/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/141209.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 9, 2014, Vol. 18, No. 342 Headlines 14520 HESBY: Case Summary & 14 Unsecured Creditors ADAMIS PHARMACEUTICALS: Sio Holds 11% Stake as of Oct .15 ADT CORP: S&P Assigns 'BB-' Rating on $400MM Sr. Unsecured Notes AMERICAN AIRLINES: Mechanics' Lawsuit vs. Union Pact Dismissed AMERICAN BREWING: Posts $247K Net Loss in Sept. 30 Quarter ANPULO FOOD: Incurs $411K Net Loss in Third Quarter ANESTHESIA HEALTHCARE: Key Employee Retention Plan Okayed APARTMENTS AT DUCKERS: Case Summary & 4 Unsecured Creditors ASR 2401: Dec. 9 Hearing on Bid to Sell Property of the Estate ASR 2401: Wants Preferred Income's Bid to Dismiss Case Denied ASSOCIATED WHOLESALERS: Workers Lose Pension, Benefits Under C&S AUTHENTIC TRANSPORT: Case Summary & 18 Top Unsecured Creditors BAXANO SURGICAL: Gets Interim Nod to Obtain Hercules DIP Loan BAYONNE ENERGY: S&P Lowers Rating to 'BB-' on Debt Amendment BIOLASE INC: Has $3.49-Mil. Net Loss for Sept. 30 Quarter BION ENVIRONMENTAL: Reports $705K Net Loss for Third Quarter BOSTON THERAPEUTICS: Has $1.16-Mil. Net Loss in Third Quarter BUILDING #19: Posternak Authorized to Prosecute Derivative Claims CAESARS ENTERTAINMENT: 2021 Bank Debt Trades at 7% Off CALDERA PHARMACEUTICALS: Changes Name to "XRpro Sciences, Inc." CALIFORNIA COMMUNITY: Dec. 10 Hearing on Bid for Cash Access CANCER GENETICS: Appoints Two Directors to Board CBS OUTDOOR: 2021 Bank Debt Trades at 2% Off CIT GROUP: Fitch Assigns 'BB+/B' Issuer Default Ratings CLEAN DIESEL: Incurs $1.57-Mil. Net Loss in Sept. 30 Quarter CLEVELAND IMAGING: Will Reopen This Month Under New Management COCRYSTAL PHARMA: Schinazi Reports 38.9% Stake as of Nov. 25 COMMUNITY HOME: Automatic Stay Lifted in Favor of Lunar Heights CONYERS 138: Proposes to Hire Evan Altman as Bankruptcy Counsel CTI BIOPHARMA: Gets $15 Million Milestone Payment for TRISENOX DANA HOLDING: S&P Assigns 'BB+' Rating on $425MM Unsecured Notes DEALER TIRE: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable DELIA*S INC.: Case Summary & 50 Largest Unsecured Creditors DELL INC: S&P Raises Corp. Credit Rating to 'BB+' on Reduced Debt EAST CLEVELAND, OHIO: Is Insolvent; Recovery Plan Inadequate ENDEAVOUR INT'L: Seeks to Hire Ernst & Young as Auditors ENERGY TRANSFER: Bank Debt Trades at 2% Off ENERGYTEK CORP: Reports $187K Net Loss for Q3 ERF WIRELESS: Sold 6.2 Million Common Shares EVERYWARE GLOBAL: SVP Sales North America Resigns EVRAZ NORTH AMERICA: S&P Assigns B+ CCR & Rates Secured Notes BB EXELIXIS INC: Releases Results of COMET-2 Final Analysis EXIDE TECHNOLOGIES: Seeks to Supplement PwC's Services FAIRPOINT COMMUNICATIONS: State Wants Probe on Service Failures FORTESCUE METALS: Bank Debt Trades at 8% Off FRED FULLER: Bid for More Access to Cash Collateral Denied FRIENDLY ICE CREAM: Friendly's Unionville Restaurant Closes GETTY IMAGES: Bank Debt Trades at 6% Off GLOBAL DIGITAL: Reports $2.86-Mil. Net Loss for Sept. 30 Quarter GRAND CENTREVILLE: Seeks Approval to Hire Resource International GRAND CENTREVILLE: Proposes to Hire KLNB as Broker GRAND CENTREVILLE: Seeks Approval to Hire PCA as Consultant GUAM: S&P Rates $100MM 2014 Lease Revenue Bonds 'B+' GUIDED THERAPEUTICS: Obtains $3.8MM From Common Stock Offering HAAS ENVIRONMENTAL: Stipulation with Wells Fargo Equipment OK'd HAAS ENVIRONMENTAL: William Mackin Accepts Mediation Assignment HD SUPPLY: Sells $1.2 Billion of Senior Notes HOTEL OUTSOURCE: Announces Change of Control, Names New CEO HOWREY LLP: Inks Deal with Landlord, Former Partners IDEAL TILE: Case Summary & 16 Unsecured Creditors IMAGEWARE SYSTEMS: Appoints Jeff Harris as SVP Sales & Marketing INSITE VISION: Incurs $3.28-Mil. Net Loss in Third Quarter ISR GROUP: Plan Confirmation Hearing Rescheduled for Dec. 18 KU6 MEDIA: Annual General Meeting Rescheduled for Dec. 26 LA FRONTERA: S&P Lowers Rating to 'B+', Off Watch Negative LAKELAND INDUSTRIES: WTC-CTF Micro Cap Has 5% Stake as of Nov. 24 LILY GROUP: Bankruptcy Case Transferred to Judge Basil H. Lorch LITHIUM TECHNOLOGY: Case Summary & 20 Largest Unsecured Creditors LOUISIANA OILFIELD: Case Summary & 11 Top Unsecured Creditors MOMENTIVE SPECIALTY: Merges With Finance Corp NATURAL MOLECULAR: Court to Consider Asset Sale Dec. 12 NEW YORK CITY OPERA: Investors Has Deal for Revival NORTEL NETWORKS: Northern Ireland Workers Awarded GBP50K NORTHLAND RESOURCES: Files Bankruptcy Request for Several Units NORTHLAND RESOURCES: Bankruptcy Request for Swedish Units Okayed OK SOD: Case Summary & 20 Largest Unsecured Creditors OXFORD RESOURCE: Regains Compliance With NYSE Rule PULSE ELECTRONICS: Names Mark Twaalfhoven Chief Executive Officer QUALITY LEASE: U.S. Trustee Unable to Form Creditors' Committee QUANTUM FUEL: Amends $75 Million Securities Prospectus RADIOSHACK CORP: Again Denies Defaulting on Loan REDPRAIRIE CORP: Bank Debt Trades at 6% Off SAMUEL WYLY: Church Wins Chance to Fight for $20,000 Claim SAN ANGELO COLTS: US Trustee Wants Dismissal of Chapter 11 Case SCRUB ISLAND: Wants Evidence on Confirmation and Action Merged SEA SHELL: Authorized to Sell Real Property at 700 Gulf Breeze SEARS HOLDINGS: Reports $628 Million Net Loss for Third Quarter SEVEN ARTS: Appoints New Chief Financial Officer SIMPLEXITY LLC: Asks Court to Approve Settlement With Fifth Third SIMPLEXITY LLC: Inks Deal with Lender on Ch. 7 Conversion SIMPLEXITY LLC: Has Until Jan. 12 to Propose Ch. 11 Plan SNTECH INC: Case Summary & 20 Largest Unsecured Creditors SOLAR POWER: Acquires Sinsin Renewable for $91.8 Million TEHACHAPI REDEVELOPMENT: S&P Raises TABs Rating to BB+ TERESA GIUDICE: 'Real Housewives' Star Sues Former Lawyer TIBCO SOFTWARE: Bank Debt Trades at 3% Off TITAN ENERGY: PTES Acquisition Holds 94.8% Stake as of Nov. 24 TRUMP ENTERTAINMENT: Wants Until April 7 to Remove Actions TRUSTEES OF CONNEAUT: Case Summary & 20 Top Unsecured Creditors UNI-PIXEL INC: Files Copy of Presentation Materials With SEC UPC BROADBAND: Bank Debt Trades at 2% Off VARIANT HOLDING: Gets Final OK to Incur $10 Million Financing VEHICLE RESEARCH: Case Summary & 20 Largest Unsecured Creditors VICTORY ENERGY: Reports $660,000 Net Loss for Third Quarter VITALGO INC: Case Summary & 14 Largest Unsecured Creditors VUZIX CORP: Amends 2.7 Million Common Shares Prospectus WALTER INVESTMENT: Bank Debt Trades at 8% Off WISE METALS: S&P Raises Credit Rating to 'B'; Outlook Stable WPX ENERGY: S&P Rates $1.5BB Unsecured Revolver Debt 'BB+' ZYNEX INC: Posts $268K Net Income in Third Quarter * SEC Sanctions 8 Audit Firms for Violating Auditor Independence * ABI Urges Rule Requiring Impaired Creditor's Plan Vote Dumped * American Bankruptcy Institute Offers Ideas to Ease Ch. 11 * Dorsey & Whitney's Peggy Hunt Named FBA-Utah Chapter President * Large Companies With Insolvent Balance Sheet ********* 14520 HESBY: Case Summary & 14 Unsecured Creditors -------------------------------------------------- Debtor: 14520 Hesby, LLC 6360 Van Nuys Blvd., Suite 202 Van Nuys, CA 91401 Tel: (818) 780-9003 Case No.: 14-15412 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Central District Of California (San Fernando Valley) Judge: Hon. Victoria S. Kaufman Debtor's Counsel: William H Brownstein, Esq. WILLIAM H. BROWNSTEIN & ASSOCIATES 1250 6th St Ste 205 Santa Monica, CA 90401-1637 Tel: 310-458-0048 Fax: 310-576-3581 E-mail: Brownsteinlaw.bill@gmail.com Total Assets: $2.44 million Total Liabilities: $2.63 million The petition was signed by Ahron Zilberstein, managing member. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb14-15412.pdf ADAMIS PHARMACEUTICALS: Sio Holds 11% Stake as of Oct .15 --------------------------------------------------------- In a Schedule 13G filed with the U.S. Securities and Exchange Commission, Sio Capital Management, LLC, disclosed that as of Oct. 15, 2014, it beneficially owned 1,168,566 shares of common stock of Adamis Pharmaceuticals Corporation representing 11.07 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/O64EKY About Adamis San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC QB: ADMP) is a biopharmaceutical company engaged in the development and commercialization of specialty pharmaceutical and biotechnology products in the therapeutic areas of respiratory disease, allergy, oncology and immunology. Adamis reported a net loss of $8.15 million for the year ended March 31, 2014, as compared with a net loss of $7.19 million for the year ended March 31, 2013. Mayer Hoffman McCann P.C., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2014. The independent auditors noted that the Company has incurred recurring losses from operations and has limited working capital to pursue its business alternatives. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2014, the Company had $11.56 million in total assets, $1.90 million in total liabilities and $9.65 million in total stockholders' equity. Bankruptcy Warning "Our management intends to attempt to secure additional required funding through equity or debt financings, sales or out-licensing of intellectual property assets, seeking partnerships with other pharmaceutical companies or third parties to co-develop and fund research and development efforts, or similar transactions. However, there can be no assurance that we will be able to obtain any required additional funding. If we are unsuccessful in securing funding from any of these sources, we will defer, reduce or eliminate certain planned expenditures and delay development or commercialization of some or all of our products. If we do not have sufficient funds to continue operations, we could be required to seek bankruptcy protection or other alternatives that could result in our stockholders losing some or all of their investment in us," the Company said in its quarterly report for the period ended June 30, 2014. ADT CORP: S&P Assigns 'BB-' Rating on $400MM Sr. Unsecured Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' issue-level rating to Boca Raton, Fla.-based residential and small business alarm monitoring company ADT Corp.'s new $400 million senior unsecured notes, with a recovery rating of '3', indicating S&P's expectation of meaningful (50%-70%) recovery in the event of a payment default. Proceeds from the notes will be used primarily to repay the outstanding amount under ADT's revolving credit facility and for general corporate purposes. S&P expects that the company will continue to use a combination of free cash flow and additional debt to finance shareholder returns, such that reported leverage is 3.0x (corresponding to Standard & Poor's adjusted leverage in the mid- to high-5x area). The 'BB-' corporate credit rating on ADT is indicative of its "satisfactory" business risk profile and "highly leveraged" financial risk profile. Pro forma for the proposed issue, Standard & Poor's adjusted leverage as of Sept. 26, 2014 will be around 5x. RATINGS LIST The ADT Corp. Corporate Credit Rating BB-/Stable/-- The ADT Corp. $400 million notes Senior Unsecured BB- Recovery Rating 3 AMERICAN AIRLINES: Mechanics' Lawsuit vs. Union Pact Dismissed -------------------------------------------------------------- U.S. District Judge Christopher Cooper has ruled that American Airlines mechanics unhappy with their employer's contract with the Transportation Workers Union lack standing to sue, David Lee at Courthouse News Service reports. Citing Judge Cooper, Courthouse News relates that the mechanics' lawsuit lacked subject matter jurisdiction and failed to identify "any impending injury that could be prevented by the relief they seek." The report quoted Judge Cooper as saying, "Given the distinct possibility that the TWU will not be the exclusive bargaining representative in negotiations over the next CBA, and the lack of information regarding when and how negotiations can be expected to unfold, plaintiffs have not demonstrated a substantial risk that TWU's alleged favoritism towards the Tulsa mechanics in the last round of system-wide bargaining will reoccur. This source of alleged future injury is therefore insufficient to establish standing." Courthouse News recalls that Gary Peterson and others brought a federal class action in Washington in 2013, claiming TWU breached its duty of fair representation and violated their voting rights under the Labor-Management Reporting and Disclosure Act. According to the report, the complainants alleged that TWU favored mechanics who work at American Airlines' main maintenance base in Tulsa, Oklahoma, at the expense of company mechanics elsewhere. The report says that the plaintiffs claimed the union negotiated to "inflict disproportionate losses on what it viewed as troublesome dissenters," and that its leadership was "openly hostile" during negotiations with leaders of non-Tulsa local unions. According to Courthouse News, the plaintiffs sought declaratory judgment and a permanent injunction stopping TWU from using the alleged unfair practices in future negotiations. Courthouse News reports that Judge Cooper disagreed that the suit is necessary to protect the mechanics from unfair treatment in the current collective-bargaining agreement. The contract runs through September 2018 and will not be up for renegotiation until September 2016, Courthouse News relates. About American Airlines AMR Corp. and its subsidiaries including American Airlines filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan on Nov. 29, 2011, after failing to secure cost- cutting labor agreements. AMR, previously the world's largest airline prior to mergers by other airlines, is the last of the so- called U.S. legacy airlines to seek court protection from creditors. It was the third largest airline in the United States at the time of the bankruptcy filing. Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law Group, Chartered, are on board as special counsel. Rothschild Inc., is the financial advisor. Garden City Group Inc. is the claims and notice agent. Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP serve as counsel to the Official Committee of Unsecured Creditors in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the co-counsel for conflicts and other matters; Moelis & Company LLC is the investment banker, and Mesirow Financial Consulting, LLC, is the financial advisor. The Retiree Committee is represented by Jenner & Block LLP's Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B. Hankin, Esq. AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a definitive merger agreement under which the companies will combine to create a premier global carrier, which will have an implied combined equity value of approximately $11 billion. The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s plan to exit bankruptcy through a merger with US Airways. By distributing stock in the merged airlines, the plan is designed to pay all creditors in full, with interest. Judge Sean Lane confirmed the Plan despite the lawsuit filed by the U.S. Department of Justice and several states' attorney general complaining that the merger violates antitrust laws. In November 2013, AMR and the U.S. Justice Department a settlement of the anti-trust suit. The settlements require the airlines to shed 104 slots at Reagan National Airport in Washington and 34 at LaGuardia Airport in New York. AMR stepped out of Chapter 11 protection after its $17 billion merger with US Airways was formally completed on Dec. 9, 2013. * * * The Troubled Company Reporter, on Sep. 2, 2014, reported that Standard & Poor's Ratings Services revised its rating outlooks on American Airlines Group Inc. (AAG) and its subsidiaries American Airlines Inc. and US Airways Inc. to positive from stable. At the same time, S&P affirmed its ratings on the companies, including the 'B' corporate credit ratings. The TCR, on Sept. 22, 2014, reported that Standard & Poor's Ratings Services assigned its 'A (sf)' issue rating to American Airlines Inc.'s series 2014-1 class A pass-through certificates, which have an expected maturity of Oct. 1, 2026. At the same time, S&P assigned its 'BBB- (sf)' issue rating to the company's series 2014-1 class B pass-through certificates, which have an expected maturity of Oct. 1, 2022. The final legal maturity dates will be 18 months after the expected maturity dates. American Airlines is issuing the certificates under a Rule 415 shelf registration. The TCR, on the same day, reported that Moody's Investors Service assigned a B3 (LGD5) rating to the $500 million of new five year unsecured notes that American Airlines Group Inc. ("AAG") offered for sale earlier. Its subsidiaries, American Airlines, Inc. ("AA"), US Airways Group, Inc. and US Airways, Inc. will guarantee AAG's payment obligations under the indenture on a joint and several basis. Moody's Corporate Family rating of AAG is B1 with a stable outlook. The TCR also reported that Fitch Ratings has assigned a rating of 'B+/RR4' to the $500 million unsecured notes to be issued by American Airlines Group Inc. The Issuer Default Ratings (IDR) for American Airlines Group Inc., American Airlines, Inc., US Airways Group, Inc., and US Airways, Inc. remain unchanged at 'B+' with a Stable Outlook. The TCR, on Oct. 16, 2014, reported that Moody's upgraded its ratings assigned to the Series 2001-1 Enhanced Equipment Trust Certificate ("2001 EETCs") of American Airlines, Inc.: A-tranche to B2 from Caa1, B-tranche to Caa3 from Ca and C-tranche to Caa3 from Ca. Moody's also affirmed all of its other ratings assigned to American Airlines Group Inc. ("AAG"), including the B1 Corporate Family and B1-PD Probability of Default ratings, and of American Airlines, Inc. ("AA") and US Airways Group, Inc. and its subsidiaries, US Airways, Inc. and America West Airlines, Inc. The outlook is stable and the Speculative Grade Liquidity Rating of SGL-1 is unchanged. American Airlines Group Inc. guarantees American Airlines obligations of the 2001 EETCs. AMERICAN BREWING: Posts $247K Net Loss in Sept. 30 Quarter ---------------------------------------------------------- American Brewing Company, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $247,272 on $300,572 of net revenue for the three months ended Sept. 30, 2014, compared with a net loss of $23,309 on $260,527 of net revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $1.35 million in total assets, $840,000 in total liabilities and total stockholders' equity of $509,000. The Company had an accumulated deficit of $2 million and $875,000 at Sept. 30, 2014 and year ended Dec. 31, 2013, respectively, has a history or recurring net losses and negative working capital. These matters, among others, raise substantial doubt about its ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/msHD58 American Brewing Company, Inc., was formed under the laws of the State of Washington on April 26, 2010. The Company is a micro brewing company based out of Edmonds, Washington, and currently has four beers in its portfolio and continues to develop new flavors for distribution to its customers. ANPULO FOOD: Incurs $411K Net Loss in Third Quarter --------------------------------------------------- Anpulo Food Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $411,000 on $3.84 million of sales for the three months ended Sept. 30, 2014, compared with a net loss of $83,600 on $4.78 million of sales for the same period last year. The Company's balance sheet at Sept. 30, 2014, showed $20.6 million in total assets, $17.06 million in total liabilities, and stockholders' equity of $3.52 million. The Company has accumulated deficit of $2.94 million, a working capital deficit and cash outflow from operating activities of $7.62 million and $269,000 at Sept. 30, 2014. This raises substantial doubt about its ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/tBeSTu Anpulo Food, Inc., processes and supplies pork and cured pork products to wholesale customers, including fast food companies, processing factories and school cafeterias. The Company has a processing plant in Hubei, China where it also maintains its headquarters. ANESTHESIA HEALTHCARE: Key Employee Retention Plan Okayed --------------------------------------------------------- Bankruptcy Judge Wendy L. Hagenau authorized Anesthesia Healthcare Partners, Inc., et al., to implement the terms of a Key Employee Retention Plan filed Oct. 29, 2014, as amended Nov. 19 and 20. On Nov. 20, the Debtors amended the employee retention plan. A copy of the Amendment is available for free at: http://bankrupt.com/misc/AnesthesiaH_229_2ndmotionKEIP.pdf About Anesthesia Healthcare Anesthesia Healthcare Partners, Inc., filed a bare-bones Chapter 11 petition (Bankr. N.D. Ga. Case No. 14-59631) in Atlanta on May 15, 2014. The case is assigned to Judge Wendy L. Hagenau. The Debtor is represented by Theodore N. Stapleton, Esq., at Theodore N. Stapleton, P.C., in Atlanta. Sean Lynch of Suwannee, Georgia, the CEO of the company, owns 100% of the common stock. In its schedules, the Debtor listed $19,632,440 in total assets and $11,827,716 in total liabilities. APARTMENTS AT DUCKERS: Case Summary & 4 Unsecured Creditors ----------------------------------------------------------- Debtor: The Apartments at Duckers, LLC 116 Buena Vista Drive Frankfort, KY 40601 Case No: 14-30583 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Eastern District of Kentucky (Frankfort) Debtor's Counsel: Jamie L. Harris, Esq. DELCOTTO LAW GROUP PLLC 200 North Upper Street Lexington, KY 40507 Tel: (859) 231-5800 E-mail: jharris@dlgfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William R. Pulliam, III, managing member. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/kyeb14-30583.pdf ASR 2401: Dec. 9 Hearing on Bid to Sell Property of the Estate -------------------------------------------------------------- Bankruptcy Judge Mark D. Houle will convene a hearing on Dec. 9, 2014, at 2:00 p.m., to consider ASR Constructors, Inc., et al.'s motion to sell property of its estate. About ASR Constructors ASR Constructors, Inc., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 13-25794) on Sept. 20, 2013. The petition was signed by Alan Regotti as president. ASR disclosed $17.6 million in assets and $18.9 million in liabilities as of the Chapter 11 filing. Judge Mark D. Houle presides over the case. James C. Bastian, Jr., Esq., at Shulman Hodges & Bastian, LLP, serves as the Debtor's counsel. The Law Office of John D. Mannerino serves as corporate counsel to the Debtor. Rodgers, Anderson, Malody & Scott LLP CPAs serves as accountant to the Debtor. Two affiliates -- Another Meridian Company, LLC and Inland Machinery, Inc. -- also filed Chapter 11 petitions. ASR 2401: Wants Preferred Income's Bid to Dismiss Case Denied ------------------------------------------------------------- ASR 2401 Fountainview, LP, et al., ask the Bankruptcy Court to deny Preferred Income Partners IV, LLC's motion to dismiss their cases. In their response, the Debtors stated that, among other things: a. PIP IV cannot meet its burden to demonstrate that the bankruptcy filing is unauthorized; b. PIP IV's opposition to the bankruptcy is a breach of its fiduciary duties; c. PIP IV's motion is barred by laches because although Section 1112(b) contains no express limitations period, "courts exercise their equitable discretion to deny a Section 1112(b) motion as untimely;" and d. the unanimous consent to file bankruptcy provision of the agreement is comparable to an unenforceable agreement not to file bankruptcy and violates public policy. About ASR Constructors ASR Constructors, Inc., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 13-25794) on Sept. 20, 2013. The petition was signed by Alan Regotti as president. ASR disclosed $17,647,556 in assets and $18,901,467 in liabilities as of the Chapter 11 filing. Judge Mark D. Houle presides over the case. James C. Bastian, Jr., Esq., at Shulman Hodges & Bastian, LLP, serves as the Debtor's counsel. The Law Office of John D. Mannerino serves as corporate counsel to the Debtor. Rodgers, Anderson, Malody & Scott LLP CPAs serves as accountant to the Debtor. Two affiliates -- Another Meridian Company, LLC and Inland Machinery, Inc. -- also filed Chapter 11 petitions. ASSOCIATED WHOLESALERS: Workers Lose Pension, Benefits Under C&S ---------------------------------------------------------------- Bruce Vail at Inthesetimes.com reports that Associated Wholesalers Inc.'s 1,100 truck drivers and warehouse workers lose their pensions and benefits under new owner, C&S Wholesale Grocers. According to Inthesetimes.com, Iain Gold, Director of Strategic Research at International Brotherhood of Teamsters headquarters in Washington, D.C., said that he and other union negotiators avoided wage cuts, but C&S sought to reduce labor costs by slashing health care coverage, reducing vacations and holidays, and other work rule modifications. According to the report, all six Teamster locals agreed to some combination of the cuts. All contributions to the union pension plans terminated, Inthesetimes.com relates, citing Mr. Gold. The report states that the new C&S workers are being offered a 401(k) savings account, with workers with 10 to 20 years of credit in the pension plan unable to make up the difference of their potential full benefit by participating in the 401(k) savings plan. Citing Mr. Gold, the report says that the four union pension plans that covered the the workers are left with an outstanding unfunded liability of more than $40 million, with no certainty that they will recover any of it. Workers lose their coverage under the Central Pennsylvania Teamsters Health & Welfare Fund and will pay substantially higher premiums and increased deductibles under a C&S company-sponsored plan, Inthesetimes states, citing Bill Shappell, President of Teamsters Local 429 in Wyomissing, Pennsylvania, which represents about 450 warehouse workers, truck drivers and mechanics who have been affected. C&S made no specific commitment to keep the existing AWI/White Rose warehouses in operation over the long-term despite the union agreement to accept contract cutbacks, Inthesetimes says, citing Messrs. Shappell and Gold. Mr. Gold, according to Inthesetimes.com, said that representatives of C&S started meetings with six separate Teamsters locals in the region, presenting new contracts on a "take-it-or-leave it basis. It was clear to us that neither C&S nor SuperValu [the other bidder] would bid on AWI, or commit to hiring the existing workers, without new contracts in place" prior to the auction date. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid- Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors have sought joint administration of their Chapter 11 cases for procedural purposes, seeking to maintain all pleadings on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owe the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors tapped to retain Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its co-counsel; and Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. AUTHENTIC TRANSPORT: Case Summary & 18 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Authentic Transport, Inc. 24404 S. Vermont Ave., Suite 300 Harbor City, CA 90710 Case No.: 14-31859 Chapter 11 Petition Date: November 21, 2014 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Robert N. Kwan Debtor's Counsel: James R Selth, Esq. WEINTRAUB & SELTH, APC 11766 Wilshire Blvd Ste 1170 Los Angeles, CA 90025 Tel: 310-207-1494 Fax: 310-442-0660 E-mail: jim@wsrlaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald C. Ellingsworth, Jr., president. A list of the Debtor's 18 largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb14-31859.pdf BAXANO SURGICAL: Gets Interim Nod to Obtain Hercules DIP Loan ------------------------------------------------------------- The Bankruptcy Court authorized, on an interim basis, Baxano Surgical, Inc., to obtain postpetition financing in an aggregate principal amount not to exceed $350,000, plus all interest thereon from Hercules Technology Growth Capital, Inc.; and use cash collateral securing its prepetition indebtedness, as it needs liquidity in order to survive to the closing of any sale of its assets. As reported in the Troubled Company Reporter on Nov. 24, 2014, the DIP financing provides for term loan advances in an aggregate principal amount of $350,000 -- $250,000 of which will be available to the Debtor on an interim basis; provided, however, that of the said $250,000 available on an interim basis, the second $150,000 will be advanced solely in the DIP Lender's discretion. The DIP Loan accrues interest at 12.5%. As of the Petition Date, the Debtor was indebted to Hercules, which is also the Prepetition Lender, in the aggregate principal amount of $7,300,000. The Prepetition Lender will be granted adequate protection for, and in equal amount to, the diminution in value of its prepetition security interests in the form of super- priority claims and replacement liens on all assets securing the DIP Facility which replacement liens will be equal in priority to the DIP Liens and which super-priority claims will be junior to the Carve-Out and to the super-priority claims granted to the DIP Lender. About Baxano Surgical Based in Raleigh, North Carolina, Baxano Surgical Inc. develops, manufactures and markets minimally invasive medical products designed to treat degenerative conditions of the spine affecting the lumbar region. As of March 31, 2013, over 13,500 fusion procedures and 7,000 decompression procedures have been performed globally using its products. Baxano Surgical filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-12545) on Nov. 12, 2014. The case is assigned to Judge Christopher S. Sontchi. The Debtor estimated $10 million to $50 million in assets and debt. The formal schedules of assets and liabilities and statement of financial affairs are due Dec. 1, 2014. The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, as bankruptcy counsel. The Debtor is also employing the law firm of Goodwin Proctor LLP as special counsel, and the law firm of Hogans Lovell as special healthcare regulatory counsel. The Debtor is engaging Tamarack Associates to, among other things, provide John L. Palmer as CRO. Houlihan Lokey is serving as the Debtor's investment banker. Rust Consulting Omni is the claims and noticing agent. The Chapter 11 plan and disclosure statement are due March 12, 2015. BAYONNE ENERGY: S&P Lowers Rating to 'BB-' on Debt Amendment ------------------------------------------------------------ Standard & Poor's Ratings Services said it lowered its project finance rating on Bayonne Energy Center LLC's project debt to 'BB-' from 'BB'. The outlook is stable. In addition, the '2' recovery rating is unchanged, and indicates recovery of 70% to 90% of principal if a default occurs. The recovery falls in the higher end of that range. The rating action reflects a modest weakening of debtholder protections due to the recent debt amendment, which lowers the cash flow sweep from 100% to 75%, although this is subject to a distribution test of 1.2x. "Coverage ratios also weaken incrementally, as a result of higher debt balances and a slightly higher spread," said Standard & Poor's credit analyst Michael Ferguson. Bayonne Energy Center is a special-purpose, bankruptcy-remote entity that owns a 512 megawatt natural gas-fired power plant in Bayonne, N.J. In May 2014, Hess Corp. agreed to sell its 50% interest in the project to a subsidiary of ArcLight Energy Partners Fund III L.P. (ArcLight), which already indirectly owned 50% of the project. Project assets include eight Rolls-Royce combustion turbines, which started operations in the summer of 2012. The plant earns revenue through New York Independent System Operator (NYISO) Zone J capacity payments, ancillary services, energy margins, and a tolling agreement with Direct Energy Business LLC for 62.5% of the project's capacity with initial terms ending between 2017 and 2022, and extendable terms through 2027 and 2032. The remaining 37.5% of the project's capacity is indirectly tolled by ArcLight. Pro forma with the financing, the project will receive all profits from ArcLight's tolling agreements, rendering 37.5% of Bayonne effectively merchant. The stable outlook reflects S&P's expectation that Bayonne will likely generate generally stable cash flow during the next few years under the tolling agreement and cash flows with some variability from merchant energy and capacity sales in Zone J, which is constrained from additional supply and thus favorable to Bayonne. S&P also believes the LTSA will ensure that the turbines achieve a high level of availability consistently so that Bayonne earns the maximum allowable capacity payment. BIOLASE INC: Has $3.49-Mil. Net Loss for Sept. 30 Quarter --------------------------------------------------------- BIOLASE, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $3.49 million on $12.71 million of net revenue for the three months ended Sept. 30, 2014, compared with a net loss of $4.05 million on $12.34 million of net revenue for the same period last year. The Company's balance sheet at Sept. 30, 2014, showed $29.9 million in total assets, $18.8 million in total liabilities, and total stockholders' equity of $11.1 million. The Company incurred a loss from operations, a net loss, and used cash in operating activities for the three and nine months ended Sept. 30, 2014. The Company also suffered recurring losses from operations during the three years ended Dec. 31, 2013. It has consistently used cash in operations and the potential need for additional capital, and the uncertainties surrounding its ability to raise additional capital, raised substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2013. A copy of the Form 10-Q is available at: http://is.gd/T5TVCf About BIOLASE, Inc. Irvine, Calif.-based BIOLASE, Inc., incorporated in Delaware in 1987, is a biomedical company that develops, manufactures, and markets lasers in dentistry and medicine. The Company currently operates in one business segment with laser systems that are designed to provide clinically superior performance for many types of dental procedures with less pain and faster recovery times than are generally achieved with drills, scalpels, and other dental instruments. The Company also markets and distributes dental imaging equipment and other products designed to improve technologies for applications and procedures in dentistry and medicine. BION ENVIRONMENTAL: Reports $705K Net Loss for Third Quarter ------------------------------------------------------------ Bion Environmental Technologies, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $705,758 on $nil of revenue for the three months ended Sept. 30, 2014, compared with a net loss of $1.5 million on $nil of revenue for the same period in the prior year. The Company's balance sheet at Sept. 30, 2014, showed $4.28 million in total assets, $12.38 million in total liabilities, $23,900 in series B redeemable convertible preferred stock, and a total deficit of $8.13 million. The Company has not generated significant revenues and has incurred net losses (including significant non-cash expenses) of approximately $5.76 million and $8.25 million during the years ended June 30, 2014 and 2013, respectively. At September 30, 2014, the Company has a working capital deficit and a stockholders' deficit of approximately $12.27 million and $8.2 million, respectively. These factors raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/pKMPJr About Bion Environmental Bion Environmental Technologies Inc.'s patented and proprietary technology provides a comprehensive environmental solution to a significant source of pollution in US agriculture, large scale livestock facilities known as Confined Animal Feeding Operations. Bion's technology produces substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon the Company's operations and research to date (and third party peer review). In its report on the consolidated financial statements for the year ended June 30, 2014, GHP Horwath, P.C., expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has not generated significant revenue and has suffered recurring losses from operations. The Company reported a net loss of $5.76 million on $5,931 of revenue for the fiscal year ended June 30, 2014, compared with a net loss of $8.25 million on $11,862 of revenue in 2013. BOSTON THERAPEUTICS: Has $1.16-Mil. Net Loss in Third Quarter ------------------------------------------------------------- Boston Therapeutics, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $1.16 million on $121,493 of revenue for the three months ended Sept. 30, 2014, compared with a net loss of $1.12 million on $217,520 of revenue for the same period in the prior year. The Company's balance sheet at Sept. 30, 2014, showed $1.7 million in total assets, $960,479 in total liabilities and total stockholders' equity of $743,274. The Company has limited resources and operating history. It has an accumulated deficit of approximately $11.2 million and $569,000 cash on hand as of Sept. 30, 2014. The Company anticipates that its cash resources will be sufficient to fund its planned operations into December 2014. The Company raised $250,000 in gross proceeds in private placements during the nine months ended Sept. 30, 2014. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business opportunities. Management is seeking additional capital through private placements and public offerings of its stock. There can be no assurance that the Company will be successful in accomplishing its objectives. Without such additional capital, the Company may be required to cease operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/fxdWxK Boston Therapeutics, Inc., is a pharmaceutical company, which engages in the development, manufacture, and commercialization of novel compounds based on complex carbohydrate chemistry. Its products include therapeutic modules such as BTI320, Ipoxyn, and Oxyfex. The company was founded by David Platt and Kenneth A. Tassey Jr. on August 24, 2009 and is headquartered in Manchester, NH. BUILDING #19: Posternak Authorized to Prosecute Derivative Claims ----------------------------------------------------------------- The Bankruptcy Court, in a proceeding memorandum/order, authorized Official Committee of Unsecured Creditors in the Chapter 11 cases of Building #19, Inc., et al., to retain Nicholas J. Nesgos of the law firm Posternak Blankstein & Lund LLP as special counsel. The firm will prosecute derivative claims on behalf of Beth's Basics, Inc., on a contingency fee basis. As set forth in the derivative standing motion, among other things, the Committee sought authorization to substitute itself for Beth Cohen in respect of certain shareholder derivative claims asserted by Beth Cohen in certain pending state court litigation on behalf of BBI and against Gerald Elovitz and William Elovitz. Posternak agreed to represent the Committee as special counsel for the limited purpose of resuming prosecution of the Derivative Claims. Posternak had been representing Cohen in respect of the derivative and non-derivative claims in the State Court Derivative Litigation since its inception, including without limitation, pre-litigation demands on the Elovitz Defendants, commencement of suit, discovery, dispositive motions and filing of pre-trial motions. The Court also overruled the Debtors' objection which stated that Posternak holds or will inevitably hold an interest adverse to the unsecured creditor body because of its continuing representation of Beth Cohen. Moreover, the scope of Posternak's proposed retention is duplicative of the scope of services performed by the Committee's current bankruptcy counsel. The Committee has enumerated three principal points in response to the Debtors' opposition: 1. no actual or potential conflict exists arising from Posternak's proposed dual representation of the Committee and Cohen; 2. the Debtors fail to cite a single decision in which a bankruptcy court denied a creditors' committee's choice of counsel to prosecute an estate's cause of action due to a conflict arising from the simultaneous representation of a creditor or shareholder; and 3. the situation is the kind of case where the Committee's retention of special litigation counsel has been viewed with favor and allowed. The Committee is represented by: Jeffrey D. Sternklar, Esq. DUANE MORRIS LLP 100 High Street, Suite 2400 Boston, MA 02110-1724 Tel: (857) 488-4200 Fax: (857) 488-4201 E-mail: jdsternklar@duanemorris.com About Building #19, Inc. Building #19, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code on Nov. 1, 2013 (Bankr. D. Mass. Case No. 13-16429). The other debtors are (a) Paperworks #19, Inc., Case No. 13-16430; (b) Beth's Basics, Inc., Case No. 13-16433; (c) Furniture #19, Inc., Case No. 13-16431; (d) PB&J Kids #19, Inc., Case No. 13-16434; and (e) Footwear #19 Plus, Inc. Case No. 13-16432. Donald Ethan Jeffery, Esq., and Harold B. Murphy, Esq., at Murphy & King, Professional Corporation, in Boston, Massachusetts, serve as the Debtors' bankruptcy counsel. The Tron Group, LLC, serve as their financial advisers. The U.S. Trustee for Region 1 appointed five members to the official committee of unsecured creditors. The Committee retained Duane Morris LLP as its counsel. Newburg & Company LLP is the financial advisors to the Committee. CAESARS ENTERTAINMENT: 2021 Bank Debt Trades at 7% Off ------------------------------------------------------ Participations in a syndicated loan under which Caesars Entertainment Inc. is a borrower traded in the secondary market at 92.70 cents-on-the-dollar during the week ended Friday, December 5, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.45 percentage points from the previous week, The Journal relates. Caesars Entertainment Inc. pays 525 basis points above LIBOR to borrow under the facility. The bank loan matures on April 2, 2021, and carries Moody's B2 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 205 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. CALDERA PHARMACEUTICALS: Changes Name to "XRpro Sciences, Inc." --------------------------------------------------------------- Caldera Pharmaceuticals, Inc., filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to change the name of the Company to XRpro Sciences, Inc., effective Dec. 4, 2014. About Caldera Based in Cambridge, Massachusetts, Caldera Pharmaceuticals, Inc., is a drug discovery and pharmaceutical services company that is based on a proprietary x-ray fluorescence technology, called XRpro(R). Caldera Pharmaceuticals incurred a net loss applicable to common stock of $5.88 in 2013, a net loss applicable to common stock of $951,791 in 2012 and a net loss applicable to common stock of $2.35 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $3.96 million in total assets, $3.60 million in total liabilities, $133,350 in convertible redeemable preferred stock and $224,632 in total stockholders' equity. CALIFORNIA COMMUNITY: Dec. 10 Hearing on Bid for Cash Access ------------------------------------------------------------ The U.S. Bankruptcy Court will convene a hearing on Dec. 10, 2014, at 10:00 a.m., to consider California Community Collaborative Inc.'s motion to use cash collateral. As reported in the Troubled Company Reporter on Oct. 6, 2014, the Debtor entered into an agreement with California Bank & Trust to use cash collateral. For the period Oct. 1, 2014, until Dec. 31, 2014, the Debtor may use rents collected from the property to pay administrative expenses and operating expenses in the ordinary course of the Debtor's business which are identified in the corporate operating budget that is available for free at http://is.gd/dDX6aI The Debtor told the Court that, no later than Oct. 15, 2014, and again no later than Nov. 15, 2014, and Dec. 15, 2014, it will pay the bank, from segregated account, the sum of $31,500. This turnover of rents is intended as adequate protection for the bank's interest in the property and the cash collateral. Furthermore, the bank will be granted a replacement lien and security interest in and to all assets to which its prepetition lien would have attached but for the filing of the Debtor's bankruptcy case. California Bank is the holder of a promissory note and related loan documents under which the Debtor's financial obligation to the bank is secured by a first deed of trust against the property recorded in the Official Records of San Bernardino County, California, on Sept. 22, 2008. After the Debtor's failure to pay the full amount owing under the loan documents when due and after an agreed period of forbearance by the bank had expired, the bank in June 2014 initiated an action against the Debtor and others in the San Bernardino County Superior Court, seeking judicial foreclosure as to the property and other relief, according to court documents. About California Community California Community Collaborative, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 14-26351) on June 17, 2014. Merrell G. Schexnydre, the company's president, signed the petition. The Debtor estimated assets of at least $10 million and liabilities of $1 million to $10 million. The Debtor is represented by Meegan, Hanschu & Kassenbrock. Judge Christopher M. Klein presides over the case. CANCER GENETICS: Appoints Two Directors to Board ------------------------------------------------ The board of directors of Cancer Genetics, Inc., appointed Geoffrey Harris and Howard McLeod to serve on the Board of Directors, effective on Dec. 8, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. Mr. Harris is a managing partner of c7 Advisors (a money management and healthcare advisory firm). From 2011 to 2014 he served as a managing director and co-head of the healthcare investment banking group at Cantor Fitzgerald, and from 2009-2011, he held a similar position at Gleacher & Company. Mr. Harris is also currently on the board of directors of American Care Source (Nasdaq:ANCI), a healthcare services company. It is anticipated that Mr. Harris will serve on the audit committee of the Company's Board. Dr. McLeod is the medical director of the DeBartolo Family Personalized Medicine Institute at the Moffitt Cancer Center, and as a senior member of the Moffitt Cancer Center's Division of Population Sciences. He joined Moffitt Cancer Center in September 2013, after having served as a Founding Director of the University of North Carolina Institute for Pharmacogenomics and Individualized Therapy since 2006. Dr. McLeod also held the prestigious title of Fred Eshelman Distinguished Professor at the UNC Eshelman School of Pharmacy from 2006 to 2013. Dr. McLeod has published over 475 peer-reviewed papers on pharmacogenomics, applied therapeutics and clinical pharmacology. He had served as chief scientific advisor and a member of the board of directors of Gentris Corporation before its acquisition by the Company in July 2014 and has served since July 2014 on the Company's Scientific Advisory Board. Mr. Harris and Dr. MacLeod will be compensated pursuant to the Company's standard policy for non-employee directors. As of Dec. 2, 2014, Keith L. Brownlie and Paul Rothman notified the Company of their resignations from the Board, effective Dec. 8, 2014. Mr. Brownlie was a member of the Audit Committee of the Board and Dr. Rothman was a member of the Nominating and Governance Committee. Both Mr. Brownlie and Dr. Rothman have indicated that their decisions to resign were not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. About Cancer Genetics Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve and personalize the diagnosis, prognosis and response to treatment (theranosis) of cancer. Cancer Genetics reported a net loss of $12.37 million in 2013 following a net loss of $6.66 million in 2012. For the nine months ended Sept. 30, 2014, the Company reported a net loss of $11.46 million. The Company's balance sheet at Sept. 30, 2014, showed $51.63 million in total assets, $13.61 million in total liabilities and $38.02 million in total stockholders' equity. CBS OUTDOOR: 2021 Bank Debt Trades at 2% Off -------------------------------------------- Participations in a syndicated loan under which CBS Outdoor Ltd is a borrower traded in the secondary market at 97.79 cents-on-the- dollar during the week ended Friday, December 5, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.25 percentage points from the previous week, The Journal relates. CBS Outdoor pays 325 basis points above LIBOR to borrow under the facility. The bank loan matures on Jan. 7, 2021, and carries Moody's Ba1 rating and Standard & Poor's BB+ rating. The loan is one of the biggest gainers and losers among 205 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. CIT GROUP: Fitch Assigns 'BB+/B' Issuer Default Ratings ------------------------------------------------------- Fitch Ratings has assigned 'BB+/B' long- and short-term IDRs to CIT Group, Inc. (CIT) and CIT Bank. The Rating Outlook is Stable. Key Rating Drivers -- IDRs, VRs, Senior Debt and Revolving Credit Facility The IDRs and Viability Ratings (VRs) reflect CIT's leading franchise positions in key business segments, including aircraft leasing, railcar leasing and factoring, appropriate capital levels relative to asset exposures, strong liquidity, diversified funding profile, seasoned management team and demonstrated execution on previously-articulated business objectives. These strengths are counterbalanced by CIT's elevated exposure to middle market borrowers, a higher risk customer segment historically, outsized exposure to cyclical businesses such as aircraft and railcar leasing and associated asset residual value risk, and greater earnings volatility relative to its bank peers. Fitch believes that CIT's profitability and returns, although improving, remain below the company's cost of capital and long- term return on average tangible common equity target, which could potentially introduce strategic uncertainty over the intermediate- to long-term. Furthermore, ratings remain constrained by CIT's outsized reliance on wholesale funding sources relative to its bank peers. Fitch believes CIT's online deposit franchise, which includes a higher- than-average mix of high dollar balance accounts and time deposits, may be subject to increased deposit outflow sensitivity in a rising interest rate environment. With respect to the pending OneWest Bank N.A. acquisition, Fitch acknowledges that the transaction would increase CIT's deposit base, lower its overall cost of funds, create additional cross selling opportunities and allow CIT to potentially realize more of its existing net operating loss carry forward. However, Fitch also views the acquisition as posing modest integration and execution risks, while the move above the $50 billion asset threshold would introduce additional regulatory hurdles and compliance costs. Furthermore, Fitch views OneWest's deposit platform as potentially more sensitive to interest rates relative to its bank peers as result of a higher than average mix of time deposits (48% of total deposits at Sept. 30, 2014) and a sizeable mix of high average balance accounts (time deposits greater than $100,000 represented 31% of total deposits at Sept. 30, 2014). Given these offsetting factors, Fitch's assessment of CIT's credit risk profile is expected to be unaffected by the closing (or lack thereof) of the OneWest transaction, all else equal. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2015, according to CIT. CIT's IDR of 'BB+' is equalized with its VR of 'bb+', reflecting Fitch's view that external support cannot be relied upon. The Senior Unsecured Debt rating is equalized with CIT's IDR of 'BB+' reflecting that existing notes are senior unsecured obligations of the company that rank equally in payment priority with all existing and future unsubordinated unsecured indebtedness of CIT. The Revolving Credit Facility is unsecured and is guaranteed by eight of CIT's domestic operating subsidiaries. In general the Revolving Credit Facility ranks equal in right of payment with all existing unsecured indebtedness of CIT, and as such, the rating of the Revolving Credit Facility is equalized with CIT's IDR. KEY RATING DRIVERS -- Support Ratings and Support Rating Floors The Support Ratings (SRs) of '5' reflect Fitch's view that external support cannot be relied upon. The Support Rating Floors (SRFs) of 'No Floor' reflect Fitch's view that there is no reasonable assumption that sovereign support will be forthcoming to CIT. Key Rating Drivers -- Long- and Short-term Deposit Ratings CIT Bank's uninsured deposit ratings of 'BBB-/F3' are rated one notch higher than the bank's IDR because U.S. uninsured deposits benefit from depositor preference in the U.S. Fitch believes depositor preference in the U.S. gives deposit liabilities superior recovery prospects in the event of default. Rating Sensitivities -- IDRs, VRs, Senior Debt and Revolving Credit Facility Fitch views upward rating momentum as limited given current modest operating performance levels, potential increased sensitivity of the deposit platform to rising rates and the integration, execution and regulatory compliance hurdles associated with the OneWest acquisition. Longer-term, however, positive rating momentum could develop as a result of improved and consistent operating performance, demonstrated credit performance through market cycles which is in line with expectations, maintenance of appropriate capital levels relative to the company's risk profile and regulatory minimums and an enhanced funding profile characterized by less reliance on wholesale funding sources and demonstrated durability of deposits in a rising interest rate environment. Negative rating momentum could be driven by a sustained weakness in operating performance which results in insufficient capital generation or a material change in risk appetite, strategic objectives, or composition of business activities. Expansion into new business verticals outside CIT's core commercial lending and leasing expertise or outsized growth in new commercial businesses may lead to negative rating momentum. Failure to close the OneWest transaction would not necessarily result in negative rating pressure, although failure to successfully integrate OneWest could adversely impact CIT's ratings if accompanied by outsized costs or risks to the broader organization. An inability to successfully manage the increased regulatory requirements associated with assets exceeding the $50 billion threshold would also be viewed negatively. The Senior Unsecured Debt rating and the Revolving Credit Facility rating are equalized with CIT's long-term IDR, and therefore are sensitive to any changes in CIT's IDR. CIT's senior unsecured notes filed under its 2012 shelf registration rank equal in right of payment with the company's Series C Unsecured Notes and the Revolving Credit Facility. The Revolving Credit Facility is unsecured, guaranteed by eight of CIT's domestic operating subsidiaries and may be drawn and prepaid at the option of CIT. The Revolving Credit Facility also includes customary covenants that are not shared by CIT's senior unsecured notes, including but not limited to, a guarantor asset coverage ratio, a consolidated net worth covenant and limits on CIT's operating flexibility in an event of default. Fitch believes these covenants do not provide sufficient additional protection to the facility to provide uplift to the Revolving Credit Facility's ratings relative to CIT's IDR and Senior Unsecured Debt rating. Rating Sensitivities -Support Ratings and Support Rating Floors CIT's Support Rating and Support Rating Floor are sensitive to Fitch's assumptions around capacity to procure extraordinary support in case of need. Rating Sensitivities - Long- and Short-Term Deposit Ratings CIT Bank's uninsured deposit ratings are rated one notch higher than the company's IDR, and therefore are sensitive to any changes in CIT Bank's IDR. The deposit ratings are primarily sensitive to any change in CIT Bank's long- and short-term IDRs. Company Profile CIT, founded in 1908, is a diversified commercial bank with a focus on transportation assets and lending to small and mid-sized businesses in the U.S. The company's primary businesses include Transportation Finance (aircraft and railcar leasing and maritime finance), Corporate Finance (middle market cash flow and asset based lending and commercial real estate lending), Equipment Finance (equipment loans and leases) and Commercial Services (factoring). As of Sept. 30, 2014, the company had $46.5 billion in assets. The company's stock is listed on the NYSE under the ticker 'CIT'. Fitch has assigned the following ratings with a Stable Outlook: CIT Group, Inc.: -- Long-term IDR 'BB+'; -- Short-term IDR 'B'; -- Viability Rating 'bb+'; -- Revolving Credit Facility 'BB+'; -- Senior Unsecured Debt Rating 'BB+'; -- Support Rating '5'; -- Support Rating Floor 'NF'. CIT Bank: -- Long-term IDR'BB+'; -- Short-term IDR'B'; -- Viability Rating 'bb+'; -- Long-Term Deposit Rating 'BBB-' -- Short-Term Deposit Rating 'F3' -- Support Rating '5'; -- Support Rating Floor 'NF'. CLEAN DIESEL: Incurs $1.57-Mil. Net Loss in Sept. 30 Quarter ------------------------------------------------------------ Clean Diesel Technologies, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $1.57 million on $9.31 million of revenues for the three months ended Sept. 30, 2014, compared with a net loss of $1.09 million on $13.31 million of revenues for the same period during the prior year. The Company's balance sheet at June 30, 2014, showed $30.0 million in total assets, $22.8 million in total liabilities and total stockholders' equity of $7.21 million. The Company has incurred losses, has not experienced positive cash flows from operations in the past and its independent registered public accounting firm expressed substantial doubt about its ability to continue as a going concern in their report on the Company's financial statements for the period ended Dec. 31, 2013. The Company's ability to achieve profitability and positive cash flows from operations, or finance negative cash flow from operations, could depend on reductions in its operating costs, which may not be achievable, or from increased sales, which may not occur. A copy of the Form 10-Q is available at: http://is.gd/nadRSK Oxnard, Calif.-based Clean Diesel Technologies, Inc. (NASDAQ: CDTI) -- http://www.cdti.com/-- is a global manufacturer and distributor of heavy duty diesels and light duty vehicle emissions control systems and products to automakers and retrofitters. The Company operates in two segments: Heavy Duty Diesel Systems division and Catalyst division. The Company's Heavy Duty Diesel Systems division specializes in the design and manufacture of verified exhaust emissions control solutions. Its Catalyst division produces catalyst formulations to reduce emissions from gasoline, diesel and natural gas combustion engines. CLEVELAND IMAGING: Will Reopen This Month Under New Management -------------------------------------------------------------- Vanesa Brashier, writing for Yourhoustonnews.com, reports that Cleveland Imaging & Surgical Hospital, L.L.C., aka Doctors Diagnostic Hospital, is reopening in mid-December under new management. Yourhoustonnews.com recalls that the Hospital was closed in August when the owners failed to satisfy a judgment related to debt owed to parties in Harris County. The Hospital's court-appointed trustee, Doug Brickley, has complete management oversight for the facility, Yourhoustonnews.com says. According to Yourhoustonnews.com, the Hospital's new CEO, Vickie Newsome, said that the Hospital is currently finalizing the last of its clinical contracts. Plans for the future include reopening the operating rooms, but that is being put off until the emergency room is fully functional, Yourhoustonnews.com relates. Headquartered in Houston, Texas, Cleveland Imaging & Surgical Hospital, L.L.C., aka Doctors Diagnostic Hospital, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 14- 34974) on Sept. 4, 2014. It estimated its assets at $1 million to $10 million and its liabilities at $10 million to $50 million. The petition was signed by Douglas J. Brickley, the receiver. The Hospital did not file a list of its largest unsecured creditors when it filed the petition. Christopher Adams, Esq., at Okin Adams & Kilmer LLP, serves as the Hospital's bankruptcy counsel. Judge Jeff Bohm presides over the case. COCRYSTAL PHARMA: Schinazi Reports 38.9% Stake as of Nov. 25 ------------------------------------------------------------ Raymond F. Schinazi and his affiliates disclosed that as of Nov. 25, 2014, they beneficially owned 272,955,522 shares of common stock of Cocrystal Pharma, Inc., representing 38.9 percent of the shares outstanding. On Nov. 25, Dr. Schinazi and Bracrystal Pharmaceuticals, LLC, acquired shares of the Company's Series A Preferred Stock in connection with a transaction and series of related mergers through which Cocrystal Merger Sub, Inc., and RFS Pharma, LLC, a Georgia limited liability company, became wholly-owned subsidiaries of Cocrystal Pharma. Each share of Series A automatically converts into 340.760802 shares of common stock upon the issuer increasing its authorized capital in order to permit the full conversion of all of the issuer's outstanding preferred stock. The Conversion Ratio is subject to adjustment in the event that the issuer issues any stock options to senior executives of the Issuer from Nov. 25, 2014, through the date the Company increases its authorized capital. In addition, the Conversion Ratio is subject to successive increases in the event the Issuer does not effect the Capital Increase by certain dates. Holders of the Series A are entitled to vote on an as-converted basis on all matters submitted to securityholders of the Issuer. Dr. Schinazi and Bracrystal were both holders of RFS Pharma securities prior to the Merger. In consideration of the Merger, RFS Pharma securityholders received an aggregate of 1,000,000 shares of Series A. In addition, holders of options to purchase RFS Pharma securities received an aggregate of 16,542,538 options to purchase common stock of the Issuer. A full-text copy of the regulatory filing is available at: http://is.gd/IKNn2t About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a pharmaceutical company with a mission to discover novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. Cocrystal Pharma employs unique technologies and Nobel Prize winning expertise to create first- and best-in-class antiviral drugs. These technologies and the Company's market- focused approach to drug discovery are designed to efficiently deliver small molecule therapeutics that are safe, effective and convenient to administer. The Company's primary business going forward is to develop novel medicines for use in the treatment of human viral diseases. Cocrystal has been developing novel technologies and approaches to create first-in-class and best-in-class antiviral drug candidates since its initial funding in 2008. Subsequent funding was provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals Industries, Ltd., or Teva, in 2011. The Company's focus is to pursue the development and commercialization of broad-spectrum antiviral drug candidates that will transform the treatment and prophylaxis of viral diseases in humans. By concentrating the Company's research and development efforts on viral replication inhibitors, the Company plans to leverage its infrastructure and expertise in these areas. Biozone incurred a net loss of $19.62 million in 2013, a net loss of $7.96 million in 2012, and a net loss of $5.45 million in 2011. As of Sept. 30, 2014, the Company had $11.63 million in total assets, $7.65 million in total liabilities and $3.97 million in total stockholders' equity. COMMUNITY HOME: Automatic Stay Lifted in Favor of Lunar Heights --------------------------------------------------------------- The Bankruptcy Court approved an agreed order lifting the automatic stay nunc pro tunc prior to the date of the foreclosure sale which was May 15, 2014, as it pertains to Bank of America, N.A., as the first lienholder, and Lunar Heights as the foreclosing purchaser, and the property for all purposes regarding Bank of America, N.A and Lunar Heights, its successors, agents and assigns. In the event that the completion of the foreclosure results in amounts being recovered that are in excess of the amount owed to Bank of America, N.A. as the first lienholder, then Lunar Heights will deposit those excess amounts that the trustee is entitled to based on the priority of its lien with the trustee. As reported in the Troubled Company Reporter on Nov. 19, 2014, Under Hernando County, Florida Circuit Court Case No. 2012-2946, Lunar was the highest and best bidder at foreclosure sale for a piece of real estate: Lot 7, Block 590 Spring Hill, Unit 9 also known as 3054 Marwill Avenue Spring Hill, FL 34609 While a Certificate of Sale was issued in favor of Lunar, based upon information and belief that CS was a nullity due to the automatic stay in bankruptcy, as Hernando public record shows a skeletal UCC1 filing in favor of Debtor on the subject property and Debtor was a joined party to the foreclosure case. Given the lack of any equity in the subject property and the nature of the bankruptcy estate's interest, neither Debtor nor any creditor herein will be prejudiced by the granting of the motion for nunc pro tunc relief from the automatic stay in Bankruptcy to retroactively authorize the May 15, 2014 sale of the subject property, but Lunar will be prejudiced if said relief is not granted. About Community Home Community Home Financial Services, Inc., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012. Community Home Financial is a specialty finance company located in Jackson, Mississippi, providing contractors with financing for their customers. CHFS operates from one central location providing financing through its dealer network throughout 25 states, Alabama, Delaware, and Tennessee. The Debtor scheduled $44,890,581 in total assets and $30,270,271 in total liabilities. Judge Edward Ellington presides over the case. The Debtor was first represented by Roy H. Liddell, Esq., and Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as Chapter 11 counsel. Wells Marble was terminated Nov. 13, 2013. The Debtor is now being represented by Derek A. Henderson, Esq., in Jackson, Miss. In 2013, the Debtor sought to employ David Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel. On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11 Trustee for the Debtor. Jones Walker LLP serves as counsel to the Chapter 11 trustee, while Stephen Smith, C.P.A., acts as accountant. * * * On Aug. 8, 2013, the Court approved the Disclosure Statement explaining the Debtor's Plan of Reorganization dated Jan. 29, 2013. In the first quarter of 2014, the Court entered an order holding in abeyance the (i) confirmation of the Debtor's Chapter 11 Plan; and (ii) the objection and amended objection to the confirmation of Plan pending further Court order. CONYERS 138: Proposes to Hire Evan Altman as Bankruptcy Counsel --------------------------------------------------------------- Conyers 138, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to employ Evan M. Altman, Esq., as its attorney. The professional services that the attorney will be required to render are: (a) To advise Debtor with respect to its rights, powers, duties, and obligations as a Debtor-In-Possession in the administration of this case, the operation of its business, and the management of its property; (b) To prepare pleadings, applications, and conduct examinations incidental to administration; (c) To advise and represent Applicant in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of a trustee or examiner, and all other similar matters; (d) To develop the relationship of the status of Debtor-in-Possession to the claims of creditors in these proceedings; (e) To advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan of Reorganization pursuant to chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) To perform any and all other legal services incident and necessary herein. Evan M. Altman is a sole practitioner. Over the past ten years, Mr. Altman has participated in representing several Chapter 11 Debtors in cases previously filed in the Northern District of Georgia, among those cases are 11-41777-PWB, Rubberwholesalers Inc.; 11-81832-MGD; Frair Motors Inc.; 11-66722-JRS, Southern Uplands LLC; 10-94245-WLH, Crown Development, LLC 08-20720-REB, K.C. Poole Inc., A95-78627, Pumpkinvine Country Store, Inc.; A94- 65681, RAE Foods, Inc.; A91-79546-ADK Key Foundations, Inc.; A91- 71014 Letter Perfect, Inc.; and -a host of other cases. Prior to making an Entry of Appearance, the Applicant, paid Mr. Altman the amount of $9,715, consisting of an $8,000 as retainer for legal services and $1,715 for filing fees. The Debtor has agreed to compensate Mr. Altman at his standard hourly billing rate of $300 per hour for legal services rendered or to be rendered on its behalf in contemplation of, and in connection with, the bankruptcy proceeding. Mr. Altman assures the Court that he 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. Mr. Altman may be reached at: Evan M. Altman, Esq. 8325 Dunwoody Place, Building 2 Atlanta, GA 30350-3307 Tel: (770) 394-6466 Fax: (678) 405-1903 E-mail: evan.altman@laslawgroup.com Conyers 138, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 14-73659) in Atlanta, Georgia, on Dec. 1, 2014, without stating a reason. The Debtor, a Single Asset Real Estate as defined 11 U.S.C. Sec. 101(51B), estimated $10 million to $50 million in total assets and debt of $500,000 to $1 million. The Law Offices of Evan M. Altman, Esq., in Atlanta, serves as the Debtor's counsel. CTI BIOPHARMA: Gets $15 Million Milestone Payment for TRISENOX -------------------------------------------------------------- CTI BioPharma Corp. has received a $15 million milestone payment from Teva Pharmaceutical Industries Ltd. (Teva) related to the achievement of sales milestones for TRISENOX(R) (arsenic trioxide). TRISENOX was acquired from CTI by Cephalon, Inc. (Cephalon). Cephalon was subsequently acquired by Teva. The milestone was paid pursuant to an acquisition agreement for TRISENOX entered into with Cephalon under which CTI is eligible to receive up to an additional $80 million in payments upon achievement by Teva of specified sales and development milestones related to TRISENOX. About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI's lead product candidate that is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. Cell Therapeutics reported a net loss attributable to common shareholders of $49.64 million in 2013, a net loss attributable to common shareholders of $115.27 million in 2012 and a net loss attributable to common shareholders of $121.07 million in 2011. "We believe that our present financial resources (including the $17.8 million we received in October 2014 under the Servier Agreement), together with additional milestone payments projected to be received under certain of our contractual agreements, our ability to control costs and expected net contribution from commercial operations in connection with PIXUVRI, will only be sufficient to fund our operations into the third quarter of 2015. This raises substantial doubt about our ability to continue as a going concern," the Company disclosed in its quarterly report on Form 10-Q for the period ended Sept. 30, 2014. DANA HOLDING: S&P Assigns 'BB+' Rating on $425MM Unsecured Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' issue-level and '4' recovery ratings to Toledo, Ohio-based auto supplier Dana Holding Corp.'s proposed $425 million senior unsecured notes due 2024. The '4' recovery rating indicates S&P's expectation for average (30%-50%) recovery in the event of a payment default. The company states it will use the proceeds to fund a tender offer for its $400 million 6.5% notes due 2019. Dana's debt to EBITDA for the trailing months ended Sept. 30, 2014, was 1.6x, and free operating cash flow to debt was 35.2%. For the rating, S&P expects debt leverage of 3x or less and free operating cash flow to debt of 15% or better. S&P expects Dana to continue generating solid earnings and cash flow, with stable credit measures, despite unpredictable end markets and the company's investments for growth. S&P believes that Dana can maintain credit metrics appropriate for the rating because of its neutral financial policy, combined with fair scope and scale, competitive market position, and operating efficiency. RECOVERY ANLAYSIS Key analytical factors -- S&P's recovery rating for the company's proposed $425 million senior unsecured notes due 2024 is '4'. -- S&P's simulated default scenario assumes a payment default in 2019. The scenario contemplates another severe decline in the auto and heavy duty truck industries because of a general recession. In S&P's scenario, the loss of a major customer enhances the downturn's impact by substantially reducing the company's revenue and profitability. -- S&P believes that if Dana were to default, its business model would remain viable because of the company's wide variety of original equipment manufacturer products for the light-vehicle, medium- and heavy-duty vehicle, and off- highway vehicle markets. Consequently, S&P believes lenders would recover the greatest value from reorganization. S&P valued the company on a going concern basis using a 5.0x multiple of its projected emergence EBITDA. Simulated default and valuation assumptions -- Simulated year of default: 2019 -- EBITDA at emergence: $240 million -- EBITDA multiple: 5.0x Simplified waterfall -- Net enterprise value (after administrative costs): $1,140 million -- Valuation split (obligors/nonobligors): 35%/65% -- Collateral value available to secured creditors: $823 million -- Secured first-lien debt: $266 million -- Recovery expectations: 90%-100% -- Senior unsecured debt: $1,544 million -- Other pari-passu unsecured claims: $43 million -- Recovery expectations: 30%-50% (upper half of the range) Note: All debt amounts include six months of prepetition interest. Collateral value equals asset pledge from obligors after priority claims plus equity pledge from nonobligors after nonobligor debt. RATINGS LIST Dana Holding Corp. Corporate Credit Rating BB+/Stable/-- New Ratings Dana Holding Corp. $425 mil. senior unsecured notes due 2024 BB+ Recovery Rating 4 DEALER TIRE: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable ---------------------------------------------------------------- Standard & Poor's Ratings Services said it assigned its 'B' corporate credit rating to Cleveland, Ohio-based tire distributor Dealer Tire LLC. The outlook is stable. At the same time, S&P assigned its 'B' issue-level and '3' recovery ratings to the company's $615 million term loan and $100 million revolver. The '3' recovery rating indicates S&P's expectation that debtholders would realize meaningful recovery (50%-70%) in the event of a payment default. "The ratings reflect Standard & Poor's view that Dealer Tire's EBITDA margins and cash generation will be commensurate with our expectations of leverage at 5.0x and modest positive free operating cash flow (FOCF) prospects," said Standard & Poor's credit analyst Lawrence Orlowski. S&P views the company's liquidity as "adequate," based on S&P's criteria. S&P's financial risk profile assessment reflects its view that under the financial sponsor ownership, forecasted credit ratios in the medium term are likely to remain elevated. How quickly management can and will be able to bring down leverage through free cash flow generation is an important consideration in evaluating financial policy, and its direction is key to positive ratings developments in the future. The stable outlook reflects S&P's expectation that the company's debt to EBITDA will stay at or above 5x and FOCF to debt will remain at or less than 5% over the next 12 months. S&P could raise the ratings if Dealer Tire pays down debt, reflecting a more conservative financial policy, and S&P believes that leverage will remain well below 5x, and if the company generates a ratio of FOCF flow to debt of over 5% on a sustained basis. However, S&P would not likely raise the rating above 'B+', given the private-equity ownership and potential for an eventual recapitalization or sale to another financial sponsor. S&P could lower the ratings if EBITDA declines more than expected in 2015, because of competitive or operational difficulties, and, as a consequence, the company's leverage rises substantially above 5x or if it generates negative FOCF on a sustained basis. DELIA*S INC.: Case Summary & 50 Largest Unsecured Creditors ----------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- DELiA*s, Inc. 14-23678 50 West 23rd Street New York, NY 10010 dELiA*s Retail Company 14-23679 dELiA*s Assets Corp. 14-23680 dELiA*s Group Inc. 14-23681 dELiA*s Distribution Company 14-23682 dELiA*s Operating Company 14-23683 A Merchandise, LLC 14-23684 AMG Direct, LLC 14-23685 DACCS, Inc. 14-23686 Type of Business: Retail Chapter 11 Petition Date: December 7, 2014 Court: United States Bankruptcy Court Southern District of New York (White Plains) Debtors' Counsel: Gregg M. Galardi, Esq. Dienna Corrado, Esq. Arkady A. Goldinstein, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020 Tel: 212-335-4500 Fax: 212-335-4501 E-mail: gregg.galardi@dlapiper.com Debtors' CLEAR THINKING GROUP, LLC Restructuring 401 Towne Center Drive Advisors: Hillsborough, NJ 08844 Debtors' JANNEY MONTGOMERY SCOTT LLC Investment 575 Lexington Avenue Banker: New York, NY 10022, Debtors' Claims PRIME CLERK LLC and Noticing Agent: Total Assets: $74 million Total Debts: $32.2 million The petitions were signed by Edward Brennan, chief financial officer. Consolidated List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Quad Graphics Inc Catalog Printing $830,164 P.O. BOX 842858 & Paper Boston MA 02284 Epicor Retail Solutions Capital Project $627,899 C/O T60167U (POS System) PO Box 66512 Chicago IL 60666 NYC Alliance Co LLC 525 Trade Debt $626,323 7th Ave. Ste 701 New York NY 10018 Poison Ivy Trade Debt $535,290 2430 Porter Street Los Angeles CA 90021 Guru Knits Trade Debt $480,223 225 W 38 th Street Los Angeles CA 90037 KBL Group International, LTD Trade Debt $374,010 9142-9150 Norwalk Blvd Santa Fe Springs CA 90670 Spicy Clothing Co LLC Trade Debt $343,110 530 7 th Ave STE 302 New York NY 10018 Celebrity Pink Trade Debt $326,256 1708 Gage Road Montebello CA 90640 G. Girl Trade Debt $324,451 1800 E 50 th Street Los Angeles CA 90058 Tailgate Clothing Co Trade Debt $267,570 2805 SW Snyder Blvd Ankeny IA 50023 Marketive Web Hosting $233,017 Big Strike DBA Heart N Soul Trade Debt $227,975 January Digital Web Marketing $181,474 Programs Fire Div of Topson Downs Trade Debt $179,318 Mighty Fine Trade Debt $172,320 Revolve Apparel NYC Inc. Trade Debt $162,408 GMPC Trade Debt $159,030 Brandon Thomas Co Ltd. Trade Debt $146,139 Eco Textiles Group Inc. Trade Debt $139,500 Urban Episode Inc. Trade Debt $117,038 Jakes Dry Goods Trade Debt $114,098 Sweden Unlimited Web Advertising $110,750 Programs Mightyhive Web Advertising $108,609 Programs Park Mall LLC Store Rent $99,074 Reliable of Milwaukee Trade Debt $99,074 Defy Media LLC Web URL Fees $87,000 Orly Shoe Co Trade Debt $86,700 The Ultimate Software Group Inc. HR Systems $56,560 Sunrise Apparel Group LLC Trade Debt $81,316 Secret Charm LLC Trade Debt $77,809 Wanted Shoes Inc Trade Debt $75,732 Rakuten Marketing LLC Web Advertising $73,812 The Glam Fashion Inc Trade Debt $71,229 Younique Clothing Trade Debt $70,160 IT Closet Trade Debt $68,618 Midway Industries America, Inc. Trade Debt $66,682 J&F Design Inc Trade Debt $65,693 Bravado Int'l Group MS Inc Trade Debt $64,085 Converse Inc Trade Debt $63,942 Kash Apparel LLC Trade Debt $60,935 Inspireme Apparel LLC Trade Debt $60,686 Crater Communications Inc Trade Debt $56,749 Donnelly Communications Call Center $55,920 Hot Steps Trade Debt $55,247 EOS Products Trade Debt $54,763 4836 The Retail Property Trust Store Rent $53,088 Signmasters Inc Store Signage $53,024 Farylrobin Trade Debt $52,295 Deloitte Tax LLP Tax Service $51,997 Westchester Mall LLC Store Rent $50,322 DELL INC: S&P Raises Corp. Credit Rating to 'BB+' on Reduced Debt ----------------------------------------------------------------- Standard & Poor's Ratings Services said it raised its corporate credit rating on Round Rock, Tex.-based Dell Inc. to 'BB+' from 'BB-'. The outlook is stable. At the same time, S&P raised the ratings on Dell's senior secured debt to 'BBB' from 'BB+', and on its senior unsecured debt to 'BB+' from 'B+'. S&P revised its recovery rating on Dell's senior unsecured debt to '3' from '5'. The '3' recovery rating reflects S&P's expectation of meaningful (50%-70%) recovery in the event of a payment default. "The upgrade reflects our revision of Dell's financial risk profile to 'intermediate' from 'aggressive,' incorporating our expectation that Dell will continue to reduce debt through its fiscal year ended Jan. 31, 2016, and will maintain adjusted leverage below 3x," said Standard & Poor's credit analyst Martha Toll-Reed. S&P's ratings also reflect Dell's "fair" business risk profile, which incorporates: -- The company's strong brand name and good market position across its hardware product portfolio. -- A geographically diverse and broad customer base. -- Highly competitive market conditions and weak global demand for personal computers (included in Dell's client solutions segment, which comprise more than half of revenues). -- S&P's expectation that ongoing cost reduction actions will enable Dell to maintain consistent profitability. -- A modest mix of services and software revenues with higher growth and margin contribution potential. The stable outlook reflects S&P's expectation that Dell will achieve moderate revenue growth and consistent operating performance through the fiscal year ended Jan. 31, 2016. S&P expects the benefits from ongoing cost reduction initiatives will largely offset pricing pressure across Dell's primary business segments. In addition, S&P expects Dell will primarily focus on reducing leverage through EBITDA growth and some debt reduction. Rating upside is currently limited by Dell's revenue and earnings vulnerability to declining global PC demand and modest earnings contribution from higher-margin software and services revenues. In addition, S&P would consider an upgrade upon management's establishment of financial policies more consistent with an investment-grade corporate credit rating. Although unlikely in the near term, S&P could lower the rating if weak demand in Dell's end user and enterprise solutions segments, reduced profitability, or more aggressive financial policies result in adjusted leverage sustained at or above 3x. EAST CLEVELAND, OHIO: Is Insolvent; Recovery Plan Inadequate ------------------------------------------------------------ Jeremy Pelzer at Cleveland.com reports that East Cleveland is insolvent and on the verge of financial collapse after a recovery plan has proved "inadequate," according to state Auditor Dave Yost. City officials are now looking at creating a new recovery plan by the end of the year in hopes that they can continue to pay police, firefighters, and other city workers, Cleveland.com says. Cleveland.com relates that in a letter to a state-appointed commission overseeing city finances, Mr. Yost stated that the poverty-stricken suburb has been able to meet payroll so far only through "sheer luck." For lack of money, he wrote, East Cleveland's fire department doesn't have a working ladder truck, the city can no longer provide adequate street maintenance, all city cell phones have been shut off, and utility companies are threatening legal action for unpaid bills, Cleveland.com relays. According to the report, the city's existing financial recovery plan, Mr. Yost stated, has become "unworkable" because of declines in red-light camera revenue, limited savings from sharing services with other local governments, and unanticipated expenses. Cleveland.com relates that Mr. Yost commended Mayor Gary Norton and the city council for "many hard choices they have made to reduce spending." But the auditor wrote that plans to borrow money "would only be a temporary cure," and he urged that the city quickly draw up a new recovery plan with additional spending cuts or revenue sources, the report states. According to Cleveland.com, Mr. Yost said in an interview on November 24 that the worry now is that East Cleveland won't be able to meet payroll in January, when three pay periods are scheduled instead of the usual two. "What happens if the paychecks bounce? Do the cops and the firefighters go to work anyway? If they don't, what happens in a city where there's little opportunity and a quarter of the housing stock is vacant?" the report quotes Mr. Yost as saying. "From the level of a human being on the streets of East Cleveland, this is a very dangerous kind of thing to even want to think about." With new sources of revenue scarce and spending already slashed, the auditor said he sees two other options: merging with a neighboring city or restructuring the city's debt, either by filing Chapter 9 bankruptcy or possibly negotiating a deal with the city's creditors, Cleveland.com relays. "None of those are truly popular options, but those are the only ones that are there," Mr. Yost, as cited by Cleveland.com, said. ENDEAVOUR INT'L: Seeks to Hire Ernst & Young as Auditors -------------------------------------------------------- Endeavour International Corporation and its debtor affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as its auditors nunc pro tunc to the Petition Date. As auditors, Ernst & Young LLP is expected to provide these services: a. Audit and report on the Debtors' consolidated financial statements for the year ended December 31, 2014; b. Audit and report on the effectiveness of the Debtors' internal control over financial reporting for the year ended December 31, 2014 (together with the audit of the consolidated financial statements, the "Integrated Audit"); c. Audit and report on the stand-alone consolidated financial statements of the Debtors' subsidiaries (Endeavour Energy UK Limited and Endeavour International Holding B.V.) for the year ended December 31, 2014; and d. Review the Debtors' unaudited interim financial information before the Debtors file their Form 10-Q. The Debtors propose to pay for E&Y's services in this manner: a. Estimated Total Fees: E&Y's estimated fees for the Integrated Audit, the audits of consolidated financial statements of Endeavour Energy UK and Endeavour International Holding B.V., and Endeavour International Corporation's unaudited interim financial information are $1,145,000 related to base audit and review procedures, of which $683,000 has been paid through the Petition Date. b. Out-of-Scope Work: E&Y will separately bill for any out-of- scope work resulting from changes to the business (e.g., nature of the business, bankruptcy or change in business entities) based on actual hours incurred at the discounted standard rate per hour that has been agreed with the Debtors' management. c. Taxes and Similar Charges: E&Y's fees are exclusive of taxes or similar charges, as well as customs, duties or tariffs imposed in respect of the Audit Services, all of which the Debtors will pay (other than taxes imposed on E&Y's income generally). The Debtors have also agreed to pay, subject to Court approval, direct expenses incurred in connection with E&Y's retention in their Chapter 11 cases and the performance of the Audit Services. E&Y's direct expenses shall include, but not be limited to, reasonable and customary out-of-pocket expenses for items such as travel, meals, accommodations and other expenses specifically related to the engagement. John Russell, a partner at Ernst & Young, assures the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.70 million in series c convertible preferred stock, and a $41.48 million stockholders' deficit. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. * * * The hearing to consider adequacy of the Disclosure Statement of the Debtors' Chapter 11 Plan is currently scheduled for Dec. 17, 2014, at 3:00 p.m. (Prevailing Eastern Time). The proposed Plan of Reorganization provides for the reduction of approximately $598 million of the Debtors' existing debt, the reduction of approximately 43% of the Debtors annual interest burden, and freeing up of $50 million in annual cash flow that can be used for reinvestment in the Debtors' business. The Debtors' deadline to file their schedules of assets and liabilities has been extended through Dec. 15, 2014. The U.S. Trustee has continued the Sec. 341 creditors of meeting to Dec. 17, 2014, at 10:00 a.m. ENERGY TRANSFER: Bank Debt Trades at 2% Off ------------------------------------------- Participations in a syndicated loan under which Energy Transfer Equity LP is a borrower traded in the secondary market at 97.83 cents-on-the-dollar during the week ended Friday, December 5, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.85 percentage points from the previous week, The Journal relates. Energy Transfer pays 250 basis points above LIBOR to borrow under the facility. The bank loan matures on Nov. 15, 2019, and carries Moody's Ba2 rating and Standard & Poor's BB rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. ENERGYTEK CORP: Reports $187K Net Loss for Q3 --------------------------------------------- EnergyTek Corp. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $187,138 on $25,540 of revenues for the three months ended Sept. 30, 2014, compared with a net loss of $63,692 on $0 of revenues for the same period during the prior year. The Company's balance sheet at Sept. 30, 2014, showed $8.57 million in total assets, $318,000 in total liabilities and total stockholders' equity of $8.25 million. According to the regulatory filing, the company's recurring losses from operations and negative cash flows from operations raise substantial doubt about the Company's ability to continue as a going concern and as a result, its independent registered public accounting firm included an explanatory paragraph in their report on the Company's consolidated financial statements for the year ended Dec. 31, 2013 with respect to this uncertainty. A copy of the Form 10-Q is available at: http://is.gd/82Jmw8 EnergyTek Corp. focuses on technologies in the energy sector. It holds interest in oilfield assets, including leases on six shallow zone producing oil wells and one salt water disposal well in the Luling, Texas area. The company was formerly known as Broadleaf Capital Partners, Inc. and changed its name to EnergyTek Corp. in July 2014. EnergyTek Corp. was incorporated in 1984 and is based in Luling, Texas. ERF WIRELESS: Sold 6.2 Million Common Shares -------------------------------------------- From Nov. 29, 2013, through Dec. 5, 2014, ERF Wireless, Inc., issued 6,287,412 common stock shares pursuant to existing Convertible Promissory Notes that have all been reported on in the Company's earlier public filings. The Company receives no additional compensation at the time of the conversions beyond that previously received at the time the Convertible Promissory Notes were originally issued. The Shares were issued at an average of $0.005 per share. The issuance of the Shares constitutes 15% of the Company's issued and outstanding shares based on 41,053,482 shares issued and outstanding as of Nov. 28, 2014. About ERF Wireless Based in League City, Texas, ERF Wireless, Inc., provides secure, high-capacity wireless products and services to a broad spectrum of customers in primarily underserved, rural and suburban parts of the United States. ERF Wireless reported a net loss attributable to the Company of $7.26 million in 2013, a net loss attributable to the Company of $4.81 million in 2012 and a net loss attributable to the Company of $3.37 million in 2011. As of Sept. 30, 2014, the Company had $3.59 million in total assets, $10.43 million in total liabilities and a $6.84 million total shareholders' deficit. EVERYWARE GLOBAL: SVP Sales North America Resigns ------------------------------------------------- Umberto Filice, senior vice president sales, North America of EveryWare Global, Inc., resigned from the Company effective Jan. 9, 2015, according to a regulatory filing with the U.S. Securities and Exchange Commission. About EveryWare EveryWare Global, Inc. is a global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico, Latin America, Europe and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. For the six months ended June 30, 2014, the Company reported a net loss of $65.29 million on $194.63 millin of total revenues compared to a net loss of $2 million on $200.18 million of total revenues for the same period during the prior year. As of June 30, 2014, the Company had $274.33 million in total assets, $400.64 million in total liabilities and a $126.30 million total stockholders' deficit. * * * As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings Services raised its corporate credit rating on EveryWare Global Inc. to 'CCC+' from 'CCC-'. "The upgrade reflects our view that a default scenario is less likely as a result of a $20 million investment from majority owner, Monomoy Capital Partners, in addition to a waiver received for the covenant default in the quarter ended March 2014 and the expected covenant default in the quarter ended June 2014. EVRAZ NORTH AMERICA: S&P Assigns B+ CCR & Rates Secured Notes BB ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term foreign currency and local currency corporate credit ratings to steel producer Evraz North America Ltd. (ENA). The outlook is stable. S&P assigned a 'BB' issue rating to the $350 million high-yield senior secured bond issued by Evraz Inc. NA Canada, a 51% subsidiary of ENA, and unconditionally guaranteed by ENA and all its material operating subsidiaries. The recovery rating of '1' indicates S&P's expectation of very high (90%-100%) recovery for noteholders in the event of a payment default. These ratings are in line with the preliminary ratings S&P assigned on Oct. 28, 2014. ENA is a 100% North America-based subsidiary of Luxembourg- registered integrated steel-maker Evraz Group S.A. (B+/Stable/--). The rating on ENA reflects its stand-alone credit profile (SACP), which S&P assess as 'bb-', and is capped by the 'B+' rating on its 100% parent Evraz Group S.A. S&P sees ENA as a strategically important member of the Evraz group, given its size, some operational integration with the group, and the shared name. S&P don't think that its rating on ENA can exceed that on the parent, because Evraz has full control of ENA's strategy, financial policy, and board (which doesn't include any independent directors). ENA operates in the tubular, flat, and long segments. S&P's view of its SACP takes into account the highly competitive and volatile North American steel market. This market is characterized by high volumes of low-cost imports and incumbent steelmakers' capacity surplus, which was idled during the downturn, but which is gradually coming online. ENA's scale and scope is small compared with that of its rated competitors in the North American steel market (US Steel, AK Steel, and Steel Dynamics). This may lead to pronounced price pressure in the tubular segment and higher volatility compared with larger peers', as in 2013, when profits declined largely as a result of one-off events. These weaknesses are partly offset by ENA's strong market share in its key markets, where S&P sees relatively strong fundamentals. In particular, S&P believes that demand for tubular products will remain resilient, despite the recent weakening of crude, which S&P assumes will likely persist over the next few years. S&P understands that exploration and production budgets of the largest North American oil and gas companies will remain relatively robust, at least in the short term. The business risk profile is also supported by ENA's second-largest segment, long products, which accounted for about one-third of revenues and almost two- thirds of EBITDA in 2013. Long products enjoy strong demand from Class I Railroads, which are among its key customers. S&P continues to see ENA's capital structure as moderately leveraged, with forecast adjusted debt to EBITDA below 3.5x in the second half of 2014 and in 2015. After the issuance of the $350 million bond in Nov. 2014, adjusted debt is more than $1 billion. The total amount of adjusted debt remains unchanged despite the fact that the amount of the bond is lower than the originally planned $500 million. This is because the group used the proceeds of the bond to reduce the amount outstanding under a subordinated loan owed to an affiliate of Evraz Group S.A., so with lower bond proceeds the amount of shareholder loan remains higher. In S&P's base case, in addition to the $350 million senior secured notes, the adjusted debt amount now includes approximately $100 million utilization under a $610 million asset-based financing arranged by a bank syndicate, about $450 million shareholder loan with maturity in 2020, and some $100 million of adjustments, primarily post-retirement benefit obligations. S&P's base-case assumptions have not changed. S&P continues to forecast the adjusted EBITDA of more than $300 million in 2014- 2015, compared with about $200 million in 2013 and $164 million in the first half of 2014. S&P also continues to believe that ENA's adjusted debt to EBITDA will be below 3.5x in the second half of 2014 and in 2015, compared with 5.2x at year-end 2013 and 3.7x on June 30, 2014, and its free operating cash flow (FOCF) will be at least break even in the second half of 2014 and into 2015. The stable outlook on ENA mirrors that on Evraz Group S.A. and reflects S&P's view that ENA will demonstrate resilient performance in the second half of 2014 and in 2015. S&P views the ratio of adjusted debt to EBITDA below 4x as commensurate with the current long-term rating. S&P do not factor a potential IPO by ENA into the rating at this stage, due to uncertainties about the timing, terms, use of proceeds, and corporate governance set-up after the IPO. S&P could lower the rating if ENA's performance is hurt by increasing competition in the North American market or by lower demand from the oil and gas sector as a result of protracted crude price weakness. An increase in leverage, with adjusted debt to EBITDA above 4x for a prolonged period, and negative FOCF would likely lead to a downgrade. S&P could also lower the rating if ENA's liquidity weakens as a result of less robust cash flow generation or constrained access to its asset-based loan. Additionally, S&P would likely lower the rating if it lowered the rating on Evraz Group S.A., ENA's parent. S&P would likely raise the rating to 'BB-', in line with the company's SACP, if S&P upgraded Evraz Group S.A. An upgrade would also require ENA's resilient performance, maintenance of moderate leverage with adjusted debt to EBITDA below 3.5x on a consistent basis, and adequate liquidity. EXELIXIS INC: Releases Results of COMET-2 Final Analysis -------------------------------------------------------- Exelixis, Inc., on Dec. 1, 2014, announced top-line results from the final analysis of COMET-2, a randomized, double-blind, controlled trial of cabozantinib in men with metastatic castration-resistant prostate cancer who are suffering from moderate to severe pain despite optimized narcotic medication, and whose disease has progressed following treatment with docetaxel as well as abiraterone and/or enzalutamide. The trial did not meet its primary endpoint of alleviation of bone pain, as determined by comparing the percentage of patients in the two treatment arms who achieved a pain response at Week 6 that was confirmed at Week 12 without increase in narcotic medication. Fifteen percent of patients in the cabozantinib arm reported a pain response, compared to 17 percent of patients in the control arm receiving mitoxantrone/ prednisone. The difference in pain response between the arms was not statistically significant. The safety profile of cabozantinib in the trial was consistent with that observed in previous studies in mCRPC. Following the Sept. 1, 2014, announcement of top-line results for COMET-1, the Company's other phase 3 pivotal trial of cabozantinib in men with mCRPC, the Company deprioritized the cabozantinib development program in mCRPC and initiated a significant workforce reduction in order to focus its development efforts and financial resources on its pivotal phase 3 studies of cabozantinib in metastatic renal cell carcinoma and advanced hepatocellular carcinoma. The Company expects top-line results from METEOR, its phase 3 pivotal trial in RCC, in the second quarter of 2015 and from CELESTIAL, its phase 3 pivotal trial in advanced HCC, in 2017. The Company will submit the results from the COMET program for potential presentation at a future medical meeting. About Exelixis Inc. Headquartered in South San Francisco, California, Exelixis, Inc., develops innovative therapies for cancer and other serious diseases. Through its drug discovery and development activities, Exelixis is building a portfolio of novel compounds that it believes has the potential to be high-quality, differentiated pharmaceutical products. The Company's balance sheet at Sept. 30, 2014, showed $383.66 million in total assets, $442.17 million in total liabilities and total stockholders' deficit of $58.51 million. Exelixis reported a net loss of $244.76 million in 2013 following a net loss of $147.64 million in 2012. Liquidity "As of September 30, 2014, we had $293.5 million in cash and investments, which included short- and long-term restricted cash and investments of $12.2 million and $4.7 million, respectively, and short- and long-term unrestricted investments of $91.9 million and $84.6 million, respectively. We are required to maintain on deposit with Silicon Valley Bank or one of its affiliates short- and long-term unrestricted investments of $0.8 million and $81.6 million, respectively, pursuant to covenants in our loan and security agreement with Silicon Valley Bank. Taking into account our cost saving measures, including the 2014 Restructuring, and the expected extension of the maturity date of our indebtedness under our note purchase agreement with Deerfield to July 1, 2018, we anticipate that our current cash and cash equivalents, short- and long-term investments and product revenues will enable us to maintain our operations through the end of 2015. However, our future capital requirements will be substantial, and we may need to raise additional capital in the future. Our capital requirements will depend on many factors, and we may need to use available capital resources and raise additional capital significantly earlier than we currently anticipate." EXIDE TECHNOLOGIES: Seeks to Supplement PwC's Services ------------------------------------------------------ Exide Technologies asks permission from the U.S. Bankruptcy Court for the District of Delaware to supplement its retention of PricewaterhouseCoopers LLP as tax advisor to include additional services. The Debtor and PwC have negotiated at arm's-length the terms of the Supplemental Engagement Letters, which set forth the scope of the Additional Services and the manner in which PwC will be compensated for the Additional Services. Pursuant to the International Tax Engagement Letter, PwC will provide international tax consulting services (the International Tax Services), including but not limited to tax attribute preservation (e.g., foreign net operating losses, foreign tax credits, other foreign tax attributes), and post-bankruptcy international planning, including structuring Exide's post emergence legal entity structure and future foreign cash tax projections and planning. Pursuant to the Financial Reporting Engagement Letter, PwC will assist the Debtor with its preparation of the consolidated financial statement tax accrual for the year and related quarters ended March 31, 2015 (the Financial Reporting Services). For the International Tax Services, PwC professionals or PwC Subcontractors will charge these hourly rates: Personnel Hourly Rate --------- ----------- National Partner/Principal $765 Partner $680 Director $495 Manager $395 Senior Associate $290 Associate $205 For the Financial Reporting Services, PwC professionals or PwC Subcontractors will charge these hourly rates: Personnel Hourly Rate --------- ----------- National Partner/Principal $795 Partner/Principal $705 Director $515 Manager $410 Senior Associate $300 Associate $210 Stephen J. Burke, tax partner at PricewaterhouseCoopers, assures the Court that the Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002 and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. Exide disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick and Company Inc. as public relations consultant and GCG as claims agent. Schnader Harrison Segal & Lewis LLP was tapped as special counsel. The Official Committee of Unsecured Creditors is represented by Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as co-counsel. Zolfo Cooper, LLC serves as its bankruptcy consultants and financial advisors. Geosyntec Consultants was tapped as environmental consultants to the Committee. Robert J. Keach of the law firm Bernstein Shur as fee examiner has been appointed as fee examiner. He has hired his own firm as counsel. FAIRPOINT COMMUNICATIONS: State Wants Probe on Service Failures --------------------------------------------------------------- The Valley News reports that state officials has asked utility regulators to launch a probe on FairPoint Communications, Inc., due to its service failures. The Valley News recalls that the Vermont Department of Public Service warned the Company in November that it must lessen the number of customer complaints or face an investigation. According to the Valley News, evidence suggests that the Company has failed to maintain the level of service that telephone customers rely on and have long taken for granted. About FairPoint Communications FairPoint Communications, Inc. (NYSE: FRP) -- http://www.fairpoint.com/-- owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. FairPoint and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 09-16335) on Oct. 26, 2009. Rothschild Inc. is acting as financial advisor for the Company; AlixPartners, LLP, as the restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP is the Company's counsel. BMC Group is the claims and notice agent. As of June 30, 2009, FairPoint reported $3.24 billion in total assets, $321.41 million in total current liabilities, $2.91 billion in total long-term liabilities, and $1.23 million in stockholders' equity. Andrews Kurth is counsel to the Official Committee of Unsecured Creditors. Altman Vilandrie is the operational consultant to the Creditors' Committee. Verrill Dana is the Creditors' Committee's special regulatory counsel. Jeffries serves as the Creditors' Committee's financial advisor. FairPoint on Jan. 24, 2011, successfully completed its balance sheet restructuring and emerged from Chapter 11. As a result of the restructuring, FairPoint reduced its outstanding debt by roughly 64%, from roughly $2.8 billion -- including interest rate swap liabilities and accrued interest -- to roughly $1.0 billion. In addition, the Company has a $75 million revolving credit facility available for working capital and general corporate purposes. Existing stock in the Company was cancelled and holders did not receive any distributions. * * * The Troubled Company Reporter, on Feb. 4, 2013, reported that Standard & Poor's Ratings Services assigned its 'B' issue-level rating and '3' recovery rating to Charlotte, N.C.-based incumbent local exchange carrier (ILEC) FairPoint Communications Inc.'s proposed $650 million senior secured term loan B, $75 million revolving credit facility, and $300 million of secured notes. The company will use proceeds to repay borrowings under its existing bank loan, which currently totals about $950 million. FORTESCUE METALS: Bank Debt Trades at 8% Off -------------------------------------------- Participations in a syndicated loan under which Fortescue Metals Group Ltd is a borrower traded in the secondary market at 91.85 cents-on-the-dollar during the week ended Friday, December 3, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 1.84 percentage points from the previous week, The Journal relates. Fortescue Metals pays 325 basis points above LIBOR to borrow under the facility. The bank loan matures on June 13, 2019, and carries Moody's Baa3 rating and Standard & Poor's BBB rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. FRED FULLER: Bid for More Access to Cash Collateral Denied ---------------------------------------------------------- U.S. Bankruptcy Judge J. Michael Deasy signed off on an order, which denied Fred Fuller Oil & Propane Co. Inc. further relief with respect to its motion to continue to use cash collateral. "Further relief with respect to the motion is denied as moot, beyond the relief already granted in the court's November 25, 2014 order," Judge Deasy wrote in his Nov. 26 order. The initial order granted the company up to $170,000 in collateral to purchase oil for deliveries and for paying workers. The Nov. 25 order also granted Sprague Operating Resources, LLC and Raymond C. Green Funding, LLC a replacement lien in some of Fred's properties, which constitute their collateral, as "adequate protection." About Fred Fuller Oil Hudson, New Hampshire-based Fred Fuller Oil & Propane Co., Inc., the largest heating oil company in the state, serving about 30,000 New Hampshire customers. It sought Chapter 11 protection (Bankr. D. N.H. Case No. 14-12188) in Manchester, New Hampshire, on Nov. 10, 2014, without stating a reason. It estimated $10 million to $50 million in assets and debt. The Nov. 10, 2014 court filing show that the Debtor has about $13.5 million in debts. Jeremy Blackman at Concord Monitor reports that the Debtor owes more than $276,000 to Harvard Pilgrim Health Care and nearly $94,000 to the city of Laconia and the towns of Hudson, Milford and Northfield. According to Concord Monitor, the bankruptcy case was initially filed on Nov. 10 under Chapter 7, but that has since been terminated and replaced with a Chapter 11 restructuring proposal. William S. Gannon, Esq., at William S. Gannon PLLC, in Manchester, serves as counsel to the Debtor. Fredrick J. Fuller, the president, signed the bankruptcy petition. FRIENDLY ICE CREAM: Friendly's Unionville Restaurant Closes ----------------------------------------------------------- Kristin Stoller at Courant.com reports that the Friendly's restaurant at 1835 Farmington Avenue in the Unionville, Connecticut, area has closed, "in anticipation of the expiration of its lease." Citing town economic development director Rose Ponte, Courant.com says that the town is working with the group to find a new tenant and there have been some interested parties, like Rivers Edge Bistro. According to Courant.com, Urstadt Biddle Properties Inc. senior vice president James Aries said the company acquired the Unionville Friendly's along with a group of other Friendly's locations. A Friendly's representative said that all but three workers have been placed at other Friendly's restaurants, Courant.com relates. About Friendly Ice Cream Friendly Ice Cream Corp. -- http://www.friendlys.com/-- the owner and franchiser of 490 full-service, family-oriented restaurants and provider of ice cream products in the Eastern United States, filed for Chapter 11 reorganization together with four affiliates (Bankr. D. Del. Lead Case No. 11-13167) on Oct. 5, 2011, to sell the business mostly in exchange for debt to Sundae Group Holdings II LLC, a unit of Sun Capital Partners Inc. The existing owner and holder of the Debtors' second-lien debt are also affiliates of Sun Capital. Friendly's, based in Wilbraham, Massachusetts, also announced the closing of 63 stores, leaving about 424 operating. Franchise operators have about 230 of the locations. Judge Kevin Gross oversees the case. James A. Stempel, Esq., Ross M. Kwasteniet, Esq., and Jeffrey D. Pawlitz, Esq., at Kirkland & Ellis LLP; and Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Kathleen P. Makowski, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel. Zolfo Cooper serves as the Debtors' financial advisors. In its petition, Friendly Ice Cream Corp. estimated $100 million to $500 million in assets and debts. The petitions were signed by Steven C. Sanchioni, executive vice president, chief financial officer, treasurer, and assistant secretary. Friendly's is one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. On Oct. 12, 2011, the U.S. Trustee appointed the Committee. The Committee currently consists of seven members. The Committee selected Akin Gump Straus Hauer & Feld LLP and Blank Rome LLP to serve as co-counsel to the Committee, and FTI Consulting to serve as the Committee's financial advisor. A Sun Capital affiliate, Sundae Group Holdings, offered to pay about $120 million for the business. The price includes enough cash to pay first-lien debt and an amount of cash for unsecured creditors to be negotiated with the official creditors' committee. Aside from cash, Sun Capital made a credit bid from the $267.7 million in second-lien, pay-in-kind notes. On Dec. 29, 2011, the Bankruptcy Court entered an order approving the sale to Sundae Group. The sale closed on Jan. 9, 2012. Friendly Ice Cream Corp. was renamed to Amicus Wind Down Corporation following the sale. Friendly's was one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. In early June 2012, the Debtor won approval of its liquidating Chapter 11 plan where unsecured creditors were told to expect a recovery between 1.6% and 3.2%. The plan is partly based on a settlement where existing owner Sun Capital receives releases of claims in return for reducing its $279 million second-lien claim to $50 million and subordinating the remaining secured claim. GETTY IMAGES: Bank Debt Trades at 6% Off ---------------------------------------- Participations in a syndicated loan under which Getty Images Inc. is a borrower traded in the secondary market at 94.23 cents-on- the-dollar during the week ended Friday, December 5, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.33 percentage points from the previous week, The Journal relates. Getty Images Inc. pays 350 basis points above LIBOR to borrow under the facility. The bank loan matures on Oct. 14, 2019, and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 205 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. GLOBAL DIGITAL: Reports $2.86-Mil. Net Loss for Sept. 30 Quarter ---------------------------------------------------------------- Global Digital Solutions, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $2.86 million on $94,387 of revenue for the three months ended Sept. 30, 2014, compared with a net loss of $2.35 million on $nil of revenue for the same period during the prior year. The Company's balance sheet at Sept. 30, 2014, showed $3.78 million in total assets, $3.03 million in total liabilities and total stockholders' equity of $754,000. The Company has sustained losses and experienced negative cash flows from operations since inception, and at Sept. 30, 2014 had an accumulated deficit of $26.0 million, cash and cash equivalents of $344,000 and working capital of $460,000. The Company has funded its activities to date almost exclusively from equity and debt financings. These factors raise substantial doubt about our ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/PuBwVy About Global Digital Solutions Global Digital Solutions, Inc., does not have significant operations. The company focuses on small arms manufacturing. Previously, it was engaged in providing telecom and data engineering services. Global Digital Solutions, Inc.'s independent registered accounting firm has expressed, at December 31, 2012, substantial doubt about its ability to continue as a going concern as a result of its history of net loss. The ability to achieve and maintain profitability and positive cash flow is dependent upon its ability to successfully execute the plans to pursue the acquisition of Airtronic. GRAND CENTREVILLE: Seeks Approval to Hire Resource International ---------------------------------------------------------------- Grand Centerville LLC has filed an application seeking court approval to hire Resource International, Ltd., as its consultant. Resource International will assist the company in the sale of its retail shopping center known as the Old Centreville Crossing Shopping Center located in Centreville, Virginia. Specifically, the firm will be tasked to perform a Phase I Environmental Site Assessment. Resource International will be paid $2,800 upon completion of its services and will be reimbursed for any work-related expenses. The firm holds no interest adverse to the company or its estate, and is a "disinterested person" as defined in section 101 (14) of the Bankruptcy Code, according to an affidavit executed by Lynn Tavenner, a member of Resource International. It was the second time Grand Centerville sought court approval to hire the firm. The company withdrew its initial application after the U.S. Bankruptcy Court for the Eastern District of Virginia on March 20 denied its request to sell the property. About Grand Centreville Grand Centreville, LLC, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 13-13590) on Aug. 2, 2013. The petition was signed by Michael L. Schuett, principal of Black Creek Consulting Ltd., the receiver. Judge Robert G. Mayer presides over the case. Paula S. Beran, Esq., and Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC, in Richmond, Va., represent the Debtor as counsel. The Debtor owns the real property located at 13810-13860 Braddock Road, Centreville, Virginia. In its schedules, the Debtor disclosed $40,550,046 in assets and $26,247,602 in liabilities as of the petition date. Grand Centreville's chapter 11 proceeding is related to the Chapter 11 proceedings of Min S. Kang and Man S. Kang (Bankr. E.D. Va. Case No. 10-18839-RGM) filed on Oct. 19, 2010. Prior to March 16, 2009, the Kangs indirectly owned 100% of the economic interests in the Debtor and, through their 100% ownership of Grand Formation, controlled all management rights with respect to Grand Centreville. On Jan. 7, 2013, the Court entered an Order directing the United States Trustee to appoint a chapter 11 trustee for the Kangs' case. On the same date, the U.S. Trustee appointed Raymond A. Yancey as chapter 11 trustee for the Kangs' case, which appointment the Court approved on Jan. 16, 2013. Wells Fargo Bank N.A., the secured creditor, is represented by William C. Crenshaw, Esq., and Mona M. Murphy, Esq., at Akerman LLP. Special Counsel to Raymond A. Yancey, Chapter 11 Trustee in the Kangs' Bankruptcy Case is Bradford F. Englander, Esq., at Whiteford Taylor & Preston, L.L.P. Counsel for Yeon K. Han is Timothy J. McGary, Esq. Counsel for James Y. Sohn is James R. Schroll, Esq., at Bean, Kinney & Korman, P.C. GRAND CENTREVILLE: Proposes to Hire KLNB as Broker -------------------------------------------------- Grand Centerville LLC is asking the U.S. Bankruptcy Court for the Eastern District of Virginia to hire KLNB, LLC, as its real estate broker and marketing agent. The real estate firm will assist the company in the sale of its retail shopping center known as the Old Centreville Crossing Shopping Center located in Centreville, Virginia. KLNB will receive a commission for its services, which is 0.8% of the property's gross purchase price, and will be reimbursed for work-related expenses. Compensation will be paid at closing. If a cooperating broker procures the buyer of the property, the commission will be increased to 1.25% of the gross purchase price, which the firm will share equally with the cooperating broker. Lynn Tavenner, a member of KLNB, disclosed in an affidavit that the firm holds no interest adverse to the company or its estate, and that it is a "disinterested person" as defined in Section 101 (14) of the Bankruptcy Code. It was the second time Grand Centerville sought court approval to hire the firm. The company withdrew its initial application after the bankruptcy court on March 20 denied its request to sell the property. About Grand Centreville Grand Centreville, LLC, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 13-13590) on Aug. 2, 2013. The petition was signed by Michael L. Schuett, principal of Black Creek Consulting Ltd., the receiver. Judge Robert G. Mayer presides over the case. Paula S. Beran, Esq., and Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC, in Richmond, Va., represent the Debtor as counsel. The Debtor owns the real property located at 13810-13860 Braddock Road, Centreville, Virginia. In its schedules, the Debtor disclosed $40,550,046 in assets and $26,247,602 in liabilities as of the petition date. Grand Centreville's chapter 11 proceeding is related to the Chapter 11 proceedings of Min S. Kang and Man S. Kang (Bankr. E.D. Va. Case No. 10-18839-RGM) filed on Oct. 19, 2010. Prior to March 16, 2009, the Kangs indirectly owned 100% of the economic interests in the Debtor and, through their 100% ownership of Grand Formation, controlled all management rights with respect to Grand Centreville. On Jan. 7, 2013, the Court entered an Order directing the United States Trustee to appoint a chapter 11 trustee for the Kangs' case. On the same date, the U.S. Trustee appointed Raymond A. Yancey as chapter 11 trustee for the Kangs' case, which appointment the Court approved on Jan. 16, 2013. Wells Fargo Bank N.A., the secured creditor, is represented by William C. Crenshaw, Esq., and Mona M. Murphy, Esq., at Akerman LLP. Special Counsel to Raymond A. Yancey, Chapter 11 Trustee in the Kangs' Bankruptcy Case is Bradford F. Englander, Esq., at Whiteford Taylor & Preston, L.L.P. Counsel for Yeon K. Han is Timothy J. McGary, Esq. Counsel for James Y. Sohn is James R. Schroll, Esq., at Bean, Kinney & Korman, P.C. GRAND CENTREVILLE: Seeks Approval to Hire PCA as Consultant ----------------------------------------------------------- Grand Centerville LLC is asking the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Property Condition Assessments, LLC, as its consultant. Grand Centerville tapped the firm to assist the company in the sale of its retail shopping center known as the Old Centreville Crossing Shopping Center located in Centreville, Virginia. Specifically, the firm will be tasked to evaluate the general condition of the company's facilities relative to a potential disposition transaction. PCA will receive $6,950 for property condition assessment and other services. Meanwhile, Grand Centerville will pay the firm $2,700 if it performs structural assessment and $650 for public records review. The firm will also be reimbursed for project- related direct costs. Lynn Tavenner, a member of PCA, disclosed in an affidavit that the firm holds no interest adverse to the company or its estate, and that it is a "disinterested person" as defined in section 101 (14) of the Bankruptcy Code. It was the second time Grand Centerville sought court approval to hire the firm. The company withdrew its initial application after the bankruptcy court on March 20 denied its request to sell the property. About Grand Centreville Grand Centreville, LLC, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 13-13590) on Aug. 2, 2013. The petition was signed by Michael L. Schuett, principal of Black Creek Consulting Ltd., the receiver. Judge Robert G. Mayer presides over the case. Paula S. Beran, Esq., and Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC, in Richmond, Va., represent the Debtor as counsel. The Debtor owns the real property located at 13810-13860 Braddock Road, Centreville, Virginia. In its schedules, the Debtor disclosed $40,550,046 in assets and $26,247,602 in liabilities as of the petition date. Grand Centreville's chapter 11 proceeding is related to the Chapter 11 proceedings of Min S. Kang and Man S. Kang (Bankr. E.D. Va. Case No. 10-18839-RGM) filed on Oct. 19, 2010. Prior to March 16, 2009, the Kangs indirectly owned 100% of the economic interests in the Debtor and, through their 100% ownership of Grand Formation, controlled all management rights with respect to Grand Centreville. On Jan. 7, 2013, the Court entered an Order directing the United States Trustee to appoint a chapter 11 trustee for the Kangs' case. On the same date, the U.S. Trustee appointed Raymond A. Yancey as chapter 11 trustee for the Kangs' case, which appointment the Court approved on Jan. 16, 2013. Wells Fargo Bank N.A., the secured creditor, is represented by William C. Crenshaw, Esq., and Mona M. Murphy, Esq., at Akerman LLP. Special Counsel to Raymond A. Yancey, Chapter 11 Trustee in the Kangs' Bankruptcy Case is Bradford F. Englander, Esq., at Whiteford Taylor & Preston, L.L.P. Counsel for Yeon K. Han is Timothy J. McGary, Esq. Counsel for James Y. Sohn is James R. Schroll, Esq., at Bean, Kinney & Korman, P.C. GUAM: S&P Rates $100MM 2014 Lease Revenue Bonds 'B+' ---------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' rating to the Industrial Development Authority of the City of Phoenix, Ariz.'s $100 million series 2014 lease revenue bonds (Guam Facilities Foundation Inc. Project), issued on behalf of the Government of Guam (GovGuam). S&P also affirmed its 'B+' long-term rating on Guam's outstanding 2010A certificates of participation (JFK High School Project). The outlook is stable. "The rating reflects our view of GovGuam's covenant to annually budget and appropriate lease payments throughout the term of the lease, annual appropriation risk, and general credit characteristics," said Standard & Poor's credit analyst Paul Dyson. Bond proceeds will be used to fund costs related the acquisition of real property located in Barrigada, Guam as well as to pay the construction and acquisition costs of various other adjacent facilities to be used by GovGuam for public education purposes. Bond proceeds will also fund capitalized interest through Aug. 1, 2015, and an additional capitalized rent fund will fund capitalized interest through Aug. 1 2017, for uncompleted projects, which is more than six months beyond the expected completion date of the final structure. GUIDED THERAPEUTICS: Obtains $3.8MM From Common Stock Offering -------------------------------------------------------------- Guided Therapeutics, Inc., previously entered into a securities purchase agreement with certain accredited investors providing for the issuance and sale by the Company to the Purchasers of an aggregate of 16,785,415 shares of the Company's common stock and warrants to purchase an aggregate of 8,392,708 shares of the Company's common stock at a purchase price of $0.225 per share, for aggregate gross proceeds (including non-cash extinguishment of debt) of approximately $3.8 million. The Company consummated the Offering on Dec. 2, 2014. The Company expects to use the cash proceeds to continue to seek FDA approval for LuViva, to repay certain bridge loans, and to support general working capital and operations. However, the Company will retain broad discretion over the use of the net proceeds and may use the money for other corporate purposes. Pursuant to the terms of the Securities Purchase Agreement, at the closing each Purchaser was issued a Warrant to purchase up to a number of shares of the Company's Common Stock equal to 50% of the shares issued to such Purchaser. The Warrants have an exercise price of $0.225 per share, are exercisable immediately upon issuance and have a five-year term. Placement Agent Agreement and Placement Agent Warrant Pursuant to a Placement Agent Agreement dated Nov. 26, 2014, by and between the Company and Olympus Securities, LLC, Olympus agreed to act as the Company's placement agent in connection with the Offering. As consideration, the Company agreed to pay Olympus a cash placement fee equal to the lesser of (1) $600,000 and (2) 8% of the aggregate gross proceeds from the sale of the common stock in the offering, for those investors Olympus introduced to the Company, plus 4% of the aggregate gross proceeds of the offering, for those investors the Company provided to Olympus. In addition to the cash fees, the Company agreed to issue to Olympus a warrant to purchase shares of common stock equal to an aggregate of 4.5% of the total Shares sold in the Offering, at an exercise price of 125% of the public offering price. Finally, the Company agreed to reimburse the placement agent for certain fees incurred by its counsel, up to the lesser of $75,000 or 2% of the gross proceeds of the offering. As a result, Olympus is due a cash fee of $233,792, (of which $165,000 has been paid, with the remainder to be paid over time) and the Company has issued the Placement Agent (or its assigns) warrants to purchase an aggregate of 755,344 shares of the Company's common stock. The Placement Agent Warrants have substantially the same terms as the Warrants, except that they are not exercisable until the first anniversary of issuance, they have an exercise price per share of $0.28125 per share, and they are subject to certain rules of the Financial Industry Regulatory Authority, or FINRA. About Guided Therapeutics Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP) -- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett's Esophagus using the LightTouch technology platform. Guided Therapeutics reported a net loss attributable to common stockholders of $10.39 million on $820,000 of contract and grant revenue for the year ended Dec. 31, 2013, as compared with a net loss of $4.35 million on $3.33 million of contract and grant revenue during the prior year. The Company's balance sheet at Sept. 30, 2014, showed $3.72 million in total assets, $7.66 million in total liabilities and a $3.94 million total stockholders' deficit. UHY LLP, in Sterling Heights, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company's recurring losses from operations and accumulated deficit raise substantial doubt about its ability to continue as a going concern. HAAS ENVIRONMENTAL: Stipulation with Wells Fargo Equipment OK'd --------------------------------------------------------------- The Hon. Kathryn C. Ferguson approved a second amended stipulation and consent order between Haas Environmental, Inc., and Wells Fargo Equipment Finance. The amended stipulation and consent order relates to the Debtor's use and possession of equipment identified in certain combination loan and security agreements. The Debtor agrees that it will pay to Wells Fargo monthly payments of $7,500 commencing on the later of (a) Nov. 15, 2014; and (b) within five days of the entry of the order and payable on first business day of each month thereafter until end of the term of the order. The stipulation also provides that the Debtor will not obtain any new credit or financing secured by the equipment. About Haas Environmental Haas Environmental, Inc., an industrial cleaning company, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 13-27297) on Aug. 6, 2013. Eugene Haas signed the petition as president. Judge Kathryn C. Ferguson presides over the case. The Debtor disclosed $10,127,069 in assets and $11,595,611 in liabilities as of the Chapter 11 filing. Jerrold N. Poslusny, Jr., Esq., at Cozen O'Connor, in Cherry Hill, New Jersey, serves as the Debtor's counsel. Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as counsel for the Official Committee of Unsecured Creditors. EisnerAmper LLP serves as its financial advisor. * * * Haas Environmental filed a plan of reorganization and disclosure statement by the May 27, 2014 deadline set by the Court in its exclusivity extension order. One feature of the Plan is a so- called new value contribution from sole shareholder Eugene Haas using his personal funds in exchange for retaining his equity interest in the Debtor. Those funds will be utilized to pay for certain disbursements under the Plan. Upon the Plan effective date, Mr. Haas will be deemed appointed as the plan administrator and will be responsible for making distributions from the play payment fund under the Plan. Management of the Debtor's operations after the effective date will continue to be run by Mr. Haas as its president. Under the Plan, the unsecured creditor claims, estimated to be $3.8 million, will be paid after higher priority claims are satisfied. Holders of unsecured creditor claims are estimated to recoup 9% to 11% of the Allowed amount. HAAS ENVIRONMENTAL: William Mackin Accepts Mediation Assignment --------------------------------------------------------------- William Mackin notified the Bankruptcy Court that he has accepted the appointment as mediator in the Chapter 11 case of Haas Environmental, Inc. The Debtor and Cummings Land and Development Company, in an effort to reach a resolution of all matters between them, including Cummings' motion to file a late claim and the Debtor's response and cross-motion, have stipulated and agreed to submit all claims between them to mediation. For case management purposes, a status conference is scheduled for Feb. 10, 2015, at 2:00 p.m. About Haas Environmental Haas Environmental, Inc., an industrial cleaning company, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 13-27297) on Aug. 6, 2013. Eugene Haas signed the petition as president. Judge Kathryn C. Ferguson presides over the case. The Debtor disclosed $10,127,069 in assets and $11,595,611 in liabilities as of the Chapter 11 filing. Jerrold N. Poslusny, Jr., Esq., at Cozen O'Connor, in Cherry Hill, New Jersey, serves as the Debtor's counsel. Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as counsel for the Official Committee of Unsecured Creditors. EisnerAmper LLP serves as its financial advisor. * * * Haas Environmental filed a plan of reorganization and disclosure statement by the May 27, 2014 deadline set by the Court in its exclusivity extension order. One feature of the Plan is a so- called new value contribution from sole shareholder Eugene Haas using his personal funds in exchange for retaining his equity interest in the Debtor. Those funds will be utilized to pay for certain disbursements under the Plan. Upon the Plan effective date, Mr. Haas will be deemed appointed as the plan administrator and will be responsible for making distributions from the play payment fund under the Plan. Management of the Debtor's operations after the effective date will continue to be run by Mr. Haas as its president. Under the Plan, the unsecured creditor claims, estimated to be $3.8 million, will be paid after higher priority claims are satisfied. Holders of unsecured creditor claims are estimated to recoup 9% to 11% of the Allowed amount. HD SUPPLY: Sells $1.2 Billion of Senior Notes --------------------------------------------- HD Supply, Inc., an indirect wholly-owned subsidiary of HD Supply Holdings, Inc., issued $1,250,000,000 aggregate principal amount of its 5.25% Senior Secured First Priority Notes due 2021 under an Indenture, dated as of Dec. 4, 2014, among the Company, certain subsidiaries of the Company, as guarantors, Wilmington Trust, National Association, as Trustee, and Wilmington Trust, National Association, as Note Collateral Agent, as supplemented by the First Supplemental Indenture, dated as of Dec. 4, 2014, among the Company, the Subsidiary Guarantors and the Trustee. The Notes are guaranteed, on a senior secured basis, by each of the Company's Wholly Owned Domestic Subsidiaries, and each other Domestic Subsidiary that is a borrower under the Senior ABL Facility or that guarantees payment of the Company's indebtedness under any Credit Facility or Capital Markets Securities. These guarantees are subject to release under customary circumstances. Additional information is available for free at: http://is.gd/4FNFCD About HD Supply HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the largest North American wholesale distributors supporting residential and non-residential construction and to a lesser extent electrical consumption and repair and remodeling. HDS also provides maintenance, repair and operations services. Its businesses are organized around three segments: Infrastructure and Energy; Maintenance, Repair & Improvement; and, Specialty Construction. HDS operates through approximately 800 locations throughout the U.S. and Canada serving contractors, government entities, maintenance professionals, home builders and professional businesses. HD Supply reported a net loss of $218 million for the fiscal year ended Feb. 2, 2014, a net loss of $1.17 billion for the fiscal year ended Feb. 3, 2013, and a net loss of $543 million for the year ended Jan. 29, 2012. As of Aug. 3, 2014, HD Supply had $6.71 billion in total assets, $7.41 billion in total liabilities and a $701 million total stockholders' deficit. * * * As reported by the TCR on Jan. 11, 2013, Moody's Investors Service upgraded HD Supply, Inc.'s ("HDS") corporate family rating to B3 from Caa1 and its probability of default rating to B3 from Caa1. "This rating action results from our expectations that HDS will refinance a significant portion of its senior subordinated notes due 2015, effectively extending the remainder of its maturities by at least two years to 2017," Moody's said. HD Supply carries a 'B' corporate credit rating, with negative outlook, from Standard & Poor's Ratings Services. HOTEL OUTSOURCE: Announces Change of Control, Names New CEO ----------------------------------------------------------- Hotel Outsource Management International, Inc., disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that control of the company has been purchased by RichCorp Holdings Ltd. On Nov. 25, 2014, RichCorp Holdings bought a total of 2,308,343 shares of the issued and outstanding common stock of the Company, pursuant to the terms of a Stock Purchase Agreement by and between the Buyer and a group of four former shareholders of the Company. The Shares represent approximately 78.3% of the Company's issued and outstanding common stock. Dato' Eddy Kok Seng Yeap owns 100% of the issued and outstanding common stock of RichCorp Holdings Ltd., and may be deemed to be the beneficial owner of the Shares purchased by RichCorp Holdings. The amount of consideration for the purchase of the Shares was an aggregate of US$340,000. In conjunction with the share purchase transaction between the Sellers and the Buyer, on Nov. 25, 2014, Mr. Avraham Bahry, the Company's sole officer and director, resigned from his respective positions as the president, chief executive officer and chief financial officer of the Company. His resignation was not due to a disagreement with the Company. Mr. Bahry did not resign his position as a member of the board of directors. The board of directors of the Company appointed Dato' Eddy Kok Seng Yeap as both a director of the Company, and as the Company's president, chief executive officer and chief financial officer. Dato' Eddy Kok Seng Yeap does not have any employment agreements with the Company. Dato' Eddy Kok Seng Yeap, aged 39, is a Malaysian and is a Life Insurance Practitioner with the qualification obtained from the Malaysia Insurance Institute. Eddy has also completed the Legal Professional Will Writing Course with Rockwills Sdn Bhd, Malaysia. He is currently managing director of NobleCorp Asset Management Ltd. which is set up in May 2014 for venturing into the Asset Management Field. NobleCorp is holding approximately 18% of the issued capital of PMI Construction Group, a company traded on OTCQB market. Eddy is also a director of PMI Construction Group. Prior to founding NobleCorp, Eddy was the director and shareholder of several private and public companies in Malaysia, Singapore, Macau, Indonesia, Hong Kong and China, including Kingsburg Holdings Limited. Currently, Eddy is venturing into his own businesses, including asset management, risk management services, alternative insurance services, healthcare research and fruit plantation projects. About Hotel Outsource New York-based Hotel Outsource Management International, Inc., is a multi-national service provider in the hospitality industry, supplying a range of services in relation to computerized minibars that are primarily intended for in-room refreshments. The Company's balance sheet at June 30, 2014, showed $4.45 million in total assets, $4.46 million in total liabilities and a stockholders' deficit of $19,000. As of Sept. 30, 2014, the Company's balance sheet included $0 of fixed assets net. The Company has completed its impairment test for the nine months ended Sept. 30, 2014, and has concluded that no impairment write-off is necessary. The Company has suffered recurring losses from operations and has a net working capital deficiency that raises substantial doubt about its ability to continue a going concern, according to the Company's quarterly report for the period ended June 30, 2014. HOWREY LLP: Inks Deal with Landlord, Former Partners ---------------------------------------------------- Sara Randazzo, writing for The Wall Street Journal, reported that Howrey LLP's bankruptcy trustee has reached a pair of settlements with the defunct law firm's former Washington, D.C., landlord and a group of ex-partners that should clear the way for the creation of a debt-repayment plan in the 3-1/2-year old case. According to the report, the landlord deal, which caps Warner Investments LP's highest-priority claim at $4.5 million, "removes one of the largest impediments to the trustee's ability to work towards and propose a confirmable Chapter 11 plan in this case," trustee Allan Diamond said in settlement papers. Separately, Mr. Diamond reached a settlement with nine former Howrey partners now at Jones Day that will raise $674,257 for creditors, the report related. About Howrey LLP Three creditors filed an involuntary Chapter 7 petition (Bankr. N.D. Cal. Case No. 11-31376) on April 11, 2011, against the remnants of the Washington-based law firm Howrey LLP. The filing was in San Francisco, where the firm had an office. The firm previously was known as Howrey & Simon and Howrey Simon Arnold & White LLP. The firm at one time had more than 700 lawyers in 17 offices. The partners voted to dissolve in March 2011. The firm specialized in antitrust and intellectual-property matters. The three creditors filing the involuntary petition together have $36,600 in claims, according to their petition. The involuntary chapter 7 petition was converted to a chapter 11 case in June 2011 at the request of the firm. In its schedules filed in July, the Debtor disclosed assets of $138.7 million and liabilities of $107.0 million. Representing Citibank, the firm's largest creditor, is Kelley Cornish, Esq., a partner at Paul, Weiss, Rifkind, Wharton & Garrison. Representing Howrey is H. Jason Gold, Esq., a partner at Wiley Rein. The Official Committee of Unsecured Creditors is represented in the case by Bradford F. Englander, Esq., at Whiteford, Taylor And Preston LLP. In September 2011, Citibank sought conversion of the Debtor's case to Chapter 7 or, in the alternative, appointment of a Chapter 11 Trustee. The Court entered an order appointing a Chapter 11 Trustee. In October 2011, Allan B. Diamond was named as Trustee. He is represented by Andrew Baxter Ryan, Esq., and Stephen Todd Loden, Esq., at Diamond McCarthy LLP as counsel. IDEAL TILE: Case Summary & 16 Unsecured Creditors ------------------------------------------------- Debtor: Ideal Tile of Ocean, Inc. 1912 Highway 35 Ocean Township, NJ 07712 Case No.: 14-34555 Chapter 11 Petition Date: December 4, 2014 Court: United States Bankruptcy Court District of New Jersey (Trenton) Debtor's Counsel: Andrew J. Kelly, Esq. KELLY & BRENNAN, P.C. 1011 Highway 71, Suite 200 Spring Lake, NJ 07762-2030 TeL: (732) 449-0525 Fax: (732) 449-0592 E-mail: akelly@kbtlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Giuseppe LaMarca, president. A list of the Debtor's 16 largest unsecured creditors is available for free at http://bankrupt.com/misc/njb14-34555.pdf IMAGEWARE SYSTEMS: Appoints Jeff Harris as SVP Sales & Marketing ---------------------------------------------------------------- ImageWare Systems, Inc., has appointed Jeff Harris as its senior vice president of sales and marketing. Mr. Harris brings over 25 years of sales and marketing experience across a range of technology-based products, including advanced sensors and communications as well as networking products. Mr. Harris will be responsible for driving direct and indirect sales strategies as well as ImageWare's brand and global marketing efforts. He will also lead product and solutions sales, channel partnership development, product support, and corporate field and brand marketing. "Jeff brings a unique blend of sales and marketing leadership, coupled with a technical and analytic mindset," said Jim Miller, chairman and CEO ImageWare. "His wealth of knowledge and experience will enhance our strategic focus of delivering exceptional products that address customer needs, all while increasing ImageWare's brand awareness and accelerating our growth in the biometric security marketplace." Mr. Harris previously served as a senior consultant to Cisco and Checkpoint Systems, and launched a highly successful mobile and networking products business for TrellisWare Technologies. Prior to TrellisWare, Mr. Harris held various senior roles for organizations in the Ultra Wideband marketplace, and lead advanced development and sales teams at Lockheed Martin and UUNet. He completed both his undergraduate and graduate studies in electrical and computer engineering at George Mason University in Fairfax, Virginia. The Company's sales efforts were previously led by Charles AuBuchon, ImageWare's vice president of business development, who will continue to serve in this role. In connection with Mr. Harris' appointment, on Dec. 1, 2014, the Company and Mr. Harris entered into a one-year employment agreement, pursuant to which Mr. Harris will receive an annual base salary of $200,000 and will be eligible to participate in any Company bonus plan and awards under the Company's Amended and Restated 1999 Stock Option Plan at the discretion of the Company's Board of Directors. About ImageWare Systems Headquartered in San Diego, California, ImageWare Systems, Inc., is a leader in the emerging market for software-based identity management solutions, providing biometric, secure credential, law enforcement and enterprise authorization. Its "flagship" product is the IWS Biometric Engine. Scalable for small city business or worldwide deployment, the Company's biometric engine is a multi- biometric platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. The Company's identification products are used to manage and issue secure credentials, including national IDs, passports, driver licenses, smart cards and access control credentials. Its law enforcement products provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. The Company also provides comprehensive authentication security software. Imageware Systems incurred a net loss of $9.84 million in 2013, a net loss of $10.19 million in 2012 and a net loss of $3.18 million in 2011. As of Sept. 30, 2014, the Company had $5.67 million in total assets, $4.51 million in total liabilities and $1.15 million in total shareholders' equity. INSITE VISION: Incurs $3.28-Mil. Net Loss in Third Quarter ---------------------------------------------------------- InSite Vision Incorporated filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $3.28 million on $360,000 of total revenues for the three months ended Sept. 30, 2014, compared with net income of $579,000 on $5.25 million of total revenues for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $2.49 million in total assets, $7.77 million in total liabilities, and a stockholders' deficit of $5.28 million. Historically, the Company has incurred substantial cumulative losses and negative cash flows from operations. Clinical trials and costs to prepare a New Drug Application ("NDA") for its product candidates with the U.S. Food and Drug Administration ("FDA") are very expensive and difficult, in part because they are subject to rigorous regulatory requirements. As of Sept. 30, 2014, the Company's accumulated deficit was $172.8 million and its cash and cash equivalents were $0.3 million. Further, the Company anticipates that its existing cash and cash equivalent balances, together with cash flows from operations, and the net proceeds from existing debt financing arrangements will only be adequate to fund its cash requirements through March 2015. Management's plans include exploring strategic alternatives or raising additional financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/EdQjlr Based in Alameda, California, InSite Vision Incorporated (OTCBB: INSV) -- http://www.insitevision.com/-- is committed to advancing new and superior ophthalmologic products for unmet eye care needs. The company's product portfolio utilizes InSite Vision's proven DuraSite(R) bioadhesive polymer core technology, a platform that extends the duration of drug retention on the surface of the eye, thereby reducing frequency of treatment and improving the efficacy of topically delivered drugs. Burr Pilger Mayer, Inc., expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has recurring losses from operations, available cash and short-term investment balances and accumulated deficit. The Company's balance sheet at Dec. 31, 2013, showed $14.2 million in total assets, $49.3 million in total liabilities, and a stockholders' deficit of $35.1 million. ISR GROUP: Plan Confirmation Hearing Rescheduled for Dec. 18 ------------------------------------------------------------ The confirmation hearing on the Plan of Liquidation proposed by Old Drone Co., Inc., formerly known as ISR Group, Incorporated has been rescheduled for Dec. 18, 2014 at 11:00 a.m. As reported in the Troubled Company Reporter on Oct. 6, 2014, Judge Jimmy L. Croom of the U.S. Bankruptcy Court for the Western District of Tennessee approved the Amended Disclosure Statement explaining the First Amended Plan of Liquidation under Chapter 11 of the Bankruptcy Code proposed by the Debtor. The Plan is the product of negotiations with various stakeholders in the Debtor, including TCFI and the Committee. Substantially all of the Debtor's assets have been sold via a private sale process overseen by the Court. The sale proceeds will be distributed to holders of allowed claims in the priority and manner set forth in the Plan. The classes of claims and estimated amounts and numbers are: Administrative Claims Estimated Amount: $376,000 Priority Tax Claims Estimated Amount: $0 Class 1 - DIP Loan Claim Estimated Amount: $0 Estimated Number: 1 Class 2 - Priority Wage Claims Estimated Amount: 78 Estimated Number: $382,282 Class 3 - IRS Tax Claim Estimated Amount: $537,959 Estimated Number: 1 Class 4 - TDR Tax Claim Estimated Amount: $32,757 Estimated Number: 1 Class 5 - Miscellaneous Secured Claims Estimated Amount: Unknown Estimated Number: Unknown Class 6 - TCFI Secured Claim Estimated Amount: $0 Estimated Number: 1 Class 7 - General Unsecured Claims Estimated Amount: $2,500,000 Estimated Number: 190 Class 8 - Interests in the Debtor Number of Holders: 1 Under the Plan, Claims in Classes 2, 5, and 7 are impaired and are, thus, entitled to vote on the Plan. Claims in Classes 1, 3, 4, and 6 are unimpaired and are, thus, not entitled to vote on the Plan. Holders of Administrative Claims and Priority Tax Claims are not entitled to vote on the Plan. Holders of Interests in Class 8 will not receive or retain any property or interest in property on account of those Interests under the Plan and, therefore, those Holders are not entitled to vote on the Plan and are conclusively presumed to have rejected the Plan. A copy of the First Amended Disclosure Statement is available for free at http://bankrupt.com/misc/ISRGroup_1stAmd_DS.pdf The Debtors' attorneys can be reached at: Seymour Roberts, Jr., Esq. John D. Gaither, Esq. Patrick J. Neligan, Jr., Esq. NELIGAN FOLEY LLP 325 N. St. Paul, Suite 3600 Dallas, TX 75201 Tel: (214) 840-5300 Fax: (214) 840-5301 E-mail: pneligan@neliganlaw.com sroberts@neliganlaw.com jgaither@neliganlaw.com - and - E. Franklin Childress, Jr., Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 165 Madison Avenue, Suite 2000 Memphis, TN 38103 Tel: (901) 577-2147 Fax: (902) 577-8045 E-mail: fchildress@bakerdonelson.com About ISR Group ISR Group, Incorporated, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tenn. Case No. 14-11077) on April 29, 2014. John Stuecheli signed the petition as chief restructuring officer. In its schedules, the Debtor disclosed $13,339,836 in total assets and $19,465,911 in total liabilities. Franklin Childress, Jr., Esq., at Baker Donelson Bearman, serves as the Debtor's counsel. Judge Jimmy L Croom presides over the case. ISR Group Inc., a provider of services for military and civilian users of drones, obtained Court permission to sell the business to an affiliate of lender Trive Capital, mostly in exchange for $18.4 million in secured debt. Under a global settlement among the company, the creditors' committee and the buyer, Trive is providing $375,000 in cash exclusively for payment to creditors with unsecured claims. The bankruptcy judge approved the settlement on June 17, together with an agreement among constituents supporting a Chapter 11 plan. KU6 MEDIA: Annual General Meeting Rescheduled for Dec. 26 --------------------------------------------------------- The 2014 annual general meeting of shareholders of Ku6 Media Co., Ltd., will be held on Dec. 26, 2014, at 10:00 a.m., Hong Kong time, at Boardroom I, Business Centre, 3/F, Harbour Grand Kowloon, 20 Tak Fung Street, Hunghom, Kowloon, Hong Kong, according to an amended notice filed with the U.S. Securities and Exchange Commission. The Company's previous Notice for the 2014 AGM and the related proxy materials are replaced by this Notice and the amended proxy materials distributed as of Dec. 5, 2014. A copy of the Amended Proxy Statement is available at http://is.gd/BcDGQy The purposes of the Meeting are: (a) To elect Xudong Xu, Robert Chiu, Haifa Zhu, Qingmin Dai, Yong Gui, Songhua Zhang, and Jiangtao Li as directors to hold office until the next annual general meeting of shareholders and until their successors are duly elected and qualified, or until their earlier removal, or earlier vacation of office. (b) To approve, confirm and ratify the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as the independent auditor of the Company to hold office until the next annual general meeting of shareholders and the authorization of the Board of Directors of the Company to fix the auditor's remuneration. (c) To transact such other business as may properly come before the Meeting. About Ku6 Media Co., Ltd. Ku6 Media Co., Ltd. -- http://ir.ku6.com-- is an Internet video company in China focused on User-Generated Content. Through its premier online brand and online video website, www.ku6.com , Ku6 Media provides online video uploading and sharing service, video reports, information and entertainment in China. The Company's balance sheet at June 30, 2014, showed $5.83 million (RMB36.19 million) in total assets, $9.4 million (RMB58.34 million) in total liabilities and total stockholders' deficit of $3.57 million (RMB22.15 million). KU6 Media reported a net loss of $34.42 million in 2013, a net loss of $9.49 million in 2012 and a net loss of $49.38 million in 2011. PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's Republic of China, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that facts and circumstances including recurring losses, negative working capital, net cash outflows, and uncertainties associated with significant changes planned to be made in respect of the Company's business model raise substantial doubt about the Company's ability to continue as a going concern. LA FRONTERA: S&P Lowers Rating to 'B+', Off Watch Negative ---------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its rating on La Frontera Generation LLC to 'B+' from 'BB-' and removed the rating from CreditWatch negative, where S&P placed it on Sept. 22, 2014. The recovery rating of '2' is unchanged. The outlook is stable. The downgrade reflects S&P's expectation for lower natural gas prices to drive weaker power prices in the Electric Reliability Council of Texas (ERCOT) market during the next several years. "This risk is accentuated by the nature of the project's cash flow sweep provision, which limits repayment on debt somewhat through 2019, when we have less visibility into power pricing, especially because this market does not use capacity pricing," said Standard & Poor's credit analyst Michael Ferguson. S&P had placed the project on CreditWatch with negative implications in response to the release of S&P's new project finance criteria in Sept. 2014. La Frontera is a single-purpose entity issuing project finance debt that owns two combined-cycle natural gas turbine power plants with total operating capacity of about 3,000 megawatts in the north sub-region of the ERCOT market. The project was initially capitalized with roughly $1.15 billion of debt, with term loan proceeds used to fund a $1 billion dividend to NextEra Energy Inc. The stable outlook on La Frontera reflects S&P's expectation of low refinancing risk at maturity due to improving, but likely volatile, power market conditions in ERCOT. S&P anticipates that the project will continue to dispatch at baseload-level capacity factors due to its low heat rate and adequate access to inexpensive fuel. S&P expects a minimum DSCR of slightly above 1.7x in 2018 and to average about 3x during the loan tenor. LAKELAND INDUSTRIES: WTC-CTF Micro Cap Has 5% Stake as of Nov. 24 ----------------------------------------------------------------- In a Schedule 13G filed with the U.S. Securities and Exchange Commission, Wellington Trust Company, National Association Multiple Common Trust Funds Trust, Micro Cap Equity Portfolio, disclosed that as of Nov. 24, 2014, it beneficially owned 369,800 shares of common stock of Lakeland Industries, Inc., representing 5.25 percent of the shares outstanding. A copy of the regulatory filing is available at http://is.gd/HXL3C5 About Lakeland Industries Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company reported a net loss of $26.3 million on $95.1 million of net sales for the year ended Jan. 31, 2013, as compared with a net loss of $376,825 on $96.3 million of sales for the year ended Jan. 31, 2012. The Company's balance sheet at July 31, 2014, showed $87.9 million in total assets, $40.9 million in total liabilities and $46.9 million in total stockholders' equity. In their report on the consolidated financial statements for the year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham, Alabama, expressed substantial doubt about Lakeland Industries' ability to continue as a going concern. The independent auditors noted that Company is in default on certain covenants of its loan agreements at Jan. 31, 2013. LILY GROUP: Bankruptcy Case Transferred to Judge Basil H. Lorch --------------------------------------------------------------- The Bankruptcy Court transferred the Chapter 11 case of Lily Group Inc., from Frank J. Otte to Judge Basil H. Lorch. About Lily Group Lily Group Inc., the developer of an open-pit coal mine in Green County, Indiana, filed a petition for Chapter 11 reorganization (Bankr. S.D. Ind. Case No. 13-81073) on Sept. 23, 2013, in Terre Haute, estimating assets and debt both exceeding $10 million. In its amended schedules, the Debtor disclosed $2,552,682 in assets and $38,953,976 in liabilities. Jefferson & Brewer LLC has been designated as the Debtor's chief restructuring officer. The Debtor is represented by Courtney Elaine Chilcote, Esq., and David R. Krebs, Esq., at Tucker, Hester, Baker & Krebs, LLC, in Indianapolis, Indiana. U.S. Trustee Nancy J. Gargula appointed four members to the official committee of unsecured creditors in the Chapter 11 cases of Lily Group Inc. Faegre Baker Daniels LLP represents the Committee. LITHIUM TECHNOLOGY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Lithium Technology Corporation 10379B Democracy Lane Fairfax, VA 22030 Case No.: 14-14527 Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Eastern District of Virginia (Alexandria) Judge: Hon. Brian F. Kenney Debtor's Counsel: Michael E. Hastings, Esq. WHITEFORD TAYLOR & PRESTON LLP 114 Market Street, Suite 210 Roanoke, VA 24011 Tel: 540-759-3579 Fax: 540-759-3569 E-mail: mhastings@wtplaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Gerson Roeske, global controller. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/vaeb14-14527.pdf LOUISIANA OILFIELD: Case Summary & 11 Top Unsecured Creditors ------------------------------------------------------------- Debtor: Louisiana Oilfield Contractors Association Insurance Fund 705 West Pinhook Rd. Lafayette, LA 70503 Case No.: 14-51518 Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Western District of Louisiana (Lafayette) Judge: Hon. Robert Summerhays Debtor's Counsel: H. Kent Aguillard H. KENT AGUILLARD P.O. Drawer 391 Eunice, LA 70535 Tel: (337) 457-9331 E-mail: kaguillard@yhalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Chalmers, trustee. A list of the Debtor's 11 largest unsecured creditors is available for free at http://bankrupt.com/misc/lawb14-51518.pdf MOMENTIVE SPECIALTY: Merges With Finance Corp --------------------------------------------- Hexion U.S. Finance Corp., a subsidiary of Momentive Specialty Chemicals Inc., merged with and into Momentive, with Momentive remaining as surviving entity, according to a regulatory filing with the U.S. Securities and Exchange Commission. In connection with the Merger, Momentive became the successor issuer of the 6.625% First-Priority Senior Secured Notes due 2020, the 8.875% Senior Secured Notes due 2018 and the 9.00% Second- Priority Senior Secured Notes due 2020, in each case, initially issued by Finance Corp and guaranteed by the Company, pursuant to (i) the Third Supplemental Indenture dated as of Dec. 2, 2014, by and among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee, (ii) the Third Supplemental Indenture dated as of Dec. 2, 2014, by and among the Company, Hexion Nova Scotia Finance ULC, the guarantors party thereto and Wilmington Trust, National Association, as trustee, and (iii) the First Supplemental Indenture dated as of Dec. 2, 2014, by and among the Company, the Co-Issuer, the guarantors party thereto and Wilmington Trust Company, as trustee. About Momentive Specialty Momentive Specialty Chemicals, Inc., headquartered in Columbus, Ohio, is a leading producer of thermoset resins (epoxy, formaldehyde and acrylic). The company is also a supplier of specialty resins for inks and specialty coatings sold to a diverse customer base as well as a producer of commodities such as formaldehyde, bisphenol A, epichlorohydrin, versatic acid and related derivatives. Momentive Specialty reported a net loss of $634 million on $4.89 billion of net sales for the year ended Dec. 31, 2013, as compared with net income of $346 million on $4.75 billion of net sales for the year ended Dec. 31, 2012. As of Sept. 30, 2014, the Company had $2.82 billion in total assets, $5.01 billion total liabilities and a $2.18 billion total deficit. * * * The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings Services lowered its corporate credit rating on Momentive Specialty Chemicals Inc. (MSC) by one notch to 'CCC+' from 'B-'. "The downgrade follows MSC's significant use of cash in the first half of 2014 and our expectation that lackluster cash flow from operations and elevated capital spending will cause free operating cash flow to be significantly negative in 2014 and 2015," said Standard & Poor's credit analyst Cynthia Werneth. As reported by the TCR on May 5, 2014, Moody's Investors Service affirmed Momentive Specialty Chemicals Inc's (MSC) corporate family rating (CFR) at B3 but changed the ratings outlook to negative due to weak credit metrics and the expectation that credit metrics will not return to levels fully supportive of the B3 Corporate Family Rating in 2014. NATURAL MOLECULAR: Court to Consider Asset Sale Dec. 12 ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington is set to hold a hearing on Dec. 12 on the proposed sale of Natural Molecular Testing Corp.'s assets. The bankruptcy trustee of NMTC sought court approval last month to sell almost all of the company's assets to YourCode, Inc. One of YourCode's shareholders is former NMTC officer Beau Fessenden who is facing a lawsuit filed by the company. Under the proposed sale, the company will receive $25,000 in cash once it closes the sale, and deferred payment of $361,034 evidenced by a promissory note issued at closing, bearing interest at 1% per annum. NMTC will also receive royalty payments of 5% of cash revenue received by YourCode for the five years following the closing. YourCode is only allowed to pay up to $2 million per year or $10 million in the aggregate. Settlement With Fessenden A cornerstone of the proposed sale is a potential settlement of NMTC's claims against Mr. Fessenden. The company holds claims against its former officer, and has the security of deeds of trust against the Normandy Park Residence and the Orondo Residence. The company's deed of trust is in first position on Normandy Park, with a value estimated at about $2.8 million, and a second position on Orondo, with a value estimated at $1.9 million but subject to a first deed of trust to lender Redmond Funding Group, LLC in the amount of $1.05 million that matures in early 2015. Pursuant to the settlement, Mr. Fessenden would be allowed to get a first position lien on the Normandy Park Residence of not more than $1.3 million, provided that the proceeds are used to completely payoff Redmond such that the Orondo Residence is subject solely to the company's deed of trust. If NMTC does not receive $1 million in cash a year after the closing from a combination of the cash purchase price, payments on the promissory note, royalty payments, and post-closing payments from Mr. Fessenden, it will be an event of default under the company's deed of trust against the Orondo Residence. This will allow the company to exercise its remedies, and Mr. Fessenden to market the Orondo Residence. The company's liens against Normandy Park and Orondo will otherwise remain in place until it has received cash consideration totaling at least $2.5 million, at which time the liens will be released and the lawsuit dismissed. Pending payment of the $2.5 million, the lawsuit will be held in abeyance unless there is a default by the buyer, according to court filings. About Natural Molecular Natural Molecular Testing Corp., which provides molecular diagnostic-testing services, including testing for sexually transmitted diseases and screening and counseling about cystic fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle. Hacker & Willig, Inc., P.S., serves as its bankruptcy counsel. The closely held company said assets are worth more than $100 million while debt is less than $50 million. Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a five-member Committee of Unsecured Creditors. Foster Pepper's Jane Pearson, Esq.; Christopher M. Alston, Esq., and Terrance Keenan, Esq., serve as the Committee's attorneys. NEW YORK CITY OPERA: Investors Has Deal for Revival --------------------------------------------------- Jennifer Smith and Sara Randazzo, writing for The Wall Street Journal, reported that a group of investors is proposing to pay slightly more than $500,000 for the shuttered opera company's name as well as some other assets and liabilities. According to the report, citing Gerard Catalanello, an attorney for the group, the investors would pay $10,000, settle $500,000 in debts and assume some liabilities. About New York City Opera New York City Opera, Inc., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 13-13240) on Oct. 3, 2013. Created 70 years ago, the company was once dubbed "the people's opera" by Mayor Fiorello LaGuardia, and was a breeding ground for young talent that included Beverly Sills and Placido Domingo. The Opera estimated between $1 million and $10 million in both assets and debt. The petition was signed by George Steel, general manager and artistic director. Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP, serves as the opera's counsel. Ewenstein Young & Roth LLP serves as special counsel. NORTEL NETWORKS: Northern Ireland Workers Awarded GBP50K -------------------------------------------------------- John Campbell at BBC News reports that staff who lost their jobs at the Nortel factory in County Antrim, in Ireland are entitled to unfair dismissal payments of more than GBP50,000, a tribunal has ruled. BBC News says the decision follows a test case brought by a worker who claimed the Canadian firm failed to properly consult with each employee before making them redundant. However it is not clear how much, if anything, will be paid out as the telecoms company is in administration, BBC News relates. The firm failed in 2009, resulting in 100 job losses in Northern Ireland, BBC News notes. According to the report, Nortel's administrator will not contest the workers' claims that the firm failed to properly consult them. In the test case, the worker involved was awarded GBP66,200 -- and two subsequent cases have led to awards of GBP66,200 and GBP52,699, BBC News says. The report relates that the tribunals heard although the three redundant workers subsequently found new jobs, the work did not pay as well as Nortel. The former employees now count as unsecured creditors of Nortel, so it is not clear when they will be paid or how much, relates BBC News. A case involving Nortel at the High Court in London in 2010 indicated that unsecured creditors could expect to be paid 12 pence for every GBP1 they are owed, the report notes. A group of workers, backed by the union Unite, are also expected to bring cases to the tribunal once it becomes clear if the final payout will make it worthwhile, BBC News adds. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did business in more than 150 countries around the world. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, and Christopher M. Samis, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, represent the Unsecured Creditors Committee. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long- Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. NORTHLAND RESOURCES: Files Bankruptcy Request for Several Units --------------------------------------------------------------- Northland Resources SE, together with its subsidiaries, on Dec. 8 disclosed that the respective Board of Directors for the following legal entities within the Northland group: Northland Resources SE, Northland Sweden AB, Northland Resources AB, Northland Logistics AB, Northland Logistics AS Northland Mines OY and Northland Exploration Finland OY, have resolved to file for bankruptcy with respective jurisdiction. Since the process of the contemplated financing solution was not successful, the respective Board of Directors have, where appropriate in consultation with the administrator of the reorganization in Sweden, concluded that the conditions for a continued reorganization do not exist and that the prerequisites for bankruptcy are at hand. The group companies mentioned will therefore file for bankruptcy with the respective competent courts and will suggest advokat Hans Andersson, Advokatbyran Kaiding, as the official receiver for the Swedish Subsidiaries, advokat Knut Ro, Ro Sommernes Advokatfirma, as official receiver for the Norwegian subsidiary, and advokat Pekka Jaatinen, Castren & Snellman Attorneys, as official receiver for the Finnish subsidiaries. "The Company and its employees have done an impressive job in developing a professional and modern mining operation in a very short time. It is therefore sad that the dramatic fall in iron ore prices this year made it impossible to raise the required financing, which was a prerequisite for continued operations," commented Olav Fjell, chairman of the Board. "Our employees and those around us deserve a tribute for the devotion shown during the trials we have faced, this among other things shows on the valuable assets this company possesses," commented Johan Balck, CEO. As announced on December 5, 2014, all trading of the Company's shares and bonds have been halted. Since the Company and its subsidiaries will file for Bankruptcy, in accordance with above, the Company have asked for trading not be resumed. The Company together with the administrator of the Reorganization and the proposed Receiver for the Swedish Subsidiaries was scheduled to host a press conference on Dec. 8 at 1:00 p.m. CET at Scandic Hotel, Lulea. About Northland Headquartered in Luxembourg, Northland Resources S.A. is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study for its Hannukainen Iron Oxide Copper Gold project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant. NORTHLAND RESOURCES: Bankruptcy Request for Swedish Units Okayed ---------------------------------------------------------------- Northland Resources SE, together with its subsidiaries, on Dec. 8 disclosed that Lulea District Court has approved the Company's request of bankruptcy for the Swedish subsidiaries Northland Sweden AB, Northland Resources AB and Northland Logistics AB. In accordance with the announcement earlier on Dec. 8, the Company's Swedish subsidiaries Northland Sweden AB, Northland Resources AB and Northland Logistics AB has filed for bankruptcy with the Court and as a part of this the Company suggested that advokat Hans Andersson, Advokatbyran Kaiding, will be appointed as the official receiver for the Swedish Subsidiaries. The Court has now approved the request and advokat Hans Andersson will therefore formally assume control over the Company as the Receiver for the Swedish entities. As a result of this, the group management is relieved from their duties and their positions in Northland Resources SE with immediate effect, this includes the Chief Executive Officer, Johan Balck, the Chief Financial Officer, Johan Dagertun and the Chief Administrative Officer, Tomas Gustafsson. In accordance with the Company's previous announcement, the Company together with the administrator of the Reorganization and the Receiver for the Swedish Subsidiaries was scheduled to host a press conference on Dec. 8 at 1:00 p.m. CET at Scandic Hotel, Lulea. About Northland Headquartered in Luxembourg, Northland Resources S.A. is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study for its Hannukainen Iron Oxide Copper Gold project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant. OK SOD: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------- Debtor: OK Sod, Inc. 525 Keller Parkway Keller, TX 76248 Case No.: 14-44913 Chapter 11 Petition Date: December 5, 2014 Court: United Stated Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Michael Lynn Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS, P.C. 12770 Coit Rd., Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 E-mail: eric@ealpc.com Total Assets: $468,000 Total Liabilities: $1.93 million The petition was signed by Kevin Keck, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb14-44913.pdf OXFORD RESOURCE: Regains Compliance With NYSE Rule -------------------------------------------------- Oxford Resource Partners, LP, was notified by the New York Stock Exchange that the Company had regained compliance with the share price continued listing standard of the NYSE, according to a regulatory filing with the U.S. Securities and Exchange Commission. As of Nov. 28, 2014 (the last trading day in November), both the closing unit price of Oxford's common units and its average closing unit price over the preceding 30 consecutive trading days were in excess of the $1.00 minimum threshold required by the NYSE. As a result, Oxford's common units will continue to be traded on the NYSE, subject to ongoing monitoring by the NYSE and Oxford's compliance with all other applicable requirements of the NYSE. About Oxford Resource Columbus, Ohio-based Oxford Resource Resource Partners, LP, is a low-cost producer of high value steam coal, and is the largest producer of surface mined coal in Ohio. The Company reported a net loss of $20.2 million on $287.0 million of revenues for the nine months ended Sept. 30, 2012, compared with a net loss of $4 million on $304.1 million of revenues for the same period of 2011. The Company's balance sheet at Sept. 30, 2014, showed $203.9 million in total assets, $218.2 million in total liabilities and total partners' deficit of $14.2 million. PULSE ELECTRONICS: Names Mark Twaalfhoven Chief Executive Officer ----------------------------------------------------------------- Pulse Electronics Corporation announced that its Board of Directors has named Mark Twaalfhoven as chief executive officer, effective Dec. 1, 2014. Mr. Twaalfhoven also has been appointed to Pulse's Board of Directors, expanding the Board from six to seven members and John E. Major has been named permanent Chairman of the Board. Alan H. Benjamin, who has served as interim CEO since July 2014, will continue in his role as Chief Operating Officer. "The Board conducted a comprehensive search process, and we are pleased to welcome Mark to Pulse as our next Chief Executive Officer. Mark has over 25 years of experience in managing technology companies and extensive expertise in both running and advising complex, global organizations. He's also a great fit culturally for our organization, with a keen understanding of and appreciation for our dedication to customer service," said John E. Major, Lead Independent Board member and Chairman of the Pulse Board of Directors. "Additionally, on behalf of the entire Board, I would also like to thank Alan for his service as interim CEO over the past four months and continued dedication to Pulse." Mr. Twaalfhoven joins Pulse from the investment firm Valuec B.V. in Hong Kong, where he served as president, with responsibilities for investing in and advising international technology companies. Mr. Twaalfhoven said, "I'm honored to be joining Pulse as CEO. I look forward to working with the Pulse team to continue meeting our customers' needs and executing on the company's strategy of reinvigorating profitable growth and increasing operational efficiency." Prior to his role at Valuec, Mr. Twaalfhoven served from 2005 to 2009 as president and CEO of Teleplan International, a global business with almost 5,800 employees providing total lifecycle care solutions for the computer, communications and consumer industries. Mr. Twaalfhoven led Teleplan as a public company through a restructuring and turnaround, growing revenue from approximately $300 million to approximately $400 million and increasing profitability. From 1996 to 2005, Mr. Twaalfhoven served in a number of positions, including senior vice president and corporate officer, of Amphenol Corporation, where he led the development of its Asia operations as it became a leading supplier of interconnect solutions, with tenfold growth in revenue during his tenure. In 1990, Mr. Twaalfhoven was nominated as Entrepreneur of the Year for Southern California for his role as the founder of Fanamation and subsequently QI Tech, which became a leading supplier of Metrology Equipment and today is part of Hexagon Metrology. Mr. Twaalfhoven holds a Master of Science in Industrial Engineering from Stanford University, a Bachelor's Degree in Mechanical Engineering from Purdue University and completed the Advanced Management Program at Harvard Business School. Born in the Netherlands, he has three daughters, and has been residing in Asia the past 20 years. Mr. Twaalfhoven will receive an annual base salary of $300,000. He will also get an annual bonus based on certain performance metrics to be established annually by the Company's Board of Directors following consultation with Mr. Twaalfhoven with a target annual bonus of 150% of annual base salary and maximum annual bonus equal to 300% of base salary. About Pulse Electronics San Diego, California-based Pulse Electronics Corporation -- http://www.pulseelectronics.com/-- is a global producer of precision-engineered electronic components and modules, operating in three business segments: Network product group; Power product group; and Wireless product group. As reported by the TCR on Juy 8, 2013, the Company dismissed KPMG LLP as its independent registered public accounting firm. Grant Thornton LLP was hired as replacement. Pulse Electronics reported a net loss of $27.02 million on $355.67 million of net sales for the year ended Dec. 27, 2013, as compared with a net loss of $32.09 million on $373.16 million of net sales for the year ended Dec. 28, 2012. The Company's balance sheet at Sept. 26, 2014, showed $178.91 million in total assets, $250.44 million in total liabilities and a $71.53 million total shareholders' deficit. QUALITY LEASE: U.S. Trustee Unable to Form Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 7 announced that it "has been unable to solicit sufficient interest" to form a committee that will represent unsecured creditors of Quality Lease and Rental Holdings, LLC. The Justice Department's bankruptcy watchdog said that an "insufficient number" of unsecured creditors attended the first meeting convened by the agency to form a creditors' committee. About Quality Lease and Rental Holdings, LLC Quality Lease and Rental Holdings, LLC, doing business as Rocaceia Energy Services, sought bankruptcy protection in Victoria, Texas (Bankr. S.D. Tex. Case No. 14-60074) on Oct. 1, 2014. Related entities Quality Lease Rental Service, LLC, Quality Lease Service, LLC, and Rocaceia, LLC also sought bankruptcy protection (Case Nos. 14-60075 to 14-60077). The cases are assigned to Judge David R Jones. The Debtors have tapped Walter J Cicack, Esq., at Hawash Meade Gaston Neese & Cicack LLP, in Houston, as counsel. QUANTUM FUEL: Amends $75 Million Securities Prospectus ------------------------------------------------------ Quantum Fuel Systems Technologies Worldwide, Inc., had amended its registration statement on Form S-3 relating to the offer and sale, from time to time, of common stock, preferred stock, debt securities, warrants, rights, and a combination thereof for a maximum amount of $75,000,000. The Company amended the Registration Statement to delay its effective date. The Company's common stock is quoted on The NASDAQ Capital Market under the symbol "QTWW." The last reported sale price of the Company's common stock on Oct. 16, 2014, was $4.01 per share. Each prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange. A full-text copy of the Amended Form S-3/A prospectus is available for free at http://is.gd/iD6lSD About Quantum Fuel Lake Forest, Cal.-based Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced vehicle propulsion systems, fuel storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic and software controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and other alternative fuel technologies and solutions that enable fuel efficient, low emission, natural gas, hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum Fuel reported a net loss attributable to stockholders of $23.04 million in 2013, a net loss attributable to stockholders of $30.91 million in 2012 and a net loss attributable to common stockholders of $38.49 million in 2011. RADIOSHACK CORP: Again Denies Defaulting on Loan ------------------------------------------------ Chelsey Dulaney, writing for The Wall Street Journal, reported that RadioShack Corp. again denied that it has defaulted on a loan from its term lenders, less than a week after the struggling electronics chain initially disputed the allegations as "wrong and self-serving." According to the report, the lenders -- Salus Capital Partners and Cerberus Capital Management -- a year ago provided a $250 million lifeline that helped keep RadioShack in business. They now say RadioShack defaulted on the loan when it secured a separate credit line in October, but RadioShack said it doesn't believe the lenders' demand for immediate payment has any merit, the Journal related. About Radioshack Corporation RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com-- is a national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. Radioshack reported a net loss of $400.2 million in 2013, a net loss of $139.4 million in 2012, and net income of $72.2 million in 2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14 billion in total assets, $1.21 billion in total liabilities and a $63 million total shareholders' deficit. * * * As reported by the TCR on Sept. 15, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating on Fort Worth, Texas-based RadioShack Corp. to 'CCC-' from 'CCC'. "The downgrade comes as the company announced it will seek capital, and that such a transaction could include a debt restructuring in addition to store closures and other measures," said Standard & Poor's credit analyst Charles Pinson-Rose. In the Sept. 16, 2014, edition of the TCR, the TCR reported that Fitch Ratings had downgraded the Long-term Issuer Default Rating (IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'. The downgrade reflects the high likelihood that RadioShack will need to restructure its debt in the next couple of months. The TCR reported on March 13, 2014, that Moody's Investors Service downgraded RadioShack Corporation's corporate family rating to Caa2 from Caa1. "The continuing negative trend in RadioShack's sales and margins has resulted in a precipitous drop in profitability causing continued deterioration in credit metrics and liquidity," Mickey Chadha, Senior Analyst at Moody's said. REDPRAIRIE CORP: Bank Debt Trades at 6% Off ------------------------------------------- Participations in a syndicated loan under which RedPrairie Corp is a borrower traded in the secondary market at 93.88 cents-on-the- dollar during the week ended Friday, December 5, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.25 percentage points from the previous week, The Journal relates. RedPrairie Corp pays 500 basis points above LIBOR to borrow under the facility. The bank loan matures on Dec. 21, 2018, and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. SAMUEL WYLY: Church Wins Chance to Fight for $20,000 Claim ---------------------------------------------------------- Erik Larson at Bloomberg News reports that U.S. Bankruptcy Judge Barbara Houser has ruled in favor of the Third Church of Christ, Scientist, giving the church a chance to recover a scrap of Samuel Wyly's remaining fortune in bankruptcy. As reported by the Troubled Company Reporter on Nov. 20, 2014, Bloomberg News reported that the Church accused the U.S. Securities and Exchange Commission and the Internal Revenue Service of trying to silence smaller creditors that can't match the government's "unlimited" legal resources. The Church claims that the Debtor owes it $20,000, under a 2010 pledge to donate $100,000 over five years. The Church also wants a formal committee of unsecured creditors formed to give them a stronger voice against the SEC. The government, according to Bloomberg News, objected, claiming that it "will unnecessarily waste resources and dissipate assets that should be used to pay creditor claims," and that the Church and a charitable organization that wants to be on the committee, the Thanks-Giving Foundation, are ineligible. Bloomberg News relates that Judge Houser ruled on Dec. 2, 2014, that the U.S. Trustee improperly barred the Church and the Thanks- Giving Foundation from forming a committee. About Samuel Wyly Samuel Wyly filed for Chapter 11 bankruptcy protection on Oct. 19, 2014, weeks after a judge ordered him to pay several hundred million dollars in a civil fraud case. In September, a federal judge ordered Mr. Wyly and the estate of his deceased brother to pay more than $300 million in sanctions after they were found guilty of committing civil fraud to hide stock sales and nab millions of dollars in profits. The case is In re Samuel E. Wyly, 14-35043, U.S. Bankruptcy Court, Northern District of Texas (Dallas). SAN ANGELO COLTS: US Trustee Wants Dismissal of Chapter 11 Case --------------------------------------------------------------- Matt McDaniel at Sanangelolive.com reports that U.S. Trustee William T. Neary has filed with the U.S. Bankruptcy Court for the Northern District of Texas a motion to dismiss San Angelo Colts Baseball Club, LLC's Chapter 11 case "with prejudice", or convert it to Chapter 7 for noncompliance with bankruptcy procedures. According to Sanangelolive.com, the U.S. Trustee claims that "the Debitor has failed to file monthly operating reports and failed to provide the United States Trustee with tax returns, proof of insurance, and proof of a debtor-in-possession bank account." Sananglive.com recalls that the Debtor filed for Chapter 11 bankruptcy when 1st Community Federal Credit Union, its primary creditor, sought to foreclose on Foster Field, the 4,000 seat ball park which sits on land owned by Angelo State University. The report says that the team agreed in the initial proceedings to produce a disclosure statement and financial plan by Dec. 27, 2014, which must be confirmed by the Court by Feb. 10, 2015. According to the report, the U.S. Trustee claims in his motion that the Debtor failed to provide any of the agreed upon documents. The Debtor, says Sanangelolive.com, has until Dec. 26, 2014, to file a response to the U.S. Trustee's motion. Carlos Silva Jr. at Gosanangelo.com mentions that a tentative hearing is set for Jan. 22, 2015, at 1:15 p.m. San Angelo Colts Baseball Club, LLC, headquartered in Dallas, Texas, filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-33199) on July 1, 2014. In its bankruptcy petition, the Debtor estimated its assets at up to $50,000, versus estimated liabilities of between $1 million and $10 million. The petition was signed by John Bryant, manager. Eric A. Liepins, Esq., at Eric A. Liepins, P.C., serves as the Debtor's bankruptcy counsel. SCRUB ISLAND: Wants Evidence on Confirmation and Action Merged -------------------------------------------------------------- Scrub Island Development Group Limited, et al., ask the Bankruptcy Court to consolidate consideration of evidence presented in support of confirmation of the Chapter 11 Plan and the Lender Liability Action with the Declaratory Action with respect to the SIDG and FirstBank Puerto Rico. On Oct. 31, 2014, FirstBank sought a declaration related to rights of FirstBank and SIDG under that certain agreement for purchase and sale dated Dec. 24, 2012, among FirstBank, SIDG, and Scrub Island Utility (BVI) Ltd. FirstBank sought a declaration that the FirstBank Option Agreement is not executory. The Court is hearing evidence related to confirmation of the First Amended Joint Plan of Reorganization of the Debtors, and related to Adversary Proceeding Number 8:14-ap-534 MGW. The Debtors explain that the relief would avert a waste of judicial resources, unnecessary costs and delay, and the potential for inconsistent results in connection with confirmation and the adversaries. About Scrub Island Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, and its affiliate, Scrub Island Construction Limited, sought bankruptcy protection (Bankr. M.D. Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a receivership Scrub Island claims was secretly put in place by its lender. The bankruptcy case is assigned to Judge Michael G. Williamson. The 230-acre resort operates as a Marriott Autograph Collection property. It has 52 rooms and suites, a spa and a 55-slip marina. Scrub Island Development Group scheduled $125,569,235 in total assets and $130,695,731 in total liabilities. The Debtors are represented by Charles A. Postler, Esq., and Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida. FirstBank Puerto Rico, the prepetition secured lender, is represented by W. Keith Fendrick, Esq., at Holland & Knight LLP, in Tampa, Florida. The Debtors are represented by Charles A. Postler, Esq., and Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida. FirstBank Puerto Rico, the Debtor's prepetition secured lender, is represented by W. Keith Fendrick, Esq., at Holland & Knight LLP, in Tampa, Florida. The Official Committee of Unsecured Creditors appointed in Scrub Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice, Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A., as general counsel. SEA SHELL: Authorized to Sell Real Property at 700 Gulf Breeze -------------------------------------------------------------- U.S. Bankruptcy Judge William S. Shulman authorized Sea Shell Collections, LLC, to sell the real property located at 700 Gulf Breeze Parkway, Santa Rosa County, Florida consisting of approximately 0.8 acres. The Court also ordered that a portion of the first-priority mortgage of Stabilis Master Fund III, LLC will be paid at the closing of the transaction. Upon the payment, Stabilis is directed to execute a customary release, in recordable form, of any and all of its liens on the subject property. Upon the closing of the sale transaction, the back rent being held by Panera Bread Company will be paid as: (i) $23,850 will be paid to Durney Properties, as leasing agent; (ii) $11,925 will be paid to Trademark Properties, a leasing agent; and, (iii) $9,433 will be paid to Stabilis to be applied as permitted under its first priority mortgage and related loan documents. About Sea Shell Collections Sea Shell Collections, LLC, owner of a Publix-Anchored shopping Center development located in Gulf Breeze, Florida, at the northeast corner of Highway 98 and Daniel Drive, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 14-30813) on July 29, 2014. Judge William S. Shulman presides over the case. Helmsing, Leach, Herlong, Newman & Rouse, P.C., serves as the Debtor's counsel. The Debtor disclosed $23,354,955 in assets and $25,121,011 in liabilities in its schedules. SEARS HOLDINGS: Reports $628 Million Net Loss for Third Quarter --------------------------------------------------------------- Sears Holdings Corporation filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $628 million on $7.20 billion of revenues for the 13 weeks ended Nov. 1, 2014, compared to a net loss of $547 million on $8.27 billion of revenues for the 13 weeks ended Nov. 2, 2013. For the 39 weeks ended Nov. 1, 2014, the Company reported a net loss of $1.65 billion on $23.09 billion of revenues compared to a net loss of $966 million on $25.59 billion of revenues for the 39 weeks ended Nov. 2, 2013. As of Nov. 1, 2014, the Company had $15.16 billion in total assets, $15.04 billion in total liabilities and $126 million in total equity. As a result of the Sears Canada rights offering, the Company no longer consolidates the results of Sears Canada as of Oct. 16, 2014. As such, the financial position as of the third quarter 2014 does not include Sears Canada. The Company had cash balances of $326 million at Nov. 1, 2014, compared with $384 million (domestic only) at Nov. 2, 2013, and $577 million (domestic only) at Feb. 1, 2014. "We remain intently focused on delivering an unparalleled integrated retail experience for our customers through Shop Your Way and above all, returning Sears Holdings to profitability," said Edward S. Lampert, Sears Holdings' Chairman and chief executive officer. "During the quarter, we unveiled or expanded several Integrated Retail customer initiatives, which helped drive online and multi-channel sales. Our members are responding to our transformation, and we are encouraged by the year-over-year domestic Adjusted EBITDA trends, which mark a positive departure from the prior six quarters. At the same time, we continue to enhance the Company's capital structure and liquidity to support our transformation into an integrated membership-focused company." Rob Schriesheim, Sears Holdings' chief financial officer, said, "Over the past several months, we have taken a number of actions to enhance our financial flexibility, support our operations during the upcoming holiday and post-holiday season, and meet our obligations. We have proven that we are an asset-rich enterprise with multiple levers at our disposal to generate financial flexibility, while creating shareholder value. In total, the actions we have taken have generated $2.2 billion in liquidity in fiscal 2014 thus far. We will continue to strategically monetize assets and manage our resources more efficiently in order to redeploy capital in support of the transformation." A full-text copy of the Form 10-Q is available for free at: http://is.gd/Y35Vos About Sears Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- is an integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve members. Sears Holdings is home to Shop Your Waytm, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with more than 2,000 full- line and specialty retail stores in the United States and Canada. Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on Jan. 22, 2002. Kmart emerged from chapter 11 protection on May 6, 2003, pursuant to the terms of an Amended Joint Plan of Reorganization. Skadden, Arps, Slate, Meagher & Flom, LLP, represented Kmart in its restructuring efforts. Its balance sheet showed $16,287,000,000 in assets and $10,348,000,000 in debts when it sought chapter 11 protection. Kmart bought Sears, Roebuck & Co., for $11 billion to create the third-largest U.S. retailer, behind Wal-Mart and Target, and generate $55 billion in annual revenues. Kmart completed its merger with Sears on March 24, 2005. Sears Holdings reported a net loss of $1.36 billion in 2013, a net loss of $930 million in 2012 and a net loss of $3.14 billion in 2011. As of Aug. 2, 2014, Sears Holdings had $16.43 billion in total assets, $15.51 billion in total liabilities and $919 million in total equity. * * * Moody's Investors Service in January 2014 downgraded Sears Holdings Corporate Family Rating to Caa1 from B3. The rating outlook is stable. The downgrade reflects the accelerating negative performance of Sears' domestic business with comparable sales falling 7.4% for the quarter to date ending January 6th, 2014 compared to the prior year. The company now expects domestic Adjusted EBITDA to decline to a range of ($80 million) to $20 million for the fourth fiscal quarter, compared with $365 million in the year prior period. For the full year, Sears expects domestic Adjusted EBITDA loss between $(308) million and $(408) million, as compared to $557 million last year. Moody's expects full year cash burn (after capital spending, interest and pension funding) to be around $1.2 billion in 2013 and we expect Sears' cash burn to remain well above $1 billion in 2014. "Operating performance for fiscal 2013 is meaningfully weaker than our previous expectations, and we expect negative trends in performance to persist into 2014" said Moody's Vice President Scott Tuhy. He added "While Sears noted improved engagement metrics for its "Shop Your Way" Rewards program, Moody's remains uncertain when these improved engagement metrics will lead to stabilization of operating performance." As reported by the TCR on March 26, 2014, Standard & Poor's Ratings Services affirmed its ratings on the Hoffman Estate, Ill.- based Sears Holdings Corp., including the 'CCC+' corporate credit rating. Fitch Ratings had downgraded its long-term Issuer Default Ratings (IDR) on Sears Holdings Corporation (Holdings) and its various subsidiary entities (collectively, Sears) to 'CC' from 'CCC', according to a TCR report dated Sept. 12, 2014. SEVEN ARTS: Appoints New Chief Financial Officer ------------------------------------------------ Seven Arts Entertainment Inc. had appointed Ms. Rachel Boulds as the Company's new chief financial officer effective Dec. 1, 2014. Prior to joining the Company, Ms. Boulds has been engaged in private practice as an accountant and consultant. Ms. Boulds specializes in preparation of full disclosure financial statements for public companies to comply with GAAP and SEC requirements. From August 2004 through July 2009, she was employed as an audit senior for HJ & Associates, LLC, where she performed audits and reviews for public and private companies, including the review of financial statements to comply with GAAP and SEC requirements. From 2003 through 2004, Ms. Boulds was employed as an audit senior for Mohler, Nixon and Williams. From September 2001, through July 2003, Ms. Boulds worked as an ABAS associate for PriceWaterhouseCoopers. From April 2000 through February 2001, she was employed an eCommerce accountant for the Walt Disney Group's GO.com division. Ms. Boulds holds a B.S. in accounting from San Jose State University, 2001 and is licensed as a CPA in the state of Utah. The Company's Board of Directors also approved an engagement agreement with Ms. Boulds, which is effective as of Dec. 1, 2014. The Agreement is for a term of 2 years and provides for (i) a monthly fee of $1,250 plus $750 worth of the Company's common stock for the first six months of services; (ii) a monthly fee of $1,500 plus $500 worth of the Company's common stock for the next six months of services and; (iii) a monthly fee of $2,000 plus $250 worth of the Company's common stock for the following year of services. "I am pleased at this opportunity to join Seven Arts management team," Ms. Boulds stated. "I look forward to working with Seven Arts directors and management team to execute on Seven Arts future business plan and vision." "We welcome Rachel to our management team," said Rick Bjorklund, Chairman and CEO of Seven Arts. "With her financial background and experience, Rachel will position Seven Arts in a leadership role to disseminate our financial statements in a timely fashion." The Company also announced the resignation of Mr. Robert La Salle, its former chief financial officer. "We wish Mr. La Salle all the best in his future endeavors," the Company said. About Seven Arts Los Angeles-based Seven Arts Entertainment, Inc. (OTC QB: SAPX) was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television. The Hall Group, CPAs, in Dallas, Texas, expressed substantial doubt about the Company's ability to continue as a going concern following the financial results for the year ended June 30, 2013, citing the Company's recurring losses from operations and net capital deficiency. The Company reported a net loss of $22.42 million on $1.52 million of total revenue for the fiscal year ended June 30, 2013, compared with a net loss of $11.15 million on $4.06 million of total revenue in 2012. SIMPLEXITY LLC: Asks Court to Approve Settlement With Fifth Third ----------------------------------------------------------------- Simplexity LLC and its official committee of unsecured creditors are asking the U.S. Bankruptcy Court in Delaware to approve a settlement of claims between the company and Fifth Third Bank. The bank, which serves as agent for lenders that provided a $45 million loan to Simplexity, holds a $32 million claim while the company holds what is known in legal parlance as "causes of action." Under the deal, Simplexity will release its claims against Fifth Third while the bank's claim on account of the pre-bankruptcy loan will be allowed. The settlement will be effectuated through amendments to the bankruptcy court's order that approved a $2.1 million financing to get Simplexity through bankruptcy. The loan will be increased from $2.1 million to $3.725 million, according to the agreement. About $1.5 million of the carve-out from Fifth Third's cash collateral will be used for administrative expenses. Meanwhile, $125,000 will be turned over to a trustee, who will be appointed when the company's Chapter 11 case is converted to a Chapter 7 liquidation, to fund the prosecution of claims. After the case is converted, the first $1 million recovered from claims will be used to reimburse creditors holding administrative claims, according to the agreement. U.S. Bankruptcy Judge Kevin Gross will consider approval of the proposed settlement at a hearing on Dec. 10, at 10:00 a.m. (Eastern Time). Objections are due by Dec. 9, at 4:00 p.m. (Eastern Time). Simplexity and the unsecured creditors' committee previously proposed a Dec. 8 deadline for filing objections to the settlement, which drew opposition from the U.S. trustee, the Justice Department's bankruptcy watchdog. The U.S. trustee had complained that the company did not give its creditors enough time to prepare objections to a settlement agreement that would decide the "substantive outcome" of its bankruptcy case. The agency also raised objections, which the unsecured creditors' committee described as "premature," according to court filings. About Simplexity Simplexity, LLC, a defunct cellphone activator, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-10569) on March 16, 2014. The case is before Judge Kevin Gross. The Debtors' counsel is Kenneth J. Enos, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. Prime Clerk LLC serves as claims and noticing agent. Simplexity hired Rutberg & Co. as investment banker. Simplexity LLC and Simplexity Services LLC both estimated $10 million to $50 million in assets, and $50 million to $100 million in liabilities. The U.S. Trustee for Region 3 appointed five members to an official committee of unsecured creditors. Peter S. Partee, Sr., Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in New York; and Christopher A. Ward, Esq., and Shanti M. Katona, Esq., at Polsinelli PC, in Wilmington, Delaware, represent the Committee. SIMPLEXITY LLC: Inks Deal with Lender on Ch. 7 Conversion --------------------------------------------------------- Simplexity, LLC, et al., and the Official Committee of Unsecured Creditors asked the U.S. Bankruptcy Court for the District of Delaware to approve a stipulation with Fifth Third Bank, in its capacity as DIP Agent and Prepetition Senior Secured Agent, which settlement provides an exit strategy that will move the Chapter 11 cases to a Chapter 7 liquidation. The settlement, according to court papers, also provides for: (a) increased funding of the administrative expenses incurred in the prosecution of the Chapter 11 cases and the sale under Section 363 of the Bankruptcy Code; (b) additional priority recoveries (the first $1 million) from future claims recoveries in order to further reimburse the estates' administrative creditors; and (c) a significant compromise of rights to recover future distributions after the first $1 million, so that general unsecured creditors will obtain distributions at the same time as Fifth Third under an agreed sharing formula. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the proposed settlement provides for a release of the company's causes of action against Fifth Third and allowance of the bank's claims, in exchange for the estate's immediate access to an additional $1.65 million of post-bankruptcy cash, with $1.5 million designated to cover unpaid Chapter 11 administrative expenses. The Bloomberg report related that, according to the committee chair, the split on the remainder of litigation recoveries -- with 65 percent for Fifth Third and 35 percent for unsecured creditors -- is reasonable because it eliminates litigation risk with the bank and provides a "clean platform" for general unsecured creditors to obtain a distribution. About Simplexity Simplexity, LLC, a defunct cellphone activator, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-10569) on March 16, 2014. The case is before Judge Kevin Gross. The Debtors' counsel is Kenneth J. Enos, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. Prime Clerk LLC serves as claims and noticing agent. Simplexity hired Rutberg & Co. as investment banker. Simplexity LLC and Simplexity Services LLC both estimated $10 million to $50 million in assets, and $50 million to $100 million in liabilities. The U.S. Trustee for Region 3 appointed five members to an official committee of unsecured creditors. Peter S. Partee, Sr., Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in New York; and Christopher A. Ward, Esq., and Shanti M. Katona, Esq., at Polsinelli PC, in Wilmington, Delaware, represent the Committee. SIMPLEXITY LLC: Has Until Jan. 12 to Propose Ch. 11 Plan -------------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware extended Simplexity, LLC, et al.'s exclusive plan filing period until Jan. 12, 2015, and their exclusive plan solicitation period until March 13, 2015. In support of their extension request, the Debtors' counsel, Justin P. Duda, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, told the Court that in light of its recent order threatening the conversion of the Debtors' cases to Chapter 7 unless a settlement is negotiated between the Official Committee of Unsecured Creditors and Fifth Third Bank, the Debtors and other parties-in-interest are discussing the potential settlement of certain causes of action and the consensual resolution of the Chapter 11 cases. The outcome of those negotiations will help determine the roadmap for the future of the Chapter 11 cases, one possibility being a Chapter 11 plan. If necessary, the extension requested will allow the Debtors and the other parties-in-interest to negotiate and file a plan incorporating a resolution reached among the parties. About Simplexity Simplexity, LLC, a defunct cellphone activator, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-10569) on March 16, 2014. The case is before Judge Kevin Gross. The Debtors' counsel is Kenneth J. Enos, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. Prime Clerk LLC serves as claims and noticing agent. Simplexity hired Rutberg & Co. as investment banker. Simplexity LLC and Simplexity Services LLC both estimated $10 million to $50 million in assets, and $50 million to $100 million in liabilities. The U.S. Trustee for Region 3 appointed five members to an official committee of unsecured creditors. Peter S. Partee, Sr., Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in New York; and Christopher A. Ward, Esq., and Shanti M. Katona, Esq., at Polsinelli PC, in Wilmington, Delaware, represent the Committee. SNTECH INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Sntech, Inc. c/o Gordon Silver One East Ashing St., Suite 400 Phoenix, AZ 85004 Case No.: 14-17914 Chapter 11 Petition Date: December 4, 2014 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Eddward P. Ballinger Jr. Debtor's Counsel: Teresa M Pilatowicz, Esq. GORDON SILVER 1 East Washington Street, Suite 400 Phoenix, AZ 85004 Tel: 602-256-0400 Fax: 602-256-0345 E-mail: tpilatowicz@gordonsilver.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shannon Bard, chief executive officer. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/azb14-17914.pdf SOLAR POWER: Acquires Sinsin Renewable for $91.8 Million -------------------------------------------------------- Solar Power, Inc., on Dec. 1, 2014, completed the acquisition of all the outstanding capital stock, including 99,999 Ordinary "A" shares and 1 Ordinary "B" share, of Sinsin Renewable Investment Limited, a limited liability company registered in Malta, from Sinsin Europe Solar Asset Limited Partnership and Sinsin Solar Capital Limited Partnership, according to a regulatory filing with the U.S. Securities and Exchange Commission. Sinsin engages in the development, acquisition, management and operation of projects, plants, factories, warehouses, stores and facilities that produce alternative energy and the distribution, supply and sale of such alternative energy, through a 26.57- megawatt photovoltaic plant in Greece. The aggregate consideration to acquire all the outstanding capital stock of Sinsin was EUR70.7 million (approximately $91.8 million), 70% of which was settled with cash and the remaining 30% was paid with 38,174,915 shares of the Company's common stock. The Purchase Price Shares are subject to a lock-up period for three months. In addition, a loan of EUR 68.4 million (approximately $88.9 million) extended from one of Sinsin Sellers, Sinsin Europe Solar Asset Limited Partnership, to Sinsin was deemed settled in full on the Closing Date. About Solar Power Roseville, Cal.-based Solar Power, Inc., is a global solar energy facility ("SEF") developer offering its own brand of high- quality, low-cost distributed generation and utility-scale SEF development services. Primarily, the Company works directly with and for developers around the world who hold large portfolios of SEF projects for whom it serves as an engineering, procurement and construction contractor. The Company also performs as an independent, turnkey SEF developer for one-off distributed generation and utility-scale SEFs. Solar Power reported a net loss of $32.24 million in 2013 following a net loss of $25.42 million in 2012. The Company's balance sheet at Sept. 30, 2014, showed $112.85 million in total assets, $61.18 million in total liabilities and $51.67 million in total stockholders' equity. Crowe Horwath LLP, in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred a current year net loss of $32.2 million, has an accumulated deficit of $56.1 million, has experienced a significant reduction in working capital, has past due related party accounts payable and a debt facility under which a bank has declared amounts immediately due and payable. Additionally, the Company's parent company LDK Solar Co., Ltd has experienced significant financial difficulties including the filing of a winding up petition on Feb. 24, 2014. These matters raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. TEHACHAPI REDEVELOPMENT: S&P Raises TABs Rating to BB+ ------------------------------------------------------ Standard & Poor's Ratings Services said that it raised its underlying rating (SPUR) on the Tehachapi Redevelopment Agency, Calif.'s series 2005 and 2007 tax allocation bonds two notches to 'BB+' from 'BB-'. The outlook is stable. "The upgrade and the stable outlook reflect improved cash management practices and partial replenishment of reserve funds," said Standard & Poor's credit analyst Michael Stock. "The rating is based on our view of the district's historical use of its debt service reserve fund (DSRF) due to cash management challenges," he added. Another factor is its above-average base- to-total assessed value (AV) volatility ratio of 0.46, reflecting sensitivity of tax-increment revenues to changes in overall AV. Moderating factors include a moderately large project area base (1,961 acres), made up primarily of commercial and residential taxpayers and stabilizing AV. The bonds are secured by tax-increment revenues collected from the agency's Tehachapi Redevelopment Project area and include the 20% set-asides for low- and moderate-income housing. "The stable outlook reflects management's prioritizing bond debt service prior to its obligations on the loan to the city and reserving for principal and stabilization in AV. An upgrade is possible over the next year with continued AV growth and ongoing cash management procedures that match the requirements of the indenture and continued replenishment of the DSRF. Should AV suddenly decrease or should management change its cash management practices, we could lower the rating." TERESA GIUDICE: 'Real Housewives' Star Sues Former Lawyer --------------------------------------------------------- Melanie Cohen, writing for The Wall Street Journal, reported that "Real Housewives of New Jersey" star Teresa Giudice is suing her ex-lawyer, alleging it's his fault she's going to prison. According to the Journal, citing the New York Daily News, the reality-TV personality is suing her former lawyer, James Kridel, for $5 million, claiming it's his fault she's going to prison, saying he messed up her and husband Joe's 2009 bankruptcy filing and of later making faulty amendments to the documents. About the Giudices In June 2010, Teresa Giudice, who portrays a role in Real Housewives of New Jersey, and her husband, Joe, filed for bankruptcy under Chapter 11 in the U.S. Bankruptcy Court in New Jersey. The Giudices owe creditors $10.85 million. Chapter 7 trustee John Sywilok sued the Giudices. The suit claimed that the Debtors concealed key documents about their finances and business transactions. Mr. Sywilok also accused the couple of making false statements under oath about their assets, income and expenses. TIBCO SOFTWARE: Bank Debt Trades at 3% Off ------------------------------------------ Participations in a syndicated loan under which TIBCO Softwareis a borrower traded in the secondary market at 97.30 cents-on-the- dollar during the week ended Friday, December 5, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.62 percentage points from the previous week, The Journal relates. TIBCO Software pays 550 basis points above LIBOR to borrow under the facility. The bank loan matures on Nov. 18, 2020, and carries Moody's B1 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. TITAN ENERGY: PTES Acquisition Holds 94.8% Stake as of Nov. 24 -------------------------------------------------------------- In a Schedule 13D filed with the U.S. Securities and Exchange Commission, Pioneer Power Solutions, Inc., and PTES Acquisition Corp. disclosed that as of Nov. 24, 2014, they beneficially owned 1,637,709,734 shares of common stock of Titan Energy Worldwide, Inc. Pioneer Power is the sole shareholder of PTES Acquisition Corp. and may be deemed to beneficially own securities owned by PTES Acquisition Corp. As of Dec. 2, 2014, PTES Acquisition Corp. entered into purchase agreements to acquire 283.5 shares of the Series D Convertible Preferred Stock from 19 individual holders of those shares, of which the acquisition of 176 shares of the Series D Convertible Preferred Stock has closed on Dec. 2, 2014. Each share of Series D Convertible Preferred Stock is convertible into 1,367,583 shares of common stock of the Company. Concurrently with the acquisition of the Series D Convertible Preferred Stock from third party holders, PTES Acquisition Corp. acquired 100 shares of newly issued Series A-1 Convertible Preferred Stock from the Company. Each share of Series A-1 Convertible Preferred Stock is convertible into 12,500,000 shares of common stock of the Issuer (subject to adjustments). In addition, as a condition to the acquisition of the Series A-1 Convertible Preferred Stock, the existing sole member of the board of directors of the Company agreed to resign as a director and appoint Nathan J. Mazurek, the chief executive officer of Pioneer Power Solutions, Inc., as the sole director of the Company. As a result of the acquisition, effective on or around Dec. 13, 2014, of the Series D Convertible Preferred Stock and the Series A-1 Convertible Preferred Stock, the Reporting Persons beneficially owned 94.8% of the Company's outstanding shares of common stock. As a result of those acquisitions and Mr. Mazurek's appointment to the Company's board of directors as its sole member, the Reporting Persons may be deemed to control Titan Energy. A full-text copy of the regulatory filing is available at: http://is.gd/GpOqp7 About Titan Energy New Hudson, Mich.-based Titan Energy Worldwide, Inc., is a provider of onsite power generation, energy management and energy efficiency products and services. Titan Energy reported net profit of $108,215 on $21.89 million of net sales for the year ended Dec. 31, 2013, as compared with a net loss of $1.65 million on $19.15 million of net sales during the prior year. The Company's balance sheet at March 31, 2014, showed $6.15 million in total assets, $10.30 million in total liabilities and a $4.15 million total stockholders' deficit. "The Company believes it can be profitable for the year 2014 as some of the factors that created the loss were due to extreme weather conditions and Management believes it has put into place new processes and procedures that should mitigate the impact of these types of conditions in the future. In addition, the Company is in the process of restructuring its balance sheet. If successful, this should allow the Company to gain access to capital at a reduced rate. However, the accumulated deficit and the notes that are in default raise substantial doubt as to the Company's ability to continue as a going concern," the Company stated in the Form 10-Q for the period ended March 31, 2014. TRUMP ENTERTAINMENT: Wants Until April 7 to Remove Actions ---------------------------------------------------------- Trump Entertainment Resorts, Inc., et al., ask the Bankruptcy Court to extend until April 7, 2015, the period to remove actions pursuant to Section 1452 of the Bankruptcy Code. The Court will convene a hearing on Dec. 19, at 10:00 a.m., to consider the matter. Objections, if any, are due Dec. 10, at 4:00 p.m. About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept. 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $285.6 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. The U.S. Trustee for Region 3 on Sept. 23 appointed seven creditors of Trump Entertainment Resorts, Inc., to serve on the official committee of unsecured creditors. The Committee tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUSTEES OF CONNEAUT: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Trustees of Conneaut Lake Park, Inc. 12382 Center Street Conneaut Lake, PA 16316 Case No.: 14-11277 Chapter 11 Petition Date: December 4, 2014 Court: United States Bankruptcy Court Western District of Pennsylvania (Erie) Judge: Hon. Thomas P. Agresti Debtor's Counsel: George T. Snyder, Esq. STONECIPHER LAW FIRM 125 First Avenue Pittsburgh, PA 15222 Tel: 412-391-8510 Fax: 412-391-8522 E-mail: gsnyder@stonecipherlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William L. Bragg, chairman of the Board. A copy of the list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/pawb14-11277.pdf UNI-PIXEL INC: Files Copy of Presentation Materials With SEC ------------------------------------------------------------ Uni-Pixel, Inc., hosted an analyst day at the Eastman Kodak Company facility located in Rochester, New York, on Dec. 4, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. A copy of the Power Point presentation the Company gave is available for free at http://is.gd/1CFbb0 About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel reported a net loss of $15.18 million in 2013, a net loss of $9.01 million in 2012 and a net loss of $8.56 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $39.44 million in total assets, $5.25 million in total liabilities and $34.18 million in total shareholders' equity. UPC BROADBAND: Bank Debt Trades at 2% Off ----------------------------------------- Participations in a syndicated loan under which UPC Broadband Holding is a borrower traded in the secondary market at 97.88 cents-on-the-dollar during the week ended Friday, December 5, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.58 percentage points from the previous week, The Journal relates. UPC Broadband Holding pays 250 basis points above LIBOR to borrow under the facility. The bank loan matures on June 1, 2021, and carries Moody's Ba3 rating and Standard & Poor's BB rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. VARIANT HOLDING: Gets Final OK to Incur $10 Million Financing ------------------------------------------------------------- The Bankruptcy Court, in a final order, authorized Variant Holding Company, LLC, to obtain postpetition financing in the form of a senior secured superpriority term loan in an aggregate principal amount of $10,000,000, from BPC VHI, L.P., Beach Point Total Return Master Fund, L.P. and Beach Point Distressed Master fund, L.P., through Cortland Capital Market Services LLC as administrative agent for the Beach Point Funds. The Court also entered an order authorizing the Debtor to use cash collateral. The Debtor is authorized to grant the lenders replacement liens in all prepetition property and superpriority administrative expense claim status, subject to carve out on certain expenses. About Variant Holding Variant Holding Company, LLC, commenced bankruptcy proceedings under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No. 14-12021) on Aug. 28, 2014, without stating a reason. Tucson, Arizona-based Variant Holding estimated $100 million to $500 million in assets and less than $100 million in debt. The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, as counsel. Members holding the majority of the interests in the company, namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding Company, LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signed the resolution authorizing the bankruptcy filing. VEHICLE RESEARCH: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Vehicle Research and Development, Inc. 3863 Van Dyke Road Almont, MI 48003-0846 Case No.: 14-33260 Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Eastern District of Michigan (Flint) Judge: Hon. Daniel S. Opperman Debtor's Counsel: Elias Xenos, Esq. THE XENOS LAW FIRM, PLC 1821 W. Maple Road Birmingham, MI 48009 Tel: (248) 812-9495 Fax: (248) 498-6272 E-mail: etx@XenosLawFirm.Com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Larry R. Bruzzese, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/mieb14-33260.pdf VICTORY ENERGY: Reports $660,000 Net Loss for Third Quarter ----------------------------------------------------------- Victory Energy Corporation filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $659,583 on $173,527 of oil and gas revenues for the three months ended Sept. 30, 2014, compared to a net loss of $380,526 on $244,848 of oil and gas revenues for the same period a year ago. For the nine months ended Sept. 30, 2014, the Company reported net income of $192,087 on $606,487 of oil and gas revenues compared to a net loss of $1.21 million on $500,526 of oil and gas revenues for the same period last year. As of Sept. 30, 2014, the Company had $5.48 million in total assets, $2.44 million in total liabilities and $3.04 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/YNOqHx About Victory Energy Austin, Texas-based Victory Energy Corporation is engaged in the exploration, acquisition, development and exploitation of domestic oil and gas properties. Current operations are primarily located onshore in Texas, New Mexico and Oklahoma. Victory Energy reported a net loss of $2.11 million on $735,413 of total revenues for the year ended Dec. 31, 2013, as compared with a net loss of $7.09 million on $326,384 of total revenues in 2012. Weaver & Tidwell, LLP, in Fort Worth, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has experienced recurring losses since its inception and has an accumulated deficit. These conditions raise substantial doubt regarding the Company's ability to continue as a going concern. VITALGO INC: Case Summary & 14 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: VitalGo, Inc. 3520 NW 56th St Fort Lauderdale, FL 33309-2228 Case No.: 14-36711 Chapter 11 Petition Date: December 5, 2014 Court: United States Bankruptcy Court Southern District of Florida (Fort Lauderdale) Judge: Hon. Raymond B Ray Debtor's Counsel: Chad T Van Horn, Esq. VAN HORN LAW GROUP, P.A. 330 N Andrews Ave #450 Ft Lauderdale, FL 33301 Tel: 954-765-3166 Fax: 954-756-7103 E-mail: Chad@cvhlawgroup.com - and - Daniel A Velasquez, Esq. 330 N Andrews Ave #450 Fort Lauderdale, FL 33301 Tel: 954-765-3166 Fax: 954-756-7103 E-mail: dan@cvhlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ohad Paz, president. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb14-36711.pdf VUZIX CORP: Amends 2.7 Million Common Shares Prospectus ------------------------------------------------------- Vuzix Corporation filed with the U.S. Securities and Exchange Commission a post-effective amendment to its registration statement relating to the public offering of up to 2,764,204 shares of common stock of Vuzix Corporation issuable upon exercise of outstanding warrants. The warrants were issued by the Company pursuant to its public offering which closed on Aug. 5, 2013. The warrants have a five year term commencing on the date of issuance and an exercise price of $2.25 per share. The Company's common stock is quoted on the OTCQB and trades under the symbol "VUZI". The last reported sale price of the Company's common stock on the OTCQB on Dec. 3, 2014, was $3.50 per share. A full-text copy of the Amended Prospectus is available at: http://is.gd/Vg7BPb Vuzix Corporation posted a presentation on the Company's Web site, a copy of which is available for free at http://is.gd/bpggpT About Vuzix Corporation Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. As of Sept. 30, 2014, the Company had $3.94 million in total assets, $13.91 million in total liabilities and a $9.97 million total stockholders' deficit. The Company's independent registered public accounting firm, EFP Rotenberg, LLP, in Rochester, New York, included in its report on the consolidated financial statements for the years ended Dec. 31, 2013, and 2012 an explanatory paragraph describing the existence of conditions that raise substantial doubt about the Company's ability to continue as a going concern, including continued operating losses and the potential inability to pay currently due debts. The Company has incurred a net loss from continuing operations consistently over the last 2 years. The Company incurred annual net losses from its continuing operations of $10,146,228 in 2013 and $4,747,387 in 2012, and has an accumulated deficit of $36,292,532 as of Dec. 31, 2013. The Company's ongoing losses have had a significant negative impact on the Company's financial position and liquidity, EFP Rotenberg said. WALTER INVESTMENT: Bank Debt Trades at 8% Off --------------------------------------------- Participations in a syndicated loan under which Walter Investment Management Corp is a borrower traded in the secondary market at 92.05 cents-on-the-dollar during the week ended Friday, December 5, 2014 according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.20 percentage points from the previous week, The Journal relates. Walter Investment pays 375 basis points above LIBOR to borrow under the facility. The bank loan matures on Dec. 18, 2020, and carries Moody's B2 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 212 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. WISE METALS: S&P Raises Credit Rating to 'B'; Outlook Stable ------------------------------------------------------------ Standard & Poor's Ratings Services said that it raised its long- term corporate credit rating on Wise Metals Intermediate Holdings LLC to 'B' from 'B-'. The outlook is stable. At the same time, S&P raised its issue rating on the $650 million senior secured notes issued by Wise Alloys Finance Corp. due 2018 to 'B-' from 'CCC+'. The recovery rating remains '5'. S&P also raised its issue rating on the $150 million senior unsecured payment-in-kind (PIK) notes due 2019, issued by Wise Holdings Finance Corp., to 'CCC+' from 'CCC'. The recovery rating remains '6'. The rating action reflects S&P's view that Wise Metals will be a core subsidiary of French aluminum producer Constellium N.V. following the acquisition that is expected to close at the beginning of January 2015. S&P bases this view on Wise Metals' size and strategic fit within the Constellium group. S&P is therefore aligning the corporate credit rating on Wise Metals with that on Constellium. S&P expects Wise Metals' operations to be progressively fully integrated into the group's business, leading to expected synergy benefits. S&P takes into account the companies' complementary businesses and Constellium's announced strategy of expanding Wise's production capacities in can sheet and towards more value added body-in-white products, for which S&P expects both entities to share the same brand. As such, S&P expects Wise Metals to operate more as a division within the group, and that Constellium will rely on these assets as a strategic platform to support its development in the North American body-in-white markets. S&P expects Constellium to provide support to this subsidiary, even though there will be no cross-default clause between the two entities and Wise Metals' bonds are not guaranteed. Wise Metals' ratio of adjusted gross debt to EBITDA was high at close to 9.0x as of Dec 31, 2013, but S&P expects the leverage ratios of Wise Metals and Constellium to gradually converge as Constellium takes on debt to fund the acquisition and further capex while S&P expects Wise Metals' EBITDA to improve. The stable outlook mirrors that on Constellium. S&P would raise or lower the rating on Wise Metals in line with any rating action on Constellium. WPX ENERGY: S&P Rates $1.5BB Unsecured Revolver Debt 'BB+' ---------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB+' issue-level rating (same as the corporate credit rating) to the $1.5 billion unsecured revolving credit facility due 2019 of Tulsa, Okla.-based oil and gas exploration and production company WPX Energy Inc. S&P assigned a '3' recovery rating to this debt, indicating its expectation of meaningful (50% to 70%) recovery if a payment default occurs. S&P views WPX's business risk profile as "fair" and its financial risk profile as "intermediate". The ratings incorporate the company's midsize proved reserve base and production profile, and its below-average profitability relative to peers given its natural gas-focused asset base. However, WPX has been transitioning to oil from natural gas, which should improve profitability over the next few years. The ratings also incorporate WPX's strong credit-protection measures and S&P's estimate that the company will outspend cash flow from operations over the next two years. WPX Energy Inc. Outlook Revised To Negative From Stable; 'BB+' Rating Affirmed, April 9, 2014 RATINGS LIST WPX Energy Inc. Corp credit rating BB+/Negative New Ratings Senior unsecured revolving credit fac BB+ Recovery rating 3 ZYNEX INC: Posts $268K Net Income in Third Quarter -------------------------------------------------- Zynex, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing net income of $268,000 on $4.4 million of net revenue for the three months ended Sept. 30, 2014, compared with a net loss of $749,000 on $5.19 million of net revenue for the same period last year. The Company's balance sheet at Sept. 30, 2014, showed $9.57 million in total assets, $11.36 million in total liabilities, and a stockholders' deficit of $1.79 million. The Company reported a net loss of $6.73 million for the nine months ended Sept. 30, 2014 and $7.34 million for the year ended Dec. 31, 2013, and has no available borrowings as of Sept. 30, 2014 under its line of credit, which had an outstanding balance of $4,541 at Sept. 30, 2014. As a result of the Company losses from operations, negative operating cash flow, and limited liquidity, the Company's independent registered public accounting firm's report on the Company's consolidated financial statements as of and for the year ended Dec. 31, 2013 includes an explanatory paragraph discussing that these conditions raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/ZQ157R Zynex, Inc., develops, manufactures and markets medical equipment. The Lone Tree, Colorado-based Company offers electrotherapy products for home use, cardiac monitoring apparatus for hospital use, and EMG and EEG diagnostic devices for neurology clinic use. * SEC Sanctions 8 Audit Firms for Violating Auditor Independence ---------------------------------------------------------------- The Securities and Exchange Commission on Dec. 8 sanctioned eight firms for violating auditor independence rules when they prepared the financial statements of brokerage firms that were their audit clients. SEC investigations found that the audit firms, which agreed to settle the cases, generally took data from financial documents provided by clients during audits and used it to prepare their financial statements and notes to the financial statements. Under auditor independence rules, firms cannot jeopardize their objectivity and impartiality in the auditing process by providing such non-audit services to audit clients. By preparing the financial statements, these particular firms essentially put themselves in the position of auditing their own work, and they inappropriately aligned themselves more closely with the interests of clients' management teams in helping prepare the books rather than strictly auditing them. "To ensure the integrity of our financial reporting system, firms cannot play the roles of auditor and preparer at the same time," said Stephen L. Cohen, Associate Director of the SEC's Division of Enforcement. "Auditors must vigilantly safeguard their independence and stay current on the applicable requirements under the rules." The SEC issued orders instituting settled administrative proceedings against the following firms: BKD LLP, which is based in Springfield, Mo. Boros & Farrington Accountancy Corporation, which is based in San Diego. Brace & Associates PLLC, which is based in Londonderry, N.H. Robert Cooper & Company CPA PC, which is based in Chicago. Lally & Co. LLC, which is based in Pittsburgh. Lerner & Sipkin CPAs LLP, which is based in New York City. OUM & Co. LLP, which is based in San Francisco. Joseph Yafeh CPA Inc., which is based in Los Angeles. According to the SEC's orders, these firms were not independent of their broker-dealer audit clients under independence criteria established by Rule 2-01(c)(4)(i) of Regulation S-X, which Rule 17a-5 of the Securities Exchange Act of 1934 makes applicable to the audits of broker-dealer financial statements. The orders find that the firms (1) violated Rule 17a-5(i) of the Exchange Act, (2) caused their broker-dealer audit clients to violate Section 17(a) of the Exchange Act and Rule 17a-5, and (3) engaged in improper professional conduct pursuant to Exchange Act Section 4C(a)(2) and Rule 102(e)(1)(ii) of the Commission's Rules of Practice. The SEC's orders censure each firm and require them to cease and desist from committing or causing any violations of Exchange Act Section 17(a) and Rule 17a-5. The firms, which consented to the orders without admitting or denying the findings, will collectively pay $140,000 in penalties and must comply with a series of remedial undertakings designed to prevent future violations of these independence requirements. The SEC's investigations were conducted by Sarah Allgeier, Carolyn Kurr, Keith O'Donnell, Paul Pashkoff, and Jeffrey Anderson. The cases were supervised by C. Joshua Felker and Jennifer Leete. The SEC appreciates the assistance of the Public Company Accounting Oversight Board, which on Dec. 8 announced its own enforcement actions related to auditor independence rules violations. * ABI Urges Rule Requiring Impaired Creditor's Plan Vote Dumped --------------------------------------------------------------- Nick Brown at Reuters reports that the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 has proposed eliminating a rule that at least one impaired creditor class must vote to accept a company's bankruptcy exit plan for the plan to be eligible for court approval. Citing the Commission's co-chairperson, Robert Keach, Reuters relates that the rule allows savvy investors to stop restructuring efforts by acquiring the lion's share of a bankrupt company's debt. Reuters says that other recommendations include: a. decreasing the appointments of official committees to represent the interests of unsecured creditors; b. the ability for a court to name an estate neutral to help resolve creditor disputes; and c. a moratorium on asset sales within the first 60 days of a case. According to Reuters, committee member Jack Butler assured that they are not eliminating creditors' committees, "but there would be a presumption against" them except where stakeholders can prove to a court that a committee is in the best interest of creditors. Reuters relates that the Commission's recommendations won't be legally binding, though members hope to make a presentation to Congress. * American Bankruptcy Institute Offers Ideas to Ease Ch. 11 ----------------------------------------------------------- Dawn McCarty, Laura J. Keller and Kristen Haunss, writing for Bloomberg News, reported that the American Bankruptcy Institute has unveiled hundreds of ideas for a "substantial modernization" of Chapter 11 of the U.S. Bankruptcy Code, following more than two years' research into ways to fix distressed companies. According to the Bloomberg report, the ABI's ideas include making it easier to obtain financing during bankruptcy and creating an alternative path for small and medium-sized businesses to reorganize. The recommendations also address allowing junior creditors to receive distributions when warranted, the Bloomberg report said. Stephen J. Lubben, writing for The New York Times' DealBook, reported that the ABI's report recommends four basic changes: (1) A narrowing of Section 546(e)'s applicability to leveraged buyouts. Section 546(e) protects "settlement payments," which, some have argued, protects any challenge to a leveraged buyout if the money passed through a financial institution. (2) A narrowing of the repo safe harbors especially with regard to mortgage financing. Repos involve a sale of a security with a promise to buy it back at a slightly higher price. Short-term repo trades have a long tradition in banking, but in recent years the broad repo safe harbor has arguably allowed things that formerly were called secured loans to be recast as repos. (3) Conforming the bankruptcy code to the Federal Deposit Insurance Act and the Dodd-Frank Act's Orderly Liquidation Authority standards with regard to "walkway" clauses, which impose penalties on the bankrupt party to a derivatives trade. Under those two laws, such clauses are not enforceable. But under the bankruptcy code, they are. (4) Making it clear that the safe harbors should not apply to ordinary supply contracts that don't involve financial institutions. Katy Stech, writing for The Wall Street Journal, reported that the ABI's proposed Chapter 11 reforms propose to take away perks for lenders who extend bankruptcy loans and to remove protections for some investors who profited from leveraged buyouts. The Journal pointed out that recommended changes would shift power away from a company's creditors in order to give a reorganizing company a better shot at survival and changes to the law would make it easier for a big company to force lenders and other creditors to accept a reorganization plan even if those groups wouldn't be fully repaid right away. * Dorsey & Whitney's Peggy Hunt Named FBA-Utah Chapter President ---------------------------------------------------------------- International law firm Dorsey & Whitney LLP on Dec. 8 disclosed that Peggy Hunt, a partner in the Firm's Salt Lake City office, has been named President-Elect of the Federal Bar Association (FBA)?Utah Chapter. Ms. Hunt primarily practices before the Federal Courts and has been involved in the leadership of the Utah Chapter of the FBA since 2012. She has 25 years of experience in trial and appellate court experience in bankruptcy and other matters, including representation of Chapter 11 trustees in large Ponzi and securities fraud cases, corporate debtors, committees, and creditors. Ms. Hunt also serves on the Panel of Chapter 7 Trustees for the District of Utah and represents receivers appointed in SEC civil enforcement actions. She regularly speaks on topics involving bankruptcy and receivership law, and she is a Contributing Author for the Collier Bankruptcy Practice Guide. The FBA was established in 1920 and it is now the largest national association of lawyers and judges in federal courts. The FBA consists of more than 16,000 federal lawyers, including 1,200 federal judges, who work together to promote the sound administration of justice and integrity, quality and independence of the judiciary. Next year, the Utah Chapter and its nearly 350 members will play host to the FBA's annual meeting in September. "Peggy is dedicated to her colleagues and community, as demonstrated by her active role in numerous professional and civic organizations, including the FBA," said Dorsey Managing Partner Ken Cutler. "She is a tremendous attorney and leader, and we are thrilled that she has been named President-Elect of the FBA's Utah Chapter." About Dorsey & Whitney LLP Clients have relied on Dorsey since 1912 as a valued business partner. With locations across the United States and in Canada, Europe and the Asia-Pacific region, Dorsey provides an integrated, proactive approach to its clients' legal and business needs. Dorsey represents a number of the world's most successful companies from a wide range of industries, including leaders in the banking, energy, food and agriculture, health care, infrastructure, and mining sectors, as well as major non-profit and government entities. * Large Companies With Insolvent Balance Sheet ---------------------------------------------- Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 6D GLOBAL TECHNO SIXD US - (15.1) (15.1) ABSOLUTE SOFTWRE ABT CN 138.4 (12.0) 2.2 ABSOLUTE SOFTWRE ABT2EUR EU 138.4 (12.0) 2.2 ABSOLUTE SOFTWRE ALSWF US 138.4 (12.0) 2.2 ABSOLUTE SOFTWRE OU1 GR 138.4 (12.0) 2.2 ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3) ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVENT SOFTWARE ADVS US 432.9 (76.3) (106.9) ADVENT SOFTWARE AXQ GR 432.9 (76.3) (106.9) AIR CANADA ACEUR EU 10,545.0 (1,400.0) 164.0 AIR CANADA AIDEF US 10,545.0 (1,400.0) 164.0 AIR CANADA ADH2 GR 10,545.0 (1,400.0) 164.0 AIR CANADA ACDVF US 10,545.0 (1,400.0) 164.0 AIR CANADA AC CN 10,545.0 (1,400.0) 164.0 AIR CANADA ADH2 TH 10,545.0 (1,400.0) 164.0 AIR CANADA-CL A ADH TH 10,545.0 (1,400.0) 164.0 AIR CANADA-CL A ADH GR 10,545.0 (1,400.0) 164.0 AIR CANADA-CL A AC/A CN 10,545.0 (1,400.0) 164.0 AIR CANADA-CL A AIDIF US 10,545.0 (1,400.0) 164.0 AIR CANADA-CL B ADH1 GR 10,545.0 (1,400.0) 164.0 AIR CANADA-CL B ADH1 TH 10,545.0 (1,400.0) 164.0 ALLIANCE HEALTHC AIQ US 473.5 (127.3) 62.8 AMC NETWORKS-A AMCX* MM 3,663.3 (388.0) 659.4 AMC NETWORKS-A 9AC GR 3,663.3 (388.0) 659.4 AMC NETWORKS-A AMCX US 3,663.3 (388.0) 659.4 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL TH 161.0 (39.4) (22.7) ANGIE'S LIST INC 8AL GR 161.0 (39.4) (22.7) ANGIE'S LIST INC ANGI US 161.0 (39.4) (22.7) ARRAY BIOPHARMA AR2 GR 135.3 (37.6) 66.2 ARRAY BIOPHARMA ARRY US 135.3 (37.6) 66.2 ARRAY BIOPHARMA AR2 TH 135.3 (37.6) 66.2 AUTOZONE INC AZO US 7,517.9 (1,621.9) (960.5) AUTOZONE INC AZOEUR EU 7,517.9 (1,621.9) (960.5) AUTOZONE INC AZ5 TH 7,517.9 (1,621.9) (960.5) AUTOZONE INC AZ5 GR 7,517.9 (1,621.9) (960.5) AVALANCHE BIOTEC AAVL US 167.2 155.7 161.9 AVALANCHE BIOTEC AVU GR 167.2 155.7 161.9 AVID TECHNOLOGY AVID US 197.2 (341.2) (173.2) BENEFITFOCUS INC BTF GR 131.7 (31.2) 34.2 BENEFITFOCUS INC BNFT US 131.7 (31.2) 34.2 BERRY PLASTICS G BP0 GR 5,268.0 (101.0) 665.0 BERRY PLASTICS G BERY US 5,268.0 (101.0) 665.0 BRP INC/CA-SUB V BRPIF US 1,895.9 (44.8) 133.6 BRP INC/CA-SUB V B15A GR 1,895.9 (44.8) 133.6 BRP INC/CA-SUB V DOO CN 1,895.9 (44.8) 133.6 BURLINGTON STORE BUI GR 2,555.3 (140.1) 102.3 BURLINGTON STORE BURL US 2,555.3 (140.1) 102.3 CABLEVISION SY-A CVY GR 6,563.7 (5,068.0) 158.9 CABLEVISION SY-A CVC US 6,563.7 (5,068.0) 158.9 CABLEVISION-W/I 8441293Q US 6,563.7 (5,068.0) 158.9 CABLEVISION-W/I CVC-W US 6,563.7 (5,068.0) 158.9 CADIZ INC 2ZC GR 56.0 (49.7) 3.0 CADIZ INC CDZI US 56.0 (49.7) 3.0 CAESARS ENTERTAI C08 GR 24,491.5 (3,714.4) 1,363.3 CAESARS ENTERTAI CZR US 24,491.5 (3,714.4) 1,363.3 CAPMARK FINANCIA CPMK US 20,085.1 (933.1) - CASELLA WASTE CWST US 656.6 (7.6) (11.6) CATALENT INC CTLT US 3,090.2 (367.3) 234.5 CATALENT INC 0C8 GR 3,090.2 (367.3) 234.5 CATALENT INC 0C8 TH 3,090.2 (367.3) 234.5 CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CHH US 664.2 (397.0) 206.0 CHOICE HOTELS CZH GR 664.2 (397.0) 206.0 CIENA CORP CIE1 GR 2,100.4 (45.2) 889.3 CIENA CORP CIEN US 2,100.4 (45.2) 889.3 CIENA CORP CIE1 TH 2,100.4 (45.2) 889.3 CIENA CORP CIEN TE 2,100.4 (45.2) 889.3 CINCINNATI BELL CBB US 1,952.6 (584.4) 50.1 CIVITAS SOLUTION 1CI GR 1,031.5 (62.0) 66.1 CIVITAS SOLUTION CIVI US 1,031.5 (62.0) 66.1 CLEAR CHANNEL-A C7C GR 6,383.9 (132.6) 376.9 CLEAR CHANNEL-A CCO US 6,383.9 (132.6) 376.9 CLIFFS NATURAL R CVA TH 4,811.2 (177.3) 242.3 CLIFFS NATURAL R CLF US 4,811.2 (177.3) 242.3 CLIFFS NATURAL R CVA GR 4,811.2 (177.3) 242.3 CLIFFS NATURAL R CLF* MM 4,811.2 (177.3) 242.3 CORCEPT THERA CORT US 37.2 (1.3) 19.9 CORINDUS VASCULA CVRS US 0.0 (0.0) (0.0) CVSL INC CVSL US 66.0 (4.7) 2.8 DEX MEDIA INC DXM US 1,898.0 (918.0) 133.0 DIPLOMAT PHARMAC 7DP TH 338.9 30.1 (43.4) DIPLOMAT PHARMAC DPLO US 338.9 30.1 (43.4) DIPLOMAT PHARMAC 7DP GR 338.9 30.1 (43.4) DIRECTV DTV US 22,594.0 (5,557.0) 43.0 DIRECTV DTV CI 22,594.0 (5,557.0) 43.0 DIRECTV DTVEUR EU 22,594.0 (5,557.0) 43.0 DIRECTV DIG1 GR 22,594.0 (5,557.0) 43.0 DOMINO'S PIZZA DPZ US 510.9 (1,281.7) 112.9 DOMINO'S PIZZA EZV GR 510.9 (1,281.7) 112.9 DOMINO'S PIZZA EZV TH 510.9 (1,281.7) 112.9 DOMINO'S PIZZA EZV QT 510.9 (1,281.7) 112.9 DUN & BRADSTREET DNB US 1,789.2 (1,083.4) (0.3) DUN & BRADSTREET DB5 TH 1,789.2 (1,083.4) (0.3) DUN & BRADSTREET DB5 GR 1,789.2 (1,083.4) (0.3) DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 EMPIRE RESORTS I LHC1 GR 42.4 (14.3) (9.9) EMPIRE RESORTS I NYNY US 42.4 (14.3) (9.9) EOS PETRO INC EOPT US 1.3 (28.4) (29.5) EXTENDICARE INC EXE CN 1,885.0 (7.2) 77.0 EXTENDICARE INC EXETF US 1,885.0 (7.2) 77.0 FAIRPOINT COMMUN FRP US 1,488.5 (395.7) 9.4 FAIRPOINT COMMUN FONN GR 1,488.5 (395.7) 9.4 FAIRWAY GROUP HO FWM US 371.8 (8.6) 19.9 FERRELLGAS-LP FGP US 1,572.3 (111.6) 9.9 FERRELLGAS-LP FEG GR 1,572.3 (111.6) 9.9 FMSA HOLDINGS IN FMSAEUR EU 1,447.5 (21.7) 271.3 FMSA HOLDINGS IN FM1 GR 1,447.5 (21.7) 271.3 FMSA HOLDINGS IN FMSA US 1,447.5 (21.7) 271.3 FMSA HOLDINGS IN FM1 TH 1,447.5 (21.7) 271.3 FREESCALE SEMICO FSL US 3,306.0 (3,593.0) 1,333.0 FREESCALE SEMICO 1FS TH 3,306.0 (3,593.0) 1,333.0 FREESCALE SEMICO 1FS GR 3,306.0 (3,593.0) 1,333.0 FRESHPET INC FRPTEUR EU 74.5 (34.2) 1.2 FRESHPET INC 7FP GR 74.5 (34.2) 1.2 FRESHPET INC FRPT US 74.5 (34.2) 1.2 GAMING AND LEISU 2GL GR 2,595.4 (77.9) (44.2) GAMING AND LEISU GLPI US 2,595.4 (77.9) (44.2) GARDA WRLD -CL A GW CN 1,469.2 (59.0) 205.0 GENCORP INC GY US 1,749.7 (48.5) 70.2 GENCORP INC GCY GR 1,749.7 (48.5) 70.2 GENCORP INC GCY TH 1,749.7 (48.5) 70.2 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GDRZF US 28.0 (10.5) 4.9 GOLD RESERVE INC GRZ CN 28.0 (10.5) 4.9 GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 HCA HOLDINGS INC 2BH GR 29,825.0 (6,018.0) 2,895.0 HCA HOLDINGS INC 2BH TH 29,825.0 (6,018.0) 2,895.0 HCA HOLDINGS INC HCA US 29,825.0 (6,018.0) 2,895.0 HD SUPPLY HOLDIN 5HD GR 6,714.0 (701.0) 1,438.0 HD SUPPLY HOLDIN HDS US 6,714.0 (701.0) 1,438.0 HERBALIFE LTD HLF US 2,364.5 (420.6) 508.8 HERBALIFE LTD HOO GR 2,364.5 (420.6) 508.8 HERBALIFE LTD HLFEUR EU 2,364.5 (420.6) 508.8 HOVNANIAN ENT-A HOV US 1,893.7 (443.1) 1,107.3 HOVNANIAN ENT-A HO3 GR 1,893.7 (443.1) 1,107.3 HOVNANIAN ENT-B HOVVB US 1,893.7 (443.1) 1,107.3 HOVNANIAN-A-WI HOV-W US 1,893.7 (443.1) 1,107.3 HUBSPOT INC HUBS US 52.1 (5.3) (22.1) HUBSPOT INC 096 GR 52.1 (5.3) (22.1) HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IHEARTMEDIA INC IHRT US 14,752.2 (9,315.2) 1,225.6 INCYTE CORP INCY US 785.3 (89.6) 538.0 INCYTE CORP ICY TH 785.3 (89.6) 538.0 INCYTE CORP ICY GR 785.3 (89.6) 538.0 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INTERCORE INC ICOR US 0.4 (1.7) (1.7) IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 JUST ENERGY GROU 1JE GR 1,570.4 (311.6) 159.7 JUST ENERGY GROU JE US 1,570.4 (311.6) 159.7 JUST ENERGY GROU JE CN 1,570.4 (311.6) 159.7 L BRANDS INC LB US 6,870.0 (503.0) 1,119.0 L BRANDS INC LTD GR 6,870.0 (503.0) 1,119.0 L BRANDS INC LTD TH 6,870.0 (503.0) 1,119.0 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEE ENTERPRISES LEE US 828.2 (165.0) (26.0) LORILLARD INC LLV TH 3,275.0 (2,155.0) 918.0 LORILLARD INC LO US 3,275.0 (2,155.0) 918.0 LORILLARD INC LLV GR 3,275.0 (2,155.0) 918.0 MANNKIND CORP NNF1 TH 386.8 (40.7) (100.3) MANNKIND CORP NNF1 GR 386.8 (40.7) (100.3) MANNKIND CORP MNKD US 386.8 (40.7) (100.3) MARRIOTT INTL-A MAR US 6,847.0 (1,842.0) (1,186.0) MARRIOTT INTL-A MAQ TH 6,847.0 (1,842.0) (1,186.0) MARRIOTT INTL-A MAQ GR 6,847.0 (1,842.0) (1,186.0) MDC COMM-W/I MDZ/W CN 1,707.3 (86.7) (256.5) MDC PARTNERS-A MDZ/A CN 1,707.3 (86.7) (256.5) MDC PARTNERS-A MDCA US 1,707.3 (86.7) (256.5) MDC PARTNERS-A MD7A GR 1,707.3 (86.7) (256.5) MDC PARTNERS-EXC MDZ/N CN 1,707.3 (86.7) (256.5) MERITOR INC MTOR US 2,502.0 (585.0) 254.0 MERITOR INC AID1 GR 2,502.0 (585.0) 254.0 MERRIMACK PHARMA MP6 GR 188.6 (99.9) 40.9 MERRIMACK PHARMA MACK US 188.6 (99.9) 40.9 MICHAELS COS INC MIK US 1,716.0 (2,734.0) 493.0 MICHAELS COS INC MIM GR 1,716.0 (2,734.0) 493.0 MONEYGRAM INTERN MGI US 4,600.2 (157.2) 87.1 MORGANS HOTEL GR M1U GR 632.3 (221.3) 89.3 MORGANS HOTEL GR MHGC US 632.3 (221.3) 89.3 MOXIAN CHINA INC MOXC US 4.9 (1.2) (4.0) MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - NATIONAL CINEMED NCMI US 993.6 (200.2) 51.8 NATIONAL CINEMED XWM GR 993.6 (200.2) 51.8 NAVISTAR INTL IHR TH 7,702.0 (4,046.0) 1,126.0 NAVISTAR INTL NAV US 7,702.0 (4,046.0) 1,126.0 NAVISTAR INTL IHR GR 7,702.0 (4,046.0) 1,126.0 NEFF CORP-CL A NEFF US 612.1 (343.7) (1.5) NORTHWEST BIO NBYA GR 29.4 (31.2) (41.7) NORTHWEST BIO NWBO US 29.4 (31.2) (41.7) OMEROS CORP 3O8 GR 25.3 (26.6) 9.0 OMEROS CORP OMER US 25.3 (26.6) 9.0 OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP 11P GR 360.0 (47.3) 15.6 PBF LOGISTICS LP PBFX US 360.0 (47.3) 15.6 PHILIP MORRIS IN 4I1 TH 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PM US 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN 4I1 GR 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PM FP 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PM1EUR EU 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PM1 TE 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PMI SW 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN 4I1 QT 35,401.0 (8,677.0) (356.0) PHILIP MORRIS IN PM1CHF EU 35,401.0 (8,677.0) (356.0) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PG6 GR 1,304.9 (73.5) 238.9 PLY GEM HOLDINGS PGEM US 1,304.9 (73.5) 238.9 PROTALEX INC PRTX US 0.8 (9.1) 0.4 PROTECTION ONE PONE US 562.9 (61.8) (7.6) PROTEON THERAPEU PRTO US 24.2 9.6 19.3 QUALITY DISTRIBU QDZ GR 439.6 (30.4) 105.2 QUALITY DISTRIBU QLTY US 439.6 (30.4) 105.2 QUINTILES TRANSN Q US 3,106.7 (536.2) 511.8 QUINTILES TRANSN QTS GR 3,106.7 (536.2) 511.8 RAYONIER ADV RYAM US 1,246.3 (13.4) 167.3 RAYONIER ADV RYQ GR 1,246.3 (13.4) 167.3 REGAL ENTERTAI-A RGC* MM 2,553.5 (755.1) 6.5 REGAL ENTERTAI-A RGC US 2,553.5 (755.1) 6.5 REGAL ENTERTAI-A RETA GR 2,553.5 (755.1) 6.5 RELMADA THERAPEU RLMD US 0.0 (0.0) (0.0) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTPATH INC PRM US 208.0 (91.7) 3.6 RETROPHIN INC 17R GR 145.9 (10.2) (3.7) RETROPHIN INC RTRX US 145.9 (10.2) (3.7) REVLON INC-A REV US 1,912.6 (570.6) 300.9 REVLON INC-A RVL1 GR 1,912.6 (570.6) 300.9 RITE AID CORP RTA GR 6,959.3 (1,906.5) 1,783.1 RITE AID CORP RAD US 6,959.3 (1,906.5) 1,783.1 RITE AID CORP RTA TH 6,959.3 (1,906.5) 1,783.1 ROCKWELL MEDICAL RWM TH 23.9 (5.5) 2.6 ROCKWELL MEDICAL RMTI US 23.9 (5.5) 2.6 ROCKWELL MEDICAL RWM GR 23.9 (5.5) 2.6 ROUNDY'S INC 4R1 GR 1,089.7 (66.8) 71.8 ROUNDY'S INC RNDY US 1,089.7 (66.8) 71.8 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING 7RY TH 2,001.1 (108.5) 734.8 RYERSON HOLDING RYI US 2,001.1 (108.5) 734.8 RYERSON HOLDING 7RY GR 2,001.1 (108.5) 734.8 SALLY BEAUTY HOL SBH US 2,030.0 (347.1) 640.6 SALLY BEAUTY HOL S7V GR 2,030.0 (347.1) 640.6 SBA COMM CORP-A SBJ TH 7,809.0 (297.6) (671.8) SBA COMM CORP-A SBJ GR 7,809.0 (297.6) (671.8) SBA COMM CORP-A SBAC US 7,809.0 (297.6) (671.8) SECOND SIGHT MED EYES US 9.6 (19.5) 4.4 SEQUENOM INC SQNM US 134.6 (51.9) 36.5 SILVER SPRING NE SSNI US 552.9 (139.0) 82.8 SILVER SPRING NE 9SI TH 552.9 (139.0) 82.8 SILVER SPRING NE 9SI GR 552.9 (139.0) 82.8 SIRIUS XM CANADA SIICF US 329.4 (87.2) (161.7) SIRIUS XM CANADA XSR CN 329.4 (87.2) (161.7) SPARK ENERGY-A SPKE US 86.5 (0.9) (9.4) SPORTSMAN'S WARE 06S GR 292.3 (44.5) 76.1 SPORTSMAN'S WARE SPWH US 292.3 (44.5) 76.1 SUPERVALU INC SVU US 4,486.0 (634.0) 92.0 SUPERVALU INC SJ1 TH 4,486.0 (634.0) 92.0 SUPERVALU INC SVU* MM 4,486.0 (634.0) 92.0 SUPERVALU INC SJ1 GR 4,486.0 (634.0) 92.0 THERAVANCE THRX US 553.7 (193.1) 237.4 THERAVANCE HVE GR 553.7 (193.1) 237.4 TOWN SPORTS INTE CLUB US 482.6 (53.8) 69.7 TRANSDIGM GROUP TDG US 6,756.8 (1,556.1) 1,103.7 TRANSDIGM GROUP T7D GR 6,756.8 (1,556.1) 1,103.7 TRAVELPORT WORLD TVPT US 2,992.0 (210.0) (161.0) TRAVELPORT WORLD 1TW GR 2,992.0 (210.0) (161.0) TRINET GROUP INC TNET US 1,393.3 (48.9) 17.3 TRINET GROUP INC TN3 GR 1,393.3 (48.9) 17.3 TRINET GROUP INC TNETEUR EU 1,393.3 (48.9) 17.3 UNILIFE CORP UNIS US 80.7 (2.7) 0.4 UNISYS CORP USY1 GR 2,279.4 (521.2) 343.9 UNISYS CORP UISEUR EU 2,279.4 (521.2) 343.9 UNISYS CORP USY1 TH 2,279.4 (521.2) 343.9 UNISYS CORP UISCHF EU 2,279.4 (521.2) 343.9 UNISYS CORP UIS1 SW 2,279.4 (521.2) 343.9 UNISYS CORP UIS US 2,279.4 (521.2) 343.9 VECTOR GROUP LTD VGR GR 1,643.4 (7.9) 561.5 VECTOR GROUP LTD VGR US 1,643.4 (7.9) 561.5 VENOCO INC VQ US 756.5 (100.0) (762.9) VERISIGN INC VRS GR 2,207.4 (748.8) (326.3) VERISIGN INC VRSN US 2,207.4 (748.8) (326.3) VERISIGN INC VRS TH 2,207.4 (748.8) (326.3) VERISIGN INC VRS QT 2,207.4 (748.8) (326.3) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSO PAPER CORP VRS US 1,019.7 (584.3) 9.4 VIRGIN AMERICA I 2VA1 TH 876.0 (313.0) 19.0 VIRGIN AMERICA I 2VA1 GR 876.0 (313.0) 19.0 VIRGIN AMERICA I VA US 876.0 (313.0) 19.0 VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WW6 TH 1,558.3 (1,357.7) 60.6 WEIGHT WATCHERS WTWEUR EU 1,558.3 (1,357.7) 60.6 WEIGHT WATCHERS WW6 GR 1,558.3 (1,357.7) 60.6 WEIGHT WATCHERS WTW US 1,558.3 (1,357.7) 60.6 WEST CORP WT2 GR 3,929.2 (684.9) 284.7 WEST CORP WSTC US 3,929.2 (684.9) 284.7 WESTMORELAND COA WLB US 1,578.5 (264.3) 101.2 WESTMORELAND COA WME GR 1,578.5 (264.3) 101.2 XERIUM TECHNOLOG TXRN GR 611.2 (51.2) 102.1 XERIUM TECHNOLOG XRM US 611.2 (51.2) 102.1 XOMA CORP XOMA TH 70.9 (18.1) 28.5 XOMA CORP XOMA US 70.9 (18.1) 28.5 XOMA CORP XOMA GR 70.9 (18.1) 28.5 YRC WORLDWIDE IN YRCW US 2,046.6 (361.2) 195.9 YRC WORLDWIDE IN YEL1 GR 2,046.6 (361.2) 195.9 YRC WORLDWIDE IN YEL1 TH 2,046.6 (361.2) 195.9 ********* 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, Psyche A. Castillon, 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 202-362-8552. *** End of Transmission ***