupt.com/misc/mieb18-45185-47.pdf About Indiana Hotel Equities Indiana Hotel Equities, LLC, is a real estate company whose principal assets are located at 2500 S. Highschool Road, Indianapolis, Indiana. Indiana Hotel Equities sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-45185) on April 10, 2018. In the petition signed by Remo Polselli, principal, the Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of less than $500,000. Judge Thomas J. Tucker presides over the case. The Debtor tapped Robert Bassel, Esq., as its legal counsel. JOHN HULL TRUCKING: Taps Karpan and White as Legal Counsel ---------------------------------------------------------- John Hull Trucking, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Karpan and White P.C. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Margaret White, Esq., the attorney who will be handling the case, charges an hourly fee of $250. Paralegals charge $95 per hour. Ms. White disclosed in a court filing that she neither holds nor represents any interest adverse to the Debtor's estate. The firm can be reached through: Margaret M. White, Esq. Karpan and White P.C. 1920 Thomes Avenue, Suite 610 Cheyenne, WY 82001 Phone: (307) 637-0143 Fax: (307) 637-0477 E-mail: mmw@karpanwhite.com About John Hull Trucking John Hull Trucking, LLC, is a cargo and freight company in Powell, Wyoming. John Hull Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 18-20494) on June 18, 2018. In the petition signed by Merrill John Hull, member, the Debtor disclosed $234,850 in assets and $1,438,319 in liabilities. Judge Cathleen D. Parker presides over the case. JP MORGAN 2018-7FRB: Fitch to Rate Class B-5 Certs 'Bsf' -------------------------------------------------------- Fitch Ratings expects to rate J.P. Morgan Mortgage Trust 2018-7FRB (JPMMT 2018-7FRB) as follows: -- $465,949,000 class A-1 exchangeable certificates 'AAAsf'; Outlook Stable; -- $465,949,000 class A1-IO Notional exchangeable certificates 'AAAsf'; Outlook Stable; -- $465,949,000 class A-1A exchangeable certificates 'AAAsf'; Outlook Stable; -- $441,425,000 class A-2 certificates 'AAAsf'; Outlook Stable -- $441,425,000 class A2-IO notional certificates 'AAAsf'; Outlook Stable; -- $441,425,000 class A-2A exchangeable certificates 'AAAsf'; Outlook Stable -- $24,524,000 class A-3 certificates 'AAAsf'; Outlook Stable; -- $24,524,000 class A3-IO notional certificates 'AAAsf'; Outlook Stable; -- $24,524,000 class A-3A exchangeable certificates 'AAAsf'; Outlook Stable; -- $9,074,000 class B-1 certificates 'AAsf'; Outlook Stable; -- $8,583,000 class B-2 certificates 'Asf'; Outlook Stable; -- $3,188,000 class B-3 certificates 'BBBsf'; Outlook Stable; -- $1,472,000 class B-4 certificates 'BBsf'; Outlook Stable; -- $981,000 class B-5 certificates 'Bsf'; Outlook Stable. Fitch will not be rating the following class: -- $1,226,270 class B-6 certificates. KEY RATING DRIVERS High-Quality Mortgage Pool (Positive): The collateral pool consists of high quality, 30-year post-rate reset interest only (IO) adjustable rate mortgages to borrowers with strong credit profiles and low leverage. The pool has a weighted average (WA) FICO score of 761 and an original combined loan-to-value (CLTV) ratio of 61.5%. The collateral attributes of the pool are stronger than the non-conforming loans typically seen in JPMMT transactions due to fewer loans with lower FICO and higher LTV tails and more loans with liquid reserves. Low Operational Risk (Positive): The operational risk is well controlled in this transaction. All loans were originated by First Republic Bank which has as an 'above average' originator assessment from Fitch. The 100% compliance review performed by a third-party due diligence firm confirmed a sound loan origination process. The underlying representation and warranty (R&W) framework (classified by Fitch as tier '3') coupled with First Republic (RPS2-) as servicer, also contributes to the low operational risk for this transaction. In addition, the aggregator, JP Morgan has a long operating history of aggregating mortgage loans and has as an "above average" aggregator assessment by Fitch. The low operational risk resulted in a 32-bp reduction in the 'AAAsf' expected loss. Strong Performance (Positive): All of the loans have been current for the past 36 months as evidenced by the clean pay strings provided to Fitch. Historically, performance for First Republic originated loans has been very strong even for its peak vintage production, at just 0.83% defaults to date, which is well below the industry average. As a result of the strong performance of the pool, Fitch reduced its 'AAAsf' expected loss by 129 bps. Geographic Concentration (Concern): Approximately 65% of the pool is concentrated in California. The largest MSA concentration is in the San Francisco MSA (38.8%) followed by the New York MSA (22.3%) and Los Angeles MSA (10.8%). The top three MSAs account for approximately 71.8% of the pool. This resulted in a PD concentration adjustment of 1.26x and an increase in the AAAsf expected loss of 48 bps. To further mitigate geographic concentration, idiosyncratic and catastrophic risk, Fitch applied loss floors at all rating categories. The loss floors increased the expected loss generated by Fitch's U.S. RMBS Loan Loss model by 150bps. Tier 3 Representation and Warranty Framework (Concern): Fitch believes the value of the representation and warranties (R&W) framework is diluted by qualifying and conditional language in conjunction with sunset provisions, which reduces lender breach liability. While Fitch believes the high credit-quality pool and clean diligence results mitigate these risks, the agency considered the weaker framework in its analysis, which resulted in an addition of 9 bps to the 'AAAsf' loss. Product Type (Concern): The pool consists of Interest Only ARMs and three-, five- and seven-year hybrid ARMs, which are all past their initial reset date. At origination, 84% of the pool was paying interest only (currently 72% is paying interest only). A payment shock of 2.5x was applied to the pool to reflect these loans' additional risk. Channel (Positive): All of the loans were originated through First Republic Bank's retail channel, which Fitch views positively. Loans originated directly by the lending institution traditionally have performed better than correspondent and broker loans. Non-Owner Occupied (Concern): Approximately 35% of the pool is non-owner occupied (21% investor properties and 14% second homes). Due to the speculative nature of investor properties and higher likelihood of default, Fitch increases the probability of default (PD) for these loans. Straightforward Deal Structure (Positive): The mortgage cash flow and loss allocation are based on a senior-subordinate, shifting-interest structure, whereby the subordinate classes receive only scheduled principal and are locked out from receiving unscheduled principal or prepayments for five years. The lockout feature helps maintain subordination for a longer period should losses occur later in the life of the deal. The applicable credit support percentage feature redirects subordinate principal to classes of higher seniority if specified credit enhancement (CE) levels are not maintained. To mitigate tail risk, which arises as the pool seasons and fewer loans are outstanding, a subordination floor of 1.50% of the original balance will be maintained for the senior certificates. Repurchase of Loans Affected by Natural Disasters (Positive): JPMorgan Chase has ordered property inspections for the properties located in the areas affected by natural disasters. All the property inspections have come back showing that the properties have not sustained damage. JPMorgan Chase will repurchase or drop the loan from the final pool if damages exceed $1. RATING SENSITIVITIES Fitch's analysis incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper market value declines (MVDs) than assumed at the MSA level. The implied rating sensitivities are only an indication of some of the potential outcomes and do not consider other risk factors that the transaction may become exposed to or may be considered in the surveillance of the transaction. Three sets of sensitivity analyses were conducted at the state and national levels to assess the effect of higher MVDs for the subject pool. This defined stress sensitivity analysis demonstrates how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10%, 20% and 30%, in addition to the model-projected 8.0%. The analysis indicates that there is some potential rating migration with higher MVDs, compared with the model projection. KELLER OUTDOOR: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Keller Outdoor Lawn Maintenance, LLC as of June 25, according to a court docket. About Keller Outdoor Keller Outdoor Lawn Maintenance, LLC, and Keller Outdoor Environmental Services, LLC, are privately held companies in Sanford, Florida that provides lawn & garden services to buildings and dwellings. Keller Outdoor Lawn Maintenance and Keller Outdoor Environmental Services concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-02958 and 18-02961, respectively) on May 18, 2018. In the petitions signed by Daniel Munoz, manager, Keller Outdoor estimated $1 million to $10 million in assets and liabilities, and Keller Environmental estimated less than $1 million in assets and $1 million to $10 million in liabilities. Latham, Shuker, Eden & Beaudine, LLP is serving as the Debtors' counsel. LENNAR CORP: CACC Suit Stayed Pending Resolution of Bankr. Case --------------------------------------------------------------- Upon the stipulation for stay made by and between Relator Citizens Against Corporate Crime, LLC and defendant Lennar Corporation, District Judge Troy L. Nunley stays the case captioned Citizens Against Corporate Crime, LLC, as Relator, Plaintiff, v. Lennar Corporation and Does 1 through 100, inclusive, Defendants, Case No. 2:18-cv-01269-TLN-DB (E.D. Cal.) pending resolution of Delaware bankruptcy proceedings. On Feb. 24, 2017, Relator commenced this action by filing under seal a complaint in the Superior Court of the State of California, County of Sacramento captioned Citizens Against Corporate Crime, LLC v. Lennar Corporation and Does 1 Through 100, Case No. 34-2017-00208469. CACC filed under seal a First Amended Complaint in the State Court Action on Oct. 24, 2017. On May 17, 2018, Lennar timely filed a Notice of Removal with this Court. Among other things, the Notice of Removal notified the Court that Relator's claims arise in, arise under, and relate to the prior jointly administered Chapter 11 bankruptcy cases of LandSource Communities Development LLC and certain of its affiliates captioned In re LandSource Communities Development LLC et al., Case No. 08-11111 (Bankr. D. Del.) The Notice of Removal informed the Court that Lennar intended to "promptly file" in the bankruptcy court a Motion to Reopen the Chapter 11 Cases for the Limited Purpose of Enforcing the Injunction and Release in the Chapter 11 Plan. On May 18, 2018, Lennar commenced proceedings in Delaware by filing a Motion to Reopen the Chapter 11 Bankruptcy Cases for the Limited Purpose of Enforcing the Injunction and Release in the Debtors' Joint Chapter 11 Plan and Confirmation Order and attached to its Motion to Reopen a [Proposed] Motion to Enforce the Injunction and Release in the Debtors' Joint Chapter 11 Plan and Confirmation Order. The parties agreed it would save judicial resources and avoid the risk of inconsistent results in parallel proceedings to allow the Delaware Bankruptcy Court an opportunity to hear and rule on Lennar's Motion to Reopen before proceedings in this Court (if any) should proceed. A full-text copy of the Court's Order dated June 4, 2018 is available at https://bit.ly/2ljwztY from Leagle.com. Citizens Against Corporate Crime, LLC, a Wyoming limited liability company, Plaintiff, represented by Robert Edward Barnes -- barneslaw@barneslawllp -- Barnes Law & Vincent Renda, Renda Law Offices, PC. Lennar Corporation, a Delaware Corporation, Defendant, represented by Daniel M. Petrocelli -- dpetrocelli@omm.com -- O'Melveny and Myers LLP, Megan K. Smith -- megansmith@omm.com -- O'Melveny and Myers LLP & David Marroso -- dmarroso@omm.com -- O'Melveny and Myers LLP. About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, was involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. LandSource and 20 of its affiliates filed for Chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors were represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. was the financial advisor, and Kurtzmann Carson Consultants served as notice and claims agent. In August 2009, following confirmation of its Barclays-backed Chapter 11 reorganization plan, LandSource Communities Development LLC emerged from Chapter 11 reorganization as Newhall Land Development LLC. LIGHTSQUARED INC: Bank Debt Trades at 16% Off --------------------------------------------- Participations in a syndicated loan under which LightSquared Incorporated is a borrower traded in the secondary market at 83.83 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.98 percentage points from the previous week. LightSquared Incorporated pays 875 basis points above LIBOR to borrow under the $1.5 billion facility. The bank loan matures on June 16, 2020. Moody's gave no rating to the loan and Standard & Poor's gave no rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. LUKE'S LOCKER: Needs More Time to Have Plan Confirmed ----------------------------------------------------- Luke's Locker Incorporated asks the U.S. Bankruptcy Court for the Eastern District of Texas to extend until Sept. 15, 2018, its deadline to confirm a plan of reorganization. The current exclusivity deadline for LLI to confirm a plan under Section 1121(c)(3) of the U.S. Bankruptcy Code is July 22, 2018. As reported by the Troubled Company Reporter on April 26, 2018, the Debtor asked the Court for extension of the deadline to confirm a plan by 90 days, to July 22, 2018. The TCR reported on June 11, 2018, that the requested extension was granted. On Feb. 20, 2018, LLI filed its Plan and its Disclosure Statement under 11 U.S.C. Section 1125. The hearing to consider the Disclosure Statement is set for July 2, 2018, and, if the Court approves the Disclosure Statement at the July 2, 2018 hearing, LLI expects it will be able to confirm the Plan by the end of August. The Debtor says that because the Disclosure Statement has not yet been approved by the Court and will not be considered by the Court until July 2, 2018 hearing, it is not possible for LLI to confirm a plan of reorganization within the current deadline. A copy of the Debtor's request is available at: http://bankrupt.com/misc/txeb17-40126-325.pdf About Luke's Locker Inc Luke's Locker Incorporated, owner of Luke's Locker fitness and running stores in Texas, and its affiliates sought Chapter 11 protection (Bankr. E.D. Tex. Lead Case No. 17-40126) on Jan. 24, 2017. In the petitions signed by Matthew Lucas, president and CEO, Luke's Locker estimated $1 million to $10 million in assets and liabilities. The cases are assigned to Judge Brenda T. Rhoades. Melissa S. Hayward, Esq., at Franklin Hayward LLP, in Dallas, serves as the Debtors' counsel. Joseph Sullivan serves as chief restructuring officer. The Debtor tapped Rosen Systems, Inc., to sell surplus assets by auction. No trustee or examiner has been appointed in the Debtors' cases. M/I HOMES: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' corporate credit rating on M/I Homes Inc. The outlook is stable. S&P said, "We also affirmed our 'BB-' issue-level rating on the company's senior unsecured debt. Our recovery rating on the senior notes remains '2', indicating our expectations for a substantial recovery (70%-90%; rounded estimate: 85%) to noteholders in the event of a default. "Our rating affirmation represents our view of MHO's strong revenue growth, which we expect to continue over the next 12 months spurred by the acquisition of Detroit-based Pinnacle Homes in March 2018 for $101 million. A 13.5% increase in homes closed in 2017 has pushed EBITDA higher, incrementally improving credit measures. While we expect debt to EBITDA to improve to below 4x over the next 12 months, which we view as strong for the rating, leverage measures as well as profitability (EBITDA margins of 9%-10%, return on capital of 11%-12%) remain slightly weaker versus 'BB-' rated peers such as KB Home (KBH; BB-/Stable/--) and Tri Pointe Group Inc. (TPH; BB-/Stable/--). MHO is also smaller by revenues than these peers, and operates in fewer markets than KBH. "The stable outlook reflects our expectation for solid demand in the U.S. housing market with the backdrop of broader economic and job growth, wage growth, and tight housing inventory. It also reflects our expectation for stable organic growth from MHO due to growing community count and incrementally stronger sales absorption, in addition to the integration of Pinnacle Homes, to result in roughly 15% revenue growth in 2018. We expect the cash flow from operations deficit to be larger in 2018 than the prior year as the company invests in land for future growth and will increase the use of its revolving facility, but that it will maintain leverage of 3.5x-4x. "Although we consider it less likely than a potential upgrade over the next 12 months, we could lower the ratings if MHO pursues a much more aggressive debt-financed land buying or acquisitive growth strategy causing debt to EBITDA to rise above 5x or debt to capital above 60%. Alternately, we could also consider a lower rating if a slowdown in MHO's markets cause home sales to materially slow and pricing power to erode (new home sales 20% below our baseline forecast and adjusted gross margins materially below 18%), resulting in EBITDA interest coverage dropping to 2x. "We could raise the rating if MHO successfully integrates the Pinnacle acquisition, continues to expand organically and increase market penetration in both new and legacy markets. We expect MHO's profitability to be more in line with peer homebuilders at the 'BB-' rating, specifically for adjusted gross homebuilding margins of at least 22% and overhead expense ratio below 12% of total revenues. In addition, we expect leverage to be sustained below 4x." MAJESTIC PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Majestic Properties of Tennessee aw Empire Real Estate Holdings. Inc. 2041 Winchester Memphis, TN 38116 Business Description: Majestic Properties of Tennessee is a privately held real estate company whose principal assets are located at 3675 Riverdale Memphis, TN; 982 Jackson Memphis TN 38107; 3779 Station Way Memphis; 3756 Station Way; and 38115 Memphis, TN 38125. The company previously sought protection from creditors on Feb. 21, 2017 (Bankr. W.D. Tenn. Case No. 17-21584). Chapter 11 Petition Date: June 25, 2018 Case No.: 18-25261 Court: United States Bankruptcy Court Western District of Tennessee (Memphis) Judge: Hon. George W. Emerson Jr. Debtor's Counsel: Ted I. Jones, Esq. JONES & GARRETT LAW FIRM AN ASSOCIATION OF ATTORNEYS 2670 Union Ave., Ext, Suite 1200 Memphis, TN 38112 Tel: (901) 526-4249 Fax: (901) 525-4312 E-mail: dtedijones@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50,000 to $100,000 The petition was signed by Roshundra Henderson, member. The Debtor lists Shelby County Trustee as its sole unsecured creditor, holding a claim of $100,000. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/tnwb18-25261.pdf MARBLE MASTERS: Hires William A. Amos PC as Accountant ------------------------------------------------------ Marble Masters of Middle Georgia, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire William A. Amos, PC, as accountant. Services to be rendered by the accountant are: a. assist with the preparation of income and other tax returns required by taxing agencies and other tasks requested by the Debtor; b. provide analytical and consulting services, if appropriate; c. assist with financial reporting and file monthly reports required by the Bankruptcy Court; d. perform other services as would be customarily performed by an accountant. William A. Amos will charge $250 per hour for his services. William A. Amos attests that his firm and its accountants are disinterested persons as that term is defined in 11 U.S.C. Sec. 101(14) and represent and hold no interest adverse to the interest of the estate. The accountant can be reached through: William A. Amos, CPA William A. Amos, PC 925 Carroll Street Perry, GA 31069 Phone:(478) 224-3672 Fax: (478) 224-4683 About Marble Masters of Middle Georgia Marble Masters of Middle Georgia, Inc., d/b/a ISD Cabinets & Supply -- https://www.marblemasters.com/ -- specializes in the installation, restoration and maintenance of marble, granite, and quartz surfaces for residential and commercial clients. Headquartered in Warner Robins, Georgia, the Company handles new construction or makeover projects. Marble Masters sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 18-50891) on May 11, 2018. In the petition signed by Neil D. Suggs, managing member, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in debt. The Hon. Austin E. Carter presides the case. Wesley J. Boyer, Esq., at Boyer Law Firm, L.L.C., is the Debtor's counsel. MEADOWBROOK COAL: Seeks to Hire Cunningham Chernicoff as Counsel ---------------------------------------------------------------- Meadowbrook Coal Company, Inc., filed an amended application with the U.S. Bankruptcy Court for the Middle District of Pennsylvania seeking approval to hire Cunningham Chernicoff & Warshawsky, P.C., as counsel. Meadowbrook Coal requires Cunningham Chernicoff to: a. give the Debtor legal advice regarding its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare and file on behalf of the Debtor, as Debtor-in- Possession, the original Petition and Schedules, and all necessary applications, complaints, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor, as Debtor- in-Possession, which may be necessary. Cunningham Chernicoff will be paid at these hourly rates: Partners $200 to $350 Associates $150 to $200 Paralegals $100 In the year prior to the filing of this Petition, the Debtor paid the sum of $770, all of which was paid in the period immediately prior to the filing of the Petition. Cunningham Chernicoff will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert E. Chernicoff, a partner at Cunningham Chernicoff & Warshawsky, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Cunningham Chernicoff can be reached at: Robert E. Chernicoff, Esq. CUNNINGHAM CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About Meadowbrook Coal Company Meadowbrook Coal Company, Inc., is a distributor of coal and other minerals and ores. Michael Coal Company is an anthracite strip mining power plant contract work company, located in Tremont, Schuylkill, Pennsylvania. Kimmel's Mining is engaged in coal mining. Meadowbrook Coal Company, Inc., based in Lykens, PA filed a Chapter 11 petition (Bankr. M.D. Pa. Lead Case No. 18-02506) on June 12, 2018. The Hon. Robert N. Opel II (18-02506), Hon. John J. Thomas (18-02507 and 18-02509), and Hon. Henry W. Van Eck (18-02510) preside over the case. In the petitions signed by Scott Kimmel, president, the Debtors estimated $0 to $50,000 in assets and $10 million to $50 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham Chernicoff & Warshawsky, P.C., serves as bankruptcy counsel to the Debtors. MIDCOAST OPERATING: S&P Assign 'B+' CCR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'B+' corporate credit rating to Midcoast Operating L.P. The outlook is stable. At the same time, S&P assigned a 'B+' corporate credit rating to AL Midcoast GP Holdings, LLC and AL Midcoast LP Holdings, LLC. The outlooks are stable. S&P said, "We also assigned our 'BB‐' issue‐level rating and '2' recovery to the $600 million term loan due 2025. The '2' recovery rating indicates that the lenders can expect substantial recovery (70%‐90%; rounded estimate: 75%) in the event of a payment default. "Our 'B+' corporate credit rating on Midcoast reflects our assessment of a weak business risk profile and aggressive financial risk profile. Midcoast operates a natural gas gathering, processing, and transportation businesses located in East Texas, North Texas, and the Anadarko Basin. It has approximately 11,200 miles of natural gas gathering and transportation pipelines, 2,075 million cubic feet per day (MMcf/d) of natural gas processing capacity and 1,330 MMcf/d of treating capacity. Additionally, Midcoast owns a 35% equity interest in the Texas Express NGL pipeline and gathering system (consisting of over 700 miles of natural gas liquid [NGL] pipelines and other NGL infrastructure). Texas Express Pipeline LLC (TEP) transports NGLs from the DJ, Anadarko, and Fort Worth basins to Mt. Belvieu, Texas. "The stable outlook reflects our expectation that the partnership will maintain adequate liquidity and an adjusted debt to EBITDA ratio in the 3.0x to 4.0x range through 2019." A negative rating action could occur if consolidated adjusted debt to EBITDA is sustained above 5x. This could occur if the logistics and marketing business underperforms or if gathering and processing volumes are materially lower than expected. Higher ratings are unlikely given the partnership's limited scale and high level of commodity price exposure. S&P could consider higher ratings if the partnership diversifies into other basins and increases the percentage of fee‐based cash flows while maintaining credit metrics as current levels. MOUNTAIN CREEK: Has Until Sept. 4 to Solicit Acceptances of Plan ---------------------------------------------------------------- The Hon. Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey has extended, at the behest of Mountain Creek Resort, Inc., and its debtor-affiliates, the period during which the Debtors have the exclusive right to solicit votes on a Chapter 11 plan by approximately 90 days, from June 6, 2018, through and including Sept. 4, 2018. As reported by The Troubled Company Reporter on May 24, 2018, the Debtors sought the extension, saying that it will facilitate a successful reorganization for the benefit of all stakeholders, in light of the Debtors' ongoing discussions with key stakeholders regarding resolutions of the various objections to their current Plan. The Debtors filed the Plan on March 13, 2018, prior to the expiration of the Exclusive Plan Filing Period. However, the Debtors have not yet commenced the solicitation process. About Mountain Creek Resort Mountain Creek Resort, Inc., owns and operates the Mountain Creek Resort, a four-season resort located in Vernon, New Jersey. The Resort is the New York/New Jersey Metro area's closest ski resort with 167 skiable acres on four mountain peaks, 1,040 vertical feet, 46 trails, and 11 lifts. The Resort also operates and manages the Appalachian Hotel and the Black Creek Sanctuary townhomes. Mountain Creek Resort, Inc., and five affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 17-19899) on May 15, 2017. The cases are pending before the Honorable Judge Stacey L. Meisel, and jointly administered. Mountain Creek estimated $10 million to $50 million in assets and debt. The Debtors hired Lowenstein Sandler LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as business consultant and investment banker; and Prime Clerk LLC as claims and noticing agent. On May 24, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Trenk, DiPasquale, Della Fera & Sodono, P.C., is the Committee's bankruptcy counsel. MUNN WORKS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Munn Works, LLC 150 N. Macquesten Parkway Mount Vernon, NY 10550 Business Description: Based in Mount Vernon, New York, Munn Works, LLC -- https://munnworks.com -- manufactures fine mirrors and framed artwork specifically for the hospitality industry. In addition to its domestic partners, Munn Works maintains overseas production capability with on-site MunnWorks employees. Chapter 11 Petition Date: June 25, 2018 Case No.: 18-22972 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Jonathan S. Pasternak, Esq. DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP One North Lexington Avenue White Plains, NY 10601 Tel: (914) 681-0200 Fax: (914) 684-0288 E-mail: jpasternak@ddw-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Max Munn, manager. 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/nysb18-22972.pdf MURRAY ENERGY: Bank Debt Trades at 6% Off ----------------------------------------- Participations in a syndicated loan under which Murray Energy is a borrower traded in the secondary market at 94.25 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.58 percentage points from the previous week. Murray Energy pays 650 basis points above LIBOR to borrow under the $1.7 billion facility. The bank loan matures on April 10, 2020. Moody's rates the loan 'B3' and Standard & Poor's gave a 'CC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. NATURE'S BOUNTY: $1.5-Bil. Bank Debt Trades at 7% Off ----------------------------------------------------- Participations in a syndicated loan under which Nature's Bounty is a borrower traded in the secondary market at 93.19 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 3.95 percentage points from the previous week. Nature's Bounty pays 350 basis points above LIBOR to borrow under the $1.5 billion facility. The bank loan matures on September 30, 2024. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. NATURE'S BOUNTY: $400-Mil. Bank Debt Trades at 20% Off ------------------------------------------------------ Participations in a syndicated loan under which Nature's Bounty is a borrower traded in the secondary market at 80.38 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 3.27 percentage points from the previous week. Nature's Bounty pays 775 basis points above LIBOR to borrow under the $400 million facility. The bank loan matures on September 30, 2025. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. NELSON FOUNDRY: Foreclosure Auction of Queens Lot on July 27 ------------------------------------------------------------ Craig D. Zim, Esq., as Referee, will sell at public auction at the Queens County Supreme Courthouse, 88-11 Sutphin Blvd., in Courtroom # 25, Jamaica, NY on July 27, 2018 at 10:00 a.m., the premises designated as Block 316 and Lot 1, and known as 11-01 33RD AVENUE, QUEENS, NY. The Premises will be sold subject to provisions of a Judgment of Foreclosure and Sale entered herein on May 2, 2018, in the case is, NYCTL BROWNFIELD LLC AND THE BANK OF NEW YORK MELLON, AS COLLATERAL AGENT AND CUSTODIAN, Plaintiffs -against- NELSON FOUNDRY, INC., et al Defendant(s), pending before the Queens County Supreme Court. The approximate amount of lien is $8,484,157 plus interest and costs. Attorney(s) for Plaintiffs: Phillips Lytle LLP 28 East Main Street, Suite 1400 Rochester, NY 14614 NEW HOPE: To Pay Unsecured Creditors in Full Over 52 Months ----------------------------------------------------------- New Hope Behavioral Health Center, Inc., submits a disclosure statement related to its plan of reorganization dated June 15, 2018. Class 6 under the plan consists of the Allowed Unsecured Claims of Creditors of New Hope. New Hope will pay the Class 6 Claims by making monthly payments over a period of 52 months until paid in full. Class 6 Claimants will receive payment of 100% of their Allowed Claims. This class is impaired. The Debtor will retain control of its assets and use its income and contributions to make the payments. New Hope has operated profitably while in bankruptcy and continues to be engaged in the business of providing behavioral health services to the greater Mesa community. The profit and loss statement shows that after paying all necessary business expenses--including certain administrative expenses related to attorneys' fees and quarterly trustee's fees which will conclude shortly after confirmation of the Plan--New Hope has had a net profit of approximately $272,603.38 over the past year. This amounts to monthly net income of $22,716.95. New Hope anticipates that future years will result in significantly higher net income because New Hope will not incur attorneys' fees and quarterly trustee's fees through the bankruptcy. Based on its profit and loss statement for June 2017 through May 2018 and its 2018-2023 projections, New Hope anticipates that on a monthly basis it will generate more than enough to meet its payment obligations over the course of the Plan and pay 100% of all claims. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/azb2-13-14261-332.pdf About New Hope New Hope Behavioral Health Center, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 13-14261) on Aug. 19, 2013, estimating its assets at up to $50,000 and its liabilities at between $500,001 and $1 million. James M. McGuire, Esq., at Davis Miles McGuire Gardner, PLLC, serves as the Debtor's bankruptcy counsel. NIGHTHAWK ENERGY: No Competing Bids Against Polaris by Deadline --------------------------------------------------------------- Nighthawk Energy plc, the US-focused oil development and production company on June 26 provided an update on the sale process pursuant to Section 363 of the US Bankruptcy Code. Following the 22 June 2018 deadline for submission of competing proposals to the Polaris Production Partners LLC 'stalking-horse' bid proposal, the Company confirms that no additional bids were received and accordingly that it has cancelled the auction previously scheduled for 26 June 2018. The US bankruptcy court ("Court") will conduct a hearing to approve the sale of those assets to the stalking horse bidder ("Sale") on June 28, 2018, at which time the Company will advise that no objections to the sale were received by the same June 22 deadline. Closing is expected to occur on or around July 1, 2018. The Company received no viable or formal proposals for a restructuring or a recapitalization of the Company. The net proceeds of a Sale are to be applied first in reduction of the CBA loan and in payment of allowed expenses of administration incurred in the course of the Chapter 11 cases. It is expected that the Sale will yield no residual value for shareholders, whose interests are subordinated by U.S. bankruptcy law to the claims of creditors and expenses of administration. The Company expects to issue a further update following the final Court hearing on June 28, 2018. Following completion of a Sale it is the Directors' intention that the Company shall be wound up, and its remaining, non-operating assets liquidated under provisions of the US Bankruptcy Code. Annual Report and Suspension The Company notifies that, in light of the processes, it will not be in position to notify and publish its audited annual accounts for the year ended 31 December 2017 ("2017 Accounts") by June 29, 2018. The Company's securities remain suspended on AIM pursuant to the announcement dated May 1, 2018. About Nighthawk Energy Nighthawk Energy -- http://www.nighthawkenergy.com/-- is an independent oil and natural gas company operating in the Denver-Julesburg (DJ) Basin of Colorado, USA. The Debtors are the direct and ultimate parent entities of non-debtors Nighthawk Production LLC and OilQuest USA, LLC. The sole or primary operating entity of the Debtors is Nighthawk Production, an oil and gas exploration company which is organized under Delaware law and based in Denver, Colorado. Production's principal business activity is the exploration for, as well as the development and sale of, hydrocarbons, operating solely in the state of Colorado where it holds interests in over 150,000 net mineral acres in and around Lincoln County. Nighthawk's common shares are publicly listed on the London Stock Exchange (LSE:HAWK). Nighthawk Royalties LLC and Nighthawk Energy each filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 18-10989) on April 30, 2018. The petitions were signed by Rick McCullough, president. The case is assigned to Judge Brendan Linehan Shannon. At the time of filing, Debtor Nighthawk Royalties estimated at least $50,000 in assets and $10 million to $50 million in liabilities, while debtor Nighthawk Energy estimated $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. The Debtors retained by Greenberg Traurig, LLP as counsel; SSG Advisors, LLC as Investment Banker; and JND Corporate Restructuring as claims agent. OCWEN LOAN: Moody's Rates Sec. Bank Credit Facility Due 2024 'B3' ----------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to Ocwen Loan Servicing LLC's senior secured bank credit facility due 2024. Ocwen Financial Corporation's Caa1 corporate family rating, Caa2 senior secured rating, Caa2 senior unsecured rating and negative rating outlook are unchanged by the new transaction. Ocwen Loan Servicing LLC is a wholly-owned subsidiary of Ocwen Financial Corporation. RATINGS RATIONALE The B3 rating assigned to the new facility reflects Ocwen's fundamental credit profile and the facility's relative priority in Ocwen's capital structure. Ocwen's financial profile is challenged by limited opportunities available in its core market, credit impaired residential mortgage servicing. In addition, the market for new transfers of credit impaired servicing is much smaller as delinquencies continue to rapidly decline. The negative rating outlook reflects Moody's expectation that the company's profitability will remain constrained in 2018 as servicing as well as legal and monitoring costs are expected to remain elevated. The company's capital levels will continue to decline until the company is able to curtail losses which will not occur until legal and regulatory expenses decline significantly. Ocwen's outlook could return to stable if the company is able to achieve sustainable profitability. The ratings could be upgraded in the event 1) the net income to total assets is above 1.0% and 2) TCE to tangible assets rises, and remains above 10.0%. Ocwen's ratings could be downgraded in the event that regulatory action or litigation materially restricts the company's business activities, or harms its franchise and reputation, or the company is subject to additional regulatory or legal action resulting in material fines or judgments. Ocwen Financial, a publicly-traded company (NYSE: OCN), is a provider of residential and commercial loan servicing, special servicing and asset management services with headquarters in West Palm Beach, Florida. ONE HIT WONDER: Seeks to Hire Mushkin Cica as General Counsel ------------------------------------------------------------- One Hit Wonder Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ Mushkin Cica Coppedge, as general reorganization counsel to the Debtor. One Hit Wonder requires Mushkin Cica to: a. prepare on behalf of Debtor, as debtor in possession, all necessary or appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; b. take all necessary or appropriate actions in connection with a plan of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; c. take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against Debtor, the negotiation of disputes in which Debtor is involved, and the preparation of objections to claims filed against Debtor's estate; and d. perform all other necessary legal services in connection with the prosecution of the Chapter 11 Case. Mushkin Cica will be paid at these hourly rates: Attorneys $250 to $650 Paraprofessionals $195 to $250 Prior to the Petition Date, Mushkin Cica received a retainer in the sum of $10,000, plus the filing fee, less wire fees, for legal services in connection with the Debtor's prepetition planning and preparation, filing and administration of its Chapter 11 Case. Of this sum, Mushkin Cica billed and was paid the sum of $5,257 prior to the Petition Date, inclusive of the filing fee for the bankruptcy case, and Mushkin Cica currently holds as a security retainer the remainder sum of $6,460. Mushkin Cica will also be reimbursed for reasonable out-of-pocket expenses incurred. Dawn M. Cica, shareholder of Mushkin Cica Coppedge, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Mushkin Cica can be reached at: Dawn M. Cica, Esq. MUSHKIN CICA COPPEDGE 4495 S. Pecos Rd. Las Vegas, NV 89121 Tel: (702) 386-3999 Fax: (702) 454-3333 About One Hit Wonder Holdings One Hit Wonder Holdings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 18-12920) on May 18, 2018, estimating under $1 million in both assets and liabilities. Dawn M. Cica, Esq, at Mushkin Cica Coppedge, serves as counsel to the Debtor. ORANGE ACRES: Needs More Time to Solicit Acceptances of Plan ------------------------------------------------------------ Orange Acres Ranch Homeowners Association, Inc., asks the U.S. Bankruptcy Court for the Middle District of Florida to extend until July 20, 2018, the exclusivity period for solicitation of acceptances of the Debtor's reorganization plan. The Debtor assures the Court that the request for extension is not submitted for purposes of delay and the Debtor submits that the relief requested in this motion will not prejudice any party. A copy of the Debtor's request is available at: http://bankrupt.com/misc/flmb17-04326-111.pdf As reported by the Troubled Company Reporter on March 19, 2018, the Court previously extended, at the behest of the Debtor, the exclusive periods during which only the Debtor can file a plan of reorganization and solicit acceptance of plan through and including March 27, 2018, and May 29, 2018, respectively. On April 3, 2018, the Debtor filed its Plan of Reorganization under Chapter 11 of the U.S. Bankruptcy Code. The TCR reported on May 10, 2018, the Court issued an order conditionally approving the Debtor's disclosure statement. About Orange Acres Ranch Homeowners Orange Acres Ranch Homeowners Association, Inc., is listed as a Florida Not For Profit Corporation, which owns and operates a mobile home park known as Orange Acres Ranch. The Park consists of 210 lots, including 73 unimproved lots. The Park amenities include a clubhouse and swimming pool. Orange Acres Ranch Homeowners Association filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-04326) on May 18, 2017. The petition was signed by Brent Geary, its president. At the time of filing, the Debtor estimated assets and liabilities of $1 million to $10 million. The case is assigned to Judge Michael G. Williamson. The Debtor is represented by Scott A. Stichter, Esq., at Stichter Riedel Blain & Postler, P.A. PALMAZ SCIENTIFIC: AIC Bid to Dismiss Trustee Suit Tossed --------------------------------------------------------- Bankruptcy Judge Craig A. Gargotta denied Defendant Admiral Insurance Co.'s motion to dismiss the case captioned MILO H. SEGNER, JR., Liquidating Trustee of the Palmaz Scientific Litigation Trust, v. ADMIRAL INSURANCE CO., et al., Adversary No. 17-05027-CAG (Bankr. W.D. Tex.). In 2016, PSI filed bankruptcy under chapter 11 of the Bankruptcy Code. Pursuant to Debtor's plan of reorganization, which was confirmed by the Court on July 15, 2016, and became effective on August 12, 2016, the Palmaz Scientific Litigation Trust was created and the Litigation Trustee was appointed to pursue causes of action for breaches of fiduciary duty against former officers and directors of PSI ("D&O Claims"). On July 27, 2016, the Litigation Trustee sent a notice of claim letter to several former director and officers of PSI outlining potential claims and causes of action he believed may be brought against them for, among other things, breaches of fiduciary duty. The Litigation Trustee also sent his notice of claim letter to the Defendants. On October 27, 2016, Admiral sent counsel for the former officers and directors a reservation of rights letter, which claimed that no coverage would exist under the D&O policies. Specifically, Admiral denied coverage based on an "insured-versus-insured exclusion" contained in the Admiral Policy (the "Exclusion"). As a result of Admiral's denial of coverage, the Litigation Trustee filed a Complaint for Declaratory Judgment, and subsequently an Amended Complaint for Declaratory Judgment asking the Court to determine whether the Exclusion applies to the Litigation Trustee. Specifically, the Court must determine whether the Litigation Trustee is an "Insured" under the terms of the Admiral Policy. Defendant Admiral filed this Motion to Dismiss arguing that the Litigation Trustee has failed to state a claim which is not cognizable as a matter of law. Applying the plain language of the Exclusion, Defendants argue that the Litigation Trustee's Lawsuit is barred by the Exclusion because the Trustee's lawsuit is "on behalf of," or "in the right of" any Insured. Defendants maintain that the Litigation Trust Agreement assigned the D&O Claims to the Litigation Trustee, and as an assignee, the Litigation Trustee stands in the same position as PSI with respect to the D&O Claims. Moreover, because the Litigation Trustee is asserting derivative claims, and derivative claims belong to the corporation, the Litigation Trustee, as a direct assignee of PSI, is asserting PSI's claims against the directors and officers. Consequently, given that the D&O Claims were assigned by PSI to the Litigation Trustee, the Litigation Trustee's D&O Claims are brought "on behalf of or in the right of" the Insured (PSI) and are barred by the Exclusion. Defendants cite to two cases which hold that claims assigned by an "insured" are barred by an "insured-versus-insured exclusion": Niemuller v. Nat'l Union Fire Ins. Co., No. 92 Civ. 0070 (SS), 1993 WL 546678, (S.D.N.Y Dec. 30, 1993); Great Am. Ins. Co. v. Primo, 512 S.W.3d 890 (Tex. 2017). The Court holds that neither Niemuller nor Primo implicate the same type of transfer of assets involved in this case. Here, the transfer of the Litigation Trust Assets, which is defined to include the D&O Claims, was accomplished by way of the Litigation Trust Agreement, which is incorporated by the Plan. The Court recognizes that the language of the Litigation Trust Agreement uses assignment language. The Court, however, would be remiss to ignore the circumstances under which the Plan and incorporated documents were negotiated. The Litigation Trust Agreement was drafted and executed in the context of a chapter 11 bankruptcy for purposes of confirming the Plan. It is not unreasonable to interpret the "assignment" of the Litigation Trust Assets, not as a contractual assignment as those in Niemuller and Primo, but rather as a vesting of assets from one entity to another entity to otherwise accomplish the effect of section 1141(b), which automatically vests all property of the estate in the debtor unless the plan or order confirming the plan provides otherwise. Moreover, the vesting of the Litigation Trust Assets to the Litigation Trust was accomplished so that the Litigation Trustee could pursue the Litigation Trust Assets. To hold that vesting of Litigation Trust Assets in the Litigation Trust was a contractual assignment as those depicted in Primo and Niemuller ignores the context in which the Litigation Trust was executed, the functioning of section 1141(b), and the purpose of the Litigation Trust. As such, the Court does not agree that the assignment language contained in the Litigation Trust Agreement is sufficient for deeming this Litigation Trustee as an assignee for purposes of the Exclusion. A full-text copy of the Court's Memorandum Opinion dated June 4, 2018 is available at https://bit.ly/2K2QGui from Leagle.com. Milo H Segner, Plaintiff, represented by Sean J. McCaffity, Sommerman, McCaffity & Quesada, LLP. Admiral Insurance Co., Defendant, represented by Thomas M. Spitaletto -- thomas.spitaletto@wilsonelser.com -- Wilson Elser Moskowitz Edelman & Dicker LLP. Colony Insurance Company, Defendant, represented by Ronald Hornberger -- rhornberger@pg-law.com -- Plunkett Griesenbeck & Mimari, Inc., Erica Kerstein, White and Williams LLP & Erica J. Kerstein -- kersteine@whiteandwilliams.com -- White and Williams, LLP. Allied World Assurance Company, Defendant, represented by Michael A. Balascio -– mbalascio@barrassousdin.com -- Barrasso Usdin Kupperman Freeman & Sarve. Federal Insurance Company, Defendant, represented by L. Kimberly Steele -- kimberly.steele@clydeco.us. -- Clyde & Co US LLP. Hiscox Insurance Company, Defendant, represented by Wade Caven Crosnoe -- wcrosnoe@thompsoncoe.com -- Thompson Coe Cousins & Irons, LLP. John Asel, Intervenor, represented by Andy Taylor -- ataylor@andytaylorlaw.com -- Andy Taylor & Associates, P.C. Julio Palmaz, Intervenor, represented by Caroline Newman Small -- csmall@dslawpc.com -- Davis & Santos, P.C. Steven Solomon, Intervenor, represented by Thomas M. Melsheimer -- tmelsheimer@winston.com -- Winston & Strawn LLP. About Palmaz Scientific Headquartered in San Antonio, Texas, Palmaz Scientific is a research and development company dedicated to the advancement of the technology and science of medical implants. Palmaz Scientific Inc., Advanced Bio Prosthetic Surfaces, Ltd., ABPS Management, LLC and ABPS Venture One, Ltd., filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Case Nos. 16-50552, 16-50555, 16-50556 and 16-50554, respectively) on March 4, 2016. In the petitions signed by Eugene Sprague as director, the Debtors estimated both assets and liabilities of $10 million to $50 million. The cases are assigned to Judge Craig A. Gargotta. The Debtors have engaged Norton Rose Fulbright US LLP as counsel, Groff & Rothe as accountants, and Upshot Services LLC as noticing agent. PARKWAY RADIOLOGY: Bid For Exclusive Plan Filing Extension Granted ------------------------------------------------------------------ The Hon. Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland has granted Parkway Radiology, LLC's request to extend the exclusivity period during which only the Debtor can file a Chapter 11 plan. As reported by the Troubled Company Reporter on May 29, 2018, the Debtor asked the Court to extend through and including June 22, 2018, the exclusive period during which only the Debtor can file a plan. The deadline for the Debtor to file a Plan of Reorganization and Disclosure Statement was May 18, 2018. The Debtor said that the request is intended to provide time for the two potential purchasers to determine if they wish to move forward with the purchase of the Debtor as a going concern. More specifically, West Virginia University Healthcare walked through and toured the facility on May 17, 2018. Furthermore, Washington Open MRI inquired through Exit Strategies regarding the potential purchase of the Debtor. Additionally, extending the exclusive period is particularly necessary given the two potential purchasers have either just walked through the business, or have just expressed interest in purchasing the business. About Parkway Radiology Parkway Radiology LLC is a privately owned radiology center in Washington County, Maryland. Parkway Radiology offers both the Fonar Upright Multi-Position MRI and the 3.0 Tesla. Parkway Radiology LLC, based in Hagerstown, MD, filed a Chapter 11 petition (Bankr. D. Md. Case No. 18-10737) on Jan. 18, 2018. In the petition signed by Dr. Ajay K. Goyal, managing member, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Lori S. Simpson presides over the case. Robert L. Kline, III, Esq., at Kline Law Group, serves as bankruptcy counsel. PAUL'S AUTO CENTERS: July 25 Plan Confirmation Hearing ------------------------------------------------------ Judge Harlin D. Hale of the U.S. Bankruptcy Court for the Northern District of Texas issued an order conditionally approving the disclosure statement explaining the Chapter 11 plan filed by Paul Auto Centers, LTD. July 25, 2018 at 2:00 P.M. is fixed as the date of hearing on the final approval of the disclosure statement and on the confirmation of plan of reorganization. During the chapter 11 case, the debtor reduced its inventory significantly. Going into the case, the debtor knew that it needs to reduce its rental vehicle inventory by about 20%. Therefore, shortly after filing, it applied to the Court and received permission to sell some of its inventory. The debtor has completed these sales resulting in a reduction of the inventory by about 20%. It also resulted in a substantial reduction in the secured debt owed by the debtor on the inventory. General unsecured creditors are classified in Class 10 and will be paid $500 per month beginning on the 15th day of the month following the Effective Date. Estimated percent of claim paid is 100%. Payments and distribution under the plan will be funded by the current and future operations of the debtor. A full-text copy of the Disclosure Statement dated June 8, 2018 is available at: http://bankrupt.com/misc/txnb17-34657-11-62.pdf About Paul's Auto Centers Paul's Auto Centers, Ltd., operator of an automobile leasing and sales business, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-34657) on Dec. 12, 2017. Paul Hamiter, its authorized representative, signed the petition. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Harlin Dewayne Hale presides over the case. Lusky & Associates, P.C, is the Debtor's counsel. PBF ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to BB+ ------------------------------------------------------------ Egan-Jones Ratings Company, on June 11, 2018, upgraded the foreign currency and local currency senior unsecured rating on debt issued by PBF Energy Inc. to BB+ from BB. Headquartered in Parsippany-Troy Hills, New Jersey, PBF Energy, Inc. are a petroleum refiner and supplier of unbranded transportation fuels, heating oils, lubricants, petrochemical feed stocks, and other petroleum products. PETROLEUM TOWERS: Sale of Properties Delays Plan Filing ------------------------------------------------------- Petroleum Towers - Cotter, LLC, asks the U.S. Bankruptcy Court for the Western District of Texas to extend the exclusivity deadlines in this case for periods of approximately 60 days, being until July 31, 2018, for the filing of the Debtor's Chapter 11 plan and Sept. 30, 2018, for obtaining acceptances of the Plan. The Debtors' initial Exclusive Filing Period and Exclusive Solicitation Period are set to expire on May 31, 2018, and July 30, 2018, respectively. The Debtor assures the Court that it filed this case in good faith to facilitate being able to make critical repairs to the Petroleum Towers properties and to obtain a reasonable amount of time to adequately market the properties for sale without the urgency that may have been imposed by a pending ad valorem tax suit. The Debtor's rents were not sufficient to enable it to complete these critical repairs, while also maintaining its full debt service payments. The Debtor's representative decided to sell multiple Cotter-owned properties, and engaged Cushman & Wakefield U.S., Inc., as broker to handle the sales of the San Antonio and Houston area properties. The Petroleum Towers properties were among the properties which were the subject of the listing agreement. The Debtor therefore filed this case to enable it to have sufficient cash flow to meet the critical needs of the buildings, provide its tenants with essential and necessary services, and to obtain the time needed to sell the properties in a manner that will ensure a fair price and allow the Debtor to pay its debts in an orderly fashion. The Debtor has been working with Broadway on the use of cash collateral to continue operating the building until the closing of a sale occurs. Further, the Debtor has commenced making monthly interest payments on its loan with Broadway as contemplated by 11 U.S.C. Section 362(d)(3), and believes it can continue to do so until the properties are sold. C&W marketed the properties utilizing methods designed to obtain the highest and best offer for the properties. While the higher bids are not currently sufficient to pay all of the ad valorem taxes and secured mortgage indebtedness, the Debtor's representatives continue to work towards obtaining an offer which would pay the claims in full. The Debtor says it is making progress towards achieving its goal of selling the properties to pay as much of the debt as possible. Further, the Debtor is exploring the possibility of seeking a substantive consolidation of this Estate with other pending cases involving Cotterowned real estate in an effort to increase the equity available to pay allowed claims in this case. The largest group of creditors in the case is comprised of the Debtor's tenants who have claims for their security deposits. The Debtor anticipates funding a tenant security deposit account at closing out of the proceeds from the sale of the properties, which would serve two purposes: (a) to enable the buyer to acquire the property with the security deposits intact; and (b) to facilitate payment of the tenants' security deposit claims without having to unnecessarily involve the tenants in a plan confirmation process. The Debtor states that the extension is not sought for purposes of delay. The Debtor continues to pay its obligations, post-petition, as they become due. The Debtor has reasonable prospects for filing and obtaining confirmation of a viable plan in this case, particularly if this Estate is substantively consolidated with others involving Cotter-owned properties. The Debtor is not using an extension of the exclusivity period as a means to pressure creditors to submit to the Debtor's reorganization demands. Nor is Debtor seeking an extension to create a "delay that makes creditors the hostage" of the Debtor. To the contrary, Debtor's representatives have noted consistently the desire to pay all creditors holding allowed claims in this case. According to the Debtor, the only means available for it to pay the creditors in this case is by utilizing the proceeds from the sale of the Petroleum Towers properties. The asset is a significant asset, and creditors cannot be paid until it is sold. The Debtor is seeking the extensions, in part, for the purpose of finalizing a purchase and sale agreement with the winning bidder, seeking court approval of the sale, getting the sale through the feasibility and due diligence phase of the contract, and closing the sale. The Debtor's representative is seeking an offer that would result in sales proceeds sufficient to allow payment of creditors holding secured claims against the properties in full at closing, and allow payment of the tenant security deposit claimants (who comprise 45% of the total number of creditors in the case) at closing through the funding of a security deposit account to be transferred to the buyer. This would effectively result in payment of approximately 98% of the amount of projected undisputed claims in this case at closing, without having to involve the creditors in a plan confirmation process. Thereafter, the Debtor would anticipate being able to propose a plan that does not impair any creditor holding an allowed claim, thereby greatly streamlining the plan confirmation process. The Debtor's representative has asked counsel to prepare a motion to substantively consolidate this case with at least one other case presently pending in this District. Substantive consolidation would increase the amount of equity available to pay allowed claims in this case. Many of the creditors of this Bankruptcy Estate are also creditors of the Alamo Towers Bankruptcy Estate. The later estate appears to have a sizable amount of equity based upon offers received to date for the Alamo Towers properties. The Debtor's counsel has spoken to counsel for three of the largest unsecured creditors holding claims in both Estates who advised that they would support substantive consolidation of this case with other cases involving Cotterowned properties. Extension of the exclusivity dates would prevent the Debtor from potentially having to incur the cost of filing a plan and disclosure statement that would ultimately have to be withdrawn because such plan would not account for all of the assets and liabilities of a potential substantively consolidated bankruptcy estate. A copy of the Debtor's request is available at: http://bankrupt.com/misc/txwb18-50197-42.pdf About Petroleum Towers - Cotter Petroleum Towers - Cotter, LLC, is the owner of the twin 8-story Petroleum Towers located at 8626/8700 Tesoro Dr. San Antonio, Texas. The Towers -- http://www.cotteroffices.com/portfolio-type/petroleum-towers-- feature parking space, quick access to major arteries, close proximity to hotels, restaurants, retailers and business services, 24/7 card-key building access, and an on-site management and maintenance team. Petroleum Towers - Cotter filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-50197) on Feb. 1, 2018. In the petition signed by Marcus P. Rogers, Ind. Adm. of the Estate of James F. Cotter, Dec'd, the Debtor estimated assets and liabilities at $10 million to $50 million. The case is assigned to Judge Ronald B. King. The Office of H. Anthony Hervol is the Debtor's bankruptcy counsel. PETSMART INC: Bank Debt Trades at 17% Off ----------------------------------------- Participations in a syndicated loan under which Petsmart Incorporated is a borrower traded in the secondary market at 83.00 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.70 percentage points from the previous week. Petsmart Incorporated pays 300 basis points above LIBOR to borrow under the $4.246 billion facility. The bank loan matures on March 10, 2022. Moody's rates the loan 'B3' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. PF ROOSEVELT: S&P Suspends BB+ Rating on 2014A Housing Bonds ------------------------------------------------------------ S&P Global Ratings has suspended its 'BB+' long-term rating on the Public Finance Authority, Wis.' series 2014A multifamily housing revenue bonds, issued for PF Roosevelt LLC N.Y. (Roosevelt Gardens Apartments, Fla.). S&P Global Ratings also removed the rating from CreditWatch, where the issue was placed with negative implications on March 30, 2018. This action follows repeated attempts by S&P Global Ratings to obtain timely information of satisfactory quality to maintain the rating on the security in accordance with its applicable criteria and policies. PF Roosevelt LLC failed to post audited financial 2017 information to EMMA (Electronic Municipal Market Access) last February, in violation of its continuing disclosure agreement and SEC Rule 15c2-12. The agreement calls for the organization to post audited information on an annual basis. The organization still has not provided the information. S&P said, "Continued failure to receive the requested information will likely result in our withdrawal of the affected rating, preceded, in accordance with our policies, by any change to the rating that we consider appropriate given available information. However, if we receive information that we consider sufficient and of satisfactory quality, we will conduct a review and take a rating action." PH GRINDERS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of PH Grinders, LLC as of June 25, according to a court docket. About PH Grinders PH Grinders, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 18-14696) on May 30, 2018, estimating under $1 million in assets and liabilities. Lee M. Kutner, Esq., at Kutner Brinen, P.C., is the Debtor's counsel. POINT.360: Hearing on Bid For Exclusivity Extension Set for July 5 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California has scheduled for July 5, 2018, at 10:00 a.m. the hearing to consider Point.360's request for extension of the exclusivity periods for filing a Chapter 11 Plan and Disclosure Statement and solicitation of acceptance of the Debtor's plan. As reported by the Troubled Company Reporter on June 14, 2018, BankruptcyData.com reported that the Debtor asked the Court to extend the exclusivity period for filing a Chapter 11 Plan and Disclosure Statement and to grant a 90-day extension of the Debtor's plan acceptance exclusivity period, pursuant to 11 U.S.C. Section 1121(d) thus extending the plan acceptance exclusivity period to Oct. 5, 2018. While the Debtor was working toward profitability in 2017, the Debtor received a 3-day notice to pay rent or quit for its Media Center facility on Oct. 6, 2017. The Debtor also settled an unlawful detainer filed by REEP-OFC 2300 Empire CA LLC related to the Empire facility resulting in REEP’s claim for $915,996.90. The Debtor intends to retain the Media Center facility as a component of the reorganized business and assume the Media Center lease under the Plan. Consequently, Debtor was required to file its Chapter 11 petition on Oct. 10, 2017, to maintain its core operating facilities and implement its reorganization plan through the Chapter 11 process. The Debtor's post-petition period was dominated by the need to preserve and maintain customer and employee relationships impacted by the chapter 11 filing and concurrently fully close and transition operations from its Empire facility without disrupting workflow. The transition out of Empire required substantial technical service work to maintain computer network and server equipment. The Debtor completed its transition out of the Empire facility as needed to preserve its opportunity to resolve and eliminate the REEP claim. In addition to business burdens, the Debtor duly addressed all legal issues arising from filing its Chapter 11 case. Medley moved for adequate protection with an initial hearing set for Jan. 11, 2018. The matter was continued to Feb. 7, 2018, and granted on a limited basis, without replacement liens as demanded by Medley. The Court entered its order on the Medley adequate protection motion on April 30, 2018. A claims bar date was set for Jan. 31, 2018, and 82 claims have been filed to date, with certain claims withdrawn or amended. The Debtor's significant liabilities, disputed and undisputed, are summarized as follows: 1. Medley: $6,477,565. 2. Austin: $2,475,676. 3. REEP: $915,997. 4. General unsecured creditors: approximately $1.9 million. 5. HWAY, LLC: $803,923.13. On March 22, 2018, the Office of the U.S. Trustee appointed an Official Committee of Creditors Holding Unsecured Claims. The Committee requested various books and records from the Debtor and Debtor has accordingly responded to the Committee's requests for information and has met with the Committee as requested. The Debtor also negotiated interim resolutions of executory lease issues. The Debtor obtained stipulations for 90-day extensions of time to assume or reject real property leases pursuant to 11 U.S.C. Section 365(d)(4) with lessors LEAFS Properties, L.P., regarding the Media Center facility and HWAY, LLC (an affiliate of Mr. Bagerdjian) for the Hollywood Way facility. These real property leases are now being assumed under the pending Plan. In connection with investigating claims arising from the MVF transaction, the Debtor moved for and obtained an order authorizing the issuance of a subpoena for the production of discovery documents produced in related Superior Court litigation under Federal Rule of Bankruptcy Procedure. An objection was received to the subpoena which is under review. The Debtor filed a complaint against Medley and Deloitte Transactions and Business Analytics, LLP, for damages arising from the MVF transaction asserting claims for intentional and negligent misrepresentations, concealment, subordination of and objection to Medley's claims and the recharacterization of Medley's debt as equity. The Medley Complaint remains pending before the Court at this time as adversary proceeding number 2:18-ap-01141 WB. The Debtor moved for and obtained an extension of the Debtor's plan filing exclusivity periods and the Court's deadline to file a plan. The Debtor's plan filing exclusivity period and Court imposed plan filing deadline both expired on May 8, 2018. The Debtor met the May 8, 2018 deadline by timely filing its concurrently pending Disclosure Statement and Plan. The Debtor's Plan provides for unimpaired treatment of the Medley claims, thus allowing the Debtor and other creditors to realize the benefit of various Medley contract terms. The Debtor will sell surplus equipment acquired in the MVF transaction and pay such proceeds to general unsecured creditors, in addition to paying a monthly plan payment. Any proceeds from the Medley Complaint will further supplement creditor distributions. The Debtor believes that unsecured creditors could realize as much as much as 100% of their claims over their three-year Plan period. The Debtor timely filed its Disclosure Statement and Plan on May 8, 2018. The Debtor set its disclosure statement for hearing on the Court's first available self-calendar hearing date that was the minimum 42-day period after the filing date. That date is within days of the expiration of the Debtor's plan acceptance exclusivity period, but plan acceptance cannot possibly occur within the current exclusivity deadline. The Debtor's current Plan acceptance exclusivity period expires on July 7, 2018. If amendments are required to the Debtor's Disclosure Statement, additional time may be required. Maintaining plan acceptance exclusivity for an additional 90 days will facilitate moving the case forward toward a fair and equitable resolution. A 90-day extension will advance the plan acceptance exclusivity period to Oct. 5, 2018. The Debtor assures the Court that it is in full compliance with all of its duties under 11 U.S.C. Sections 521, 1106 and 1107 and all applicable guidelines of the Office of the U.S. Trustee, including all Monthly Operating Reports. A copy of the Debtor's request for extension is available at: http://bankrupt.com/misc/cacb17-22432-255.pdf About Point.360 Point.360 (PTSX) -- http://www.point360.com/and http://www.mvf.com/-- is an integrated media management services company providing film, video and audio post-production, archival, duplication and data distribution services to motion picture studios, television networks, independent production companies and multinational companies. The Company provides the services necessary to edit, master, reformat and archive its clients' audio, video, and film content, which include television programming, feature films, and movie trailers. On July 8, 2015, Point.360 acquired the assets of Modern VideoFilm to expand the Company's service offering. The Company also rents and sells DVDs and video games directly to consumers through its Movie-Q retail stores. The Company is headquartered in Los Angeles, California. Point.360 filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-22432) on Oct. 10, 2017. In the petition signed by Haig S. Bagerdjian, the Company's Chairman, President and CEO, the Debtor disclosed total assets of $11.14 million and total debt of $14.77 million as of March 31, 2017. The Hon. Julia W. Brand is the case judge. The Debtor hired Lewis R. Landaue, Esq., as bankruptcy counsel; TroyGould PC, as transactional counsel; Daniel P. Hogan, Attorney-at-Law, as special litigation counsel; GlassRatner Advisory & Consulting Group, LLC as financial consultant; and Holthouse Carlin & Van Trigt LLP as accountant. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on March 22, 2018. The Committee retained Brinkman Portillo Ronk, APC, as its legal counsel. PREGIS HOLDING I: Moody's Affirms B3 CFR, Outlook Stable -------------------------------------------------------- Moody's Investors Service affirmed the B3 Corporate Family Rating and B3-PD Probability of Default Rating of Pregis Holding I Corporation ("Pregis"). In addition, Moody's assigned a B2 rating to the proposed $50 million First Lien Revolving Credit Facility due 2021 and upgraded the existing First Lien Term Loan to B2 from B3. This is following their announcement that the company will extend the maturity on its revolver to 2021 as well as issue a proposed $90 million add-on to the existing 1st Lien Term Loan and issue a proposed $100 million 2nd Lien Term Loan (not rated by Moody's). The rating on the existing First Lien Revolving Credit Facility due 2019 will be withdrawn upon completion of this transaction. The ratings outlook remains stable. The proceeds will be used for an acquisition (undisclosed) as well as pay fees and expenses associated with the transaction. Upgrades: Issuer: Pregis Holding I Corporation Senior Secured 1st Lien Bank Credit Facilities, Upgraded to B2 (LGD3) from B3 (LGD3) Assignments: Issuer: Pregis Holding I Corporation Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3) Outlook Actions: Issuer: Pregis Holding I Corporation Outlook, Remains Stable Affirmations: Issuer: Pregis Holding I Corporation Probability of Default Rating, Affirmed B3-PD Corporate Family Rating, Affirmed B3 RATINGS RATIONALE The affirmation of the CFR and stable outlook reflects an expectation of continued growth in e-commerce and the anticipated benefits of the proposed acquisition and various initiatives. The proposed acquisition will be bring an enhanced product line as well as more geographic diversity and a platform for cross selling. Pregis is also expected to benefit from various cost cutting and productivity initiatives. Despite pro forma leverage of approximately 6.7 times, the company is expected to restore credit metrics to a level commensurate with the rating category within 12 to 18 months. Pregis' credit profile is constrained by high leverage, modest scale and significant exposure to the cyclical protective packaging market. Additionally, the company lacks long-term contracts with cost pass-through mechanisms and has a limited geographic exposure. Protective packaging materials, such as sheet foam and bubble wrap, account for 70% of the company's revenue. Many of its protective packaging products are commoditized with significant price competition. The company does not have long-term contracts with most customers and therefore does not have the protection of raw material cost pass-through provisions. Pregis's sales are concentrated in the relatively stable, mature but competitive North American market. Pregis' credit profile benefits from an installed base of packaging equipment that utilizes the company's packaging materials and some exposure to certain faster growing segments. The company provides the equipment for free and sells the packaging material for use in the equipment. This "razor/razor blade" model for the packaging systems business generates recurring revenues and cash flows. Packaging material consumables associated with the installed base of packaging equipment account for approximately 37% of sales (44% pro forma) and have a better growth profile than the packaging materials segment due to growth in e-commerce. Pregis also benefits from some customer diversity (the top 10 customers account for approximately 20% of sales) and significant market positions in many of its products. Pregis' adequate liquidity is characterized by expected modest free cash flow and a revolver that is small for pro forma revenue. Moody's expects the company to have positive free cash flow but the proposed $50 million revolver that expires on March 2021 is considered small relative to pro forma revenue. Historically, the company also used the revolver for acquisitions. Pregis typically builds working capital in the first half and releases it at the end of calendar year. The term loan amortization is approximately $5 million a year and the facility has an excess cash flow sweep. There are no near-term maturities. The revolving credit facility has a springing first lien net leverage ratio covenant which applies whenever the outstanding balance on the revolver is greater than 30% of the aggregate principal amount of the revolving commitments of all lenders. The covenant steps down every quarter from 6.75 times in June 2018 to 5.00 times in September 2020. The company is expected to remain in compliance with the covenant over the next 12 months. All assets are encumbered by the secured credit facilities. The next debt maturity is the revolver in 2021. The stable outlook reflects expectations that Pregis will continue to execute on its integration and operating plans and allocate free cash flow to debt reduction. Moody's could upgrade the rating if the company is able to sustainably improve credit metrics within the context of a stable operating and competitive environment and maintain good liquidity. Specifically, ratings could be upgraded if debt to EBITDA declined to below 5.5 times, funds from operations to debt maintained at above 8.5% and improve EBITDA to interest expense coverage to over 3.0 times. Moody's could downgrade the company's rating if credit metrics weaken, liquidity deteriorates and/or the operating and competitive environment worsens. Acquisitions entailing significant financial or integration risk could also jeopardize the rating. Specifically, the ratings or outlook could be downgraded if funds from operations to debt is below 6%, debt to EBITDA remains above 6.25 times, and/or EBITDA to interest expense falls below 2.0 times. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass, and Plastic Containers published in May 2018. Pregis Ultimate Holding Corporation is a manufacturer of protective packaging materials and equipment through its main operating subsidiary Pregis LLC (Pregis). Deerfield, Illinois-based Pregis produces sheet foam, bubble wrap, engineered foam, adhesive films for automotive, consumer products, electronics, furniture, housing/construction industries in its manufactured product segment. Pregis also provides packaging equipment that uses its packaging materials. Pregis has 14 manufacturing plants in North America (including one in Mexico) and primarily focuses on the North American market. The primary raw material is polyethylene resin with approximately 5% of sales from paper products. Pregis had sales of approximately $536 million for the 12 months ended March 31, 2018 with the majority of sales to distributors. The company does not publicly disclose information. The sponsor is Olympus Partners. QUEENS LODGE 1001: Queens Property Up for Auction on July 20 ------------------------------------------------------------ Darice Guzman Piotrowski, Esq., as Referee, will sell at public auction at the Queens County Supreme Courthouse, 88-11 Sutphin Blvd., in Courtroom # 25, Jamaica, NY on July 20, 2018 at 10:00 a.m. the premises known as 122-10 Sutphin Boulevard, Queens, NY, Block 12045 Lot 10. The Premises will be sold subject to provisions of a Judgment of Foreclosure and Sale dated September 29, 2017 and entered on October 12, 2017, in the case, NYCTL 1998-2 TRUST and THE BANK OF NEW YORK MELLON as Collateral Agent and Custodian for the NYCTL 1998-2 TRUST, Plaintiffs -against- QUEENS LODGE 1001 I.B.P.O. ELKS OF THE WORLD, INC., et al. Defendant(s), pending before the Queens County Supreme Court. The approximate amount of lien is $9,407.27 plus interest and costs. Attorney(s) for Plaintiffs: Darice Guzman Piotrowski, Esq. SEYFARTH SHAW LLP 620 Eighth Avenue New York, NY 10018 RIVER HACIENDA: Creditors File Competing Chapter 11 Plan -------------------------------------------------------- River Road Properties, LLC; Carroll Properties, LLC; Villas at Hacienda Del Sol Condominium Association, Inc. ("HOA"); Foothills Legacy, LLC; Maxwell Real Estate Holdings, L.L.C.; JJ 2498, LLC; and Gambel's Oak, LLC -- Creditors of River Hacienda Holings, LLC -- filed a plan of reorganization and accompanying disclosure statement on June 18, 2018. The Creditors here seek to essentially: * Confirm a state court judgment that the Debtor may not manage the Villas entry drive, * Allow the Offices Owners to jointly manage the common areas as a condominium association; * End litigation among the Creditors, Debtor, David Mason and others; * Treat claims of all creditors fairly, including full payment of all non-insider creditors other than Office Owners; and * Treat the Debtor's owner -- David Mason -- fairly, despite his history of treating the entities paying for the Villas entry drive and Offices Common Areas as his personal, perpetual income stream without any rights. The Creditors each owns an office building located within the 16-lot office complex known as Offices at Hacienda Del Sol. Carroll Properties also owns a condominium in a residential condominium housing community known as the Villas at Hacienda Del Sol. John Carroll is president of the Board of the HOA. The Offices and Villas are part of a mixed-use development located near the intersection of River Road and Hacienda Del Sol Road in Tucson. Access to the development is provided by a common road. The Offices maintain adjacent parking in its common areas. The Villas has its own, separate common parking. The HOA and Carroll Properties along with several other Office owners are Plaintiffs in a lawsuit pending in Pima County Superior Court entitled Villas at Hacienda Del Sol Condominium Association, et al. v. River Hacienda Holdings, LLC and David Mason, No. C20163400. The principal and sole owner of RHH is David Mason. The Lawsuit alleges that RHH collected assessments from Homeowners in the Villas by falsely claiming it was the Declarant under the Second Amendment to the Declaration and Establishment of Protective Covenants, Conditions and Restrictions and Grant of Easements, recorded August 15, 2002 as amended ("Villas CC&Rs"). The Lawsuit also alleges that RHH acted as Declarant under separate authority given by the Declaration and Establishment of Protective Covenants, Conditions and Restrictions, recorded February 7, 2003, as amended ("Office CC&Rs") to collect more than it was entitled to collect from Office building Owners. The Lawsuit seeks damages against RHH for a variety of claims involving misrepresentations, misuse of funds, overcharges, restitution, fraud, and breach of contract. Total damages sought are approximately $700,000, plus treble damages where applicable for the Villas. Under the Creditors Plan, Class 4 unsecured claims concerning the Villas entry drive is in an estimated amount $120,645.00. The judgment determining the Debtor is not the Declarant will become final. The claims will be waived in consideration of the Plan treatment. All of the Debtor's rights concerning the Villas property will be assigned to the HOA, which will manage the entry drive. The parties will exchange releases. All pending litigation will be dismissed. Class 5, unsecured claims corcerning the Offices common areas is in an estimated amount of $415,331.58. The claims will be waived in consideration of the Plan treatment. All of the Debtor's rights in the Offices common areas will be assigned to a condominium association formed and controlled by all of the Offices Owners, which will manage the common areas. The parties will exchange releases. All pending litigation will be dismissed. Class 6, non-insured unsecured claims with an estimated amount of $6,110.49 will be paid in full. The Creditors will fund any shortfall of the payments required under the Creditors Plan, including payment of expenses of dministration and non-insider unsecured claims. The state court Judgment on the Villas entry drive will be undisturbed and all rights concerning the entry drive and the Villas Declaration assigned to the HOA, which will manage it. All rights concerning the Offices Common Areas and under the Offices CC&Rs will be assigned to a new condominium association formed by Offices Owners, which will manage the common areas. A full-text copy of the Disclosure Statement dated June 18, 2018, is available at: http://bankrupt.com/misc/azb18-00136-100.pdf The Creditors are represented by: Robert M. Charles, Jr., Esq. Lewis Roca Rothgerber Christie LLP One South Church Avenue, Suite 2000 Tucson, AZ 85701-1611 Tel: (520) 629-4427 Fax: (520) 879-4705 Email: rcharles@lrrc.com River Hacienda Holdings, LLC, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 18-00136) on January 5, 2018, and is represented by Alan R. Solot, Esq. RK & GROUP: Taps DeAnna Moss as Accountant ------------------------------------------ RK & Group Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire DeAnna Moss as its accountant. Ms. Moss will assist the Debtor in the preparation of tax returns; provide audit and assurance services; assist in managing its day-to-day activities; and provide strategic and long-range planning. She will charge a monthly fee of $475. The accountant is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. Ms. Moss maintains an office at: DeAnna Moss P.O. Box 2425 Mt. Pleasant, SC 29465 Phone: 843-606-2349 Fax: 843-388-7188 About RK & Group RK & Group Inc., based in Goose Creek, SC, filed a Chapter 11 petition (Bankr. D.S.C. Case No. 18-02178) on April 30, 2018. In the petition signed by Rhonda L. Kilgore, president, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Hon. John E. Waites presides over the case. Michael R. Drose, Esq., at Drose Law Firm, serves as bankruptcy counsel to the Debtor. RMH FRANCHISE: Committee Hires Bayard PA as Co-Counsel ------------------------------------------------------ The Official Committee of Unsecured Creditors of RMH Franchise Holdings, Inc., and its affiliated debtors seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Bayard, P.A., as co-counsel to the Committee nunc pro tunc to May 24, 2018. The services Bayard will render for the Committee are: (a) in conjunction with Kelley Drye, provide legal advice where necessary with respect to the Committee's powers and duties and strategic advice on how to accomplish the Committee's goals, bearing in mind that the Court relies on Delaware counsel such as Bayard to be involved in all aspects of the bankruptcy proceedings; (b) draft, review and comment on drafts of documents to ensure compliance with local rules, practices, and procedures; (c) assist and advise the Committee in its consultation with the Debtors and the U.S. Trustee relative to the administration of these cases; (d) draft, file, and serve documents as requested by Kelley Drye and the Committee; (e) assist the Committee and Kelley Drye in the investigation of estate assets; (f) assist the Committee and Kelley Drye, as necessary, in the investigation (including through discovery) of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the Debtors' businesses, and any other matter relevant to these cases or to the formulation of a plan or plans of reorganization or liquidation; (g) compile and coordinate delivery to the Court and the U.S. Trustee information required by the Bankruptcy Code, Bankruptcy Rules, Local Rules, and any applicable U.S. Trustee guidelines and/or requests; (h) appeare in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Kelley Drye; (i) monitor the case docket and coordinate with Kelley Drye and Zolfo on matters impacting the Committee; (j) participate in calls with the Committee; (k) prepare, update and distribute critical dates memoranda and working group lists; (l) handle inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these cases and coordinating with Kelley Drye on any necessary responses; and (m) provide additional support to Kelley Drye, Zolfo, and the Committee, as requested. Bayard has advised the Committee that its ordinary hourly rates are: Directors $525 to $750 Associates $350 to $450 Paraprofessionals $265 to $295 Justin R. Alberto $525 Erin R. Fay $500 Evan T. Miller $500 Gregory J. Flasser $375 Larry Morton (paralegal) $295 Erin Hendry (paralegal) $265 Justin R. Alberto, Director at Bayard, P.A., attests that Bayard is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code, and neither he nor his firm represents nor holds an interest adverse to the interests of the Committee, the Debtors or their estates with respect to the matters on which Bayard is to be employed. 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, Justin R. Alberto disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Committee in the 12 months prepetition; and -- the Committee has approved the budget and staffing plan for the period from May 24, 2018 through August 31, 2018. The counsel can be reached through: Justin R. Alberto, Esq. Erin R. Fay, Esq. Evan T. Miller, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Tel: (302) 655-5000 Fax: (302) 658-6395 Email: jalberto@bayardlaw.com efay@bayardlaw.com emiller@bayardlaw.com About RMH Franchise RMH Franchise, headquartered in Atlanta, Georgia -- https://www.rmhfranchise.com/ -- is an Applebee's restaurant franchisee with over 163 standardized restaurants located across 15 states. RMH Holdings is the direct or indirect parent of each of the other Debtors. ACON Franchise Holdings, LLC, a non-debtor, owns 100% of the shares of RMH Holdings. RMH Franchise Holdings, Inc., and certain of its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 18-11092) on May 8, 2018. In the petitions signed by Michael Muldoon, president. At the time of filing, RMH Franchise Holdings estimated assets and liabilities at $100 million to $500 million each. Affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code are NuLnk, Inc. (Bankr. D. Del. Case No. 18-11093), RMH Illinois, LLC (Case No. 18-11094), RMH Franchise Corporation (Case No. 18-11095), and Contex Restaurants, Inc. (Case No. 18-11096). The case is assigned to Judge Brendan Linehan Shannon. Young, Conaway, Stargatt & Taylor, LLP, serves as bankruptcy counsel to the Debtors, and Mastodon Ventures, Inc., is the restructuring advisor. RMH FRANCHISE: Committee Taps Kelley Drye & Warren as Lead Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of RMH Franchise Holdings, Inc., and its affiliated debtors seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Kelley Drye & Warren LLP as lead counsel to the Committee, nunc pro tunc to May 24, 2018. Kelley Drye will render are: (a) advise the Committee with respect to its rights, duties and powers in these cases; (b) assist and advise the Committee in its consultations with the Debtors in connection with the administration of these cases; (c) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (d) assist the Committee in connection with any sale or restructuring of the Debtors' assets; (e) assist the Committee in connection with any proposed chapter 11 plan or other disposition of these cases; (f) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims, including analysis of possible objections to the priority, amount, subordination, or avoidance of claims and/or transfers of property in consideration of such claims; (g) advise and represent the Committee in connection with matters generally arising in these cases, including the Debtors' motion to use cash collateral; (h) appear before this Court, and any other federal, state or appellate court; (i) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, and responses to any of the foregoing; and (j) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Eric R. Wilson, member of the law firm of Kelley Drye & Warren LLP, attests that Kelley Drye is a 'disinterested person' as that term is defined in section 101(14) of the Bankruptcy Code, and neither represents nor holds an interest adverse to the interest of the Committee, the Debtors or their estates with respect to the matters on which Kelley Drye is to be employed. Kelley Drye's standard hourly rates are: Partners $730 to $910 Associates $400 to $750 Paraprofessionals $265 to $280 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, Eric R. Wilson disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Committee in the 12 months prepetition; and -- the Committee has approved the budget and staffing plan for the period of May 24, 2018 through August 31, 2018. The counsel can be reached through: Eric R. Wilson, Esq. Jason R. Adams, Esq. Lauren S. Schlussel, Esq. KELLEY DRYE & WARREN LLP 101 Park Avenue New York, NY 10178 Tel: (212) 808-7800 Fax: (212) 808-7897 E-mail: ewilson@kelleydrye.com jadams@kelleydrye.com lschlussel@kelleydrye.com About RMH Franchise RMH Franchise, headquartered in Atlanta, Georgia -- https://www.rmhfranchise.com/ -- is an Applebee's restaurant franchisee with over 163 standardized restaurants located across 15 states. RMH Holdings is the direct or indirect parent of each of the other Debtors. ACON Franchise Holdings, LLC, a non-debtor, owns 100% of the shares of RMH Holdings. RMH Franchise Holdings, Inc., and certain of its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 18-11092) on May 8, 2018. In the petitions signed by Michael Muldoon, president. At the time of filing, RMH Franchise Holdings estimated assets and liabilities at $100 million to $500 million each. Affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code are NuLnk, Inc. (Bankr. D. Del. Case No. 18-11093), RMH Illinois, LLC (Case No. 18-11094), RMH Franchise Corporation (Case No. 18-11095), and Contex Restaurants, Inc. (Case No. 18-11096). The case is assigned to Judge Brendan Linehan Shannon. Young, Conaway, Stargatt & Taylor, LLP, serves as bankruptcy counsel to the Debtors, and Mastodon Ventures, Inc., is the restructuring advisor. RMH FRANCHISE: Committee Taps Zolfo Cooper as Bankruptcy Consultant ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of RMH Franchise Holdings, Inc., and its affiliated debtors seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Zolfo Cooper, LLC as bankruptcy consultant and financial advisor to the Committee, effective as of May 31, 2018. Services to be rendered by Zolfo Cooper are: (a) advise the Committee regarding any sale of the Debtors' business or assets, including communicating with potential bidders, evaluating bids and attending the sale auction and sale hearing; (b) monitor the Debtors' cash flow and operating performance, including: (i) comparing actual financial and operating results to plans, (ii) evaluating the adequacy of financial and operating controls, (iii) tracking the status of the Debtors'/Debtors' professionals' progress relative to developing and implementing programs such as preparation of a business plan, identifying and disposing of non-productive assets, and other such activities, (iv) preparing periodic presentations to the Committee summarizing findings and observations resulting from Zolfo Cooper's monitoring activities; c) analyze and comment on operating and cash flow projections, business plans, operating results, financial statements, other documents and information provided by the Debtors/Debtors' professionals, and other information and data pursuant to the Committee's request; (d) advise the Committee concerning interfacing with the Debtors, other constituencies and their respective professionals; (e) prepare for and attend meetings of the Committee and subcommittees; (f) analyze claims and perform investigations of potential preferential transfers, fraudulent conveyances, related-party transactions and such other transactions as may be requested by the Committee; (g) analyze and advise the Committee about any proposed Plan of Reorganization of the Debtors, the underlying Business Plan, including the related assumptions and rationale, and the related Disclosure Statement; and (h) provide other services as requested by the Committee. Zolfo Cooper’s hourly rates in effect as of January 1, 2018, are: Managing Directors US $850 - $1,035 Professional Staff US $320 - $850 Support Personnel US $ 70 - $300 Zolfo Cooper’s hourly rates in effect as of July 1, 2018, are: Managing Directors US $940 - $1,075 Professional Staff US $340 - $870 Support Personnel US $ 70 - $310 David McGreevey, managing director of the firm Zolfo Cooper, LLC, attests that Zolfo Cooper is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: David McGreevey Zolfo Cooper, LLC Grace Building 1114 Avenue of the Americas, 41st Floor New York, NY 10036 US Phone: +1 212 561 4000 Fax: +1 212 213 1749 About RMH Franchise RMH Franchise, headquartered in Atlanta, Georgia -- https://www.rmhfranchise.com/ -- is an Applebee's restaurant franchisee with over 163 standardized restaurants located across 15 states. RMH Holdings is the direct or indirect parent of each of the other Debtors. ACON Franchise Holdings, LLC, a non-debtor, owns 100% of the shares of RMH Holdings. RMH Franchise Holdings, Inc., and certain of its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 18-11092) on May 8, 2018. In the petitions signed by Michael Muldoon, president, RMH Franchise Holdings estimated assets and liabilities at $100 million to $500 million. Affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code are NuLnk, Inc. (Bankr. D. Del. Case No. 18-11093), RMH Illinois, LLC (Case No. 18-11094), RMH Franchise Corporation (Case No. 18-11095), and Contex Restaurants, Inc. (Case No. 18-11096). The case is assigned to Judge Brendan Linehan Shannon. Young, Conaway, Stargatt & Taylor, LLP, serves as bankruptcy counsel to the Debtors, and Mastodon Ventures, Inc., is the restructuring advisor. RNY AUSTRALIA: Lender to Auction Off 5 Buildings on July 25 ----------------------------------------------------------- Delphi CRE Funding LLC, as secured party, has declared RNY Australia AC Mezz Borrower LLC in default under a $2,910,000 loan agreement and put RNY's 100% interest in certain entities on the auction block. The Interests serve as collateral under a Mezzanine Loan Agreement dated January 8, 2016, as amended, between RNY Australia AC Mezz Borrower, a Delaware limited liability company; and Delphi CRE Funding, a Delaware limited liability company, evidencing a loan in the original principal amount of $2,910,000. The Loan is also evidenced by a Mezzanine Promissory Note dated January 8, 2016 in the principal amount of $2,910,000 in favor of the Secured Party. RNY Australia has been declared in default of the Loan. Delphi CRE will offer the Collateral for sale to the highest qualified bidder at a public auction, in accordance with Section 9-610 of the Uniform Commercial Code in effect in the State of New York, on July 25, 2018 at 2:00 PM (Eastern Time) at the office of Kasowitz Benson Torres LLP, 1633 Broadway, New York, NY. The Auction to be conducted by Mannion Auctions, LLC by Matthew D. Mannion, NYC DCA Lic. No. 1434494. The Collateral consists of RNY's 100% limited liability company interests in: 1. RA 560 White Plains Road Owner LLC ("RA 560"), the owner of the property known as 560 White Plains Road, Tarrytown, New York; 2. RA 580 White Plains Road LLC ("RA 580"), the owner of the property known as 580 White Plains Road, Tarrytown, New York; 3. RA 6800 Jericho Turnpike LLC ("RA 6800"), the owner of the property known as 6800 Jericho Turnpike, Syosset, New York; 4. RA 6900 Jericho Turnpike LLC ("RA 6900"), the owner of the property known as 6900 Jericho Turnpike, Syosset, New York; and 5. RA 55 CLB LLC ("RA 55"), the ground lessee of the property known as 55 Charles Lindbergh Blvd., Uniondale, New York. For information regarding the requirements to participate in or the terms of the sale, contact the Marketing Agent, Kurt Altvater at 415-772-0448 or kurt.alt@cbre.com The Secured Party reserves the right, in its sole and absolute discretion, to cancel the sale without notice, in its entirety, or to adjourn the sale to a future date. The Collateral is being sold subject to any and all outstanding liabilities of RA 560, RA 580, RA 6800, RA 6900 and RA 55. ROYAL AUTOMOTIVE: Taps Suttle & Stalnaker as Accountant ------------------------------------------------------- Royal Automotive Company and Royal Real Estate, LLC, seek approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to hire Suttle & Stalnaker, PLLC, as its accountant. The firm will assist the Debtors in the preparation of their tax returns; advise the Debtors regarding any proposed sale of their assets; negotiate with creditors; and provide other accounting services. The firm will charge these hourly rates: Robert Newton Member $318 Adina Sobieski Supervisor $169 Elizabeth Liston Secretary $109 Miri Hunter Member $276 Suttle & Stalnaker is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert Newton Suttle & Stalnaker, PLLC 1411 Virginia Street East Charleston, WV 25301 Phone: 304-343-4126 Toll Free: 1-800-788-3844 Fax: 304-343-8008 Email: rnewton@suttlecpas.com About Royal Automotive Company Royal Automotive Company is dealer for new and used cars in Charleston, West Virginia. Royal Real Estate LLC is engaged in activities related to real estate. Royal Automotive Company and Royal Real Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Lead Case No. 18-20218) on May 2, 2018. In the petitions signed by Kelly Smith, president and chief executive officer, the Debtors disclosed that each had estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Judge Frank W. Volk presides over the cases. Marc R. Weintraub, Esq., Kevin W. Barrett, Esq., and J. Zak Ritchie, Esq., at Bailey & Glasser LLP serve as the Debtor's bankruptcy counsel. SANDOVAL FAMILY: Hires First American as Real Estate Broker ----------------------------------------------------------- Sandoval Family Limited Partnership seeks authority from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to hire First American Commercial Property Group as commercial real estate broker to to sell its unimproved property located at 811 Corinne Drive, San Antonio, Texas 78218. Alec Guerra, Designated Realtor of First American, attests that his firm and its personnel have no connection with the Debtor, the Trustee, this Court, or any creditor or party in interest, and First American is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14). The broker can be reached through: Alec Guerra FIRST AMERICAN COMMERCIAL PROPERTY GROUP 18618 Tuscany Stone San Antonio, TX 78258 Phone: (210) 496-7775 Fax: (210) 496-3256 About Sandoval Family LP The Sandoval Family Limited Partnership, based in Boerne, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-51022) on April 30, 2018. In the petition signed by Joseph Sandoval, trustee, The Sandoval Family Trust, general partner, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Craig A. Gargotta presides over the case. Ronald Smeberg, Esq., at Smeberg Law Firm, PLLC, serves as bankruptcy counsel to the Debtor. SEADRILL LTD: Bank Debt Trades at 12% Off ----------------------------------------- Participations in a syndicated loan under which Seadrill Ltd. is a borrower traded in the secondary market at 87.71 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.77 percentage points from the previous week. Seadrill Ltd. pays 600 basis points above LIBOR to borrow under the $1.100 billion facility. The bank loan matures on February 21, 2021. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. SHERIDAN INVESTMENT: Bank Debt Trades at 18% Off ------------------------------------------------ Participations in a syndicated loan under which Sheridan Investment Partners I LLC is a borrower traded in the secondary market at 82.33 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.61 percentage points from the previous week. Sheridan Investment pays 350 basis points above LIBOR to borrow under the $741 million facility. The bank loan matures on October 1, 2019. Moody's rates the loan 'Caa3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. SKILLSOFT CORP: $185MM Bank Debt Trades at 17% Off -------------------------------------------------- Participations in a syndicated loan under which Skillsoft Corporation is a borrower traded in the secondary market at 82.58 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.64 percentage points from the previous week. Skillsoft Corporation pays 825 basis points above LIBOR to borrow under the $185 million facility. The bank loan matures on April 28, 2022. Moody's rates the loan 'Caa3' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. SKILLSOFT CORP: $465MM Bank Debt Trades at 6% Off ------------------------------------------------- Participations in a syndicated loan under which Skillsoft Corporation is a borrower traded in the secondary market at 94.48 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.11 percentage points from the previous week. Skillsoft Corporation pays 475 basis points above LIBOR to borrow under the $465 million facility. The bank loan matures on April 28, 2021. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. SKY-SCAN INC: Taps Next Level's Lisa Giannelli as CFO ----------------------------------------------------- Sky-Skan Incorporated seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire a contract chief financial officer. The Debtor proposes to employ Lisa Giannelli of Next Level Now, Inc., to help create cash management protocols with detailed cash flow projections and planning; assess and streamline the use of technological resources through education and training of the staff residing with the Debtor; and create costing analysis for strategic modeling and forecasting. The Debtor will pay the CFO an hourly fee of $150 for her services. Ms. Giannelli is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. Ms. Giannelli maintains an office at: Lisa Giannelli Next Level Now, Inc. 16 Pease Blvd. Newington, NH 03801 Phone: (603) 433-4783 Fax: (603) 433-5613 Email: lgiannelli@nextlevelnow.net About Sky-Skan Incorporated Sky-Skan, Inc., was founded in 1967 as a company dedicated solely to the development and manufacture of specialized devices for depicting dynamic visualizations of astronomical and meteorological phenomena on planetarium domes in museums, schools, and universities. The company has since grown to become a provider of digital full dome science visualization, theater control, and show programming systems for hundreds of planetariums on six continents, serving hundreds of clients in the niche field of immersive science interpretation and education. From the initial planning stage to staff training and ongoing support, Sky-Skan provides all services required by the most advanced digital full-dome planetariums and visualization theaters. Sky-Skan, based in Nashua, NH, filed a Chapter 11 petition (Bankr. D.N.H. Case No. 17-11540) on Nov. 1, 2017. Steven T. Savage, president, signed the petition. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. Peter N. Tamposi, Esq., at The Tamposi Law Group, P.C., serves as bankruptcy counsel. The Debtor tapped SquareTail Advisors, LLC, as financial advisor. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on December 1, 2017. The Committee retained William S. Gannon PLLC as its bankruptcy counsel. SMB SHIPPING: Moody's Affirms B3 CFR & Rates 1st Lien Loans B1 -------------------------------------------------------------- Moody's Investors Service affirmed ratings for SMB SHIPPING LOGISTICS, LLC ("SMB") including the B3 Corporate Family Rating (CFR) and the B3-PD Probability of Default Rating. Concurrently, Moody's assigned B1 ratings to the new $70 million first lien senior secured revolver and the new $500 million first lien senior secured term loan. Moody's also assigned a Caa2 rating to the new $200 million second lien senior secured term loan. Proceeds from the transaction will be used to refinance outstanding indebtedness, acquire an existing franchise, and to pay a $130 million dividend to shareholders. Ratings on existing indebtedness are not affected and will be withdrawn upon close. The rating outlook is stable. RATINGS RATIONALE Moody's views the proposed $130 million dividend as aggressive and as representing a high tolerance for financial risk. Pro forma for the transaction, Moody's anticipates Debt-to-EBITDA of about 6.8x. This represents more than 1x in incremental leverage and is well beyond the closing leverage of 6x when the ratings were initially assigned in January 2017. These considerations are tempered by Moody's expectations that SMB's good growth prospects will lead to a reduction in leverage and continued free cash flow generation over the next 12 to 18 months. In the meantime, additional transactions of a leveraging nature or an inability to reduce leverage down to more sustainable levels could create downward rating pressure. The B3 Corporate Family Rating (CFR) considers SMB's modest scale, high financial leverage, and exposure to cyclical transportation markets. The rating favorably considers the company's position as the only authorized non-retail reseller of UPS' parcel delivery to small and medium business (SMB) customers, a segment that is growing quickly and that generates relatively robust levels of profitability. Moody's believes that favorable near-term demand fundamentals for transportation markets will translate into robust topline growth for SMB (likely to be at least in the high single-digits) and an improving earnings profile over the balance of 2018 and 2019. These considerations are tempered by the company's comparatively modest net revenue base, its high supplier concentration (UPS accounts for 40% of sales) and a noisy earnings profile resulting from the company's on-going strategy of rolling up franchises which reduces visibility into organic growth trends, cost structure, and sustainable margin levels. Moody's expects SMB to maintain adequate liquidity over the next 12 months. The company should be comfortably free cash flow positive during 2018 with FCF-to-Debt likely to be in the low to mid-single digits as a % of debt. External liquidity is expected to be provided by a new $70 million revolving credit facility that matures in 2023. The revolver is expected to contain a springing first lien net leverage ratio that comes into effect if usage exceeds 40% ($28 million) and Moody's anticipates ample cushions with respect to this covenant. There are no maintenance-based financial covenants in the term loans. The stable rating outlook reflects expectations that system-wide topline and earnings growth will result in gradual improvements in SMB's credit metrics over the next 12 to 18 months. The ratings could be upgraded if Moody's expects Debt-to-EBITDA to remain below 5.5x. Any upgrade would be predicated on the company maintaining profitable growth as well as good liquidity with consistently positive free cash flow generation and good availability under the revolving credit facility. Downward rating pressure could be prompted by changes in UPS' operating strategy that adversely affect SMB, or if Moody's expects Debt-to-EBITDA approaching 7.0x or higher. Weakening liquidity involving low or negative free cash flow, reliance on the revolver or the full or partial loss of a large customer could also pressure the ratings downwards. The following is a summary of Moody's rating actions: Issuer: SMB SHIPPING LOGISTICS, LLC Ratings affirmed: Corporate Family Rating, affirmed at B3 Probability of Default Rating, affirmed at B3-PD Ratings assigned (with REP WWEX Blocker, LLC as Co-borrower): $70 million first lien senior secured revolver due 2023, assigned B1 (LGD3) $500 million first lien senior secured term loan due 2025, assigned B1 (LGD3) $200 million second lien senior secured term loan due 2026, assigned Caa2 (LGD5) Ratings not affected to be withdrawn at close: $60mm senior secured first lien revolver due 2022, B1 (LGD2) $360mm senior secured first lien term loan due 2024, B1 (LGD2) $125mm senior secured second lien term loan due 2025, Caa1 (LGD5) Outlook, Stable SMB SHIPPING LOGISTICS, LLC is headquartered in Dallas, Texas and is a leading non-asset based third party logistics services provider to a wide variety of end-markets and customers. The company was formed through the combination of Worldwide Express, LLC (WE LLC) and Unishippers Holdings, LLC (Unishippers) in 2017. SUNSHINE DAIRY: Taps CBRE Group as Real Estate Broker ----------------------------------------------------- Sunshine Dairy Foods Management, LLC, and Karamanos Holdings, Inc., seek approval from the U.S. Bankruptcy Court for the District of Oregon to hire a real estate broker. The Debtors propose to employ CBRE Group, Inc. to list and market their West Plant located at 801 NE 21st Street, Portland, Oregon. The proposed compensation is a commission fee of 4% of gross sales price, plus an incentive commission of an additional 0.1% for every $250,000 increment that the gross sales price exceeds $10 million. The commission is payable upon title being transferred to purchaser of the listed properties. Jason Green, a CBRE managing director, disclosed in a court filing that his firm does not interest adverse to the Debtors' estate, creditors and equity security holders. The firm can be reached through: Jason Green CBRE Group, Inc. Wells Fargo Center 1300 SW Fifth Ave., Suite 3000 Portland, OR 97201 Phone: 503-221-1900 Fax: 503-221-4873 Email: jason.green@cbre.com 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., 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. At the time of filing, Sunshine Dairy Foods estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. 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. TANGA.COM: U.S. Trustee Forms 2-Member Committee ------------------------------------------------ The Office of the U.S. Trustee on June 25 appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Tanga.com, LLC. The committee members are: (1) Nationwide Campus Attn: Morris Braha 1414 South Roller Rd. Ocean NJ 07712-3427 Phone: 732-544-5432 Email: mobraha@gmail.com (2) Brooklyn Bedding Attn: Ben Rieck 4455 W. Camelback Rd. Phoenix AZ 85031-1420 Phone: 602-786-7710 Email: ben.rieck@brooklynbedding.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About 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. TEJANO CENTER: S&P Lowers 2009A Bonds Rating to 'B', Outlook Stable ------------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Clifton Higher Education Finance Corp., Texas' approximately $23.2 million series 2009A charter school education revenue bonds issued for Tejano Center for Community Concerns Inc. (TCCC) on behalf of the Raul Yzaguirre School for Success Project (RYSS), to 'B' from 'B+'. The outlook is stable. "The lower rating reflects our view of TCCC's weakened credit characteristics, with two consecutive years of full-accrual operating deficits posted in fiscal years 2017 and 2016, resulting in annual and maximum annual debt service (MADS) coverage below 1x and a coverage covenant violation in fiscal 2017," said S&P Global Ratings credit analyst Shivani Singh. TCCC also breached its minimum 45 days' cash on hand covenant for fiscal 2017 and had materially weak liquidity at approximately 17 days as of Aug. 31, 2017. We understand, according to bond documents, that such a violation could be declared an event of default with resulting acceleration, by a majority of bondholders. Per a trustee notice, a waiver for breaching these covenants was obtained from the majority of bondholders, conditional on TCCC hiring a financial consultant, providing monthly flow statements to the trustee, and conducting periodic public calls. "While TCCC has implemented these requirements, and its new management is focused on operational and liquidity improvements, we have a limited track record of performance with this team and would like to see a sustained improvement in finances," said Ms. Singh. In addition, the school is operating near capacity and has a limited demand profile, which limits its future enrollment growth potential and revenue flexibility, which we view as a credit risk. The series 2009 bonds are held at the TCCC level, and the operations of both entities (TCCC and RYSS) are intertwined. A trust and security agreement and charter school gross revenue pursuant to the loan agreement secures the bonds. TCCC has a mission of improving opportunities for Houston Hispanic children and their families by providing housing and community development initiatives as well as educational, social, and health services. It has several programs such as affordable housing/homebuyer education, child shelter/placing, and the RYSS. RYSS, which primarily serves economically disadvantaged students, is an open-enrollment charter school in the Houston and Brownsville metropolitan areas; schools in both cities operate under a single charter. The Houston site is the flagship campus and serves a majority of the school's students in grades K-12 and the Brownsville campus serves grades K-8. "The stable outlook reflects our expectation that, during the next one year, TCCC's enrollment will stabilize from fall 2017, it will improve full-accrual operating performance toward break-even results, meet its 1.1x annual debt service coverage covenant, and increase days' cash on hand from the Aug. 31, 2017 level," added Ms. Singh. Our rating incorporates no additional debt, and TCCC/RYSS has very little debt capacity at a higher rating without notable improvement to operations and a buildup of additional unrestricted liquidity. TIMBER RIDGE: Seeks to Hire Forestmere Holdings as M&A Advisor -------------------------------------------------------------- Timber Ridge, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Forestmere Holdings, Inc., as merger and acquisition advisor to the Debtor. Timber Ridge requires Forestmere Holdings to provide the Debtor necessary advice and services to sell the Debtor's real property located at 759 Timber Ridge Camp Road, High View, West Virginia 26808. Forestmere Holdings will be paid as follows: -- 4% of Aggregate Consideration up to $2,000,000; plus -- 6% of Aggregate Consideration greater than $2,000,000 and up to $3,000,000; plus -- 10% of Aggregate Consideration greater than $3,000,000. Anthony Ventura, a partner of Forestmere Holdings, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Forestmere Holdings can be reached at: Anthony Ventura FORESTMERE HOLDINGS, INC. 107 Tree Line Court Pittsburgh, PA 15237 About Timber Ridge Timber Ridge, Inc., owns in fee simple a real property located at 759 Timber Ridge Camp Road, High View, WV 26808 having an appraised value of $2.12 million. Timber Ridge, Inc., based in High View, WV, filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 18-00380) on April 25, 2018. In the petition signed by Frederick Greenberg, president, the Debtor disclosed $2.12 million in assets and $2.95 million in liabilities. Arch W. Riley, Jr., Esq., at Bernstein-Burkley, P.C., serves as bankruptcy counsel. TOPS HOLDING II: Needs More Time to Exclusively File Plan --------------------------------------------------------- Tops Holding II Corporation and its debtor affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to extend the periods during which the Debtors have the exclusive right to file a Chapter 11 plan and to solicit acceptances of the plan through and including Oct. 22, 2018, and Dec. 21, 2018, respectively. To ensure that these reorganization cases would maximize value for all creditors, the Debtors needed to stabilize their business and minimize disruption upon entry into Chapter 11. To that end, the Debtors: (i) secured "first day" relief to enable them to continue their operations in the ordinary course; (ii) secured approval of $265 million in postpetition financing to provide the Debtors with sufficient working capital to fund their operations through these cases; (iii) obtained Court approval of a settlement with C&S Wholesale Grocers, Inc., the Debtors' largest supplier, which provided the Debtors with significant additional liquidity and which governs the parties' relationship through the pendency of these Chapter 11 cases; (iv) preserved the Debtors' supply chain by implementing a court-approved critical vendor program; and (v) obtained court approval for various procedures to streamline the administration of these Chapter 11 cases. The Debtors have been working very hard to consensually resolve labor issues. After hard fought, arms'-length negotiations, the Debtors reached a comprehensive, global settlement of a highly contentious four-and-a-half year dispute with the Teamsters Pension Fund, the Teamsters Local 264, and C&S. Among other things, the Global Teamsters/C&S Settlement resolves all issues arising out of the Erie Transaction, including any withdrawal liability related thereto and all indemnity obligations to C&S. It also paves the way for new collective bargaining agreements between the Debtors and the Teamsters Local 264 that will stabilize the Debtors' relationship with their warehouse employees. In addition, the Debtors, in consultation and coordination with their senior secured lenders, are also significantly engaged in negotiations and working constructively with the UFCW and the UFCW Local One Pension Fund regarding issues necessary to ensure that the Debtors remain viable. The Debtors say that throughout these Chapter 11 cases, the Debtors have been transparent and have worked cooperatively with other major constituencies to minimize disputes and contested matters whenever possible. The Debtors have communicated regularly with the ad hoc committee of creditors holding more than 70% of the Debtors' senior secured notes and providers of the Debtors' DIP Term Loan Facility, Bank of America, N.A., as administrative agent under the Debtors' DIP ABL Facility, the Creditors' Committee, the labor unions and pension plans, the office of the U.S. Trustee, vendors, and individual creditors. Having successfully stabilized their business and having entered into the Global Teamsters/C&S Settlement, the Debtors and their advisors have now begun to focus their efforts on the formulation, negotiation, and confirmation of a consensual Chapter 11 plan. The Debtors have commenced discussions with their key creditor constituencies regarding the contours of a Chapter 11 plan. The requested four-month extension of the Exclusive Periods will allow the plan negotiation process to proceed in a rational and efficient manner, will afford the Debtors more time to reach resolution with the UFCW and other constituents, will not prejudice any parties in interest, and will promote the Debtors' ability to maximize value and successfully emerge from Chapter 11. As of the Commencement Date, the Debtors operated 169 supermarkets and five (5) franchised stores in Upstate New York, Northern Pennsylvania, and Vermont. The Debtors maintain a labor force of over 14,000 employees, over 80% of whom are covered by one of 13 collective bargaining agreements. The Debtors' stores are supplied by hundreds of vendors and the Debtors are party to hundreds of real property leases and executory contracts, including supply agreements and equipment leases. The Debtors have nearly $1.2 billion of total prepetition liabilities. These chapter 11 cases also involve complex legal issues that must be resolved prior to the prosecution of a plan of reorganization. As of the Commencement Date, the Debtors were embroiled in a protracted dispute with the Teamsters Pension Fund over alleged withdrawal liability arising from the Erie Transaction. The Debtors were also faced with other complex labor issues, including significantly underfunded pension plans. Moreover, there are many constituencies in these cases, with diverse interests, and the Debtors have been working to coordinate efforts with all parties to achieve as much consensus as possible. In addition, reconciling and resolving the hundreds of claims that have been, and will be, filed against the Debtors' estates will be a complicated, time-consuming process. To date, over 300 proofs of claim are already on file. The size and complexity of the Debtors’ claims reconciliation process mirrors the size and complexity of similarly situated Chapter 11 cases, and warrants a further extension of the Exclusive Periods. During the first few months of these Chapter 11 cases, the Debtors' primary focus has been on stabilizing their business. To that end, among other things, the Debtors secured $265 million of postpetition financing and obtained, and effectively implemented, certain relief with respect to their cash management system, employee compensation and benefit programs, insurance programs, utility providers, taxes, franchise arrangements, and critical vendors. The Debtors also obtained Court approval of the C&S Settlement, which, through a one-week extension of payment terms and preservation of credit pass-throughs, has provided the Debtors with significant incremental liquidity to fund their operations during these Chapter 11 cases. The C&S Settlement also preserved the Debtors' relationship with its most important supplier. All of these efforts have enabled the Debtors to substantially maintain business as usual and minimize the disruption often attendant to the commencement of Chapter 11 cases of this magnitude. The Debtors have been engaged in a contentious four-year legal battle with the Teamsters Pension Fund arising from Top Markets, LLC's acquisition of all of the membership interest in, and certain assets of, Erie Logistics LLC from C&S on Dec. 22, 2013, and the alleged withdrawal liability arising therefrom. At a two-day mediation session in May, the Debtors engaged in intense negotiations with C&S, the Teamsters Local 264, and the Teamsters Pension Fund. The mediation was successful and culminated in the Global Teamsters/C&S Settlement. In addition to settling all claims relating to the Erie Transaction and ending years of litigation, the Global Teamsters/C&S Settlement also paves the way for the terms of the New CBAs that will replace the prior CBA with the Teamsters Local 264 that expired in August 2017. In addition, the Global Teamsters/C&S Settlement resolves numerous contested issues in these Chapter 11 cases, including the Teamsters Pension Fund's objections to the Debtors' key employee retention program and the Teamsters Pension Fund's appeal of the Court's approval of the C&S Settlement. In recognition of the need to make shared sacrifices as a result of these Chapter 11 cases, the Debtors have also agreed to voluntarily withdraw their motion for approval of a key employee incentive plan for their senior management team if the Global Teamsters/C&S Settlement is consummated, and instead apply the funds earmarked for the KEIP toward retirement or similar benefits for current or former employees represented by Teamsters Local 264. The Global Teamsters/C&S Settlement is a monumental step on the Debtors' path towards a consensual plan of reorganization. In addition to the foregoing, during the first four months of these Chapter 11 cases, the Debtors have: -- Engaged in good-faith negotiations with the UFCW and the UFCW Pension Fund on labor and pension issues; -- Implemented their critical vendor protocol as approved by the Court and negotiated and executed vendor agreements with nearly 130 critical vendors; -- Negotiated a Court-approved settlement with Topco Holdings, Inc., and its affiliates, a not-for-profit buying cooperative through which the Debtors purchase most of their pharmaceutical and fuel products, which governs the relationship between the Debtors and TopCo during the pendency of these Chapter 11 cases; -- Together with Hilco Real Estate, LLC, undertaken a comprehensive review of the Debtors' real estate portfolio and implemented a negotiation strategy to improve lease terms; -- Facilitated the flow of information and diligence materials to the Ad Hoc Committee and coordinated with the Ad Hoc Committee on numerous issues in these Chapter 11 cases; -- Timely filed their respective schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs and monthly operating reports; -- Established a constructive relationship with the Creditors' Committee and their professionals, including producing over 12,000 pages in response to an informal discovery request by the Creditors' Committee; -- Worked with the office of the U.S. Trustee to comply with U.S. Trustee's operating guidelines and to provide information to the U.S. Trustee's office; and -- Responded to countless inquiries related to the status of these cases, specific contract counterparty demands, and other matters related to ongoing operations and the administration of these cases. The Debtors have commenced the Chapter 11 plan process with their creditor constituencies. In the months following the Commencement Date, the Debtors and their advisors formulated a comprehensive long-term business plan (inclusive of projections and updated capital-expenditure budgets), which will serve as the foundation for the negotiation and formulation of a Chapter 11 plan. In April 2018, the Debtors presented the Business Plan to their key economic stakeholders and their advisors, including the Ad Hoc Committee and the Creditors' Committee. Moreover, the Debtors have begun to exchange various proposals relating to the parameters of a Chapter 11 plan with the Ad Hoc Committee. Given the significant progress made to date and the constructive relationship the Debtors have engendered with their key shareholders, the Debtors have demonstrated reasonable prospects for filing a consensual, let alone viable, plan. Through the Global Teamsters/C&S Settlement, the Debtors have already resolved their disputes with the Teamsters Local 264 and the Teamsters Pension Fund, and discussions with the UFCW and UFCW Pension Fund are ongoing. The Debtors are also engaged in constructive negotiations with their creditor constituencies over the terms of a plan of reorganization. Accordingly, the Debtors have demonstrated progress towards a viable plan of reorganization. A copy of the Debtors' request is available at: http://bankrupt.com/misc/nysb18-22279-397.pdf About Tops Holding II Corporation Tops Markets, LLC -- http://www.topsmarkets.com/-- is headquartered in Williamsville, NY and operates 169 full-service supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs over 14,000 associates and is a full-service grocery retailer in Upstate New York, Northern Pennsylvania, and Vermont. Tops Management, led by Frank Curci, its chairman and chief executive officer, acquired Tops in December 2013 through a leveraged buyout from Morgan Stanley's private equity arm. Morgan Stanley bought the company in 2007 from the Dutch retailer now known as Koninklijke Ahold Delhaize NV. In 2010, Tops acquired The Penn Traffic Company, a local chain with 64 stores. In 2012, it purchased 21 Grand Union Family Markets stores. Tops Holding II Corporation, and its subsidiaries, including Tops Markets, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-22279) on Feb. 21, 2018, to pursue a financial restructuring that would eliminate a substantial portion of debt from the Company's balance sheet and position Tops for long-term success. The Company listed total assets of $977 million and total liabilities at $1.17 billion as of Dec. 30, 2017. The Debtors hired Weil, Gotshal & Manges LLP as their legal counsel; Hilco Real Estate, LLC as real estate advisor; Evercore Group L.L.C. as investment banker; FTI Consulting, Inc., and Michael Buenzow as chief restructuring officer; and Epiq Bankruptcy Solutions, LLC, as their claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on March 6, 2018. The committee tapped Morrison & Foerster LLP as its legal counsel, and Zolfo Cooper, LLC, as its financial advisor and bankruptcy consultant. TOYS R US: Taps Raider Hill as Real Estate Advisor -------------------------------------------------- Toys R Us Property Company I, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire a real estate advisor. Toys R Us proposes to employ Raider Hill Advisors, LLC to prepare for the company and its affiliates (Propco I Debtors) a business plan and operating budget for each of their leases and fee-owned properties; select property managers and leasing agents for each of the properties; and provide other services as their real estate advisor. Raider Hill will be paid a monthly fee of $300,000 for the first 18 months, and $275,000 for each month thereafter. The firm will be paid an incentive fee in accordance with these terms: (1) In no event should any incentive fee be paid or payable to Raider Hill unless the "proceeds" exceed the minimum proceeds ($797 million, plus the "preferred return"). (2) To the extent that aggregate proceeds exceed the minimum proceeds, 18% of that portion in excess of the minimum proceeds should be paid to Raider Hill while the other 82% should be retained by the Propco I Debtors. The Propco I Debtors will receive a credit towards any incentive fee otherwise payable to Raider Hill in an amount equal to the sum of all monthly fees paid or payable to the firm. Any incentive fee will be due and payable upon the Propco I Debtors' receipt of applicable proceeds. Raider Hill does not have any conflicts that would prevent the firm from being considered a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Daniel B. Hurwitz Raider Hill Advisors, LLC 780 Third Avenue, 18th Floor New York, NY 10017 Phone: 212-223-9090 Email: info@raiderhill.com About Toys R Us, Inc. Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC (collectively, "Propco I Debtors") sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. TREASURE TAXI: Seeks to Hire Alla Kachan as Counsel --------------------------------------------------- Treasure Taxi, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan, P.C., as counsel to the Debtor. Treasure Taxi requires Alla Kachan to: a. assist the Debtor in administering the bankruptcy case; b. make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; c. represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deem appropriate; d. take such steps as may be necessary for the Debtor to marshall and protect the estate's assets; e. negotiate with the Debtor's creditors in formulating a plan of reorganization for the Debtor in the bankruptcy case; f. draft and prosecute the confirmation of the Debtor's plan of reorganization in the bankruptcy case; and g. render such additional services as the Debtor may require in the bankruptcy case. Alla Kachan will be paid at these hourly rates: Attorneys $325 Paraprofessionals $175 On April 30, 2018, Leonid Avraham Gans paid Alla Kachan an initial retainer of $20,000. Alla Kachan drawn down for pre-filing services the amount of $7,0000 leaving a balance of $13,000, held in the firm's trust account. Alla Kachan will also be reimbursed for reasonable out-of-pocket expenses incurred. Alla Kachan, a partner of the Law Offices of Alla Kachan, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Alla Kachan can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 3099 Coney Island Avenue Brooklyn, NY 11235 Tel: (718) 513-3145 About Treasure Taxi Treasure Taxi, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 18-42647) on May 7, 2018. In the petition signed by Avraham Gans, president, the Debtor estimated assets of less than $1 million and liabilities of less than $1 million. Judge Carla E. Craig presides over the case. The Debtor tapped the Law Offices of Alla Kachan, P.C., as its legal counsel. TWEDDLE HOLDINGS: S&P Lowers CCR to to 'CCC', Will Withdraw Ratings ------------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Michigan-based Tweddle Holdings Inc. to 'CCC' from 'CCC+'. The rating outlook is negative. S&P said, "At the same time, we lowered our issue-level rating on Tweddle Group Inc.'s $225 million secured term loan to 'CCC' from 'CCC+' and our recovery rating to '4' from '3'. The '4' recovery rating indicates our expectation for average recovery (30%-50%; rounded estimate 35%) of principal in the event of a payment default. Tweddle is the ultimate parent of Tweddle Group Inc. "At the issuer's request, we are withdrawing all ratings immediately following these rating actions. "The downgrade reflects our expectation that the company will violate its senior secured credit facility's net leverage covenant in the first half of 2019 and will have insufficient cash flow to service its fixed charges by the end of 2019. That shortfall reflects steeply declining cash flow generation as a result of the major contract loss disclosed earlier this year. Because the lost client contract represented roughly 40% of Tweddle's 2017 revenue, we believe the company will be hard pressed to manage its debt service and amortization needs after 2018. "Our negative outlook reflects our expectation that Tweddle will violate its financial maintenance covenants in the first half of 2019 and probably seek to reduce its debt with a distressed exchange or in-court restructuring. We expect FOCF/debt to be in the mid-to-low single digit percentage area in 2018 and that company will have free operating cash flow deficits in 2019. "We could lower our rating if we become convinced that the company will violate its financial maintenance covenant, default on its debt payments, pursue a distressed exchange, or file for bankruptcy over the next six months. This could result from worsening revenue declines through accelerated contract loss or automotive market declines, or from poor cost management. Although unlikely, we could raise our ratings if we believe the company can significantly grow organic revenue and manage its fixed costs such that EBITDA is more than sufficient to service its fixed charges and maintain its covenant margin of compliance such that we do not anticipate a payment default or covenant violation. In this scenario the capital structure would have to become more sustainable." U.S. CONCRETE: Moody's Lowers CFR to B2 & Unsec. Notes Rating to B3 ------------------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating (CFR) of U.S. Concrete, Inc. ("U.S. Concrete") to B2 from B1, the Probability of Default Rating to B2-PD from B1-PD, and the company's senior unsecured notes to B3 from B2. The Speculative Grade Liquidity Rating was affirmed at SGL-2. The rating outlook remains stable. The following rating actions were taken: Downgrades: Issuer: U.S. Concrete, Inc. Probability of Default Rating, Downgraded to B2-PD from B1-PD Corporate Family Rating, Downgraded to B2 from B1 Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD4) from B2 (LGD4) Affirmations: Issuer: U.S. Concrete, Inc. Speculative Grade Liquidity Rating, Affirmed SGL-2 Outlook Actions: Issuer: U.S. Concrete, Inc. Outlook, Remains Stable RATINGS RATIONALE The ratings downgrade reflects Moody's expectation that U.S. Concrete's debt leverage will remain higher than it originally anticipated when the company was upgraded in December 2016. At that time, Moody's expected the company to maintain adjusted debt-to-EBITDA below 3.5x even as the company executed on its growth strategies. U.S. Concrete's adjusted debt-to-EBITDA has consistently been higher than 3.5x for the past eight quarters. Furthermore, Moody's expects adjusted debt-to-EBITDA to range between 3.5x to 5.0x over the next 12-18 months. Adjusted EBIT to interest expense and adjusted operating margin have also declined below Moody's expectation at the B1 CFR level. Adjusted EBIT to interest expense was 1.7x for the 12 months ended March 31, 2018, and adjusted operating margin was 6.5%. Moody's believes the B2 CFR better reflects the company's financial policy and business characteristics. The B2 CFR is supported by U.S. Concrete's growing revenue base, strong market position within its served regions, long standing customer relationships, and ability to generate free cash flow. Currently, fundamentals are solid in the private non-residential commercial and private residential segments, which represented approximately 56% and 26% of 12 months ended March 31, 2018 revenue, respectively. The rating also reflects the company's exposure to volatile construction end markets, high adjusted debt-to-book capitalization, negative tangible equity and acquisitive nature. The B2 CFR incorporates the company's limited product diversity as well as regional concentrations. Additionally, Moody's credit view considers the company's growth in aggregates, the competitive nature of the building materials industry, exposure to input cost inflation, and high fragmentation of the industry. U.S. Concrete's SGL-2 Speculative-Grade Liquidity rating reflects a good liquidity position over the next 12-18 months. As of March 31, 2018, liquidity is supported by $36.6 million of cash, and $137.7 million of availability under the $350 million asset based lending revolver (ABL), The company has generated approximately $50 million of free cash flow in each of the past two years. Moody's expects similar levels over the next 12-18 months. The facility matures August 2022. The availability under the revolver may be reduced by borrowings to fund small acquisitions and working capital needs. Working capital needs are generally lower in the first quarter, increase in the second and third quarter, and then decrease in the fourth quarter. The ABL is governed by a springing fixed charge coverage ratio of 1.0x, which comes into effect if availability under the ABL is less than the greater of i) $25 million or ii) the lesser of 10% of a) the borrowing base or b) the total revolver availability. Moody's does not expect the company to trigger the springing covenant over the next 12 to 18 months. The stable outlook reflects Moody's expectation that key credit metrics will modestly improve and that private construction end market continues to expand. The company's ratings could be upgraded if adjusted operating margin rises above 10%, EBIT interest coverage increases well above 2.0x, and adjusted debt-to-EBITDA decreases below 3.5x, all on a sustainable basis. Liquidity would need to be strong and private construction end markets fundamentals would need to be at a minimum stable for a rating upgrade. The ratings could be downgraded should the company's adjusted debt-to-EBITDA remain above 5.0x and EBIT interest coverage falls below 1.5x for an extended period of time. A downgrade could also occur if the company's operating margins declined below 4.0% or liquidity materially deteriorates. The principal methodology used in these ratings was Building Materials Industry published in January 2017. U.S. Concrete, Inc. [NASDAQ: USCR], headquartered in Euless, Texas, operates with two primary segments: ready-mixed concrete and aggregate products. The company is one of the leading producers of ready-mixed concrete in north and west Texas, northern California, New Jersey, New York, Washington DC, Oklahoma and the U.S. Virgin Islands. The company has 181 standard ready-mixed concrete plants, 17 volumetric ready-mixed concrete facilities, and 19 producing aggregates facilities. For the 12 months ended March 31, 2018, the company generated approximately $1.37 billion in revenue. US TAX RECOVERY: Hires Kelly & Associates as Attorney ----------------------------------------------------- US Tax Recovery Partners, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to hire an attorney. The Debtor wishes to hire Robert Kelly, PC and Kelly & Associates as attorneys to pursue collections of debts owed to the Debtor-in-possession as they relate to the business of US Tax Recovery Partners, LLC. Mr. Kelly agrees to provide his services on a 50% contingency basis of any amounts recovered Robert Kelly, PC, attorney at law with Kelly & Associates, attests that he has no connections with the creditors, or any other party in interest, or other respective attorneys. The counsel can be reached through: Robert Kelly, PC KELLY & ASSOCIATES 1044 Highway 39 Ingram, TX 78025 Email: rob@rkellylaw.com Tel: 830-792-6161 Fax: 877-644-6681 About US Tax Recovery Partners, LLC dba USTRP / dba US Cost Management Partners US Cost Management Partners -- http://www.uscostmp.com/-- is focused exclusively on providing its clients with operating costs & expense reduction reviews. The Company is headquartered in Kerrville, Texas with sales offices in San Antonio, Texas, Chicago, Illinois and Atlanta, Georgia. US Tax Recovery Partners, LLC, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-50789) on April 2, 2018. In the petition signed by Harlan J. Hall, authorized representative, the Debtor estimated up to $50,000 in assets and $10 million to $50 million in liabilities. The case is assigned to Judge Craig A. Gargotta. VALLEY GREEN: Hires Matrix Management as Financial Analyst ---------------------------------------------------------- Valley Green Landscaping, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Matrix Management Consulting, as financial analyst to the Debtor. Valley Green requires Matrix Management to: -- serve as a chartered financial analyst; -- prepare reports of in-house data analysis; -- monitor online databases to locate financially appropriate job opportunities for the Debtor; -- submit bids for projects on behalf of the Debtor. Matrix Management will be paid at the hourly rate of $100. Matrix Management will also be reimbursed for reasonable out-of-pocket expenses incurred. Timothy S. Hayes, partner of Matrix Management Consulting, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Matrix Management can be reached at: Timothy S. Hayes MATRIX MANAGEMENT CONSULTING 7902 Southford Terrace Chesterfield, VA 23832 Tel: (804) 536-6639 About Valley Green Landscaping Valley Green Landscaping, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 18-11216) on April 6, 2018, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Ashvin Pandurangi, Esq., at AP Law Group, PLC. VALLEY GREEN: Seeks to Hire AP Law Group as Counsel --------------------------------------------------- Valley Green Landscaping, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ AP Law Group, PLC, as counsel to the Debtor. Valley Green requires AP Law Group to: a. prepare schedules and related forms; b. represent the Debtor at creditors' meetings and hearings; c. advise the Debtor of its duties and responsibilities under the Bankruptcy Code; d. determine whether reorganization, dismissal, or conversion is in the best interests of the Debtor and its creditors; e. work with creditors' committee and other counsel, if any; f. workon any disclosure statement and plan of reorganization; and g. handle other matters that arise in the normal course of administration of this bankruptcy estate. AP Law Group will be paid at the hourly rate of $250. AP Law Group will be paid a retainer in the amount of $7,500. AP Law Group will also be reimbursed for reasonable out-of-pocket expenses incurred. Ashvin Pandurangi, a partner of AP Law Group, PLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. AP Law Group can be reached at: Ashvin Pandurangi, Esq. AP LAW GROUP, PLC 7777 Leesburg Pike, 402N Falls Church, VA 22043 Tel: (571) 969-6540 Fax: (571) 699-0518 E-mail: ap@aplawg.com About Valley Green Landscaping Valley Green Landscaping, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 18-11216) on April 6, 2018, estimating under $1 million in both assets and liabilities. The Debtor is represented by Ashvin Pandurangi, Esq., at AP Law Group, PLC. VCVH HOLDING II: S&P Puts 'B-' CCR on CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings placed its 'B-' corporate credit and debt ratings on VCVH Holding II Corp. (Verscend) on CreditWatch with positive implications following the company's announcement that it plans to acquire Cotiviti Corp. (BB-/Positive/--). The CreditWatch placement reflects Verscend's proposed acquisition of higher-rated Cotiviti and the potential for the ratings to be raised when the transaction closes. S&P said, "We could view the combined business as a stronger and higher-margin business than the stand-alone Verscend company. Details of the capital structure have not been announced, but we expect leverage will remain high under private equity ownership. Still, given the 'B-' rating on Verscend and the potential business improvements from the transaction, we believe there is some upside potential in the rating." S&P expects to resolve its CreditWatch listing when the transaction closes. VERITAS SOFTWARE: Bank Debt Trades at 7% Off -------------------------------------------- Participations in a syndicated loan under which Veritas Software is a borrower traded in the secondary market at 92.69 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.49 percentage points from the previous week. Veritas Software pays 450 basis points above LIBOR to borrow under the $1.933 billion facility. The bank loan matures on January 27, 2023. Moody's rates the loan 'B2' and Standard & Poor's gave a 'B+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. VIDEOLOGY INC: Seeks to Hire Hogan Lovells as Special Counsel ------------------------------------------------------------- Videology, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Hogan Lovells US LLP, as special corporate and transactional counsel to the Debtors. Videology, Inc., requires Hogan Lovells to: a. negotiate and document agreements to effectuate the sale of the Debtors' stock and assets; b. draft and prepare any required documents for regulatory approval of transactions and advise in connection with compliance matters; and c. provide legal counseling related to the sale of the Debtors' stock and assets. Hogan Lovells will be paid at these hourly rates: Partners $730 to $1,315 Associates $395 to $975 Legal Assistants $250 to $440 The Debtors owed Hogan Lovells in the amount of $547,637 for services rendered in the period prior to 90 days before the Petition Date. In one year period before the Petition Date, the Debtors paid Hogan Lovells fees and expenses totaling $316,365. As of the Petition Date, Hogan Lovells was holding $14,461 as an advance payment for services to be rendered and expenses to be incurred in connection with its representation of the Debtors. Hogan Lovells will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael C. Williams, partner of Hogan Lovells US LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Hogan Lovells can be reached at: Michael C. Williams, Esq. HOGAN LOVELLS US LLP 555 13th St. NW Washington, DC 20004 Tel: (202) 637-5600 About Videology, Inc. Videology, Inc., headquartered in Baltimore, Maryland, is a privately-held, venture-backed company specializing in television and video advertising. It was founded in 2007 by Scott Ferber. Videology and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-11120) on May 10, 2018. In the petitions signed by CEO Scott A. Ferber, the Debtors estimated assets of $10 million to $50 million and liabilities of $100 million to $500 million. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Cole Schotz P.C. as their legal counsel; Hogan Lovells US LLP and Hogan Lovells International LLP as special corporate counsel; and Berkeley Research Group as financial advisor. VITAMIN WORLD: Seek to Hire Verdolino & Lowey as Accountant ----------------------------------------------------------- Vitamin World, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Verdolino & Lowey, P.C., as accountant for the Debtors, nunc pro tunc to May 15, 2018. Services to be rendered by the accountant are: a. prepare federal, state, and local income tax returns and related documentation for the fiscal year ending September 30, 2017, and the period ending January 31, 2018 (period end date subject to change); b. perform any bookkeeping necessary for the preparation of income tax returns; and c. provide general consulting and assistance with other related matters as may be directed by the Debtors. Craig R. Jalbert, whose standard hourly rate is $465.00, will have primary responsibility for the services to be provided by Verdolino in these Chapter 11 Cases. The standard hourly rates of other Verdolino professionals range from $125 to $405 per hour. Craig R. Jalbert, a principal of Verdolino & Lowey, P.C., attests that Verdolino is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors' estates. The accountant can be reached through: Craig R. Jalbert Verdolino & Lowey, P.C 124 Washington Street, Suite 101 Foxboro, MA 02035 Phone: 508-543-1720 Fax: 508-543-4114 About Vitamin World Headquartered in Holbrook, New York, Vitamin World is a specialty retailer in the vitamins, minerals, herbs and supplements market. The Company offers customers products across all major VMHS and sports nutrition categories, including, supplements, active nutrition, multiples, letter vitamins, health and beauty, herbs, minerals, food and specialty items. When it filed for bankruptcy, Vitamin World was operating out of four distribution centers located in Holbrook, New York; Sparks, Nevada; Riverside, California; and Groveport, Ohio; and 334 retail stores that are mostly located in malls and outlet centers across the United States and its territories. Products are also sold online at http://www.vitaminworld.com/ The Company has 1,478 active employees. Vitamin World Inc., VWRE Holdings, Inc. ("RE Holdings") and other related entities sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-11933) on Sept. 11, 2017. Vitamin World estimated assets of $50 million to $100 million and debt of $10 million to $50 million. Katten Muchin Rosenman LLP is the Debtors' bankruptcy counsel. Saul Ewing Arnstein & Lehr LLP is the co-counsel. Retail Consulting Services, Inc., is the Debtors' real estate advisors. RAS Management Advisors, LLC, is the financial advisor. JND Corporate Restructuring is the claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee retained Lowenstein Sandler LLP as lead counsel; and Whiteford, Taylor & Preston LLC as Delaware counsel. On Dec. 22, the Court entered an order authorizing the Debtors to sell substantially all of their assets to Valuable Hero Limited. The transaction closed on Jan. 19, 2018. WAYNE E HOYT: Rusty's Breakfast and Steakhouse Assets Up for Sale ----------------------------------------------------------------- Fidelity National Title Insurance Company, as Trustee on behalf of UMPQUA Bank, as current Beneficiary, will sell at public auction, to the highest bidder, all payable at the time of sale, the real property of Wayne E. Hoyt d/b/a Rusty's Breakfast and Steakhouse, on July 19, 2018, at 11:00 a.m., in the lobby of the Nez Perce County Courthouse, 1230 Main Street, Lewiston, County of Nez Perce, Idaho. The property is located at 3041 N and S Hwy, Lewiston, ID. UMPQUA Bank as Beneficiary has elected to conduct a unified foreclosure sale pursuant to the provisions of Idaho Revised States Title 28, Section 28-9-604 and to include in the nonjudicial foreclosure of the estate all of the personal property and fixtures. Wayne E. Hoyt DBA: Rusty's Breakfast and Steakhouse has been declared in default under a Deed of Trust and Note dated July 15, 2015. Specifically, Wayne E. Hoyt failed to pay the monthly payments of $1,379.90 due from August 29, 2017, together with all subsequent payments; together with late charges due; failed to pay advances made by the Beneficiary; together with other fees and expenses incurred by the Beneficiary; failed to pay, when due, and/or provide evidence of payment of real and/or personal property taxes, together with interest and/or penalties due thereon. The principal balance owing on the obligation secured by the Deed of Trust is $192,478.89, plus accrued interest at the rate of 5.50000% per annum from August 15, 2017. The Trustee may be reached at: Sara Berens Fidelity National Title Insurance Company Trustee 1101 Investment Blvd., Suite 170 El Dorado Hills, CA 95762 Tel: 714-730-2727 WESTERN HOST: Hires Jose R. Olmo-Rodriguez as Special Counsel ------------------------------------------------------------- Western Host Associates, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Offices of Jose R. Olmo-Rodriguez, as special counsel to the Debtor. Western Host requires Jose R. Olmo-Rodriguez to represent the Debtor in all matters related to breach of contract and damages litigation, in the case captioned as Western Host Associates, Inc. v. Capital Crossing, Case No. SJ2018CV03014. Jose R. Olmo-Rodriguez will be paid at the hourly rate of $175. Jose R. Olmo-Rodriguez will also be reimbursed for reasonable out-of-pocket expenses incurred. Jose R. Olmo-Rodriguez, partner of the Law Offices of Jose R. Olmo-Rodriguez, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Jose R. Olmo-Rodriguez can be reached at: Jose R. Olmo-Rodriguez, Esq. LAW OFFICES OF JOSE R. OLMO-RODRIGUEZ El Centro I, Suite 215 San Juan, PR 00918 Tel: (787) 758-3570 E-mail: jrolmo1@gmail.com About Western Host Associates Western Host Associates, Inc., owns a four-story commercial hotel building located at 202 San Jose Street, Old San Juan, Puerto Rico. The hotel is currently non-operational and is valued by the company at $1.35 million. The company previously sought bankruptcy protection on Nov. 14, 2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr. D.P.R. Case No. 11-04152). Western Host Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018. In the petition signed by Luis Alvarez, president, the Debtor disclosed $1.36 million in assets and $4.82 million in liabilities. Judge Brian K. Tester presides over the case. The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and the Law Offices of Jose R. Olmo-Rodriguez, as special counsel. WESTERN HOST: Hires RC Ingenieros as Professional Engineer ---------------------------------------------------------- Western Host Associates, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ RC Ingenieros Consultores, CSP, as professional engineer to the Debtor. Western Host requires RC Ingenieros to represent the best interest of the Debtor and assist the Debtor in the inspection and repairs necessary of its commercial property known as Hotel Plaza de Armas located at 202 San Jose St. of Old San Juan, Puerto Rico. RC Ingenieros will be paid a flat fee of $30,000. Francisco Rordriguez-Ema, partner of Ingenieros Consultores, CSP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. RC Ingenieros can be reached at: Francisco Rordriguez-Ema INGENIEROS CONSULTORES, CSP P.O. Box 9022944 Old San Juan, PR 00902-2944 Tel: (787) 455-1388 About Western Host Associates Western Host Associates, Inc., owns a four-story commercial hotel building located at 202 San Jose Street, Old San Juan, Puerto Rico. The hotel is currently non-operational and is valued by the company at $1.35 million. The company previously sought bankruptcy protection on Nov. 14, 2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr. D.P.R. Case No. 11-04152). Western Host Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018. In the petition signed by Luis Alvarez, president, the Debtor disclosed $1.36 million in assets and $4.82 million in liabilities. Judge Brian K. Tester presides over the case. The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and The Law Offices of Jose R. Olmo-Rodriguez, as special counsel. WESTMORELAND COAL: S&P Lowers Issuer Credit Rating to 'D' --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Englewood, Colo.–based Westmoreland Coal Co. to 'D' from 'SD'. S&P's 'D' issue-level ratings on WCC's first-lien term loan and 8.75% senior secured notes are unchanged. S&P also affirmed its 'CC' issue-level rating on MLP issuing subsidiary Oxford Mining Co. LLC's debt, which remains on CreditWatch with negative implications. The downgrade incorporates WCC's forbearance agreement. Under S&P's criteria, forbearance agreements related to missing payments without appropriate compensation constitute a default. The forbearance agreement, in effect through Sept. 30, 2018, defers interest or principal payments on WCC's notes and term loan. It also defers potential cross default stemming from Westmoreland Resource Partners L.P.'s nonpayment of interest or principal under its term loan. WHITEWATER/EVERGREEN: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 cases of Whitewater/Evergreen Operations LLC, SWD LLC, and EFSWD 1, LLC as of June 25, according to a court docket. About Whitewater/ Evergreen Operations Whitewater/Evergreen Operations, LLC owns 50% interest in Fowlerton Salt Water Disposal Well. EFSWD 1 has 43% ownership interest in Cheapside Salt Water Disposal Well. SWD, LLC has 37% ownership interest in EFSWD 1. Whitewater/Evergreen Operations, LLC, (Bankr. D. Colo. Case No. 18-14535), SWD, LLC, (Bankr. D. Colo. Case No. 18-14537) and EFSWD 1, LLC (Bankr. D. Colo. Case No. 18-14542) concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code on May 24, 2018. The petitions were signed by Ben R. Doud, manager. The cases are assigned to Hon. Kimberley H. Tyson (18-14535), Hon. Michael E. Romero (18-14537) and the Hon. Joseph G. Rosania Jr. (18-14542). Whitewater/Evergreen Operations disclosed $8 million in assets against $11.6 million in liabilities as of the bankruptcy filing. Lee M. Kutner, Esq., at Kutner Brinen, P.C., serves as the Debtors' counsel. WINDSTREAM CORP: Bank Debt Trades at 10% Off -------------------------------------------- Participations in a syndicated loan under which Windstream Corporation is a borrower traded in the secondary market at 89.75 cents-on-the-dollar during the week ended Friday, June 15, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.03 percentage points from the previous week. Windstream Corporation pays 325 basis points above LIBOR to borrow under the $580 million facility. The bank loan matures on February 17, 2024. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, June 15. WINDSTREAM HOLDINGS: S&P Cuts CCR to 'CC', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Little Rock, Ark.-based Windstream Holdings Inc. to 'CC' from 'B-'. The outlook is negative. S&P said, "At the same time, we lowered the rating on Windstream Services' 7.75% senior notes due 2021, 7.50% senior notes due 2022, 7.50% senior notes due 2023, 6.375% senior notes due 2023, and 8.75% senior notes due 2024 to 'C' from 'CCC'. The recovery rating on these notes remains '6', indicating our expectation of negligible (0%-10%; rounded estimate: 5%) recovery in the event of payment default. The 'CCC' rating on Windstream Services' 7.75% senior notes due 2020 and 'B+' rating on Windstream Services' and Windstream Holding of the Midwest's senior secured debt remain unchanged and were not affected by the exchange offers. The downgrade follows Windstream's June 15, 2018, announcement that it has launched exchange offers to holders of its 7.75% senior notes due 2021, 7.50% senior notes due 2022, 7.50% senior notes due 2023, 6.375% senior notes due 2023, and 8.75% senior notes due 2024, for new 9.00% second-lien notes due 2025 at below par value. S&P said, "The negative rating outlook reflects our expectation that we will lower our corporate credit rating on Windstream to 'SD' (selective default) and our issue-level ratings on the affected senior unsecured notes to 'D' once the transaction closes. We will then review the ratings immediately following completion of the transaction based on the new capital structure. "Assuming the exchange occurs as planned, we will re-evaluate the ratings after further analyzing the pro forma capital structure. The potential to raise the corporate credit rating back to 'B-' will largely depend on the success of the exchange offer in reducing maturity risk over the next several years and the probability of additional near-term future exchange offers or transactions that we would deem as distressed. "The recovery rating on the affected issues remains '6'. We note that any deal involving a restructuring of the company's capital structure could have an effect on the recovery rating. We intend to re-evaluate recovery prospects at the close of any debt restructuring or exchange." WOODNER HOUSE CONDOMINIUM: Queens Property Up for July 13 Auction ----------------------------------------------------------------- Barry M. Goldstein, Esq., as Referee, will sell at public auction at the Queens County Supreme Courthouse, 88-11 Sutphin Blvd., in Courtroom # 25, Jamaica, NY on July 13, 2018 at 10:00 a.m. the premises known as 138-35 Elder Avenue, Unit 76, Queens, NY, designated as Block 5137 Lot 1076. The Premises will be sold pursuant to a Judgment of Foreclosure and Sale dated November 21, 2017 and entered on December 18, 2017, in the case, NYCTL 1998-2 TRUST, and THE BANK OF NEW YORK MELLON, as Collateral Agent and Custodian for the NYCTL 1998-2 Trust, Plaintiff -against- THE BOARD OF MANAGERS OF WOODNER HOUSE CONDOMINIUM, et al Defendant(s), pending before the Queens County Supreme Court. The approximate amount of lien is $6,452.92 plus interest and costs. Attorney(s) for Plaintiff: Windels Marx Lane & Mittendorf, LLP 156 W 56 Street New York, NY 10019 [*] $405,000 in Defaulted Timeshare Loans Up for Auction July 6 --------------------------------------------------------------- Orange Lake Country Club, Inc., as sub-servicer of certain defaulted timeshare loans, will sell at public auction the defaulted loans in bulk on Friday, July 6, 2018 commencing at 10:00 am at the lobby of 1201 Elm Street, Suite 4600, Dallas, Texas 75270. The outstanding principal balance of the loans comprising the defaulted timeshare loans is approximately $405,900.47. A minimum bid amount will be required and such amount will be announced to interested parties 30 minutes prior to the Auction. It is anticipated that the minimum bid amount will exceed $341,911.92. The defaulted timeshare loans will be conveyed via allonge(s) and one or more unrecorded collateral assignment of mortgages/deeds of trust without warranties of any kind and without title insurance. To qualify to bid, an interested party must 30 minutes prior to the Auction provide evidence satisfactory to the Sub-servicer of its ability to within 1 hour of the Auction produce cash or a cashier's check in an amount exceeding the $341,911.92 Estimated Minimum Purchase Price. Information regarding the Property will be made available to qualified bidders prior to the commencement of the Auction, and the information will relate to the performance of the entirety of the loan portfolio comprising the Property rather than information regarding individual loans. The Sub-Servicer may withdraw one or more, or all, of the loans comprising the Property at any time through and including the time of the Auction. [*] Beard Group 25th Annual Distressed Investing Conference Nov. 26 ------------------------------------------------------------------- Conway MacKenzie is the latest sponsor for Beard Group's 2018 Distressed Investing (DI) Conference on Nov. 26, 2018. Conway, a global management consulting and financial advisory firm, joins law firm Foley & Lardner, DSI (Development Specialist Inc.), provider of management consulting and financial advisory services, and Longford Capital, a private investment company, in partnering with the DI Conference, as it marks its Silver (25th) Anniversary this year. This milestone denotes the event as the oldest, influential DI conference in U.S. The day-long program will be held at The Harmonie Club in New York City. All four firms have been supporting the DI Conference in past. For a quarter of a century, the DI Conference's focus has been on "Maximizing Profits in the Distressed Debt Market." The event also serves as a forum for leaders in corporate restructuring, lending and debt and equity investments to gather and discuss the latest topics and trends in the distressed investing industry, as well as exchange ideas about high-profile chapter 11 bankruptcy proceedings and out-of-court restructurings. These are distinguished professionals who place their resources and reputations at risk to produce stellar results by preserving jobs, rebuilding broken businesses, and efficiently redeploying underutilized assets in the marketplace. The conference will also feature: * a luncheon presentation of the Harvey K. Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student. * an evening awards dinner recognizing the 2018 Turnarounds & Workouts Outstanding Young Restructuring Lawyers. To register for the one-day conference visit: https://www.distressedinvestingconference.com/ Discounted early registration tickets are now available. To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and To expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 [*] Bloomberg Law Releases Updated Bankruptcy Practice Center ------------------------------------------------------------- Bloomberg Law on June 25, 2018, released an updated Bankruptcy Practice Center that features new content and improved access to the existing tools and resources that bankruptcy attorneys have come to rely on in advising their clients. The practice center now includes new practical guidance documents annotated by leading bankruptcy practitioners and predictive analytics -- based on Bloomberg LP data -- mapping the likelihood specific companies will seek bankruptcy protection within a year. Learn more about the Bankruptcy Practice Center at http://on.bna.com/AhlY30kEntn "Bloomberg Law's Bankruptcy Practice Center provides essential legal and business intelligence that enables bankruptcy professionals to provide expert legal advice across industries, based on proprietary publications, tools, and resources," said Scott Falk, vice president and general manager for litigation, bankruptcy, and health care on Bloomberg Law. "Our continued investment in the Bloomberg Law platform translates to greater breadth and depth of bankruptcy expertise for our customers." The Bloomberg Law: Bankruptcy Treatise anchors the new practice center. "Bloomberg Law's Bankruptcy Treatise has been a 'must have' for my team since its initial roll-out in 2014," said Thomas Lauria, Global Head of White & Case's Financial Restructuring Group. "It is unsurpassed in terms of scope and it has become the gold standard for online research in our field. I can't wait to see the results when we get our lawyers plugged into Bloomberg Law's new Bankruptcy Practice Center." Key features of the Bankruptcy Practice Center include: * Bloomberg Law: Bankruptcy Treatise, updated on a rolling basis by expert editors, with more than 600 chapters on the federal bankruptcy code, federal and local bankruptcy rules, and the cases interpreting these authorities. * A dedicated practice page for Chapter 11 Reorganizations, offering expert analysis, step-by-step practical guidance, and news. * Business development resources with market-moving news from Bloomberg and BNA as well as unique analytics and trackers to help prospect for distressed companies and identify trends across industries. * A comprehensive collection of treatises from the American Bankruptcy Institute (ABI) with primers and guides on fundamental bankruptcy concepts. * Comprehensive primary source material including case law and dockets providing the ability to search U.S. bankruptcy filings by chapter number. About Bloomberg Law Bloomberg Law -- www.bna.com/bloomberglaw -- helps legal professionals provide world-class counsel with access to actionable legal intelligence in a business context. Bloomberg Law delivers a unique combination of practical guidance, comprehensive primary and secondary source material, trusted content from Bloomberg BNA, news, time-saving practice tools, market data and business intelligence. [*] O'Melveny Adds 3 Lawyers to Bankruptcy & Restructuring Practice ------------------------------------------------------------------- O'Melveny on June 25, 2018, disclosed that three highly ranked restructuring lawyers, Nancy A. Mitchell, Maria J. DiConza, and Matthew Hinker, will join its Bankruptcy & Restructuring practice, based in New York. Ms. Mitchell, Ms. DiConza, and Mr. Hinker will arrive from the New York office of Greenberg Traurig, where they have been representing debtors, municipalities, acquirers, and creditors in complex distressed situations that require creative and sophisticated financial solutions. Ms. Mitchell, who will join as a partner on July 2, was co-chair of Greenberg Traurig's Global Restructuring & Bankruptcy practice and a co-managing shareholder for its New York office. Earlier, she served as Executive Director of CIBC World Markets Corp.'s restructuring/leveraged finance team. She has more than 30 years of experience advising debtors in complex corporate restructurings and private equity funds in distressed M&A transactions, and has considerable experience in municipal and tax-exempt restructurings. Recently named one of the "Leading Women Lawyers in New York City" by Crain's New York Business, Mitchell has accumulated an extensive list of professional accolades. She has been recognized consistently by Chambers USA, The Legal 500 United States, and Leading Lawyers Network. Ms. Mitchell has also been member of the winning team of ACG New York Champion's Awards, Global M&A Network's Turnaround Atlas Awards, M&A Advisor Awards, and M&A Advisor Turnaround Awards. Ms. DiConza, who will arrive at O'Melveny on July 9 as a partner, was a shareholder at Greenberg Traurig. She brings more than 20 years of diverse bankruptcy experience in complex financial restructuring and debtor and lender/creditor representations across industries including food services, municipal, healthcare, manufacturing, energy, financial services, and for-profit education. Mr. Hinker, who will join O'Melveny as a counsel on July 9, focuses his practice on complex Chapter 11 bankruptcy proceedings, adversary proceeding litigation, and other insolvency-related matters. "It's my pleasure to welcome Nancy, Maria, and Matthew to the firm," said O'Melveny Chair Bradley J. Butwin. "They bring great skill, energy, and leadership to their client work. Very importantly, their goals align with ours: making O'Melveny a restructuring powerhouse that serves the needs of corporate and government clients, including municipal, private equity, and investment fund entities." At their prior firm, all three lawyers advised on restructuring the debt of Puerto Rico's electricity and water utilities. O'Melveny advises the Government of Puerto Rico in all aspects of the restructuring of its more than US$120 billion in debt obligations, the largest in-court restructuring in US history. "We have known Nancy, Maria, and Matt for many years, and we have been deeply impressed by their exceptional work," added John Rapisardi, Chair of O'Melveny's Global Restructuring Practice. "They have consistently brought innovative thinking and fresh approaches to the complex challenges faced by our shared clients. They will be great assets to O'Melveny and our clients." "O'Melveny's platform is well known for its depth, breadth and great teamwork," said Ms. Mitchell. "We all share a deeply client-focused approach, and the opportunity we all saw to create a strong and diverse group and better serve our shared clients was one we couldn't pass up. We're very pleased to open a new chapter at O'Melveny." Ms. Mitchell earned her law degree, cum laude, from the University of Michigan, where she contributed to the Michigan Law Review. She earned her bachelor's degree from Indiana University, Bloomington. Ms. DiConza earned her law degree, magna cum laude, from St. John's University, where she was an articles and notes editor of the St. John's Law Review. She earned her bachelor's degree from the College of William and Mary. Mr. Hinker earned his law degree, cum laude, from the University of Maryland School of Law. He earned his bachelor's degree from Villanova University. ********* 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 ***