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/raid1/www/Hosts/bankrupt/TCR_Public/140104.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, January 4, 2014, Vol. 18, No. 3 Headlines AGFEED INDUSTRIES: December 2013 M.O.R. Filed CENGAGE LEARNING: Posts November Net Loss on Chapter 11 Costs CHINA NATURAL: November 2013 M.O.R. Filed GMX RESOURCES: Posts $6.02 Million Net Loss in November GREEN FIELD ENERGY: Reports $7.96 Million Net Loss at Nov. 30 INTERFAITH MEDICAL: Incurs Net Loss of $4.43 Million in November LIFECARE HOLDINGS: September and November M.O.R. Filed OCZ TECHNOLOGY: Projects $442,000 Cash for January 2014 SCOOTER STORE: Ends November with $5.02 Million Net Loss VERTIS HOLDINGS: November 2013 M.O.R. Filed ********* AGFEED INDUSTRIES: December 2013 M.O.R. Filed --------------------------------------------- BankruptcyData reported that AgFeed Industries filed with the U.S. Bankruptcy Court a monthly operating report for December 2013. For the period, the Company reported a net loss of $2.7 million. Cash at the beginning of the month was $791,999 and $46.4 million at the end of the month (as a result of the $45.8 million China sale transaction). The Company paid $287,874 in restructuring professional fees and $3.0 million in total reorganization expenses during the period. About AgFeed Industries AgFeed Industries, Inc., has 21 farms and five feed mills in China producing more than 250,000 hogs annually. In the U.S., the business included 10 sow farms in three states and two feed mills producing more than one million hogs a year. AgFeed's revenue in 2012 was $244 million. AgFeed and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on July 15, 2013, with a deal to sell most of its subsidiaries to The Maschhoffs, LLC, for cash proceeds of $79 million, absent higher and better offers. The Debtors estimated assets of at least $100 million and debts of at least $50 million. Keith A. Maib signed the petition as chief restructuring officer. Hon. Brendan Linehan Shannon presides over the case. Donald J. Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors Inc. acts as the Debtors' financial advisor. The Debtors' claims and noticing agent is BMC Group, Inc. The U.S. Trustee has appointed a five-member official committee of unsecured creditors to the Chapter 11 cases. The Creditors' Committee tapped Lowenstein Sandler as lead bankruptcy counsel and Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as the Creditors' Committee's financial advisor. An official committee of equity security holders was also appointed to the Chapter 11 cases. The Equity Committee tapped Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-counsel. CENGAGE LEARNING: Posts November Net Loss on Chapter 11 Costs ------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Cengage Learning Inc., the college textbook publisher, reported operating income of $5.4 million in November on revenue of $100 million. According to the report, the month's net loss was $6.5 million, after $12.3 million in Chapter 11 expenses, according to the operating report filed with the U.S. Bankruptcy Court in Brooklyn, New York. The company's Chapter 11 plan is up for approval at a Feb. 24 confirmation hearing. How unsecured creditors fare under the plan depends on whether first-lien lenders have valid security interests in all their claimed collateral. The main question is whether the lien extends to $273.9 million in a money-market account. The creditors' committee also seeks to challenge the validity of liens on 15,500 copyrights. The lenders say the contention about copyrights is "frivolous." Cengage said an attack on the validity of copyright liens would be "frivolous and wasteful litigation." The plan would reduce debt for borrowed money by $4.3 billion. Assuming their liens are all valid, senior secured creditors will take the new equity and a $1.5 billion term loan. About Cengage Learning Stamford, Connecticut-based Cengage Learning -- http://www.cengage.com/-- provides innovative teaching, learning and research solutions for the academic, professional and library markets worldwide. Cengage Learning's brands include Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South Western and Wadsworth, among others. Apax Partners LLP bought Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion transaction. The acquisition was funded in part with $5.6 billion in new debt financing. Cengage Learning Inc. filed a petition for Chapter 11 reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2, 2013, in Brooklyn, New York, after signing an agreement where holders of $2 billion in first-lien debt agree to support a reorganization plan. The plan will eliminate more than $4 billion of $5.8 billion in debt. First-lien lenders who signed the so-called plan-support agreement include funds affiliated with BlackRock Inc., Franklin Mutual Adviser LLC, KKR & Co. and Oaktree Capital Management LP. Second- lien creditors and holders of unsecured notes aren't part of the agreement. The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard Freres & CO. LLC as financial advisor, Alvarez & Marsal North America, LLC, as restructuring advisor, and Donlin, Recano & Company, Inc., as claims and notice agent. The Debtors filed a Joint Plan of Reorganization and Disclosure Statement dated Oct. 3, 2013, which provides that the Debtors took extreme care to advance and protect the interest of unsecured creditors -- including seeking to protect four primary sources of potential recoveries for unsecured creditors and providing them with appropriate time to conduct diligence, and discuss their conclusions on, among other things, the value of those sources of potential recoveries. CHINA NATURAL: November 2013 M.O.R. Filed ----------------------------------------- BankruptcyData reported that China Natural Gas filed with the U.S. Bankruptcy Court a monthly operating report for the month of November 2013. During the period, the Company reported its total disbursement for third quarter fees for the U.S. Trustee assigned to the case as $325. The balance sheet submitted with the monthly operating report indicates all fields as undetermined, with the exception of pre-petition accounts payable, which is reported as $64.5 million. China Natural Gas also reported zero cash at both the beginning and end of the month. About China Natural Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural Gas, Inc., was incorporated in the State of Delaware on March 31, 1999. The Company through its wholly owned subsidiaries and variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and subsidiaries of its VIE, which are located in Hong Kong, Shaanxi Province, Henan Province and Hubei Province in the People's Republic of China ("PRC"), engages in sales and distribution of natural gas and gasoline to commercial, industrial and residential customers through fueling stations and pipelines, construction of pipeline networks, installation of natural gas fittings and parts for end-users, and conversions of gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered vehicles at 0ptmobile conversion sites. On Feb. 8, 2013, an involuntary petition for bankruptcy was filed against the Company by three of the Company's creditors, Abax Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr. S.D.N.Y. Case No. 13-10419). The Petitioners claimed that they have debts totaling $42,218,956.88 as a result of the Company's failure to make payments on the 5% Guaranteed Senior Notes issued in 2008. Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in Washington, D.C., represents the Petitioners as counsel. China Natural Gas, Inc., sought dismissal of the involuntary petition but in July 2013, it consented to the entry of an order for relief under Chapter 11 of the U.S. Code. The last regulatory filing listed assets as of June 30 of $29.5 million and liabilities totaling $82.5 million. GMX RESOURCES: Posts $6.02 Million Net Loss in November ------------------------------------------------------- GMX Resources Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for the month ended November 30, 2013. The Debtor incurred a net loss of $6.02 million on total revenues of $2.35 million for the month. At November 30, the Debtor reported $321.15 million in total assets, $526.74 million in total liabilities, and $205.58 million total shareholders' deficit. At the beginning of the month, the Debtor had a cash balance of $1.55 million. It reported total receipts of $14.23 million and total disbursements of $8.49 million. The Debtor paid $1.68 million in professional fees. Thus, at the end of November, the Debtor had $7.28 million. A copy of the monthly operating report is available at the SEC at: http://is.gd/qRVA1H About GMX Resources GMX Resources Inc. -- http://www.gmxresources.com/-- is an independent natural gas production company headquartered in Oklahoma City, Oklahoma. GMXR has 53 producing wells in Texas & Louisiana, 24 proved developed non-producing reservoirs, 48 proved undeveloped locations and several hundred other development locations. GMXR has 9,000 net acres on the Sabine Uplift of East Texas. GMXR has 7 producing wells in New Mexico. GMX filed a Chapter 11 petition in its hometown (Bankr. W.D. Okla. Case No. 13-11456) on April 1, 2013, so secured lenders can buy the business in exchange for $324.3 million in first-lien notes. GMX listed assets for $281.1 million and liabilities totaling $458.5 million. GMX missed a payment due in March 2013 on $51.5 million in second- lien notes. Other principal liabilities include $48.3 million in unsecured convertible senior notes. The DIP financing provided by senior noteholders requires court approval of a sale within 75 days following approval of sale procedures. The lenders and principal senior noteholders include Chatham Asset Management LLC, GSO Capital Partners, Omega Advisors Inc. and Whitebox Advisors LLC. David Zdunkewicz, Esq., Timothy A. Davidson II, Esq., and Joseph Rovira, Esq., at ANDREWS KURTH LLP, serves as the Debtors' counsel. Special Local Counsel, Conflicts Counsel and Litigation Counsel for the Debtors are William H. Hoch, Esq., and Christopher M. Staine, Esq., at CROWE & DUNLEVY, P.C. Counsel to Backstop Lenders under DIP Financing and Steering Committee of Holders of Senior Secured Notes are Brian Hermann, Esq., and Sarah Harnett, Esq., at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP. Counsel to the Unsecured Creditors Committee is Jason Brookner, Esq., at LOOPER REED & MCGRAW P.C. Looper Reed is substituted as counsel for the Official Committee of Unsecured Creditors in place of Winston & Strawn LLP, effective as of April 25, 2013. The Committee tapped Conway MacKenzie, Inc., as financial advisor. On Dec. 4, 2013, the Bankruptcy Court approved the Company's First Amended Disclosure Statement to accompany the First Amended Joint Plan of Reorganization of GMX Resources Inc. and its Debtor Subsidiaries under Chapter 11 of the Bankruptcy Code. A copy of the Disclosure Statement is available at http://is.gd/XGTsMr The Court has set Jan. 21, 2014 at 1:30 p.m. central time, as the date and time for hearing on confirmation of the Plan and to consider any objections to the Plan. GREEN FIELD ENERGY: Reports $7.96 Million Net Loss at Nov. 30 ------------------------------------------------------------- Green Field Energy Services, Inc., et al, on Dec. 23, 2013, filed their monthly operating report for the period from October 28 to November 30, 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $7.96 million with revenues of $719,069 for the period. At November 30, the Debtors had $337.44 million in total assets, $468.81 million in total liabilities, and a -($131.37 million) total shareholders' deficit. The Debtors reported total operating receipts of $33.44 million and total disbursements of $7.29 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GREENFIELDoctnovmor.pdf About Green Field Energy Green Field Energy Services, Inc., is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Bankr. D. Del. Case No. 13-bk-12783). The Debtors are represented by Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois. The Debtors' investment banker is Carl Marks Advisory Group LLC. Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves as the Debtors' chief restructuring officer. In its schedules, Green Field disclosed $306,960,039 in total assets and $447,199,869 in total liabilities. Roberta A. Deangelis, The U.S. Trustee for Region 3, appointed six members to the official committee of unsecured creditors in the Chapter 11 cases of Green Field Energy Services, Inc., et al. Green Field's bankruptcy is being financed with a $30 million loan from BG Credit Partners LLC and ICON Capital LLC. INTERFAITH MEDICAL: Incurs Net Loss of $4.43 Million in November ---------------------------------------------------------------- Interfaith Medical Center, Inc., on Dec. 20, 2013, filed its monthly operating report for November 2013. The Debtor reported a net loss of $4.43 million on revenues of $12 million for the month. At Nov. 30, the Debtor had $122.41 million in total assets, $358.39 million in total liabilities, and a -($235.98 million) total shareholders' deficit. In its cash flow statement for the January to November 2013 period, the Debtor had $13.51 million cash at the beginning of the year. About $13.68 million cash was used in operating activities, $2.57 million was used in investing activities and $1.92 million was used in financing activities. At Nov. 30, the Debtor had $4.32 million in cash and cash equivalents. A copy of the monthly operating report is available at: http://bankrupt.com/misc/INTERFAITHMEDICALnovmor.pdf About Interfaith Medical Center Headquartered in Brooklyn, New York, Interfaith Medical Center, Inc., operates a 287-bed hospital on Atlantic Avenue in Bedford- Stuyvesant and an ambulatory care network of eight clinics in central Brooklyn, in Crown Heights and Bedford-Stuyvesant. The Company filed for Chapter 11 protection (Bankr. E.D. N.Y. Case No. 12-48226) on Dec. 2, 2012. The Debtor disclosed $111,872,972 in assets and $193,540,998 in liabilities as of the Chapter 11 filing. Liabilities include $117.9 million owing to the New York State Dormitory Authority on bonds secured by the assets. Alan J. Lipkin, Esq., at Willkie Farr & Gallagher LLP, serves as bankruptcy counsel to the Debtor. Nixon Peabody LLP is the special corporate and healthcare counsel. CohnReznick LLP serves as financial advisor. Donlin, Recano & Company, Inc. serves as administrative agent. The Official Committee of Unsecured Creditors tapped Alston & Bird LLP as its counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC as its financial advisor. Eric M. Huebscher, the patient care ombudsman, tapped the law firm of DiConza Traurig LLP, as his counsel. LIFECARE HOLDINGS: September and November M.O.R. Filed ------------------------------------------------------ BankruptcyData reported that LifeCare Holdings filed with the U.S. Bankruptcy Court monthly operating reports for September and November 2013. For the periods, the total hospitals reported zero in disbursement activities. The reports also indicate that no assets have been sold or transferred outside the normal course of business during both reporting periods. About LifeCare LCI Holding Company, Inc., and its affiliates, doing business as LifeCare Hospitals, operate eight "hospital within hospital" facilities and 19 freestanding facilities in 10 states. The hospitals have about 1,400 beds at facilities in Louisiana, Texas, Pennsylvania, Ohio and Nevada. LifeCare is controlled by Carlyle Group, which holds 93.4% of the stock following a $570 million acquisition in August 2005. LCI Holding Company, Inc., and its affiliates, including LifeCare Holdings Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-13319) on Dec. 11, 2012, with plans to sell assets to secured lenders. The Debtors are represented by Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Wilmington, Delaware; Kenneth S. Ziman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York; and Felicia Gerber Perlman, Esq., and Matthew N. Kriegel, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois. Rothschild Inc. is the financial advisor. Huron Management Services LLC will provide the Debtors an interim chief financial officer and certain additional personnel; and (ii) designate Stuart Walker as interim chief financial officer. The steering committee of lenders is represented by attorneys at Akin Gump Strauss Hauer & Feld LLP and Blank Rome LLP. The agent under the prepetition and postpetition secured credit facility is represented by Simpson Thacher & Barlett LLP. The Debtors disclosed assets of $422 million and liabilities totaling $575.9 million as of Sept. 30, 2012. As of the bankruptcy filing, total long-term obligations were $482.2 million consisting of, among other things, institutional loans and unsecured subordinated loans. A total of $353.4 million is owing under the prepetition secured credit facility. A total of $128.4 million is owing on senior subordinated notes. LifeCare Hospitals of Pittsburgh, LLC, a debtor-affiliate disclosed $24,028,730 in assets and $484,372,539 in liabilities as of the Chapter 11 filing. The Official Committee of Unsecured Creditors is represented by Pachulski Stang Ziehl & Jones LLP. FTI Consulting, Inc., serves as its financial advisor. OCZ TECHNOLOGY: Projects $442,000 Cash for January 2014 ------------------------------------------------------- OCZ Technology Group, Inc., et al, on Dec. 16, 2013, filed an initial monthly operating report. The Initial MOR includes a cash flow projection for the 7-week period covering the week ended Dec. 6, 2013 through the week ended Jan. 17, 2014. At the week ended January 17, 2014, the Debtors project ending cash balance of $442,000 and total disbursements of $3.39 million. The Initial MOR also include a schedule of retainers paid to professionals. Among the Debtors' bankruptcy professionals are Young Conaway Stargatt & Taylor, LLP and Mayer Brown, LLP. A copy of the initial monthly operating report is available at: http://bankrupt.com/misc/OCZTECHNOLOGYmor.pdf About OCZ San Jose, Calif.-based OCZ Technology Group, Inc. (Nasdaq: OCZ) designs, manufactures, and distributes high-performance solid- state storage solutions and premium computer components. OCZ and two affiliates on Dec. 2, 2013, filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13126) with a deal to sell all assets under 11 U.S.C. Sec. 363 to Toshiba Corporation for $35 million. As of the bankruptcy filing, the Debtors had funded indebtedness of $29.3 million and general unsecured trade obligations of $31.4 million. Young Conaway Stargatt & Taylor represents the Debtors as counsel. Mayer Brown LLP serves as the Debtors' special counsel. Deutsche Bank is the Debtors' investment banker. The Hon. Peter J. Walsh presides over the case. SCOOTER STORE: Ends November with $5.02 Million Net Loss -------------------------------------------------------- The Scooter Store Holdings, Inc., et al., on Dec. 19, 2013, filed their monthly operating report for November 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $5.02 million on revenues of -($12,426) for the month. At Nov. 30, the Debtors had $8.17 million in total assets, $124.16 million in total liabilities, and a -($115.17 million) total shareholders' deficit. At the beginning of the month, the Debtors had $7.16 million cash. They had total receipts of $2.58 million, $1.99 million in total disbursements, and $1.99 million in net revolver borrowing repayments. Thus, at month end, the Debtors had $5.80 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SCOOTERSTOREnovmor.pdf About The Scooter Store The Scooter Store is a supplier of power mobility solutions, including power wheelchairs, scooters, lifts, ramps, and accessories. The Scooter Store's products and services provide today's seniors and disabled persons potential alternatives to living in nursing homes or other care facilities. Headquartered in New Braunfels, Texas, the Scooter Store has a nationwide network of distribution centers that service products owned or leased by the Company's customers. It has 57 distribution centers in 41 states. Scooter Store Holdings Inc., and 71 affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 13-10904) in Wilmington. The closely held company listed assets of less than $10 million and debt of more than $50 million. Affiliates of private equity firm Sun Capital Partners, based in Boca Raton, Florida, purchased a majority voting interest in the debtors in 2011. Scooter Store is 66.8 percent owned by Sun Capital Partners Inc., owed $40 million on a third lien. In addition to Sun's debt and $25 million on a second lien owing to Crystal Financial LLC, there is a $25 million first-lien revolving credit owing to CIT Healthcare LLC as agent. Crystal is providing $10 million in financing for bankruptcy. VERTIS HOLDINGS: November 2013 M.O.R. Filed ------------------------------------------- BankruptcyData reported that Vertis Holdings filed with the U.S. Bankruptcy Court a monthly operating report for November 2013. For the period, the consolidated Debtors reported a net loss of $4.1 million (derived primarily from reorganization expenses) on zero net sales. The Company paid $8.2 million in professional fees and $4.5 million in total reorganization expenses during the month. Cash at the beginning of November was $8.6 million and $8.3 million at the end of the month, with negative net cash flow of $256,790. About Vertis Holdings Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides advertising services in a variety of print media, including newspaper inserts such as magazines and supplements. Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821), returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to sell the business to Quad/Graphics, Inc., for $258.5 million, subject to higher and better offers in an auction. As of Aug. 31, 2012, the Debtors' unaudited consolidated financial statements reflected assets of approximately $837.8 million and liabilities of approximately $814.0 million. Bankruptcy Judge Christopher Sontchi presides over the 2012 case. Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal, and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised by Blackstone Advisory Partners, Arnold & Porter LLP and Foley & Lardner LLP, special counsel for antitrust advice. Kurtzman Carson Consultants LLC is the Debtors' claims agent. Quad/Graphics is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, Wis. (just west of Milwaukee), the Company has approximately 22,000 full-time equivalent employees working from more than 50 print-production facilities as well as other support locations throughout North America, Latin America and Europe. Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08- 11460) on July 15, 2008, to complete a merger with American Color Graphics. ACG also commenced separate bankruptcy proceedings. In August 2008, Vertis emerged from bankruptcy, completing the merger. Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its assets and debts of more than $1 billion. Affiliates also filed separate Chapter 11 petitions -- American Color Graphics, Inc. (Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10- 16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The bankruptcy court approved the prepackaged Chapter 11 plan on Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The plan reduced Vertis' debt by more than $700 million or 60%. GE Capital Corporation, which serves as DIP Agent and Prepetition Agent, is represented in the 2012 case by lawyers at Winston & Strawn LLP. Morgan Stanley Senior Funding Inc., the agent under the prepetition term loan, and as term loan collateral agent, is represented by lawyers at White & Case LLP, and Milbank Tweed Hadley & McCloy LLP. On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis Holdings for a net purchase price of $170 million. This assumes the purchase price of $267 million less the payment of $97 million for current assets that are in excess of normalized working capital requirements. ********* 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. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com by e-mail. 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 the nation's bankruptcy courts. The list includes links to freely downloadable of these small-dollar petitions in Acrobat PDF documents. 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. ********* 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, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***