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/raid1/www/Hosts/bankrupt/TCR_Public/150410.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, April 10, 2015, Vol. 19, No. 100 Headlines 315 W 35TH ASSOCIATES: Files Ch. 11 to Sell NY Property for $40MM 315 W 35TH ASSOCIATES: Files Schedules of Assets and Liabilities ACCESS CIG: Moody's Cuts Corp. Family Rating to B3, Outlook Stable ADAMIS PHARMACEUTICALS: Auditor Expresses Going Concern Doubt ALLIED NEVADA: EKS&H Expresses Going Concern Doubt ALLY FINANCIAL: Fitch Affirms 'BB+' IDR; Outlook Stable AMERICAN AIRLINES: Fitch Retains BB+ Rating on $1.15BB Facility AMERICAN EAGLE: Gets More Time to Strike Debt Deal AMERICAN EAGLE: Moody's Cuts Probability of Default Rating to D-PD AMERICAN EAGLE: Obtains Forbearance From Ad Hoc Bondholders BPZ RESOURCES: Seeking More Funding, Provides Drilling Update BRAGG COMMUNICATIONS: Moody's Affirms 'Ba2' Corp Family Rating CACHE INC: Creditors Push for Chapter 7 Bankruptcy CAESARS ENTERTAINMENT: $468-Mil. Dispute Set for August Trial CAPROCK OIL: MaloneBailey Expresses Going Concern Doubt COLDWATER CREEK: Judge Extends Deadline to Remove Suits to July 3 CONNEAUT LAKE: Wants to Extend Plan Filing Deadline to June 30 DISCOVER FINANCIAL: Fitch Affirms 'BB-' Rating on Preferred Stock DOLLAR TREE: No Ratings Impact on Merger Yet, Moody's Says DRYSHIPS INC: Major Investor Sells Holdings ECO BUILDING: Appoints Four Board Members ERIE HOCKEY: Case Summary & 20 Largest Unsecured Creditors EVERYWARE GLOBAL: Proposes Prime Clerk as Claims Agent EVERYWARE GLOBAL: Receives Nasdaq Delisting Notice EVERYWARE GLOBAL: To Limit Trading to Protect NOLs EXIDE TECHNOLOGIES: Baker Botts Files Supplemental Declaration EYL INVESTMENT: Case Summary & 4 Largest Unsecured Creditors FIDELITY & GUARANTY: Fitch Retains 'BB' IDR on HRG Announcement FOUNDATION HEALTHCARE: Grant Christianson Quits as Officer GARLOCK SEALING: Deadline to Remove Suits Extended to Sept. 30 GBG RANCH: Deadline to File Claims Report Extended to May 1 GENOA: Moody's Assigns 'B2' Corporate Family Rating GREENSHIFT CORP: Rosenberg Expresses Going Concern Doubt GT ADVANCED: Asks Court to Approve Deal With Kerry Logistics HIGH RIDGE MANAGEMENT: Case Summary & 8 Largest Unsecured Creditors HIGH RIDGE MANAGEMENT: Seeks Chapter 11 Protection in Florida HIPCRICKET INC: Creditors Have Until May 4 to File Proofs of Claim HOP 1 ENTERPRISES: Files for Chapter 11 Bankruptcy Protection JOHN EMMONS TAEKWONDO: Case Summary & 5 Top Unsecured Creditors JOLIE HOLDINGS: Case Summary & Largest Unsecured Creditor KARMALOOP INC: US Trustee Forms Unsecured Creditors' Committee KIOR INC: Ch. 11 Plan Goes to June 3 Confirmation Hearing LA4EVER LLC: Case Summary & Largest Unsecured Creditors LEGACY HOME HEALTH: Case Summary & 20 Largest Unsecured Creditors LITTLEFORD DAY: Files for Chapter 11; Might Sell Co. to Loedige LOCAL CORP: BDO USA Expresses Going Concern Doubt LONGVIEW POWER: Asks Court to Extend Deadline to Remove Suits MARINA BIOTECH: Amends $25 Million Securities Prospectus MEDBOX INC: Marcum LLP Raises Going Concern Doubt MILACRON INTERMEDIATE: Moody's Cut Corporate Family Rating to B3 MOUNTAIN PROVINCE: Closes $370 Million Term Loan Facility MUSSI REALTY: Voluntary Chapter 11 Case Summary NAVIENT CORP: Fitch Affirms 'BB' Issuer Default Rating NEUROTROPE INC: Friedman Expresses Going Concern Doubt PARTY CITY: Moody's Says IPO Filing is Credit Positive PHOTOMEDEX INC: no!no! Brand Returns to Japan PITT ELECTRIC: Case Summary & 20 Largest Unsecured Creditors PREMIER EXHIBITIONS: Shareholder Call Moved to April 9 PULSE ELECTRONICS: AB Value, et al., Own 9.9% Stake as of April 6 REVSTONE INDUSTRIES: Unit Has Until June 30 to Remove Suits RIZZO BOTTIGLIERI: Chapter 15 Case Summary RIZZO BOTTIGLIERI: Seeks U.S. Recognition of Italian Proceedings SENIOR DENTAL SERVICES: Voluntary Chapter 11 Case Summary SHOAL GAMES: Davidson & Company Expresses Going Concern Doubt SHORELINE ENERGY: Files for Creditor Protection Under CCAA SOLAR PLUS: Case Summary & 20 Largest Unsecured Creditors SOLAR POWER: To Acquire 100% Interest in "Aerojet" TENET HEALTHCARE: London Company Holds 5.1% Stake as of March 31 THE AUTOPORT: Owners File for Ch 11 to Ward Off Sheriff's Sale TOLLENAAR HOLSTEINS: Genske Mulder Application Approved TRIBUNE CO: Three Largest Shareholders to Sell 25% of Stake VIPER VENTURES: Seeks to Tap Stearns Weaver as Real Estate Counsel VISCOUNT SYSTEMS: Further Losses Expected in the Future VYCOR MEDICAL: Fountainhead Holds 49.9% Stake as of March 31 WALKER LAND: Court to Confirm Debtor's Plan XINERGY LTD: Says Weakness in Market for Coal Erodes Cash Position XZERES CORP: Paul DeBruce Reports 26.5% Stake as of April 6 XZERES CORP: Ravago Holdings Plans Going-Private Acquisition YARWAY CORP: Court Confirms Tyco-Sponsored Reorganization Plan [*] Fitch Affirms 5 U.S. Consumer Finance Cos. Following Peer Revie [*] Perella Weinberg To Rebuild After Departures [^] BOOK REVIEW: AS WE FORGIVE OUR DEBTORS: Bankruptcy and Consumer ********* 315 W 35TH ASSOCIATES: Files Ch. 11 to Sell NY Property for $40MM ----------------------------------------------------------------- 315 W 35th Associates LLC, owner of a property located at 315 West 35th Street, in New York, commenced a bankruptcy case to stop a receiver from pursuing a "fire sale". The Debtor says in a court filing that it has marketed the property. The Debtor has a prospective buyer for an amount of $40 million that, upon closing, will pay all of the creditors in full and leave a surplus for the equity interests. The Debtor says it just needs a relatively short period of time to arrange for the closing. The Debtor has filed the Chapter 11 case in order to allow for a closing with the potential purchaser at a contract price that will pay all the Debtor's obligations and allow an excess for the equity interests. This is more advantageous than a "fire sale" of the property at a foreclosure sale, the Debtor contends. The Debtor did not identify the buyer in court filings. The Debtor on Oct. 30, 2013, signed a $31,500 for John Young to sell the property. The contract was the lone entry in the Debtor's required schedule of executory contracts. The Debtor expects no operating income for the next 30 days. The only expenses are those for legal fees, which have been funded by certain of the equity interests of the Debtor. The Debtor says no payment to managers or members will be made in the next 30 days. The Debtor purchased the property on March 2006 as an investment and in anticipation of developing the site. Unfortunately, the Debtor's developer encountered financial difficulties and could not proceed. The Debtor's equity holders are S&B W.35th LLC and Haisha Deutch. Lawsuits The Debtor is involved in a foreclosure action and a breach of contract action. The lawsuits are: 1. Mazel 315 West 35th LLC v. 315 W 35th Associates, LLC, Supreme Court, New York County, Index No. 652627/2001. 2. Motovich Holdings, LLC v. 315 W. 35th Associates, LLC, Supreme Court, New York County, Index 602831/2008. In July 2007, the Debtor entered into a contract of sale with Motovich Holdings, LLC. They were unable to close and the parties are involved in litigation concerning breach of contract claims. As a result of the financial crisis of 2008, further attempts to refinance the project and develop it were of no avail. The lone secured creditor of the Debtor is Mazel 315 West 35th LLC, which is represented by the law firm of Meister Seelig & Fine, LLP, in New York. As a result of the foreclosure action by Mazel, the property is subject to the appointment of a receiver, William Bagliebter. A foreclosure sale was scheduled for April 9, 2015. The Chapter 11 stays the foreclosure sale. About 315 W 35th Associates 315 W 35th Associates LLC, owner of a parcel of real estate located at 315 West 35th Street, New York, sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-10877) on April 8, 2015. The Debtor, a Single Asset Real Estate, says the property is worth $40 million. Its liabilities total $30.7 million. The Debtor tapped M. David Graubard, Esq., at Kera & Graubard, in New York, as bankruptcy counsel. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due Aug. 6, 2015. The initial case conference is due by May 8, 2015. 315 W 35TH ASSOCIATES: Files Schedules of Assets and Liabilities ---------------------------------------------------------------- 315 W 35th Associates LLC filed schedules disclosing that its property at 315 West 35th Street, in New York is worth $40 million. The property was pledged as collateral to Mazel 315 West 35th LLC, which is owed $24.4 million. In its schedules of assets and liabilities, the Debtor disclosed: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $40,000,000 B. Personal Property $0 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $24,393,709 E. Creditors Holding Unsecured Priority Claims $27,300 F. Creditors Holding Unsecured Non-priority Claims $6,290,603 ----------- ----------- TOTAL $40,000,000 $30,711,612 A copy of the schedules filed together with the bankruptcy petition is available for free at: http://bankrupt.com/misc/nysb15-10877_SAL.pdf About 315 W 35th Associates 315 W 35th Associates LLC, owner of a parcel of real estate located at 315 West 35th Street, New York, sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-10877) on April 8, 2015. The Debtor tapped M. David Graubard, Esq., at Kera & Graubard, in New York, as bankruptcy counsel. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due Aug. 6, 2015. The initial case conference is due by May 8, 2015. ACCESS CIG: Moody's Cuts Corp. Family Rating to B3, Outlook Stable ------------------------------------------------------------------ Moody's Investors Service downgraded Access CIG LLC's Corporate Family Rating (CFR) and Probability of Default Rating to B3 and B3-PD, respectively. Moody's also lowered the company's first lien credit facilities ratings, consisting of its a $40 million revolving credit facility and $392 million first lien term loan (including the proposed $50 million incremental facility) to B2 from B1, and its $152 million second lien term loan to Caa2 from Caa1. Proceeds from the incremental term loan will be used to repay approximately $30 million of outstanding revolver borrowings, pre-fund cash to the balance sheet for future acquisitions and pay associated transaction expenses. The CFR downgrade to B3 from B2 reflects Moody's view that the company's projected free cash flow is materially lower than previously anticipated and will delay the company's progress in reducing its very high debt-to-EBITDA leverage over the next 12-18 months. On a pro forma basis for recent acquisitions, Moody's expects Access' debt-to-EBITDA leverage (incorporating Moody's standard analytical adjustments) to be approximately 7.3 times for the twelve months ended September 30, 2014. Moody's took the following rating actions on Access CIG, LLC: -- Corporate Family Rating, downgraded to B3 from B2 -- Probability of Default Rating, downgraded to B3-PD from B2-PD --- $40 million first lien revolving credit facility due 2019, downgraded to B2 (LGD3) from B1 (LGD3) --- $392 million first lien term loan due 2021(including proposed $50 million add-on), downgraded to B2 (LGD3) from B1 (LGD3) --- $152 million second lien term loan due 2022, downgraded to Caa2 (LGD5) from Caa1 (LGD5) RATINGS RATIONALE Access's B3 Corporate Family Rating reflects its high pro forma leverage, small revenue base, highly acquisitive growth strategies and a lack of a track record of operating at its current scale. Access' revenues for fiscal 2014 are estimated to be approximately $180 million (including full year effect of prior acquisitions). Moody's believes that over time organic growth in the company's high margin document storage business will be increasingly constrained by the ongoing secular shift away from paper towards electronic media and business growth will be primarily driven by small acquisitions that Moody's views as a cost-effective source of new customers. At the same time, the company's credit profile benefits from its highly recurring records storage revenues (approximately 60% of total revenue), high EBITDA margins of approximately 40% and expected modest growth in outsourcing of document storage in the small and medium business (SMB) market segment, which is the company's primary area of focus. Access' revenues have high geographic and customer diversity within the US, with historically strong client retention rates. Access has an adequate liquidity profile upon completion of the proposed add-on term loan supported by $25 million of pro forma cash, less than $5 million of projected free cash flow, and an undrawn $40 million revolver expiring in 2019. The cash sources provide adequate coverage to fund future cash shortfalls over the next 12 to 18 months. The revolver is subject to a springing net leverage ratio if utilization exceeds 30% but there are no covenants on the term loans. The stable rating outlook reflects Moody's view that the company's credit metrics will slightly improve over the next 12 to 18 months. The stable rating outlook also anticipates that Access will successfully complete integration of recent acquisitions, realize cost synergies as expected while maintaining at least an adequate liquidity profile. The ratings could be downgraded if the company faces top-line and earnings pressure such that financial leverage increases, or if operating margin, cash flow, or sources of liquidity were to deteriorate. Given Access' high financial leverage and modest scale a ratings upgrade is not expected in the intermediate term. Profitable revenue growth that leads to a material reduction in leverage, free cash flow in excess of 5% of total debt, and a good liquidity position is necessary for an upgrade. Headquartered in Livermore, CA, Access Information Management provides records and information management services primarily to small and medium enterprises in the US ADAMIS PHARMACEUTICALS: Auditor Expresses Going Concern Doubt ------------------------------------------------------------- Adamis Pharmaceuticals Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the transition period from Apr. 1, 2014 to Dec. 31, 2014. Mayer Hoffman McCann P.C. expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has incurred recurring losses from operations, and is dependent on additional financing to fund operations. The Company reported a net loss of $9.32 million on $nil of revenue for the nine months ended Dec. 31, 2014, compared with a net loss of $8.16 million on $nil of revenue for the twelve months ended March 31, 2014. The Company's balance sheet at Dec. 31, 2014, showed $12.9 million in total assets, $3.39 million in total liabilities and total stockholders' equity of $9.5 million. A copy of the Form 10-K is available at: http://is.gd/dUGoQK 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. ALLIED NEVADA: EKS&H Expresses Going Concern Doubt -------------------------------------------------- Allied Nevada Gold Corp. filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. EKS&H LLLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that on March 10, 2015, Allied Nevada Gold Corp. and certain of its direct and indirect subsidiaries, filed voluntary petitions for relief and reorganization under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware under Case No. 15-10503. The Company reported a net loss of $519 million on $310 million for the year ended Dec. 31, 2014, compared with net income of $1.4 million on $268 million in 2013. The Company's balance sheet at Dec. 31, 2014, showed $941 million in total assets, $664 million in total liabilities, and stockholders' equity of $278 million. A copy of the Form 10-K is available at: http://is.gd/0Hk2RN About Allied Nevada Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a publicly traded U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV's common stock trades on the NYSE and the TSX. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors have requested that their cases be jointly administered under Case No. 15-10503. The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. ALLY FINANCIAL: Fitch Affirms 'BB+' IDR; Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed Ally Financial's long-term Issuer Default Rating (IDR) at 'BB+' and short-term IDR at 'B'. The Rating Outlook is Stable. Ally's rating review was conducted as part of Fitch's periodic peer review of U.S. consumer finance companies. KEY RATING DRIVERS - IDRs, Senior Unsecured Debt, Short-term Debt, Subordinated Debt, Preferred Shares, Support Rating, Support Rating Floor and Viability Rating The rating affirmations and Stable Outlook reflect Ally's strong franchise, leading market position in the U.S. auto finance industry, high credit quality assets, diverse funding base, ample liquidity, adequate risk-adjusted capitalization and seasoned management team. Rating constraints include Ally's concentrated and cyclical business model, reliance on wholesale funding sources, potential increased price sensitivity of internet deposits, lackluster financial performance relative to peers and stated targets, execution risk associated with growing non-GM/Chrysler originations and expanding into new products, and continued elevated regulatory, legislative and litigation risk. Profitability has continued to improve, albeit off of a modest base, supported by strong growth in auto originations, expanding margins due to liability management efforts and expense rationalization. Net income increased to $1.15 billion in 2014, up from $361 million in the prior year period. Return on average assets (ROA) increased to 0.8% in 2014, up 60 basis points (bps) from the year-ago period. Core return on average tangible common equity (ROTCE) increased to 7.9% in 2014, up from 3.1% in 2013. Fitch expects operating performance to continue to improve in 2015, supported in part by economic growth, further improvement in the U.S. labor market, stable albeit normalizing credit performance and incremental margin expansion. Furthermore, Fitch expects Ally's management team to remain focused on expense rationalization and liability management to enhance operating efficiency and financial returns. Ally expects to generate a core ROTCE between 9% and 11% in 2015, in line with the company's long-term financial target of earning a double-digit core ROTCE. Consumer auto originations remain strong, reflecting in part Ally's expanded presence in the used vehicle and nonprime auto finance market. Non-GM/Chrysler auto originations increased to $8.3 billion in 2014, up 45% from the prior year period. Used vehicle originations increased to $11.7 billion in 2014, up 18% from the prior year period. Over the near term, Fitch expects growth in these channels to be at least partly offset by declining subvented volume from General Motors Company (GM, rated 'BB+', Positive Outlook) and Fiat Chrysler Automobiles N.V. (Chrysler, rated 'BB-', Stable Outlook). Ally recently disclosed that in Jan 2015, GM informed its dealers that it would provide lease subvention programs for Buick, GMC, and Cadillac products exclusively through its wholly-owned subsidiary, General Motors Financial Company, Inc. (GMF, 'BB+', Positive Outlook). In February 2015, GM informed Ally that it would also provide lease subvention programs for Chevrolet exclusively through GMF. Ally's total originations during 2014 of $41 billion included $9.3 billion of GM lease originations and $4 billion of GM subvented loan originations. Buick, GMC, Cadillac, and Chevrolet leases combined accounted for roughly 23% of Ally's total originations during 2014. Despite the loss of GM subvented lease volume, Ally is still targeting origination volume in the high $30 billion range in 2015. Fitch believes the target is potentially achievable given Ally's market position and the growing U.S. auto finance market, but reaching it will pose challenges and may lead to growth in potentially higher risk areas in an effort to meet shareholder expectations. Credit performance continues to gradually normalize. Fitch estimates that retail auto net charge-offs increased to 89bps in 2014, up 16bps from the year-ago period, but remained well below historical levels. Retail auto 30+ day delinquencies increased to 2.73% of total loans, up 38bps from year-ago period. Reserve coverage remained strong at 177% of total nonperforming assets and 1.4x net charge-offs at Dec. 31, 2014. Fitch expects credit performance will continue to normalize, driven primarily by a portfolio mix shift and loan seasoning although the credit environment is expected to remain fairly benign over the near term. In addition to internet-based deposits, Ally utilizes a diverse mix of other sources across various debt markets (e.g. unsecured debt markets, securitizations, bank loans). Fitch views this strategy positively as it reduces concentration risk and provides more funding flexibility in the event that wholesale funding sources (securitization and public debt markets) dry up or become cost prohibitive, or if the online deposit platform experiences material outflows in a rising interest rate environment. At Dec. 31, 2014, Fitch estimates deposits represented 44% of Ally's total funding with secured debt accounting for 36% and unsecured accounting for 20% of total funding. Short-term wholesale funding, including $3.3 billion of unsecured demand notes, represented only 5% of Ally's total funding at Dec. 31, 2014. Ally maintains adequate liquidity with $16.6 billion of total consolidated liquidity at year-end 2014. This compares to unsecured debt maturities of $4.9 billion over the next 12 months. At the parent company, Ally had $8.8 billion of total liquidity including $3.4 billion of committed unused capacity on its credit lines as of the same date. Fitch views unused credit line capacity as potentially less reliable than cash or high-quality liquid assets, given that it generally requires eligible assets to collateralize incremental funding. Fitch believes the amount of eligible assets could be reduced during a period of market stress, thereby affecting the company's liquidity position. That said, Ally's loan portfolio is mostly unencumbered reflecting the company's high mix of deposit and unsecured funding. Additionally, on March 10, 2015, Ally announced that it had upsized, renewed, and extended its credit facilities at both the parent company and Ally Bank. Combined these facilities provide $12.5 billion in total funding with $8 billion available to the parent company and $4.5 billion available to Ally Bank. Both facilities are secured and mature in March 2017. Furthermore, Ally expects to be compliant with the modified liquidity coverage ratio (LCR) requirement beginning Jan. 1, 2016, subject to the transition period. Ally remains well capitalized, as reflected by Basel I Tier I capital and Tier I common ratios of 12.5% and 9.6%, respectively, as of Dec. 31, 2014. The company estimates that the fully phased-in Basel III Tier I common ratio was 9.7% at Dec. 31, 2014. Fitch views the company's capital position as adequate given the risk profile of its balance sheet. On March 11, 2015, Ally announced that is received a non-objection on its capital plan from the Federal Reserve. Ally's capital plan includes the redemption of $1.3 billion of its preferred securities, series G outstanding in April 2015, among other actions. Ally provided a redemption notice for these securities with a redemption date of April 10, 2015. In connection with the transaction, Ally expects to incur a $1.2 billion charge to common capital in the second quarter of 2015. Pro forma for this transaction, Fitch estimates Ally's Tier I common ratio was 8.7% at Dec. 31, 2014. 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 Ally. Ally's perpetual preferred securities, series A rating is four notches below the Ally's VR of 'bb+' in accordance with Fitch's assessment of each instruments respective non-performance and relative loss severity risk profile. The securities are non-cumulative, are nonredeemable prior to May 15, 2016, and pay a fixed rate of 8.5% per annum. Beginning on May 15, 2016, dividends will accrue at a LIBOR-based floating rate. The rating assigned to the trust preferred securities, series 2 issued out of GMAC Capital Trust I is one notch higher than the perpetual preferred securities, series A reflecting the subordination of the series A securities, as they rank junior to the trust preferred securities. RATING SENSITIVITIES - IDRs, Senior Unsecured Debt, Short-term Debt, Subordinated Debt, Preferred Shares, Support Rating, Support Rating Floor and VR Positive ratings momentum could potentially be driven by further improvements in profitability and operating fundamentals, successful execution against strategic plans including growth in non-GM/Chrysler channels and new products, measured growth in the currently competitive lending environment without material deterioration in asset quality, and additional actions to further enhance funding and liquidity sources while maintaining strong capital levels at both the parent and Ally Bank. In particular, durability of the internet-based deposit platform in a rising rate environment will be a key determinant in evaluating the strength of Ally's funding profile. A material decline in profitability or asset quality, reduced capital and liquidity levels, an inability to access the capital markets for funding on reasonable terms, and non-compliance with potential new and more onerous rules and regulations are among the drivers that could generate negative rating momentum. In particular, Fitch remains focused on Ally's aspirations for 2015 portfolio originations in the high $30 billion range, while moving the portfolio mix more towards other origination channels (e.g. used vehicles, nonprime originations) and away from GM lease subvention in the face of what is an increasingly competitive environment. To the extent that the risk profile of Ally's portfolio outpaces reduced residual value risk (via GM lease subvention declines), Ally's ratings or Outlook could be pressured. Fitch has affirmed these ratings: Ally Financial Inc. -- Long-term IDR at 'BB+'; -- Senior unsecured debt at 'BB+'; -- Viability rating at 'bb+'; -- Perpetual preferred securities, series A at 'B'; -- Short-term IDR at 'B'; -- Short-term debt at 'B'; -- Support rating at '5'; -- Support Floor at 'NF'. GMAC Capital Trust I -- Trust preferred securities, series 2 at 'B+'. GMAC International Finance B.V. -- Long-term IDR at 'BB+'; -- Short-term IDR at 'B'; -- Short-term debt at 'B'; -- Senior unsecured debt at 'BB+'. The Rating Outlook is Stable. AMERICAN AIRLINES: Fitch Retains BB+ Rating on $1.15BB Facility --------------------------------------------------------------- Following the announcement by American Airlines, Inc. (American) that it would re-price and alter the collateral package for its $1.15 billion senior secured credit facility, Fitch's ratings on the facility remain unchanged at 'BB+/RR1'. American entered the $1.15 billion senior secured credit facilities in September of 2014. The facilities consist of a $400 million five-year revolver and a $750 million seven-year term loan. The term loan is scheduled to amortize at 1% per annum with the remainder due at maturity. The facility was originally collateralized by American's slots, gates and routes (SGR) used in all of its services to and from London Heathrow, and flights between the U.S. and Tokyo Narita, flights between Chicago and Shanghai and Chicago to Beijing. The credit facility as amended will no longer include the Asian assets but will add US Airways' SGR collateral related to its operations to Heathrow. As a result, the total value of the collateral included encumbered under the transaction will decline, but the facility remains well over collateralized. In addition, the collateral coverage covenants in the transaction remain unchanged at a minimum of 1.6x. In a going-concern scenario (which Fitch considers the most likely scenario), recovery values are supported by the underlying collateral's strategic importance to AAL. London Heathrow is a slot constrained airport in a key business market, making these slots and route authorities valuable assets. Therefore, first lien holders would be expected to hold significant sway in any future reorganization. Fitch's recovery analysis focuses on a 'going-concern' valuation in which distressed enterprise value (EV) is allocated to the various classes of debt in the company's capital structure. In its analysis, Fitch generates a conservative estimate for a going-concern EBITDA and then applies a multiple to determine distressed EV. Fitch's analysis results in an estimated recovery of at least 91% to the entire credit facility (term loan and revolver), which equates to an 'RR1' rating under Fitch's recovery analysis criteria. Fitch currently rates American as: American Airlines Group Inc. -- IDR 'B+'; -- Senior Unsecured Notes at 'B+/RR4'. American Airlines, Inc. -- IDR at 'B+'; -- Senior secured credit facility at 'BB+/RR1'; US Airways Group, Inc. -- IDR at 'B+'; -- Senior Unsecured Notes at 'B+/RR4'. US Airways, Inc. -- IDR at 'B+'; -- Senior secured credit facility at 'BB+/RR1'. AMERICAN EAGLE: Gets More Time to Strike Debt Deal -------------------------------------------------- Stephanie Gleason, writing for Daily Bankruptcy Review, reported that exploration and production company American Eagle Energy Corp. has reached a deal with half of its bondholders, after skipping a March interest payment, that gives the company and its debt holders more time to work out the terms of a restructuring agreement. According to the report, citing financial disclosures, more than half of the holders of American Eagle's $175 million in bonds agreed to forbear until May 15 in exchange for a partial interest payment. About American Eagle Littleton, Colorado-based American Eagle Energy Corporation is engaged in the acquisition, exploration and development of oil and gas properties. The Company is primarily focused on extracting proved oil reserves from those properties. * * * As reported by the The Troubled Company Reporter in March 2015, Standard & Poor's Ratings Services lowered its corporate credit and issue-level ratings on American Eagle Energy Corp. to 'D' from 'CCC+'. "We lowered the rating after American Eagle missed an interest payment for $9.8 million due March 2, 2015, on its $175 million senior secured notes due 2019," said Standard & Poor's credit analyst Christine Besset. The TCR reported on Jan. 26, 2015, that Moody's Investors Service downgraded American Eagle's Corporate Family Rating to 'Ca' from 'Caa1'. "The downgrade of American Eagle Energy's ratings reflect the company's weak liquidity profile and unsustainable capital structure," commented Gretchen French, Moody's vice president. "With the company facing cyclically low oil prices in 2015 and into 2016, the risk of default or a debt restructuring, including the potential for a distressed exchange, has increased." AMERICAN EAGLE: Moody's Cuts Probability of Default Rating to D-PD ------------------------------------------------------------------ Moody's Investors Service downgraded American Eagle Energy Corporation's (American Eagle Energy or AMZG) Probability of Default Rating (PDR) to D-PD from Ca-PD following the company's failure to make an interest payment within the 30-day grace period. At the same time, Moody's affirmed AMZG's Ca Corporate Family Rating (CFR), Ca senior secured note rating, and SGL-4 Speculative Grade Liquidity Rating. The rating outlook is stable. This rating action is in response to AMZG not making the required interest payments within the contractual grace period on its secured notes outstanding, which Moody's views as a default. If AMZG files for bankruptcy, then all the ratings withdrawn shortly thereafter. American Eagle Energy Corporation: Rating Downgrade: -- Probability of Default Rating, Downgraded to D-PD from Ca-PD Rating Affirmations: -- Corporate Family Rating, at Ca -- $175 Million Secured Notes due in 2019, at Ca (LGD 3) -- Speculative Grade Liquidity Rating, at SGL-4 Outlook Actions: -- Outlook, Remains Stable RATINGS RATIONALE The downgrade of the AMZG's PDR to D-PD from Ca-PDR reflects the default under the company's $175 million secured notes due 2019 and a high risk of bankruptcy filing in the near term. On March 31, 2015, AMZG did not make the interest payment of $9.8 million within the 30-day grace period on its secured notes due 2019. Moody's treats missed interest payments on the senior notes beyond the 30-day grace period as a default. AMZG announced on March 2, 2015 that it had intended to use the 30-day grace period to evaluate liquidity strategies and had not yet determined whether the interest payment would be made. The company is currently pursuing debt restructuring, asset sales, and capital raising efforts in order to remain a going concern. On April 7, 2015, AMZG announced that it has entered into a 45-day forbearance period with four holders of the notes that ends May 15, 2015 and a partial interest payment of $4.0 million was made on April 2, 2015. If it is unsuccessful in its restructuring efforts, it may file a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code. The Ca CFR and Ca notes ratings reflect both the default on the notes and Moody's view on the potential overall recovery of in the 40%-50% range. American Eagle Energy Corporation is an independent oil and gas exploration and production company headquartered in Littleton, CO. AMERICAN EAGLE: Obtains Forbearance From Ad Hoc Bondholders ----------------------------------------------------------- American Eagle Energy Corporation announced that on April 2, 2015, the following events occurred in respect of the Notes that the Company sold in August 2014: * The Company entered into a Forbearance Agreement with four holders, who collectively own or manage in excess of 50% (face amount) of the August Notes; * The Company tendered the sum of $4 million as a partial interest payment to U.S. Bank National Association, as trustee under an Indenture, dated as of Aug. 27, 2014, pursuant to which, among other things, the Company issued the August Notes to the holders thereof, some of whom are members of the Ad Hoc Group, which partial interest payment left the Company in default as to approximately $5.8 million of unpaid interest as of April 1, 2015, as well as certain other fees, expenses and other amounts that are chargeable or otherwise reimbursable under the Indenture and the other related documents; * The Company received a letter from SunTrust Bank, as control agent, in respect of an Aug. 27, 2015, Intercreditor Agreement among SunTrust Bank, as First Lien Collateral Agent, U.S. Bank National Association, as the Second Lien Collateral Agent, and the Company, in which SunTrust Bank provided notice of its resignation as control agent under that Intercreditor Agreement, which resignation is to become effective on May 1, 2015, unless SunTrust Bank is replaced in that role earlier; and * The Company received a letter from SunTrust Bank, as administrative agent, in respect of a Credit Agreement that the Company entered contemporaneously with the Intercreditor Agreement, in which SunTrust Bank gave the Company notice of an Event of Default thereunder - specifically, the Company's failure to have paid the above-referenced interest payment in full, rather than in part. The Forbearance Agreement expires on the earliest to occur of (i) the occurrence of any Event of Default under subsections 6.01(10) or 6.01(11) of the Indenture or the commencement of an involuntary proceeding or filing of an involuntary petition against the Company's subsidiary or the Company under any federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) May 15, 2015, or (iii) the occurrence of a "Forbearance Default." A full-text copy of the Forbearance Agreement is available at: http://is.gd/qYNjXt About American Eagle Littleton, Colorado-based American Eagle Energy Corporation is engaged in the acquisition, exploration and development of oil and gas properties. The Company is primarily focused on extracting proved oil reserves from those properties. American Eagle reported a net loss of $92.2 million on $60.5 million of oil and gas sales for the year ended Dec. 31, 2014, compared to net income of $1.59 million on $43.1 million of oil and gas sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, American Eagle had $270.93 million in total assets, $224 million in total liabilities, and $47 million in total stockholders' equity. Hein & Associates LLP, in Denver, Colorado, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that the Company has a working capital deficit, and cash from operations may not be sufficient to fund operating activities and debt service obligations. Also, the Company did not make an interest payment that was due March 2, 2015. * * * As reported by the TCR in March 2015, Standard & Poor's Ratings Services lowered its corporate credit and issue-level ratings on American Eagle Energy Corp. to 'D' from 'CCC+'. "We lowered the rating after American Eagle missed an interest payment for $9.8 million due March 2, 2015, on its $175 million senior secured notes due 2019," said Standard & Poor's credit analyst Christine Besset. The TCR reported on Jan. 26, 2015, that Moody's Investors Service downgraded American Eagle's Corporate Family Rating to 'Ca' from 'Caa1'. "The downgrade of American Eagle Energy's ratings reflect the company's weak liquidity profile and unsustainable capital structure," commented Gretchen French, Moody's vice president. "With the company facing cyclically low oil prices in 2015 and into 2016, the risk of default or a debt restructuring, including the potential for a distressed exchange, has increased." BPZ RESOURCES: Seeking More Funding, Provides Drilling Update ------------------------------------------------------------- BPZ Energy continues to operate under provisions of Chapter 11 of the United States Bankruptcy Court Code while it seeks additional financing. At offshore Block Z-1, the Corvina CX15-9D well was drilled to a total measured depth of approximately 7,730 feet. The 9D well failed to produce oil, therefore the geologic model is being reevaluated to better understand the impact of the well test results on this area of the field. However, approximately 35 feet of gas pay was found in the upper Zorritos non-associated gas reservoir in the 9D well, which is where the 16X, 14D and 21XD wells at the CX-11 previously tested rates of gas between 20 and 40 million cubic feet per day in the non-associated gas reservoir. Activity on the 9D well has been suspended and the well is being considered for completion as a gas producer in the future. The Albacora A-22D development well was drilled to a measured depth of 13,730 feet. The well is currently being tested, with final results expected later this month. For the remainder of 2015, the Company intends to focus on low cost workovers at the Corvina and Albacora fields at Block Z-1 to optimize production. In this respect, work has begun on the Corvina CX15-1D mechanical shut-in well to restore production. The Company has been granted a deferral for the 2015 Delfin work commitment at Block Z-1. Drilling at Piedra Redonda, which was scheduled to occur after Delfin, has been postponed accordingly. The Company is also working with Perupetro to defer its future work commitments at its onshore blocks. Block Z-1 Production from the Corvina and Albacora fields for first quarter 2015 averaged 4,722 barrels of oil per day (bopd) gross, or 2,408 bopd net to BPZ. Recent production was 4,400 bopd gross, or 2,244 bopd net to BPZ. The Company holds a 51% participation in Block Z-1. About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru, and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. BRAGG COMMUNICATIONS: Moody's Affirms 'Ba2' Corp Family Rating -------------------------------------------------------------- Moody's Investors Service changed Bragg Communications Inc.'s ratings outlook to positive from stable and raised the company's speculative grade liquidity (SGL) rating to SGL-1 (very good liquidity) from SGL-2 (good liquidity), while also affirming Bragg's Ba2 corporate family rating and Ba3-PD probability of default rating. As part of the same rating action, all individual instrument ratings were also affirmed (see ratings listing, below). The outlook action was prompted by Moody's expectation that management will continue using free cash flow to repay debt and that credit metrics will continue to improve, despite the challenging operating environment. With ongoing free cash generation and gradual debt repayment, Bragg's liquidity is also improving, as reflected in the SGL rating revision. The following summarizes Moody's ratings actions for Bragg Communications Inc.: Issuer: Bragg Communications Inc. Outlook: Changed to Positive from Stable Speculative Grade Liquidity Rating: Raised to SGL-1 from SGL-2 Corporate Family Rating: Affirmed at Ba2 Probability of Default Rating: Affirmed at Ba3-PD Senior Secured Credit Facility: Affirmed at Ba2 (LGD3) RATINGS RATIONALE Bragg's Ba2 corporate family rating is based on Moody's expectation of sustained positive free cash flow and Debt/EBITDA leverage being maintained in a range appropriate for a Ba-rated cable television company with Bragg's attributes, supported by industry-leading margins, and a quad-play capability with its wireless service. Moody's anticipates flat EBITDA growth as fixed-line competition remains intense and Bragg's facilities-based wireless broadband services operation slowly gains traction in the company's core Nova Scotia and Prince Edward Island markets. The rating also anticipates maintenance of solid liquidity. Rating Outlook The outlook is positive because Moody's anticipate Bragg will continue to use free cash flow to repay debt and credit metrics will continue their gradual improvement. What Could Change the Rating - Up An upgrade could be considered if Moody's expects: Debt-to-EBITDA to be maintained at or above a range appropriate for a Baa-rated cable television company Along with -- Free cash flow sustained within a range appropriate for a Baa-rated cable television company, and -- Clarity re capital structure and shareholder return plans What Could Change the Rating - Down The rating could be downgraded if Moody's expects: -- Debt-to-EBITDA to be maintained at a range appropriate for a B-rated cable television company, or -- Free cash flow sustained as a modest proportion of total debt, or -- Liquidity arrangements were anticipated to deteriorate, or -- Management practices that favor shareholder returns The principal methodology used in this rating was the Global Cable Television Industry published in April 2013. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the US, Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Corporate Profile Headquartered in Halifax, Nova Scotia, Bragg Communications Inc. (Bragg) is a diversified Canadian communications company whose core business is providing cable-based television, internet, telephone service and wireless services to consumers, primarily in Eastern Canada. CACHE INC: Creditors Push for Chapter 7 Bankruptcy -------------------------------------------------- Peg Brickley, writing for Daily Bankruptcy Review, reported that creditors say retailer Cache Inc. has been running up bills it can't pay and should be pushed out of Chapter 11 into a bare-bones form of bankruptcy. According to the report, the official committee that represents landlords and suppliers to the women's dress and formal wear retailer asked a bankruptcy judge to convert Cache's bankruptcy into a chapter 7 case and allow a trustee to take over the proceeding. About CACHE, Inc. Cache, Inc., operates 236 women's apparel specialty stores under the trade name "Cache." On Dec. 4, 2014, New York-based Cache announced that it has received an inquiry from a third party regarding a potential sale of the Company. Cache, Inc., and its two affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 15-10172) on Feb. 4, 2015. The case is assigned to Judge Mary F. Walrath. The Debtors are represented by Laura Davis Jones, Esq., Peter J. Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' restructuring advisors is FTI Consulting Inc., while their investment banker and financial advisor is Janney Montgomery Scott LLC. Thompson Hine represents the Debtors in corporate and securities matter, while Jackson Lewis P.C. represents the Debtors in employment matters. The Debtors' communications services provider is Epiq Systems, Inc., while their noticing and claims management services provider is Kurtzman Carson Consultants. A&G Realty Partners, LLC, serves as the Debtors' real estate consultants. The Debtors had total assets of $53.7 million and total liabilities of $51.1 million as of Sept. 27, 2014. The U.S. Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' case. CAESARS ENTERTAINMENT: $468-Mil. Dispute Set for August Trial ------------------------------------------------------------- Steven Church, writing for Bloomberg News, reported that Caesars Entertainment Corp.'s $468 million bankruptcy dispute will go to trial in August as the judge overseeing the case said it's probably irrelevant whether the casino company or its creditors acted in bad faith when they filed dueling petitions in January. According to the report, whether Caesars paid its debts as they came due is the main question, U.S. Bankruptcy Judge Benjamin Goldgar said during a hearing in Chicago. The report noted that Judge Goldgar must decide if the bankruptcy started Jan. 15 when the company filed its case or three days earlier when lower-ranking creditors filed an involuntary petition. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. CAPROCK OIL: MaloneBailey Expresses Going Concern Doubt ------------------------------------------------------- Caprock Oil, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. MaloneBailey LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has losses from continuing operations and has a working capital deficit. The Company reported a net loss of $1.99 million on $2.36 million of total revenues for the year ended Dec. 31, 2014, compared with a net loss of $1.56 million on $2.73 million of total revenues in 2013. The Company's balance sheet at Dec. 31, 2014, showed $6.96 million in total assets, $6.06 million in total liabilities and total stockholders' equity of $902,000. A copy of the Form 10-K is available at: http://is.gd/H2yoOg Caprock Oil, Inc., is focused on the exploration and production of oil and natural gas in Texas and Louisiana. Based in Houston, the Company recently completed the acquisition of Cinco NRG, LLC, a private oil and gas company. The Company reported a net loss of $327,000 on $640,000 of total revenues for the three months ended Sept. 30, 2014, compared to a net loss of $55,200 on $639,000 of total revenues for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $6.91 million in total assets, $5.53 million in total liabilities, and stockholders' equity of $1.38 million. COLDWATER CREEK: Judge Extends Deadline to Remove Suits to July 3 ----------------------------------------------------------------- The liquidating trustee of CWC Liquidation Inc., formerly known as Coldwater Creek Inc., received approval from U.S. Bankruptcy Judge Brendan Shannon to file notices of removal of lawsuits until July 3, 2015. About Coldwater Creek Coldwater Creek is a multi-channel retailer that offers its merchandise through retail stores across the country, its catalog and its e-commerce Web site, http://www.coldwatercreek.com/ Originally founded in Sandpoint, Idaho in 1984 as a direct, catalog-based marketer, Coldwater evolved into a multi-channel specialty retailer operating 334 premium retail stores, 31 factory outlet stores and seven day spa locations throughout the United States. As of the bankruptcy filing, the Debtors domestically employ a total of approximately 5,990 employees throughout their retail locations, corporate headquarters and distribution, design and call centers. Coldwater Creek Inc. and its debtor-affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10867) on April 11, 2014, to liquidate their assets. Coldwater Creek disclosed assets of $721 million plus undetermined amount and liabilities of $425 million plus undetermined amount. Affiliate Coldwater Creek U.S. Inc. estimated $100 million to $500 million in assets and liabilities. The Debtors have drawn $37.5 million and have $10 million in letters of credit outstanding under a senior secured credit facility (ABL facility) provided by lenders led by Wells Fargo Bank, National Association, as agent. The Debtors also owe $96 million, which includes accrued interest and approximately $23 million representing a prepayment premium payable, under a term loan from lenders led by CC Holding Agency Corporation, as agent. Aside from the funded debt, the Debtors have accumulated a significant amount of accrued and unpaid trade and other unsecured debt in the normal course of their business. The Debtors have tapped Young Conaway Stargatt & Taylor, LLP, and Shearman & Sterling LLP as attorneys, Perella Weinberg Partners LP as financial advisor, Alvarez & Marsal as restructuring advisor, and Prime Clerk LLC as claims and noticing agent. The U.S. Trustee for Region Three named seven creditors to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP represents the Committee. CWC Liquidation Inc., formerly known as Coldwater Creek Inc., notified the Bankruptcy Court that the effective date of its Modified Third Amended Joint Plan of Liquidation occurred on Sept. 26, 2014. The Troubled Company Reporter, on Dec. 29, 2014, reported that the Bankruptcy Court entered a final decree closing the Chapter 11 cases of consolidated non-lead debtors in the cases of CWC Liquidation Inc. formerly known as Coldwater Creek Inc, et al. CONNEAUT LAKE: Wants to Extend Plan Filing Deadline to June 30 -------------------------------------------------------------- The Trustees of Conneaut Lake Park filed on March 31, a motion asking the Bankruptcy Court to extend to June 30, the deadline for it to file a Chapter 11 bankruptcy reorganization plan and to give creditors through Aug. 31, to accept or reject the plan. Keith Gushard at The Meadville Tribune relates that the initial deadline of the Plan was April 3. A hearing on the Trustees' request for extension will be held on April 28 at 10:00 a.m., The Meadville Tribune states. According to The Meadville Tribune, the Trustees says it needs more time to file a Plan due to a dispute with the Hotel Conneaut's management. Park Restoration LLC, which leases the Hotel Conneaut from Trustees, has not lived up to the lease terms of its agreement to manage the hotel as well as other agreements, the report says, citing the Trustees. The Meadville Tribune quoted Mark Turner, executive director of the Trustees, as saying, "We sent a letter of default (on March 20) to Park Restoration LLC that they are in default and need to vacate the premises by April 18. They're in default with every agreement with Trustees." Citing Mr. Truner, the report adds that the defaults involve agreements between the Trustees and Park Restoration on Hotel Conneaut, the former Beach Club which burned in Aug. 1, 2013, two properties along Route 618 and back utility costs. Park Restoration is disputing the allegations that it is in default under its lease agreements, The Meadville Tribune relates. The report quoted Greg Sutterlin of Park Restoration as saying, "Trustees are referring to a lease (agreement) from March 2009 that we're not using. The agreement with Trustees from Nov. 24, 2008, is the one we're using. This all could have been handled with a conversation with us. We have events booked this year and next -- dozens of them. We plan on staying the remainder of the 24 years of our lease." About Conneaut Lake Park Conneaut Lake Park is a summer amusement resort, located in Conneaut Lake, Pennsylvania. Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania, on Dec. 4, 2014. The case is assigned to Judge Thomas P. Agresti. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, in Pittsburgh, as counsel. The Debtor estimated assets and debt of $1 million to $10 million. Trustees of Conneaut Lake Park filed for bankruptcy protection less than 20 hours before the Crawford County amusement park was scheduled to go to sheriff's sale for almost $930,000 in back taxes and related fees. DISCOVER FINANCIAL: Fitch Affirms 'BB-' Rating on Preferred Stock ----------------------------------------------------------------- Fitch Ratings has affirmed Discover Financial Services (DFS) long-term Issuer Default Rating (IDR) at 'BBB+' and short-term IDR at 'F2'. The Rating Outlook is Stable. DFS's rating review was conducted as part of Fitch's periodic peer review of U.S. consumer finance companies. KEY RATING DRIVERS - IDRs, Senior Unsecured Debt, Subordinated Debt, Preferred Stock, Support Ratings, Support Rating Floors, Viability Ratings (VRs), Deposits The rating affirmations and Stable Outlook reflect DFS's strong franchise and leading payments network, peer-superior credit performance, strong and consistent financial performance over time, diverse funding base, ample liquidity, strong risk-adjusted capitalization, robust corporate governance and risk frameworks, and seasoned management team. Rating constraints include DFS's concentrated and cyclical business model, potential funding sensitivity associated with wholesale and internet deposit funding sources, the likelihood of asset quality reversion from current levels, and continued elevated regulatory, legislative and litigation risk. Furthermore, ratings remain constrained by DFS's weaker relative market position within the payments industry, as evidenced by its smaller market share compared to peers (e.g. Visa, MasterCard and American Express). Fitch views Discover's ability to generate strong and consistent operating performance over time as a ratings strength. While net income declined to $2.3 billion in 2014, down 6% from the prior year period, the results were impacted by a number of non-recurring items in fourth-quarter 2014 (4Q'14) including a $178 million one-time charge related to the elimination of the credit card rewards forfeiture reserve, a $27 million goodwill impairment related to Discover Home Loans, and a $21 million fair value adjustment related to moving Diners Club Italy to held-for-sale. The $27 million goodwill impairment charge related to its Discover Home Loans business was primarily driven by the company's lack of progress in replacing lost mortgage refinance loan volume with new purchase volume. Discover continues to evaluate its home loans strategy and the future of this business remains uncertain. Excluding these items, Fitch estimates that full-year 2014 net income was flat year-over-year at $2.4 billion despite a 33% year-over-year increase in provision expense. Fitch expects operating performance to remain strong in 2015. That said, financial performance will face downward pressure from a number of factors including increased competition, normalizing credit performance and heightened legal and compliance expenses. Fitch expects Discover's revenue margin to decline modestly in 2015 driven by some modest net interest margin compression due in part to normalizing credit performance and run-off of higher-priced loans. Additionally, operating performance will face downward pressure from lower fee-based product revenue, in particular protection products revenue, and higher rewards expenses. Credit performance is expected to remain strong in 2015 although charge-offs and delinquencies will likely start to normalize. Fitch expects provision expenses to increase further in 2015 driven primarily by portfolio seasoning and growth, as well as some modest deterioration in credit metrics. Credit card net charge-offs increased 6 basis points (bps) to 2.27% in 2014 and remained well below other top credit card issuers and the industry average. Reserve coverage for credit card loans remained strong at 2.63% of loans and 152% of loans 30+ past due at Dec. 31, 2014. Discover is well positioned for a potential increase in interest rates. At Dec. 31, 2014, assuming an immediate 100bps increase in interest rates, DFS estimates that net interest income over the following 12-month period would increase by approximately $167 million, or 2%. Discover remains well capitalized. The Tier I common (T1C) ratio declined 20bps year-over-year to 14.1% in 2014 and the tangible common equity / tangible asset ratio declined 10bps to 12.3% in 2014. Both metrics compare favorably to peer banks. Additionally, DFS performed very well relative to peers in the Federal Reserve's most recent Comprehensive Capital Analysis and Review (CCAR). As part of this review, DFS received a non-objection related to its capital plan. Fitch expects Discover's T1C ratio to gradually decline over time before normalizing at a level in the low double digits. In this scenario, Fitch believes Discover would be adequately capitalized relative to existing ratings. Discover maintains adequate liquidity with strong risk oversight. At Dec. 31, 2014, Discover's liquidity portfolio amounted to $10.8 billion (or 13% of tangible assets), and excluding deposits, the company does not have any contractual unsecured debt maturities until 2017. Fitch views Discover's liquidity position as strong and, when combined with future asset repayments, provides adequate sources to fund growth and meet its upcoming debt obligations. The ratings for DFS and Discover Bank are equalized, which reflects Fitch's view that Discover Bank is core and integral to DFS's business strategy and operations. Fitch believes DFS would fully support Discover Bank in the event of need. The senior unsecured debt ratings are equalized with each entity's IDR. The equalization reflects the availability of meaningful unencumbered assets, which Fitch believes enhances DFS's financial flexibility. DFS's subordinated debt rating is one notch below the entity's VR of 'bbb+' in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile. The subordinated note rating includes one notch for loss severity given the subordination of these securities in the capital structure, and zero notches for non-performance given contractual limitations on interest payment deferrals and no mandatory trigger events which could adversely impact performance. DFS's preferred stock ratings are five notches below the DFS's VR of 'bbb+' in accordance with Fitch's assessment of each instrument's respective non-performance and relative loss severity risk profile. The preferred stock ratings include two notches for loss severity given these securities' deep subordination in the capital structure, and three notches for non-performance given that the coupons of these securities are non-cumulative and fully discretionary. Discover Bank's uninsured deposit ratings of 'A-/F2' are one notch higher than their respective IDRs because U.S. uninsured deposits benefit from depositor preference in the U.S. Fitch believes this preference in the U.S. gives deposit liabilities superior recovery prospects in the event of default. 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 DFS. RATING SENSITIVITIES - IDRs, Senior Unsecured Debt, Subordinated Debt, Preferred Shares, Support Ratings, Support Rating Floors, VRs, Deposits The Stable Outlook reflects Fitch's view that positive rating momentum is relatively limited over the outlook horizon. Longer term, rating momentum could be driven by consistent market share gains in card-based payments, increased revenue diversity, and strong credit performance in non-card loan categories. Other factors that could support positive rating actions include further clarity on regulatory and legislative issues (particularly as it relates to the student loan sector) and enhanced funding flexibility. In particular, the durability of DFS's internet-based deposit platform in a rising rate environment will be a key determinant in evaluating the strength of the company's funding profile. Negative rating action could be driven by a decline in earnings performance, resulting from a decrease in market share or an inability to contain costs, a weakening liquidity profile, significant reductions in capitalization, and/or potential new and more onerous rules and regulations. Negative rating momentum could also be driven by an inability of DFS to maintain its competitive position and earnings prospects in an increasingly digitized payment landscape. The senior unsecured debt ratings are primarily sensitive to changes in the long-term IDRs of DFS and Discover Bank. The subordinated debt ratings are directly linked to Discover Bank's VR and would move in tandem with any changes in the VR. The preferred stock ratings are directly linked to DFS's VR and would move in tandem with any changes in DFS's credit profile. Discover Bank's uninsured deposit ratings are rated one notch higher than the IDR. The deposit ratings are primarily sensitive to any change in DFS's long- and short-term IDRs. DFS's Support Rating and Support Rating Floor are sensitive to Fitch's assumptions as to capacity to procure extraordinary support in case of need. Fitch has taken these rating actions: Discover Financial Services -- Long-term IDR affirmed at 'BBB+'; -- Short-term IDR affirmed at 'F2'; -- Viability Rating affirmed at 'bbb+'; -- Senior unsecured debt affirmed at 'BBB+'; -- Preferred stock affirmed at 'BB-'; -- Support affirmed at '5'; -- Support Floor affirmed at 'NF'. Discover Bank -- Long-term IDR affirmed at 'BBB+'; -- Short-term IDR affirmed at 'F2'; -- Viability Rating affirmed at 'bbb+'; -- Short-term Deposits affirmed at 'F2'; -- Long-term Deposits affirmed at'A-'; -- Senior unsecured debt affirmed at 'BBB+'; -- Subordinated Debt affirmed at 'BBB'; -- Support affirmed at '5'; -- Support Floor affirmed at 'NF'. The Rating Outlook is Stable. DOLLAR TREE: No Ratings Impact on Merger Yet, Moody's Says ---------------------------------------------------------- Moody's Investors Service said that the Federal Trade Commission's ("FTC") completion of its review and identification of approximately 340 stores for divestiture in the proposed merger of Dollar Tree Inc. (Ba2/stable) and Family Dollar Stores (Baa3 RUR down) was as expected and will have no ratings impact at this time. Dollar Tree expects that all or almost all of the stores that will be divested will be Family Dollar stores. DRYSHIPS INC: Major Investor Sells Holdings ------------------------------------------- Lisa Allen, writing for The Deal, reported that DryShips Inc. could be sailing into stormy seas as one of the company's major hedge fund investors sold down its holdings in the wake of the announcement of a sale to the company's CEO, and some observers have reacted negatively to the deal. According to the report, Paul Slater, chairman and CEO of First International Corp., a maritime and energy-focused financial consulting firm, was skeptical of a March 30 deal to sell four Suzemax tanker ships to private entities controlled by DryShips CEO George Economou for $245 million, with the potential to sell a further six Aframax tankers for $291 million. Dryships Inc. is a provider of ocean transportation services for drybulk and petroleum cargoes through its subsidiary Ocean Rig UDW. Based in Athens, Greece, the Company owns a fleet of 38 drybulk carriers, eight drilling units, and 10 oil tankers. ECO BUILDING: Appoints Four Board Members ----------------------------------------- The Board of Directors of Eco Building Products, Inc., appointed Judith Muhlberg, Gerald M. Czarnecki, Mark Zorko and Tom Comery as independent members of the Board of Directors, according to a document filed with the Securities and Exchange Commission. Each appointee is expected to be named as a member of the Audit Committee, Compensation Committee and Nominating/Governance Committee of the Board. In connection with the appointments to the Board, the Company entered into a Director Agreement with each Appointee whereby the Company agreed to issue each Appointee a (1) cash retainer of $15,000 per calendar year during the Appointee's period of service, paid in quarterly installments and (2) options to purchase up to $25,000 worth of shares of the Company's common stock, $0.001 par value, at an exercise price equal to the fair market value of the common stock on the date of the grant. About Eco Building Vista, Calif.-based Eco Building Products is a manufacturer of proprietary wood products treated with an eco-friendly proprietary chemistry that protects against mold, rot, decay, termites and fire. The Company reported a net income of $532,000 on $876,000 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $1.87 million on $408,328 of total revenue for the same period a year ago. As of Sept. 30, 2014, the Company had $1.74 million in total assets, $24.03 million in total liabilities and a $22.3 million total stockholders' deficit. On Sept. 30, 2014, the Company had $128,000 cash on hand. ERIE HOCKEY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Erie Hockey Club Limited 15-10380 201 East 8th Street Erie, PA 16503 Bassin Hockey, Inc. 15-10381 201 East 8th Street Erie, PA 16503 Nature of Business: EHCL's primary asset is its franchise agreement with the Ontario Hockey League for the Erie Otters hockey team. Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Western District of Pennsylvania (Erie) Judge: Hon. Thomas P. Agresti Debtors' Counsel: Nicholas R. Pagliari, Esq. James R. Walczak, Esq. MACDONALD, ILLIG, JONES & BRITTON LLP 100 State Street, Suite 700 Erie, PA 16507-1459 Tel: 814-870-7754 Fax: 814-454-4647 Email: npagliari@mijb.com jwalczak@mijb.com Debtors' SCHAFFNER KNIGHT MINNAUGH & COMPANY Accountant: Debtors' GAME PLAN SPECIAL SERVICES LLC Broker: Estimated Estimated Assets Liabilities ---------- ----------- Erie Hockey Club $1MM-$10MM $1MM-$10MM Bassin Hockey $1MM-$10MM $1MM-$10MM The petition was signed by Sherwood Bassin, sole shareholder Bassin Hockey, Inc. A list of Erie Hockey Club's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/pawb15-10380.pdf A list of Bassin Hockey's largest unsecured creditor is available for free at http://bankrupt.com/misc/pawb15-10381.pdf EVERYWARE GLOBAL: Proposes Prime Clerk as Claims Agent ------------------------------------------------------ EveryWare Global, Inc., et al., seek approval from the U.S. Bankruptcy Court for the District of Delaware to appoint Prime Clerk LLC as their claims and noticing agent in the chapter 11 cases. The Debtors reviewed engagement proposals from two other court-approved claims and noticing agents to ensure selection through a competitive process. The Debtors submit that Prime Clerk's rates are competitive and reasonable given Prime Clerk's quality services and expertise. For its claims and noticing services, Prime Clerk will charge the Debtors at these hourly rates: Hourly Rate ----------- Analyst $35 to $50 Technology Consultant $80 to $120 Consultant $95 to $145 Senior Consultant $150 to $170 Director $180 to $195 For the firm's solicitation, balloting and tabulation services, the rates are: Hourly Rate ----------- Solicitation Consultant $195 Director of Solicitation $220 The firm will charge $0.10 per page for printing, $0.10 per page for fax noticing, and no charge for e-mail noticing. Hosting of the case Web site is free of charge and on-line claim filing services are free of charge. For data administration and management, the firm will charge $0.10 per record per month for data storage, maintenance and security. Prior to the Petition Date, the Debtors provided Prime Clerk a retainer of $40,000. The claims agent can be reached at: PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Attn: Shai Waisman Tel: (212) 257-5450 E-mail: swaisman@primeclerk.com About EveryWare Global Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. The company has more than 1,500 personnel throughout the United States. Sales and marketing functions are managed from executive offices in Lancaster, Ohio, with staff located in Melville, New York, New York City, and Oneida, New York. The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking, LLC, were founded in 1848 and 1873, respectively. In 2011, investment funds affiliated with the Monomoy Capital Partners completed their acquisition of these companies and, in March 2012, integrated them under the EveryWare brand. In May 2013, a merger was completed where EveryWare became a wholly-owned subsidiary of ROI Acquisition Corp. ("ROI"), a special purpose acquisition company sponsored by affiliates of the Clinton Group, Inc., and ROI was renamed EveryWare Global Inc. As of Sept. 30, 2014, EveryWare reported assets of $238 million and liabilities of $380 million. EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to implement a prepackaged financial restructuring that converts $248 million of the long-term debt to 96% of the common stock of the company post-emergence. EveryWare Global filed its Chapter 11 petition (Bankr. D. Del.) on April 7, 2015, and 12 affiliated debtors filed petitions on April 8, 2015. The cases are pending before Judge Laurie Selber Silverstein, and the debtors are seeking joint administration under Case No. 15-10743. The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal North America, LLC, to provide a CRO and Interim VP of Finance; and Prime Clerk LLC as claims and noticing agent. EVERYWARE GLOBAL: Receives Nasdaq Delisting Notice -------------------------------------------------- EveryWare Global, Inc. on April 8 disclosed that it has been notified by the Staff of The Nasdaq Stock Market LLC that, because the Company filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code on April 8, 2015, Nasdaq intends to delist the Company's common stock from the Nasdaq Stock Market by filing a delisting application with the Securities and Exchange Commission. As previously disclosed, the Company has reached an agreement with its secured lenders on a comprehensive balance-sheet restructuring that, among other things, will substantially reduce the Company's long-term debt. To implement the restructuring, the Company filed a voluntary petition for a prepackaged Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The Company does not intend to appeal the delisting determination. The Company anticipates that the delisting of its common stock from the Nasdaq Stock Market will be effective at the opening of trading on April 17, 2015. The Company expects that its securities will be immediately eligible to be quoted on the OTC Bulletin Board or in the "Pink Sheets." To be quoted on the OTCBB or the Pink Sheets, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. If the Company's securities are delisted from Nasdaq, there can be no assurance that a market maker will apply to quote the Company's common stock or that the Company's common stock will become eligible for the OTCBB or the Pink Sheets. About EveryWare Global Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. The company has more than 1,500 personnel throughout the United States. Sales and marketing functions are managed from executive offices in Lancaster, Ohio, with staff located in Melville, New York, New York City, and Oneida, New York. The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking, LLC, were founded in 1848 and 1873, respectively. In 2011, investment funds affiliated with the Monomoy Capital Partners completed their acquisition of these companies and, in March 2012, integrated them under the EveryWare brand. In May 2013, a merger was completed where EveryWare became a wholly-owned subsidiary of ROI Acquisition Corp. ("ROI"), a special purpose acquisition company sponsored by affiliates of the Clinton Group, Inc., and ROI was renamed EveryWare Global Inc. As of Sept. 30, 2014, EveryWare reported assets of $238 million and liabilities of $380 million. On April 7, 2015, EveryWare Global, Inc. filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del.). Additionally, on April 8, 2015, twelve affiliated debtors each filed a voluntary Chapter 11 petition. The cases are pending before Judge Laurie Selber Silverstein and the debtors are seeking joint administration under Case No. 15-10743. The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal North America, LLC to provide a CRO and Interim VP of Finance; and Prime Clerk LLC as claims and noticing agent. EVERYWARE GLOBAL: To Limit Trading to Protect NOLs -------------------------------------------------- Everyware Global, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to approve certain notification and hearing procedures regarding certain purchases, sales, or other transfers of, or declarations of worthlessness for federal or state tax purposes with respect to, equity securities in Debtor EveryWare Global, Inc. or any beneficial ownership therein. A company generates net operating losses ("NOLs"), generally, if it has incurred more expenses than it has earned revenues in a tax year. Subject to certain conditions, a company may apply, or "carryforward," NOLs to reduce future tax payments in a tax year or years up to 20 years after the tax year in which the NOLs were generated. The Debtors have NOLs in an amount of approximately $129.6 million as of Dec. 31, 2014. Utilization of the Debtors' NOLs in future tax years could generate up to $51.8 million in cash savings from reduced taxes assuming an effective combined state and federal tax rate of 40 percent for the post-emergence company. Because an "ownership change" may negatively impact the Debtors' utilization of their NOLs, the Debtors proposed these procedures: * Any "substantial holder" -- entity that has that has Beneficial Ownership of at least 996,498 shares of EveryWare Global's common stock (representing 4.5 percent of all issued and outstanding common stock) -- must serve and file a declaration on or before the later of (i) 30 calendar days after the date of the notice of the order or (ii) 10 days after becoming a substantial shareholder. * Prior to effectuating any transfer of the equity securities that would result in another entity becoming a substantial holder, the parties to such transaction must serve and file a notice of the intended stock transaction. * The Debtors have 30 calendar days after receipt of the stock transaction notice to object to the proposed transaction. * If the Debtors do not object, the proposed transaction may proceed. * Any transfer of the equity securities in violation of the procedures will be null and void ab initio. The Debtors also filed proposed procedures for declarations of worthlessness of equity securities of the Debtors. Under the proposed procedures, any person or entity that has beneficial ownership of 50 percent or more of the equity securities must serve and file a declaration. Prior to filing any federal or state tax return, or any amendment to such a return, claiming any deduction for worthlessness of the equity securities for a tax year ending before the Debtors' emergence from Chapter 11, such a 50 Percent Holder must serve and file a declaration of proposed deduction. The Debtors have 30 calendar days to object to the proposed action. About EveryWare Global Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. The company has more than 1,500 personnel throughout the United States. Sales and marketing functions are managed from executive offices in Lancaster, Ohio, with staff located in Melville, New York, New York City, and Oneida, New York. The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking, LLC, were founded in 1848 and 1873, respectively. In 2011, investment funds affiliated with the Monomoy Capital Partners completed their acquisition of these companies and, in March 2012, integrated them under the EveryWare brand. In May 2013, a merger was completed where EveryWare became a wholly-owned subsidiary of ROI Acquisition Corp. ("ROI"), a special purpose acquisition company sponsored by affiliates of the Clinton Group, Inc., and ROI was renamed EveryWare Global Inc. As of Sept. 30, 2014, EveryWare reported assets of $238 million and liabilities of $380 million. EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to implement a prepackaged financial restructuring that converts $248 million of the long-term debt to 96% of the common stock of the company post-emergence. EveryWare Global filed its Chapter 11 petition (Bankr. D. Del.) on April 7, 2015, and 12 affiliated debtors filed petitions on April 8, 2015. The cases are pending before Judge Laurie Selber Silverstein, and the debtors are seeking joint administration under Case No. 15-10743. The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal North America, LLC, to provide a CRO and Interim VP of Finance; and Prime Clerk LLC as claims and noticing agent. EXIDE TECHNOLOGIES: Baker Botts Files Supplemental Declaration -------------------------------------------------------------- Jennifer Keane, a partner at the law firm of Baker Botts L.L.P., filed a supplemental declaration to her Feb. 23, 2015 declaration in support of the application for retention of Baker Botts as special counsel to Exide Technologies. Ms. Keane told the Court that shehas submitted to Baker Botts' computerized client and conflict database, the names set forth in the list of interested parties in the chapter 11 case that the Debtor identified. Ms. Keane assured the Court that neither Baker Botts nor any partner, counsel, or associate thereof, including herself, represents or holds any interest adverse to the Debtor or the Debtor's estate in connection with the matters upon which Baker Botts is to be employed. As reported in the Troubled Company Reporter on Marh 19, 2015, the Debtor is seeking authorization to employ Baker Botts as special counsel, nunc pro tunc to Jan. 1, 2014. Baker Botts will assist the Debtor, as requested, with respect to environmental representation and to perform any and all other legal services as may be requested by the Debtor from time to time. Baker Botts will be paid at these hourly rates: Van Beckwith, Partner-Trial Department $990 Jennifer Keane, Partner-Environmental $765 Aileen Hooks, Partner-Environmental $765 Ryan Bangert, Partner-Trial Department $720 Paulina Williams, Sr. Associate-Environmental $630 Partners $650 to $1,250 Associates and Other Counsel $350 to $1,000 Paraprofessionals $125 to $650 Baker Botts will also be reimbursed for reasonable out-of-pocket expenses incurred. About Exide Technologies Headquartered in Milton, Ga., 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. * * * In November 2014, the Bankruptcy Court terminated Exide's exclusive period to propose a Chapter 11 plan. The Court ordered that any party-in-interest, including the Official Committee of Unsecured creditors may file and solicit acceptance of a Chapter 11 Plan. Exide already has a plan of reorganization in place. Reorganized Exide's debt at emergence will comprise: (i) an estimated $225 million Exit ABL Revolver Facility; (ii) $264 million of New First Lien High Yield Notes; (iii) $284 million of New Second Lien Convertible Notes. The Debtor's non-debtor European subsidiaries are also expected to have approximately $23 million; (b) The New Second Lien Convertible Notes will be convertible into 80% of the New Exide Common Stock on a fully diluted basis; and (c) New Exide Common Stock would be allocated as follows: 15.0% to Holders of Senior Secured Note Claims after conversion of the New Second Lien Convertible Notes into New Exide Common Stock; 3.0% on account of the DIP/Second Lien Conversion Funding Fee; and 2.0% on account of the DIP/Second Lien Backstop Commitment Fee. In December 2014, Judge Kevin Carey denied the request of Exide shareholders for appointment of an official equity holders' committee. The shareholders objected to the Plan. EYL INVESTMENT: Case Summary & 4 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: EYL Investment Corp. 262 Ave. Jesus T. Pinero San Juan, PR 00918 Case No.: 15-02622 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Mary Ann Gandia, Esq. GANDIA-FABIAN LAW OFFICE PO Box 270251 San Juan, PR 00927 Tel: 7873907111 Fax: 787763-8212 Email: gandialaw@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eduardo Hernandez Ramirez, president. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-02622.pdf FIDELITY & GUARANTY: Fitch Retains 'BB' IDR on HRG Announcement --------------------------------------------------------------- Fitch Ratings has taken no rating action on Fidelity & Guaranty Life or any of its insurance subsidiaries (collectively F&G Life) following HRG Group, Inc.'s announcement on April 6 that it will be exploring strategic alternatives for F&G Life, which may include a sale of all or part of its 80.6% ownership interest. Fitch views this announcement of a potential sale as credit neutral and will not be taking rating action at this time. The 'BB' long-term IDR of the holding company, Fidelity & Guaranty Life Holdings Inc, is currently subject to wider notching from the IFS rating of the operating entities as a result of HRG ownership. Depending on the outcome of HRG's review of strategic alternatives for F&G Life, Fitch may change its view on whether wider notching continues to apply to the holding company long-term IDR. Fitch has taken no action on these ratings: Fidelity & Guaranty Life Insurance Co. Fidelity & Guaranty Life Insurance Co. of New York -- IFS rating 'BBB'. Fidelity & Guaranty Life Holdings, Inc. -- Long-term IDR 'BB'; -- Senior unsecured note due April 2021 'BB-'. FOUNDATION HEALTHCARE: Grant Christianson Quits as Officer ---------------------------------------------------------- Grant A. Christianson resigned from his position as chief accounting officer and principal accounting officer on April 2, 2015, according to a Form 8-K filed with the Securities and Exchange Commission. The Company said it does not anticipate naming a new chief accounting officer. Hubert King, the Company's chief financial officer, will now also serve as the Company's principal accounting officer. About Foundation Healthcare Oklahoma-based Foundation Healthcare is a healthcare services company primarily focused on owning controlling interests in surgical hospitals and the inclusion of ancillary service lines. The Company currently owns controlling and noncontrolling interests in surgical hospitals located in Texas. The Company also owns noncontrolling interests in ambulatory surgery centers ("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey, Maryland and Ohio. Additionally, the Company provides sleep testing management services to various rural hospitals in Iowa, Minnesota, Missouri, Nebraska and South Dakota under management contracts with the hospitals. The Company provides management services to a majority of its Affiliates under the terms of various management agreements. Prior to Dec. 2, 2013, the Company's name was Graymark Healthcare, Inc. Foundation Healthcare reported a net loss attributable to the Company common stock of $2.09 million on $101.85 million of revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to the Company common stock of $20.4 million on $87.2 million of revenues in 2013. As of Dec. 31, 2014, the Company had $59.5 million in total assets, $66.9 million in total liabilities, $8.7 million in preferred noncontrolling interests, and a $16.1 million total deficit. Hein & Associates LLP, in Denver, Colorado, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company had insufficient working capital as of Dec. 31, 2014 to fund anticipated working capital needs over the next twelve months. GARLOCK SEALING: Deadline to Remove Suits Extended to Sept. 30 -------------------------------------------------------------- U.S. Bankruptcy Judge J. Craig Whitley has given Garlock Sealing Technologies LLC until Sept. 30, 2015, to file notices of removal of lawsuits involving the company and its affiliates. About Garlock Sealing Headquartered in Palmyra, New York, Garlock Sealing Technologies LLC is a unit of EnPro Industries, Inc. (NYSE: NPO). For more than a century, Garlock has been helping customers efficiently seal the toughest process fluids in the most demanding applications. On June 5, 2010, Garlock filed a voluntary Chapter 11 petition (Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina, to establish a trust to resolve all current and future asbestos claims against Garlock under Section 524(g) of the U.S. Bankruptcy Code. The Debtor estimated $500 million to $1 billion in assets and up to $500 million in debts as of the Petition Date. Affiliates The Anchor Packing Company and Garrison Litigation Management Group, Ltd., also filed for bankruptcy. Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A., represents the Debtor in their Chapter 11 effort. Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for asbestos matters. The Official Committee of Asbestos Personal Injury Claimants in the Chapter 11 cases is represented by Travis W. Moon, Esq., at Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC, Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and Jeanna Rickards Koski, Esq., in Washington, D.C. 20005. Joseph W. Grier, III, the Court-appointed legal representative for future asbestos claimants, has retained A. Cotten Wright, Esq., at Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his co-counsel. Judge George Hodges of the United States Bankruptcy Court for the Western District of North Carolina on Jan. 10, 2014, entered an order estimating the liability for present and future mesothelioma claims against Garlock Sealing at $125 million, consistent with the positions GST put forth at trial. GBG RANCH: Deadline to File Claims Report Extended to May 1 ----------------------------------------------------------- U.S. Bankruptcy Judge David Jones has given the examiner appointed in GBG Ranch Ltd.'s bankruptcy case until May 1, 2015, to file a claims report. About GBG Ranch GBG Ranch, LTD, a Texas Limited Partnership, sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 14-50155) in Laredo, Texas on July 8, 2014, without stating a reason. In a schedules filed Dec. 9, 2014, the Debtor disclosed $54,111,258 in assets and $4,401,493 in liabilities as of the Chapter 11 filing. The company is represented by the Law Office of Carl M. Barto. Leslie M. Luttrell and the Luttrell + Villareal Law Group serve as special counsel. GENOA: Moody's Assigns 'B2' Corporate Family Rating --------------------------------------------------- Moody's Investors Service assigned Genoa, a QoL Healthcare Company, LLC (New) ("Genoa", formerly known as QoL meds, LLC) a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating in connection with the proposed acquisition of 80% of the company by financial sponsor Advent International (Advent) from Natuic Partners (Nautic). Moody's also assigned a B1 rating to the company's proposed senior secured first lien revolving credit facility and term loan, and a Caa1 rating to the proposed second lien term loan. The rating outlook is stable. The company intends to use proceeds from the debt issuance, combined with new cash equity from Advent and roll-over equity from existing owner Nautic and management, to fund the acquisition of Genoa, and to pay fees and expenses. "Although the buyout will increase the financial leverage to above 7.0x debt/EBITDA initially and is credit negative, Moody's is maintaining Genoa's corporate rating level because they expect leverage to decline to below 6.0x in the next 12-18 months primarily driven by solid revenue and EBITDA growth," commented John Zhao, a Moody's senior analyst and Vice President. "Favorable fundamentals in the mental specialty pharmacy sector, in which Genoa has a niche leadership position, will support the steady growth in earnings and cash flow." Moody's took the following rating actions on Genoa, a QoL Healthcare Company, LLC (New): Ratings assigned: Corporate Family Rating at B2 Probability of Default Rating at B2-PD $50 million first lien senior secured revolving credit facility at B1, LGD3 $265 million first lien senior secured term loan at B1, LGD3 $155 million second lien senior secured term loan at Caa1, LGD5 Rating outlook is stable All ratings are subject to Moody's review of final transaction terms and documentation. The company's existing ratings at Genoa, a QoL Healthcare Company, LLC, including B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 existing first lien senior secured credit facility ratings remain unchanged and will be withdrawn upon closing. RATINGS RATIONALE The B2 CFR reflects Genoa's small scale in a narrow market niche, high leverage, and modest operating margins. The rating also incorporates business risks associated with the company's heavy reliance on reimbursement through government programs such as Medicare and Medicaid for more than 90% of its total revenue, as well as its high revenue and earnings concentration in several states. These factors create significant exposure to state budget pressure and healthcare reform. Moody's expects that governments, consumers and health care providers will continue to focus on implementing measures to contain healthcare costs that will pressure Medicare and Medicaid reimbursement rates over the next few years. Despite the initial high leverage (around 7.0x debt/EBITDA), the B2 rating reflects Moody's anticipation of deleveraging over the next 12-18 months to below 6.0x. The rating is also supported by Genoa's market position as the leading on-site pharmacy operator for Community Mental Health Centers (CMHCs) in the US The rating also incorporates the company's continued revenue growth supported by positive same store sales growth driven by patient population expansion. The volume ramp-up at newly opened pharmacies as well as De Novo openings are also driving growth. The company also has a good recent track record of maintaining and improving its operating margin despite reimbursement pressures. Genoa will have a good liquidity position upon completion of the proposed transaction supported by $5 million of pro forma cash, $20-25 million of projected free cash flow, and an undrawn $50 million revolver expiring in 2020. The cash sources provide good coverage for the required term loan amortization. The new revolver is subject to a springing first lien net leverage ratio if utilization exceeds 35% but there are no covenants on the term loans. The stable outlook reflects Moody's view that the company will steadily reduce financial leverage through a combination of EBITDA growth and debt repayment. Moody's expects the company to maintain a good liquidity profile and a balanced financial policy with regard to acquisitions and debt reduction. The ratings could be downgraded if Genoa is unable to de-lever and its debt/EBITDA remains above 6.5x or free cash flow to total debt is sustained below 3%. Ratings could also be downgraded if the company faces significant reimbursement pressures that are not offset by cost saving and/or growth initiatives. The rating could also be downgraded if the company engages in material debt-financed acquisitions or shareholder distributions, or if liquidity deteriorates. Moody's does not expect an upgrade in the near to medium term due to the company's singular industry focus, small scale, revenue concentration to government payors, and earnings sensitivity to state and federal budgets. Longer-term, the rating could be upgraded if Moody's expects Genoa to increase revenue and improve margins sustainably, as well as diversify its payor base and state presence. A longer track record of its ability to mitigate reimbursement rate pressure and adherence to a conservative financial policy are also necessary for a rating upgrade. In addition, an upgrade would require adjusted debt/EBITDA to be sustained below 4.0 times. Genoa, headquartered in Pittsburgh, Pennsylvania provides on-site pharmacy services to the patients of community mental health centers. Genoa operate 241 pharmacies across 35 states as of December 31, 2014. GREENSHIFT CORP: Rosenberg Expresses Going Concern Doubt -------------------------------------------------------- Greenshift Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $1.97 million on $12.8 million of total revenue for the year ended Dec. 31, 2014, compared to a net loss of $4.43 million on $15.5 million of total revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Greenshift had $2.08 million in total assets, $41.8 million in total liabilities and a $39.7 million total stockholders' deficit. "We have had a history of operating losses, and may in the future incur operating losses which could be substantial. Although our current licenses may provide sufficient revenue to bring us to profitability, we may not be able to sustain or increase profitability thereafter, which could negatively affect the trading price of our common stock," the Company said in the report. Rosenberg Rich Baker Berman & Company, in Somerset, NJ, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm noted that the Company had $587,000 in cash, and current liabilities exceeded current assets by $39.0 million as of Dec. 31, 2014. In addition, the Company is in default of certain debentures for which it is negotiating a modification and extension with the creditors, and, a court issued partial summary judgment that the Company's corn oil extraction patents are invalid. These conditions raise substantial doubt about its ability to continue as a going concern, the auditors said. A full-text copy of the Form 10-K is available for free at: http://is.gd/bEf8sf About Greenshift Corporation Headquartered in New York, GreenShift Corporation develops and commercializes clean technologies designed to integrate into and leverage established production and distribution infrastructure to address the financial and environmental needs of its clients by decreasing raw material needs, facilitating co-product reuse, and reducing waste and emissions. GT ADVANCED: Asks Court to Approve Deal With Kerry Logistics ------------------------------------------------------------ GT Advanced Technologies Inc. has filed a motion seeking court approval for a deal between its Hong Kong unit and Kerry Logistics (Hong Kong) Ltd. The agreement, if approved, would allow GT Advanced Technologies Limited immediate access to its goods stored in Kerry Logistics (Hong Kong) Ltd.'s warehouses. In exchange, GT Advanced's Hong Kong unit will deposit $901,244 into a segregated account to secure its obligations. Kerry Logistics will have a "fully perfected replacement lien" on those funds on condition that its general unsecured claim of $901,244 is allowed as a secured claim, and the secured claim is not avoided or declared invalid. The U.S. Bankruptcy Court for the District of New Hampshire will hold a hearing on April 16 to consider approval of the agreement. About GT Advanced Technologies Headquartered in Merrimack, New Hampshire, GT Advanced Technologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced a multiyear supply deal with Apple Inc. to produce sapphire glass material for use in consumer electronics products. Under the deal, Apple would provide GTAT with a prepayment of approximately $578 million paid in four installments and, starting in 2015, GTAT would reimburse Apple for the prepayment over a five-year period. GT is a publicly held corporation whose stock was traded on NASDAQ under the ticker symbol "GTAT." GTAT was de-listed from the NASDAQ stock exchange in October 2014. As of June 28, 2014, the GTAT Group's unaudited and consolidated financial statements reflected assets totaling $1.5 billion and liabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had $85 million in cash, $84 million of which is unencumbered. On Oct. 6, 2014, GT Advanced Technologies and eight affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916). GT says that it has sought bankruptcy protection due to a severe liquidity crisis brought about by its issues with Apple. The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee has named seven members to the Official Committee of Unsecured Creditors. The Committee' professionals are Kelley Drye as its bankruptcy counsel; Devine, Millimet & Branch, Professional Association as local counsel; EisnerAmper LLP as financial advisors; and Houlihan Lokey Capital, Inc. as investment banker. GTAT has reached a settlement with Apple. The settlement gives Apple an approved claim for $439 million secured by more than 2,000 sapphire furnaces that GT Advanced owns and has four years to sell, with proceeds going to Apple. In addition, Apple gets royalty-free, non-exclusive licenses for GTAT's technology. HIGH RIDGE MANAGEMENT: Case Summary & 8 Largest Unsecured Creditors ------------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- High Ridge Management Corp. 15-16388 2421 NE 32 Court Lighthouse Point, FL 33064 Hollywood Hills Rehabilitation Center, LLC 15-16389 Hollywood Pavilion, LLC 15-16390 Type of Business: Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Southern District of Florida (Fort Lauderdale) Judge: Hon. John K Olson Debtor's Counsel: Timothy R Bow, Esq. MARKOWITZ, RINGEL, TRUSTY & HARTOG, P.A. 101 NE Third Avenue, Suite 1210 Fort Lauderdale, FL 33301 Tel: 954-767-0030 Email: tbow@mrthlaw.com - and - Grace E. Robson, Esq. MARKOWITZ, RINGEL, TRUSTY & HARTOG, P.A. 101 NE 3 Ave #1210 Fort Lauderdale, FL 33301 Tel: 954-767-0030 Fax: 954.767.0035 Email: grobson@mrthlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tamir Zury, director. List of Debtor's eight Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Broward County Records Taxes & Treas. Unknown CMS Regional Office Unknown FL Agency for Health Care Administration Unknown Florida Department of Revenue Unknown Internal Revenue Service Unknown Centralized Insolvency Operations Isaac & Salgado Grondin, P.L. Unknown John Steinmeyer Unknown Leonore Kallen Unknown HIGH RIDGE MANAGEMENT: Seeks Chapter 11 Protection in Florida ------------------------------------------------------------- High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills Rehabilitation Center LLC, sought Chapter 11 protection (Banrk. S.D. Fla. Lead Case No. 15-16388) in Fort Lauderdale, Florida, on April 8, 2015. High Ridge estimated $10 million to $50 million in assets and debt. High Ridge owns real property located at 1200 North 35th Avenue and 1201 North 37th Avenue, Hollywood, Florida, and is the landlord of Pavilion and Hollywood Hills. Before executing a management agreement with Larkin Community Hospital, Pavilion was operating a 50-bed Florida-licensed mental health hospital on the real property. Before the appointment of a receiver, Hollywood Hills operated a 152-bed Florida-licensed nursing home on the real property. High Ridge is the 100 percent owner of the membership interests in Hollywood Hills and Pavilion. Prior to Jan. 14, 2014, when a receiver was appointed, High Ridge managed the operations for Pavilion and Hollywood Hills. The Debtors are seeking joint administration of their Chapter 11 cases. Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz Ringel Trusty + Hartog, in Fort Lauderdale, Florida, serve as counsel. HIPCRICKET INC: Creditors Have Until May 4 to File Proofs of Claim ------------------------------------------------------------------ The Bankruptcy Court established May 4, 2015, at 4:00 p.m., as the deadline for any individual or entity to file proofs of claim against Hipcricket, Inc. The Court also set the governmental units bar date for July 19, at 4:00 p.m. Proofs of claim must be submitted to the Debtor's claims agent -- Rust Consulting Omni Bankruptcy -- or with the: Clerk of the Bankruptcy Court District of Delaware 824 Market Street, 3rd Floor Wilmington, DE 19801 About Hipcricket Headquartered in Bellevue, Washington, Hipcricket, Inc., formerly known as Augme Technologies, is a publicly held Delaware corporation. Hipcricket is in the business of providing end-to-end, data-driven mobile advertising and marketing solutions through its proprietary AD LIFE software-as-a service platform -- a proprietary, mobile engagement platform for businesses to communicate with customers through cellphones, tablets and other mobile devices. The Company had 77 full-time employees as of the bankruptcy filing. Hipcricket sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10104) on Jan. 20, 2015, with a deal to sell its assets. The Debtor has tapped Pachulski Stang Ziehl & Jones LLP as counsel, Canaccord Genuity Inc. as investment banker, Perkins Coie LLP as special corporate counsel, and Omni Management Group, LLC, as claims and noticing agent. As of Jan. 20, 2015, the Company had total assets of $16.8 million and liabilities of $12.06 million. HOP 1 ENTERPRISES: Files for Chapter 11 Bankruptcy Protection ------------------------------------------------------------- Andrew Gomes at Star Advertiser reports that HOP 1 Enterprises Inc. has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Honolulu to keep Kahului's International House of Pancakes in business. Star Advertiser relates that the Company owes $1.3 million in debts and faces tax liens by the state and IRS. HOP 1 Enterprises Inc. owns IHOP in Maui, Hawaii, and is led by Ernesto Abarro. JOHN EMMONS TAEKWONDO: Case Summary & 5 Top Unsecured Creditors --------------------------------------------------------------- Debtor: John Emmons Taekwondo, Inc. 1050 Aeronautical Drive Kissimmee, FL 34744 Case No.: 15-03102 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Debtor's Counsel: Brian D Solomon, Esq. BRIAN D. SOLOMON, P.L. 1311 Indiana Avenue Saint Cloud, FL 34769 Tel: (407) 957-0077 Fax: (407) 641-8503 Email: bsolomon@solomon-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John Emmons, president. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb15-03102.pdf JOLIE HOLDINGS: Case Summary & Largest Unsecured Creditor --------------------------------------------------------- Debtor: Jolie Holdings Realty L.P. 304 & 306 Camer Road Bensalem, PA 19020 Case No.: 15-12426 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Eastern District of Pennsylvania (Philadelphia) Judge: Hon. Jean K. FitzSimon Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN, P.C. One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Tel: (215) 557-3550 Fax: 215-557-3551 Email: aciardi@ciardilaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Judith Ann Capponi, president of general partner Jolie Holdings Realty Mgmt, Inc. The Debtor listed Bucks County Tax Claim Bureau as its largest unsecured creditor holding a claim of $11,000. A full-text copy of the petition is available at: http://bankrupt.com/misc/paeb15-12426.pdf KARMALOOP INC: US Trustee Forms Unsecured Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 appointed five creditors of Karmaloop Inc. to serve on the official committee of unsecured creditors. The unsecured creditors' committee is composed of: (1) eBay Enterprise Inc. f/k/a GSI Commerce Solutions Inc. Attn: Howard Sherman 935 First Avenue King of Prussia, Pennsylvania Phone: (610) 491-4254 (2) Insight Venture Partners VI Attn: Eric Goldstein 1114 Avenue of Americas, 36th Floor New York, New York 10036 Phone: 212-931-5307 Fax: 212-230-9272 (3) Over Everything LLC dba The Collective Attn: Tadd Crave 501 10th Avenue New York, New York Phone: 917-262-1166 (4) Catherine McEnroe Phone: (516) 627-6507. (5) Vcare Technology Attn: Salil Gupta 5000 Atrium Way, Suite 8 Mount Laurel, NJ 08854 Phone: 848-219-0935 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635). The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. KIOR INC: Ch. 11 Plan Goes to June 3 Confirmation Hearing --------------------------------------------------------- Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware will convene a hearing on June 3, 2015, at 10:00 a.m. (EDT), to consider confirmation of Kior, Inc.'s Chapter 11 plan of reorganization. Judge Sontchi approved the disclosure statement explaining the Plan on April 9. The Court sets May 20 as the last day for filing objections, comments and responses to the Plan. The Debtor and any Plan Support Party may file one or more responses in support of the confirmation of the Plan on or before May 29. The Debtor amended the disclosure statement to provide that all of the Debtor's existing equity interests will be cancelled and the Debtor will issue new equity interests to the holders of the DIP Financing Claims and the Debtor's prepetition First Lien Claims in exchange for the cancellation of $29 million of the indebtedness. The Plan also provides for the creation of a Liquidating Trust which will be funded with (i) cash designated for Class 7 continuing trade creditors, (ii) $100,000, and (iii) the transfer of certain claims and causes of action that belong to the estate. The Reorganized Debtor will be funded through an Exit Facility consisting of a conversion of the DIP Financing Claims (under the current DIP Financing, in the approximate amount of $15,273,500, plus any amounts under the proposed DIP Amendment, which seeks up to an additional approximately $14 million for a total $29 million) and the conversion of any amount of the Debtor's prepetition First Lien Claims. A blacklined version of the Disclosure Statement dated April 8 is available at http://bankrupt.com/misc/KIORds0408.pdf About KiOR Inc. KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are development stage, renewable fuels companies based in Pasadena, Texas and Columbus, Mississippi, respectively. KiOR, Inc., was founded in 2007 as a joint venture between Khosla Ventures, LLC, and BIOeCon B.V. KiOR Inc.'s primary business is the development and commercialization of a ground-breaking proprietary technology designed to generate a renewable crude oil from non-food cellulosic biomass. KiOR, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-12514) on Nov. 9, 2014, in Delaware. Through the chapter 11 case, the Debtor intends to reorganize its business or sell substantially all of its assets so that it can continue its core research and development activities. KiOR Columbus did not seek bankruptcy protection. The Debtor disclosed $58.3 million in assets and $261 million in liabilities as of June 30, 2014. The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley, Esq., and Eric M. English, Esq., at King & Spalding, LLP, in Houston, Texas; and John Henry Knight, Esq., Michael Joseph Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. The Debtor's financial advisor is Alvarez & Marsal. Guggenheim Securities, LLC, is the Debtor's investment banker. Epiq Bankruptcy Solutions, LLC, is the Debtor's claims and noticing agent. Pasadena Investments, LLC, as administrative agent for a consortium of lenders, committed to provide up to $15 million in postpetition financing. The DIP Agent is represented by Thomas E. Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California, and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. LA4EVER LLC: Case Summary & Largest Unsecured Creditors ------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- LA4Ever, LLC 15-30546 P.O. Box 2956 New Haven, CT 06515 LLCD, LLC 15-30547 P.O. Box 2956 New Haven, CT 06515 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court District of Connecticut (New Haven) Judge: Hon. Julie A. Manning Debtors' Counsel: Carl T. Gulliver, Esq. COAN LEWENDON GULLIVER & MILTENBERGER, LLC 495 Orange Street New Haven, CT 06511 Tel: (203) 624-4756 Fax: 203-865-3673 Email: cgulliver@coanlewendon.com Estimated Estimated Assets Liabilities ---------- ----------- LA4Ever, LLC $500K-$1MM $1MM-$10MM LLCD, LLC $500K-$1MM $500K-$1MM The petition was signed by Daphne Benas, member. A list of LA4Ever, LLC's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/ctb15-30546.pdf A list of LLCD, LLC's three largest unsecured creditors is available for free at http://bankrupt.com/misc/ctb15-30547.pdf LEGACY HOME HEALTH: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Legacy Home Health Agency, Inc. 6655 First Park 10 Blvd. San Antonio, TX 78213 Case No.: 15-50902 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Hon. Ronald B. King Debtor's Counsel: William R. Davis, Jr, Esq. LANGLEY & BANACK, INC. 745 E Mulberry Ave, Suite 900 San Antonio, TX 78212 Tel: (210) 736-6600 Fax: (210) 735-6889 Email: wrdavis@langleybanack.com Total Assets: $1.7 million Total Liabilities: $456,791 The petition was signed by Ambrose Hernandez, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txwb15-50902.pdf LITTLEFORD DAY: Files for Chapter 11; Might Sell Co. to Loedige --------------------------------------------------------------- Littleford Day, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 15-10722) on April 2, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Glenn Sherill Vice, interim CEO. Michael Joseph Joyce, Esq., and Kevin Scott Mann, Esq., at Cross & Simon, LLC, serve as the Company's local counsel. McGuire Woods LLP is the Company's general bankruptcy counsel. Chuck Kunz III, writing for Jdsupra.com, relates that Judge Kevin Gross presides over the case. The Company, according to court documents, cut its workforce over the past year from 65 to 27 on the Petition Date. J. Garvin Warden, the Company's chief restructuring officer, said in the court documents that despite good faith efforts to reduce costs and enhance revenue, the Company has been unable to maintain adequate cash flow to satisfy its mounting obligations. Mr. Warden explained that the Company has explored various restructuring strategies, but has determined that a sale offers the best opportunity to get the best value for the company. Jdsupra.com relates that the Company has determined to enter bankruptcy with Loedige Littleford Process Technology, LLC, as a stalking horse. Loedige Littleford is offering $1.75 million for the Company, the report says. The Company has no available line of credit as of the Petition Date and is only able to operate with debtor-in-possession financing, Jdsupra.com states. According to the report, Loedige Littleford has agreed to provide a $750,000 DIP facility in connection with its stalking horse bid. Headquartered in Florence, Kentucky, Littleford Day, Inc. -- http://www.littleford.com/-- supplies industrial mixers, dryers and reactors. It has been in business since 1882. LOCAL CORP: BDO USA Expresses Going Concern Doubt ------------------------------------------------- Local Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. BDO USA, LLP, expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring losses from operations and has a working capital deficiency. The Company reported a net loss of $5.50 million on $83.1 million of revenue for the year ended Dec. 31, 2014, compared to a net loss of $10.4 million on $94.4 million of revenue in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $38.1 million in total assets, $22.5 million in total liabilities, and total stockholders' equity of $15.6 million. A copy of the Form 10-K is available at: http://is.gd/X2hDLv Local Corporation helps consumers search and find local businesses, products and services online through Local.com and its other websites. The Irvine California-based Company generates revenue from ad units placed alongside its search results, which include pay-per-click, pay-per-call, and display ad units. LONGVIEW POWER: Asks Court to Extend Deadline to Remove Suits ------------------------------------------------------------- Longview Power LLC has filed a motion seeking additional time to remove lawsuits involving the company and its affiliates. In its motion, Longview asked the U.S. Bankruptcy Court in Delaware to allow the company to remove the lawsuits until the effective date of its Chapter 11 plan of reorganization. The extension, if granted, would give the company enough time to make "fully-informed decisions" concerning removal of the lawsuits, according to its lawyer, Zachary Shapiro, Esq., at Richards Layton & Finger P.A., in Wilmington, Delaware. The motion is on Judge Brendan Shannon's calendar for April 15, 2015. About Longview Power Longview Power LLC is a special purpose entity created to construct, own, and operate a 695 MW supercritical pulverized coal-fired power plant located in Maidsville, West Virginia, just south of the Pennsylvania border and approximately 70 miles south of Pittsburgh. The project is owned 92% by First Reserve Corporation (First Reserve or sponsor), a private equity firm specializing in energy industry investments, through its affiliate GenPower Holdings (Delaware), L.P., and 8% by minority interests. Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case 13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery L. Keffer, the Company's chief executive officer, president, treasurer and secretary. The Debtor estimated assets and debts of more than $1 billion. Judge Brendan Linehan Shannon presides over the case. Kirkland & Ellis LLP and Richards, Layton & Finger, P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC acts as the Debtors' investment bankers. Alvarez & Marsal North America, LLC, is the Debtors' restructuring advisors. Ernst & Young serves as the Debtors' accountants. The Debtors' claims agent is Donlin, Recano & Co. Inc. The Debtor disclosed assets of $1.72 billion plus undisclosed amounts and liabilities of $1.08 billion plus undisclosed amounts. A committee of unsecured creditors has not been appointed in the case due to insufficient response to the U.S. Trustee's communication/contact for service on the committee. Judge Brendan Linehan Shannon on March 16, 2015, confirmed the Debtors' Second Amended Joint Plan of Reorganization. The Plan incorporates the settlement among the Debtors, First American Title Insurance Company, and their contractors Amec Foster Wheeler North America, Kvaerner, and Siemens Energy, Inc. MARINA BIOTECH: Amends $25 Million Securities Prospectus -------------------------------------------------------- Marina Biotech, Inc. filed with the Securities and Exchange Commission an amended Form S-1 registration statement relating to the offering 43,103,448 units, assuming a public offering price of $0.58 per unit, the closing price for the Company's common stock on the OTCQB on April 2, 2015, with an aggregate market value of $25,000,000. Each unit will consist of (i) one share of the Company's common stock, par value $0.006 per share and (ii) a warrant to purchase up to 0.75 shares of the Company's common stock. No units will be issued, however, and purchasers will receive only shares of common stock and warrants. The common stock and warrants may be transferred separately immediately upon issuance. The Company's common stock is traded on the OTCQB under the symbol "MRNA." The Company does not intend to list the warrants on any securities exchange or other trading market and the Company does not expect that a public trading market will develop for the warrants. Without an active market, the liquidity of the warrants will be limited. A full-text copy of the amended prospectus is available at: http://is.gd/tuFxwy About Marina Biotech Marina Biotech, Inc., headquartered in Bothell, Washington, is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies utilizing gene silencing approaches such as RNA interference ("RNAi") and blocking messenger RNA ("mRNA") translation. The Company's goal is to improve human health through the development, either through its own efforts or those of its collaboration partners and licensees, of these nucleic acid-based therapeutics as well as the delivery technologies that together provide superior treatment options for patients. The Company has multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver novel nucleic acid-based therapeutics via systemic, local and oral administration to target a wide range of human diseases, based on the unique characteristics of the cells and organs involved in each disease. On June 1, 2012, the Company announced that, due to its financial condition, it had implemented a furlough of approximately 90% of its employees and ceased substantially all day-to-day operations. Since that time substantially all of the furloughed employees have been terminated. As of Sept. 30, 2012, the Company had approximately 11 remaining employees, including all of its executive officers, all of whom are either furloughed or working on reduced salary. As a result, since June 1, 2012, its internal research and development efforts have been minimal, pending receipt of adequate funding. Marina Biotech reported a net loss of $6.47 million on $500,000 of license and other revenue for the year ended Dec. 31, 2014, compared to a net loss of $1.57 million on $2.11 million of license and other revenue in 2013. As of Dec. 31, 2014, Marina Biotech had $9.21 million in total assets, $13.58 million in total liabilities, and a $4.37 million stockholders' deficit. Wolf & Company, P.C., in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing the Company has suffered recurring losses from operations, has a significant accumulated deficit and has been unable to raise sufficient capital to fund its operations through the end of 2015. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors noted. MEDBOX INC: Marcum LLP Raises Going Concern Doubt ------------------------------------------------- Medbox, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. Marcum LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has a significant working capital deficit and an accumulated deficit as of Dec. 31, 2014, and has incurred a significant net loss and negative cash flows from operations for the year then ended. The Company reported a net loss of $16.5 million on $629,000 of net revenue for the year ended Dec. 31, 2014, compared to a net loss of $3.79 million on $2.06 of net revenue in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $4.26 million in total assets, $12.3 million in total liabilities, and a stockholders' deficit of $8.05 million. A copy of the Form 10-K is available at: http://is.gd/98nVmg Medbox, Inc., offers patented systems, software and consulting services for pharmacies, alternative medicine dispensaries and local governments in the United States. The Company's subsidiary, Medbox CBD, Inc. specializes in hemp-oil concentrates and development of pharmaceutical products derived from cannabis. MILACRON INTERMEDIATE: Moody's Cut Corporate Family Rating to B3 ---------------------------------------------------------------- Moody's Investors Service downgraded Milacron Intermediate Holdings Inc.'s Corporate Family Rating (CFR) to B3 from B2 and the Probability of Default rating to B3-PD from B2-PD following the company's announcement of a debt-funded dividend to its equity sponsor, CCMP Capital Advisors. Moody's also assigned a B2 to Milacron's new senior secured term loan B that will fund the proposed dividend as well as refinance the company's existing senior secured term loan B and senior secured notes. In addition, Moody's downgraded the senior unsecured notes to Caa2 from Caa1 which are held at Milacron LLC and Mcron Finance Corp, co-issuers. The existing term loan B rating of B1 and senior secured notes rating of B1 are unaffected at this time but will be withdrawn upon closing of the transaction. The rating outlook is stable. The downgrade reflects the meaningful increase in debt-to-EBITDA leverage as a result of the proposed transaction, and Moody's expectation that leverage will remain above 6.0x over the next 12-18 months notwithstanding projected earnings growth. Moody's took the following rating actions: Ratings downgraded: Milacron Intermediate Holdings Inc. -- Corporate Family Ratings, to B3 from B2 -- Probability of Default, to B3-PD from B2-PD Milacron LLC (Co-Issued by Mcron Finance Corp) -- Senior Unsecured Notes, to Caa2 (LGD5) from Caa1 (LGD5) Rating assigned: Milacron LLC -- Senior Secured Term Loan B, at B2 (LGD3) Ratings to be withdrawn at transaction close: Milacron LLC -- Senior Secured Term Loan B, currently B1 (LGD3) Mcron Finance Corp (Co-Issued by Milacron LLC) -- Senior Secured Notes, currently B1 (LGD3) Rating outlook is Stable RATINGS RATIONALE Milacron's B3 CFR reflects its high leverage - Moody's adjusted debt-to-EBITDA is approaching 7x following the dividend recapitalization - moderate size, modest free cash flow and vulnerability to cyclical client spending on capital plastic processing equipment and related products. The rating is supported by a large installed base of equipment, diversified product mix within the plastic processing business equipment market and adequate liquidity position. Although it serves a diverse collection of end-markets, demand will continue to be affected by cyclical trends in capital expenditures, industrial production and construction activity. Milacron's margins have significantly improved since the operations were acquired out of bankruptcy in 2009. This has developed as a result of stronger volumes and capacity utilization, the acquisition of the higher-margin Mold-Masters business and restructuring initiatives, which have boosted profitability and lowered the fixed cost structure. Ongoing actions to achieve further synergies and operating efficiencies are expected to improve profitability as well as broaden the company's penetration into less cyclical end-markets. Free cash flow was negative in 2014 and will again be constrained in 2015 by higher working capital needs and the capital investment required for consolidation of its European manufacturing footprint. Nonetheless, Moody's expects capital expenditures to return to a more normal run rate in 2016, enabling improved free cash flow and the potential for accelerated debt repayment. Debt levels are unlikely to materially decline in 2015 unless proceeds from a potential initial public offering (IPO - Form S-1 filed in early April 2015) are used for repayment. Moody's does not factor the potential IPO into the B3 CFR given the uncertainty regarding completion, the size of any offering, and the use of proceeds. However, a significant reduction in debt and leverage could lead to an upgrade. The stable rating outlook reflects prospects for sustained revenue growth and profitability earned across diverse end-markets. The capital goods sector remains cyclical but the shorter life-cycle of Mold-Masters' products and their stronger growth prospects reduces variability in Milacron's operations. In addition, the high percentage of consumable revenues provides some degree of revenue visibility/predictability. Moody's also expects that ongoing facility consolidation and cost-saving initiatives will improve margins throughout 2015 and beyond. The stable outlook is further supported by adequate liquidity, which benefits from a material cash balance and availability under the company's committed back-up facilities, as well as a protracted debt maturity profile. A decline in debt-to-EBITDA meaningfully below 6x and FCF-to-debt approaching 5% could lead to higher ratings. Significantly higher margins stemming from cost savings and higher manufacturing capacity utilization would also be viewed favorably. The application of the potential IPO proceeds to pay down debt and reduce leverage, depending on the magnitude, could create upward rating momentum. The ratings would face downward pressure if debt-to-EBITDA remained near the currently elevated level for an extended period of time or the company experienced a marked deterioration in EBITA-to-interest coverage. Similarly, a material decline in revenue, EBITA margin erosion or negative free cash flow could adversely affect the ratings. Milacron Intermediate Holdings Inc., through its wholly-owned subsidiary, Milacron LLC, produces equipment and supplies used in plastics-processing as well as premium fluids used in metalworking. Headquartered in Cincinnati, OH, the company had revenues of approximately $1.2 billion in 2014. MOUNTAIN PROVINCE: Closes $370 Million Term Loan Facility --------------------------------------------------------- Mountain Province Diamonds Inc. has closed the previously announced US$370M term loan facility with a syndicate of lenders led by Natixis S.A., Scotiabank and Nedbank Ltd., and including ING Capital LLC, Export Development Canada and the Bank of Montreal. The maximum term of the Facility is seven years and the interest rate is US$ LIBOR plus 5.5 percent. Closing of the Facility completes the Company's anticipated funding requirements for the balance of the capital and working capital required for the construction and commissioning of the Gahcho Kue diamond mine and to achieve planned commercial production. Continuing drawdown against the Facility and its maintenance is dependent, from time to time, upon the satisfaction or waiver of certain conditions. Mountain Province also announced that all deliveries of equipment and supplies planned for the 2015 ice road were completed on schedule at the end of March 2015. This clears the way for the completion of major construction of the Gahcho Kué diamond mine. The overall mine development remains on schedule and within budget with first production expected in H2 2016. About Mountain Province Diamonds Headquartered in Toronto, Canada, Mountain Province Diamonds Inc. (TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/-- is a Canadian resource company in the process of permitting and developing a diamond deposit known as the "Gahcho Kue Project" located in the Northwest Territories of Canada. The Company's primary asset is its 49 percent interest in the Gahcho Kue Project. Mountain Province reported a net loss of C$26.6 million in 2013, a net loss of C$3.33 million in 2012 and a net loss of C$11.5 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed C$200.8 million in total assets, C$41.4 million in total liabilities and C$159 million in total shareholders' equity. Going Concern "The Company currently has no source of revenues. In the years ended December 31, 2013, 2012 and 2011, the Company incurred losses, had negative cash flows from operating activities, and will be required to obtain additional sources of financing to complete its business plans going into the future. Although the Company had working capital of $35,133,368 at December 31, 2013, including $35,687,694 of cash and short-term investments, the Company has insufficient capital to finance its operations and the Company's share of development costs of the Gahcho Kue Project (Note 8) over the next 12 months. The Company is currently investigating various sources of additional funding to increase the cash balances required for ongoing operations over the foreseeable future. These additional sources include, but are not limited to, share offerings, private placements, rights offerings, credit and debt facilities, as well as the exercise of outstanding options. However, there is no certainty that the Company will be able to obtain financing from any of those sources. These conditions indicate the existence of a material uncertainty that results in substantial doubt as to the Company's ability to continue as a going concern," the Company said in the 2013 Annual Report. MUSSI REALTY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Mussi Realty, LLC 1405 South Atherton Street State College, PA 16801 Case No.: 15-01441 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Middle District of Pennsylvania (Williamsport) Judge: Hon. John J Thomas Debtor's Counsel: Donald M Hahn, Esq. STOVER MCLAUGHLIN GERACE ET AL 122 East High Street PO Box 209 Bellefonte, PA 16823 Tel: 814 355-8235 Fax: 814 355-1304 Email: dhahn@nittanylaw.com Total Assets: $2.8 million Total Debts: $3.18 million The petition was signed by Lynda L. Mussi, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. NAVIENT CORP: Fitch Affirms 'BB' Issuer Default Rating ------------------------------------------------------ Fitch Ratings has affirmed Navient Corporation's (Navient) long-term Issuer Default Rating (IDR) at 'BB' and short-term IDR at 'B'. The Rating Outlook is Stable. Navient's rating review was conducted as part of Fitch's periodic peer review of U.S. consumer finance companies. KEY RATING DRIVERS - IDRs and Senior Unsecured Debt The rating affirmations and Stable Outlook reflect Navient's strong market position and demonstrated servicing track record (as part of its predecessor organization) in the student loan servicing space, low risk and predictable cash flow nature of its federal student loan assets and fee-based businesses, appropriate risk-adjusted capitalization, adequate liquidity and seasoned management team. Rating constraints include Navient's concentrated business model, reliance on wholesale funding sources, long-term strategic uncertainty and execution risk associated with generating new earnings and cash flow streams to replace the run-off student loan portfolio, potential refinance risk with existing debt maturities, and continued elevated regulatory, legislative and litigation risk. The vast majority of Navient's $146.4 billion of assets ($41.1 billion of FFELP Stafford loans, $63.5 billion of FFELP Consolidation loans and $29.8 billion of private loans) at Dec. 31, 2014 were in run-off mode, which means federal student loan servicing and other contingency collections are the primary sources of core earnings growth. That said, the student loan portfolio will amortize over an extended period of time which, Fitch believes, will provide the company with adequate time to attempt to execute on its strategic objectives. As of Dec. 31, 2014, the weighted-average lives of Navient's FFELP Stafford and FFELP Consolidation portfolios were 4.8 years and 9.0 years, respectively, assuming constant prepayment rates (CPRs) of 4% and 3%, respectively. The weighted-average life of the private student loan portfolio was seven years, assuming a CPR of 5% at Dec. 31, 2014. Navient continues to pursue opportunistic acquisitions of student loan assets to replace portfolio amortization and maintain operating scale. During 2014, Navient acquired $13 billion in student loan assets including $11.3 billion of FFELP loans and $1.6 billion of private loans. Although acquisitions create additional earnings capacity, Fitch believes they could also introduce incremental risk depending on the purchase details (e.g. size and price) and amount of leverage utilized. Navient's success in growing its existing servicing and collection businesses and expanding into new adjacent businesses has been mixed. The Bipartisan Budget Act which became effective on July 1, 2014, reduced the fees Navient can earn for rehabilitating defaulted FFELP Loans. According to Navient, The Budget Act reduced fee income by approximately $78 million in 2014. On Feb. 21, 2015, Navient's contract with the Department of Education (ED) to collect defaulted federal student loans expired and was not renewed. The ED has since issued a request for proposals for similar services and Navient has submitted a bid. However, there can be no assurance that Navient will be awarded a new contract or, if successful, at what terms. In 2014, revenue related to this contract totaled $65 million, or 2% of total 2014 core earnings net revenue. Navient's contract with the ED to service federal student loans was extended on Aug. 27, 2014, by five years, through June 2019. The new contract includes revised performance metrics, an updated allocation methodology, and provides incentives for keeping borrowers in good standing and reducing delinquencies. Fitch believes these changes could benefit servicers such as Navient, whose servicing track records align with the revised performance metrics. That said, the potential pool of new DSLP borrowers will be reduced, as the new contract now allocates 25% of new borrowers to not-for-profit servicers. Not-for-profit servicers previously only serviced existing loans. As a result, the four current primary ED loan servicers (Navient, Nelnet, Great Lakes Educational Loan Services, Inc., and the Pennsylvania Higher Education Assistance Agency) will be competing for a smaller allocation than in the past. Navient's current allocation under the ED servicing contract is 24% and the company earned $130 million of revenue from the contract in 2014, or 5% of total 2014 core earnings net revenue. Despite these challenges, Navient has continued to pursue its fee-based business growth strategy. On Feb. 25, 2015, Navient announced its acquisition of Gila LLC (commonly known as Municipal Services Bureau, or MSB), an asset recovery and business process outsourcing firm focused on the state and local government market and serving more than 600 clients in 39 states. Navient expects MSB to generate approximately $70 million in revenue in 2015. Fitch views the acquisition positively as it enhances Navient's earnings capacity and accelerates its growth strategy into the asset recovery business and beyond the education loan markets. Fitch believes Navient's future operating cash flows will be sufficient to service upcoming unsecured debt maturities. However, Fitch recognizes that Navient's ability to meet its debt obligations could become pressured in a scenario where multiple variables are simultaneously stressed. For example, if Navient were to aggressively return capital to shareholders and operate with a marginal cash cushion, and subsequently suffer a deterioration in its asset quality during a period of capital markets dislocation, the company's ability to meet its debt obligations could be greatly reduced. RATING SENSITIVITIES - IDRs an Senior Unsecured Debt Fitch believes positive ratings momentum is limited in the near term. However, demonstrated access to the unsecured debt markets at reasonable cost, meaningful improvements in core fee-business operating performance, portfolio acquisitions on attractive terms which increase future earnings capacity, a demonstrated ability to successfully launch new businesses, and reductions in leverage could support positive ratings momentum longer term. Negative ratings momentum could develop from an inability to access the unsecured debt markets at favourable terms for refinancing purposes, significant shareholder distributions, deteriorating credit performance, or changes to the current capital allocation methodology which weaken Navient's capitalization profile. Negative rating momentum could also develop from higher-than-expected loan prepayment activity, new and more onerous rules and regulations, reductions to unencumbered asset coverage of unsecured debt resulting from changes in asset or derivative values, or from declines in fee earnings resulting from a loss of or sustained reduction in key contracts and/or other relationships. Fitch has affirmed these ratings: Navient Corporation Inc. -- Long-term IDR at 'BB'; -- Short-term IDR at 'B' -- Senior unsecured debt at 'BB'; The Rating Outlook is Stable. NEUROTROPE INC: Friedman Expresses Going Concern Doubt ------------------------------------------------------ Neurotrope, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. Friedman LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has sustained recurring losses from operations, has significant contractual commitments, and has not yet generated any revenues. The Company reported a net loss of $9.25 million for the year ended Dec. 31, 2014, compared to a net loss of $7.59 million in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $8.16 million in total assets, $1.29 million in total liabilities, $18.5 million in convertible redeemable preferred stock, and a stockholders' deficit of $11.7 million. A copy of the Form 10-K is available at: http://is.gd/b94edC Neurotrope, Inc. operates as a clinical stage biopharmaceutical and diagnostics company. It focuses on developing and marketing two product platforms, including a minimally-invasive diagnostic test for Alzheimer's disease and a drug candidate, known as bryostatin for the treatment of Alzheimer's disease, both of which are in the clinical testing stage. The company was founded in 2012 and is based in Newark, New Jersey. PARTY CITY: Moody's Says IPO Filing is Credit Positive ------------------------------------------------------ Moody's Investors Service said that Party City Holdings Inc.'s ("Party City", B3 stable) planned Initial Public Offering (IPO) is a credit positive because if completed, it will result in lower debt levels and improved debt protection metrics. However, given the uncertainty regarding the IPO's completion and amount of debt repaid, Party City's ratings and outlook remain unchanged at this time. Party City Holdings Inc. is a designer, manufacturer, distributor and retailer of party goods and related accessories. The company's retail brands principally include Party City and Halloween City. Total revenues approached $2.3 billion for the year ended December 31, 2014. The company is majority owned by Thomas H. Lee Partners, L.P. ("THL"). PHOTOMEDEX INC: no!no! Brand Returns to Japan --------------------------------------------- PhotoMedex, Inc., announced the signing of an exclusive distribution agreement by its Radiancy Inc. subsidiary with Synergy Trading Corporation for certain no!no! products in Japan. Synergy Trading Corporation, based in Osaka, has been a leading Japanese importer of consumer products for more than a decade, managing multinational brands from the U.S. and Europe. This agreement includes Radiancy's no!no! 8800 and no!no! PRO. In addition, Synergy will launch two new no!no! models during 2016 and has a right of first refusal to market additional Radiancy consumer products. The agreement runs through Dec. 31, 2016, and is renewable thereafter. Synergy placed an initial stocking order of $1.2 million for immediate shipment. Synergy is best known for bringing SodaStream to Japanese consumers. Among the many other well-known international consumer brands Synergy markets in Japan are Mercedes-Benz bicycles, Rollie Eggmaster, Flex Seal and Flex Shot. The company has 50 employees and annual revenues of approximately $60 million. "Synergy Trading Corporation, with its proven marketing capabilities and a strong track record with global brands, is an ideal choice for no!no! in Japan," commented Dr. Dolev Rafaeli, chief executive officer of PhotoMedex. "Synergy's President and CEO, Mr. Toshihiro Haranaka, has built a powerhouse marketer in only 15 years. Their reach includes more than 6,000 retail sites including all the leading department stores, specialty electronics stores and general merchandisers throughout Japan. In addition, Synergy's print, television, radio and web-based advertising and its established call center will support the return of no!no! to a country that historically accounted for a significant portion of our consumer sales." "no!no! Hair is held in high regard by consumers in Japan and we are confident in the brand's strength to regain its leading position in the Japanese market," said Mr. Haranaka. "We are honored that PhotoMedex and its Radiancy subsidiary have placed their confidence in Synergy's capabilities. Our company's trademark four-leaf clover demonstrates the four S's upon which we were founded, namely Sincerity, Speed, Something new and Success. We are confident our commitment to each of these will benefit the no!no! brand across Japan when we begin sales and marketing activities." no!no! Hair was launched in 2007 and revolutionized hair removal by answering the ever-growing demand for professional, pain-free hair removal that can be performed in the comfort and convenience of the home. The device offers a solution to unwanted hair of all types and skin colors by instantly removing hair with no pain, no mess and no chemicals. Based on the patented and exclusive Thermicon technology, no!no! uses heat to remove hair and get weeks of lasting results, making it universally safe and effective for everyone. To date more than 6 million no!no! Hair devices have been sold worldwide, including more than 1.3 million sold in Japan since the product was launched there in 2008. In 2012 GfK Japan found that no!no! Hair was the leading women's hair-removal device in Japan, accounting for 53% of all retail sales during the six months ended March 31, 2012. About PhotoMedex PhotoMedex, Inc., is a global health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at our LasikPlus(R) vision centers. PhotoMedex and its subsidiaries has entered into a second amended and restated forbearance agreement with the lenders that are parties to the credit agreement dated May 12, 2014, and with JP Morgan Chase, as administrative agent for the Lenders pursuant to which the Lender have agreed to forbear from exercising their rights and remedies with respect to certain events of default from Aug. 25, 2014, until April 1, 2016, or earlier if an event of default occurs, according to a document filed with the Securities and Exchange Commission in March 2015. As of Dec. 31, 2014, PhotoMedex had $188 million in total assets, $145 million in total liabilities and $42.3 million in total stockholders' equity. Bankruptcy Warning "If, in the future, PhotoMedex is required to obtain similar forbearance agreements as a result of our inability to meet the terms of the credit agreement, there can be no assurance that those forbearance agreements will be available on commercially reasonable terms or at all. If, as or when required, we are unable to repay, refinance or restructure our indebtedness under those credit facilities, or amend the covenants contained therein, the lenders could elect to terminate their commitments under the credit facilities and institute foreclosure proceedings against our assets. Under such circumstances, we could be forced into bankruptcy or liquidation. In addition, any additional events of default or declaration of acceleration under one of those facilities or the forbearance agreement could also result in an event of default under one or more of these agreements. Such a declaration would have a material adverse impact on our liquidity, financial position and results of operations," the Company stated in its 2014 annual report. PITT ELECTRIC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Pitt Electric Incorporated dba Pitt Electric, Incorporated and J. G. Taylor Co. aka Pitt Electric aka Pitt Electric, Inc. 1028 Brompton Lane Greenville, NC 27834 Case No.: 15-01965 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Eastern District of North Carolina Judge: Hon. David M. Warren Debtor's Counsel: David J Haidt, Esq. AYERS, HAIDT & TRABUCCO, P.A. PO Box 1544 New Bern, NC 28563 Tel: (252) 638-2955 Fax: 252 638-3293 Email: davidhaidt@embarqmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Benson, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nceb15-01965.pdf PREMIER EXHIBITIONS: Shareholder Call Moved to April 9 ------------------------------------------------------ Premier Exhibitions, Inc., has moved its previously scheduled conference call with investors to further discuss the recently announced Dinoking transaction to April 9, 2015, 11:00 am EDT. U.S. and Canadian participants may dial toll-free: (888) 359-3627; International participants may dial toll: 719-325-2428. Please ask for conference ID: 5798810 Premier Exhibitions has entered into a definitive merger agreement whereby it will combine with Dinoking Tech Inc. Under the Merger Agreement, the Dinoking Tech shareholders will be entitled to up to 24% of the fully diluted ownership of the Company for all of the issued and outstanding shares of Dinoking Tech. About Premier Exhibitions Premier Exhibitions, Inc., develops, deploys and operates exhibition products that are presented to the public in exhibition centers, museums and non-traditional venues. The Atlanta-based Company's exhibitions generate income primarily through ticket sales, third-party licensing, sponsorships and merchandise sales. Premier reported a net loss of $778,000 for the year ended Feb. 28, 2014, compared to net income of $1.86 million for the year ended Feb. 28, 2013. Bankruptcy Warning "If our efforts to raise additional funds are unsuccessful, the Company will be required to delay, reduce or eliminate portions of our strategic plan and may be required to seek the protection of the U.S. bankruptcy laws and/or cease operating as a going concern. In addition, if the Company does not meet its payment obligations to third parties as they come due, the Company may be subject to an involuntary bankruptcy proceeding or other litigation claims. Even if the Company were successful in defending against these potential claims and proceedings, such claims and proceedings could result in substantial costs and be a distraction to management, and may result in unfavorable results that could further adversely impact our financial condition. If the Company makes a bankruptcy filing, is subject to an involuntary bankruptcy filing, or is otherwise unable to continue as a going concern, the Company may be required to liquidate its assets and may receive less than the value at which those assets are carried on its financial statements, and it is likely that shareholders will lose all or a part of their investments. These financial statements do not include any adjustments that might result from the outcome of this uncertainty," the Company stated in the quarterly report for the period ended Nov. 30, 2014. PULSE ELECTRONICS: AB Value, et al., Own 9.9% Stake as of April 6 ----------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Andrew Berger disclosed that as of April 6, 2015, he beneficially owns 1,749,018 shares of common stock of Pulse Electronics Corporation which constitutes 9.97 percent of the shares outstanding. As of April 7, 2015, AB Value Partners directly owned 903,858 shares of common stock of Pulse Electronics, constituting approximately 5.15% of the Shares outstanding. By virtue of their relationships with AB Value Partners, each of AB Value Management and Mr. Berger may be deemed to beneficially own the Shares owned by AB Value Partners. As of the close of business on April 7, 2015, AB Value Management had caused the Managed Account to directly own 845,160 Shares, constituting approximately 4.81% of the Shares outstanding. By virtue of their relationships with AB Value Management, each of AB Value Management and Mr. Berger may be deemed to beneficially own the Shares owned by AB Value Management and the Managed Account. A copy of the regulatory filing is available for free at: http://is.gd/fzLtM3 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 July 8, 2013, the Company dismissed KPMG LLP as its independent registered public accounting firm. Grant Thornton LLP was hired as replacement. Pulse Electronics incurred a net loss of $32.9 million for the year ended Dec. 26, 2014, compared to a net loss of $27.02 million for the year ended Dec. 27, 2013. As of Dec. 26, 2014, Pulse Electronics had $165 million in total assets, $246 million in total liabilities and a $81.3 million total shareholders' deficit. REVSTONE INDUSTRIES: Unit Has Until June 30 to Remove Suits ----------------------------------------------------------- U.S. Bankruptcy Judge Brendan Shannon has given TPOP LLC, a unit of Revstone Industries LLC, until June 30, 2015, to file notices of removal of lawsuits involving the company. About Revstone Industries, et al. Lexington, Kentucky-based Revstone Industries LLC, a maker of truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon oversees the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP represent Revstone. In its petition, Revstone estimated under $50 million in assets and debts. Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del. Case No. 12-13263) on Dec. 3, 2012. Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No. 13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No. 13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013. Judge Shannon also oversees the cases. Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy counsel to Greenwood and US Tool. Greenwood estimated $1 million to $10 million in assets and $10 million to $50 million in debts. US Tool & Engineering estimated under $1 million in assets and $1 million to $10 million in debts. The petitions were signed by George S. Homeister, chairman. Metavation, also known as Hillsdale Automotive, LLC, joined parent Revstone in Chapter 11 (Bankr. D. Del. Case No. 13-11831) on July 22, 2013, to sell the bulk of its assets to industry rival Dayco for $25 million. Following the sale, Metavation changed its name to TPOP LLC. Metavation tapped Pachulski as its counsel. Pachulski also serves as counsel to Revstone and Spara. Metavation also has tapped McDonald Hopkins PLC as special counsel, and Rust Consulting/Omni Bankruptcy as claims agent and to provide administrative services. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq., Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble Carlyle Sandridge & Rice, LLP, represent the Official Committee of Unsecured Creditors in Revstone's case. Boston Finance Group, LLC, a committee member, also has hired as counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA Piper LLP. * * * Revstone Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and US Tool & Engineering, LLC, on Dec. 10, 2014, filed with the Bankruptcy Court a joint Chapter 11 plan and disclosure statement, which incorporate the Bankruptcy Court-approved settlement between the Debtors and each of their respective debtor and non-debtor subsidiaries, except TPOP LLC fka Metavation, the Pension Benefit Guaranty Corporation, the Official Committee of Unsecured Creditors, and Boston Finance Group, LLC, and a separate intercompany settlement among Revstone and Spara and each of their respective debtor and non-debtor subsidiaries. Under the Plan, Revstone's unsecured creditors with claims ranging from $24.5 million to $41.5 million, the projected recovery is 7.2% to 12.2%. For unsecured creditors of affiliate Spara LLC, the predicted recovery is about 4.2% to creditors with some $13 million in claims, while unsecured creditors of Greenwood Forgings LLC and US Tool & Engineering LLC don't get anything. The PBGC is projected for recovery of $77 million, although not less than $75 million, after giving credit to money earmarked for unsecured creditors. Judge Shannon on Jan. 15, 2015, approved the disclosure statement explaining the Chapter 11 Plan and scheduled the confirmation hearing to commence on March 5, 2015, at 10:00 a.m. (prevailing Eastern time). Plan votes are due Feb. 20. Objections are also due Feb. 20. Blacklined versions of the Plan and Disclosure statement are available at http://bankrupt.com/misc/REVSTONEplan0114.pdf RIZZO BOTTIGLIERI: Chapter 15 Case Summary ------------------------------------------ Chapter 15 Petitioner: Michele Sandulli Chapter 15 Debtor: Rizzo Bottiglieri-De Carlini Armatori S.P.A. Viale Olivella 10 Torre del Greco, NA 80059 Chapter 15 Case No.: 15-32041 Chapter 15 Petition Date: April 8, 2015 Court: United States Bankruptcy Court Southern District of Texas (Houston) Chapter 15 Petitioner's Counsel: George Michael Chalos, Esq. CHALOS & CO, P.C. 123 South Street Oyster Bay, NY 11771 Tel: 516-714-4300 Fax: 516-750-9051 Email: gmc@chaloslaw.com Estimated Assets: $500 million to $1 billion Estimated Liabilities: $500 million to $1 billion RIZZO BOTTIGLIERI: Seeks U.S. Recognition of Italian Proceedings ---------------------------------------------------------------- Rizzo Bottiglieri-De Carlini Armatori S.p.A. filed a Chapter 15 bankruptcy petition in the U.S. to seek recognition of its reorganization proceedings in Italy. RBDA commenced restructuring proceedings referred to as "Simplified Concordato Preventivo" in Italy on Feb. 3, 2015. The company is asking the U.S. judge to recognize the Italian action as the primary proceeding. According to Sections 160 through 186 bis of the Italian Bankruptcy Law, Concordato Preventivo is a proceeding by which an entrepreneur, facing financial difficulties or insolvency, may seek to reach an arrangement with creditors and/or to reorganize its debt exposure. On Sept. 12, 2012, Section 161 was amended to introduce a different simplified and faster way of opening Concordato Prevenivo. RBDA filed a petition pursuant to Section 161, sixth paragraph, of the Bankruptcy Law, and the Court of Torre Annunziata granted RBDA 60 days as of the date of receipt for filing the proposal, the plan and further documentation or as an alternative an indebtedness restructuring. The Court appointed Vincenzo Ruggiero as judicial commissioner supervising the Debtor. Giuseppe Mauro Rizzo, the director, said the Italian proceedings, the Concordato Preventivo, are similar to the U.S. Bankruptcy Code's Chapter 11 "debtor-in-possession" restructuring. RBDA while under the supervision and control of the Italian Court, maintains its day-to-day operations in order to administer its assets and exercise its business in the normal course. RBDA will prepare and submit a restructuring plan for approval by the creditors and the Italian Court. RBDA had previously commenced, in October 2012, Concordato Preventivo proceedings in Italy. In that circumstance, the bankruptcy protection allowed RBDA to enforce some industrial and financial measures according to the reorganization plan drawn up at that time. RBDA obtained approval of its indebtedness restructuring agreement on June 19, 2013. A copy of the affidavit in support of the Chapter 15 petition is available for free at: http://bankrupt.com/misc/RBDA_Declaration.pdf About Rizzo Bottiglieri-De Carlini Rizzo Bottiglieri-De Carlini Armatori S.p.A. offers marine freight transportation services. The company owns and operates fleet of Aframax and Post Panamax tankers. RBDA was founded in 1850 and is based in Torre del Greco, Italy. RBDA filed an application before the Court of Torre Annunziata (Italy) for Concordato Prevenitvo pursuant to Sec. 161, sixth paragraph, of the Bankruptcy Law on Feb. 3, 2015. The Court of Torre Annunziata opened the proceeding on Feb. 12, 2015. RBDA's attorneys in the Italian proceedings can be reached at: Michele Sandulli, Esq. Attorney and Founder SANDULLI & ASSOCIATI STUDIO LEGALE Naples, Rome, Milan and Avellino, Italy Rizzo Bottiglieri filed a Chapter 15 bankruptcy petition (Bankr. S.D. Tex. Case No. 15-32041) in Houston, Texas on April 8, 2015, to seek U.S. recognition of its Italian proceedings. Giuseppe Mauro Rizzo, in his capacity as director and foreign representative, signed the petition. The Debtor is estimated to have assets and debt of $500 million to $1 billion. George Michael Chalos, Esq., at Chalos & Co, P.C., in Oyster Bay, New York, serves as counsel in the U.S. case. SENIOR DENTAL SERVICES: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Senior Dental Services, Inc. 700 Melvin Avenue, Suite 7B Annapolis, MD 21401 Case No.: 15-15019 Nature of Business: Health Care Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court District of Maryland (Baltimore) Judge: Hon. James F. Schneider Debtor's Counsel: James A. Vidmar, Jr., Esq. YUMKAS, VIDMAR & SWEENEY, LLC 10211 Wincopin Circle, Suite 500 Columbia, MD 21044 Tel: (443) 569-5977 Fax: (410) 571-2798 Email: jvidmar@yvslaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bernt Killingstad, director. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SHOAL GAMES: Davidson & Company Expresses Going Concern Doubt ------------------------------------------------------------- Shoal Games Ltd. filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. Davidson & Company LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that Shoal Games Ltd. (formerly Bingo.com, Ltd.) has suffered recurring losses from operations and has a net capital deficiency. The Company reported a net income of $5.06 million on $32,500 of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $788,000 million on $26,400 of total revenue in 2013. The Company's balance sheet at Dec. 31, 2014, showed $4 million in total assets, $157,000 in total liabilities and stockholders' equity of $3.84 million. A copy of the Form 10-K is available at: http://is.gd/U32JOV Shoal Games Ltd. owns and operates a non-gambling, social bingo product. It owns Trophy Bingo, a puppy themed non-gambling social bingo game, live in the Google Play Store and the Apple App Store. The company was formerly known as Bingo.com, Ltd. and changed its name to Shoal Games Ltd. in January 2015. Shoal Games Ltd. was founded in 1987 and is based in The Valley, Anguilla. SHORELINE ENERGY: Files for Creditor Protection Under CCAA ---------------------------------------------------------- Shoreline Energy Corp. on April 9 disclosed that it has applied for creditor protection under the Companies' Creditors Arrangement Act (Canada) pursuant to an application made on April 9, 2015 to the Court of Queen's Bench of Alberta, Judicial Centre of Calgary. The CCAA filing follows a review of Shoreline's strategic alternatives by its Board of Directors. Details of the CCAA filing and related matters will be made available on the Monitor's website in due course assuming the application is successful. Shoreline has sought protection under the CCAA as its current cash in hand would not allow it to meet its current obligations as they become due. It was determined by the Board of Directors that as a result of the Company's current financial situation (including the current commodity price environment) seeking CCAA protection would be in the best interests of the Company and all of its stakeholders, particularly shareholders and debenture holders. If the order is granted, the Company intends to continue with its operations in the Peace River Arch and continue efforts to pursue strategic alternatives, including restructuring its existing debt obligations and pursuing the sale of assets or similar transaction while under CCAA protection. The Company has been in dialogue with representatives of an ad hoc committee of holders of over 70% of the unsecured subordinated convertible debentures issued on August 28, 2012. Trading in the common shares and debentures of the Company on the Toronto Stock Exchange have been halted and it is anticipated that the trading thereof will continue to be halted. Further news releases will be provided on an ongoing basis throughout the CCAA process as may be determined necessary. About Shoreline Energy Corp. Shoreline -- http://www.shorelineenergy.ca/-- is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Common Shares are currently listed on the TSX under the trading symbol "SEQ" and the debentures under the trading symbol "SEQ.DB". SOLAR PLUS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Solar Plus LLC 150 S Camino Seco #110 Tucson, AZ 85710 Case No.: 15-04008 Chapter 11 Petition Date: April 8, 2015 Court: United States Bankruptcy Court District of Arizona (Tucson) Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Eric Slocum Sparks, Esq. ERIC SLOCUM SPARKS, PC 110 S Church Ave #2270 Tucson, AZ 85701 Tel: 520-623-8330 Fax: 520-623-9157 Email: law@ericslocumsparkspc.com Total Assets: $2.15 million Total Liabilities: $2.38 million The petition was signed by Robert Charette, Jr., managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/azb15-04008.pdf SOLAR POWER: To Acquire 100% Interest in "Aerojet" -------------------------------------------------- Solar Power Inc. disclosed in a document filed with the Securities and Exchange Commission that it entered into a membership interest purchase agreement to acquire 100% of the interest in the holding company of 6.02 megawatt solar projects known as "Aerojet" in Rancho Cordova, California, from (i) William Hedden, as Trustee of the William H. Hedden and Sandra L. Hedden Trust, (ii) Stephen C. Kircher, the chief strategy officer of SPI, as Trustee of the Kircher Family Irrevocable Trust dated Dec. 29, 2004, and (iii) Steven Kay. In consideration of the purchase and sale, the Company will issue to the Sellers on the closing date of the transaction preferred membership interests in a wholly owned subsidiary of the Company to be formed pursuant to a limited liability company agreement, the terms and conditions of which will be negotiated and agreed to between the Company and the Sellers 30 days after the effective date of the Membership Interest Purchase Agreement. The acquisition is subject to several closing conditions including completion of satisfactory due diligence. 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 $5.19 million in 2014, a net loss of $32.24 million in 2013 and a net loss of $25.4 million in 2012. As of Dec. 31, 2014, the Company had $587.9 million in total assets, $325.79 million in total liabilities and $262.1 million in total stockholders' equity. TENET HEALTHCARE: London Company Holds 5.1% Stake as of March 31 ---------------------------------------------------------------- The London Company disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of March 31, 2015, it beneficially owned 5,019,241 shares of common stock of Tenet Healthcare Corp., constituting 5.1 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/WancPJ About Tenet Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is a national, diversified healthcare services company with 110,000 employees united around a common mission: to help people live happier, healthier lives. The company operates 80 hospitals, 214 outpatient centers, six health plans and Conifer Health Solutions, a leading provider of healthcare business process services in the areas of revenue cycle management, value based care and patient communications. Tenet Healthcare reported net income attributable to the Company's shareholders of $12 million for the year ended Dec. 31, 2014, compared to a net loss attributable to the Company's shareholders of $134 million during the prior year. As of Dec. 31, 2014, Tenet Healthcare had $18.1 billion in total assets, $16.9 billion in total liabilities, $401 million in redeemable non-controlling interest in equity of consolidated subsidiaries, and $785 million in total equity. * * * Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit rating from Standard & Poor's Ratings Services and 'B1' Corporate Family Rating from Moody's Investors Service. THE AUTOPORT: Owners File for Ch 11 to Ward Off Sheriff's Sale -------------------------------------------------------------- Shawn Annarelli at Centre Daily Times reports that Greg and Lynda Mussi has filed for reorganization under Chapter 11 bankruptcy protection stop a sheriff's sale of The Autoport. Daily Times quoted Mr. Mussi as saying, "Our hope was that we would avoid bankruptcy, and we had the opportunity to make a case to the bank, then rather than doing this they could give us more time to finalize a deal with an investor. They didn't answer us. We requested that late last week, and they didn't respond, and I get it. I totally understand their position on that, but it meant we had to stop the sheriff's sale with Chapter 11 bankruptcy." According to Daily Times, Mr. Mussi said that filing for Chapter 11 gives them 120 days to present a "game plan" to Enterprise Bank to pay down their debt. The report recalls that The Mussis borrowed an undisclosed amount of money from the Bank in 2007 to help finance their purchase of The Autoport. Mr. Mussi claims that four investors are interested in the property or business and that a deal could be completed in May, Daily Times states. Daily Times relates that Joseph Fidler, Esq., the attorney for the Bank, filed a motion on April 6 to reassess damages. Mr. Fidler previously placed the total liability at $1.34 million plus interest and placed it at $1.41 million on Monday after adding interest, late charges and attorneys' fees in 2014, the report says. The Autoport is Pennsylvania's first and oldest motel. TOLLENAAR HOLSTEINS: Genske Mulder Application Approved ------------------------------------------------------- The Bankruptcy Court authorized, in an amended order, Tollenaar Holsteins to employ Genske, Mulder & Co., LLP, as accountants effective as of Feb. 18, 2015, through entry of an order appointing the Chapter 11 trustee. Genske Mulder performed accounting services for the Debtors prior to the Petition Date, and the Debtors know that Genske Mulder has substantial experience in performing accounting and tax services for dairy operations of this type. Gary Genske, a certified public accountant licensed by the State of California and a partner with the accounting firm of Genske, Mulder, will be in charge of performing the tax and accounting services needing in the cases. Genske Mulder will render various services to the Debtors in connection with the bankruptcy case, including assisting the Debtors with tax matters, including review and assistance with filing of all required federal, state and local payroll tax returns and deposits, sales tax returns and deposits, property tax returns and payments, income tax returns and estimated payments, evaluation and examination of tax claims and communication with various federal and state tax authorities. The hourly rates of the firm are: Title Hourly Rate ----- ----------- Gary Genske, partner $325 Bruce Miles, partner $275 Ben Neilson, accountant $225 Clerical $135 To the best of the Debtor's knowledge, Genske Mulder, whose address is 1835 Newport Blvd., Suite D-263, Costa Mesa, California, is a "disinterested person" in the bankruptcy cases. Tracy Hope Davis, the U.S. Trustee, in its limited objection to the Debtors' application for authority to employ Genske Mulder, stated that the order authorizing the Genske firm's employment should not be retroactive to the Petition Date. The application was filed on March 20 -- approximately 44 days after the commencement of the case. About Tollenaar Holsteins Tollenaar Holsteins and its affiliates Friendly Pastures, LLC, and T Bar M Ranch, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 15-20840) on Feb. 4, 2015. The case is assigned to Judge Christopher D. Jaime. The Debtors' counsel is Jason E. Rios, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi LLP, in Sacramento, California. The Bankruptcy Court approved the joint administration of the cases of Tollenaar Holsteins, Friendly Pastures, LLC, and T Bar M Rancg, LLC, are jointly administered under the lead case of Tollenaar Holsteins, Case No. 15-20840. Russell K. Burbank was appointed as the Chapter 11 trustee for the Debtor. TRIBUNE CO: Three Largest Shareholders to Sell 25% of Stake ----------------------------------------------------------- Tribune Media's three largest shareholders -- Oaktree Capital Management; Angelo, Gordon & Co.; and JPMorgan Chase -- want to sell 25% of their combined stake through a secondary offering, Robert Channick at Chicago Tribune reports. The offering is being made through an underwriting group led by Morgan Stanley and JPMorgan Securities, the report says. Lynne Marek at Crain's Chicago Business relates that the Shareholders are cashing out the shares weeks after a major payout by way of a special dividend that delivered $6.73 per share to stockholders. Chicago Tribune relates that the Shareholders, who who guided Tribune Co. out of bankruptcy and who own about 39% of Tribune Media's 94.5 million outstanding shares of Class A stock, want to divest 9.2 million shares of Class A common stock through the proposed secondary offering. Crain's says that the Shareholder will jointly own 27.7% of the company after the stock sale. According to a filing with the U.S. Securities and Exchange Commission, the Shareholders will also grant underwriters an option to acquire almost 1.4 million additional shares. The filing says that the total value of the offering could be almost $654 million, at a proposed maximum price of $61.53 per share. All the proceeds from the stock sale will go to the Shareholders and not the company, Crain's reports. Chicago Tribune states that the sale has long been part of the plan for the Shareholders, who took control of Tribune Co., now Tribune Media, after it emerged from Chapter 11 bankruptcy in December 2012. About Tribune Co. Chicago, Illinois-based Tribune Co. -- http://www.tribune.com/-- and 110 of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8, 2008. The Debtors proposed Sidley Austin LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North America LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of Dec. 8, 2008, the Debtors listed $7,604,195,000 in total assets and $12,972,541,148 in total debts. Chadbourne & Parke LLP and Landis Rath LLP served as co-counsel to the Official Committee of Unsecured Creditors. AlixPartners LLP served as the Committee's financial advisor. Landis Rath Moelis & Company served as the Committee's investment banker. Thomas G. Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware, represented the Committee in connection with the lawsuit filed against former officers and shareholders for the 2007 LBO of Tribune. Protracted negotiations and mediation efforts and numerous proposed plans of reorganization filed by Tribune Co. and competing creditor groups delayed Tribune's emergence from bankruptcy. Many of the disputes among creditors center on the 2007 leveraged buyout fraudulence conveyance claims, the resolution of which is a key issue in the bankruptcy case. Judge Kevin J. Carey issued an order dated July 13, 2012, overruling objections to the confirmation of Tribune Co. and its debtor affiliates' Plan of Reorganization. In November 2012, Tribune received approval from the Federal Communications Commission to transfer media licenses, one of the hurdles to implementing the reorganization plan. Aurelius Capital Management LP failed in halting implementation of the plan pending appeal. Tribune Co. exited Chapter 11 protection Dec. 31, 2012, ending four years of reorganization. The reorganization allowed a group of banks and hedge funds, including Oaktree Capital Management and JPMorgan Chase & Co., to take over the media company. VIPER VENTURES: Seeks to Tap Stearns Weaver as Real Estate Counsel ------------------------------------------------------------------ Viper Ventures, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to employ Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., as special real estate counsel. The firm has advised the Debtor that the current hourly rate for the attorney proposed to actively represent the Debtor is $375 per hour. Other attorneys and paralegals will render services to the Debtor as needed. Generally, the firm's hourly rates will be as follows: Partners $375 Associates $300 In addition, the Debtor has also agreed to reimburse the firm for the actual and necessary expenses the firm incurs. Ronald L. Weaver, Esq., an attorney with the firm Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., in Tampa, Florida, assures the Court that his firm is a "disinterested person" as the term is defined under Section 101(14) of the Bankruptcy Code and does not represent or hold any interest adverse to the Debtor or to the estate. The firm performed legal services for the Debtor prior to the filing of the Chapter 11 petition and is owed $1,322 for its prepetition services. Mr. Weaver discloses that the firm previously represented, and continues to represent, Wells Fargo Bank on unrelated matters. Mr. Weaver says the firm does not believe that this representation creates any conflict of interest. Mr. Weaver may be reached at: Ronald L. Weaver, Esq. STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. 401 East Jackson Street, Suite 2200 Tampa, FL 33602 Tel: (813) 222-5002 E-mail: rweaver@stearnsweaver.com About Viper Ventures Viper Ventures, LLC, is a Florida limited liability company that owns 31 acres of waterfront land on Rattlesnake Point just south of Gandy Boulevard in Tampa, Florida. Viper Ventures filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 15-bk-03404) in Tampa, Florida, on April 1, 2015. The case is assigned to Judge Catherine Peek McEwen. The Debtor is represented by Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA, in Tampa, Florida. The Debtor estimated $10 million to $50 million in assets and debt. According to the docket, the Debtor's Chapter 11 plan and explanatory disclosure statement are due by July 30, 2015. VISCOUNT SYSTEMS: Further Losses Expected in the Future ------------------------------------------------------- Viscount Systems Inc. filed with the U.S. Securities and Exchange Commission on March 26, 2015, its annual report on Form 10-K for the year ended Dec. 31, 2014. Dale Matheson Carr-Hilton LaBonte LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has incurred losses in developing its business, and further losses are anticipated in the future. The Company reported a net loss of C$991,000 on C$4.77 million of sales for the year ended Dec. 31, 2014, compared with a net loss of C$3.08 million on C$4.13 million of sales in the prior year. The Company's balance sheet at Dec. 31, 2014, showed C$1.6 million in total assets, C$3.97 million in total liabilities, and a stockholders' deficit of C$2.37 million. A copy of the Form 10-K is available at: http://is.gd/bWjZmR 24Holdings Inc. is the holding company for 24STORE (Europe) Limited (24STORE), a company operating in the United Kingdom (24STORE). The company's primary products are computer and electronics products, and the provision, customization, installation and training on software products from business software vendors. VYCOR MEDICAL: Fountainhead Holds 49.9% Stake as of March 31 ------------------------------------------------------------ Fountainhead Capital Management Limited disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of March 31, 2015, it beneficially owned 6,422,817 shares of common stock of Vycor Medical, which represents 49.9 percent of the shares outstanding. On March 31, 2015, Vycor Medical issued 8,152 shares of its Common Stock to Fountainhead in satisfaction of $15,000 of consulting fees due for the quarter ended March 31, 2015. As a result of that issue, Fountainhead's previously-reporting holdings of Vycor Common Stock were increased to a total of 6,422,817 shares, comprising ownership of 4,374,996 Vycor Common Shares and Warrants to purchase 2,047,821 Vycor Common Shares. A copy of the regulatory filing is available for free at: http://is.gd/AV3Of0 About Vycor Medical Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO) -- http://www.VycorMedical.com/-- is a medical device company committed to making neurological brain, spinal and other surgical procedures safer and more effective. The Company's flagship, Patent Pending ViewSite(TM) Surgical Access Systems represent an exciting new minimally invasive access and retraction system that holds the potential for speedier, safer and more economical brain, spinal and other surgeries and a quicker patient discharge. Vycor's innovative medical instruments are designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery, and add tangible value to the professional medical community. Vycor Medical reported a net loss of $4.04 million in 2014, a net loss of $2.44 million in 2013 and a net loss of $2.93 million in 2012. As of Dec. 31, 2014, the Company had $3.81 million in total assets, $925,000 in total liabilities, all current, and $2.88 million in total stockholders' equity. WALKER LAND: Court to Confirm Debtor's Plan ------------------------------------------- Following a hearing in March on debtor Walker Land & Cattle, LLC's Third Amended Plan and creditor Wells Fargo's Second Amended Plan for the Debtor, the Bankruptcy Court ruled that it will confirm the Debtor's Plan. The Court finds and concludes that the Debtor has proven, by preponderance of the evidence, that it has satisfied the required elements; the lease may be assumed. The Court will exercise its discretion and states that even if the Bank's plan was confirmable, the Court prefers the Debtor's plan. Under Section 1129(c), the Bank's plan will not be confirmed. The Debtor has proven, by preponderance of the evidence and under the Sections 1129(a) and (b), there is a reasonable prospect the Debtor will be able to perform under its plan. The Debtor's plan should be confirmed. The objections of the Bank are Overruled. The Court orders and directs that Debtor's counsel, Robert J. Maynes draft and circulate a proposed order confirming the Debtor's plan for the reasons stated on the record. The confirmation order should also outline the additional protections the Debtor has offered concerning treatment of the Wells Fargo Bank claim. The order should also require the Debtor to provide appropriate insurance coverage [casualty and crop]. The Bank should have an on-going right to inspect its collateral, with reasonable notice. The Debtor should provide periodic reports and copies of tax returns. Other counsel who have been actively involved are to approve the form of the order. The order should be submitted for entry promptly, at least on or before the date set for the cash collateral hearing, April 8, 2015. The order may also grant the assumption order. The Debtor's plan promises to repay all creditors in full, with interest, over the term of the Plan. The Debtor said it has agreements to sell $10 million in real property upon confirmation of the Plan and pay during the first 12 months. The Debtor will pay creditors through improved farm operations boosting profitability, while reserving the right to obtain take out financing and prepay unsecured creditors in the future. About Walker Land & Cattle Walker Land & Cattle, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 13-41437) on Nov. 15, 2013. The case is assigned to Judge Jim D. Pappas. The petition was signed by Roland N. (Rollie) Walker, manager. The Debtor's counsel is Robert J Maynes, Esq., at Maynes Taggart, PLLC, in Idaho Falls, Idaho. The Debtor reported $72.7 million in total assets and $46.3 million in liabilities. The U.S. Trustee for Region 18 has appointed an official committee of unsecured creditors in the case. The Committee is represented by Bruce K. Medeiros, Esq., and Barry W. Davidson, Esq., at Davidson Backman Medeiros PLLC, in Spokane, Washington. Secured creditor, Wells Fargo Bank, is represented by Larry E. Prince, Esq., and Kirk S. Cheney, Esq., at Holland & Hart LLP, in Boise, Idaho. Wells Fargo and the Debtor have filed competing Chapter 11 plans. Wells Fargo proposed a plan of liquidation while the Debtor sought approval of a reorganization plan. XINERGY LTD: Says Weakness in Market for Coal Erodes Cash Position ------------------------------------------------------------------ Continued weakness in the market for metallurgical and thermal coal, combined with an extremely cold winter that impacted the mining and shipment of coal, has continued to erode Xinergy Ltd's cash position, Jim Levesque at Platts.com reports, citing the Company's CEO, Bernie Mason. Platts.com relates that the Company and its 25 subsidiaries filed for Chapter 11 bankruptcy in Virginia, citing years of "significant challenges" in U.S. coal markets as the main reason for a need to "undertake a financial restructuring and create a strong financial foundation for the company's future." Mr. Mason said in a statement, "Over the past several years, the coal markets in the U.S. have faced a number of significant challenges, including increased environmental regulations and reductions in demand due to weaknesses in the economy and lower natural gas prices." The Company "will emerge from our Chapter 11 reorganization as a stronger, more competitive company that is well positioned for success in the coal industry," Platts.com quoted Mr. Mason as saying. About Xinergy Ltd. Xinergy is a U.S. producer of metallurgical and thermal coal with mineral reserves, mining operations and coal properties located in the Central Appalachian ("CAPP") regions of West Virginia and Virginia. Xinergy's operations principally include two active mining complexes known as South Fork and Raven Crest located in Greenbrier and Boone Counties, West Virginia. Xinergy also leases or owns the mineral rights to properties located in Fayette, Nicholas and Greenbrier Counties, West Virginia and Wise County, Virginia. Collectively, Xinergy leases or owns mineral rights to approximately 72,000 acres with proven and probable coal reserves of approximately 77 million tons and additional estimated reserves of 40 million tons. Xinergy Ltd. and 25 subsidiaries commenced Chapter 11 bankruptcy cases (Bankr. W.D. Va. Lead Case No. 15-70444) in Roanoke, Virginia, on April 6, 2015. The cases have been assigned to Judge Paul M. Black. The cases are being jointly administered for procedural purposes. The Debtors tapped Hunton & Williams LLP as attorneys; Global Hunter Securities, as financial advisor, and American Legal Claims Services, LLC as claims, noticing and balloting agent. XZERES CORP: Paul DeBruce Reports 26.5% Stake as of April 6 ----------------------------------------------------------- Paul DeBruce disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of April 6, 2015, he beneficially owned 20,822,618 shares of common stock of Xzeres Corp. which represents 26.57 percent based upon 72,768,897 shares of Common Stock issued and outstanding on April 3, 2015. A copy of the regulatory filing is available at http://is.gd/Jf6XdE About XZERES Corp. Headquartered in Wilsonville, Oregon, XZERES Corp. designs, develops, and markets distributed generation, wind power systems for the small wind (2.5kW-100kW) market as well as power management solutions. XZERES reported a net loss of $9.49 million for the year ended Feb. 28, 2014, as compared with a net loss of $7.59 million for the year ended Feb. 28, 2013. As of Nov. 30, 2014, the Company had $9.82 million in assets, $18.2 million in liabilities and a $8.37 million stockholders' deficit. Silberstein Ungar, PLLC, in Bingham Farms, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2014. The independent auditors noted that the Company has incurred losses from operations, has negative working capital, and is in need of additional capital to grow its operations so that it can become profitable. These factors raise substantial doubt about the Company's ability to continue as a going concern. XZERES CORP: Ravago Holdings Plans Going-Private Acquisition ------------------------------------------------------------ Ravago Holdings America Inc. disclosed in a document filed with the Securities and Exchange Commission that it intends to engage in discussions with Xzeres Corp's management, Board, other stockholders and other relevant parties, to propose or consider to initiate a going-private acquisition transaction with respect to the Company. Ravago is studying various options including an open-market or private acquisitions of additional shares in the Company or via a reverse split. As of April 3, 2015, Ravago beneficially owns 12,272,423 shares of common stock of Xzeres which represents 16.86 percent based upon 72,768,897 shares of common stock of Xzeres Corp. issued and outstanding on April 6, 2015. A copy of the regulatory filing is available for free at: http://is.gd/BzAu9X About XZERES Corp. Headquartered in Wilsonville, Oregon, XZERES Corp. designs, develops, and markets distributed generation, wind power systems for the small wind (2.5kW-100kW) market as well as power management solutions. XZERES reported a net loss of $9.49 million for the year ended Feb. 28, 2014, as compared with a net loss of $7.59 million for the year ended Feb. 28, 2013. As of Nov. 30, 2014, the Company had $9.82 million in assets, $18.2 million in liabilities and a $8.37 million stockholders' deficit. Silberstein Ungar, PLLC, in Bingham Farms, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2014. The independent auditors noted that the Company has incurred losses from operations, has negative working capital, and is in need of additional capital to grow its operations so that it can become profitable. These factors raise substantial doubt about the Company's ability to continue as a going concern. YARWAY CORP: Court Confirms Tyco-Sponsored Reorganization Plan -------------------------------------------------------------- Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware confirmed on April 8, 2015, the plan of reorganization for Yarway Corporation, after determining that the plan satisfies all confirmation requirements under Section 1129 of the Bankruptcy Code. The centerpiece of the Plan, which is co-sponsored by Yarway's parent, Tyco International plc, is the establishment of a trust under Section 524(g) of the Bankruptcy Code that will channel all current asbestos-related claims and future asbestos-related demands to the Asbestos Personal Injury Trust. The scope of the injunction will, among other things, cover all current and future asbestos-related personal injury and wrongful death claims, demands and causes of action based in whole or in part on actual or alleged conduct or products of Yarway or Gimpel Corporation. The Asbestos Personal Injury Trust will be funded primarily with $325 million in cash contributed by Yarway and by Tyco on behalf of themselves and certain other Protected Parties pursuant to the Settlement, and with 100% of Reorganized Yarway's equity. A full-text copy of Judge Shannon's findings of fact, conclusions of law, and order confirming Yarway's plan is available at http://bankrupt.com/misc/YARWAYplanord0408.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz P.C. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel.er 11 filing. [*] Fitch Affirms 5 U.S. Consumer Finance Cos. Following Peer Revie ------------------------------------------------------------------- Fitch Ratings affirmed the ratings of five U.S. consumer finance companies following a periodic peer rating review. The Rating Outlooks were Stable. Affirmed ratings include: Ally Financial Inc. (rated 'BB+'; Outlook Stable), American Express Company ('A+'; Outlook Stable), Discover Financial Services ('BBB+'; Outlook Stable), Navient Corporation ('BB'; Outlook Stable) and Synchrony Financial ('BBB-'; Outlook Stable). In general, the rating affirmations and Stable Rating Outlooks reflect the companies' strong franchises and leading market positions, continued strong credit performance, appropriate risk-adjusted capital levels and increasingly diverse funding profiles. These strengths are counterbalanced by the companies' monoline business models, outsized exposures to consumer finance which is cyclical and sensitivity to economic conditions, and reliance on wholesale funding sources. Looking forward, potential sector-wide rating drivers could include the sensitivity of internet deposits to rising interest rates, increased regulatory scrutiny of consumer lending activities particularly from the Consumer Finance Protection Bureau and the likelihood of asset quality reversion over the coming years. In connection with the rating actions, Fitch has also published a special report entitled 'Consumer Finance Companies: Rating Attribute Analysis' which highlights the relative differences among credit card, private student loan, automobile loan/lease, installment loan and alternative financial service (AFS) subsectors based on their operating environments, company profiles, management and strategies, risk appetites and financial profiles. These factors correspond to those outlined in Fitch's 'Global Non-Bank Financial Institutions Rating Criteria' dated March 20, 2105. Based on this attribute analysis, Fitch views consumer finance companies, on average, as being consistent with 'BB' category ratings, albeit with a fairly wide range around the average. The credit card lending subsector is viewed as best positioned, reflecting the strong franchises and leading market positions of many credit card lenders, favorable underlying secular trends, potentially more diverse earnings streams and higher levels of deposit and/or unsecured funding relative to consumer finance peers. The auto lending subsector exhibits strong relative credit performance, reflecting the secured nature of the loans, the essential nature of the automobile for borrowers and a primary focus on super prime/prime borrowers. However, auto lenders typically employ relatively higher leverage, in part reflecting the higher quality of the underlying assets, but also the captive nature of many of the auto finance companies. Private student lenders are benefiting from modest tailwinds including increasing underwriting discipline, strong demand for private student loans and reduced competition. However, there remains ongoing uncertainty surrounding regulatory and political scrutiny of the business, such as the dischargeability of loans in bankruptcy and programs designed to incentivize borrowers to consolidate their private student loans into lower cost federal loans. [*] Perella Weinberg To Rebuild After Departures ------------------------------------------------ Matt Jarzemsky, writing for The Wall Street Journal, reported that Perella Weinberg Partners is trying to regroup two months after abruptly parting ways with eight bankers in its restructuring group. According to the report, the dust-up left the group, which counsels financially struggling companies and their creditors, with just three U.S.-based bankers as the sharp drop in oil prices swells the ranks of troubled energy companies in need of restructuring advice. As previously reported, Perella in February fired the team's leader, Michael Kramer, and three other bankers for allegedly violating their partnership agreement by planning to leave the firm together. Another four restructuring bankers later resigned amid the shakeout, the report said. [^] BOOK REVIEW: AS WE FORGIVE OUR DEBTORS: Bankruptcy and Consumer ------------------------------------------------------------------- Authors: Teresa A. Sullivan, Elizabeth Warren, & Jay Westbrook Publisher: Beard Books Softcover: 370 Pages List Price: $34.95 Review by: Susan Pannell Order your personal copy today at http://www.beardbooks.com/beardbooks/as_we_forgive_our_debtors.html So you think you know the profile of the average consumer debtor: either deadbeat slouched on a sagging sofa with a three- day growth on his chin or a crafty lower-middle class type opting for bankruptcy to avoid both poverty and responsible debt repayment. Except that it might be a single or divorced female who's the one most likely to file for personal bankruptcy protection, and her petition might be the last stage of a continuum of crises that began with her job loss or divorce. Moreover, the dilemma might be attributable in part to consumer credit industry that has increased its profitability by relaxing its standards and extending credit to almost anyone who can scribble his or her name on an application. Such are among the unexpected findings in this painstaking study of 2,400 bankruptcy filings in Illinois, Pennsylvania, and Texas during the seven-year period from 1981 to 1987. Rather than relying on case counts or gross data collected for a court's administrative records, as has been done elsewhere, the authors use data contained in the actual petitions. In so doing, they offer a unique window into debtors' lives. The authors conclude that people who file for bankruptcy are, as a rule, neither impoverished families nor wily manipulators of the system. Instead, debtors are a cross-section of America. If one demographic segment can be isolated as particularly debt- prone, it would be women householders, whom the authors found often live on the edge of financial disaster. Very few debtors (3.7 percent in the study) were repeat filers who might be viewed as abusing the system, and most (70 percent in the study) of Chapter 13 cases fail and become Chapter 7s. Accordingly, the authors conclude that the economic model of behavior--which assumes a petitioner is a "calculating maximizer" in his in his decision to seek bankruptcy protection and his selection of chapter to file under, a profile routinely used to justify changes in the law--is at variance with the actual debtor profile derived from this study. A few stereotypes about debtors are, however, borne out. It is less than surprising to learn, for example, that most debtors are simply not as well-off as the average American or that while bankrupt's mortgage debts are about average, their consumer debts are off the charts. Petitioners seem particularly susceptible to the siren song of credit card companies. In the study sample, creditors were found to have made between 27 percent and 36 percent of their loans to debtors with incomes below $12,500 (although the loans might have been made before the debtors' income dropped so low). Of course, the vigor with which consumer credit lenders pursue their goal of maximizing profits has a corresponding impact on the number of bankruptcy filings. The book won the ABA's 1990 Silver Gavel Award. A special 1999 update by the authors is included exclusively in the Beard Book reprint edition. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* 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 2015. 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 ***