/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150420.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, April 20, 2015, Vol. 19, No. 110 Headlines ADMI CORP: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable ADVANCED MICRO DEVICES: Amends Loan Agreement with Bank of America ADVANCED MICRO DEVICES: Posts $180M Net Loss in First Quarter ALCOA INC: Fitch Affirms 'BB+' Issuer Default Rating ALLIED NEVADA: Has Official Committee of Shareholders ALLIED NEVADA: Shareholders Emerge as Ch. 11 Players ALLY FINANCIAL: Declares Dividends on Preferred Stock ALPHA NATURAL: Bank Debt Trades at 30% Off ALTEGRITY INC: Hires Prime Clerk as Administrative Advisor AMERICAN AXLE: Sandra Dauch Reports 4.7% Stake as of March 12 AMPLIPHI BIOSCIENCES: Has 152.5M Shares Resale Prospectus AMPLIPHI BIOSCIENCES: Posts $21.8 Million Net Income in 2014 AMPLIPHI BIOSCIENCES: To Issue 61M Shares Under Incentive Plans ANDALAY SOLAR: Posts $1.8 Million Net Loss in 2014 AQUA BLUE ESTATE: Section 341 Meeting of Creditors Set for May 15 ARCHDIOCESE OF SAINT PAUL: Lawyers Won't Be Paid Quickly ASOCIATED WHOLESALERS: Mercer Principal Says Firm Is Disinterested AURORA DIAGNOSTICS: Has New $40 Million Term Loan Facility BG MEDICINE: Brian Posner Quits as Director BLUE BIRD: NASDAQ Panel Grants Request for Continued Listing BON-TON STORES: Incurs $6.97 Million Net Loss in Fiscal 2014 BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus BRUGNARA PROPERTIES IV: US Trustee to Continue Meeting on April 2 BUILDERS FIRSTSOURCE: JLL Building Holds 24.8% Stake as of April 13 BUILDERS FIRSTSOURCE: Moody's Puts B3 CFR on Review for Downgrade BUILDERS FIRSTSOURCE: Stadium Capital Reports 9.8% Stake BUILDERS FIRSTSOURCE: Warburg Reports 25.3% Stake as of April 13 CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 8% Off CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 5% Off CAESARS ENTERTAINMENT: Hearing on Exclusivity Extension Set Apr. 29 CAESARS ENTERTAINMENT: Law Professor Named to Fee Committee CAESARS ENTERTAINMENT: Sec. 341 Meeting of Creditors Set for Today CAESARS ENTERTAINMENT: Wants Plan Filing Extended to Nov. 15 CAL DIVE: BofA Rips Unsecured Committee Bid for Longer Sale CEETOP INC: Incurs $841,000 Net Loss in 2014 CENTER POINT: Updated Case Summary & 9 Top Unsecured Creditors CHINA TELETECH: Posts $907,000 Net Loss in 2014 CICERO INC: John Stefens Reports 67.2% Stake as of April 8 COLT DEFENSE: Did Not Talk With Bondholders on Exchange Offer COLT DEFENSE: S&P Lowers CCR to 'CC' Over Exchange Offer COLT DEFENSE: Signs Indemnification Agreements with D&Os COMSTOCK MINING: Posts $390,000 Net Income in First Quarter CORD BLOOD: Appoints Three Directors to Board COUNTRY STONE: To Sell Remaining Assets for $105K CROSBY NATIONAL GOLF CLUB: Files Bare-Bones Ch. 11 Petition CROSBY NATIONAL: Case Summary & 20 Largest Unsecured Creditors CUBIC ENERGY: Amends March 31, 2014 Form 10-Q Report DEERFIELD RANCH: Hires Jigsaw Advisors as Financial Advisor DEERFIELD RANCH: Hires McNutt Law as General Bankruptcy Counsel DENDREON CORP: Court OKs Sullivan & Cromwell as Panel's Counsel DENDREON CORP: Court OKs Young Conaway as Committee Counsel DIAMOND LAND: Case Summary & 2 Largest Unsecured Creditors DIOCESE OF HELENA: Michael Hogan OK'd to Handle Future Tort Claims DOLPHIN DIGITAL: Incurs $1.8 Million Net Loss in 2014 DR. TATTOFF: Posts $6.6 Million Net Loss in 2014 DUNE ENERGY: Has Court Approval of $10 Million Financing ECOSPHERE TECHNOLOGIES: Swings to $11.5 Million Net Loss in 2014 ELBIT IMAGING: BCBS Now Providing Coverage to MRgFUS Procedure EMMAUS LIFE: Inks $2.5M Purchase Agreement with Shigeru Matsuda ENDEAVOUR INT'L: Creditors Seek to Invalidate Secured Debt ENERGY & EXPLORATION: Bank Debt Trades at 16% Off ERIE HOCKEY CLUB: In Chapter 11 to Complete Sale Process ESCO MARINE: Wants Until April 22 to File Schedules and Statements ESP RESOURCES: Posts $2.1 Million Net Loss in 2014 EVERYWARE GLOBAL: Commences Trading on OTC Pink Markets EVERYWARE GLOBAL: Prepack Plan Headed for May 20 Confirmation EXIDE TECHNOLOGIES: Claimants Seek OK for $2.7M Pollution Deal FRAC TECH: Bank Debt Trades at 22% Off FULLCIRCLE REGISTRY: Incurs $653,000 Net Loss in 2014 GARLOCK SEALING: Plan Inches Toward June 2016 Confirmation Hearing GELTECH SOLUTIONS: Issues $200,000 Secured Convertible Note GETTY IMAGES: Bank Debt Trades at 12% Off GLYECO INC: Holds Conference Call to Discuss 2014 Results GLYECO INC: Wynnefield May Obtain Confidential Information GREYSTONE LOGISTICS: Reports $3.6MM Sales for Feb. 28 Quarter GTP ACQUISITION I: Fitch Affirms BB- Rating on 2 Note Classes GULFPORT ENERGY: Moody's Raises CFR to 'B1', Outlook Stable GYMBOREE CORP: Bank Debt Trades at 22% Off HALCON RESOURCES: Goldman Sachs Swaps $70.7M Notes for Shares HANESBRANDS INC: Moody's Affirms 'Ba1' CFR, Outlook Stable HANESBRANDS INC: S&P Retains 'BB' CCR Over New First Lien Debt HEXION INC: 2015 Annual Incentive Plan Approved HEXION INC: Signs $315 Million Indenture with Wilmington Trust HIGH RIDGE: Wants to Sell Property Controlled by Receiver HIRAM COLLEGE: S&P Assigns BB+ LT Rating to 2015 Refunding Bonds INERGETICS INC: Incurs $9.5 Million Net Loss in 2014 INVENTERGY GLOBAL: Marcum Expresses Going Concern Doubt IRONSTONE GROUP: Reports $259,000 Net Loss in 2014 J. CREW: Bank Debt Trades at 6% Off Jones Day, Weil Named in Fund Manager's RICO Suit KIOR INC: Hearing on Case Conversion Continued Until April 29 KIOR INC: Plan Facing Objections from MDA, Securities Plaintiffs LEE STEEL: Section 341 Meeting Scheduled for May 21 LEHMAN BROTHERS: E&Y to Settle With NY AG for $10M LEVEL 3: Prices Private Offering of Senior Notes LEVI STRAUSS: Moody's Raises CFR to 'Ba1', Outlook Stable METALICO INC: Incurs $44.4 Million Net Loss in 2014 MF GLOBAL: PwC Settles Investors' Class Suit for $65M MG ROVER: UK Tribunal Cuts $4.4M From Deloitte Conflicts Penalty MINT LEASING: Incurs $3.1 Million Net Loss in 2014 MOUNTAIN PROVINCE: Annual Meeting Set for June 16 N-VIRO INTERNATIONAL: Posts $1.7 Million Net Loss in 2014 NATIONAL CINEMEDIA: Appoints Peter Brandow to Board of Directors NATROL INC: Purchaser Aurobindo Settles Lawsuit vs. Parent NEPHROS INC: Incurs $7.37 Million Net Loss in 2014 NET ELEMENT: Mayor Trans Reports 8.5% Stake as of April 13 NET TALK.COM: Incurs $2.84 Million Net Loss in 2014 NEWSAT LIMITED: Files for Chapter 15 Bankruptcy Protection NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings NEWSTAR FINANCIAL: Fitch Assigns BB- LongTerm Issuer Default Rating NGPL PIPECO: Bank Debt Trades at 4% Off NORTH LAS VEGAS, NV: Fitch Affirms 'B' Rating on LTGO Bonds NORTHERN MARIANA: Fitch Affirms BB- Rating on $29.2MM Revenue Bonds NORTHERN MARIANA: Fitch Hikes Rating on $12MM Airport Bonds to 'B+' OCEAN RIG: Bank Debt Trades at 16% Off OPTIM ENERGY: April 22 Hearing on DIP Financing Amendment No. 15 PACWEST BANCORP: Fitch Plans to Withdraw BB+ Issuer Default Rating PARAGON OFFSHORE: Bank Debt Trades at 31% Off PARK 91 LLC: Voluntary Chapter 11 Case Summary PATRIOT COAL: Said to Be Working With Kirkland, Alvarez PEREGRINE FINANCIAL: US Bank Settles $200M Theft Suit PERKINS & PERKINS: Case Summary & 14 Largest Unsecured Creditors PETTERS COMPANY: Trustee OK'd to Incur Additional $3M PGW Cash PULSE ELECTRONICS: Suspending Filing of Reports with SEC RADIOSHACK CORP: To Sell North American Trademarks by Mid-May REVEL AC: Buyer Left in Dark as Plant Owner Ducks TRO Bid REVEL AC: Faces Hearing on Ch. 11 Service Value ROLLING RIDGE: Case Summary & 14 Largest Unsecured Creditors RUE21 INC: Bank Debt Trades at 10% Off SARKIS INVESTMENT: Keen-Summit to Take Over GA Keen Work SCHMIDT LAND: Case Summary & 20 Largest Unsecured Creditors SCS HOLDINGS: S&P Affirms B+ Corp. Credit Rating; Outlook Stable SEADRILL LTD: Bank Debt Trades at 20% Off SIMPLY FASHION: Case Summary & 20 Largest Unsecured Creditors SIMPLY FASHION: Files for Bankruptcy to Liquidate Chain SOLAR POWER: Amends Third Quarter 2014 Form 10-Q SOLAR POWER: To Acquire 100% Interest in Solar Projects for $8.8M SOUTH I-90: Voluntary Chapter 11 Case Summary SRP PLAZA: Case Summary & 6 Largest Unsecured Creditors SRP PLAZA: Files for Chapter 11 in Las Vegas SRP PLAZA: Section 341(a) Meeting Scheduled for May 21 STANDARD REGISTER: Judge OKs $155M DIP, Auction Plans STATE AUTO: S&P Revises Outlook to Stable & Affirms BB+ CCR STOCKBRIDGE/SBE HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Neg STOCKTON, CA: June 29 Deadline to File Avoidance Actions vs. SJC SUNVALLEY SOLAR: Incurs $1.28 Million Net Loss in 2014 TARGETED MEDICAL: Posts $3.89 Million Net Loss in 2014 TEXOMA PEANUT: Taps Koehler & Associates as Financial Advisor TLC HEALTH: Meeting of Creditors Adjourned to June 15 TRANSGENOMIC INC: Incurs $15.1 Million Net Loss in 2014 TRIGEANT HOLDINGS: BSLLP Says It Has No Adverse Interests TRISTAR WELLNESS: Posts $8.87 Million Net Loss in 2014 TURNER GRAIN: May 14 Hearing on UST's Motion to Convert Case VANTAGE DRILLING: 2017 Bank Debt Trades at 38% Off VANTAGE DRILLING: 2019 Bank Debt Trades at 41% Off VERTICAL COMPUTER: Reports $2.1 Million Net Loss in 2014 WALTER ENERGY: Bank Debt Trades at 41% Off WALTER ENERGY: In Talks with Holders to Improve Capital Structure WALTER INVESTMENT: Bank Debt Trades at 7% Off WBH ENERGY: Seeks Approval of $5-Mil. Loan from CL III Funding WEATHER CHANNEL: Bank Debt Trades at 5% Off WORLD SURVEILLANCE: Board Chair Drew West Resigns WPCS INTERNATIONAL: To Effect a 1-for-22 Reverse Stock Split Z TRIM HOLDINGS: Has Consulting Agreement with Jeffery ZYNEX INC: To Report Slight Increase in Revenue in First Quarter [*] Claim on Stale Debt Doesn't Violate Federal Collection Law [*] Moody's Says Change in Demographic Pressures US Casinos [^] BOND PRICING: For the Week from April 13 to 17, 2015 ********* ADMI CORP: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to East Syracuse, N.Y.-based ADMI Corp., the parent company of Aspen Dental Management Inc. The outlook is stable. S&P said, "At the same time, we assigned our 'B' senior secured debt and '3' recovery rating to ADMI's $415 million senior secured facility, consisting of a $35 million revolving credit agreement due 2020 and a $380 million term loan B due 2022. Our '3' recovery rating indicates our expectation for meaningful (50% to 70%, at the lower end of the range) recovery of principal in the event of payment default. In addition, we assigned our 'CCC' issue-level rating to the $150 million senior unsecured notes due 2023 and '6' recovery rating. The '6' recovery rating indicates expectations of negligible (0% to 10%) recovery in the event of a payment default. "Our ratings on ADMI Corp. are essentially unchanged from the ratings on Aspen Dental Management Inc. ADMI is the parent holding company of Aspen Dental, which is being recapitalized by another private equity firm." "Our assessment of ADMI's business risk profile as 'weak' reflects its especially narrow focus on dental management services and the challenges of maintaining double-digit growth from a larger base, as it strives to continue to aggressively expand via de novo office openings and grow revenues faster than the growth of the U.S. dental services industry," said Standard & Poor's credit analyst Arthur Wong. As part of the recapitalization, ADMI is refinancing the debt, and leverage will slightly increase. "However, we view the new capital structure as consistent with our assessment of a "highly leveraged" financial risk profile," Mr. Wong said. ADMI provides business support services to over 480 affiliated dental care offices, in 30 states, with some concentration in the Northeast and Midwest, and is the largest branded dentist office chain. The dental market is projected to grow in the mid-single digits annually over the next five years, given aging demographics and the increasing number of patients with dental benefits. The company has aggressively and successfully pursued a de novo strategy, having opened over 200 offices since 2010, with offices turning cash flow positive within two months. ADMI's diversity compares favorably with other dental support organizations and its size enables it to leverage its support infrastructure and marketing efforts. The rating outlook is stable, reflecting S&P's expectation of steady revenue growth, stable margins, and the use of cash flows to support increased de novo office openings. The company will likely remain highly leveraged, with leverage in the 6x to 6.5x range and FFO to debt in the high-single-digit area. A downgrade would most likely be prompted by a steep drop in revenues and cash flows, resulting in cash flow deficits, despite a reduction in de novo office openings. This could occur if the flow of new patients falters or new offices take longer to ramp up. "We view an upgrade as unlikely over the outlook period at this time, given expectations that leverage will remain above 6x and that available cash flows will be used to support an increase in de novo office openings. A fall in adjusted leverage to under 5x would likely be a required catalyst for an upgrade," said S&P. ADVANCED MICRO DEVICES: Amends Loan Agreement with Bank of America ------------------------------------------------------------------ Advanced Micro Devices, Inc., AMD International Sales & Service, Ltd., and ATI Technologies ULC, have amended a loan and security agreement dated as of Nov. 12, 2013, with Bank of America, N.A., a national banking association, as agent for the lenders. According to a Form 8-K filed with the Securities and Exchange Commission, the Amended and Restated Loan Agreement provides for a senior secured asset based line of credit for a principal amount up to $500 million, with up to $75 million available for issuance of letters of credit. Borrowings under the Secured Revolving Line of Credit are limited to up to 85% of eligible accounts receivable (90% for certain qualified eligible accounts receivable), minus specified reserves. The size of the commitments under the Secured Revolving Line of Credit may be increased, with the aggregate amount of all such increases not to exceed $200 million. No drawings were made under the Secured Revolving Line of Credit on the closing date of the Amended and Restated Loan Agreement. The Secured Revolving Line of Credit matures on April 14, 2020. The obligations of the Loan Parties under the Amended and Restated Loan Agreement are secured by a first priority security interest in the Loan Parties' accounts receivable, inventory, deposit accounts maintained with the Agent and other specified assets relating to the foregoing, including books and records. A copy of the Amended and Restated Loan and Security Agreement is available for free at http://is.gd/y9UPqF Fifth Amendment to the Wafer Supply Agreement On April 16, 2015, the Company entered into a fifth amendment to the Wafer Supply Agreement with GLOBALFOUNDRIES Inc. The primary effect of the Fifth Amendment was to establish volume purchase commitments and fixed pricing for the 2015 calendar year as well as to modify certain other terms of the Wafer Supply Agreement applicable to wafers for some of AMD's microprocessor unit, graphics processor unit and semi-custom products to be delivered by GF to AMD during the 2015 calendar year. AMD currently estimates that it will purchase wafers from GF for approximately $1 billion in 2015. AMD expects that its future purchases from GF will continue to be material under the Wafer Supply Agreement. About Advanced Micro Devices Sunnyvale, California-based Advanced Micro Devices, Inc., is a global semiconductor company. The Company's products include x86 microprocessors and graphics. For the year ended Dec. 27, 2014, the Company reported a net loss of $403 million on $5.50 billion of net revenue compared to a net loss of $83 million on $5.29 billion of net revenue for the year ended Dec. 28, 2013. As of March 28, 2015, Advanced Micro had $3.42 billion in total assets, $3.41 billion in total liabilities and $17 million in total stockholders' equity. * * * In August 2013, Standard & Poor's Ratings Services revised its outlook on Advanced Micro Devices to negative from stable. At the same time, S&P affirmed its 'B' corporate credit and senior unsecured debt ratings on AMD. As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to 'B-' from 'CCC'. The upgrade primarily reflects AMD's improved financial flexibility from recent refinancing activity, which extends meaningful debt maturities until 2019. In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service lowered AMD's corporate family rating to 'B2' from 'B1'. The downgrade of the corporate family rating to 'B2' reflects AMD's prospects for weaker operating performance and liquidity profile over the next year as the company commences on a multi-quarter strategic reorientation of its business in the face of a challenging macro environment and a weak PC market. ADVANCED MICRO DEVICES: Posts $180M Net Loss in First Quarter ------------------------------------------------------------- Advanced Micro Devices, Inc., reported a net loss of $180 million on $1.03 billion of net revenue for the three months ended March 28, 2015, compared to a net loss $20 million on $1.39 billion of net revenue for the three months ended March 29, 2014. As of March 28, 2015, Advanced Micro had $3.42 billion in total assets, $3.41 billion in total liabilities and $17 million in total stockholders' equity. Cash, cash equivalents and marketable securities were $906 million at the end of Q1 2015, compared to $1.04 billion in the prior quarter, primarily driven by lower sales and debt interest payments in the quarter. "Building great products, driving deeper customer relationships and simplifying our business remain the right long-term steps to strengthen AMD and improve our financial performance," said Dr. Lisa Su, AMD president and CEO. "Under the backdrop of a challenging PC environment, we are focused on improving our near-term financial results and delivering a stronger second half of the year based on completing our work to rebalance channel inventories and shipping strong new products." A full-text copy of the press release is available for free at: http://is.gd/d6cQXJ About Advanced Micro Devices Sunnyvale, California-based Advanced Micro Devices, Inc., is a global semiconductor company. The Company's products include x86 microprocessors and graphics. For the year ended Dec. 27, 2014, the Company reported a net loss of $403 million on $5.50 billion of net revenue compared to a net loss of $83 million on $5.29 billion of net revenue for the year ended Dec. 28, 2013. * * * In August 2013, Standard & Poor's Ratings Services revised its outlook on Advanced Micro Devices to negative from stable. At the same time, S&P affirmed its 'B' corporate credit and senior unsecured debt ratings on AMD. As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to 'B-' from 'CCC'. The upgrade primarily reflects AMD's improved financial flexibility from recent refinancing activity, which extends meaningful debt maturities until 2019. In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service lowered AMD's corporate family rating to 'B2' from 'B1'. The downgrade of the corporate family rating to 'B2' reflects AMD's prospects for weaker operating performance and liquidity profile over the next year as the company commences on a multi-quarter strategic reorientation of its business in the face of a challenging macro environment and a weak PC market. ALCOA INC: Fitch Affirms 'BB+' Issuer Default Rating ---------------------------------------------------- Fitch Ratings has affirmed the ratings for Alcoa Inc. (NYSE: AA, Alcoa) including its Issuer Default Rating and senior unsecured debt at 'BB+'. Nearly $14 billion in commitments and securities are affected. The Rating Outlook has been revised to Positive from Stable in recognition of permanent improvements to the company's business profile, including expansions into higher value added downstream segments Engineered Products and Solutions (EPS) and Global Rolled Products (GRP), and reduced exposure to higher volatility primary aluminum markets. Alcoa has also increased its focus on reducing financial leverage. KEY RATING DRIVERS The ratings reflect Alcoa's leading positions in aluminum, key aerospace, automotive and construction markets, strong control of costs and spending, and the flexibility afforded by the scope of its operations. Alcoa benefits from being vertically integrated and geographically diversified. The company has generated free cash flow after capital expenditures and dividends to shareholders since 2010 despite weak aluminum prices. Profitability remains leveraged to aluminum prices but less so than prior periods given cost reductions and higher value-added production. Benefits from Upstream Reviews Alcoa ranked as the third largest western primary aluminum producer in 2014 after Rio Tinto and Rusal. Its aluminum production is in the second quartile of the global cost curve and its alumina production is in the first quartile. Roughly 64% of alumina and 81% of primary aluminum by volume was sold to third parties in 2014. The physical primary aluminum market has reached a balance over the last couple of years but substantial stocks remain in the hands of financial buyers which limits price appreciation. In 2014 Alcoa took 159,000 tonnes (t) of smelter capacity offline, sold its share (115,000 t) of the Mt. Holly smelter, and permanently closed 424,000 t of capacity. In March 2015, Alcoa announced a review of 500,000 t of smelting capacity and 2.8 million t of alumina refining capacity for possible curtailment, closure or sale. Of the company's 3.5 million t of smelting capacity, 19% was curtailed at Dec. 31, 2014. Global consumption was about 53 million t in 2014 and LME stocks were 3.9 million t at April 9, 2015. Fitch believes that the strong dollar and low oil prices will continue to inform aluminum prices and that Western producers will show production discipline. Inventory financing transactions are expected to continue to slowly unwind as interest rates rise. Longer-term, Fitch expects the market to benefit from a dearth of new investment and declining stocks although price appreciation will be constrained by excess capacity currently idled. On the margin and all else equal, Alcoa reports that a $100/t increase or decrease in the average price of primary aluminum as reported on the London Metal Exchange (LME) would increase or decrease 2015 annual net income by $190 million (a drop of $50 million from 2014's sensitivity). In 2014, the LME price was about $21/t higher, Alcoa's average realized prices for primary aluminum were $162/t higher, and the Primary Aluminum segment EBITDA/t was $355 higher than the same figures for 2013. Alumina markets have their own fundamental dynamics and Alcoa has been working to move its contracts to indexed base pricing rather than pricing based on the LME price of aluminum. For 2015, roughly 75% of third party shipments are on spot or alumina index based. Downstream Opportunities: Engineered Products and Solutions (EPS) and Global Rolled Products (GRP) benefit from scale in research and development, past restructuring efforts, and growing end-market demand. Since 2009, EPS segment annual EBITDA more than doubled to $1.3 billion and accounted for 37% of 2014 consolidated operating EBITDA and EPS taken with GRP accounted for 57%. Recent investments in GRP have captured growing auto and aerospace demand while some uneconomic can sheet plants have been divested or closed. In EPS, the recent acquisitions of Firth Rixson and Tital as well as the anticipated acquisition of RTI International Metals, Inc. expand Alcoa's exposure to high growth aerospace markets. Fitch estimates that EPS and GRP will represent more than $2.7 billion in EBITDA in 2016 -- well over 50% of our projected base case EBITDA. Expectations: Fitch expects 2015 EBITDA to be at least $3.6 billion and total debt to EBITDA to be at most 2.3x. FFO adjusted leverage is impacted by minimum pension contributions in the amount of $485 million in 2015. Fitch expects FFO adjusted leverage to drop below 3x after 2015. Based on preliminary LTM March 31, 2015 figures, EBITDA was $4.0 billion, total debt to EBITDA was 2.2x and FFO adjusted leverage was 3.1x. For 2015, Fitch expects Alcoa to be free cash flow positive after capital expenditures of $1.4 billion, $220 million in dividends and the $300 million prepayment associated with the gas supply agreement in Western Australia announced April 8, 2015. Strong Liquidity: At Dec. 31, 2014, the $4 billion revolver maturing July 25, 2019 was fully available and, at March 31, 2015, cash on hand was $1.2 billion. The revolver has a covenant that limits Consolidated Indebtedness to 150% of Consolidated Net Worth. Fitch notes that the first quarter generally shows high seasonal working capital; a key focus is working capital management and turns have been kept to low levels. Fitch expects seasonal working capital borrowings to be cleaned down in the third quarter of 2014. As of Dec. 31, 2014, near-term scheduled debt maturities were: $29 million in 2015, $28 million in 2016, $767 million in 2017, $1 billion in 2018 and $772 million in 2019. Pension Contributions: According to the company's form 10K, at Dec. 31, 2014, aggregate pension plans were underfunded by $3.3 billion, of which the U.S. pension plans were underfunded by $2.7 billion on a U.S. GAAP basis. The minimum required contribution to pension plans is estimated to be $485 million in 2015. KEY ASSUMPTIONS: -- EPS is expected to benefit from the recent acquisitions of Firth Rixon and Tital as well as internal growth; -- RTI International acquisition is not included in projections but is expected to be a stock-for-stock transaction and contribute to lower financial leverage when closed; and -- Fitch's LME aluminum price assumptions of $1,900/t, average market premiums of $350/t, and alumina prices of $321/t for the full year 2015. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- FFO adjusted net leverage sustainably under 2.5x - 2.75x, and FCF positive on average; -- Managing to the lower end of management's target leverage range of Total Debt/EBITDA of 2.25x - 2.75x. -- EBIT margins of at least 8% on average. Negative: Not anticipated but, future developments that may, individually or collectively, lead to negative rating action include: -- Operating EBITDA below $3 billion in 2015; -- FFO adjusted net leverage sustainably above 3x and free cash flow negative in the amount of $200 million or more on average. Fitch has affirmed the following ratings with a Positive Outlook: -- Issuer Default Rating (IDR) at 'BB+'; -- Senior notes at 'BB+'; -- $4 billion revolving credit facility at 'BB+'; -- Series A preferred stock at 'BB-'; -- Series B preferred stock at 'B+'; -- Short-term IDR at 'B'; -- Commercial paper at 'B'. ALLIED NEVADA: Has Official Committee of Shareholders ----------------------------------------------------- Sherri Toub, bankruptcy columnist for Bloomberg News, reports that Allied Nevada Gold Corp. got an official shareholders' committee. A five-member panel of shareholders was appointed by the U.S. Justice Department's bankruptcy watchdog on April 10. The report adds that at a hearing set for April 21, a judge in Delaware will consider approval of procedures governing the sale of 75 properties that Allied Nevada acquired from Vista Gold Corp. and others. The Company wants to start the auction process with a $17.5 million cash bid from Clover Nevada LLC. Competing bids would be due June 12 in advance of a June 16 auction. The company proposed a June 18 sale-approval hearing. Clover is associated with Elko Mining Group LLC. 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. ALLIED NEVADA: Shareholders Emerge as Ch. 11 Players ---------------------------------------------------- Law360 reported that shareholders of Allied Nevada Gold Corp. gained traction to challenge terms of the mining outfit's bondholder-supported debt restructuring after government bankruptcy monitors gave formal approval on April 10 to the formation of a rare Chapter 11 equity committee. Law360 relates that the U.S. Trustee's establishment of a committee ensures an official role in the bankruptcy for equity security holders, a small number of which petitioned for group status on the argument that Allied Nevada might exit Chapter 11 healthy enough to leave shareholders in the money. 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: Declares Dividends on Preferred Stock ----------------------------------------------------- Ally Financial Inc. has declared quarterly dividend payments for certain outstanding preferred stock. Each of these dividends were declared by the board of directors on April 1, 2015, and are payable on May 15, 2015. A quarterly dividend payment was declared on Ally's Fixed Rate Cumulative Perpetual Preferred Stock, Series G, of $22 million, or $17.11 per share, and is payable to shareholders of record as of May 1, 2015. Additionally, a dividend payment was declared on Ally's Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A, of $21.7 million, or $0.53 per share, and is payable to shareholders of record as of May 1, 2015. About Ally Financial Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial services companies. The Company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. Ally operates as a bank holding company. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake. Private equity firm Cerberus Capital Management LP keeps 14.9 percent, while General Motors Co. owns 6.7 percent. * * * As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings Services said it raised its issuer credit rating on Ally Financial Inc. to 'BB' from 'B+'. "The upgrade reflects the company's release from potential legal and financial liabilities stemming from its ownership of ResCap," said Standard & Poor's credit analyst Tom Connell. In the April 3, 2014, edition of the TCR, Fitch Ratings has upgraded Ally Financial Inc.'s long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BB'. The rating upgrade reflects increased clarity around Ally's ownership structure given Ally's recent announcement that it has launched an initial public offering those shares of its common stock held by the U.S. Treasury (the Treasury). As reported by the TCR on July 16, 2014, Moody's Investors Service affirmed the 'Ba3' corporate family and 'B1' senior unsecured ratings of Ally Financial, Inc. and revised the outlook for the ratings to positive from stable. Moody's affirmed Ally's ratings and revised its rating outlook to positive based on the company's progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis. ALPHA NATURAL: Bank Debt Trades at 30% Off ------------------------------------------ Participations in a syndicated loan under which Alpha Natural Resources is a borrower traded in the secondary market at 69.65 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.45 percentage points from the previous week, The Journal relates. Energy & Exploration pays 275 basis points above LIBOR to borrow under the facility. The bank loan matures on May 31, 2020. Moody's rates the loan 'B3' and Standard & Poor's gave a BB- rating to the loan. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. ALTEGRITY INC: Hires Prime Clerk as Administrative Advisor ---------------------------------------------------------- Altegrity, Inc., et al., ask for authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Prime Clerk LLC as administrative advisor, nunc pro tunc to the Feb. 8, 2015 commencement date. The Debtors require Prime Clerk to: (a) assist, among other things, solicitation, balloting and tabulation and calculation of votes for purposes of plan voting; (b) prepare any appropriate reports, exhibits and schedules of information; (c) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (d) assist with the preparation of the Debtors’ schedules of assets and liabilities and statements of financial affairs and gathering data in conjunction therewith; (e) generate, provide and assist with claims objections, exhibits, claims reconciliation and related matters; (f) facilitate any distributions pursuant to a confirmed plan of reorganization; (g) provide confidential on-line work spaces or virtual data rooms and publishing documents to such workspaces or data rooms; and (h) provide such other claims processing, noticing, solicitation, balloting and Administrative Services described in the Engagement Agreement, but not included in the Claims and Noticing Agent Application, as may be requested from time to time by the Debtors. Prime Clerk will be paid at these hourly rates: Analyst $40 Technology Consultant $110 Consultant $125 Senior Consultant $155 Director $190 Solicitation Consultant $175 Director of Solicitation $200 Prime Clerk will also be reimbursed for reasonable out-of-pocket expenses incurred. Benjamin P.D. Schrag, executive vice president of Prime Clerk, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Prime Clerk can be reached at: Shai Waisman PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel:(212) 257-5450 E-mail: swaisman@primeclerk.com About Altegrity Inc. Altegrity Inc. provides background investigations for the U.S. government; employment background and mortgage screening for commercial customers; technology-driven legal services and software for data management; and investigative, analytic, consulting, due diligence, and security services. Altegrity is principally owned by investment funds affiliated with Providence Equity Partners. Altegrity Inc. and 37 of its affiliates filed Chapter 11 Bankruptcy petitions (Bankr. D. Del. Lease Case No. 15-10226) on Feb. 8, 2015. Jeffrey S. Campbell signed the petitions as president and chief financial officer. The Debtors disclosed total assets of $1.7 billion and total liabilities of $2.1 billion as of June 30, 2014. M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A. Bruens, Esq., at Debevoise & Plimpton LLP serve as the Debtors' counsel. Joseph M. Barry, Esq., Ryan M. Bartley, Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP, act as the Debtors' Delaware and conflicts counsel. Stephen Goldstein and Lloyd Sprung, at Evercore Group, LLC, are the Debtors' investment bankers. Kevin M. McShea and Carrianne J. M. Basler, at Alixpartners LLP serve as the Debtors' restructuring advisors. Prime Clerk LLC is the Debtors' claims and noticing agent. PricewaterhouseCoopers LLP serves as the Debtors' independent auditors. The U.S. Trustee for Region 3 appointed six creditors to serve on the official committee of unsecured creditors. AMERICAN AXLE: Sandra Dauch Reports 4.7% Stake as of March 12 ------------------------------------------------------------- Sandra J. Dauch disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that as of March 12, 2015, she beneficially owns 3,619,917 shares of common stock of American Axle & Manufacturing Holdings, Inc., which represents 4.75 percent of the shares outstanding. Ms. Dauch is the trustee of the Richard E. Dauch Trust dated 11-13-91, the Sandra J. Dauch Trust dated November 13, 1991, the Sandra J. Dauch Gift Trust dated May 25, 1998, and president, treasurer and a trustee of the Richard E. and Sandra J. Dauch Family Foundation. A copy of the regulatory filing is available for free at http://is.gd/TWxCYq About American Axle Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures, engineers, designs and validates driveline and drivetrain systems and related components and chassis modules for light trucks, sport utility vehicles, passenger cars, crossover vehicles and commercial vehicles. As of Dec. 31, 2014, American Axle had $3.25 billion in total assets, $3.14 billion in total liabilities and $113 million in total stockholders' equity. * * * In September 2012, Moody's Investors Service affirmed the 'B1' Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of American Axle. American Axle carries a 'BB-' corporate credit rating from Standard & Poor's Ratings Services. "The 'BB-' corporate credit rating on American Axle reflects the company's 'weak' business risk profile and 'aggressive' financial risk profile, which incorporate substantial exposure to the highly cyclical light- vehicle market," S&P said, as reported by the TCR on Sept. 6, 2012. As reported by the TCR on Sept. 1, 2014, Fitch Ratings had upgraded the Issuer Default Ratings (IDRs) of American Axle & Manufacturing Holdings, Inc. (AXL) and its American Axle & Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'. The upgrade of the IDRs for AXL and AAM is supported by the fundamental improvement in the drivetrain and driveline supplier's credit profile over the past several years. AMPLIPHI BIOSCIENCES: Has 152.5M Shares Resale Prospectus --------------------------------------------------------- Ampliphi Biosciences Corporation filed a Form S-1 registration statement with the Securities and Exchange Commission covering the sale of an aggregate of up to 152,554,535 shares of the Company's common stock, par value $0.01 per share, by Intrexon Corporation, Broadfin Healthcare Master Fund, Ltd, Armistice Capital Master Fund, Ltd., et al. The Shares consist of 78,787,880 shares of the Company's common stock, which were issued pursuant to a subscription agreement, dated as of March 10, 2015, entered into by the Company and the selling stockholders and 24,424,244 shares of our common stock underlying warrants, 19,696,971 of which are underlying warrants that were issued pursuant to the subscription agreement and 4,727,273 of which are underlying warrants that were issued to the placement agents in connection with the completion of the March 2015 private placement, as well as 24,000,000 shares previously issued to Intrexon Corporation in connection with the Exclusive Channel Collaboration in March 2013 and 25,342,411 shares previously issued to Dr. Anthony Smithyman and his affiliates in connection with our acquisition of SPH in November 2012. The Company will not receive any proceeds from the sale of the shares covered by this prospectus. A full-text copy of the prospectus is available for free at: http://is.gd/PkiSOO About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. The Company reported a net loss of $57.6 million on $325,000 of total revenue for the year ended Dec. 31, 2013, compared with a net loss of $1.11 million on $664,000 of total revenue in 2012. PBMares, LLP, in Richmond, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has had recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2014, the Company had $28.4 million in total assets, $17.08 million in total liabilities and $11.3 million in total stockholders' equity. AMPLIPHI BIOSCIENCES: Posts $21.8 Million Net Income in 2014 ------------------------------------------------------------ Ampliphi Biosciences Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income attributable to common stockholders of $21.82 million on $409,000 of revenue for the year ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $65.2 million on $81,000 of revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $28.61 million in total assets, $23.19 million in total liabilities, $1.99 million in series b redeemable convertible preferred stock and $3.43 million in total stockholders' equity. The Company has incurred net losses since inception through Dec. 31, 2014, of $362 million, of which $315.5 million was incurred as a result of the Company's prior focus on gene therapy in fiscal years 2010 and earlier. The Company has not generated any product revenues and does not expect to generate revenue from product candidates in the near term. The Company had cash and cash equivalents of $6.6 million and $20.4 million at Dec. 31, 2014 and 2013, respectively. A full-text copy of the Form 10-K is available for free at: http://is.gd/qXKaHe 2013 Form 10-K Amended Ampliphi has amended its annual report on Form 10-K for the fiscal year ended Dec. 31, 2013, to 1) remove deemed dividends booked on the issuance of preferred shares and 2) to recognize the increase in derivative expense due to adding several features to the valuation model used to measure the compound derivatives and to change from the utilization of a Black-Scholes valuation model to a Monte Carlo valuation model. Additional paid in capital and accumulated deficit were reduced by $8,464,000 as a result of removing the deemed dividends. Loss on derivative liabilities increased by $1,755,000 to $42,317,000 due to the change in the valuation model. The Company also contracted a valuation team to review the purchase price allocation of its acquisition of Biocontrol. As a result, in-process research and development (IPR&D) was restated and a new intangible asset, patents, was recognized. As a result, $493,000 of IPR&D for Biocontrol was reclassified to patents and the Company recognized amortization expense for patents of $31,000 for both 2012 and 2013. As a result of these corrections, the Company's net loss in 2013 increased $1,787,000 to $57,648,000. The net loss per share decreased by $0.07 per share to $(0.57) per share which also reflects the removal of the deemed dividends. The Company's financial statements for Dec. 31, 2013, have been further amended to: * reclassify its Series B Redeemable Convertible Preferred Stock from Stockholders' Equity (Deficit) to temporary equity due to the stock's redemption features. This adjustment resulted in a reclassification of $707,000 of Stockholders' Equity (Deficit) to Series B Redeemable Convertible Preferred Stock, including the par value of these shares of $89,000 and the accretion of the stock's redemption value of $618,000. * recognize deferred revenue and deferred costs related certain royalty contracts. This change resulted in a reduction in revenues of $244,000 and a reduction in G&A expense of $126,000. * reclassify certain warrants issued in 2011 as liability instruments. These warrants were previously recorded by error as equity instruments. This adjustment resulted in the in the establishment of a liability of $560,000 as of Dec. 31, 2013. * adjust goodwill for the acquisitions of Biocontrol and SPH for acquired deferred tax liabilities and errors in previous reporting. This change resulted in an increase of $1,685,000 in goodwill related to the Biocontrol acquisition and $1,548,000 in goodwill related to the acquisition of SPH. * modify the key assumptions employed to value the compound derivative associated with the Series B Redeemable Convertible Preferred Stock and the Company's 2013 warrants, under a Monte Carlo valuation model. The change in assumptions resulted in a $6,348,000 increase in the compound derivative liability and a $353,000 reduction in the warrant liability related to 2013 warrants. Loss on derivative liabilities increased by $7,013,000 for 2013. As a result of these corrections, the Company's net loss in 2013, as amended, increased $6,935,000 to $64,583,000. The net loss per share attributable to common stockholders increased by $0.07 per share to $(0.64) per share. Amends Q1 2014 Form 10-Q The Company's previously issued March 31, 2014, financial statements have been restated to remove deemed dividends which were accrued on its preferred shares and to recognize an increase in derivative expense due to adding several features to the valuation model used to measure the compound derivatives and changing from a Black-Scholes valuation model to a Monte Carlo valuation model. Additional paid in capital and accumulated deficit have been reduced by $8,464,000 to reflect the elimination of deemed dividends. Loss on derivative liabilities increased by $1,870,000 to $9,428,000 due to the change in the valuation model. The Company also contracted a valuation team to review the purchase price allocation of Biocontrol. As a result, in process research and development (IPR&D) was restated and a new intangible asset, patents, was recognized. For the Biocontrol acquisition, $493,000 of IPR&D was reclassified to patents. In addition, amortization expense for patents was recognized in the three month period ending March 31, 2014, and the three month period ending March 31, 2013. As a result of these corrections, the Company's net loss for the period ending March 31, 2014, decreased by $726,000 to $11,303,000. The net loss per share decreased by $0.01 per share to $(0.06) per share which reflected both the increased net loss and the removal of the deemed dividends. A full-text copy of the Form 10-Q/A is available for free at: http://is.gd/VA88ye Amends Q2 2014 Form 10-Q The Company's previously issued June 30, 2014, financial statements have been amended to: * reclassify its Series B Redeemable Convertible Preferred Stock from Stockholders' Equity (Deficit) to temporary equity due to the stock's redemption features. This adjustment resulted in a reclassification at June 30, 2014, of $1,337,000 of Stockholders' Equity (Deficit) to Series B Redeemable Convertible Preferred Stock, including the par value of these shares of $87,000 and the accretion of the stock's redemption value of $1,250,000. * recognize deferred revenue and deferred costs related certain sub-licensing agreements. This change resulted in a reduction in revenues of $209,000 and a reduction in G&A expense of $164,000 in the second quarter of 2014 and a reduction in revenues of $105,000 and a reduction in G&A expense of $103,000 for the six months ended June 30, 2014. * reclassify certain warrants issued in 2011 as liability instruments. These warrants were previously recorded by error as equity instruments. This adjustment resulted in the in the recording of a liability of $460,000 as of June 30, 2014. * adjust goodwill for the acquisitions of Biocontrol and SPH for acquired deferred tax liabilities and errors in previous reporting. This change resulted in an increase of $1,685,000 in goodwill related to the Biocontrol acquisition and $1,548,000 in goodwill related to the acquisition of SPH. * modify the key assumptions employed to value the compound derivative associated with the Series B Redeemable Convertible Preferred Stock and the Company's 2013 warrants, under a Monte Carlo valuation model. The change in assumptions resulted in a $7,298,000 increase in the compound derivative liability and a $158,000 reduction in the warrant liability related to 2013 warrants. Gain on derivative liabilities was reduced by $1,499,000 and $844,000 for the second quarter of 2014 and the six months ended June 30, 2014, respectively. As a result of these corrections, the Company's net income attributable to common stockholders for the second quarter of 2014, as amended, was reduced by $1,848,000 to $13,555,000. Net income per share attributable to common stockholders fell by $0.01 per share to $0.07 per share. Net income attributable to common stockholders for the six months ended June 30, 2014, as amended, fell by $1,440,000 to $1,934,000. Net income per share attributable to common stockholders was reduced by $0.01 per share to $0.01 per share for the period. The Company's net loss attributable to common stockholders for the second quarter of 2013, as amended, increased by $(1,933,000) to $(14,746,000). The net loss per share attributable to common stockholders increased by $(0.02) per share to $(0.16) per share. The net loss attributable to common stockholders for the six months ended June 30, 2013, as amended, increased by $(1,959,000) to $(16,391,000). The net loss per share attributable to common stockholders increased by $(0.03) per share to $(0.21) per share for the period. A full-text copy of the Form 10-Q/A is available at: http://is.gd/GnmzBO Amend Q3 Form 10-Q The Company's previously issued Sept. 30, 2014, financial statements have been amended to: * reclassify its Series B Redeemable Convertible Preferred Stock from Stockholders' Equity (Deficit) to temporary equity due to the stock's redemption features. This adjustment resulted in a reclassification at Sept. 30, 2014, of $1,660,000 of Stockholders' Equity (Deficit) to Series B Redeemable Convertible Preferred Stock, including the par value of these shares of $87,000 and the accretion of the stock's redemption value of $1,250,000. * recognize deferred revenue and deferred costs related to certain sub-licensing agreements. This change resulted in an increase of in revenue of $103,000 and an increase of in G&A expense of $73,000 in the third quarter of 2014 and a reduction in revenues of $2,000 and a reduction in G&A expense of $88,000 for the nine months ended September 30, 2014. * reclassify certain warrants issued in 2011 as liability instruments. These warrants were previously recorded by error as equity instruments. This adjustment resulted in the in the recording of a liability of $195,000 as of Sept. 30, 2014. * adjust goodwill for the acquisitions of Biocontrol and SPH for acquired deferred tax liabilities and errors in previous reporting. This change resulted in an increase of $1,685,000 in goodwill related to the Biocontrol acquisition and $1,548,000 in goodwill related to the acquisition of SPH. * modify the key assumptions employed to value the compound derivative associated with the Series B Redeemable Convertible Preferred Stock and the Company's 2013 warrants under a Monte Carlo valuation model. The change in assumptions resulted in a increase of $6,410,000 for the compound derivative liability and a decrease in the liability for 2013 warrants of $1,109,000. The gain on derivative liabilities was increased by $2,104,000 and $1,260,000 for the third quarter and the nine months ended Sept. 30, 2014, respectively. As a result of these corrections, the Company's net income attributable to common stockholders for the third quarter of 2014, as amended, increased $1,496,000 to $20,884,000. Net income per share attributable to common stockholders rose by $0.01 per share to $0.11 per share. Net income attributable to common stockholders for the nine months ended Sept. 30, 2014, as amended, increased by $56,000 to $22,818,000. Net income per share attributable to common stockholders was unchanged for the period. The Company's net loss attributable to common stockholders for the third quarter of 2013, as amended, increased by $(5,139,000) to $(49,039,000). The net loss per share attributable to common stockholders increased by $(0.05) per share to $(0.49) per share. The net loss attributable to common stockholders for the nine months ended Sept. 30, 2013, as amended, increased by $(7,098,000) to $(65,430,000). The net loss per share attributable to common stockholders increased by ($0.08) per share to $(0.76) per share for the period. A full-text copy of the Form 10-Q/A is available for free at: http://is.gd/cc34tK About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. AMPLIPHI BIOSCIENCES: To Issue 61M Shares Under Incentive Plans --------------------------------------------------------------- AmpliPhi Biosciences Corporation registered with the Securities and Exchange Commission 61,120,747 shares of common stock issuable under the Company's 2012 Stock Incentive Plan and 2013 Stock Incentive Plan for a proposed aggregate offering price of $14.6 million. A copy of the prospectus is available at http://is.gd/ZzTono About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. The Company reported a net loss of $57.6 million on $325,000 of total revenue for the year ended Dec. 31, 2013, compared with a net loss of $1.11 million on $664,000 of total revenue in 2012. PBMares, LLP, in Richmond, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has had recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2014, the Company had $28.4 million in total assets, $17.08 million in total liabilities and $11.3 million in total stockholders' equity. ANDALAY SOLAR: Posts $1.8 Million Net Loss in 2014 -------------------------------------------------- Andalay Solar, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to common stockholders of $1.87 million on $1.28 million of net revenue for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $3.85 million on $1.12 million of net revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Andalay Solar had $2.56 million in total assets, $5.51 million in total liabilities and a $2.95 million total stockholders' deficit. Burr Pilger Mayer, Inc., in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's significant operating losses and negative cash flow from operations raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/lOmVXj About Andalay Solar Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar, Inc., is a provider of innovative solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect" was introduced in 2012 and is expected to achieve even greater market acceptance. AQUA BLUE ESTATE: Section 341 Meeting of Creditors Set for May 15 ----------------------------------------------------------------- There will be a meeting of creditors of Aqua Blue Estate, LLC, on May 15, 2015, at 1:15 p.m. at RM 7, 915 Wilshire Blvd., 10th Floor, in Los Angeles, California. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Aqua Blue Estate, LLC, sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-15697) in Los Angeles, California, on April 12, 2015. Fan Bin Jiang signed the petition as authorized manager. The Debtor disclosed total assets of $20 million and total liabilities of $7.3 million. The case is assigned to Judge Robert N. Kwan. Dheeraj K. Singhal, Esq., at DCDM Law Group, in Pasadena, California, serves as counsel to the Debtor. ARCHDIOCESE OF SAINT PAUL: Lawyers Won't Be Paid Quickly -------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that U.S. Bankruptcy Judge Robert J. Kressel, who presides over the Chapter 11 case of the Archdiocese of Saint Paul and Minneapolis, recently rebuffed a request by the church and the creditors' committee to let their lawyers file papers for fee awards every two months. Early in the case, the bankruptcy judge refused to allow monthly payments to the advisors. According to the report, Judge Kressel didn't see any "burden" on the lawyers if they have to wait more than four months for partial payment. Although the firms' cash flows may be affected, there's no doubt the lawyers will be paid eventually, the judge said. The report relates that Judge Kressel said that allowing fees more frequently could be costly and divert attention from the purpose of the case: crafting a plan to pay sexual-abuse claims. Early in the case, the judge appointed a mediator to help craft a plan. Mr. Rochelle notes that the custom in significant corporate reorganization is for the lawyers to be paid about 80% of their fees every month, with a review by the judge every quarter. About Archdiocese of St. Paul The Archdiocese of Saint Paul and Minneapolis was originally established by the Vatican in 1850 and serves a geographical area consisting of 12 greater Twin Cities metro-area counties in Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chisago, Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright counties. There are 187 parishes and approximately 825,000 Catholic individuals in the region. These individuals and parishes are served by 3999 priests and 173 deacons. The Archdiocese of St. Paul and Minneapolis filed for Chapter 11 protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on Jan. 16, 2015, saying it has large and growing liabilities related to child sexual abuse and that its pension obligations are underfunded. The Debtor disclosed $45,203,010 in assets and $15,890,460 in liabilities as of the Chapter 11 filing. The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11 counsel; BGA Management LLC d/b/a Alliance Management as financial advisor; Lindquist & Vennum LLP as attorney. Eleven other dioceses have commenced Chapter 11 bankruptcy cases in the United States to settle claims from current and former parishioners who say they were sexually molested by priests. * * * The judge extended the church's exclusive right to propose a Chapter 11 plan until Nov. 30. ASOCIATED WHOLESALERS: Mercer Principal Says Firm Is Disinterested ------------------------------------------------------------------ Donald J. Parsons, a principal at Mercer Mercer (US) Inc., and its affiliates, submitted a declaration in support of ADI Liquidation, Inc., formerly known as AWI Delaware Inc. et al.'s motion to employ Mercer to provide actuarial and consulting services. Mr. Parsons assured the Court the Mercer is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. As reported in the Troubled Company Reporter on April 14, 2015, the firm will: a) review methodology and data contained in proofs of claim filed by certain multi-employer pension plans in which W.R. Liquidation Inc. fka White Rose Inc., a sponsor of certain defined employee benefits plan, was a participant; b) review withdrawal liability computations asserted by certain Multi-Employer Plans and, in connection therewith, analyze, inter alia, the applicable funded status of the relevant plan, the history of any prior partial withdrawals from the plan and the methodology and assumptions used to determine nominal withdrawal liability; c) at the request of the Debtors, calculate the allocation of liability to administrative claims based on parameters provided by the Debtors; d) estimate plan termination liability for the Pension Plan based on certain assumptions and compare with plan termination liability estimate asserted by the Pension Benefit Guaranty Corporation; e) evaluate any proofs of claim filed by the PBGC, including any claim asserting plan underfunding, if the Pension Plan is terminated other than through a standard termination; and f) at the request of the Debtors, assist with any trial preparation and provide testimony on matters within the scope of the project. The Debtors and the firm have agreed to these terms of compensation: a) Statement of Work for Review of Notice of Demand Letters. Mercer's services under this Statement of Work are based on the following hourly rates: Senior Consultant/Actuary $470-$700 Consultant/Actuary $385-$485 Senior Analyst $300-$385 Analyst $160-$300 Administrative Assistant $0 The firm estimates that its total hourly fees under this Statement of Work will be in the range of $8,000 to $12,000 for each notice of demand letter reviewed. b) Statement of Work for Analysis of Plan Termination Liability. Mercer's services under this Statement of Work are based on the hourly rates set forth above. Mercer estimates that its hourly fees under this Statement of Work will be in the range of $12,500 to $20,000. A hearing is set for April 30, 2015, at 2:00 p.m., to consider the Debtors' request. Objections, if any, are due April 23, 2015 at 4:00 p.m. (EST). Mercer maintains offices in numerous locations, including 1166 Avenue of the Americas, New York City. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid-Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York etropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors have sought joint administration of their Chapter 11 cases for procedural purposes, seeking to maintain all pleadings on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owe the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors tapped to retain Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its co-counsel; and Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale, to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware subsequently changed its name to ADI Liquidation, Inc., following the closing of the sale. AURORA DIAGNOSTICS: Has New $40 Million Term Loan Facility ---------------------------------------------------------- Aurora Diagnostics has amended its existing $220 million credit agreement agented by Cerberus Business Finance, LLC to add a $40 million delayed draw term loan to fund the Company's continuing lab acquisition program. "Aurora is well positioned by its size and national footprint to be a consolidator of anatomic pathology providers," said Daniel D. Crowley, chairman, chief executive officer and president. "We have acquired four labs in the past nine months and have an attractive pipeline of others that have expressed interest in becoming part of the Aurora family. This delayed draw term loan enables us to continue that important work." Further details regarding the credit facility amendment are available for free at http://is.gd/U09bEN About Aurora Diagnostics Headquartered in Palm Beach Gardens, Florida, Aurora Diagnostics Holdings, LLC, through its subsidiaries, provides physician-based general anatomic and clinical pathology, dermatopathology, molecular diagnostic services and other esoteric testing services to physicians, hospitals, clinical laboratories and surgery centers. The company recognized approximately $260 million in revenue for the 12 months ended June 30, 2013. The company is majority owned by equity sponsors KRG Capital Partners and Summit Partners. Aurora Diagnostics reported a net loss of $73.01 million on $248.16 million of net revenue for the year ended Dec. 31, 2013, as compared with a net loss of $160.85 million on $277.88 million of net revenue for the year ended Dec. 31, 2012. The Company's balance sheet at Sept. 30, 2014, showed $359 million in total assets, $428 million in total liabilities and a $68.9 million members' deficit. * * * As reported by the Troubled Company Reporter on Sept. 27, 2013, Moody's Investors Service downgraded Aurora's Corporate Family Rating to Caa2 from B3 and Probability of Default Rating to Caa2- PD from B3-PD. Moody's also lowered the debt ratings of Aurora Diagnostics Holdings, LLC's and Aurora Diagnostics, LLC (collectively Aurora). Concurrently, Moody's downgraded Aurora's Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The outlook for the ratings remains negative. The downgrade of the ratings reflects Moody's expectation that the company will see continued difficulty in mitigating a significant decline in revenue and EBITDA. This stems from a reduction in Medicare reimbursement due to a decrease in rates and sequestration, continued challenging volume growth trends and threats of additional reimbursement reductions. This will negatively impact the company's credit metrics, constrain Aurora's ability to repay debt and pressure the company's liquidity position. Moody's also has concerns about the sustainability of the company's capital structure given its significant debt load and related interest burden. In the Aug. 7, 2014, edition of the TCR, Standard & Poor's Ratings Services raised its corporate credit rating on Palm Beach Gardens, Fla.-based anatomic pathology services provider Aurora Diagnostics Holdings LLC to 'CCC+' from 'CCC'. The outlook is stable. BG MEDICINE: Brian Posner Quits as Director ------------------------------------------- Brian S. Posner notified BG Medicine, Inc., that he was resigning from the Company's Board of Directors, effective as of April 15, 2015. According to a document filed with the Securities and Exchange Commission, Mr. Posner did not communicate any disputes regarding the Company's operations, policies or practices, nor is the Company aware of any. Stelios Papadopoulos, another member of the Company's Board, will fill the vacancy on the Company's Audit Committee created by Mr. Posner's resignation. About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $8.06 million on $2.78 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $15.8 million on $4.07 million of total revenues for the year ended Dec. 31, 2013. The Company previously reported a net loss of $23.8 million in 2012. As of Dec. 31, 2014, the Company had $5.22 million in total assets, $4.67 million in total liabilities, and $557,000 in total stockholders' equity. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses from operations, recurring cash used in operating activities and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BLUE BIRD: NASDAQ Panel Grants Request for Continued Listing ------------------------------------------------------------ Blue Bird Corporation on April 16, 2015 disclosed that the Listing Qualifications Panel of The NASDAQ Stock Market LLC has granted Blue Bird's request for continued listing on NASDAQ, provided that Blue Bird demonstrates by August 3, 2015 that it complies with the 400 round lot shareholder requirement for initial listing on The NASDAQ Global Market, as set forth in NASDAQ Listing Rule 5450(a)(2). A second NASDAQ condition, that confirmation be provided by April 20, 2015 that Blue Bird satisfies all other initial listing requirements, has already been satisfied. On Feb. 24, 2015, Hennessy Capital Acquisition Corp. consummated a business combination in which it purchased School Bus Holdings Inc. and its subsidiaries and changed its name to "Blue Bird Corporation." In accordance with the NASDAQ Listing Rules, upon completion of the business combination, the combined entity was required to evidence compliance with all applicable criteria for initial listing on NASDAQ. As discussed at a hearing before the Panel on March 19, 2015, Blue Bird believed that it satisfied all applicable criteria for initial listing on the Global Market, but for the Round Lot Holder Requirement, at the time of the business combination. At the hearing, which proceeding was initiated following NASDAQ's determination of Hennessy's non-compliance with the minimum public shareholder requirement for continued listing on The NASDAQ Capital Market, Blue Bird presented its plan to evidence compliance with the Round Lot Holder Requirement for initial listing on the Global Market. After considering Blue Bird's presentation, the Panel granted Blue Bird an extension through August 3, 2015 to evidence compliance with the Round Lot Holder Requirement. On April 10, 2015, Blue Bird was notified by the Staff of the NASDAQ Listing Qualifications Department that, due to Blue Bird's non-compliance with the initial listing requirements as of the completion of the business combination, Blue Bird was not in compliance with Nasdaq Rule IM-5101-2 at that time. However, because the Panel had already provided Blue Bird with an extension to evidence compliance with the initial listing criteria, no further action is required by Blue Bird to address this issue with the Panel at this time, other than satisfying compliance with the Round Lot Holder Requirement by August 3, 2015. Blue Bird is evaluating all potential options to comply with the Round Lot Holder Requirement, including approaches designed to enable its employees to purchase shares of its common stock. Blue Bird believes that, as of April 9, 2015, it had approximately 360 round lot holders, which constitutes a substantial increase since the consummation of the business combination. Blue Bird believes that it will be able achieve compliance with the Round Lot Holder Requirement by August 3, 2015, although it cannot provide assurances that it will be able to do so. About Blue Bird Corporation Blue Bird is an independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird's longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered and compressed natural gas-powered school buses. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird's parts distribution center located in Delaware, Ohio. BON-TON STORES: Incurs $6.97 Million Net Loss in Fiscal 2014 ------------------------------------------------------------ The Bon-Ton Stores, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015, compared to a net loss of $3.55 million on $2.77 billion of net sales for the fiscal year ended Feb. 1, 2014. The Company reported a net loss of $21.6 million for the fiscal year ended Feb. 2, 2013. As of Jan. 31, 2015, the Company had $1.60 billion in total assets, $1.52 billion in total liabilities and $87.6 million in total shareholders' equity. A full-text copy of the Form 10-K is available for free at: http://is.gd/XF2BrV About Bon-Ton Stores Bon-Ton Stores, a Pennsylvania corporation, was founded in 1898 and is a department store operator in the United States, offering a broad assortment of brand-name fashion apparel and accessories for women, men and children. The Company's merchandise offerings also include cosmetics, home furnishings and other goods. The Company currently operate 270 stores in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates, encompassing a total of approximately 25 million square feet. * * * As reported by the TCR on May 15, 2013, Moody's Investors Service upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from 'Caa1' and its Probability of Default Rating to 'B3-PD' from 'Caa1-PD'. "The upgrade of Bon-Ton's Corporate Family Rating considers the company's ability to drive modest same store sales growth as well as operating margin expansion beginning in the second half of 2012 and that these positive trends have continued, with the company reporting that its same store were positive, and EBITDA margins expanded, in the first fiscal quarter of 2013," said Moody's Vice President Scott Tuhy. As reported by the TCR on May 17, 2013, Standard & Poor's Ratings Services affirmed the 'B-' corporate credit rating on Bon-Ton Stores. BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus --------------------------------------------------------- Broadway Financial Corporation has amended its Form S-1 registration statement with the Securities and Exchange Commission relating to the resale or other disposition by CJA Private Equity Financial Restructuring Master Fund I L.P., United States Department of the Treasury, et al., of up to 18,975,549 shares of common stock, which would constitute 65.26% of the Company's outstanding common stock if all those shares are sold. The Company amended the Registration Statement to delay its effective date. The Company is not offering any shares of common stock for sale under this prospectus and therefore, will not receive any of the proceeds. The Company's common stock is currently traded on the NASDAQ Capital Market under the symbol "BYFC." On April 15, 2015, the closing sale price for the Company's common stock, as reported by the NASDAQ Capital Market, was $1.26 per share. A full-text copy of the Form S-1 prospectus is available at: http://is.gd/nmflxP About Broadway Financial Los Angeles, Calif.-based Broadway Financial Corporation was incorporated under Delaware law in 1995 for the purpose of acquiring and holding all of the outstanding capital stock of Broadway Federal Savings and Loan Association as part of the Bank's conversion from a federally chartered mutual savings association to a federally chartered stock savings bank. In connection with the conversion, the Bank's name was changed to Broadway Federal Bank, f.s.b. The conversion was completed, and the Bank became a wholly owned subsidiary of the Company, in January 1996. As of Dec. 31, 2014, Broadway Financial had $351 million in total assets, $314 million in total liabilities and $37.3 million in total stockholders' equity. The Company is regulated by the Board of Governors of the Federal Reserve System. The Bank is regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Regulatory Matters As a result of significant deficiencies in the Company's and the Bank's operations noted in a regulatory examination in early 2010, the Company and the Bank were declared to be in "troubled condition" and agreed to the issuance of the cease and desist orders by the regulatory predecessor of the Office of the Comptroller of the Currency for the Bank and the Board of Governors of the Federal Reserve System for the Company effective Sept. 9, 2010, requiring, among other things, that the Company and the Bank take remedial actions to improve the Bank's loan underwriting and internal asset review procedures, to reduce the amount of its non-performing assets and to improve other aspects of the Bank's business, as well as the Company's management of its business and the oversight of the Company's business by the Board of Directors. Effective Oct. 30, 2013, the Order for the Bank was superseded by a Consent Order entered into by the Bank with the OCC. As part of the Consent Order, the Bank is required to attain, and thereafter maintain, a Tier 1 (Core) Capital to Adjusted Total Assets ratio of at least 9% and a Total Risk-Based Capital to Risk-Weighted Assets ratio of at least 13%, both of which ratios are greater than the respective 4% and 8% levels for such ratios that are generally required under OCC regulations. The Bank's regulatory capital exceeded both of these higher capital ratios at Dec. 31, 2014, and 2013. BRUGNARA PROPERTIES IV: US Trustee to Continue Meeting on April 2 ----------------------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of Brugnara Properties VI will continue the meeting of creditors on May 5, 2015, at 1:00 p.m., according to a filing with the U.S. Bankruptcy Court for the Northern District of California. The meeting will be held at the Office of the U.S. Trustee, Suite 850, 235 Pine Street, in San Francisco, California. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About Brugnara Properties Brugnara Properties VI filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 14-31867) in San Francisco, California, on Dec. 31, 2014, without stating a reason. On January 2, 2015, Judge Hannah L. Blumensteil of the U.S. Bankruptcy Court for the Northern District of California transferred the Chapter 11 case of Brugnara Properties to Judge Dennis Montali. The Debtor estimated $10 million to $50 million in assets and less than $10 million in debt. The Debtor only filed the Schedule D - Creditors Holding Secured Claims in its Schedules of Assets and Liabilities. The Debtor disclosed that Wells Fargo Home Mortgage is owed $6.15 million on a first note secured by the Debtor's property, and Saxe Mortgage Co. is owed $1.7 million on a second note. The deadline for filing claims is May 4, 2015. The Debtor is represented by Erik G. Babcock, Esq., at Law Office of Erik G. Babcock, in Oakland, California. BUILDERS FIRSTSOURCE: JLL Building Holds 24.8% Stake as of April 13 ------------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, JLL Building Holdings, LLC and its affiliates disclosed that as of April 13, 2015, they beneficially own 24,344,584 shares of common stock of Builders Firstsource, Inc., which represents 24.8 percent of the shares outstanding. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of that date, the group may be deemed to beneficially own 49,207,850 shares, representing 50.1% of all of the outstanding shares of Common Stock of the Company. A copy of the regulatory filing is available at: http://is.gd/JDEBW1 About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company's Website at www.bldr.com. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Dec. 31, 2014, the Company had $583 million in total assets, $543 million in total liabilities and $40.2 million in total stockholders' equity. * * * As reported by the TCR on May 15, 2013, Standard & Poor's Ratings Services Inc. said it raised its corporate credit rating on Dallas-based Builders FirstSource to 'B' from 'CCC'. "The upgrade acknowledges U.S.-based building materials manufacturer and distributor Builders FirstSource's 'strong' liquidity based on the company's proposed recapitalization," said Standard & Poor's credit analyst James Fielding. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BUILDERS FIRSTSOURCE: Moody's Puts B3 CFR on Review for Downgrade ----------------------------------------------------------------- Moody's Investors Service placed Builders FirstSource, Inc.'s ("BLDR") ratings under review for downgrade, including its B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the Caa1 rating assigned to its Senior Secured Notes due 2021. The review follows the company's announcement that it is acquiring ProBuild Holdings, LLC ("ProBuild"), a building products distributor that operates lumberyards, component facilities, millwork shops, and gypsum yards across the United States. The SGL-3 Speculative Grade Liquidity Rating remains unchanged at this time. BLDR recently announced that it is acquiring ProBuild in an all-cash transaction for approximately $1.63 billion. ProBuild is one of the largest domestic building materials suppliers based on revenues and the combined entity will have about $6.1 billion in annualized revenues. Cash for the transaction will come from potentially $1.6 billion in new debt, $100 million from a marketed follow-on public offering, and the assumption of $300 million of lease finance obligations. Although Moody's recognize the rationale for the acquisition and the strength of the combined entity's main revenue drivers, the large amount of debt being utilized for the acquisition is a credit risk. Integration risk that could delay realization of anticipated cost synergies will also be considered during our review. Moody's review will focus on BLDR's integration plans and expected cost synergies. Moody's will also analyze the combined entity's ability to expand operating margins and to reduce balance sheet debt from free cash flow, since fixed charge payments including interest payments and term loan amortization are likely to approach a combined $150 million per year. The predominately debt-financed acquisition will result in balance sheet debt ballooning by about $1.9 billion to approximately $2.3 billion. The principal methodology used in these ratings was Global Distribution & Supply Chain Services published in November 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Builders FirstSource, Inc. ("BLDR"), headquartered in Dallas, TX, manufactures and supplies structural and related building products for the domestic residential new construction and repair and remodeling activity. Its products include prefabricated components, windows and exterior doors, lumber and lumber sheet goods, millwork products, and other building products and services. JLL Partners and Warburg Pincus (collectively "Sponsors"), through their respective affiliates, own in aggregate approximately 50% of BLDR. Annualized revenues on a pro forma basis including the acquisition of ProBuild Holdings, LLC total approximately $6.1 billion. BUILDERS FIRSTSOURCE: Stadium Capital Reports 9.8% Stake -------------------------------------------------------- Stadium Capital Management, LLC, and its affiliates disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that as of April 15, 2015, they beneficially own 9,604,258 shares of common stock of Builders FirstSource, Inc., which represents 9.8 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/DigRcs About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company's Website at www.bldr.com. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Dec. 31, 2014, the Company had $583 million in total assets, $543 million in total liabilities and $40.2 million in total stockholders' equity. * * * As reported by the TCR on May 15, 2013, Standard & Poor's Ratings Services Inc. said it raised its corporate credit rating on Dallas-based Builders FirstSource to 'B' from 'CCC'. "The upgrade acknowledges U.S.-based building materials manufacturer and distributor Builders FirstSource's 'strong' liquidity based on the company's proposed recapitalization," said Standard & Poor's credit analyst James Fielding. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BUILDERS FIRSTSOURCE: Warburg Reports 25.3% Stake as of April 13 ---------------------------------------------------------------- Warburg Pincus Private Equity IX, L.P., and its affiliates disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of April 13, 2015, they beneficially own 24,863,266 shares of common stock of Builders Firstsource, Inc. which represents 25.3 percent of the shares outstanding. On April 13, 2015, the Company entered into a securities purchase agreement pursuant to which it will acquire all of the issued and outstanding equity interests of ProBuild Holdings LLC. As a condition to a debt commitment that the Company has received in connection with its proposed acquisition of ProBuild, the Company is obligated to raise at least $100 million of net proceeds from the sale of its equity securities. The Reporting Persons understand that the Company intends to raise those proceeds from a public offering of shares of the Company's Common Stock. Pursuant to an equity commitment letter among WP IX, JLL Fund V, and the Company, dated April 13, 2015, that was required by the sellers of ProBuild, in the event that the Company is unable to raise those proceeds in a public offering of its equity securities, JLL Fund V has agreed to purchase $40 million of the Company's Common Stock and WP IX has agreed to purchase $60 million of the Company's Common Stock, in each case, at a purchase price per share of the Company's Common Stock equal to the lower of (i) the ten-day weighted average volume closing price of the Company's Common Stock for the period ended March 26, 2015, and (ii) a discount of 20% from the ten-day weighted average volume closing price of the Company's Common Stock for the period ending on the trading day immediately prior to the closing of the Company's acquisition of ProBuild. Pursuant to the requirements of the Nasdaq Stock Market, the Company has committed to seek approval from its stockholders for the possible issuance of Common Stock to WP IX and JLL Fund V pursuant to the Equity Commitment Letter. A copy of the regulatory filing is available for free at: http://is.gd/u41q4P About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the Company's Web site at http://www.bldr.com/ Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Dec. 31, 2014, the Company had $583 million in total assets, $543 million in total liabilities and $40.2 million in total stockholders' equity. * * * As reported by the TCR on May 15, 2013, Standard & Poor's Ratings Services Inc. said it raised its corporate credit rating on Dallas-based Builders FirstSource to 'B' from 'CCC'. "The upgrade acknowledges U.S.-based building materials manufacturer and distributor Builders FirstSource's 'strong' liquidity based on the company's proposed recapitalization," said Standard & Poor's credit analyst James Fielding. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 8% Off ------------------------------------------------------ Participations in a syndicated loan under which Caesars Entertainment Inc. is a borrower traded in the secondary market at 92.13 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.81 percentage points from the previous week, The Journal relates. Caesars Entertainment Inc. pays 875 basis point above LIBOR to borrow under the facility. The bank loan matures on March 1, 2017, and carries Moody's withdraws its rating and Standard & Poor's D rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 5% Off ------------------------------------------------------ Participations in a syndicated loan under which Caesars Entertainment Inc. is a borrower traded in the secondary market at 95.78 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.17 percentage points from the previous week, The Journal relates. Caesars Entertainment Inc. pays 600 basis points above LIBOR to borrow under the facility. The bank loan matures on Sept. 24, 2020. Moody's rates the loan 'B2' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. CAESARS ENTERTAINMENT: Hearing on Exclusivity Extension Set Apr. 29 ------------------------------------------------------------------- BankruptcyData.com reported that Caesars Entertainment Operating Company (CEOC) filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 15, 2015 and January 15, 2016, respectively. BankruptcyData.com said the motion explains, "Significant work remains to achieve confirmation of a chapter 11 plan, whether it is the Plan or another proposed by the Debtors. First, the Examiner must complete his investigation and report . . . Second, the Debtors need time to continue to work with their stakeholders to build support for their Plan. The Debtors already have demonstrated that they can obtain consensus in these cases, including with respect to the RSA and successfully resolving cash collateral disputes before trial. . .Third, the Debtors have determined that it is appropriate to commence a process -- overseen by the independent Governance Committee -- to market test the Plan . . . Fourth, the Debtors are taking steps to maintain the feasibility of their Plan by seeking to litigate in a single proceeding before this Court issues central to CEC's ability to make substantial contributions to their restructuring. Currently, there are four lawsuits pending against CEC by CEOC's junior creditors to collect on alleged multi-billion dollar guarantees, which the Debtors have sought to stay pursuant to section 105 of the Bankruptcy Code....Fifth, the Court has determined that the involuntary petition pending against the alleged debtor CEOC should be resolved and set a trial date for August 3, 2015." The Court scheduled an April 29, 2015 hearing to consider the motion, the report added. 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. CAESARS ENTERTAINMENT: Law Professor Named to Fee Committee ----------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that Nancy B. Rapoport was selected to be the chairwoman and "independent member" of the committee reviewing the professional fees in the Chapter 11 cases of Caesars Entertainment Operating Co. Ms. Rapoport, a professor at the University of Nevada's William S. Boyd School of Law, is an expert in legal ethics and has served in official capacities reviewing fees in bankruptcies including those for Lehman Brothers Holdings Inc. and General Motors Corp. The fee committee will have responsibility for analyzing and filing reports on professionals' fee requests. If necessary, the committee can lodge formal written objections to fee applications. The fee committee has four members in addition to Ms. Rapoport. The U.S. Trustee, Caesars and the two official committees have one member each. 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. CAESARS ENTERTAINMENT: Sec. 341 Meeting of Creditors Set for Today ------------------------------------------------------------------ There will be a meeting of creditors of Caesars Entertainment Operating Company, Inc., et al., on April 20, 2015, at 1:30 p.m. (prevailing Central Time) at the Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Room 2525, Chicago, Illinois 60604. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. 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. CAESARS ENTERTAINMENT: Wants Plan Filing Extended to Nov. 15 ------------------------------------------------------------ Caesars Entertainment Operating Company, Inc., et al., filed on April 15, 2015, a motion asking the U.S. Bankruptcy Court for the Northern District of Illinois to extend the Debtors' exclusive right to file a Chapter 11 plan through and including Nov. 15, 2015, and to solicit votes on the Plan through and including Jan. 15, 2016. A hearing on the Motion is set for April 29, 2015, at 1:30 p.m. (prevailing Central Time). Objections to the Motion must be filed by April 22, 2015, at 4:00 p.m. (prevailing Central Time). David R. Seligman, P.C., at Kirkland & Ellis LLP, the Debtors' bankrutpcy counsel, claims in the motion that his clients' Chapter 11 cases are among the largest, most complex, and highly litigious restructurings in recent history, with 173 debtor entities, a complicated $18 billion funded debt capital structure with numerous intercreditor disputes, two sets of senior lenders, two official committees, dueling voluntary and involuntary petitions, disputed venue, a recently-appointed examiner, contested retention applications, and four parallel lawsuits against the Debtors' parent that the Debtors are seeking to stay to preserve valuable consideration necessary to the Debtors' plan of reorganization. According to Mr. Seligman, the extension is needed to, among other things: (i) allow the examiner time to complete his investigation and issue his report, as parties generally have requested that the Debtors not proceed with a disclosure statement hearing on the Plan until the examiner has issued his report, which will provide an independent view of potential causes of action that will assist parties in analyzing whether the consideration CEC is providing in exchange for a release under the Plan is reasonable. The Examiner's investigation could take six months or longer; and (ii) allow the Debtors time to continue to work with their stakeholders to build support for their Plan, as the Debtors expect that it will take months to design, implement, and complete this process, not including any regulatory, bankruptcy court, or any other required approvals. Mr. Seligman says that despite the challenges and although these cases are still in their infancy, the Debtors already have made significant progress towards a successful restructuring. The Debtors, according to Mr. Seligman, won a venue fight, stabilized their business operations and smoothly transitioned into Chapter 11, obtained important first day relief, negotiated a comprehensive adequate protection package for the use of cash collateral with all relevant major stakeholders, initiated dialogue and facilitated diligence with the official committees and senior lenders, obtained the appointment of an examiner, and filed schedules and statements of financial affairs for all 173 Debtors. Mr. Seligman added that before these cases were commenced, the Debtors also entered into a restructuring support agreement with over 80 percent of their first lien noteholders and 15 percent of their first lien bank lenders, which contemplates a comprehensive restructuring through a value-maximizing REIT structure that substantially reduces the Debtors' debt and secures contributions with a value of at least $1.5 billion from the Debtors' parent Caesars Entertainment Corporation. 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. CAL DIVE: BofA Rips Unsecured Committee Bid for Longer Sale ----------------------------------------------------------- Law360 reported that Bank of America NA, agent for the $120 million in debtor-in-possession financing extended to Cal Dive International Inc., blasted on April 13 an objection to final approval of the loan from the creditors committee, arguing the unsecured lenders' push to extend sale deadlines is "ill conceived." In a motion before the Delaware bankruptcy court, BofA said that the committee's challenges to sale milestones required by the loan show a "refusal to recognize the time-sensitive nature" of the transactions, the report related. As reported in the Troubled Company Reporter on April 14, 2015, Sherri Toub, a bankruptcy columnist for Bloomberg News, reported that the Official Committee of Unsecured Creditors appointed in Cal Dive International Inc.'s Chapter 11 case objected to the Debtor's request for approval of a $120 million bankruptcy loan, saying the financing imposes "unduly and unjustifiably compressed milestones" for the sale of the business, designed to ensure the bankruptcy lenders recover their investment at the expense of other stakeholders. According to Bloomberg, the panel is advocating for an extension of sale deadlines. Since the loan provides only about $20 million of new money -- less than 17 percent of the total financing -- approval of the "roll-up" on a final basis will "hamstring" Cal Dive and curtail its options under any future reorganization plan, the report said, citing the committee's court filing. About Cal Dive International Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of dive support vessels and construction barges. Cal Dive had decided not to pay $2.2 million in interest due Jan. 15, 2015, on its 5.00% convertible senior notes due 2017. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. Cal Dive disclosed total assets of $571 million and total debt of $411 million as of Sept. 30, 2015. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. The Debtors also tapped Carl Marks Advisory Group LLC as crisis managers and appoint F. Duffield Meyercord as chief restructuring officer. Through the Chapter 11 process, the Company will sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. The U.S. Trustee for Region 3 formed a five-member committee of unsecured creditors. CEETOP INC: Incurs $841,000 Net Loss in 2014 -------------------------------------------- Ceetop Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $841,000 on $362,000 of sales for the year ended Dec. 31, 2014, compared with a net loss of $2.88 million on $0 of sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $2.95 million in total assets, $658,000 in total liabilities, all current and $2.3 million in total stockholders' equity. MJF & Associates, APC, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company incurred recurring losses from operations, has a net loss of $841,000 for 2014, and has accumulated deficit of $9.45 million at Dec. 31, 2014. These matters are discussed in Note 2 to the consolidated financial statements that raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/8z2Cqj About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. CENTER POINT: Updated Case Summary & 9 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Center Point Transfer Station, Inc. P.O. Box 52 Caledonia, NY 14423 Case No.: 15-20382 Chapter 11 Petition Date: April 10, 2015 Date of Intradistrict Transfer: April 13, 2015 Court: United States Bankruptcy Court Western District of New York (Rochester) Judge: Hon. Paul R. Warren Debtor's Counsel: Robert B. Gleichenhaus, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower 43 Court Street Buffalo, NY 14202 Tel: (716) 845-6446 Fax: (716) 845-6475 Email: RBG_GMF@hotmail.com Total Assets: $169,805 Total Liabilities: $1.28 million The petition was signed by Kenneth H. Loughry, vice president. A list of the Debtor's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/nywb15-10697.pdf CHINA TELETECH: Posts $907,000 Net Loss in 2014 ----------------------------------------------- China Teletech Holding, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $907,000 on $4.29 million of sales for the year ended Dec. 31, 2014, compared with a net loss of $295,000 on $5.03 million of sales for the same period in 2013. As of Dec. 31, 2014, the Company had $11.8 million in total assets, $14.6 million in total liabilities and a $2.77 million total deficit. WWC, P.C., in San Mateo, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred substantial losses which raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/4OLcmu About China Teletech Tallahassee, Fla.-based China Teletech Holding, Inc., is a national distributor of prepaid calling cards and integrated mobile phone handsets and a provider of mobile handset value-added services. The Company is an independent qualified corporation that serves as one of the principal distributors of China Telecom, China Unicom, and China Mobile products in Guangzhou City, China. On June 30, 2012, the Company strategically sold its wholly-owned subsidiary, Guangzhou Global Telecommunication Company Limited ("GGT"), to a third party. GGT was engaged in the trading and distribution of cellular phones and accessories, prepaid calling cards, and rechargeable store-value cards. CICERO INC: John Stefens Reports 67.2% Stake as of April 8 ---------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, John L. Stefens disclosed that as of April 8, 2015, he beneficially owns 109,588,786 shares of common stock of Cicero Inc. which represents 67.2 percent of the shares outstanding based upon 163,174,494 shares outstanding, based on information provided by the Company as of March 31, 2015. A copy of the regulatory filing is available at http://is.gd/HLtdbP About Cicero Inc. Cary, N.C.-based Cicero, Inc., provides business integration software solutions and also provides technical support, training and consulting services as part of its commitment to providing customers with industry-leading solutions. The Company focuses on the customer experience management market with emphasis on desktop integration and business process automation with its Cicero XM(TM) products. Cicero XM enables the flow of data between different applications, regardless of the type and source of the application, eliminating redundant entry and costly mistakes. The Company has extended the maturity dates of several debt obligations that were due in 2011 to 2012, to assist with liquidity and may attempt to extend these maturities again if necessary. Despite the recent additions of several new clients, the Company continues to struggle to gain additional sources of liquidity on terms that are acceptable to the Company. Cicero reported a net loss applicable to common stockholders of $4.05 million on $1.9 million of total operating revenue for the year ended Dec. 31, 2014, compared to a net loss applicable to common stockholders of $3.33 million on $2.19 million of total operating revenue in 2013. As of Dec. 31, 2014, Cicero had $2.96 million in total assets, $15.6 million in total liabilities, and a $12.6 million total stockholders' deficit. Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going concern" in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a working capital deficiency as of Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. COLT DEFENSE: Did Not Talk With Bondholders on Exchange Offer ------------------------------------------------------------- Colt Defense LLC and Colt Finance Corp. last week disclosed that they have commenced an exchange offer for their 8.75% Senior Notes due 2017 and related guarantees. As reported by the Troubled Company Reporter on April 17, 2015, Colt said the Exchange Offer is part of its strategy to restructure its balance sheet, which began with the refinancing of Colt's $70.0 million senior secured term loan in November 2014 and $33.0 million senior secured term loan facility in February 2015. The Exchange Offer and the issuance of the New Notes are designed to reduce the overall amount of Colt's debt, reduce total cash interest payments, extend the maturity for the debt exchanged, and place Colt in a better position to attract new financing in the years to come. The Company believes the Exchange Offer will also improve its performance and customer relations by addressing the key issues relating to Colt's viability as a going concern. The Wall Street Journal's Stephanie Gleason said the Exchange Offer would cut Colt's bond debt by 70% to $75 million from $250 million. Colt said in a press statement the closing of the Exchange Offer is conditioned upon, among other things, the valid tender of no less than 98% of the aggregate principal amount of Old Notes. In the event that the conditions to the Exchange Offer are not satisfied and such conditions are not waived by Colt, Colt would need to determine whether it would be more advantageous to file petitions under Chapter 11 of the Bankruptcy Code to consummate a prepackaged plan of reorganization. Therefore, Colt and its subsidiaries are simultaneously soliciting holders of the Old Notes to approve the Prepackaged Plan as an alternative to the Exchange Offer. If the restructuring is accomplished through the Prepackaged Plan, 100% of the Old Notes, plus accrued and unpaid interest, will be cancelled and holders of the Old Notes will receive their pro rata share of the New Notes. Colt, however, has not made any affirmative decision to proceed with any bankruptcy filing at this time. Bondholders have until May 11 to decide. Stephen J. Lubben, writing for The New York Times' DealBook, called the move "one of the strangest prepackaged bankruptcy cases ever." He said one odd feature of Colt's larger plan is that is appears that Colt never negotiated with bondholders. "Typically a prepack will be begun with at least the support of some of the largest holders. But indications are that Colt has not talked with them," he wrote. Mr. Lubben holds the Harvey Washington Wiley Chair in corporate governance and business ethics at Seton Hall Law School and an expert on bankruptcy. According to WSJ's Stephanie Gleason, Colt's Chief Restructuring Officer Keith Maib said the company didn't negotiate the Exchange Offer with bondholders before launching but said that it presents "the best opportunity and the best option to support the company going forward." He added that the company looks forward to engaging with bondholders. Colt has been manufacturing firearms since 1836 and supplying to the U.S. military since 1847. It blames current financial troubles on a slowdown in rifle sales and delays in payment from the U.S. government. Colt, WSJ noted, has been warning since last year that due to its strained liquidity, it likely will be unable to make a $10.9 million interest payment to bondholders due May 15. WSJ said Colt barely was able to make the semiannual interest payment in November, initially skipping the payment and entering a 30-day grace period with bondholders. During the grace period, Colt secured $70 million in financing from Morgan Stanley Senior Funding Inc. that allowed the company to make the interest payment and avoid defaulting. Colt also has a $33 million credit facility from Cortland Capital Market Services LLC. WSJ also noted Colt didn't file its annual financial statement earlier this month because of a problem with the way it has been calculating pension liabilities. However, Colt said that anticipated revenue for 2014 is $190 million, a 30% drop from 2013. Colt is majority owned by Sciens Management LLC, and Colt said it doesn't expect a change in ownership structure as a result of this restructuring, according to WSJ. Keith Maib of Mackinac Partners LLC, serves Chief Restructuring Officer of Colt. He may be reached at: Keith A. Maib Senior Managing Director MACKINAC PARTNERS LLC 180 High Oak, Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 258-6900 E-mail: kmaib@mackinacpartners.com COLT DEFENSE: S&P Lowers CCR to 'CC' Over Exchange Offer -------------------------------------------------------- Standard & Poor's Ratings Services said that it has lowered its corporate credit rating on U.S.–based gun manufacturer Colt Defense LLC to 'CC' from 'CCC-'. S&P also placed all of its ratings on the company on CreditWatch with negative implications. The issue-level rating on the unsecured notes is unchanged at 'CC' with a recovery rating of '6', indicating our expectations for negligible (0%-10%) recovery in a default scenario. "The downgrade reflects Colt's launch of a restructuring transaction, consisting of an exchange offer and consent solicitation for its 8.75% senior notes due 2017, issued by Colt and Colt Finance Corp. (Colt Finance), along with a solicitation of acceptance to a prepackaged reorganization plan," said Standard & Poor's credit analyst Chris Mooney. In the event Colt does not satisfy or waive the conditions of the exchange offer, or if the company determines it would be more advantageous or expeditious to consummate the prepackaged reorganization plan, it plans to do so. "We plan to resolve the CreditWatch placement in the coming weeks, and lower our corporate credit rating on Colt to 'SD' and our issue-level rating on the company's 8.75% notes to 'D' once the distressed exchange is complete. If the exchange offer fails and Colt files for bankruptcy, we would lower both the corporate credit rating and the issue-level rating to 'D'," said S&P. COLT DEFENSE: Signs Indemnification Agreements with D&Os -------------------------------------------------------- Colt Defense LLC disclosed in a Form 8-K filed with the Securities and Exchange Commission that it began entering into indemnification agreements with each of the members of its Governing Board and executive officers. These agreements memorialize the terms under which, as required under Colt's governing documents and consistent with common practice among companies with publicly traded securities, Colt will indemnify the Board member or the executive officer to the fullest extent permitted by law from and against all claims that may accrue to or be incurred by the Board member or the executive officer, or in which the Board member or the executive officer may become involved or may be threatened, relating to or arising out the business and affairs of Colt or any subsidiary of Colt and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. These agreements also include the agreement of the Board member or executive officer to repay any amounts advanced by Colt to the extent it is ultimately determined by a final and non-appealable judgment entered by a court of competent jurisdiction that the Board member or the executive officer was not entitled to indemnification under Colt's governing documents and the Indemnification Agreements. In addition, Colt may enter into these Indemnification Agreements with future Board members or executive officers. About Colt Defense Colt Defense LLC, headquartered in West Hartford, CT, manufactures small arms weapons systems for individual soldiers and law enforcement personnel for the U.S. military, U.S. law enforcement agencies, and foreign militaries. Post the July 2013 acquisition of New Colt Holding Corp., the parent company of Colt's MANUFACTURING COMPANY, the company also has direct access to the commercial end-market for rifles, carbines and handguns. Revenues for the last twelve months ended June 30, 2014 totaled $243 million. The Company's balance sheet at Sept. 28, 2014, showed $247 million in total assets, $417 million in total liabilities and a $170 million total deficit. "As it is probable that we may not have sufficient liquidity to be able to make our May 15, 2015 Senior Notes interest payment without meeting our internal projections (including addressing our Senior Notes), our long-term debt has been classified as current in the consolidated balance sheet. Currently we do not have sufficient funds to repay the debt upon an actual acceleration of maturity. In the event of an accelerated maturity, our lenders may take actions to secure their position as creditors and mitigate their potential risks. These events would adversely impact our liquidity. These factors raise substantial doubt about our ability to continue as a going concern," the Company stated in the quarterly report for the period ended Sept. 28, 2014. * * * As reported by the TCR on Nov. 17, 2014, Moody's Investors Service downgraded Colt Defense's Corporate Family Rating to 'Caa3' from 'Caa2' and Probability of Default Rating to 'Caa3-PD' from 'Caa2-PD'. Concurrently, Moody's lowered the rating on the company's $250 million senior unsecured notes to 'Ca' from 'Caa3'. The downgrade was based on statements made by Colt Defense in its Nov. 12, 2014 Form NT 10-Q filing. In the filing the company indicated that it expects to report a decline in net sales for the three month period ended Sept. 28, 2014 versus the same period in 2013 of 25 percent together with a decline in operating income of 50 percent. As reported by the TCR in February 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Colt Defense to 'CCC-' from 'CCC'. The downgrade reflects an increased likelihood that the company may enter into a debt restructuring in the coming months that S&P would consider a distressed exchange and, hence, a default. COMSTOCK MINING: Posts $390,000 Net Income in First Quarter ----------------------------------------------------------- Comstock Mining Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income available to common shareholders of $390,282 on $6.03 million of total revenues for the three months ended March 31, 2015, compared to a net loss available to common shareholders of $4.88 million on $5.76 million of total revenues for the same period in 2014. As of March 31, 2015, the Company had $48.2 million in total assets, $24.7 million in total liabilities and $23.6 million in total stockholders' equity. "Future production rates and gold prices below management's expectations would adversely affect the Company's results of operations, financial condition and cash flows. If the Company were unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity and could raise substantial doubt about the Company's ability to continue as a going concern. In such case, the Company could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or sell certain assets or businesses. There can be no assurance that the Company would be able to take any of such actions on favorable terms, in a timely manner or at all," the Company said in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Aty5fq About Comstock Mining Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the historic Comstock district. The Company began acquiring properties in the Comstock in 2003. Since then, the Company has consolidated a substantial portion of the Comstock district, secured permits, built an infrastructure and brought the exploration project into test mining production. The Company continues acquiring additional properties in the Comstock district, expanding its footprint and creating opportunities for exploration and mining. The goal of the Company's strategic plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations by 2011, with annual production rates of 20,000 gold equivalent ounces. Comstock Mining reported a net loss available to common shareholders of $13.3 million in 2014, a net loss available to common shareholders of $25.4 million in 2013 and a net loss available to common shareholders of $35.1 million in 2011. CORD BLOOD: Appoints Three Directors to Board --------------------------------------------- The Preferred Stock Purchase Agreement and a Stockholder Agreement among Cord Blood America, Inc., Red Oak Fund LP, Red Oak Long Fund, LP and Pinnacle Opportunities Fund, LP, closed on April 14, 2015. Accordingly, David Sandberg, Anthony Snow and Adrian Pertierra were elected as directors of the Company, effective April 15, 2015. David Sandberg is the managing member and founder of Red Oak Partners, LLC, a Florida-based, SEC Registered investment company founded in 2003 and which manages several public and private funds. Previously, Mr. Sandberg co-managed JH Whitney & Co's Green River Fund from 1998 to 2002. Mr. Sandberg presently serves as the Chairman of the Board of Asure Software, Inc., and as a director of public companies SMTC Corp. and Issuer Direct Corporation, each of which Red Oak Partners is the largest or one of the largest owners. Mr. Sandberg has previously served as a director of public companies Planar Systems, Inc., RF Industries Ltd., and EDCI Holdings Inc., and presently serves as the Chairman of the Board of Kensington Vanguard Group, LLC, a private real estate services company. Mr. Sandberg's public board experience includes serving as the Chairman of each of Audit, Compensation, Governance, and Strategic committees. Mr. Sandberg received a BA in Economics and a BS in Industrial Management from Carnegie Mellon University. Anthony Snow is a managing director at Red Oak Partners. Prior to joining Red Oak, Mr. Snow worked at Soros Fund Management where he was part of a two person team that managed a $250 million global long/short equity portfolio. Prior to Soros, Mr. Snow focused on investments in global equities at both Ardea Capital Management, as part of the founding team, and Wyper Capital Management. Previously, Mr. Snow was employed at Lindsay Goldberg, a private equity firm, where he focused on leveraged buyouts. Mr. Snow began his career at Merrill Lynch & Co. as an Analyst in the Mergers & Acquisitions group. He received a B.B.A. with high distinction from the University of Michigan, concentrating in finance and accounting, and an M.B.A. from Harvard Business School. Mr. Snow is currently a Director and Chairman of the Finance Committee of StreetWise Partners, a New York City non-profit, and also serves on the Executive Committee. Adrian Pertierra is the chief financial officer and Head of Trading at Red Oak Partners, LLC, a Florida-based, SEC Registered investment company. Prior to joining Red Oak Partners in 2007, Mr. Pertierra served as a vice president of Global Markets at Deutsche Bank Alternative Trading in 2007 and worked at Tradition Asiel Securities, Inc. from 2006-2007, specializing in risk arbitrage. Previously, Mr. Pertierra served as the vice president of Institutional Equity Sales and Trading at BGC Partners, LP, from 2002-2006. Mr. Pertierra is currently the Chairman of the Nominating and Governance committee of Asure Software, Inc., a publicly traded company. Mr. Pertierra received a BA in Economics from the College of Holy Cross. About Cord Blood America Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily a holding company whose subsidiaries include Cord Partners, Inc., CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc. D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel Inc, D/B/A Rainmakers International. Cord specializes in providing private cord blood stem cell preservation services to families. BodyCells is a developmental stage company and intends to be in the business of collecting, processing and preserving peripheral blood and adipose tissue stem cells allowing individuals to privately preserve their stem cells for potential future use in stem cell therapy. Properties was formed to hold the corporate trademarks and other intellectual property of CBAI. Rain specializes in creating direct response television and radio advertising campaigns, including media placement and commercial production. The Company has been the subject of a going concern opinion by its independent auditors who have raised substantial doubt as to the Company's ability to continue as a going concern. De Joya Griffith, LLC, in Henderson, NV, noted that the Company has incurred losses from operations, which losses have caused an accumulated deficit of approximately $53.46 million as of Dec. 31, 2014. The Company disclosed net income of $240,000 on $4.33 million of revenue for the year ended Dec. 31, 2014, compared to a net loss of $2.97 million on $3.82 million of revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $3.86 million in total assets, $4.55 million in total liabilities, and a $691,000 total stockholders' deficit. COUNTRY STONE: To Sell Remaining Assets for $105K ------------------------------------------------- Country Stone Holdings Inc. has filed a motion seeking court approval to sell its remaining assets for $105,000. The assets, which include equipment and inventory, were excluded from the sale of County Stone's assets to Hyponex Corp. and Techo-Bloc Inc. in December last year. Calhoun Lumber Inc. offered $55,000 to buy the assets located at a facility in Fort Wayne, Indiana, which is being leased by its affiliate to Fort Wayne Landscape Supply Inc., a unit of Country Stone. Meanwhile, Country Stone proposes to sell certain inventory held by Bonus Crop to the company, which offered $50,000. In connection with the sale, the lease for the Fort Wayne facility will be rejected subject to bankruptcy court approval. The deadline for filing objections to the proposed sale is April 24, 2015. About Country Stone Country Stone Holdings, Inc., and its affiliates are in the business of manufacturing, processing, and packaging lawn and garden products such as mulch, soil, fertilizer, plant food, organics, concrete and decorative stone. The corporate headquarters are located in Rock Island, Illinois and Milan, Illinois. Country Stone operates 17 plants throughout the United States, including in Illinois, Iowa, Indiana, Minnesota, Wisconsin, Missouri, and California. Country Stone Holdings and its affiliates sought bankruptcy protection (Bankr. C.D. Ill., Lead Case No. 14-81854) in Peoria, Illinois, on Oct. 23, 2014, with a deal to sell to Quikrete Holdings, Inc., for $23 million in cash plus the assumption of liabilities, subject to higher and better offers. The bankruptcy cases are assigned to Judge Thomas L. Perkins. Country Stone disclosed $45 million in liabilities. The Debtors have tapped Katten Muchin Rosenman LLP as counsel; Silverman Consulting to provide the services of Steven Nerger as CRO and Michael Compton as cash and restructuring manager; and Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting agent. Nancy J. Gargula, U.S. Trustee for the Central District of Illinois, has appointed five creditors to serve in the official unsecured creditors committee in the Debtors' cases. CROSBY NATIONAL GOLF CLUB: Files Bare-Bones Ch. 11 Petition ----------------------------------------------------------- The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Debtor estimated $10 million to $50 million in assets and debt. The case is assigned to Judge Russell F. Nelms. Hudson M. Jobe, Esq., at Quilling, Selander, Lownds, et al, in Dallas, has been tapped as counsel. CROSBY NATIONAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: The Crosby National Golf Club, LLC 2930 Bledsoe, Suite 124 Fort Worth, TX 76107 Case No.: 15-41545 Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Russell F. Nelms Debtor's Counsel: Hudson M. Jobe, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 871-2100 Fax: (214) 871-2111 Email: hjobe@qslwm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Elcio Silva, secretary. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Mulvaney Barry Beatty Linn & Debt $169,450 Mayers LLP Paul Wohlgemuth Debt $105,000 Taylor Advisors, P.C. Debt $67,410 Dick Troester Debt $20,000 The Crosby Estates at RSF Debt $19,962 Callaway Golf Debt $12,892 Hydro-Scape Debt $6,086 Christopher Roote PC Repair Debt $2,500 Kiwi Audio Visual Debt $1,746 Safety-Kleen Systems Inc Debt $1,499 MembersFirst Debt $1,350 Nike USA, Inc. Debt $1,344 Jofit, LLC Debt $927 A.D. Williams Turf Sprayers Debt $597 Global Tour Golf Debt $564 Opera Patisserie Fines Debt $557 Steam Diego Debt $375 Duckhorn Wine Company Debt $328 M.R. Nyren Company Debt $140 Rancho Sante Fe Farms Golf Club Debt $125 CUBIC ENERGY: Amends March 31, 2014 Form 10-Q Report ---------------------------------------------------- Cubic Energy, Inc., has amended its quarterly report on Form 10-Q for the period ended March 31, 2014, to give effect to a change in accounting for warrants at fair value. The warrants liability related to the warrants issued in connection with the issuance of the Notes and the previously outstanding warrants issued to Wells Fargo Energy Capital, Inc. have been restated for the quarter ended March 31, 2014, and the nine-month period ended March 31, 2014, at their fair value. These warrants include certain anti-dilution provisions, which provide for exercise price adjustments in the event that any common stock equivalents are issued at an effective price per share that is less than the exercise price of the warrants. The Company recorded the fair value of the WFEC warrants as of July 1, 2013, as an out of period adjustment to income and a corresponding liability. The warrants issued in connection with the issuance of the Notes were issued during the quarter ended Dec. 31, 2013, and are recorded as of the issuance date. In addition, the Company's asset retirement obligation has been restated, due to changes in estimates of the ARO related to the properties acquired by the Company during the quarter ended Dec. 31, 2013. Certain other corrections and reclassifications have been made but are not described in detail due to their immaterial nature. The Company's restated balance sheet at March 31, 2014, showed $129.24 million in total assets, $136.94 million in total liabilities, $988 in redeemable preferred stock and a $7.7 million total stockholders' deficit. A full-text copy of the Form 10-Q/A is available for free at: http://is.gd/e8VQQG About Cubic Energy Cubic Energy, Inc., headquartered in Dallas, Texas, is an independent upstream energy company engaged in the development and production of, and exploration for, crude oil and natural gas. Its oil and gas assets and activities are concentrated in Louisiana. BDO USA, LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2014. The independent accounting firm noted that the Company has suffered recurring losses from operations, has violated covenants of its debt agreements, has a working capital deficit and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company reported net income of $9.11 million on $15.9 million of total revenues for the fiscal year ended June 30, 2014, compared with a net loss of $5.93 million on $3.84 million of total revenues last year. As of Dec. 31, 2014, Cubic Energy had $120 million in total assets, $111 million in total liabilities, $988 in redeemable preferred stock and $8.87 million in total stockholders' equity. DEERFIELD RANCH: Hires Jigsaw Advisors as Financial Advisor ----------------------------------------------------------- Deerfield Ranch Winery, LLC asks for permission from the Hon. Alan Jaroslovsky of the U.S. Bankruptcy Court for the Northern District of California to employ Jigsaw Advisors, LLC as financial and restructuring advisor to the Debtor. The Debtor seeks approval to employ Jigsaw Advisors to assume the role of financial and restructuring advisor, to provide services appropriate as a financial and restructuring advisor to a Chapter 11 Debtor, as may be reasonably necessary and requested by the Debtor. Jigsaw Advisors will be paid at these hourly rates: William R. Brinkman $375 Principals $395 Directors $275-$350 Sr. Associates $175-$250 Staff and Admin $50-$100 Jigsaw Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Jigsaw Advisors received a pre-petition retainer in the total amount of $25,000. The retainer was provided personally by Paulette and Robert Rex, the Debtor’s managing members, and not by the Debtor. This retainer consisted of $20,000 in cash, and wine estimated at $5,000 in value from the personal collection of Paulette and Robert Rex. Pre-petition, Jigsaw Advisors charged a total of $23,141.64 in fees and expenses against the retainer. This includes $22,837.50 in fees for 60.9 hours of work by Mr. Brinkman, plus $304.14 in expenses. After deduction of pre-petition fees and expenses, as of the petition date, Jigsaw Advisors carried a retainer balance of $1,858.36, which remains available to be applied against post-petition fees and expenses approved by the Court. William R. Brinkman, principal of Jigsaw Advisors, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Jigsaw Advisors can be reached at: William R. Brinkman JIGSAW ADVISORS, LLC 3575 Mt. Diablo Blvd. Suite 215 Lafayette, CA 94549 Tel: (925) 465-1228 E-mail: bill.brinkman@jigsawadvisors.com About Deerfield Ranch Winery Deerfield Ranch Winery, LLC, is an award-winning winery located in the heart of the Sonoma Valley, founded in 1982 by Robert and PJ Rex. The Deerfield estate is approximately 47 acres, located in Kenwood, California, and was acquired in 2000. Annual production totals approximately 30,000 cases annually, including both Deerfield brands and the winery's substantial custom-crush business, which includes 12 small family-owned wineries. The winery LLC is owned by 87 members, who have contributed more than $15 million to the business. Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015. The Debtor disclosed $25,197,611 in assets and $12,041,939 in liabilities as of the Chapter 11 filing. Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel. Jigsaw Advisors LLC acts as the Debtor's restructuring financial advisor. Judge Alan Jaroslovsky is assigned to the case. The United States Trustee for Region 17 appointed three creditors of Deerfield Ranch Winery LLC to serve on the official committee of unsecured creditors. DEERFIELD RANCH: Hires McNutt Law as General Bankruptcy Counsel --------------------------------------------------------------- Deerfield Ranch Winery, LLC asks for permission from the Hon. Alan Jaroslovsky of the U.S. Bankruptcy Court for the Northern District of California to employ McNutt Law Group LLP as general bankruptcy counsel, effective as of Feb. 13, 2015. The Debtor requires the assistance of Chapter 11 counsel to provide advice and representation in the course of this bankruptcy proceeding, including providing all reasonable and necessary services as bankruptcy counsel. McNutt Law will be paid at these hourly rates: Scott H. McNutt $550 Shane Moses $375 Michael Abel $450 Thomas Rupp $300 Attorneys $300-$550 Paralegals & Law Clerks $100-$160 McNutt Law will also be reimbursed for reasonable out-of-pocket expenses incurred. McNutt Law received a pre-petition retainer in the total amount of $40,000, which was provided personally by Paulette and Robert Rex, the managing members of the Debtor. McNutt Law billed a total of $48,637.50 for pre-petition services to the Debtor. Prior to the filing of the petition in this case, MLG fully drew down the retainer as compensation for pre-petition services, and wrote off the unpaid balance of $8,637.50. MLG then waived any right to compensation for any unpaid pre-petition fees or expenses, and therefore was not a creditor of the Debtor as of the filing of the petition. Scott H. McNutt, managing partner of McNutt Law, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. McNutt Law can be reached at: Scott H. McNutt, Esq. MCNUTT LAW GROUP LLP 219 9th Street San Francisco, CA 94103 Tel: (415) 995-8475 Fax: (415) 995-8487 About Deerfield Ranch Winery Deerfield Ranch Winery, LLC, is an award-winning winery located in the heart of the Sonoma Valley, founded in 1982 by Robert and PJ Rex. The Deerfield estate is approximately 47 acres, located in Kenwood, California, and was acquired in 2000. Annual production totals approximately 30,000 cases annually, including both Deerfield brands and the winery's substantial custom-crush business, which includes 12 small family-owned wineries. The winery LLC is owned by 87 members, who have contributed more than $15 million to the business. Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015. The Debtor disclosed $25,197,611 in assets and $12,041,939 in liabilities as of the Chapter 11 filing. Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel. Jigsaw Advisors LLC acts as the Debtor's restructuring financial advisor. Judge Alan Jaroslovsky is assigned to the case. The United States Trustee for Region 17 appointed three creditors of Deerfield Ranch Winery LLC to serve on the official committee of unsecured creditors. DENDREON CORP: Court OKs Sullivan & Cromwell as Panel's Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Dendreon Corporation, et al., sought and obtained permission from the Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware to retain Sullivan & Cromwell LLP as counsel to the Committee, nunc pro tunc to Nov. 19, 2014. Michael H. Torkin, partner of Sullivan & Cromwell, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Sullivan & Cromwell can be reached at: Michael H. Torkin, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004 Tel: (212) 558-4000 Fax: (212) 558-3588 About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became Commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 Million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. DENDREON CORP: Court OKs Young Conaway as Committee Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Dendreon Corporation, et al., sought and obtained permission from the Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware to retain Young Conaway Stargatt & Taylor, LLP as counsel for the Committee, effective as of Nov. 19, 2014. The Committee requires Young Conaway to: (a) provide legal advice regarding local rules, practices, and procedures and providing substantive and strategic advice on how to accomplish the Committee’s goals in connection with the prosecution of these cases, bearing in mind that the Court relies on co-counsel such as Young Conaway to be involved in all aspects of each bankruptcy proceeding; (b) review, commenting and/or preparing drafts of documents to be filed with the Court as co-counsel to the Committee; (c) appear in Court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Committee as its co-counsel; (d) perform various services in connection with the administration of these cases, including, without limitation, (i) preparing certificates of no objection, certifications of counsel, notices of fee applications and hearings, and hearing binders of documents and pleadings in connection with preparation for hearings, (ii) monitoring the docket for filings and coordinating with S&C on pending matters that require responses, (iii) preparing and maintaining critical dates memoranda to monitor pending applications, motions, hearing dates and other matters and the deadlines associated with the same, and (iv) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these cases and coordinating with S&C on any necessary responses; and (e) perform all other services assigned by the Committee, in consultation with S&C, to Young Conway as co-counsel to the Committee. To the extent that the Firm determines that such services fall outside the scope of services historically or generally performed by Young Conaway as co-counsel in a bankruptcy proceeding, Young Conaway will file a supplemental declaration. At the request of the U.S. Trustee with respect to the United States Trustee’s Appendix B—Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases (the "U.S. Trustee Guidelines"), which became effective on November 1, 2013,3 I supplement the Morgan Declaration to provide the following information: -- Young Conaway was retained by the Committee on November 19, 2014, and did not represent the Committee at any time in the 12 months immediately preceding the filing of these chapter 11 cases. -- The Committee has approved a prospective budget and staffing plan for Young Conaway’s engagement for the period from January through May 2015. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Pauline K. Morgan, partner of Young Conaway, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Young Conaway can be reached at: Pauline K. Morgan, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became Commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 Million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. DIAMOND LAND: Case Summary & 2 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Diamond Land Development LLC 325 Onnie Burton Road Rougemont, NC 27572 Case No.: 15-80403 Nature of Business: Land development and sales Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Middle District of North Carolina (Durham) Judge: Hon. Lena M. James Debtor's Counsel: Douglas Q. Wickham, Esq. HATCH, LITTLE & BUNN, L.L.P. 327 Hillsborough St. P.O. Box 527 Raleigh, NC 27602 Tel: (919) 856-3940 Email: dqwickham@hatchlittlebunn.com Total Assets: $1.33 million Total Liabilities: $806,918 The petition was signed by Willis Parker, manager. A list of the Debtor's two largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb15-80403.pdf DIOCESE OF HELENA: Michael Hogan OK'd to Handle Future Tort Claims ------------------------------------------------------------------ Bankruptcy Judge Terry L. Myers authorized Roman Catholic Bishop of Helena, Montana, a Montana Religious Corporation Sole (Diocese of Helena) to employ Michael R. Hogan as future claims representative. On Jan. 23, 2015, the Debtor requested, in a first amended application, to modify and expand Mr. Hogan's duties and responsibilities as the FCR to include being the legal representative of the entities asserting future tort claims against the Western Province of Ursuline (the Province). The number of Future Tort Claimants is estimated at 21. The Future Claims Reserve Fund will be funded in the amount of $870,165 with an additional amount to be paid from the Province Contribution of $4,450,000 based on, in part, the recommendation of the FCR. The FCR's additional responsibilities and duties would include undertaking an investigation and analysis to assist the Court in determining the estimated number of Future Tort Claims against the Province, and such claim amounts estimated to be held by such Future Tort Claimants, and making recommendation as to the amounts necessary to fund future claims against the Province. To the best of he Debtor's knowledge, Mr. Hogan is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The Debtor is represented by: Ford Elsaesser, Esq. Bruce A. Anderson, Esq. ELSAESSER JARZABEK ANDERSON ELLIOTT & MACDONALD, CHTD. 123 South Third Avenue, Suite 24 P.O. Box 1049 Sandpoint, ID 83864 Tel: (208) 263-8517 Fax: (208) 263-0759 About the Diocese of Helena The Roman Catholic Bishop of Helena, Montana, a Montana Religious Corporation Sole (a/k/a Diocese of Helena) sought protection under Chapter 11 of the Bankruptcy Code on Jan. 31, 2014, to resolve more than 350 sexual-abuse claims. The Chapter 11 case (Bankr. D. Mont. Case No. 14-60074) was filed in Butte, Montana. Attorneys at Elsaesser Jarzabek Anderson Elliott & MacDonald, Chtd., serve as counsel to the Debtor. Gough, Shanahan, Johnson & Waterman PLLP has been tapped as special counsel to provide legal advice relating to sexual abuse claims. Several Roman Catholic dioceses in the U.S. have filed for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. The Roman Catholic Bishop of Helena filed its schedules of assets and liabilities, which show assets with a value of more than $16.037 million against debt totaling $33.6 million. The filings also showed that the diocese has $4.7 million in secured debt. Creditors of the diocese assert $28.89 million in unsecured non-priority claims. The U.S. Trustee for Region 18 appointed seven creditors to serve on the Official Committee of Unsecured Creditors. The Committee has retained Pachulski Stang Ziehl & Jones LLP as counsel. The Court installed Michael R. Hogan as the legal representative for these sex abuse victims: (a) are under 18 years of age before the Claims Bar Date; (b) neither discovered nor reasonably should have discovered before the Claims Bar Date that his or her injury was caused by an act of childhood abuse; or (c) have a claim that was barred by the applicable statute of limitations as of the Claims Bar Date but is no longer barred by the applicable statute of limitations for any reason, including for example the passage of legislation that revives such claims. * * * Under the Diocese's plan, which was negotiated between the church and its official committee representing clergy-abuse victims, the church will contribute $2 million to a victims' fund, while seven insurance companies will contribute $14.4 million to the fund in return for ending their liability under policies they issued years ago. The report said the church's portion will come from a $3.5 million loan to be secured by the diocese's real estate. General unsecured creditors, whose claims are estimated to total less than $1 million, will be paid in full. DOLPHIN DIGITAL: Incurs $1.8 Million Net Loss in 2014 ----------------------------------------------------- Dolphin Digital Media, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.87 million on $2.07 million of total revenue for the year ended Dec. 31, 2014, compared to a net loss of $2.46 million on $2.29 million of total revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Dolphi Digital had $1.49 million in total assets, $10.28 million in total liabilities, and a $8.79 million total stockholders' deficit. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations, negative cash flows from operations, and does not have sufficient working capital. These events raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/Y4WGQF About Dolphin Digital Coral Gables, Florida-based Dolphin Digital Media, Inc., is dedicated to the twin causes of online safety for children and high quality digital entertainment. By creating and managing child-friendly social networking websites utilizing state-of the- art fingerprint identification technology, Dolphin Digital Media, Inc. has taken an industry-leading position with respect to internet safety, as well as digital entertainment. DR. TATTOFF: Posts $6.6 Million Net Loss in 2014 ------------------------------------------------ Dr. Tattoff, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $6.58 million on $4.31 million of revenues for the year ended Dec. 31, 2014, compared with a net loss of $4.3 million on $3.65 million of revenues for the same period a year ago. As of Dec. 31, 2014, the Company had $2.25 million in total assets, $12.1 million in total liabilities and a $9.86 million total shareholders' deficit. SingerLewak LLP, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's current liabilities exceeded its current assets by approximately $6.49 million, has a shareholders' deficit of $9.86 million, has suffered recurring losses and negative cash flows from operations, and has an accumulated deficit of approximately $18.3 million at Dec. 31, 2014. This raises substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A full-text copy of the Form 10-K is available for free at: http://is.gd/HIrrql About Dr. Tattoff Beverly Hills, Calif.-based Dr. Tattoff, Inc., currently operates or provides management services to five laser tattoo and hair removal clinics located in Texas and California, all of which operate under the Company's registered trademark "Dr. Tattoff." DUNE ENERGY: Has Court Approval of $10 Million Financing -------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that Dune Energy, Inc., obtained final approval of a $10 million loan from existing first-lien lenders Bank of Montreal and CIT Bank. Under its terms, Dune must get bankruptcy court approval of a sale by June 19. Auction procedures approved by the judge call for bids by June 5 and provide for a June 9 auction and June 18 sale-approval hearing. About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debt as of Sept. 30, 2014. The deadline for creditors to file proofs of claim is July 13, 2015. For governmental units, the deadline to file proofs of claim is not later than 180 days from the Petition Date. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. ECOSPHERE TECHNOLOGIES: Swings to $11.5 Million Net Loss in 2014 ---------------------------------------------------------------- Ecosphere Technologies, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $11.5 million on $1.11 million of total revenues for the year ended Dec. 31, 2014, compared with net income of $19.2 million on $6.71 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $15.05 million in total assets, $3.82 million in total liabilities, $3.8 million in total redeemable convertible cumulative preferred stock, and $7.42 million in total equity. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company reported a net loss of $11.5 million in 2014, and cash used in operating activities of $4.55 million and $10.3 million in 2014 and 2013, respectively. At Dec. 31, 2014, the Company had a working capital deficiency, and accumulated deficit of $2.86 million, and $109 million, respectively. These matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/ycoCBT About Ecosphere Technologies Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) -- http://www.ecospheretech.com/-- is a water engineering, technology licensing and environmental services company that designs, develops and manufactures wastewater treatment solutions for industrial markets. Ecosphere, through its majority-owned subsidiary Ecosphere Energy Services, LLC, provides energy exploration companies with an onsite, chemical free method to kill bacteria and reduce scaling during fracturing and flowback operations. ELBIT IMAGING: BCBS Now Providing Coverage to MRgFUS Procedure -------------------------------------------------------------- Elbit Imaging Ltd. was informed by InSightec Ltd. that following a change in the insurance coverage policy of Health Care Service Corporation, Blue Cross Blue Shield North Carolina and Horizon Blue Cross Blue Shield of New Jersey have published updates to their Magnetic Resonance Imaging-guided Focused Ultrasound coverage policy and are now providing coverage to MRgFUS procedure for patients suffering from pain associated with bone metastases. InSightec estimates that such favorable policy update will make available to the members of BCBS NC and BCBS NJ treatments for painful bone metastases using InSightec's ExAblate procedure as a treatment option cleared by the Food and Drug Administration. BCBS NC and Horizon BCBS NJ provide benefits to more than 3.8 million members combined. The Company holds approximately 82.7% of the share capital of Elbit Medical Technologies Ltd. (on a fully diluted basis) which, in turn, holds approximately 30% of the share capital in InSightec (on a fully diluted basis). About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) hold investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. Elbit Imaging Ltd. reported profit of NIS 784 million on NIS 399 million of total revenues for the year ended Dec. 31, 2014, compared to a loss of NIS 1.56 billion on NIS 211 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Elbit had NIS $3.66 billion in total assets, NIS 2.94 billion in total liabilities, and NIS 712 million in shareholders' equity. EMMAUS LIFE: Inks $2.5M Purchase Agreement with Shigeru Matsuda --------------------------------------------------------------- Emmaus Life Sciences, Inc., disclosed in a document filed with the Securities and Exchange Commission that it entered into an investment commitment letter with Shigeru Matsuda which provides that Mr. Matsuda will purchase $2.5 million of the Company's convertible notes or promissory notes at par value. Mr. Matsuda is a current stockholder and noteholder of the Company. The convertible notes will have a two-year maturity period and bear simple interest at 10% per annum. The principal and all accrued interest will be due and payable on the maturity date. The promissory notes will bear simple interest at 11% per annum. The principal will be due and payable on demand of the noteholder. Allocation of the $2.5 million investment between convertible notes and promissory notes will be by mutual agreement of Mr. Matsuda and the Company. If no agreement is reached by April 27, 2015, the allocation will be 50-50. The only condition precedent to Mr. Matsuda's funding commitment is the passage of certain resolutions by the Company's board of directors. Those resolutions were passed at a meeting of the Board on April 15, 2015. The Commitment Letter provides that closing of the transactions contemplated by the Commitment Letter will take place as soon as reasonably practicable but in any event no later than April 27, 2015. Yutaka Niihara Named Chairman On April 15, 2015, the Board voted to elevate Dr. Yutaka Niihara, the Company's president and chief executive officer, to the position of Chairman of the Board. Dr. Henry McKinnell, the outgoing Chairman, will remain a director of the Company. On May 1, 2015, Dr. Niihara will assume a new position as the Company's chief scientific officer. As chief scientific officer, Dr. Niihara will oversee and direct the Company's scientific activities, including basic and applied research and the development of new products and technologies. Dr. Niihara will also continue to serve as Chairman of the Company. His compensation and benefits will remain unchanged. The Board has commenced a search for a new president and CEO. If one has not been hired by May 1, 2015, executive officers Peter Ludlum and Lan Tran will serve as an Executive Committee that will carry out the roles and responsibilities of the Company's CEO until a new, full-time CEO is hired. Mr. Ludlum has served as the Company's executive vice president and chief financial officer since April 2012. Ms. Tran has served as the Company's chief administrative officer and corporate secretary since May 2011. About Emmaus Life Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. Emmaus Life reported a net loss of $20.8 million on $500,700 of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $14.06 million on $391,000 of net revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $2.66 million in total assets, $23 million in total liabilities and a $20.3 million total stockholders' deficit. KPMG LLP, in San Diego, California, issued a "going Concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The independent auditors noted that the Company has suffered recurring losses from operations, has significant amounts of debt due within a year, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ENDEAVOUR INT'L: Creditors Seek to Invalidate Secured Debt ---------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that the Endeavour International Corp. creditors' committee filed three sets of papers on April 10, all with the objective of knocking out some of the $440 million in secured claims given to lenders in a refinancing within two weeks of the company's October Chapter 11 filing. The report relates that according to the committee, the bankrupt parent wasn't itself liable for $90 million in letters of credit and $155 million on other obligations that previously were debts only of non-bankrupt operating companies. The report notes that to invalidate some of the liens, the committee must surmount an order by the bankruptcy court establishing a deadline for challenging their validity. The committee wasn't appointed until December, after the first deadline elapsed. At a May 1 hearing, the committee is to ask the judge to rule that a challenge to the liens is still timely. At the same hearing, the committee will ask the judge to allow the panel to sue on behalf of the company to invalidate some of the liens. The creditors also filed papers objecting to the validity of claims. About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. Endeavour Operating Corporation, in its schedules, disclosed $808 million in assets and $1.24 billion in liabilities as of the Chapter 11 filing. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Plan has been adjourned to a date to be determined. ENERGY & EXPLORATION: Bank Debt Trades at 16% Off ------------------------------------------------- Participations in a syndicated loan under which Energy & Exploration Partners is a borrower traded in the secondary market at 84.05 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.72 percentage points from the previous week, The Journal relates. Energy & Exploration pays 675 basis points above LIBOR to borrow under the facility. The bank loan matures on Jan. 14, 2019. Moody's and Standard & Poor's did not give a rating to the loan. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. ERIE HOCKEY CLUB: In Chapter 11 to Complete Sale Process -------------------------------------------------------- Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports that the Erie Hockey Club Ltd., which owns the Erie Otters minor-league hockey team, sought bankruptcy protection to head off a foreclosure sale by its primary secured lender. The lender, Ontario Major Junior Hockey Corp., refused to cancel or delay the April 8 foreclosure, forcing the club to file for Chapter 11 to complete the sale process. Erie Hockey Club believes the value of the Otters team is "almost twice" the debt owed to OMJHC. The Otters team has been marketed for sale for more than a year. The owner said potential bidders showed interest at prices ranging from $7 million to $8 million. OMJHC made loans totaling about $4.2 million to the hockey club starting in 2011. OMJHC has demanded repayment of some $4.7 million. OMJHC is owned by Rexall Sports Corp., which also owns the National Hockey League's Edmonton Oilers. Rexall's principal is Canadian pharmacy billionaire Daryl Katz. The hockey club wants to use cash representing collateral for OMJHC's secured claims to fund the Chapter 11 effort, and OMJHC agreed. About The Erie Hockey Club The Erie Hockey Club Ltd.'s primary asset is its franchise agreement with the Ontario Hockey League for the Erie Otters hockey team. The sole shareholder is Bassin Hockey. Affiliates Erie Hockey Club Limited (Bankr. W.D. Pa. Case No. 15-10380) and parent Bassin Hockey, Inc. (Bankr. W.D. Pa. Case No. 15-10381) filed Chapter 11 bankruptcy petitions on April 8, 2015, to stop the lender from forcing a sale of the Otters to collect on a $4.6 million debt. Erie Hockey and Bassin Hockey estimated their assets and liabilities between $1 million and $10 million each. Nicholas R. Pagliari, Esq., and James R. Walczak, Esq., at MacDonald, Illig, Jones & Britton LLP serve as the Debtors' bankruptcy counsel. Schaffner Knight Minnaugh & Company is the Debtors' accountant. Game Plan Special Services LLC is the Debtors' broker. Judge Thomas P. Agresti presides over the case. ESCO MARINE: Wants Until April 22 to File Schedules and Statements ------------------------------------------------------------------ ESCO Marine, Inc., et al., asked the U.S. Bankruptcy Court for permission to extend until April 22, 2015, their time to file schedules of assets and liabilities and statements of financial affairs. The Debtors explained that they needed additional time to accurately and fully complete the schedules and statement. About ESCO Marine ESCO Marine, Inc., and four affiliates sought Chapter 11 bankruptcy protection in Corpus Christi, Texas (Bankr. S.D. Tex.) on March 7, 2015. ESCO Marine disclosed $28.8 million in assets and $35.5 million in debt as of Jan. 31, 2015. The cases are assigned to Judge Richard S. Schmidt. The Debtors filed an emergency motion seeking joint administration of their Chapter 11 cases, requesting to designate as the "main case" the proceedings of ESCO Marine, Inc., Case No. 15-20107. ESCO Metals, LLC, ESCO Shredding, LLC, Texas Best Recycling, LLC, and Texas Best Equipment LLC are affiliates of ESCO Marine. ESCO Marine is the operating parent company. The Debtors have tapped Roderick Glen Ayers, Jr., Esq., at Langley Banack Inc., in San Antonio, as counsel. ESP RESOURCES: Posts $2.1 Million Net Loss in 2014 -------------------------------------------------- ESP Resources, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $2.06 million on $11.91 million of net sales for the year ended Dec. 31, 2014, compared to a net loss of $5.23 million on $10.59 million of net sales in 2013. As of Dec. 31, 2014, the Company had $5.78 million in total assets, $10.3 million in total liabilities, and a $4.53 million total stockholders' deficit. Turner, Stone & Company, LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred net losses through Dec. 31, 2014, and has a working capital deficit as of Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/m7TqW1 About ESP Resources The Woodlands, Texas-based ESP Resources, Inc., through its subsidiaries, manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry and also provides services for the upstream, midstream and downstream sectors of the energy industry, including new construction, major modifications to operational support for onshore and offshore production, gathering, refining facilities and pipelines designed to optimize performance and increase operators' return on investment. EVERYWARE GLOBAL: Commences Trading on OTC Pink Markets ------------------------------------------------------- EveryWare Global, Inc. disclosed that effective on April 17 the Company's common stock will be traded under the ticker symbol "EVRYQ" on the OTC Pink markets. In light of EveryWare's voluntary filing for protection under Chapter 11 of the U.S. Bankruptcy Code on April 7, 2015, the Company's common stock was delisted from the Nasdaq Stock Market effective at the opening of trading on April 17, 2015. The Company does not intend to appeal the delisting determination. 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. 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: Prepack Plan Headed for May 20 Confirmation ------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports that Judge Laurie Selber Silverstein agreed to hold a hearing to consider confirmation of EveryWare Global, Inc.'s prepackaged Chapter 11 plan on May 20. According to the report, the judge also gave EveryWare interim approval for $100 million in secured financing to operate the business until the plan can be implemented. The hearing for final lending approval will take place April 28. As reported in the April 9 edition of the Troubled Company Reporter, EveryWare Global and its affiliates sought Chapter 11 protection to implement a prepackaged financial restructuring that cancels $248 million of the long-term debt in exchange for 96% of the common stock post-emergence. As of the Petition Date, the Debtors' funded debt is comprised of a $250 million senior secured term loan facility and a $60 million asset-based revolving ("ABL") credit facility. Outstanding principal balances as of the Petition Date are $248.7 million and $43.6 million for the Term Loan Facility and ABL Facility, respectively. The Plan provides that: -- Holders of administrative claims, professional claims and priority tax claims will be paid in full in cash. Recovery will be 100%. -- The entire $248.7 million Term Loan Facility will be converted for 96.0% of the Reorganized Debtors' new equity. Holders of these claims are projected to have a 44% recovery. -- Holders of allowed general unsecured claims estimated to total $87 million will be paid in full in cash. holders of these claims are to recover 100%. -- Holders of EveryWare preferred stock and common stock will receive an aggregate tip of 4.0% of the new common stock, provided equity holders continue to support the transaction. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Everyware_DS_Plan.pdf 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: Claimants Seek OK for $2.7M Pollution Deal -------------------------------------------------------------- Law360 reported that a group of 643 individuals who were allegedly exposed to contaminants emitted from one of Exide Technologies Inc.'s battery recycling plants asked a Delaware bankruptcy court on April 10 to sign off on a $2.7 million deal that will settle their personal injury and property damage claims against the company. 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. U.S. Bankruptcy Judge Kevin Carey in Delaware on March 27, 2015, issued a findings of fact, conclusions of law and order confirming Exide Technologies' Fourth Amended Plan of Reorganization after determining that the plan satisfies the confirmation requirement of Section 1129 of the Bankruptcy Code. FRAC TECH: Bank Debt Trades at 22% Off -------------------------------------- Participations in a syndicated loan under which Frac Tech Services Ltd is a borrower traded in the secondary market at 78.07 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.32 percentage points from the previous week, The Journal relates. Frac Tech pays 475 basis points above LIBOR to borrow under the facility. The bank loan matures on April 3, 2021, and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. FULLCIRCLE REGISTRY: Incurs $653,000 Net Loss in 2014 ----------------------------------------------------- FullCircle Registry, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $653,000 on $1.49 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $448,000 on $1.88 million of revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $5.71 million in total assets, $6.32 million in total liabilities, and a $614,000 total stockholders' deficit. Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that FullCircle Registry has suffered recurring losses from operations and has a net working capital deficiency that raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/A5FflV About FullCircle Registry Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the acquisition of small profitable businesses. FullCircle Registry, Inc., has become a holding company with three subsidiaries. They are FullCircle Entertainment, Inc., FullCircle Insurance Agency, Inc. and FullCircle Prescription Services, Inc. Target companies for future acquisition are those in search of exit plans for the owners and are intended to continue autonomous operations as current ownership is phased out over a period of 3-5 years. GARLOCK SEALING: Plan Inches Toward June 2016 Confirmation Hearing ------------------------------------------------------------------ Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that although Garlock Sealing Technologies LLC and its non-bankrupt parent EnPro Industries Inc. have an agreement with the official representative for future asbestos claimants, the confirmation hearing for approval of the Chapter 11 plan won't begin until June 20, 2016. The delay largely results from opposition to the plan by the official committee representing people who already manifest symptoms of asbestos-caused diseases. A bankruptcy judge approved disclosure materials on April 10 allowing creditors to vote. The deadline for casting ballots is Oct. 6. In a settlement with the future claimants' representative, Garlock agreed to a plan filed this year with $357.5 million for asbestos claimants, including $250 million when the plan becomes effective and $77.5 million more paid over seven years with a guarantee from EnPro. The committee for existing claimants said the plan "does not provide enough money" and requires EnPro and Garlock to pay "much less" than they "would realistically have to pay if they did not receive special protections." With the official committee in opposition, EnPro said earlier this year that it would take as long as two years before the court approves the plan. The January decision on liability allowed Garlock to file a Chapter 11 plan paying creditors in full, including those with asbestos claims. Bankruptcy law entitles EnPro to retain ownership if creditors are fully paid. 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. GELTECH SOLUTIONS: Issues $200,000 Secured Convertible Note ----------------------------------------------------------- GelTech Solutions, Inc., disclosed in a document filed with the Securities and Exchange Commission that on April 13, 2015, it issued Mr. Reger a $200,000 7.5% secured convertible note in consideration for a $200,000 loan. The note is convertible at $0.26 per share and matures on Dec. 31, 2020. Repayment of the note is secured by all of the Company's assets including its intellectual property and inventory in accordance with a secured line of credit agreement between the Company and Mr. Reger. Additionally, the Company issued Mr. Reger 384,616 two-year warrants exercisable at $2.00 per share. All of the securities were issued without registration under the Securities Act of 1933 in reliance upon the exemption provided in Section 4(a)(2) and Rule 506(b) thereunder. About GelTech Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware corporation organized in 2006. The Company markets four products: (1) FireIce(R), a water soluble fire retardant used to protect firefighters, structures and wildlands; (2) Soil2O(R) 'Dust Control', its new application which is used for dust mitigation in the aggregate, road construction, mining, as well as, other industries that deal with daily dust control issues; (3) Soil2O(R), a product which reduces the use of water and is primarily marketed to golf courses, commercial landscapers and the agriculture market; and (4) FireIce(R) Home Defense Unit, a system for applying FireIce(R) to structures to protect them from wildfires. The Company reported a net loss of $950,000 on $111,000 of sales for the three months ended Sept. 30, 2014, compared with a net loss of $1.91 million on $530,800 of sales for the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $1.5 million in total assets, $2.81 million in total liabilities, and a total stockholders' deficit of $1.31 million. GETTY IMAGES: Bank Debt Trades at 12% Off ----------------------------------------- Participations in a syndicated loan under which Getty Images Inc. is a borrower traded in the secondary market at 87.70 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.03 percentage points from the previous week, The Journal relates. The Company pays 350 basis points above LIBOR to borrow under the facility. The bank loan matures on Oct. 14, 2019, and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among widely-quoted syndicated loans in secondary trading in the week ended Friday among the 260 loans with five or more bids. All loans listed are B-term, or sold to institutional investors. GLYECO INC: Holds Conference Call to Discuss 2014 Results --------------------------------------------------------- GlyEco, Inc. held a conference call to discuss fiscal year 2014 results on April 17, 2015. The Company filed its Form 10-K with the U.S. Securities and Exchange Commission on April 10. The results was presented by Mr. David Ide, president and chief executive officer and Ms. Alicia Williams Young, chief financial officer. The conference call will include a Q&A so that investors can have the opportunity to get their questions answered directly from the GlyEco management team. The Company encourages shareholders to send their questions ahead of time to asktheteam@glyeco.com. Participants will have the option to ask questions during the live call, instructions for joining the live Q&A period will be given during the call. To participate in the conference call, please dial (888) 428-9473, or (719) 325-2469 for international calls, approximately 10 minutes prior to the scheduled start time. A replay of the call will be available for two weeks from 7:30 p.m. ET on April 17, 2015, until 11:59 p.m. ET on May 01, 2015. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 8692787. About GlyEco, Inc. Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company formed to roll-out its proprietary and patent pending glycol recycling technology that transforms waste glycols, a hazardous material, into profitable green products. Glyeco reported a net loss attributable to common shareholders of $8.73 million on $5.89 million of net sales for the year ended Dec. 31, 2014, compared with a net loss of $4 million on $5.53 million of net sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Glyeco had $14.3 million in total assets, $3.05 million in total liabilities, and $11.2 million in total stockholders' equity. Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GLYECO INC: Wynnefield May Obtain Confidential Information ---------------------------------------------------------- Wynnefield Partners Small Cap Value, L.P., et al., entered into an agreement with the GlyeCo, Inc. pursuant to which Dwight Mamanteo, a portfolio manager WCI and the non-executive chairman of the Issuer's Board, may (in his sole discretion) disclose certain non-public information he obtains while a member of the Issuer's Board to the Wynnefield Reporting Persons, provided that the Wynnefield Reporting Persons agree to treat such disclosed information as confidential information in accordance with the with the provisions of the Agreement. As of April 14, 2015, the Wynnefield Reporting Persons reported ownership of the Company's common stock: Amount of Common Stock Equity Name Beneficially Owned Stake ---- ------------------ ------ Wynnefield Partners 4,984,350 7.2% Small Cap Value, L.P. Wynnefield Partners 3,054,943 4.4% Small Cap Value, L.P. I Wynnefield Small Cap Value 2,134,414 3.1% Offshore Fund, Ltd. Wynnefield Capital 8,039,293 11.6% Management, LLC Wynnefield Capital, Inc. 2,134,414 3.1% Wynnefield Capital, Inc. 461,540 0.7% Profit Sharing Plan A copy of the regulatory filing is available for free at: http://is.gd/fdZsDU About GlyEco, Inc. Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company formed to roll-out its proprietary and patent pending glycol recycling technology that transforms waste glycols, a hazardous material, into profitable green products. Glyeco reported a net loss attributable to common shareholders of $8.73 million on $5.89 million of net sales for the year ended Dec. 31, 2014, compared with a net loss of $4 million on $5.53 million of net sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Glyeco had $14.3 million in total assets, $3.05 million in total liabilities, and $11.2 million in total stockholders' equity. Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GREYSTONE LOGISTICS: Reports $3.6MM Sales for Feb. 28 Quarter ------------------------------------------------------------- Greystone Logistics, Inc., reported sales for the nine months ended Feb. 28, 2015, of $13,676,492 compared to $15,405,169 for the prior period. Sales for the three months ended Feb. 28, 2015, were $3,685,044 compared to $4,532,762 for the prior period. For the nine-month and three-month periods ended Feb. 28, 2015, the company reported net income of $31,437 and $336,816, respectively, compared to net income (loss) of $1,474,078 and $(98,076), respectively, for the prior periods. Net income (loss) available to common shareholders was $(382,764), $(0.01) per share, and $1,084,473, $0.04 per share, for the nine months ended Feb. 28, 2015, and 2014, respectively, and $198,859, $0.01 per share, and $(213,553), $(0.01) per share, for the three months ended Feb. 28, 2015 and 2014, respectively. Warren Kruger, CEO, stated, "While the company's sales lagged for the reporting periods, the outlook for the fourth quarter is very promising with the fulfillment of orders for our seasonal customers and business from new customers." Kruger continued, "We are excited about the future of the new slim-keg pallet, the versatile-new 48X40MVP pallet and our 37X37 beverage pallet as these pallets are testing extremely well." Kruger adds, "Our entire organization is committed to the Company's goals, producing results that are in line with the expectations laid out in our business plan and continuing to build value for our shareholders. The diligence and patience exhibited while working through an extended series of challenges and opportunities will be rewarded. Plastic pallets are more frequently being recognized as a necessity rather than a luxury and our 100% recycled plastic products help the environment while providing sustainable money saving solutions. Growth is coming from a broad range of products and new product designs with concentrations in the beverage, agriculture, and pharmaceutical industries." A copy of the press release is available for free at: http://is.gd/GkWTkA About Greystone Logistics Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB - News) -- http://www.greystonelogistics.com/-- manufactures and sells plastic pallets through its wholly owned subsidiary, Greystone Manufacturing, LLC. Greystone sells its pallets through direct sales and a network of independent contractor distributors. Greystone also sells its pallets and pallet leasing services to certain large customers direct through its President, Senior Vice President of Sales and Marketing and other employees. As of Feb. 28, 2015, Greystone had $15.3 million in total assets, $16.9 million in total liabilities, and a $1.59 million total deficit. GTP ACQUISITION I: Fitch Affirms BB- Rating on 2 Note Classes ------------------------------------------------------------- Fitch Ratings has affirmed GTP Acquisition Partners I, LLC Secured Tower Revenue Notes, Global Tower Series 2011-2C, 2011-2F, 2013-1C, and 2013-1F as: -- $490,000,000 class 2011-2C at 'Asf'; Outlook Stable; -- $155,000,000 class 2011-2F at 'BB-sf'; Outlook Stable; -- $190,000,000 class 2013-1C at 'Asf'; Outlook Stable; -- $55,000,000 class 2013-1F at 'BB-sf'; Outlook Stable. KEY RATING DRIVERS The affirmations are the result of the stable performance of the collateral since issuance with no significant changes to the collateral composition. The Stable Outlooks reflect the limited prospect for upgrades given the provision to issue additional notes. RATING SENSITIVITIES The classes are expected to remain stable based on continued cash flow growth due to annual rent escalations and automatic renewal clauses resulting in higher debt service coverage ratios since issuance. The ratings have been capped at 'A' due to the specialized nature of the collateral and the potential for changes in technology to affect long-term demand for wireless tower space. All of the notes are backed by mortgages representing more than 93% of the annualized run rate net cash flow (NCF) and guaranteed by the direct parent of the borrowers. Those guarantees are secured by a pledge and first-priority-perfected security interest in 100% of the equity interest of the borrowers (which own, lease or manage 2,713 wireless communication sites) and of the direct parent, respectively. The non-rated 2011-1C class with a balance of $70 million has the same rating and is pari passu with classes 2011-2C and 2013-1C. Additionally, 2011-2F and 2013-1F have the same rating and are pari passu in terms of losses with each other. As part of its review, Fitch analyzed the collateral data and site information provided by the master servicer, Midland Loan Services. As of the March 2015 remittance, aggregate annualized run rate net cash flow increased 10.2% since 2013 to $127.6 million. The Fitch stressed debt service coverage ratio (DSCR) increased from 1.26x at issuance to 1.36x as a result of the increase in net cash flow. The technology type concentration is stable. As of March 2015, total revenue contributed by telephony tenants was 96.6%, which is an increase from 90.6% at issuance. Lease revenues from telephony tenants have more stable income characteristics than other tenant types due to the strong end-use customer demand for wireless services. American Tower Corporation, rated 'BBB' by Fitch, acquired 100% of the outstanding common membership interests of MIP Tower Holdings LLC, a private real estate investment trust, which is the parent company of Global Tower Partners (GTP) and assumed the existing GTP debt in October 2013. GULFPORT ENERGY: Moody's Raises CFR to 'B1', Outlook Stable ----------------------------------------------------------- Moody's Investors Service upgraded Gulfport Energy Corporation's Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD and senior unsecured note rating to B2 from B3. The SGL-2 Speculative Grade Liquidity Rating was affirmed. The rating outlook is stable. These actions were taken concurrently with Gulfport's announcement on April 15, 2015 that it has signed an agreement to acquire Paloma Partners III, LLC (Paloma), an entity with undeveloped leasehold acreage in eastern Ohio, for $300 million. Gulfport plans to use equity to fund the acquisition, and issue $300 million of additional senior unsecured notes to repay outstanding revolver borrowings and boost liquidity. Moody's rated the proposed notes B2. "The upgrade recognizes the sharp improvement in Gulfport's underlying production and cash flow generation capacity since mid-2014 and our expectation of continued strong growth through 2016," said Sajjad Alam, Moody's Assistant Vice President. "Following the proposed debt and equity offerings, Gulfport will have good liquidity to execute its 2015 drilling program, and its hedge book and firm transportation contracts should minimize downside risk in the current weak commodity price environment." Issuer: Gulfport Energy Corporation -- Corporate Family Rating, Upgraded to B1 from B2 -- Probability of Default Rating, Upgraded to B1-PD from B2-PD -- Senior Unsecured Rating, Upgraded to B2 from B3 Ratings Assigned: -- $300 Million Senior Unsecured Notes due 2023, Rated B2 Ratings Affirmed: -- Speculative Grade Liquidity Rating, Affirmed SGL-2 Outlook Actions: -- Maintain Stable Outlook Gulfport's quarterly production jumped by 282% and proved reserves by 305% between fourth quarter 2013 and fourth quarter 2014. Moody's expect average daily production to grow by another 80%-100% in 2015 relative to 2014's 40,000 barrels of oil equivalent (boe) level. The higher anticipated production, reserves and corresponding cash flow growth were the key drivers for the rating upgrade. The company has continued to add land positions around its existing footprint in the Utica, and historically the company has financed the acquisition of undeveloped acreage principally with equity. The Paloma acquisition will provide about 24,000 concentrated net acres in the dry gas window of the Utica Shale primarily in the Belmont and Jefferson Counties to the east of Gulfport's existing acreage. While all E&P companies will face a tough operating environment in 2015 due to weak natural gas and oil prices, Moody's believes that Gulfport's significant hedge positions through 2016 and firm transportation contracts will help realize higher prices than many of its peers in the region supporting its drilling and development programs. Moody's also expects Gulfport to achieve significant service cost reductions in 2015 to preserve margins. The B1 CFR reflects Gulfport's concentrated production and reserves in the Utica Shale play in eastern Ohio, significant capital requirements and negative free cash flow through 2016, short reserve life in relation to proved developed (PD) reserves, and increasing natural gas exposure. The B1 rating is supported by Gulfport's substantial acreage position (208,000 proforma net acres) and drilling locations in some of the most productive areas of the Utica Shale, strong production and reserves growth potential, and healthy leverage and liquidity positions that should protect credit metrics in a weak commodity price environment. The SGL-2 rating reflects Gulfport's good liquidity through mid-2016. The company should be able to fund it's roughly $650-$700 million 2015 capital budget with cash on hand, operating cash flow and revolver availability. Proforma for the proposed debt and equity issuances, the company had $386 million in cash and approximately $505 million of availability under its revolving credit facility (excluding $70 million of letters of credit) at December 31, 2014. Moody's expects the borrowing base to grow over time as more wells are brought to production, and doesn't anticipate any covenant compliance challenges through early-2016. Gulfport has substantial alternative liquidity in the form of equity interest in a number of businesses that had a combined book value of $370 million at Dec. 31, 2014, and a market value above that. The company could also sell undeveloped acreage to raise cash. The senior unsecured notes are rated B2 because of the significant size of the priority claim secured revolver, which will grow in tandem with reserves. Gulfport's revolver borrowing base was upsized to $575 million in April 2015 from $450 million in 2014. The stable outlook reflects Gulfport's good liquidity, significant hedge book and firm transportation contracts. If the company continues to exhibit strong production and reserve growth and maintains a retained cash flow to debt ratio in excess of 35% and a leveraged full-cycle ratio near 1.5x, the ratings could be upgraded. The CFR could be downgraded if the company makes large debt funded acquisitions or if its production and reserve growth does not keep pace with its rising debt levels. Retained cash flow to debt sustained below 20% could result in a ratings downgrade. The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Based in Oklahoma City, Oklahoma, Gulfport Energy Corporation is an independent E&P company with principal producing properties located in the Utica Shale in Eastern Ohio and the Louisiana Gulf Coast. GYMBOREE CORP: Bank Debt Trades at 22% Off ------------------------------------------ Participations in a syndicated loan under which Gymboree Corp is a borrower traded in the secondary market at 77.60 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.35 percentage points from the previous week, The Journal relates. Gymboree Corp pays 350 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 23, 2018. The bank debt carries Moody's B2 and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. HALCON RESOURCES: Goldman Sachs Swaps $70.7M Notes for Shares ------------------------------------------------------------- Halcon Resources Corporation entered into an exchange agreement with Goldman Sachs Asset Management, L.P., on behalf of certain of its funds and accounts which hold the Company's 9.75% senior notes due 2020, pursuant to which the Holder agreed to exchange approximately $70.7 million principal amount of such notes for approximately 38.8 million shares of the Company's common stock, resulting in an effective exchange price of $1.82 per share. The exchange offer is expected to close in late April 2015, at which time all interest that accrued since the prior interest payment date in January 2015 will be paid to the Holder. The exchange offer is being made in reliance on the exemption from registration provided by Section 3(a)(9) under the Securities Act of 1933, as amended. About Halcon Resources Halcon Resources Corporation acquires, produces, explores and develops onshore liquids-rich assets in the United States. This independent energy company operates in the Bakken/Three Forks, El Halcon and Tuscaloosa Marine Shale formations. As of Sept. 30, 2014, Halcon Resources had $5.93 billion in total assets, $3.59 billion in total liabilities, $111 million in redeemable noncontrolling interest, and $1.51 billion in total stockholders' equity. * * * As reported by the TCR on Jan. 27, 2015, Moody's Investors Service downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'. The downgrade reflects growing risk for Halcon's business profile because of high financial leverage and limited liquidity as its existing hedges roll-off and stop contributing to its borrowing base over the next 12-18 months. In April 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Halcon Resources Corp. to 'CCC+' from 'B'. "The downgrade follows Halcon's announcement that it has entered into an agreement with holders of a portion of its senior unsecured notes to exchange the notes for common stock," said Standard & Poor's credit analyst Ben Tsocanos. "We do not view the transaction as a distressed exchange because investors received stock valued at more than what was promised on the original securities," said Mr. Tsocanos. HANESBRANDS INC: Moody's Affirms 'Ba1' CFR, Outlook Stable ---------------------------------------------------------- Moody's Investors Service affirmed Hanesbrands Inc.'s Corporate Family Rating at Ba1 and the company's Probability of Default Rating at Ba1-PD. Moody's also assigned Baa3 ratings to the company's proposed $1.75 billion secured credit facilities that will consist of a $1.0 billion revolver, $425 million term loan-A and a $325 million term loan B. The company's ratings outlook remains stable. Proceeds from the proposed term loans will be primarily used to term out portions of the outstanding amounts under Hanesbrands' existing revolving credit facility, and place $200 million of cash on the balance sheet available to finance the working capital needs and general corporate purposes of the company. The following ratings were assigned: Hanesbrands Inc. -- $1.0 billion senior secured revolver due 2020 at Baa3 (LGD2) -- $425 million senior secured term loan A due 2020 at Baa3 (LGD2) -- $325 million senior secured term loan B due 2022 at Baa3 (LGD2) The following ratings were affirmed: Hanesbrands Inc. -- Corporate Family Rating at Ba1 -- Probability of Default Rating at Ba1-PD -- Speculative-Grade Liquidity rating at SGL-2 -- $1 billion senior unsecured notes due 2020 at Ba2 (LGD5) MFB International Holdings S.a.r.l (MFB) -- Euro term loan due 2021 at Baa3 (LGD2) The rating on Hanesbrands Inc.'s $1.1 billion senior secured revolver due 2018 is unchanged at Baa3 (LGD2) and will be withdrawn upon completion of the transaction. The ratings outlooks are stable for both Hanesbrands Inc. and MFB International Holdings S.a.r.l Hanesbrands Ba1 Corporate Family Rating reflects the company's significant scale in the global apparel industry -- Moody's estimates that pro forma revenue including the acquisitions of and DB Apparel and Knights Apparel exceeds $6 billion -- along with the company's well known brands and leading share in the inner wear product category. Also considered is the company's relatively modest leverage and strong interest coverage. Debt/EBITDA was only 3.1 times and interest coverage was 5.7 times at year end 2014. Pro forma for the DB Apparel and Knights Apparel acquisitions and proposed refinancing transaction, leverage will increase to around 3.25 times. Other favorable credit considerations include Hanesbrands' double digit operating margins that are a result of product innovation, a low cost supply chain, and the company's ability to successfully leverage its brands. Key concerns include Hanesbrands' significant customer concentration -- three of the company's largest customers accounted for 46% of its 2014 revenues -- and its exposure to volatile input costs, such as cotton, which can have a meaningful and unfavorable impact on earnings and cash flows. The ratings also incorporate expectations the company is likely to remain acquisitive as evidenced by its recent history. The stable rating outlook reflects Moody's expectation that Hanesbrands will be able to sustain its high operating margins and that it will make progress achieving cost savings associated with the DB Apparel and Knight Apparel acquisitions. The stable rating outlook does not anticipate a substantial reduction in leverage given Moody's view that the company will remain acquisitive and use its free cash flow to fund shareholder returns as opposed to significant debt repayment. Further rating improvement is limited by the significant amount of secured debt in Hanesbrands' capital structure, and by the company's current financial policy that Moody's believes targets credit metrics at a level too high for an investment grade rating. A higher rating would require that Hanesbrands demonstrate the ability and willingness to maintain debt/EBITDA below 3.0 times as well as materially reduce its reliance on secured financing. Ratings could be lowered if the company experienced market share losses or brand erosion that resulted in negative trends in revenues or operating earnings. Ratings could also be lowered if Hanesbrands were to use debt more aggressively than it has in the past to fund large acquisitions, or if the company were to make share repurchases in an amount materially above free cash flow. Quantitatively, ratings could be lowered if, for any reason, it appears that debt/EBITDA will rise to and remain at or above 3.75 times for an extended period of time. The principal methodology used in these ratings was Global Apparel Companies published in May 2013. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Headquartered in Winston-Salem, NC, Hanesbrands is a manufacturer and distributor of basic apparel products under brands that include Hanes, Champion, Playtex, Bali, L'Eggs, Maidenform and Just My Size. Moody's estimates that annual revenues are expected to exceed $6 billion pro-forma for the acquisitions of DB Apparel and Knights Apparel. HANESBRANDS INC: S&P Retains 'BB' CCR Over New First Lien Debt -------------------------------------------------------------- Standard & Poor's Ratings Services assigned 'BBB-' issue-level ratings to Winston-Salem, N.C.-based Hanesbrands Inc.'s new first-lien facilities. The transactions include an amended $1.0 billion revolver (down from $1.1 billion), a new $425 million term loan A, and a new $325 million term loan B. The '1' recovery rating on the new debt indicate S&P's expectation that lenders would receive very high recovery (90%-100%) in the event of a payment default. The company will use a portion of the transaction proceeds as a permanent financing source for newly-acquired Knights Apparel, and the remainder for general corporate purposes. The revolver terminates in five years while the term loans A and B mature in five and seven years, respectively. Terms and conditions are substantially similar to the existing first-lien credit agreement. All of S&P's existing ratings on the company, including the 'BB' corporate credit rating and 'BB' issue-level rating on unsecured debt, remain unchanged. Recovery ratings of '3' for the unsecured notes also remain unchanged, indicating S&P's expectation of meaningful (50%-70%, at the low end of the range) recovery in the event of a payment default. The outlook is stable. The ratings on Hanesbrands reflect its steadily improving credit metrics from ongoing operational improvements, contributions from Maidenform, DBApparel, and Knights Apparel, and improving global operations, as well as its participation in the highly competitive apparel industry. Liquidity is ample and there is no near-term maturing debt. RATINGS LIST Ratings Unchanged Hanesbrands Inc. Corporate credit rating BB/Stable/-- Senior unsecured BB Recovery rating 3L Ratings Assigned Hanesbrands Inc. Senior secured $1.0 bil. five-year revolver BBB- Recovery rating 1 $425 mil. five-year term loan A BBB- Recovery rating 1 $325 mil. seven-year term loan B BBB- Recovery rating 1 HEXION INC: 2015 Annual Incentive Plan Approved ----------------------------------------------- The Compensation Committee of the Board of Managers of Hexion Holdings LLC, the indirect parent of Hexion Inc., approved the 2015 annual incentive compensation plan for employees of the Company, according to a document filed with the Securities and Exchange Commission. The Company's named executive officers and other specified members of management are eligible to participate in the 2015 IC Plan. The 2015 IC Plan provides for short-term performance incentives designed to reward participants for delivering increased value to the organization against specific financial and other critical business objectives. Consistent with prior years, the 2015 ICP provides for annual incentive compensation based on the achievement of three performance criteria: (i) EBITDA, (ii) environmental, health and safety measures and (iii) cash flow. About Hexion Inc. Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc., headquartered in Columbus, Ohio, is a producer of thermoset resins (epoxy, formaldehyde and acrylic). The company is also a supplier of specialty resins for inks and specialty coatings sold to a diverse customer base as well as a producer of commodities such as formaldehyde, bisphenol A, epichlorohydrin, versatic acid and related derivatives. Hexion reported a net loss of $148 million in 2014 following a net loss of $634 million in 2013. As of Dec. 31, 2014, Hexion had $2.67 billion in total assets, $5.02 billion in total liabilities and a $2.35 billion total deficit. * * * The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings Services lowered its corporate credit rating on Momentive Specialty by one notch to 'CCC+' from 'B-'. "The downgrade follows MSC's significant use of cash in the first half of 2014 and our expectation that lackluster cash flow from operations and elevated capital spending will cause free operating cash flow to be significantly negative in 2014 and 2015," said Standard & Poor's credit analyst Cynthia Werneth. As reported by the TCR on Dec. 15, 2014, Moody's Investors Service lowered the Corporate Family Rating of Momentive to 'Caa1' from 'B3'. "Due to elevated leverage, heavy capital spending on new capacity in 2014 and 2015, and the lack of meaningful improvement in financial performance, Moody's have lowered Momentive Specialty's rating," stated John Rogers, senior vice president at Moody's. HEXION INC: Signs $315 Million Indenture with Wilmington Trust -------------------------------------------------------------- Hexion Inc., on April 15, 2015, entered into an indenture among the Company, the guarantors and Wilmington Trust, National Association, as trustee, governing the Company's $315,000,000 aggregate principal amount of 10.00% First-Priority Senior Secured Notes due 2020, which mature on April 15, 2020. The Notes were offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Issuer will pay interest on the Notes at 10.00% per annum, semiannually to holders of record at the close of business on April 1 or October 1 immediately preceding the interest payment date on April 15 and October 15 of each year, commencing on Oct. 15, 2015. The Issuer may redeem some or all of the Notes at any time on or after April 15, 2017, at redemption prices set forth in the Indenture. In addition, the Issuer may redeem in the aggregate up to 35% of the aggregate original principal amount of the Notes (which includes additional notes, if any) on or prior to April 15, 2017, at a redemption price of 110.00% plus accrued and unpaid interest and additional interest, if any, of the face amount thereof in an amount equal to the net proceeds of one or more equity offerings so long as at least 50% of the aggregate principal amount of the Notes (which includes additional notes, if any) remains outstanding after each such redemption. Prior to April 15, 2017, the Issuer may redeem some or all of the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date and additional interest, if any, plus a "make-whole" premium. Registration Rights Agreement On April 15, 2015, in connection with the issuance of the $315,000,000 aggregate principal amount of the Notes purchased by the initial purchasers, the Issuer and the Guarantors entered into a registration rights agreement with J.P. Morgan Securities LLC, as representative of the initial purchasers, relating to, among other things, the exchange offer for the Notes and the related guarantees. Subject to the terms of the Registration Rights Agreement, the Issuer and the Guarantors will use their commercially reasonable efforts to register with the SEC notes having substantially identical terms as the Notes as part of offers to exchange freely tradable exchange notes for Notes within 365 days after the issue date of the Notes. The Issuer and the Guarantors will use their commercially reasonable efforts to cause each exchange offer to be completed after the Effectiveness Target Date. First Lien Intercreditor Agreement On April 15, 2015, Wilmington Trust, National Association, as collateral agent for the First Lien Secured Parties, Wilmington Trust, National Association, as authorized representative for the Existing First Lien Notes, and the New Trustee entered into an intercreditor agreement. The First Lien Intercreditor Agreement governs the relative rights of the secured parties under the Notes and the Existing First Lien Notes in respect of Hexion's and certain of its subsidiaries' assets securing the Issuer's obligations under the Notes and the Existing First Lien Notes, and certain other matters relating to the administration and enforcement of security interests. Additional Secured Party Consent On April 15, 2015, Hexion, the Collateral Agent and the New Trustee, as Authorized Representative for the New Secured Parties, entered into an Additional Secured Party Consent to the Collateral Agreement, dated as of March 28, 2013, among Hexion, Hexion's subsidiaries party thereto and the Collateral Agent. Pursuant to the Secured Party Consent, the Authorized Representative, representing holders of the Notes, has become a party to the Collateral Agreement on behalf of those holders and has appointed and authorized the Collateral Agent to act as collateral agent on behalf of the Authorized Representative and the holders of the Notes and to exercise various powers under the Collateral Agreement. Fourth Joinder and Supplement to the 1.5 Lien Intercreditor Agreement On April 15, 2015, the New Trustee entered into the fourth joinder and supplement to the intercreditor agreement, dated as of Jan. 29, 2010, among JPMorgan Chase Bank, N.A., as intercreditor agent, JPMorgan Chase Bank, N.A., as senior-priority agent for the ABL secured parties, Wilmington Trust FSB (now known as Wilmington Trust, National Association), as trustee and as collateral agent for the existing 8.875% Senior Secured Notes due 2018, Wilmington Trust, National Association, as senior-priority agent for the Existing First Lien Notes, Hexion LLC, Hexion, and each subsidiary of Hexion party thereto. Second Joinder and Supplement to the Second Lien Intercreditor Agreement On April 15, 2015, the New Trustee entered into the second joinder and supplement to the intercreditor agreement, dated as of Jan. 31, 2013, among JPMorgan Chase Bank, N.A., as intercreditor agent, JPMorgan Chase Bank, N.A., as senior-priority agent for the ABL secured parties, Wilmington Trust Company, as trustee and collateral agent for the existing 9.00% Second-Priority Senior Secured Notes due 2020, Wilmington Trust, National Association, as senior-priority agent for the Existing First Lien Notes, Wilmington Trust FSB (now known as Wilmington Trust, National Association), as senior-priority agent for the Existing 1.5 Lien Notes, Hexion LLC, Hexion, and each subsidiary of Hexion from time to time party thereto. Pursuant to the Joinder to the Second Lien Intercreditor Agreement, the New Trustee became a party to and agreed to be bound by the terms of the Second Lien Intercreditor Agreement as another senior agent, as if it had originally been party to the Second Lien Intercreditor Agreement as a senior agent. The Second Lien Intercreditor Agreement governs the relative priorities of the respective security interests in Hexion's and certain subsidiaries' assets securing (i) the Notes, (ii) the Existing First Lien Notes, (iii) the Existing 1.5 Lien Notes, (iv) the Existing Second Lien Notes and (v) the borrowings under the ABL Facility and certain other matters relating to the administration of security interests. Joinder Agreement to the ABL Intercreditor Agreement On April 15, 2015, the New Trustee entered into a joinder agreement to the intercreditor agreement, dated as of March 28, 2013, among JPMorgan Chase Bank, N.A., as ABL Facility collateral agent, Wilmington Trust, National Association, as applicable first-lien agent, Wilmington Trust, National Association, as First-Lien Collateral Agent, and Hexion. Pursuant to the Joinder to the ABL Intercreditor Agreement, the New Trustee became a party to and agreed to be bound by the terms of the ABL Intercreditor Agreement as another first-priority lien obligations representative, as if it had originally been party to the ABL Intercreditor Agreement as such. The ABL Intercreditor Agreement governs the relative priorities of the respective security interests in Hexion's and certain subsidiaries' assets securing (i) the Notes, (ii) the Existing First Lien Notes and (iii) the borrowings under the ABL Facility and certain other matters relating to the administration of security interests. About Hexion Inc. Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc., headquartered in Columbus, Ohio, is a producer of thermoset resins (epoxy, formaldehyde and acrylic). The company is also a supplier of specialty resins for inks and specialty coatings sold to a diverse customer base as well as a producer of commodities such as formaldehyde, bisphenol A, epichlorohydrin, versatic acid and related derivatives. Hexion reported a net loss of $148 million in 2014 following a net loss of $634 million in 2013. As of Dec. 31, 2014, Hexion had $2.67 billion in total assets, $5.02 billion in total liabilities and a $2.35 billion total deficit. * * * The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings Services lowered its corporate credit rating on Momentive Specialty by one notch to 'CCC+' from 'B-'. "The downgrade follows MSC's significant use of cash in the first half of 2014 and our expectation that lackluster cash flow from operations and elevated capital spending will cause free operating cash flow to be significantly negative in 2014 and 2015," said Standard & Poor's credit analyst Cynthia Werneth. As reported by the TCR on Dec. 15, 2014, Moody's Investors Service lowered the Corporate Family Rating of Momentive to 'Caa1' from 'B3'. "Due to elevated leverage, heavy capital spending on new capacity in 2014 and 2015, and the lack of meaningful improvement in financial performance, Moody's have lowered Momentive Specialty's rating," stated John Rogers, senior vice president at Moody's. HIGH RIDGE: Wants to Sell Property Controlled by Receiver --------------------------------------------------------- Sherri Toub, bankruptcy columnist for Bloomberg News, reports that High Ridge Management Corp., which ran the Hollywood Hills Rehabilitation Center in Hollywood, Florida, before a receiver was appointed, filed a Chapter 11 petition to sell the 152-bed facility and underlying real estate. High Ridge wants the bankruptcy court to order the receiver to turn over the property or cooperate with the sale process. High Ridge said it has a buyer willing to pay $17 million to start the bidding for Hollywood Hills and the real estate. If the bankruptcy judge approves at a hearing set for April 24, competing bids would be due May 22 in advance of a May 26 auction and May 27 sale-approval hearing. About High Ridge 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. Judge John K Olson presides over the jointly administered cases. 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. Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz Ringel Trusty + Hartog, P.A., in Fort Lauderdale, Florida, serve as the Debtors' counsel. HIRAM COLLEGE: S&P Assigns BB+ LT Rating to 2015 Refunding Bonds ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' long-term rating to the Ohio Higher Educational Revenue Authority's series 2015 higher educational facility revenue refunding bonds, issued for Hiram College. The outlook is stable. "The rating reflects our view of the college's weak financial balance sheet metrics, as measured by expendable resources, and historical full-accrual deficit operations," said Standard & Poor's credit analyst Robert Dobbins. "Enrollment declines over the last couple of years have been pressuring operations, but we believe a change in management and resulting initiatives to improve admissions and reduce the expense base should lead to stabilization in enrollment and break-even operations over time," Mr. Dobbins added. In addition to refinancing debt, the series 2015 bonds will fund a debt service reserve and approximately two years of capitalized interest. Hiram College is a four-year coeducational liberal arts college located in Hiram, Ohio approximately 40 miles southeast of Cleveland. The college offers students a learning experience with an emphasis on close student-faculty interactions, international study experiences, and experiential learning environments. INERGETICS INC: Incurs $9.5 Million Net Loss in 2014 ---------------------------------------------------- Inergetics, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss applicable to common shareholders of $9.48 million on $1.99 million of net sales for the year ended Dec. 31, 2014, compared to a net loss applicable to common shareholders of $5.74 million on $848,000 of net sales for the same period in 2013. As of Dec. 31, 2014, the Company had $1.92 million in total assets, $12.2 million in total liabilities, $130,000 in preferred stock, convertible series B, $8.95 million in preferred stock, convertible series G, and a $19.3 million in total stockholders' deficit. East Hanover, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred substantial accumulated deficits and operating losses and has a working capital deficiency of $10.6 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/g2h6y7 About Inergetics Inc. Paramus, N.J.-based Inergetics, Inc., formerly Millennium Biotechnologies Group, Inc., is a holding company for its subsidiary Millennium Biotechnologies, Inc. Millennium is a research based bio-nutraceutical corporation involved in the field of nutritional science. Millennium's principal source of revenue is from sales of its nutraceutical supplements, Resurgex Select(R) and Resurgex Essential(TM) and Resurgex Essential Plus(TM) which serve as a nutritional support for immuno-compromised individuals undergoing medical treatment for chronic debilitating diseases. Millennium has developed Surgex for the sport nutritional market. The Company's efforts going forward will focus on sales of Surgex in powder, bar and ready to drink forms. INVENTERGY GLOBAL: Marcum Expresses Going Concern Doubt ------------------------------------------------------- Inventergy Global 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 incurred losses since inception and does not have sufficient liquidity to fund its presently anticipated operations beyond the second quarter of 2015. The Company reported a net loss of $20.08 million on $719,000 of revenue for the year ended Dec. 31, 2014, compared with a net loss of $4.73 million on $nil of revenues in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $37.9 million in total assets, $29.2 million in total liabilities, and stockholders' equity of $8.67 million. A copy of the Form 10-K is available at: http://is.gd/qtSOsJ Inventergy Global, Inc., is a Campbell, California-based intellectual property (IP) investment and licensing company. The Company aims to help corporations attain greater value from their IP assets by licensing or selling those patents. IRONSTONE GROUP: Reports $259,000 Net Loss in 2014 -------------------------------------------------- Ironstone Group, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $259,000 for the year ended Dec. 31, 2014, compared to a net loss of $170,000 for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $3.01 million in total assets, $1.77 million in total liabilities, and $1.23 million in total stockholders' equity. Burr Pilger Mayer, Inc., in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has recurring net losses and negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/XemMbx About Ironstone Group San Francisco, Calif.-based Ironstone Group, Inc., and subsidiaries have no operations but are seeking appropriate business combination opportunities. J. CREW: Bank Debt Trades at 6% Off ----------------------------------- Participations in a syndicated loan under which J. Crew is a borrower traded in the secondary market at 94.19 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.69 of percentage points from the previous week, The Journal relates. J. Crew pays 300 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 27, 2021 and carries Moody's B1 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. Jones Day, Weil Named in Fund Manager's RICO Suit ------------------------------------------------- Law360 reported that a Florida-based hedge fund manager filed a scathing complaint on April 13 alleging an elaborate conspiracy by hedge fund Fletcher Asset Management and law firms Jones Day, Weil Gotshal & Manges LLP and Morrison & Foerster LLP to take control of his assets and effect his "total destruction" through sham bankruptcy filings and illegal lawsuits. KIOR INC: Hearing on Case Conversion Continued Until April 29 ------------------------------------------------------------- The U.S. Bankruptcy Court approved a second amendment to stipulation continuing until April 29, at 10:00 a.m., the hearing to consider the motion to dismiss the Chapter 11 case of KiOR Inc., or in the alternative, convert the Debtor's case to one under Chapter 7 of the Bankruptcy Code. Pursuant to the stipulation: 1. The time for the Debtor and other parties-in-interest to file with the Court any responses or objections to the standing motion, including amendments, is enlarged from April 2 until April 14; 2. The time for Mississippi Development Authority to file with the Court any reply to any responses or objections filed is enlarged from April 9, to April 21; and 3. As previously set, the hearing on the standing motion will be held on April 29, at 10:00 a.m. The ESTEC Technology Works and Robert C. Dalton, which claim to represent the offer with the greatest value for all assets of KiOR, Inc., wants Chapter 7 conversion of the bankruptcy case. ESTEC said that the Debtor's case is work in progress and was filed in good faith. MDA's objections are unwarranted at this time, ESTEC told the Court. They added that too much money under the loan to the Debtor is being wasted on attorney and reorganization cost. As reported in the TCR, the Debtor and the companies led by its lender, Vinod Khosla, have asked the Bankruptcy Court to deny approval of the dismissal motion. According to the Debtor, the sole motivation of the state of Mississippi, through the MDA, is to destroy any going concern value for the Debtor by terminating the employment of more than 70 people in Houston, Texas, destroying valuable business relationships and transactions, and forcing the abandonment of promising bio-fuel, alternative energy technology that can deliver real hydrocarbon transportation fuels from cellulosic feedstock. The MDA, which said it is Kior's largest unsecured creditor, told the Court that it wants the Chapter 11 case converted to liquidation or dismissed entirely, saying the company has no revenues, huge past and ongoing losses, relatively few tangible assets, technology that doesn't work, and no viable business or business plan. 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 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. KIOR INC: Plan Facing Objections from MDA, Securities Plaintiffs ---------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports that KiOR, Inc.'s reorganization plan is facing objections from the Mississippi Development Authority and plaintiffs in securities class-action suits. The report relates that the state authority, claiming to be the largest non-insider creditor, contends that the plan was "overly engineered" to benefit insiders and lenders "at the expense of legitimate creditors." According to the report, the class-action plaintiffs believe they have the right to continue their suits after bankruptcy, although with recovery only from insurance. Kior contends that their claims based on securities are subordinated and won't survive bankruptcy. 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. * * * 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's reorganization plan. Judge Sontchi approved the disclosure statement explaining the Plan on April 9. The Plan provides for secured lenders including Sun Microsystems founder Vinod Khosla's Khosla Ventures III LP to own the reorganized business in exchange for $29 million in bankruptcy financing and some of the secured debt they hold. Unsecured creditors will split the $100,000 to be provided to a liquidating trust. Continuing suppliers will receive 50 percent. LEE STEEL: Section 341 Meeting Scheduled for May 21 --------------------------------------------------- The United States Trustee for the Eastern District of Michigan has scheduled a meeting of creditors of Lee Steel Corporation to be held at 2:00 p.m. (EST), on May 21, 2015, at 211 West Fort Street Building, Room 315 E (NOT AT THE LEVIN COURTHOUSE), Detroit, Michigan. Creditors have until Aug. 19, 2015, to file their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Lee Steel Lee Steel Corp. is in the business of providing a full range of flat rolled steel, including hot rolled steel, cold rolled steel, and exposed coated products for automotive and other manufacturing industries. Lee Steel operates from special purpose facilities located in Romulus, Michigan and Wyoming, Michigan. The corporate headquarter are located in Novi, Michigan. On April 13, 2015, Lee Steel and 2 affiliated companies -- Taylor Industrial Properties, L.L.C., and 4L Ventures, LLC -- each filed a Chapter 11 bankruptcy petition in Detroit, Michigan (Bankr. D. Del.). The cases have been assigned to Judge Marci B McIvor. The Debtors are seeking to have their cases jointly administered for procedural purposes, with all pleadings to be maintained on the case docket at Case No. 15-45784. The Debtors have tapped McDonald Hopkins PLC as counsel; Huron Business Advisory, as financial advisor; and Epiq Bankruptcy Solutions as claims and noticing agent. Lee Steel estimated $10 million to $50 million in assets and $50 million to $100 million in debt as of the bankruptcy filing. The Chapter 11 plan and disclosure statement are due by Aug. 11, 2015. LEHMAN BROTHERS: E&Y to Settle With NY AG for $10M -------------------------------------------------- Michael Rapoport, writing for The Wall Street Journal, reported that Ernst & Young LLP has agreed to pay $10 million to settle allegations from the New York attorney general's office that it turned a blind eye to problems at its client Lehman Brothers Holdings Inc. before Lehman's 2008 collapse. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. As of Oct. 2, 2014, Lehman's total distributions to unsecured creditors have amounted to $92.0 billion. As of Sept. 30, 2014, the brokerage trustee has substantially completed customer claims distributions, distributing more than $106 billion to 111,000 customers. LEVEL 3: Prices Private Offering of Senior Notes ------------------------------------------------ Level 3 Financing, Inc., a wholly owned subsidiary of Level 3 Communications, Inc., has agreed to sell $700 million aggregate principal amount of its 5.125% Senior Notes due 2023 and $800 million aggregate principal amount of 5.375% Senior Notes due 2025 in a private offering to "qualified institutional buyers", as defined in Rule 144A under the Securities Act of 1933, as amended, and non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933, as amended. The new 2023 Notes were priced to investors at 100 percent of their principal amount and will mature on May 1, 2023. The new 2025 Notes were priced to investors at 100 percent of their principal amount and will mature on May 1, 2025. Level 3 Financing's obligations under each series of Notes will be fully and unconditionally guaranteed on an unsecured basis by Level 3. The net proceeds from the offering of the Notes, together with cash on hand, will be used to (i) redeem, satisfy and discharge, defease or otherwise repay or retire all of Level 3 Financing's approximately $1.2 billion outstanding aggregate principal amount of 8.125% Senior Notes due 2019 and (ii) redeem, satisfy and discharge, defease or otherwise repay or retire all of Level 3 Communications, Inc.'s approximately $300 million outstanding aggregate principal amount of 8.875% Senior Notes due 2019. The offering is expected to be completed on April 28, 2015, subject to the satisfaction or waiver of customary closing conditions. The Notes will not be registered under the Securities Act of 1933 or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. About Level 3 Communications Headquartered in Broomfield, Colorado, Level 3 Communications, Inc., is a publicly traded international communications company with one of the world's largest communications and Internet backbones. For the year ended Dec. 31, 2014, the Company reported net income of $314 million on $6.77 billion of revenue compared to a net loss of $109 million on $6.31 billion of revenue during the prior year. As of Dec. 31, 2014, the Company had $20.9 billion in total assets, $14.6 billion in total liabilities and $6.36 billion in stockholders' equity. * * * In June 2014, Fitch Ratings upgraded the Issuer Default Rating (IDR) assigned to Level 3 Communications, Inc. (LVLT) and its wholly owned subsidiary Level 3 Financing, Inc. (Level 3 Financing) to 'B+' from 'B'. "The upgrade of LVLT's ratings is supported by the continued strengthening of the company's credit profile since the close of the Global Crossing Limited (GLBC) acquisition, positive operating momentum evidenced by expanding gross and EBITDA margins, and ongoing revenue growth within the company's Core Network Services (CNS) segment and its position to generate meaning FCF," Fitch stated. In June 2013, Standard & Poor's Ratings Services raised its corporate credit rating on Level 3 to 'B' from 'B-'. "The upgrade reflects improved debt leverage, initially from the acquisition of the lower-leveraged Global Crossing in October 2011, and subsequently from realization of the bulk of what the company expects to eventually be $300 million of annual operating synergies," said Standard & Poor's credit analyst Richard Siderman. As reported by the TCR on Oct. 31, 2014, Moody's Investors Service upgraded Level 3's corporate family rating (CFR) to 'B2' from 'B3'. Level 3's B2 CFR is based on the company's ability to generate relatively modest free cash flow of between $250 million and $300 million in 2016 and, inclusive of debt which is presumed to be converted to equity in 2015, to de-lever by approximately 0.5x to 4.8x (Moody's adjusted) by the end of 2016. LEVI STRAUSS: Moody's Raises CFR to 'Ba1', Outlook Stable --------------------------------------------------------- Moody's Investors Service upgraded Levi Strauss & Co. ("LS&Co") Corporate Family Rating to Ba1 from Ba2 and Probability of Default to Ba1-PD from Ba2-PD. Moody's also upgraded the company's various senior unsecured notes to Ba2 from Ba3. The company's SGL-1 Speculative Grade Liquidity rating was also affirmed. The rating outlook is stable. The rating action considers the company's strong commitment to strong credit metrics and debt reduction, evidenced by the company's utilization of cash to reduce its funded debt load by over $500 million in the past two fiscal years. Moody's expect debt to continue to modestly fall in the next 12-18 months. "Despite near term challenges from the strengthening USD, the rating upgrade reflects our expectations that LS&Co will continue to deleverage over the next 12-18 months as it continues to reduce overall debt levels and achieves cost savings from its various productivity initiatives" said Moody's Vice President Scott Tuhy. He added 'the rating upgrade reflects our expectations the company will continue to see benefits from investments in growth initiatives such as expanding its direct-to-consumer business and licensing smaller business which will help margins over time as well". The following ratings were upgraded: -- Corporate Family Rating to Ba1 from Ba2 -- Probability of Default Rating to Ba1-PD from Ba2-PD -- $525 million senior unsecured notes due 2020 to Ba2 (LGD 4) from Ba3 (LGD 4) -- $525 million senior unsecured notes due 2022 to Ba2 (LGD 4) from Ba3 (LGD 4) The following rating was affirmed: -- Speculative Grade Liquidity Rating at SGL-1 LS&Co's Ba1 rating reflects its moderate leverage -- debt/EBITDA is in the mid three times for its most recent LTM period -- which primarily reflects lower debt balances as the company reduced debt by more than $500 million in the past two fiscal years, and Moody's expectation that debt levels will continue to modestly fall in the next 12-18 months. The rating reflects the company's good profitability with low double-digit EBITDA margins, and Moody's expects the company's recent cost saving initiatives will enable it to drive stronger margins over the next 12 to 18 months. The ratings reflect the iconic nature of the Levi's brands, its global reach with sales in over 110 countries and meaningful scale with net revenues near $4.8 billion. The rating is constrained by the company's limited product diversification with men's pants accounting for the significant majority of net revenues and its inconsistent track record expanding into other product categories, such as women's, in a meaningful way. Moody's expect the company to maintain its commitment to strong credit metrics and balanced financial policies consistent with recent trends. The rating also reflects the company's exposure to volatile input costs which can have a meaningful impact on earnings and cash flows. The stable rating outlook reflects Moody's expectations that LS&Co will continue to show improved metrics over the next 12 to 18 months as it continues to deleverage and execute on key initiatives, and that these initiatives will offset the negative impact of the strengthening USD which may negative impact results, as was evidence in the past quarter. Ratings could be upgraded if the company can show sustained constant-currency revenue growth, which would evidence that it is maintaining its market share and has stabilized areas such as its women's business, and profit margins remain stable, indicating that cost savings measures are effective. Quantitatively, ratings could be upgraded if debt/EBITDA was sustained below 2.75 times and EBITA/interest expense was sustained above 4.25 times. While maintaining a very good liquidity profile and balanced financial policies. In view of the rating upgrade, a downgrade is unlikely in the near term. Ratings could be downgraded if the company were to see negative trends in revenue, which would indicated that it is losing market share, or margins were to erode, which would indicate that its cost saving programs are not having the expected impact on profitability. Ratings could be downgraded if the company's financial policies were to become more aggressive such as utilizing debt to fund shareholder distributions. Quantitatively the ratings could be downgraded if Moody's expected debt/EBITDA to be sustained above 3.25 times or interest coverage sustained below 3.25 times. Headquartered in San Francisco, California, Levi Strauss & Co. ("LS & CO") designs and markets jeans, casual wear and related accessories under the "Levi's", "Dockers", "Signature by Levi Strauss & Co." and "Denizen" brands. The company sells product in more than 110 countries through chain retailers, department stores, online sites and franchised and company-owned stores. Levi Strauss & Co.'s net revenues are near $4.8 billion. The principal methodology used in these ratings was Global Apparel Companies published in May 2013. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. METALICO INC: Incurs $44.4 Million Net Loss in 2014 --------------------------------------------------- Metalico, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to the Company of $44.4 million on $476 million of revenue for the year ended Dec. 31, 2014, compared with a net loss attributable to the Company of $34.8 million on $457 million of revenue for the year ended Dec. 31, 2013. For the three months ended Dec. 31, 2014, the Company reported a net loss attributable to the Company of $33.9 million on $103 million of revenue compared to a net loss attributable to the Company of $3.25 million on $109 million of revenue for the same period in 2013. As of Dec. 31, 2014, the Company had $218 million in total assets, $101 million in total liabilities and $118 million in total equity. Commenting on the results, Carlos E. Aguero, Metalico's president and chief executive officer, said, "We experienced several ups and downs in 2014. We achieved record annual volumes but were unable to translate them into positive income because of continued pressure on metal spreads. Results were also impacted by seasonal fourth quarter volume and pricing declines, particularly for ferrous grades. Energy sector steel demand fell in tandem with crude oil prices late in the year, dampening ferrous scrap prices and demand. The second half of the year was tumultuous for Metalico, due to the need to address debt amendments and a very expensive conversion of debt to equity." CohnReznick LLP, in Roseland, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company anticipates that it will not meet the maximum Leverage Ratio covenant as prescribed by the Financing Agreement for the quarter ended March 31, 2015, and there can be no assurance that the Company can resolve any noncompliance with their lenders. As a result, the Company's debt could be declared immediately due and payable which would result in the Company having insufficient liquidity to pay its debt obligations and operate its business. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/e1NtVb About Metalico Metalico, Inc., is a holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates recycling facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, and Mississippi and lead fabricating plants in Alabama, Illinois, and California. Metalico's common stock is traded on the NYSE MKT under the symbol MEA. MF GLOBAL: PwC Settles Investors' Class Suit for $65M ----------------------------------------------------- Michael Rapoport, writing for The Wall Street Journal, reported that PricewaterhouseCoopers LLP on Friday agreed to pay $65 million to settle class-action litigation over failed brokerage MF Global Holdings Ltd. PwC denied any wrongdoing. WSJ noted that investors have sued PwC, alleging the firm botched its audits of MF Global before it collapsed into bankruptcy in 2011. MF Global shareholders had contended that PwC's audits gave MF Global a clean bill of health even though the accounting firm knew or should have known that the firm's financial statements were erroneous and its internal controls weren't effective. In a statement Friday, the firm said it is "pleased to resolve this matter and avoid the cost and distraction of prolonged securities litigation." The firm "stands behind its audit work and its opinions on MF Global's financial statements," PwC said. WSJ said the settlement, which is subject to court approval, was reached after the two sides went through a mediation process presided over by a former federal judge, according to court documents. The proceeds will be distributed among investors in MF Global securities. PwC was paid a total of more than $23 million in fees for auditing and other services it provided to MF Global in 2010 and 2011, according to court documents. WSJ also noted that a separate case in which MF Global's bankruptcy-plan administrator sued PwC in 2014 is still pending. In that case, the administrator claims that bad accounting advice from PwC helped cause MF Global's collapse. About MF Global New York-based MF Global -- http://www.mfglobal.com/-- was one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm also was one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058), after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41 million in total assets and $39.7 million in total liabilities. On Nov. 7, 2011, the United States Trustee appointed the statutory creditors' committee in the Debtors' cases. At the behest of the Statutory Creditor's Committee, the Court directed the U.S. Trustee to appoint a chapter 11 trustee. On Nov. 28, 2011, the Bankruptcy Court entered an order approving the appointment of Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC, as Chapter 11 trustee. On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and 11-15810). On Dec. 27, the Court entered an order installing Mr. Freeh as Chapter 11 Trustee of the New Debtors. On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr. Freeh also was installed as its Chapter 11 Trustee. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel; (ii) FTI Consulting Inc., as restructuring advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper Hamilton as special counsel. The Official Committee of Unsecured Creditors has retained Capstone Advisory Group LLC as financial advisor, while lawyers at Proskauer Rose LLP serve as counsel. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. In April 2013, the Bankruptcy Court approved MF Global Holdings' plan to liquidate its assets. Bloomberg News reported that the court-approved disclosure statement initially told creditors with $1.134 billion in unsecured claims against the parent holding company why they could expect a recovery of 13.4% to 39.1% from the plan. As a consequence of a settlement with JPMorgan, supplemental materials informed unsecured creditors their recovery was reduced to the range of 11.4% to 34.4%. Bank lenders will have the same recovery on their $1.174 billion claim against the holding company. As a consequence of the settlement, the predicted recovery became 18% to 41.5% for holders of $1.19 billion in unsecured claims against the finance subsidiary, one of the companies under the umbrella of the holding company trustee. Previously, the predicted recovery was 14.7% to 34% on bank lenders' claims against the finance subsidiary. MG ROVER: UK Tribunal Cuts $4.4M From Deloitte Conflicts Penalty ---------------------------------------------------------------- Law360 reported that a U.K. tribunal on April 13 slashed a record penalty previously assessed against Deloitte LLP for allegedly failing to properly police its conflicts of interest in its work for bankrupt MG Rover Group Ltd. by GBP3 million ($4.4 million). According to the report, the decision by the U.K.'s Financial Reporting Council came after an appellate panel overturned eight of 13 findings that went against Deloitte and its former partner, Maghsoud Einollahi, in July 2013. Headquartered in Birmingham, United Kingdom, MG Rover Group Limited -- http://www1.mg-rover.com/-- produced automobiles under the Rover and MG brands, together with engine maker Powertrain Ltd. Previously owned by Phoenix Venture Holdings, the company faced huge losses in recent years, reaching GBP64.1 million in 2004, which were blamed on reduced sales. MG Rover collapsed on April 8, 2005, after a tie-up with China's largest carmaker, Shanghai Automotive Industry Corp., failed to materialize. Ian Powell, Tony Lomas and Rob Hunt, partners in PricewaterhouseCoopers, were appointed as joint administrators. The crisis left 6,000 people jobless, and caused a domino effect on related businesses, particularly in the West Midlands. Days later, eight European subsidiaries -- MG Rover Deutschland GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal- Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland Limited -- were placed into administration. MINT LEASING: Incurs $3.1 Million Net Loss in 2014 -------------------------------------------------- The Mint Leasing, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $3.08 million on $7.72 million of total revenues for the year ended Dec. 31, 2014, compared to net income of $3.22 million on $6.45 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $15.2 million in total assets, $13.7 million in total liabilities, and $1.56 million in total stockholders' equity. "We do not currently have any commitments of additional capital from third parties (except pursuant to the terms of the TCA Credit Agreement, which requires us to meet certain ratios of debt to assets before we can borrow funding under such agreement) or from our sole officer and director or majority shareholders. As such, additional financing may not be available on favorable terms, if at all. If we choose to raise additional capital through the sale of debt or equity securities, such sales may cause substantial dilution to our existing shareholders. If we are not able to extend our credit and debt facilities, obtain new credit facilities or to raise the capital necessary to repay the facilities and our outstanding notes payable, we may be forced to abandon or curtail our business plan, which may cause any investment in the Company to become worthless. If we are unable to continue our operations and/or repay our outstanding liabilities, we may be forced to file for bankruptcy protection, may be forced to cease our filings with the Securities and Exchange Commission, and the value of our securities may decline in value or become worthless," the Company said in the report. A full-text copy of the Form 10-K is available for free at: http://is.gd/6iXp2B About Mint Leasing Houston, Texas-based The Mint Leasing, Inc., is in the business of leasing automobiles and fleet vehicles throughout the United States. MOUNTAIN PROVINCE: Annual Meeting Set for June 16 ------------------------------------------------- Mountain Province Diamonds Inc. notified all Canadian securities regulatory authorities that an annual general & special meeting of shareholders of the Company will be held on Tuesday, June 16, 2015, in Vancouver, British Columbia, Canada. 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 incurred a net loss of C$4.39 million in 2014, a net loss of C$26.6 million in 2013 and a net loss of C$3.33 million in 2012. As of Dec. 31, 2014, Mountain Province had C$301 million in total assets, C$46.08 million in total liabilities and C$255 million in total shareholders' equity. KPMG LLP, Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's ability to continue operations is dependent upon its ability to obtain sufficient financing to fund its operations and development costs. N-VIRO INTERNATIONAL: Posts $1.7 Million Net Loss in 2014 --------------------------------------------------------- N-Viro International Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.76 million on $1.33 million of revenues for the year ended Dec. 31, 2014, compared to a net loss of $1.64 million on $3.37 million of revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, N-Viro had $2.04 million in total assets, $2.6 million in total liabilities and a $558,010 total stockholders' deficit. UHY LLP, in Farmington Hills, Michigan, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative cash flow from operations and net working capital deficiency raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/bPrMqD About N-Viro International Toledo, Ohio-based N-Viro International Corporation owns and sometimes licenses various N-Viro processes and patented technologies to treat and recycle wastewater and other bio-organic wastes, utilizing certain alkaline and mineral by-products produced by the cement, lime, electrical generation and other industries. NATIONAL CINEMEDIA: Appoints Peter Brandow to Board of Directors ---------------------------------------------------------------- National CineMedia, Inc., the managing member and owner of 45.1% of National CineMedia, LLC, the operator of the largest in-theatre digital media network in North America, announced that Peter Brandow has been appointed to its board of directors. Mr. Brandow replaces Amy Miles, who resigned from the board effective April 14, 2015. Ms. Miles had served on the Company's board of directors since June 2011. Mr. Brandow has served as executive vice president, general counsel and secretary of Regal Entertainment Group since March 2002. Mr. Brandow has served as the executive vice president, general counsel and secretary of Regal Cinemas, Inc. since July 2001, and prior to that time he served as senior vice president, general counsel and secretary of Regal Cinemas, Inc. since February 2000. Prior thereto, Mr. Brandow served as vice president, general counsel and secretary from February 1999 when he joined Regal Cinemas, Inc. From September 1989 to January 1999, Mr. Brandow was an associate with the law firm Simpson Thacher & Bartlett LLP. Mr. Brandow is also a member of the board of directors of AC JV, LLC, of which NCM LLC has a 4% ownership interest. Commenting on the director change, Kurt Hall, NCM's Chairman and CEO said, "I would like to thank Amy for all her great work as a NCM director and as an executive of one of our founding members since our formation. Her deep knowledge of the cinema business and capital markets and finance expertise will be missed." Mr. Hall continued, "Fortunately no continuity will be lost as Peter understands the cinema industry and our business very well as he has been closely involved with NCM since the formation of our predecessor Regal CineMedia in 2002." About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. As of Jan. 1, 2015, the Company had $991 million in total assets, $1.20 billion in total liabilities and a $208.7 million total deficit. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATROL INC: Purchaser Aurobindo Settles Lawsuit vs. Parent ---------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that Aurobindo Pharma USA Inc., which purchased the assets of Natrol Inc. in December 2014, quickly settled a lawsuit it filed in bankruptcy court against Natrol's Mumbai-based owner, Plethico Pharmaceuticals Ltd. The sale gave Aurobindo ownership of a contract with a company called Fabtech Technologies International Ltd. to install new manufacturing facilities. Aurobindo's suit contended that Fabtech was a fiction and that the contract was a device by which Plethico took $25 million from Natrol and never built anything. The report relates that Aurobindo told the Bombay Stock Exchange on April 8 there is a settlement where "Plethico group would assign $23.3 million in cash in milestone payments, certain global IP rights, and other assets." About Natrol, Inc. Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs and botanicals, multivitamins, specialty and sports nutrition supplements made to support health and wellness throughout all ages and stages of life. Natrol, Inc., was a wholly owned subsidiary of Plethico Pharmaceuticals Limited (BSE: 532739. BO: PLETHICO). Natrol, Inc., and its six affiliates sought bankruptcy protection (Bankr. D. Del. Case No. 14-11446) on June 11, 2014. The case is assigned to Judge Brendan Linehan Shannon. The Debtors are represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq., at Gibson, Dunn & Crutcher LLP, in Los Angeles, California; and Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J. Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. The Debtors' Claims and Noticing Agent is Epiq Systems INC. The Debtors requested that the Court approve the employment of (i) Jeffrey C. Perea of the firm Conway MacKenzie Management Services, LLC as chief financial officer and for CMS to provide temporary employees to assist Mr. Perea in carrying out his duties; (ii) Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda & Williamson LLP as chief restructuring officer and for CMS to provide temporary employees to assist Mr. Milner in carrying out his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as tax services provider. The Official Committee Of Unsecured Creditors tapped Otterbourg P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and CMAG as financial advisors. * * * Aurobindo Pharma USA Inc., completed in December 2014 the purchase of the assets for $132 million cash plus assumption of specified debt. Under a settlement between Natrol and the creditors' committee, secured lender Cerberus Business Finance LLC was paid in full from the proceeds of the sale. The Debtors changed their names to Leaf123, Inc., et al., following the sale. Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed a liquidating Chapter 11 plan designed to pay general unsecured creditors in full, with interest. The confirmation hearing on the Plan is slated for May 8. NEPHROS INC: Incurs $7.37 Million Net Loss in 2014 -------------------------------------------------- Nephros, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $7.37 million on $1.74 million of total net revenues for the year ended Dec. 31, 2014, compared to net income of $1.32 million on $1.74 million of total net revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $3.36 million in total assets, $9.05 million in total liabilities and a $5.68 million stockholders' deficit. Withum Smith+Brown PC, in Morristown, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred negative cash flow from operations and recurring net losses since inception. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/41ujGz About Nephros River Edge, N.J.-based Nephros, Inc., is a commercial stage medical device company that develops and sells high performance liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. NET ELEMENT: Mayor Trans Reports 8.5% Stake as of April 13 ---------------------------------------------------------- Mayor Trans Ltd. and Rufat Baratzada disclosed in a Schedule 13D filed with the Securities and Exchange Commission that as of April 13, 2015, they beneficially own 4,018,688 shares of common stock of Net Element, Inc., which represents 8.5 percent (based on 47,460,032 shares outstanding as of March 30, 2015, as reported in the Company's Form 10-K for the year ended Dec. 31, 2014.) Mr. Baratzada is Mayor's sole shareholder and sole director. A copy of the regulatory filing is available for free at: http://is.gd/p26oCw About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $48.3 million in 2013, as compared with a net loss of $16.4 million in 2012. BDO USA, LLP, in Miami, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has suffered recurring losses from operations and has used substantial amounts of cash to fund its operating activities that raise substantial doubt about its ability to continue as a going concern. NET TALK.COM: Incurs $2.84 Million Net Loss in 2014 --------------------------------------------------- Net Talk.Com, Inc. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $2.84 million on $5.06 million of net revenues for the year ended Dec. 31, 2014, compared to a net loss of $4.78 million on $6.02 million of net revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $4.43 million in total assets, $13.5 million in total liabilities, and a $9.04 million total stockholders' deficit. Zachary Salum Auditors P.A., in South Miami, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant recurring losses from operations, its total liabilities exceeds its total assets, and is dependent on outside sources of funding for continuation of its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. "We have never been profitable and our losses could continue. Without sufficient additional capital to repay our indebtedness or continue operations, we may be required to significantly scale back our operations, significantly reduce our headcount, seek protection under the provisions of the U.S. Bankruptcy Code, and or discontinue many of our activities which could negatively affect our business and prospects," the Company said in the report. A full-text copy of the Form 10-K is available for free at: http://is.gd/SeDG2c About Net Talk.com Based in Miami, Fla., Net Talk.com, Inc., is a telephone company, that provides, sells and supplies commercial and residential telecommunication services, including services utilizing voice over internet protocol technology, session initiation protocol technology, wireless fidelity technology, wireless maximum technology, marine satellite services technology and other similar type technologies. NEWSAT LIMITED: Files for Chapter 15 Bankruptcy Protection ---------------------------------------------------------- BankruptcyData.com reported that Victoria, Australia-based NewSat Limited and six affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 15-10810. The Company, which operates as an integrated satellite communications provider, is represented by Joseph M. Barry of Young, Conaway, Stargatt & Taylor. On April 16, 2015, a Security Trustee exercised its right, under Section 436C(1) of Australia's Corporations Act, to appoint Administrators, with such appointment commencing an Australian receivership proceeding. "Amidst these financial difficulties, allegations of mismanagement at the NewSat Group came to light. Such allegations of impropriety include (i) abuse of expense policies by certain executives, (ii) improper disclosure and allocation of related party transactions, and (iii) substantial payments to a yacht company part-owned by the NewSat Group's founder and chief executive, Mr. Adrian Ballantine, and several other past and present board members. Further, one of the NewSat Group's customers, TrustComm Inc., filed a lawsuit against NewSat and NewSat America, Inc. in Virginia alleging a $10 million fraud," BankruptcyData.com relates citing documents filed with the Court. NewSat Limited's Chapter 15 petition indicates total assets of $542 million, the report discloses. NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract ------------------------------------------------------------- The administrators of NewSat Ltd., et al., sought and obtained from the U.S. Bankruptcy Court for the District of Delaware a temporary restraining order that enjoins all persons and entities from staying all actions or proceedings against the NewSat Debtors and their assets and barring the termination of any contracts with the Debtors. A hearing will be held on April 28, 2015, at 10:00 a.m. on the administrators' motion for a preliminary injunction to extend the injunction until such time as the Court enters an order disposing of the Chapter 15 petitions. Objections are due April 24. As a result of certain defaults, cost overruns on the Jabiru-1 satellite project, and management issues, lenders under certain of the NewSat Group's credit facilities acted upon their rights to stop further disbursements under their loan commitments. The NewSat Group has not been able to raise sufficient new capital which has restrained liquidity and has jeopardized vital contracts. Such key contracts include a US$266,660,000 contract with U.S.-based Lockheed Martin Corporation for the construction of the Jabiru-1 satellite in Denver, Colorado, and a US$115,500,000 contract with Arianespace SA for the launch of the Jabiru-1 satellite into its proper orbital position. Absent such contracts and a successful arrangement among creditors of the NewSat Debtors in the Australian Proceeding, the Administrators believe that the Jabiru-1 satellite project will fail to the detriment of all stakeholders. The NewSat Group is currently in default on its secured debt and unable to meet its financial commitments as they come due. As a result, the NewSat Debtors have defaulted on key contracts including, among others, the Satellite Construction Contract and the Launch Services Agreement. Further, the NewSat Debtors are party to contracts such as the Satellite Construction Contract that contain events of default triggered by financial condition, bankruptcy filings or other insolvency events. Thus, there is a substantial risk that the counterparties to such agreements will exercise contractual termination or other rights upon either the commencement of the Australian Proceeding or the filing of the Chapter 15 cases. On April 16, 2015, the Security Trustee, acting on behalf of secured lenders to the Jabiru-1 satellite project, appointed the Administrators and commenced the Australian Proceeding. The principal purpose of the Australian Proceeding is to facilitate a consensual arrangement among the creditors of the NewSat Debtors with supervision available from the Australian Courts to continue the business of the NewSat Group as a going concern and preserve value for all stakeholders. The commencement of the Australian Proceeding, among other things, (i) vested control of the NewSat Debtors' business, property, and affairs with the Administrators, (ii) automatically imposed a general moratorium on the rights of creditors, and (iii) prevented the commencement or continuation of all proceedings against the NewSat Debtors. Virtually the entirety of the NewSat Debtors' going concern value is inextricably intertwined with their critical contract rights under highly-specialized, nearly solesource contracts. Absent the entry of a temporary restraining order on an immediate basis, the NewSat Debtors' rights under those critical contracts could be compromised thereby leading to devastating destruction of value, Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor, LLP, told the U.S. Court. A copy of the TRO is available at: http://bankrupt.com/misc/NewSat_TRO.pdf About NewSat NewSat Limited was founded in 1987 as a multimedia business and gradually evolved into a satellite communications company. NewSat is now Australia's largest pure-play satellite communications company, with teleports and satellites delivering internet, voice, data and video communications coverage to 75% of the globe, including Australia, Asia, the Middle East, Africa, Europe and the United States. NewSat's Jabiru-2, which was launched in September 2014, delivers "Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea and the Solomon Islands, and provides connectivity to the resources, commercial mobility, media, telecommunications and government sectors. NewSat's own commercial satellite named Jabiru-1 is currently being built and is targeted for launch in 2015 to 2016. Jabiru-1 will be Australia's first commercial "Ka-band" satellite and is expected to deliver 7.6 GHz of new capacity in the covered regions.17 As a result of certain defaults, cost overruns on the Jabiru-1 satellite project, and management issues, lenders halted funding to NewSat. Citicorp International, as trustee for lenders, on April 16, 2015, placed NewSat (NWT) into administration in Australia. It appointed Stephen James Parbery and Marcus William Ayres, of PPB Advisory in Sydney, Australia, as administrators. Citi also appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as receivers. On April 16, 2015, the Administrators filed Chapter 15 bankruptcy petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop actions by creditors in the U.S. The U.S. cases are assigned to Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen & Overy LLP serve as counsel. NewSat listed $500 million to $1 billion in assets and $100 million to $500 million in debt in its Chapter 15 petition. The attorneys to the U.S. cases can be reached at: YOUNG CONAWAY STARGATT & TAYLOR, LLP Joseph M. Barry, Esq. Matthew B. Lunn, Esq. Rodney Square 1000 North King Street Wilmington, Delaware 19801 Telephone (302) 571-6600 Facsimile (302) 571-1253 E-mail: jbarry@ycst.com mlunn@ycst.com - and - ALLEN & OVERY LLP Ken Coleman Mark Nixdorf 1221 Avenue of the Americas New York, New York 10020 Telephone (212) 610-6300 Facsimile (212) 610-6399 E-mail: ken.coleman@allenovery.com mark.nixdorf@allenovery.com NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings ------------------------------------------------------------ Startup satellite operator NewSat Ltd. of Australia on April 16 was sent to administration and receivership proceedings in Australia. The receiver immediately asked a bankruptcy court in the United States to recognize the Australian proceedings and stop any actions by creditors in the United States. According to the administrators, NewSat encountered financial difficulties and has not been unable to raise new capital as s a result of certain defaults, cost overruns on the Jabiru-1 satellite project, and management issues. NewSat is in default under its U.S. Export-Import Bank and COFACE credit facilities. NewSat also failed to make payments to Lockheed Martin, which, in January 2015, issued a termination notice indicating its intent to cease construction of the Jabiru-1 satellite. Evry, France-based Arianespace also filed its own default notice to NewSat under their launch services agreement. Citicorp International, as trustee for lenders, on April 16, 2015, placed NewSat (NWT) into administration in Australia. It appointed administrators and receivers, who took over control of the Company from the directors and officers. The receivers are tasked to protect and recover property for the benefit of the secured creditors and return any surplus to the company, while the administrators will handle the claims of creditors and are responsible for the administration process to be carried out in accordance with Australian law. The commercial satellite Jabiru-1 can provide communications cover over South East Asia, Middle East and North America. If completed and launched, Jabiru-1 will be Australia's first commercial "Ka-band" satellite and is expected to deliver 7.6 GHz of new capacity in the covered regions. The satellite is being built by Lockheed Martin Corp, and intended to be launched by Arianespace. Total project cost is expected to be US$600 million. NewSat and Sunnyvale, California-based Lockheed Martin are parties to a $266.6 million construction contract, with $170 million already paid. NewSat is party to a $115.5 million launch services agreement with Arianespace. The U.S. Export-Import Bank loaned NewSat $300.5 million, mainly to support the Lockheed Martin construction contract. Coface's credit guarantees to a banking consortium made up of Societe Generale, Credit Suisse and Standard Chartered Bank amounted to most of the $115 million Arianespace-related loans. The Ex-Im Bank and Coface declined to release further funds to NewSat after NewSat was unable to come up with $40 million in fresh equity or debt by last Dec. 1, 2014. There are no pending litigations involving the NewSat Debtors in the U.S. However, the administrators are wary that Lockheed Martin, as well as Arianespace will seek to enforce rights to termination. The Administrators want the U.S. Court to recognize the Australian Proceeding as a "foreign main proceeding" and apply application of 11 U.S.C. Sec. 362(a) to prevent the premature exercise of creditors' remedies, including contract termination. "Without the preservation of contractual relationships, the NewSat Debtors are vulnerable to litigation from key contract counterparties which would impair the company's ability to continue operations and erode the NewSat Debtors' going concern value. Indeed, various parties, such as Lockheed Martin and Arianespace, have already threatened to terminate contracts that are essential to the effective launch of Jabiru-1. Given the precarious state of the NewSat Debtors' financial situation, such actions may have a snowball effect and reduce the chances of a successful outcome for the Australian Proceeding," Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor, LLP, explains in a court filing. A copy of NewSat's verified petition for recognition of the Australian Proceedings is available for free at: http://bankrupt.com/misc/NewSat_Ch15_Recognition.pdf About NewSat NewSat Limited was founded in 1987 as a multimedia business and gradually evolved into a satellite communications company. NewSat is now Australia's largest pure-play satellite communications company, with teleports and satellites delivering internet, voice, data and video communications coverage to 75% of the globe, including Australia, Asia, the Middle East, Africa, Europe and the United States. NewSat's Jabiru-2, which was launched in September 2014, delivers "Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea and the Solomon Islands, and provides connectivity to the resources, commercial mobility, media, telecommunications and government sectors. NewSat's own commercial satellite named Jabiru-1 is currently being built and is targeted for launch in 2015 to 2016. Jabiru-1 will be Australia's first commercial "Ka-band" satellite and is expected to deliver 7.6 GHz of new capacity in the covered regions.17 As a result of certain defaults, cost overruns on the Jabiru-1 satellite project, and management issues, lenders halted funding to NewSat. Citicorp International, as trustee for lenders, on April 16, 2015, placed NewSat into administration in Australia. It appointed Stephen James Parbery and Marcus William Ayres, of PPB Advisory in Sydney, Australia, as administrators. Citi also appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as receivers. On April 16, 2015, the Administrators filed Chapter 15 bankruptcy petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop actions by creditors in the U.S. The U.S. cases are assigned to Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen & Overy LLP serve as counsel. NewSat listed $500 million to $1 billion in assets and $100 million to $500 million in debt in its Chapter 15 petition. NEWSTAR FINANCIAL: Fitch Assigns BB- LongTerm Issuer Default Rating ------------------------------------------------------------------- Fitch Ratings has assigned a long-term Issuer Default Rating (IDR) of 'BB-', short-term IDR of 'B', and subordinated debt rating of 'B' to NewStar Financial, Inc. Fitch also expects to rate NewStar's proposed senior unsecured debt issuance 'BB-'. The Rating Outlook is Stable. KEY RATING DRIVERS - IDRs, Senior Unsecured Debt, Subordinated Debt The ratings and Stable Outlook reflect NewStar's established middle market direct lending franchise, well diversified portfolio of senior secured loans, demonstrated underwriting track record, modest but growing asset management platform, diversified funding profile and seasoned management team. Ratings also reflect the expected benefits of NewStar's strategic partnership with GSO Capital Partners (GSO), a subsidiary of The Blackstone Group L.P. (long-term IDR 'A+'; Stable Outlook) and Franklin Square Capital Partners (Franklin Square). These strengths are counterbalanced by NewStar's concentrated business model, outsized exposure to middle market borrowers, high mix of secured funding, lackluster financial performance relative to stated targets, shifting strategic direction over time and planned rapid growth supported by increased leverage. These constraints are set against the backdrop of a highly competitive middle market underwriting environment, which could pressure asset quality in the coming years, particularly in the context of NewStar's growth aspirations. NewStar's investment portfolio is predominantly senior secured and highly diverse, consisting 97% of first-lien loans with the single largest and top 10 borrowers accounting for 1.4% and 10.2%, respectively, of the overall portfolio as of Dec. 31, 2014. Exposure to energy sectors was limited to approximately 1% of the portfolio at Dec. 31, 2014. That said, like many middle market lenders, NewStar has high concentration to recent vintages, driven by elevated refinancing volume, as 44% and 22% of the total owned loan portfolio were originated in 2014 and 2013, respectively. Fitch believes NewStar's strong credit culture and disciplined underwriting are evidenced by the strong relative performance of the company's loan portfolio over time. Net charge-offs represented 1.1% of average loans in 2014, with a peak of 3.4% in 2010, and 1.65% average since 2007. Despite the strong current performance, Fitch expects NewStar's credit costs to increase over the near to intermediate term, reflecting the competitive underwriting environment and the increased debt service burden for underlying borrowers once interest rates rise. To date, NewStar has not realized any credit losses on leveraged finance loan originations post 2008 (i.e. 2009-2014 vintages). NewStar has access to a diverse mix of funding sources including term credit facilities, securitizations and corporate debt, which Fitch views positively as it reduces concentration risk and provides more funding flexibility in the event that some sources dry up or become cost prohibitive. Fitch views the proposed unsecured debt issuance positively, as it would further diversify the company's funding sources and improve financial flexibility by increasing unencumbered assets. That said, NewStar remains highly reliant on wholesale funding sources which Fitch views as more sensitive to changes in economic conditions and investor risk appetite. Despite strong credit performance, NewStar's operating performance remains lackluster and below stated targets. Lackluster performance was at least partly attributable to the economic downturn and dislocation in the capital markets, which had a material adverse impact on origination volumes and funding. Low interest rates and a benign credit environment have also led to higher than expected refinancing activity and portfolio amortization. Fitch believes these factors have contributed to multiple shifts in the strategic direction of the company, although NewStar has maintained a consistent underwriting approach with a primary focus on originating senior secured middle market loans. NewStar has communicated a path to improved profitability by year-end 2016, which includes steps to enhance operating leverage, improve yields, generate additional asset management fees and lower its cost of funds. At the same time the company expects credit costs to gradually normalize. If successful, NewStar expects to generate a pre-tax return on average equity (ROE) of between 13%-15% in 2016. In November 2014, NewStar announced a strategic partnership with GSO and Franklin Square, which included a capital investment by Franklin Square's business development companies, in the form of an 8.25% $300 million 10-year subordinated note (of which $200 million was issued as of Dec. 31, 2014), in addition to equity warrants. Fitch believes the equity warrants provide Franklin Square funds with additional potential upside and further align interests. Fitch believes the partnership enhances the NewStar franchise, could improve deal flow and sponsor relationships, and support NewStar's growth aspirations. NewStar's total owned loan portfolio amounted to $2.6 billion at Dec. 31, 2014, 81% of which was attributable to the Leveraged Finance segment. The total portfolio grew 11% in 2014 and 26% in 2013, and management expects compounded annual portfolio growth in excess of 30% through 2017, primarily driven by capitalizing on referrals from and co-investment opportunities with GSO/Franklin Square, while also utilizing the increased capital base to take larger investment positions. Fitch cautiously views outsized portfolio growth in the highly competitive underwriting environment. The ratings assigned to NewStar incorporate an expectation that leverage will meaningfully increase over the next two years, as the company plans to use incremental borrowings to fund net portfolio growth and improve shareholder returns. Management has articulated a leverage target of 4.0x-4.5x on a debt-to-tangible common equity basis, while affording 100% equity credit to the subordinated notes in their calculation. Conversely, Fitch calculates NewStar's leverage on the basis of debt-to-tangible common equity, without affording any equity credit to NewStar's subordinated notes. On this basis, Fitch calculates that NewStar's leverage amounted to 3.3x on a GAAP basis at Dec. 31, 2014, but based on the company's leverage target, would be 6.0x-6.5x. Fitch does not afford equity credit to the subordinated notes due to the potential for a liquidity event resulting from the required applicable high yield discount obligations (AHYDO) prepayment and the change of control provisions. Although Fitch believes the quality of NewStar's loan portfolio allows for a degree of higher leverage relative to peers, the company's growth targets and evolving business model present uncertainty and execution risk which constrain ratings in the near to intermediate term. NewStar's expected unsecured debt rating is equalized with the entity's long-term IDR, reflecting Fitch's expectation of the sufficiency of stressed unencumbered assets relative to unsecured debt. Fitch would envision that potential future unsecured debt issuance would be similarly equalized with NewStar's IDR, provided that it ranked pari passu with existing unsecured debt and that the issuance served to improve unencumbered assets relative to unsecured debt. NewStar's subordinated debt rating is two notches below the entity's long-term IDR in accordance with Fitch's assessment of the instrument's respective non-performance and relative loss severity risk profile. The notches represent incremental risk relative to the IDR, which is a function of increased loss severity due to subordination and heightened risk of nonperformance relative to other (e.g., senior) obligations. RATING SENSITIVITIES - IDRs, Senior Unsecured Debt, Subordinated Debt Positive rating drivers could include continued demonstration of stable asset performance, particularly for more recent vintages underwritten under increasingly competitive conditions, increased funding diversity, and successful execution of the strategy to grow the portfolio, improve profitability, and realize synergies from the GSO relationship. Reduced leverage relative to current targets, although not expected based on management's articulated strategy, could also contribute to positive rating momentum. Negative rating drivers would include material deterioration in asset quality, a migration away from the primary focus on senior secured loans and towards more junior investment positions, or an increase in leverage beyond the forecasted level. The provision of financial support to non-recourse funding sources which impairs NewStar's financial position would also be viewed negatively. COMPANY PROFILE NewStar, founded in 2004, is a specialized commercial finance company with a focus on lending to small and mid-sized businesses in the U.S. The company's primary businesses include: Leveraged Finance (middle market cash flow loans), Business Credit (middle market asset based lending), Real Estate (commercial real estate lending), Equipment Finance (loan and lease financing to middle market companies) and Asset Management. As of Dec. 31, 2014, the company had $2.8 billion in assets. The company's stock is listed on the NASDAQ under the ticker 'NEWS'. Fitch has assigned these ratings with a Stable Outlook: -- Long-term Issuer Default Rating (IDR) at 'BB-'; -- Short-term IDR at 'B'; -- Proposed senior unsecured debt at 'BB-(EXP)'; -- Subordinated debt rating at 'B' NGPL PIPECO: Bank Debt Trades at 4% Off --------------------------------------- Participations in a syndicated loan under which NGPL PipeCo LLC is a borrower traded in the secondary market at 96.15 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.00 percentage points from the previous week, The Journal relates. NGPL PipeCo LLC pays 550 basis points above LIBOR to borrow under the facility. The bank loan matures on May 4, 2017, and carries Moody's Caa2 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. NORTH LAS VEGAS, NV: Fitch Affirms 'B' Rating on LTGO Bonds ----------------------------------------------------------- Fitch Ratings has affirmed the following North Las Vegas, NV (the city) limited tax general obligations (LTGOs) at 'B': -- $129.7 million LTGO bonds (additionally secured by consolidated tax pledged revenues); -- $284.7 million LTGO water and wastewater improvement bonds (additionally secured by water and wastewater system pledged revenues). The Rating Outlook is revised to Stable from Negative. SECURITY The bonds are backed by the full faith and credit of the city, subject to Nevada's constitutional and statutory limitations on the aggregate amount of ad valorem property taxes. As noted above the bonds are additionally backed either by an irrevocable pledge of and lien on certain consolidated tax revenues (15% of these revenues) or by water/wastewater system net revenues. KEY RATING DRIVERS NEAR-TERM BUDGET BALANCE: The revision of the Outlook to Stable reflects successful negotiation of labor concessions needed to balance fiscal 2015 and 2016 budgets. MEANINGFUL SOLUTIONS OUTSIDE CITY CONTROL: The 'B' rating continues to reflect Fitch's view that the city has virtually no remaining budget flexibility. Given tax caps and the scope of service cuts already made, Fitch believes any meaningful solutions are outside the city's control. UTILITY PROVIDES CRUCIAL LIQUIDITY: Unrestricted balances in the utility fund serve as the city's only meaningful source of liquidity and are expected to be drawn down to just adequate levels to support governmental operations over the intermediate term. WEAK AND CONCENTRATED ECONOMY; FUTURE UNCERTAIN: The city and region's economy were among the hardest hit in the U.S. by the collapse of the housing market with a combined loss of 56% of taxable assessed valuation (TAV). While TAV has rebounded some, Fitch is concerned that long-term growth prospects are limited. GROWING LONG-TERM LIABILITIES: Debt is high relative to the tax base, amortization is slow and debt service is escalating in the intermediate term. Carrying costs, including debt and retiree liabilities, are expected to increase with rising debt and pension payments. NO ENHANCEMENT FOR ADDITIONAL PLEDGES: Fitch does not believe the additional pledges of consolidated tax and water/wastewater revenues provide sufficient additional strength to warrant higher ratings than the level of the LTGO. RATING SENSITIVITIES DEFICIT REDUCTION: Positive rating action could result if the city is able to develop a realistic strategy towards near-term deficit reduction as well as a medium-term plan to address the required reduction in utility transfers by fiscal 2021. POTENTIAL FOR BONDHOLDER IMPAIRMENT: It appears that public consideration of bondholder impairment has lessened in recent months. A shift back towards permitting the impairment of bondholders could result in a downgrade depending on Fitch's view of the likelihood of advancement. ECONOMIC VULNERABILITY: Fitch believes the economy is fragile leaving the city ill-prepared to manage any further contractions. A down cycle in the economy from this point would likely result in further financial stress and a rating downgrade. CREDIT PROFILE North Las Vegas encompasses approximately 100 square miles in Clark County with a population of 227,585. The city is approximately 43% built out with a large quantity of undeveloped land. The city has nearly doubled in population since 2000 but growth slowed with the housing and economic downturn. The regional economy is dominated by tourism and gaming which both experienced significant revenue and employment declines but appear to be stabilizing. SHORT-TERM FIXES REDUCE LIKELIHOOD OF STATE INVOLVEMENT The likelihood of state intervention is reduced due in part to agreements reached in spring 2014 with all four of the city's unions as well as concessions for fiscal 2015 and 2016. State law bars Nevada municipalities from filing for bankruptcy, but allows for the state to become the receiver. The Nevada Tax Commission could also eventually ask voters to approve disincorporation. Current statute requires that taxes for bond repayment continue to be levied under disincorporation. However, under state receivership, the statute directs the state to formulate a debt liquidation program. According to press reports and city management, sentiment at the state level regarding crafting a state-wide legislative solution to encourage voluntary concessions by bondholders or other creditors has diminished significantly since adoption of the fiscal 2015 budget. STRUCTURAL IMBALANCE; HEALTHY UTILITY BALANCES SUPPORT LIQUIDITY An updated seven-year forecast released in September 2014 is largely unchanged from the prior forecast in that it indicates a large and growing structural deficit even with heavy subsidies from the utility funds. The forecast assumes only small revenue increases as well as continued annual $32 million transfers from the utility fund through fiscal 2020, after which the transfer is required to be eliminated. Such transfers have had a negative impact on the utility funds, resulting in Fitch-calculated all-in debt service coverage of less than 1x after transfers in two of the last five years. Unrestricted utility cash balances have remained approximately $50 million the three years ending fiscal 2014; however, they are projected to decrease annually through fiscal 2019. NEAR-TERM BUDGET BALANCE The city's financial position has weakened as a result of several years of large operating deficits averaging 7% through fiscal 2011. After two years of minor surpluses fiscal 2014 ended with a $1.26 million deficit (1% of spending) resulting in an unrestricted general fund balance of $7.8 million equal to the city's policy requirement of 6% of spending. City Council reduced the required level of reserves from 8% for just 2014 in order to use fund balance as part of a $7.7 million 2014 settlement with the unions. The settlement was related to a $25 million judgment rejecting the city's fiscal 2013 and 2014 resolutions declaring a state of emergency which suspended negotiated compensation increases. The deficit was primarily due to payments related to a Nevada Supreme Court ruling that the city owed $6.3 million to land developers from wrongful pre-condemnation. General fund fiscal 2014 year-end cash was less than half of liabilities (less deferred revenue) for the fifth consecutive year. Nominal cash increased about $2 million to $4.6 million; however, liabilities increased due to the legal settlement. The city was unable to refinance LTGO bonds in 2013 to provide liquidity; however, the city has access to approximately $50 million in utility funds (as of fiscal year-end 2014). The adopted fiscal 2015 budget includes an additional drawdown of $1.77 million, which would bring the general fund balance to about 5%; however, management anticipates ending at approximately 8%. The city was able to pass the budget due to temporary budgetary relief resulting from the union's agreement to defer drawing on compensated absences in fiscal 2015 as well as $4.8 million in previously planned hiring that will be delayed and $2.6 million in departmental budget cuts. VERY LIMITED REVENUE & EXPENDITURE FLEXIBILITY Fitch believes the city retains virtually no additional expenditure flexibility, having eliminated about 800 full-time equivalent positions (35% since the peak in 2009) through attrition and voluntary separation and layoffs. Management reports that the city's current staffing level is unsustainable. Meaningful revenue solutions are outside the city's control given the estimated $1 million that could be generated by a property tax increase, leaving the city dependent on economic growth to increase its revenue base. General fund revenues increased for the first time in fiscal 2014 after five consecutive years of declines. The revenue increase of 15.8% to $100.7 million not including utility transfers was primarily due to improved consolidated tax revenues as well as licenses and permits. Revenues bottomed out in fiscal 2013 at $86.95 million, a drop of 47.2% since their fiscal 2008 peak, and remain just 61% of the peak level. Property taxes continue to decline and are off 70% from their peak, comprising only 7.4% of revenues compared to 17% in fiscal 2009. ELEVATED LONG-TERM LIABILITIES In part due to the steep decline in TAV, overall debt levels including the water and wastewater GO bonds are high at 6% of the tax base. In addition, amortization is slow with only 33% of principal retired within 10 years and an ascending debt service schedule in the intermediate term. Fitch estimates that carrying costs currently consume 20.7% of governmental spending. The burden approximates full funding of the actuarially required contribution to the state plan, which the state does not currently require. Fitch expects the burden to increase as both debt service and retirement benefit costs rise. STRESSED ECONOMY The city's tax base grew rapidly through fiscal 2009 before declining 56% through fiscal 2013. It has since rebounded a significant 38%, but remains about 60% of the 2009 peak. The city's housing market continues to experience high foreclosure rates relative to state and national averages as, despite recent increases, home prices are still more than 40% below their 2006 peak. Fitch expects only gradual improvement at best and believes economic contraction from this point would stress revenues and the bond rating even further. The city and regional economies are concentrated in gaming; most major employers and taxpayers are hotel/casinos. Employment in the city experienced a steep decline in 2010 but has since more than recovered the jobs lost. Nonetheless, the city's unemployment rate of 8% as of December 2014 was well above the county (6.9%), state (6.7%), and nation (5.4%). Median household income is 6% above the state and 14% above the nation, but per capita income is 20% below both state and national averages. NORTHERN MARIANA: Fitch Affirms BB- Rating on $29.2MM Revenue Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed the 'BB-' rating on approximately $29.2 million of outstanding Commonwealth Ports Authority (CPA), Commonwealth of the Northern Mariana Islands (CNMI), senior series 1998A & 2005A seaport revenue bonds. The Rating Outlook is Stable. RATING RATIONALE The rating reflects the essentiality of the ports to a small, island economy amidst high exposure to economic volatility from tourism and a nearly 100% import-based cargo operation. The ports' moderate coverage, increasing liquidity, and small capital plan provide some mitigation to the potential impact of future macroeconomic stresses. KEY RATING DRIVERS Revenue Risk: Volume – Weaker -- Concentrated but Vital Cargo Base: The seaports remain essential for the import of goods to an island economy; however, there is potential for stagnant operational trends due to CNMI's exposure to macroeconomic factors and its elevated dependence on a limited tourist base. Volume stability is expected given that food and fuel related cargos account for approximately 60% of import-dependent revenue tonnage. Revenue Risk: Price - Weaker -- Limited Pricing Power: CNMI's narrow economy and the overall recession limit management's economic flexibility to raise rates on seaport system tenants and users. Following the last increase in 2009, the authority's focus has instead been on effective containment of operating expenses. Infrastructure Development & Renewal - Midrange -- Modest Capital Plan: The authority's capital improvement plan is manageable in scope and is predominantly grant funded. The remaining dollars are expected to come from internally generated funds with no future debt issuances currently anticipated. Debt Structure- Stronger -- Conservative Capital Structure: The authority maintains 100% fixed-rate, fully amortizing debt. -- Moderate Leverage and Strong Liquidity: CPA currently maintains favorable leverage and liquidity metrics offset by modest coverage ratios. Leverage of 2.6x net debt-to-cash flow available for debt service (CFADS), and balance sheet cash and reserves available for operating expenses equating to over 1,300 days cash on hand (DCOH) provide the CPA with some degree of flexibility to meet financial commitments in weak performing periods. Further, coverage levels appear to have stabilized in the 1.3x-1.7x range with estimated fiscal 2014 coverage of 1.68x. -- Peer Analysis: Palm Beach (FL), rated 'BBB-'/Outlook Stable, serves as a comparable U.S. peer in terms of small size, moderate debt service coverage and low leverage. CPA has a less diversified revenue stream than Palm Beach while both have elevated exposure to economic volatility in their respective regions. Paita (Peru), rated 'BB-'/Outlook Stable, serves as a global peer with a similar coverage level and regionally focused importance, but with higher leverage. RATING SENSITIVITIES Negative: -- A severely weakened underlying service area economy that results in the seaports' inability to maintain base cargo levels at or near current levels; -- Depressed debt service coverage levels resulting from declining operating revenues despite growth in revenue tonnage; -- A shift in the seaports' short-term liquidity and financial flexibility resulting from changes in operating expense management or pricing power. Positive: -- Given the ports' limited operating profile and significant exposure to local economic factors, positive rating migration is not anticipated at present. CREDIT UPDATE CNMI's limited economy is subject to macroeconomic factors and a diminished tourist base. Its ports' revenue tonnage is now nearly 100% from imports and concentrated in two main commodities (fuel and food), following the loss of the garment industry. Collectively, fuel and food represent nearly 60% of all revenue tonnage, possibly indicating that a shift in the operational profile may be nearing completion and demonstrating the essentiality of the ports to the islands' survival. The islands rely on the ports for all of their necessities, which should make demand relatively stable given that imports should never decline to a critical point. Due to an increase in imports, total tonnage grew 20.2% to 427,539 metric tons. The increase was largely driven by other commodities which include dry goods and non-discretionary consumer goods, resulting from an improving local economy. This tonnage level represents the largest since recessionary recovery began in 2010, but is still only half of activity seen over a decade ago. Fiscal 2014 unaudited operating revenues were up 12.7% as a result of higher seaport fees and concession-based receipts. In addition, building on fiscal 2013's expense reduction of more than 11%, management was able to reduce operating expenses by another 15.6% in fiscal 2014 due to a consolidation of airport and seaport property values. Together, this resulted in estimated 2014 debt service coverage of 1.68x, up from last year's 1.32x coverage. Debt service coverage has stayed largely stable in the 1.3x-1.7x range since fiscal 2009's rate increase and is forecast to remain there in Fitch's base case. In the past, management was reluctant to raise rates, which led to rate covenant violations in 2007 and 2008. Following that period, actions on rates appear to have reversed the coverage deficit when combined with the austerity measures on the expense side. Fitch notes, however, that should coverage levels decline as a result of diminished operating revenues, especially in times when volume levels are stable or improving, negative rating action could be warranted. CPA maintains fund balances of over $13 million related to the bond indenture, in addition to $4.4 million of unrestricted funds, and has increased DCOH (including reserves available for operating expenses) to 1,323 days. This liquidity provides some degree of financial flexibility and translates to a steadily declining and moderate net debt-to-CFADS of 2.6x. Further, management does not anticipate any future debt issuances at this time. The authority's capital improvement plan is modest and primarily grant funded with a 25% match required from the CPA. Management has stated that assessment of capital needs is on-going, primarily anticipated for the ports of Rota and Tinian, and should not include any major undertakings in excess of current financial capacity. Fitch notes that a more forward-looking capital plan would be helpful in monitoring new projects and ensuring that any necessary maintenance and/or projects are not being deferred. SECURITY The seaport bonds are secured solely by gross seaport revenues and certain accounts established pursuant to the bond indenture. NORTHERN MARIANA: Fitch Hikes Rating on $12MM Airport Bonds to 'B+' ------------------------------------------------------------------- Fitch Ratings has upgraded Commonwealth Ports Authority (CPA), Commonwealth of the Northern Mariana Islands' (CNMI) approximately $12 million of outstanding senior series 1998A airport revenue bonds to 'B+' from 'B-'. The Rating Outlook has been revised to Stable from Positive. RATING RATIONALE The upgrade reflects steady improvement in the airports' operating profile resulting in high coverage, increased liquidity, and low leverage, notably stronger than the distressed financial profile that began in 2006. The airports' ability to apply full PFC collections as revenues has helped contribute to a substantial reserve build-up and provides a critical buffer in the case of a future significant economic downturn. In addition, traffic rebounded substantially in fiscal 2012 and appears to have stabilized. KEY RATING DRIVERS Revenue Risk-Volume: Weaker -- Highly Volatile Enplanement Base: The airport system is an essential enterprise, serving as the gateway to and within the Mariana Islands. The enplanement base of 542,744 passengers is relatively small taking into account the overall population base and the island's more limited, weaker economy. Traffic performance is potentially vulnerable to underlying economic stresses given the significant component of traffic tied to the tourism industry. Revenue Risk-Price: Weaker -- Limited Cost Recovery: Rate setting practices with airlines are not clearly established and have been observed to be more reactive, based on financial pressures, than proactive. In Fitch's view, the airports' limited pricing power could constrain financial flexibility under an adverse operating environment. Recent approval by the Federal Aviation Administration (FAA) to allow the airports to utilize 100% of passenger facility charge (PFC) collections for debt service provides enhanced cushion to manage revenue levels to support financial obligations while keeping airline costs stable. Infrastructure Development & Renewal: Midrange -- Moderate Capital Plan: The authority's capital improvement plan is modest at $51 million through fiscal 2019 and predominantly funded through FAA grants with no future anticipated debt issuances. To the extent that a significant portion of PFC revenue is needed for debt service, it could hamper the airports' ability to provide required matching funds and thus limit grant receipts. However this risk is partially mitigated by a substantial build-up of liquidity. Debt Structure: Stronger -- Conservative Capital Structure: The authority maintains 100% fixed-rate, fully amortizing debt. Annual debt service payments are essentially level and final maturity on the bonds is in 2028. -- Improving yet Volatile Financial Metrics: CPA generated a robust coverage ratio of 5.7x (4.2x without 100% PFCs as gross revenues) for fiscal 2014 (unaudited figures). Still, coverage levels have greatly fluctuated over time and failed to meet the financial rate covenant test (1.25x) as recently as fiscal 2008. The authority has reserves in excess of debt outstanding such that leverage is presently negative. The ability to treat all PFCs as revenues provides further stability and has helped grow Days Cash on Hand (DCOH) significantly over the past five years to 712 days in fiscal 2014. -- Peer Analysis: Harrisburg (PA), rated 'BB+'/Outlook Stable, serves as a comparable peer in terms of a small hub with weaker revenue characteristics and high CPE in-line with CPA's. Harrisburg has a more stable enplanement base than CPA due to a stronger MSA workforce, while CPA demonstrates higher coverage and significantly lower leverage. RATING SENSITIVITIES Positive: -- A more favorable rate setting mechanism as a result of the Ricondo rate study that ensures adequate financial stability independent of traffic performance; -- Continued improvements in the underlying service area economy and the airports' ability to maintain or grow its current traffic base; -- Sustained favorable trends in balance sheet liquidity and strong financial ratios (independent of the use of 100% of PFCs as gross revenues). Negative: -- Material declines in enplanement volume or in coverage, resulting from increased operating expenses and/or the CPA Board's failure to sufficiently apply the full collection of PFCs as gross revenues; -- Identified longer-term capital projects that would rely on significant debt issuances for funding. CREDIT UPDATE The CPA airports are heavily reliant on tourism and leisure travelers, creating an elevated degree of vulnerability to economic recessions both within its narrow local market as well as to the larger, neighboring Asian markets. As a result, enplanements have shown elevated fluctuations over time. In fiscal 2014, enplanements decreased marginally (approximately 1%). However, year-to-date fiscal 2015 enplanements (through 5 months ended February) are showing strong growth, up nearly 12% as a result of new charter flights from China and Russia. Saipan airport, the authority's strongest and busiest airport retains demand from international passengers and increased utilization. Collectively, Delta Airlines and Asiana Airlines maintain their dominance representing approximately half of the total air traffic. However, this is down from a combined 58% for fiscal 2013 with Delta's market share falling an estimated 5% in 2014 and Asiana's falling by 2%. Fitch notes that carrier demand for service at the airports exists as seen in growth from Chinese and Russian markets and from several existing and new airlines increasing their market share. Overall, service remains essential to this island economy and management indicated that multiple airlines are looking to begin or increase service levels. The airports set rates under a residual methodology with its carriers. However, the CPA has shown a history of reluctance to consistently pass through the full cost requirements given the fragile economy and nature of the airline industry, negatively impacting financial flexibility and resulting in past covenant violations. Management's actions in fiscal 2009 to increase airline rates have resulted in improved net revenues with coverage increasing well above the 1.25x requirement. Unaudited fiscal 2014 coverage is expected to be close to 5.74x following 4.26x coverage in the prior year, based on pledged revenues inclusive of all PFC collections. Providing somewhat of a consistent revenue stream to help service debt, non-airline revenues have been relatively stable over time and management continues to try to expand those sources. Management is currently engaged with Ricondo and Associates to complete an airlines rate study, expected by 2016, which will be necessary to implement new rates and file an application for further PFC collection beyond the current authorization level. Fitch views this as a credit positive to the extent it brings further stability to the operating profile and coverage levels. Cost per enplanement (CPE) is estimated by Fitch at around $16.46 for fiscal 2014 and is expected to remain in that range barring any wide swings in enplanements or changes to airline rates. Fitch notes that this level is similar to the new baseline CPE established when airline rates went up in fiscal 2009. CPA's overall leverage is reasonable given the operational profile of the airports; however its net debt-to-cash flow available for debt service (CFADS) is very low at -0.7x taking into account its growing liquidity (712 DCOH), reserves, and ability to use all of its PFCs as cash flow. As a result of the airports' improved operations, conservative capital structure, and flat debt service profile, Fitch projects coverage to remain well above covenant through a five-year forecast period, even when only the eligible portion of PFCs for debt service are applied. CPA's capital improvement plan through 2019 is modest at $51 million and 95% of the funding comes from FAA grants. The largest project is a $17 million Regional ARFF Training Facility that could be a revenue-generating project for the airports. Other projects include: rehabilitating the 30 year old runway, repair of the taxiway, Tower and Airport Fire Station, and various renovations to the international and commuter terminal. These are in addition to several future anticipated projects. Management indicated that no future debt issuances are currently planned. SECURITY The series 1998A bonds are secured by a pledge of gross airport revenues generated by the operations of the airports, including Passenger Facility Charges eligible for payment of debt service. Fitch notes that CPA Board Resolution No. 2011-01 now designates all PFC Revenues as gross airport revenues. OCEAN RIG: Bank Debt Trades at 16% Off -------------------------------------- Participations in a syndicated loan under which Ocean Rig is a borrower traded in the secondary market at 84.35 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported The Wall Street Journal. This represents an increase of 1.44 percentage points from the previous week, The Journal relates. Ocean Rig pays 450 basis points above LIBOR to borrow under the facility. The bank loan matures on July 17, 2021, and carries Moody's withdrawn rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. OPTIM ENERGY: April 22 Hearing on DIP Financing Amendment No. 15 ---------------------------------------------------------------- The Bankruptcy Court will convene a hearing on April 22, 2015, at 11:00 a.m., to consider Optim Energy, LLC, et al.'s motion to approve Amendment No. 15 to their Senior Secured Debtor in Possession Credit Agreement. Pursuant to Amendment No. 15, the definition of "Letter of Credit Sublimit" in the DIP Credit Agreement is modified (i) to reduce the sublimit from $47 million to an amount equal to $44 million, and (ii) to eliminate the credit support made available for Walnut Creek Mining Company because the Debtors rejected the Walnut Creek fuel supply agreement in 2014, there is no longer any need for the credit support and the letter of credit previously issued for the benefit of Walnut Creek has been terminated, undrawn, in accordance with the Stipulation Resolving Emergency Motion Filed by Walnut Creek Mining Company, filed on March 6, 2014. According to the Debtors, absent approval of Amendment No. 15, the DIP Facility will mature on May 12, 2015, prior to Plan confirmation and the consummation of any potential sale in the cases. The Debtors believed, in their business judgment, that the reduction to the Letter of Credit sublimit is beneficial to the Debtors and their estates as more liquidity will be available to the Debtors under the DIP Facility to fund postpetition operations. A copy of Amendment No. 15 is available for free at: http://bankrupt.com/misc/OptimEnergy_807_16_amendDIPcredit.pdf About Optim Energy Optim Energy, LLC, and its affiliates are power plant owners principally engaged in the production of energy in Texas's deregulated energy market. Optim owns and operates three power plants in eastern Texas: the Twin Oaks plant in Robertson County, Texas, the Altura Cogen plant in Harris County, Texas and the Cedar Bayou plant in Chambers County, Texas. The Altura and Cedar Bayou plants are fueled by natural gas, and the third is coal-fired. Optim Energy and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-10262) on Feb. 12, 2014. The Debtors tapped Bracewell & Giuliani LLP and Morris, Nichols, Arsht & Tunnell LLP as attorneys; Protiviti Inc. as restructuring advisors; and Prime Clerk LLC as claims agent. Optim Energy scheduled $6.95 million in assets and $717 million in liabilities. Optim Energy Cedar Bayou 4, LLC, disclosed $184 million in assets and $718 million in liabilities as of the Chapter 11 filing. The Debtors have $713 million of outstanding principal indebtedness. On Feb. 27, 2014, Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the Bankruptcy Court that she was unable to appoint an official committee of unsecured creditors in the Debtors' cases. The U.S. Trustee explained that there were insufficient responses to her communication/contact for service on the committee. PACWEST BANCORP: Fitch Plans to Withdraw BB+ Issuer Default Rating ------------------------------------------------------------------ Fitch Ratings plans to withdraw the ratings of PacWest Bancorp (PACW), Pacific Western Bank and various trust preferred securities issued by PACW's subsidiaries on or about May 15, 2015, for business reasons. Fitch currently rates PacWest Bancorp, Pacific Western Bank and the various trust preferred securities as: PacWest Bancorp -- Long-term IDR at 'BB+'; -- Short-term IDR at 'B'; -- Senior unsecured revolving credit facility 'BB+'; -- Viability Rating at 'bb+'; -- Support at '5'; -- Support floor at 'NF'. Pacific Western Bank -- Long-term IDR at 'BB+'; -- Long-term deposits at 'BBB-'; -- Short-term IDR at 'B'; -- Short-term deposits at 'F3' -- Viability Rating at 'bb+'; -- Support at '5'; -- Support floor at 'NF'. First Community/CA Statutory Trust V, VI Community (CA) Capital Statutory Trust II, III First Community Bancorp/CA Statutory Trust VII First California Capital Trust I FCB Statutory Trust I CapitalSource Trust Preferred Securities -- Trust preferred stock 'BB-'. The Rating Outlook is Stable. Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market on the withdrawal of the above ratings. Fitch's last rating action on PACW and its various subsidiaries occurred on April 7, 2015. PARAGON OFFSHORE: Bank Debt Trades at 31% Off --------------------------------------------- Participations in a syndicated loan under which Paragon Offshore is a borrower traded in the secondary market at 69.18 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.55 percentage points from the previous week, The Journal relates. The Company pays 275 basis points above LIBOR to borrow under the facility. The bank loan matures on July 14, 2021, and carries Moody's Ba1 rating and Standard & Poor's BB+ rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. PARK 91 LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Park 91 LLC 1145 Park Avenue New York, NY 10128 Case No.: 15-10957 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: April 17, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. James L. Garrity Jr. Debtor's Counsel: Scott S. Markowitz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 Fax: 212-216-8001 Email: smarkowitz@tarterkrinsky.com Estimated Assets: $10 million to $50 million Estimated Debts: $1 million to $10 million The petition was signed by Michael Gardner, managing member. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. PATRIOT COAL: Said to Be Working With Kirkland, Alvarez ------------------------------------------------------- Matt Jarzemsky, writing for The Wall Street Journal, reported that people familiar with the matter said Patriot Coal Corp. is working with restructuring advisers to address its capital structure amid continued decline in the coal industry. Sources told WSJ that the company, based in Scott Depot, W.Va., is working with lawyers at Kirkland & Ellis and financial advisers at Alvarez & Marsal and Centerview Partners. Companies hire restructuring advisers to explore options for raising money, selling assets or cutting debt through out-of- court transactions or bankruptcy filings. It isn't clear which options Patriot is considering, the Journal noted. About Patriot Coal Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 8 active mining complexes in Northern and Central Appalachia. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.4 billion tons of proven and probable coal reserves. Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11 petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-12900) on July 9, 2012, listing $3.57 billion of assets and $3.07 billion of debts. It arranged $802 million of financing to continue operations during the reorganization. Davis Polk & Wardwell LLP served as lead restructuring counsel in the 2012 case. Bryan Cave LLP served as local counsel to the Debtors. Blackstone Advisory Partners LP acted as financial advisor, and AP Services, LLC provided interim management services to Patriot in connection with the reorganization. Ted Stenger, a Managing Director at AlixPartners LLP, the parent company of AP Services, served as Chief Restructuring Officer of Patriot, reporting to the Chairman and CEO. GCG, Inc. served as claims and noticing agent. The U.S. Trustee appointed a seven-member creditors committee. Kramer Levin Naftalis & Frankel LLP served as its counsel. Houlihan Lokey Capital, Inc., served as its financial advisor and investment banker. Epiq Bankruptcy Solutions, LLC, served as its information agent. On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's bankruptcy case to St. Louis. The order formally sending the reorganization to Missouri was signed Dec. 19, 2012, by the bankruptcy judge. The New York Judge in a Jan. 23, 2013 order denied motions to transfer the venue to the U.S. Bankruptcy Court for the Southern District of West Virginia. Patriot Coal filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a First Amended Joint Chapter 11 Plan of Reorganization and an explanatory disclosure statement on Oct. 9, 2013, and a Second Amended Joint Chapter 11 Plan of Reorganization and an explanatory disclosure statement on Oct. 26, 2013. The Bankruptcy Court approved the Plan on Dec. 17, 2013. Patriot Coal emerged from bankruptcy, turning over most of the ownership of the company to bondholders that include New York hedge fund Knighthead Capital Management LLC. * * * The Troubled Company Reporter, on Jan. 16, 2015, reported that Standard & Poor's Ratings Services said it lowered its corporate credit rating on Scott Depot, W.Va.-based coal producer Patriot Coal Corp. to 'B-' from 'B'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's senior secured debt to 'B' from 'B+'. The recovery rating remains '2', indicating S&P's expectation of a substantial (70%- 90%) recovery in the event of a payment default. "Patriot's recently announced asset and coal supply agreement rights sales to Alliance Resource Partners, L.P. support S&P's belief that Patriot is reasonably likely to meet its financial commitments over the next year and underpins the 'B-' rating. However, as indicated by the negative outlook, the prospects for a sustainable cost structure that supports positive free cash flow generation remain unclear," S&P said. The TCR, on Nov. 28, 2014, reported that Moody's downgraded the ratings of Patriot Coal, including the corporate family rating (CFR) to Caa1 from B3, probability of default rating (PDR) to Caa1-PD from B3-PD, and the rating on the senior secured term loan to Caa1 from B3. Moody's also lowered the speculative grade liquidity (SGL) rating to SGL-4 from SGL-3. The outlook is negative. PEREGRINE FINANCIAL: US Bank Settles $200M Theft Suit ----------------------------------------------------- Law360 reported that commodities broker Fintec Group Inc. and U.S. Bank NA have settled a proposed class action claiming the bank helped cover up a former Peregrine Financial Group CEO's misuse of over $200 million in customer funds. According to the report, Law360 the two parties notified an Illinois federal court on Friday that they both stipulated to dismissal, and the action was officially dismissed Monday. The suit was brought on behalf of companies that had independent introducing broker agreements with the now-bankrupt Peregrine. About Peregrine Financial Peregrine Financial Group Inc. filed to liquidate under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 12-27488) on July 10, 2012, disclosing between $500 million and $1 billion of assets, and between $100 million and $500 million of liabilities. Earlier that day, at the behest of the U.S. Commodity Futures Trading Commission, a U.S. district judge appointed a receiver and froze the firm's assets. The firm put itself into bankruptcy liquidation in Chicago later the same day. The CFTC had sued Peregrine, saying that more than $200 million of supposedly segregated customer funds had been "misappropriated." The CFTC case is U.S. Commodity Futures Trading Commission v. Peregrine Financial Group Inc., 12-cv-5383, U.S. District Court, Northern District of Illinois (Chicago). Peregrine's CEO Russell R. Wasendorf Sr. unsuccessfully attempted suicide outside a firm office in Cedar Falls, Iowa, on July 9, 2012. The bankruptcy petition was signed in his place by Russell R. Wasendorf Jr., the firm's chief operating officer. The resolution stated that Wasendorf Jr. was given a power of attorney on July 3 to exercise if Wasendorf Sr. became incapacitated. Peregrine Financial is the regulated unit of the brokerage PFGBest. PERKINS & PERKINS: Case Summary & 14 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Perkins & Perkins Farms P O Box 466 Franklin, KY 42135 Case No.: 15-10383 Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Western District of Kentucky (Bowling Green) Judge: Hon. Joan A. Lloyd Debtor's Counsel: Sandra D. Freeburger, Esq. DEITZ SHIELDS & FREEBURGER, LLP 101 First Street P. O. Box 21 Henderson, KY 42419-0021 Tel: 270-830-0830 Email: sfreeburger@dsf-atty.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andy Perkins, partner. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/kywb15-10383.pdf PETTERS COMPANY: Trustee OK'd to Incur Additional $3M PGW Cash -------------------------------------------------------------- The U.S. Bankruptcy Court authorized Douglas A. Kelley, the Chapter 11 trustee for Petters Company, Inc., et al., to use cash collateral of Petters Group Worldwide, LLC, until December 2016. The Trustee and the Official Committee of Unsecured Creditors, in a fifth motion, requested that the Court authorize the use of additional cash collateral of PGW of up to $3,000,000 on or prior to Dec. 31, 2016, for payment of ongoing and necessary postpetition expenses of the PGW Bankruptcy Estate, including litigation expenses and court-approved and allowed administrative fees and the expenses of professionals employed by the trustee and the Committee pursuant to Section 363(c)(2) of the Bankruptcy Code. On the Petition Date, Petters Worldwide had virtually no available cash funds, and has since generated funds mostly from the disposition of various assets and recover on claims in related bankruptcy proceedings. As adequate protection from any diminution in value of the lender's collateral, the Trustee will grant replacement liens in all postpetition assets of Petters Worldwide, including avoidance actions and other rights to payment arising under Chapter 5 of the Bankruptcy Code. The Trustee is represented by: James A. Lodoen, Esq. George H. Singer, Esq. Jeffrey D. Smith, Esq. LINDQUIST & VENNUM LLP 4200 IDS Center 80 South 8th Street Minneapolis, MN 55402 Tel: (612) 371-3211 Fax: (612) 371-3207 E-mail: jlodoen@lindquist.com gsinger@lindquist.com jsmith@lindquist.com The Committee is represented by: David E. Runck, Esq. FAFINSKI MARK & JOHNSON, P.A. 400 Flagship Corporate Center 775 Prairie Center Drive Eden Prairie, Minnesota 55344 Tel: (952) 995-9500 Fax: (952) 995-9577 E-mail: David.Runck@fmjlaw.com About Petters Company Based in Minnetonka, Minn., Petters Group Worldwide LLC is a collection of some 20 companies, most of which make and market consumer products. It also works with existing brands through licensing agreements to further extend those brands into new product lines and markets. Holdings include Fingerhut (consumer products via its catalog and Web site), SoniqCast (maker of portable, WiFi MP3 devices), leading instant film and camera company Polaroid (purchased for $426 million in 2005), Sun Country Airlines (acquired in 2006), and Enable Holdings (online marketplace and auction for consumers and manufacturers' overstock inventory). Founder and chairman Tom Petters formed the company in 1988. Petters Company, Inc., is the financing and capital-raising unit of Petters Group Worldwide. Thomas Petters, the founder and former CEO of Petters Group, has been indicted and a criminal proceeding against him is proceeding in the U.S. District Court for the District of Minnesota. Petters Company, Petters Group Worldwide and eight other affiliates filed separate petitions for Chapter 11 protection (Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008. In its petition, Petters Company estimated its debts at $500 million and $1 billion. Parent Petters Group Worldwide estimated its debts at not more than $50,000. Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing business as Sun Country Airlines, Inc., and MN Airline Holdings, Inc., filed separate petitions for Chapter 11 bankruptcy protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on Oct. 6, 2008. Petters Aviation is a wholly owned unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun Country's parent company. The Official Committee of Unsecured Creditors is represented by: David E. Runck, Esq., Lorie A. Klein, Esq., at FAFINSKI MARK & JOHNSON, P.A. Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq., Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger, Esq., at Lindquist & Vennum LLP. PULSE ELECTRONICS: Suspending Filing of Reports with SEC -------------------------------------------------------- Pulse Electronics Corporation has suspended its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the Securities and Exchange Commission on April 15, 2015. 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. RADIOSHACK CORP: To Sell North American Trademarks by Mid-May ------------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that RadioShack Corp. has plans to sell the remainder of its trademarks along with its franchise network by mid-May. RadioShack wants to hold a May 11 auction for the trademarks. If the judge agrees at an April 28 hearing, bids will be due initially by May 1. The hearing for sale approval is tentatively set for May 15. The report notes that the sale of intellectual property is intended to include customer information. RadioShack already has a consumer privacy ombudsman and pledged to work with state regulators to ensure there's no violation of law or regulations protecting customer privacy. About Radioshack Corporation Fort Worth, Texas-based RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/-- is a retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. RadioShack Corporation and affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. The petitions were signed by Joseph C. Maggnacca, chief executive officer. Judge Kevin J. Carey presides over the case. David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki, Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors' restructuring advisor. Maeva Group, LLC, is the Debtors' turnaround advisor. Lazard Freres & Co. LLC is the Debtors' investment banker. A&G Realty Partners is the Debtors' real estate advisor. Prime Clerk is the Debtors' claims and noticing agent. The Debtors disclosed total assets of $1.2 billion, versus total debt of $1.3 billion. The U.S. Trustee has appointed seven members to the Official Committee of Unsecured Creditors. * * * RadioShack in April 2015 got approval to sell about 1,700 stores along with operations in Mexico and trademarks for the Middle East. REVEL AC: Buyer Left in Dark as Plant Owner Ducks TRO Bid --------------------------------------------------------- Law360 reported that real estate tycoon Glenn Straub tried and failed on April 10 to obtain a court order compelling the Revel Casino Hotel's power supplier to turn the lights back on at the shuttered resort amid an escalating utility contract standoff, the energy company's attorney said. About Revel AC Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of Atlantic City, New Jersey. Revel AC Inc. and five of its affiliates sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014, to pursue a quick sale of the assets. The Chapter 11 cases are assigned to Judge Gloria M. Burns. The Debtors' Chapter 11 cases are jointly consolidated for procedural purposes. Revel AC estimated assets ranging from $500 million to $1 billion, and the same amount of liabilities. White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors' Counsel, and Moelis & Company, LLC, is the investment banker. The Debtors' solicitation and claims agent is Alixpartners, LLP. The prepetition first lenders are represented by Cadwalader, Wickersham & Taft LLP. The prepetition second lien lenders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP. This is Revel AC's second trip to bankruptcy. The company first sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013. REVEL AC: Faces Hearing on Ch. 11 Service Value ----------------------------------------------- Law360 reported that the judge presiding over the Revel Casino Hotel's bankruptcy indicated on April 13 she would soon consider whether to chop down the defunct property's liability to its troubled utility supplier, a lingering dispute reappearing amid a contract standoff with the Revel's new owner. About Revel AC Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of Atlantic City, New Jersey. Revel AC Inc. and five of its affiliates sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014, to pursue a quick sale of the assets. The Chapter 11 cases are assigned to Judge Gloria M. Burns. The Debtors' Chapter 11 cases are jointly consolidated for procedural purposes. Revel AC estimated assets ranging from $500 million to $1 billion, and the same amount of liabilities. White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors' Counsel, and Moelis & Company, LLC, is the investment banker. The Debtors' solicitation and claims agent is Alixpartners, LLP. The prepetition first lenders are represented by Cadwalader, Wickersham & Taft LLP. The prepetition second lien lenders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP. This is Revel AC's second trip to bankruptcy. The company first sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013. ROLLING RIDGE: Case Summary & 14 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Rolling Ridge Farms P O Box 486 Franklin, KY 42135 Case No.: 15-10384 Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Western District of Kentucky (Bowling Green) Judge: Hon. Joan A. Lloyd Debtor's Counsel: Sandra D. Freeburger, Esq. DEITZ SHIELDS & FREEBURGER, LLP 101 First Street P. O. Box 21 Henderson, KY 42419-0021 Tel: 270-830-0830 Email: sfreeburger@dsf-atty.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andy Perkins, partner. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/kywb15-10384.pdf RUE21 INC: Bank Debt Trades at 10% Off -------------------------------------- Participations in a syndicated loan under which Rue21 Inc. is a borrower traded in the secondary market at 90.15 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.65 percentage points from the previous week, The Journal relates. Rue21 Inc. pays 475 basis points above LIBOR to borrow under the facility. The bank loan matures on Sept. 30, 2020 and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. SARKIS INVESTMENT: Keen-Summit to Take Over GA Keen Work -------------------------------------------------------- Sarkis Investments Company, LLC, asks the Bankruptcy Court for authorization and approval the assignment of the approved retention of the employment of GA Keen Realty Advisors to its successor and assignee Keen-Summit Capital Partners LLC, as real estate broker to the Debtor to sell the Debtor's principal asset -- i.e. the real property commonly known as 3550 Porche Way, 3640 Porsche Way, 3660 Porsche Way, 3700 Inland Empire Boulevard, and 3760 Inland Empire Boulevard, Ontario, CA. The retention agreement provides that the Debtor will provide a $27,000 advance to GA Keen for marketing expenses associated with the listing and advertising of the property, which advance will not be paid from any cash collateral of MSCI. The marketing advance has not yet been paid to GA Keen. About Sarkis Investments Company, LLC Sarkis Investments Company, LLC, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 13-29180) on July 29, 2013. Sarkis owns and leases several parcels of commercial real property in Ontario, California: 3550 Porsche Way; 3640 Porsche Way; 3660 Porsche Way; 3700 Inland Empire Blvd; and 3760 Inland Empire Blvd. Judge Robert Kwan presides over the case. Pamela Muir signed the petition as manager. The Debtor estimated assets and debts of at least $10 million. Ashley M. McDow, Esq., at Baker & Hostetler, LLP, serves as the Debtor's counsel. Patrick Galentine was appointed by a state court as receiver for the Debtor's assets. The receiver is represented by Reed Waddell, Esq., at Frandzel Robins Bloom & Csato, LC. MSCI 2007-IQ13 Ontario Retail Limited Partnership, which initiated the receivership proceedings against Sarkis in state court, is represented by Ron Oliner, Esq., at Duane Morris LLP. In April 2014, the Debtor filed a Second Amended Reorganization Plan and disclosure statement. The Debtors seeks to accomplish payments under the plan by paying creditors on account of their allowed claims in full over time from cash flows generated from future operations or the proceeds from the sale of the Company or the properties. SCHMIDT LAND: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Schmidt Land Services, Inc. 201 North Bryant Pleasanton, TX 78036 Case No.: 15-50952 Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Hon. Ronald B. King Debtor's Counsel: Dean William Greer, Esq. 2929 Mossrock, Suite 117 San Antonio, TX 78230 Tel: 210-342-7100 Fax: 210-342-3633 Email: dwgreer@sbcglobal.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Walker Schmidt, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txwb15-50952.pdf SCS HOLDINGS: S&P Affirms B+ Corp. Credit Rating; Outlook Stable ---------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'B+' corporate credit rating on San Antonio, Texas-based SCS Holdings I Inc. The rating outlook is stable. S&P said, "At the same time, we affirmed our 'BB-' issue-level rating on the company's $295 million first-lien term loan (including a $35 million incremental issuance) due 2018. The recovery rating remains '2', indicating our expectation for substantial recovery (70%-90%; higher half of the range) of principal in the event of payment default." "Our corporate credit rating on SCS Holdings reflects our view of the company's business risk profile as 'weak' and its financial risk profile as 'aggressive,'" said Standard & Poor's credit analyst James Thomas. "Our assessments incorporate the company's limited scale in a competitive, fragmented industry and its financial sponsor ownership, which we believe will preclude sustained deleveraging," he added. The stable outlook reflects S&P's expectation that SCS Holdings I Inc. and its wholly owned subsidiary, Sirius Computer Solutions Inc., will maintain modest revenue growth and consistent profitability in the near term. "We could lower the rating if U.S. corporate IT spending declines, leading to increased competition and diminished operating earnings, such that leverage is sustained above 5x or funds from operations to debt approaches single-digit percentages," said S&P. A higher rating is unlikely over the next year because S&P believes that the company's ownership structure is likely to prevent sustained deleveraging. SEADRILL LTD: Bank Debt Trades at 20% Off ----------------------------------------- Participations in a syndicated loan under Seadrill Ltd is a borrower traded in the secondary market at 80.13 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.88 percentage points from the previous week, The Journal relates. Seadrill Ltd pays 300 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 17, 2021. The bank debt carries Moody's B2 and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. SIMPLY FASHION: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Adinath Corp. 15-16885 2110 N.W. 95th Avenue Miami, FL 33172 Simply Fashion Stores, Ltd. 15-16888 dba Fashion Trend dba Dots dba Simply Fashions 2500 Crestwood Boulevard Birmingham, AL 35210 Type of Business: Fashion retailer Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Southern District of Florida (Miami) Judge: Hon. Laurel M Isicoff Debtors' Counsel: Paul Steven Singerman, Esq. BERGER SINGERMAN LLP 1450 Brickell Ave #1900 Miami, FL 33131 Tel: (305) 755-9500 Fax: 305.714.4340 Email: singerman@bergersingerman.com Debtors' KAPILAMUKAMAL, LLP Chief Restructuring Advisors: Debtors' PRIME CLERK LLC Notice, Claims and Solicitation Agent: Estimated Estimated Assets Liabilities ---------- ----------- Adinath Corp. $0-$50,000 $0-$50,000 Simply Fashion $10MM-$50MM $10MM-$50MM The petition was signed by Soneet R. Kaplia, chief restructuring officer. List of Simply Fashion Stores, Ltd.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Louise Paris, Ltd. Vendor $418,838 1407 Broadway, Suite 1405 New York, NY 10018 Olem Shoe Corp. Vendor $318,961 P.O. Box 013168 Miami, FL 33101 Panties Plus, Inc. Vendor $262,005 320 5th Avenue, 2nd Floor New York, NY 10001 Vibes Sportswear/Tee Dees, Inc. Vendor $211,041 Tess Sportswear, Ltd. Vendor $191,321 U.S. Bank Equipment Finance Corp. Vendor $168,733 Amiee Lynn, Inc. Vendor $107,869 BMGM Co./Honeycomb Kidz Vendor $105,172 J & L Footwear, Inc. Vendor $94,800 Edisto Village-Orangeburg, LLC Vendor $91,533 VIP's Jeans Vendor $87,527 Econoco Corporation (Sellutions) Vendor $82,365 Bena J, Inc. Vendor $78,938 Nana/Mango USA Vendor $78,012 Dreamwear, Inc. Vendor $77,662 Motivic, Inc. Vendor $73,182 Carol For Eva Graham, Inc. Vendor $72,556 Lux Accessories Vendor $70,781 Active Footwear, Inc. Vendor $69,728 Chateau International, Inc. Vendor $60,085 SIMPLY FASHION: Files for Bankruptcy to Liquidate Chain ------------------------------------------------------- Simply Fashion Stores Ltd., a 250-store Women's clothing chain, sought bankruptcy protection with plans to liquidate its assets, absent higher and better offers. Unless a better offer comes out, Simply Fashion intends to close a deal that would let Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC, liquidate substantially all assets of the Debtor. Hilco/Garen has guaranteed Simply Fashion a return of 27.5% of the aggregate retail price of merchandise to be included in the store closing sales. During the bidding process leading up to the auction, Simply Fashion will consider [other] bids for any or all assets, and reserve the right to sell separate assets or groups of assets to various bidders in order to maximize the value generated for the Debtor's estate. Simply Fashion, however, is proposing a quick auction process. It proposes an auction to select offers for the assets on April 28, 2015, with an April 27 deadline for initial bids. The family-run company, founded in 1991, built its business by taking advantage of fire sales in retail bankruptcies. Simply Fashion got its start after buying 100 store leases through the bankruptcy (Bankr. D. Ala.) of a retailer, Amret, Inc., doing business as "Simply 6", which sold clothing for $6 or less. Simply Fashion also acquired 20 leases from the Pic 'N Pay Stores, Inc. bankruptcy case, which was commenced in 1996 (Bankr. D. Del.). In 2005, it acquired 80 leases from the bankruptcy case (Bankr. E.D.N.Y.) of Norstan Apparel Shops, Inc., which operated under the brand name of "Fashion Cents". In June 2014, Simply Fashion became a licensee of the intellectual property of Dots, LLC ("DOTS") from an affiliated entity that acquired the intellectual property from the DOTS bankruptcy estate (Bankr. D.N.J.), and as a result, the Debtors opened in excess of 60 DOTS stores. As of the Petition Date, Simply Fashion employs a total of 1,332 employees, of which 607 are full time employees and 725 are part time employees. Simply Fashion relies heavily on February and March sales, and its clientele spending their income tax refunds on purchases at its stores. In 2015, due to unseasonably cold weather, as well as an overall decrease in the income tax refunds received by its clientele, Simply Fashion failed to meet its sales projections. Goal of Chapter 11 Case The Debtors commenced the Chapter 11 cases in order to preserve and maximize their enterprise value for the benefit of their consumers, their secured creditors, their vendors and other unsecured creditors, and their employees. The Debtors' immediate objective is to stabilize their operations and to work with interested parties to obtain a sale of their for the benefit of their customers, their secured creditors, their employees, their vendors, and their other unsecured creditors. The Debtors are pursuing a process to maximize value and returns for all constituencies, whereby the Debtors will seek approval of a form of "stalking horse" agreement with Hilco Merchant Resources and Gordon Brothers Retail Partners. The stalking horse agreement seeks approval of the stalking horse as agent for the liquidation of substantially all of the Debtors' assets, subject to higher and better offers at an auction. As part of this process, the Debtors anticipate that some locations will be forced to close. The Debtors' exact plan will be refined in connection with and as a result of negotiations that are occurring and ongoing with the stalking horse and other potential purchasers and other interested parties. Sara Randazzo, writing for The Wall Street Journal, reported that the company owes $9 million in secured debt to two of its owners, Swapnil Shah and Shail Shah. Its unsecured debts include $400,000 owed to IberiaBank, $3.7 million in general unsecured claims and $9.9 million in unsecured debt owed to insiders. The Shahs are offering to finance Simply Fashion's bankruptcy with financing of up to $1.25 million. First Day Motions The Debtors on the Petition Date filed motions to: -- continue using their existing cash management system; -- continue their insurance policies; -- maintain their customer programs; -- reject certain unexpired leases; -- pay employee wages and benefits; -- pay prepetition sales and use taxes; -- grant adequate assurance of payment to utilities; and -- use cash collateral and access DIP financing. A hearing is scheduled for April 20, 2015 at 3:00 p.m. at C. Clyde Atkins U.S. Courthouse, 301 N Miami Ave Courtroom 8 (LMI), Miami, Florida. The Debtors have sought and obtained an order granting joint administration of their Chapter 11 cases. A copy of the affidavit in support of the First Day Motions is available for free at: http://bankrupt.com/misc/Adinath_1st_Day_Affidavit.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd. each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida. The cases are pending before the Honorable Laurel M. Isicoff, and the Debtors have requested joint administration of the cases under Case No. 15-16885. The Debtors have tapped Berger Singerman LLP as counsel; KapilaMukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Soneet Kapila serves as the company's chief restructuring officer. SOLAR POWER: Amends Third Quarter 2014 Form 10-Q ------------------------------------------------ Solar Power, Inc. has amended its quarterly report on Form 10-Q to restate its consolidated balance sheets as of Sept. 30, 2014, and consolidated statements of operations, comprehensive loss, and cash flows for the three-month and nine-month periods ended Sept. 30, 2014. "Based on our review, we determined that we inappropriately recognized revenue related to the sale of a solar project in the U.S. for the three-month period ended September 30, 2014 resulting from inadvertent misapplication of U.S. GAAP in analyzing the related construction contract with respect to the project by using the percentage-of-completion method of accounting, which should be accounted for under the rules of real estate accounting and the related revenue should be recognized using full accrual method when we do not retain a substantial continuing involvement with the property," the Company said in the filing. As the Company had not been released from substantial continuing involvement as of Sept. 30, 2014, no revenue arising out of the sale of this project could be recognized in accordance with the full accrual rule under U.S. GAAP, the Company maintained. The Company's total consolidated assets decreased by $576,000 to $112.28 million as of Sept. 30, 2014. Consolidated net loss for the three months ended Sept. 30, 2014, increased by $576,000 to $8.28 million and consolidated loss for the nine months ended Sept. 30, 2014, increased by $576,000 to $10.45 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/1AFf0y About Solar Power Roseville, Cal.-based Solar Power, Inc., is a global solar energy facility 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 $32.2 million in 2013 and a net loss of $25.4 million in 2012. As of Dec. 31, 2014, the Company had $588 million in total assets, $326 million in total liabilities, and $262 million in total stockholders' equity. SOLAR POWER: To Acquire 100% Interest in Solar Projects for $8.8M ----------------------------------------------------------------- SPI Solar Japan G.K., a wholly owned subsidiary of Solar Power, Inc., entered into a GK interest sale and purchase agreement to acquire 100% of the interest in approximately 30 megawatts (MW) of solar PV projects in Japan from with Re Capital K.K., a subsidiary of China-based China Reinsurance (Group) Corporation, for an aggregate consideration of US$8,800,000, including (i) US$3,300,000 by cash and (ii) US$5,500,000 by equivalent value of shares of common stock of the Company. The acquisition is subject to several customary closing conditions. Transaction with ZBB Energy Corporation On April 17, 2015, the Company and ZBB Energy Corporation entered into a securities purchase agreement pursuant to which ZBB Energy will issue and sell to the Company for an aggregate purchase price of $33,390,000 a total of (i) 8,000,000 shares of the Seller's common stock and (ii) 28,048 shares of the Seller's Series C Convertible Preferred Stock. The aggregate purchase price for the Purchased Common Shares was based on a purchase price per share of $0.6678 and the aggregate purchase price for the Purchased Preferred Shares was determined based on price of $0.6678 per common equivalent. The Purchased Preferred Shares were sold for $1000 per share and are convertible at a conversion price of $0.6678, prepaid at closing the transaction. The closing of the Purchase Agreement is expected to take place following satisfaction of various closing conditions, including obtaining the approval of the Seller's shareholders. The Purchase Agreement also contemplates that: (i) the Company will be issued a warrant to purchase 50,000,000 shares of Common Stock for an aggregate purchase price of $36,729,000 and a per share exercise price equal to $0.7346; (ii) the Company will be entering into a supply agreement with the Seller pursuant to which the Company will purchase and the Seller will sell certain products and services offered by the Seller from time to time, including certain energy management system solutions for solar projects; and (iii) the Company will be entering into a governance agreement with the Seller at the closing of the transactions contemplated by the Purchase Agreement, pursuant to which the Company is entitled to nominate one director to the Seller's board of directors for so long as the Company holds at least 10,000 Purchased Preferred Shares or 25 million shares of Common Stock or Common Stock equivalents. About Solar Power Roseville, Cal.-based Solar Power, Inc., is a global solar energy facility 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 $32.2 million in 2013 and a net loss of $25.4 million in 2012. As of Dec. 31, 2014, the Company had $588 million in total assets, $326 million in total liabilities, and $262 million in total stockholders' equity. SOUTH I-90: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: South I-90 Limited Partnership 1016 10th Street Snohomish, WA 98290 Case No.: 15-12348 Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court Western District of Washington (Seattle) Judge: Hon. Karen A. Overstreet Debtor's Counsel: Stephen J Plowman, Esq. STEPHEN J. PLOWMAN, INC., P.S. 8048 NE 8th Street Medina, WA 98039 Tel: 425-233-0321 Fax: 425 968 1390 Email: sjplowmanlaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by W. Clay Hinkle, owner of Debtor and president of general partner. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SRP PLAZA: Case Summary & 6 Largest Unsecured Creditors ------------------------------------------------------- Debtor: SRP Plaza, L.P. 3275 S. Jones Blvd., Ste. #105 Las Vegas, NV 89146 Case No.: 15-12127 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: April 16, 2015 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: August B. Landis Debtor's Counsel: Zachariah Larson, Esq. LARSON & ZIRZOW, LLC 810 S. Casino Center Blvd. #101 Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: carey@lzlawnv.com Estimated Assets: $10 million to $50 million Estimated Debts: $1 million to $10 million The petition was signed by Jeff Susa, manager of IDC Mission Paseo, LLC, GP of Debtor. List of Debtor's six Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Centurion Discovery Services $403 Edgar's Services, Inc. Services $970 J&J Services Services $950 Lucove, Say & Co Services $1,285 Stout Electric, Inc. Services $245 Terminix Commercial Services $210 SRP PLAZA: Files for Chapter 11 in Las Vegas -------------------------------------------- SRP Plaza, L.P., a Single Asset Real Estate, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 15-12127) in Las Vegas, Nevada, on April 16, 2015, to halt a receiver from taking control of the property. The Debtor's principal asset is located at 6985 & 7005 West Sahara, and 2555 & 2585 South Rainbow, in Las Vegas, Nevada. The Debtor estimated $10 million to $50 million worth of assets against debt of less than $10 million. U.S. Bank National Association, as successor trustee for the registered holders of Bear Stearns Commercial Mortgage Securities, Inc., Commercial Pass-Through Certificates, Series 20015-PW37 has declared an event of default under a Deed of Trust dated on Dec. 7, 2004, and recorded against the real property of SRP on Dec. 9, 2004 as Instrument No. 20041209-0003438. On March 31, 2014, the Bank filed a complaint for appointment of a receiver in the Eight Judicial District Court, Clark County, Nevada, being Case No. A-15-71622 against SRP, and on April 9, 2015, filed an application for the appointment of a receiver seeking the potential seizure of control of SRP's property, which actions, if allowed to proceed, would cause significant and irreparable harm to SPR, its creditors and other parties-in-interest. Accordingly, the Company decided that commencing a bankruptcy case is in the best interest of creditors should the receivership be granted. The bankruptcy case is assigned to Judge August B. Landis. The Debtor is represented by Zachariah Larson, Esq., at Larson & Zirzow, in Las Vegas, Nevada. According to the docket, the 11 U.S.C. Sec. 341(a) meeting of creditors is slated for May 21, 2015. The deadline for filing claims is Aug. 19, 2015. SRP PLAZA: Section 341(a) Meeting Scheduled for May 21 ------------------------------------------------------ A meeting of creditors in the bankruptcy case of SRP Plaza, L.P., has been set for May 21, 2015, at 2:00 p.m. at 341s - Foley Bldg,Rm 1500. Deadline for creditors to file proofs of claim is Aug. 19, 2015. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. SRP Plaza, L.P., a single asset real estate, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 15-12127) on April 16, 2015. The petition was signed by Jeff Susa as manager of IDC Mission Paseo, LLC, GP of Debtor. The Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Judge August B. Landis is assigned to the case. Zachariah Larson, Esq., at Larson & Zirzow, LLC serves as the Debtor's counsel. STANDARD REGISTER: Judge OKs $155M DIP, Auction Plans ----------------------------------------------------- Law360 reported that U.S. Bankruptcy Judge Brendan L. Shannon on April 13 blessed a $155 million stopgap financing package for Standard Register Co. and approved bid procedures that establish major creditor Silver Point Capital LP as a $275 million stalking horse for the information management company's going-concern auction in June. According to the report, Judge Shannon agreed to approve Standard Register's contested motions for $155 million in debtor-in-possession financing and sale procedures at a hearing in Wilmington, though he rejected certain auction terms opposed by the official committee of unsecured creditors. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow,content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STATE AUTO: S&P Revises Outlook to Stable & Affirms BB+ CCR ----------------------------------------------------------- Standard & Poor's Ratings Services said that it changed its outlook on State Auto Financial Corp. and its insurance operating subsidiaries (collectively State Auto) to stable from negative. At the same time, S&P affirmed its ratings on State Auto, including its 'BB+' long-term counterparty credit rating on State Auto Financial Corp. The outlook revision is based on S&P's view that the company's capital and earnings are likely to stabilize given various risk-mitigation efforts, including placement of a property aggregate excess catastrophe reinsurance agreement for its personal and commercial segments, completion of an in-house review of claims relating to its Risk Evaluation and Design (RED) business line, and an adverse development cover reinsurance agreement put in place for the RED restaurant program. "These initiatives have addressed our prior concerns and we do not expect further material adverse reserve development relating to this program," said Standard & Poor's credit analyst David Veno. Moreover, S&P's is also shaped by ongoing initiatives to address State Auto's regional concentration and catastrophe exposure in its homeowners' coverage, which has resulted in a deliberate reduction to policies in force. The outlook is stable, reflecting S&P's view that State Auto's operating performance will benefit from management's efforts to address the geographic concentration and catastrophe exposure of the homeowners' business and improve the performance of the commercial business line. The rating also reflects S&P's view that capital adequacy will remain redundant at least at the very strong level. S&P may lower the rating if State Auto's operating performance does not show sustainable improvement or if its capital position falls below a moderately strong level of adequacy. S&P is unlikely to raise the rating in the next two years. Any potential upgrade will depend on a material and sustainable improvement in the company's operating performance. STOCKBRIDGE/SBE HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Neg --------------------------------------------------------------- Moody's Investors Service downgraded Stockbridge/SBE Holdings, LLC (SBE) Corporate Family Rating to Caa2 from B3 and its Probability of Default Rating to Caa2-PD from B3-PD. Moody's also affirmed the B2 rating on the company's senior secured first lien term loan due 2017. The rating outlook is negative. The downgrade reflects lower than expected revenues and earnings relative to our expectations at the company's casino located at the northern end of the Las Vegas Strip since its opening in August 2014. As a result, Moody's anticipate first year EBITDA will come in well below our earlier estimates resulting in debt to EBITDA to be significantly higher than anticipated at the end of 2015. Moody's also estimates that the lower than expected earnings will result in negative free cash flow over the next 12 months and its earnings will be insufficient to cover interest, capital spending, and mandatory debt amortization in 2015. Without a material improvement in earnings or a restructuring, SBE's capital structure is unsustainable. Stockbridge /SBE Investment Company, LLC, the parent of SBE, announced in its December 31, 2014 10-K filing that it has the intent to provide sufficient funds up to $40 million through December 31, 2015 to pay SBE's obligations, if necessary, as they come due. The 10-K filing also noted that SBE will likely not be in compliance of covenants at the initial covenant measurement date (September 30, 2015) and that it intends to provide sufficient capital contributions to the company if necessary through December 2015 to ensure compliance with the covenants. The negative rating outlook reflects SBE's weak liquidity and Moody's view that without a material improvement in revenue and earnings, SBE will have difficulty meeting its financial covenants in 2016. SBE currently has no availability under its $22.5 million committed revolver as it has been fully drawn. The affirmation of the B2 rating on the senior secured first lien term loan reflects the higher amount of junior financing in the capital structure than originally contemplated. The ratings could be lowered if gaming revenues and earnings do not improve, or if it appears the probability of default increases for any reason. The rating outlook would revert to stable if gaming revenues show a sustained improvement, if possible covenant violations are addressed and if liquidity improves. Ratings downgraded: -- Corporate Family Rating to Caa2 from B3 -- Probability of Default Rating to Caa2-PD from B3-PD Ratings affirmed: -- $150 million first lien senior secured term loan due 2017 at B2 (LGD2) Stockbridge/SBE Holdings LLC is a joint venture between Stockbridge Real Estate Funds (90% ownership interest) and sbe Las Vegas Holdings I, LLC (10% ownership interest). SBE redeveloped the Sahara Hotel and Casino in Las Vegas into the SLS Las Vegas that opened in August 2014. The SLS Las Vegas is located on the north end of the Las Vegas Strip. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. STOCKTON, CA: June 29 Deadline to File Avoidance Actions vs. SJC ---------------------------------------------------------------- U.S. Bankruptcy Judge Christopher Klein has approved an agreement, which gives the California city of Stockton until June 29, 2015, to file an avoidance action against San Joaquin County. The agreement allows both sides to resolve their dispute without the cost of litigation, according to court filings. The city of Stockton had said it will file an avoidance action in response to the claims of San Joaquin County if they fail to resolve their dispute. The deadline imposed by U.S. bankruptcy laws for the city to file avoidance actions expired on March 31. About Stockton, Calif. The City of Stockton, California, filed a Chapter 9 petition (Bankr. E.D. Cal. Case No. 12-32118) in Sacramento on June 28, 2012, becoming the largest city to seek creditor protection in U.S. history. The city was forced to file for bankruptcy after talks with bondholders and labor unions failed. Stockton estimated more than $1 billion in assets and in excess of $500 million in liabilities. The city, with a population of about 300,000, identified the California Public Employees Retirement System as the largest unsecured creditor with a claim of $147.5 million for unfunded pension costs. In second place is Wells Fargo Bank NA as trustee for $124.3 million in pension obligation bonds. The list of largest creditors includes $119.2 million owing on four other series of bonds. The city is being represented by Marc A. Levinson, Esq., and John W. Killeen, Esq., at Orrick, Herrington & Sutcliffe LLP. The petition was signed by Robert Deis, city manager. Mr. Levinson also represented the city of Vallejo, Cal. in its 2008 bankruptcy. Vallejo filed for protection under Chapter 9 (Bankr. E.D. Cal. Case No. 08-26813) on May 23, 2008, estimating $500 million to $1 billion in assets and $100 million to $500 million in debts in its petition. In August 2011, Vallejo was given green light to exit the municipal reorganization. The Vallejo Chapter 9 plan restructures $50 million of publicly held debt secured by leases on public buildings. Although the Plan doesn't affect pensions, it adjusts the claims and benefits of current and former city employees. Bankruptcy Judge Michael McManus released Vallejo from bankruptcy on Nov. 1, 2011. The bankruptcy judge on April 1, 2013, ruled that the city of Stockton is eligible for municipal bankruptcy in Chapter 9. Judge Klein, in late October 2014, confirmed the debt-adjustment plan by the city of Stockton, rejecting arguments that it unfairly discriminated among creditors by chopping a mutual fund's recovery to near zero while shielding city retirees from any impairment at all. Stockton, California city manager Kurt Wilson said the city's First Amended Plan of Adjustment, as Modified, became effective; and the Company emerged from Chapter 9 protection, following the U.S. Bankruptcy Court's confirmation of the plan on Feb. 4, 2015. * * * The Troubled Company Reporter, on Sep. 26, 2014, reported that Moody's Investors Service has affirmed the long-term ratings of the city of Stockton's (CA) water and sewer enterprises' debts at Ba1. Moody's have also changed the outlook on the city's water bond rating to developing from stable, while the developing outlook on the sewer system's rating remains the same. The TCR, on Nov. 10, 2014, reported that Moody's Investors Service has upgraded to Ba3 from Caa3 the City of Stockton's (CA) series 2006 lease revenue bonds and affirmed the city's 2007 pension obligation at Ca. Moody's have removed the developing outlook from the Series 2006 bonds and Moody's have removed the negative outlook from the Series 2007 bonds. The TCR, on Nov. 14, 2014, reported that Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'B-' from 'CCC' on the Stockton Public Financing Authority, Calif.'s series 2003A and 2003B certificates of participation (COPs) and its SPUR to 'B-' from 'CCC' on the authority's series 2006A lease revenue refunding bonds. Standard & Poor's also affirmed its 'CC' SPUR on Stockton Redevelopment Agency's series 2004 (arena project) revenue bonds. All series are appropriation obligations of Stockton. The outlook on the series 2003A and 2003B COP long-term rating and SPUR and on the 2006A lease revenue refunding bond SPUR is stable, and the outlook on the series 2004 revenue bond rating (arena project) is negative. SUNVALLEY SOLAR: Incurs $1.28 Million Net Loss in 2014 ------------------------------------------------------ Sunvalley Solar, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.28 million on $3.31 million of revenues for the year ended Dec. 31, 2014, compared with net income of $764,000 on $4.09 million of revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $7.47 million in total assets, $6.87 million in total liabilities and $595,000 in total stockholders' equity. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has an accumulated deficit of $3.65 million, which raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/PRQg0l About Sunvalley Solar Sunvalley Solar, Inc., is a California-based solar power technology and system integration company. Since the inception of its business in 2007, the company has focused on developing its expertise and proprietary technology to install residential, commercial and governmental solar power systems. TARGETED MEDICAL: Posts $3.89 Million Net Loss in 2014 ------------------------------------------------------ Targeted Medical Pharma, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $3.89 million on $7.11 million of total revenue for the year ended Dec. 31, 2014, compared to a net loss of $9.33 million on $9.55 million of total revenue in 2013. As of Dec. 31, 2015, the Company had $2.5 million in total assets, $12.5 million in total liabilities, and a $9.97 million total stockholders' deficit. Marcum LLP, in Irvine, CA, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred significant net losses since its inception. The Company had an accumulated deficit of $26.9 million and negative working capital of $11.8 million as of Dec. 31, 2014. In addition, the Company has incurred net losses since inception and incurred a net loss of $3.90 million for the year ended Dec. 31, 2014. The foregoing matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/7jcGx9 About Targeted Medical Los Angeles, Calif.-based Targeted Medical Pharma, Inc., is a specialty pharmaceutical company that develops and commercializes nutrient- and pharmaceutical-based therapeutic systems. TEXOMA PEANUT: Taps Koehler & Associates as Financial Advisor ------------------------------------------------------------- Texoma Peanut Company, et al., ask the U.S. Bankruptcy Court for permission to employ Koehler & Associates, Inc., as financial advisor. The Debtors note that effective Jan. 23, 2015, they terminated Focus Management Group USA, Inc. as their financial advisor. Consequently, the Debtors believe there will be no overlap or duplication of services provided by Focus and Koehler. J. Bill Koehler (i) is well-qualified in restructuring accounting matters; (ii) does not hold or represent an interest adverse to the estates, and (iii) is a disinterested person. Koehler will, among other thing: 1) prepare the monthly operating reports; 2) assist in the preparation of the Debtors' periodic financial statements as needed and other accounting reports and matters; and 3) other financial advisory services as needed. Mr. Koehler will charge the estate $275 per hour for work performed. Koehler's hourly charges for associates range from $100 to $160. The Debtors are represented by: Mark A. Craige, Esq. Michael R. Pacewicz, Esq. 500 Kennedy Building 321 South Boston Avenue Tulsa, OK 74103-3313 Tel: (918) 592-9800 Fax: (918) 592-9801 E-mail: mark.craige@crowedunlevy.com michael.pacewicz@crowedunlevy.com - and - William H. Hoch, Esq. Braniff Building 324 North Robinson Avenue, Suite 100 Oklahoma City, OK 73102 Tel: (405) 235-7700 Fax: (405) 239-6651 E-mail: will.hoch@crowedunlevy.com About Texoma Peanut Texoma Peanut Company was incorporated by Clint Williams in 1961 as a Southern Oklahoma bulk peanut drying, handling and storage operation, buying and storing peanuts for shellers. In 1968, The Clint Williams Company was established as a sheller and processor of peanuts for both seed and edible markets. Although The Clint Williams Company was later merged into TPC, the company continues to do its processed peanut business under the "Clint Williams Company" name which is the name known best in the domestic and international peanut industry. TPC and its subsidiaries own 15 buying points and storage facilities -- 4 in Oklahoma, 9 in Texas, and 2 in Mississippi. TPC owns 99% of Clint Williams Company- Western Division LLC and 100% of Clint-Co Peanut Company. TPC and two subsidiaries sought Chapter 11 bankruptcy protection (Bankr. E.D. Okla. Lead Case No. 14-81334) in Okmulgee, Oklahoma, on Nov. 6, 2014. The cases are assigned to Judge Tom R. Cornish. The judge has granted joint administration of the Chapter 11 cases. According to the docket, the Debtors' Chapter 11 plan and disclosure statement are due March 6, 2015. Creditors who are governmental entities have until May 9, 2015, to file claims. The Debtors have tapped Crowe & Dunlevy as counsel and Dixon Hughes Goodman as bankruptcy accountants. The Debtors say they have $49 million in assets. Secured debt includes $3.45 million owed to Wells Fargo Bank, N.A., and $2.33 million owed to Wells Fargo Equipment Finance. Wells Fargo Bank is represented by William L. Wallander, Esq., at VINSON & ELKINS LLP, in Dallas, Texas. As of the Petition Date, an official committee of unsecured creditors has not yet been appointed in the Cases. The Debtors sought bankruptcy for protection with plans to sell all of their core business assets and, thereafter, file a joint plan of reorganization. The Debtors expect that by Nov. 24, 2014, they will have obtained a court order approving the bid procedures and scheduling an auction date and final sale hearing. The Debtors intend to consummate the sale on or prior to Dec. 31, 2014. The U.S. Trustee overseeing Texoma Peanut Co.'s bankruptcy case said that it wasn't able to appoint a committee of unsecured creditors. TLC HEALTH: Meeting of Creditors Adjourned to June 15 ----------------------------------------------------- U.S. Trustee Joseph Allen adjourned the meeting of creditors of TLC Health Network to June 15, 2015, at 12:00 p.m. The meeting will take place at the Office of the U.S. Trustee, Olympic Towers, in Buffalo, New York. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. . About TLC Health Network TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 13-13294) on Dec. 16, 2013. The petition was signed by Timothy Cooper as Chairman of the Board. The Debtor estimated assets of at least $10 million and debt of at least $1 million. Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C., serves as the Debtor's counsel. Damon & Morey LLP is the Debtor's special health care law and corporate counsel. The Bonadio Group is the Debtor's accountants. Howard P. Schultz & Associates, LLC is the Debtor's appraiser. The case is assigned to the Hon. Carl L. Bucki. A three-member panel composed of Cannon Design, Chautauqua Opportunities, Inc., and Jamestown Rehab Services has been appointed as the official unsecured creditors committee. Bond, Schoeneck & King, PLLC is the counsel to the Committee. The Committee has tapped NextPoint LLC as financial advisor. Gleichenhaus, Marchese & Weishaar, PC is the general counsel for Linda Scharf, the Patient Care Ombudsman of TLC Health. TRANSGENOMIC INC: Incurs $15.1 Million Net Loss in 2014 ------------------------------------------------------- Transgenomic, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss available to common stockholders of $15.1 million on $27.1 million of net sales for the year ended Dec. 31, 2014, compared to a net loss available to common stockholders of $16.7 million on $27.5 million of net sales for the year ended Dec. 31, 2013. The Company reported a net loss available to common stockholders of $8.98 million in 2012. For the three months ended Dec. 31, 2014, the Company reported a net loss available to common stockholders of $6.09 million on $7.69 million of net sales compared to a net loss available to common stockholders of $4.16 million on $6.21 million of net sales for the same period a year ago. As of Dec. 31, 2014, Transgenomic had $30.0 million in total assets, $23.5 million in total liabilities, and $6.55 million in total stockholders' equity. Ernst & Young LLP, in Hartford, Connecticut, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. "In 2014, we made good progress in building a foundation for renewed growth at Transgenomic," said Paul Kinnon, Transgenomic's president and chief executive officer. "We executed on the development of Multiplexed ICE COLD-PCR (MX-ICP) in 2014, setting the stage for validation of the product in 2015 and its launch in the second quarter. A key recent development is that we have added the capability to use MX ICP quantitatively on sequencing platforms. This further expands the commercial potential of MX-ICP and its potential to enable the adoption of truly personalized, or precision medicine. We also continued to make progress strengthening our designated core businesses and resolving several infrastructure issues that have been obstacles to greater success over the past year." A full-text copy of the Form 10-K is available for free at: http://is.gd/IzIADb About Transgenomic Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through its proprietary molecular technologies and world-class clinical and research services. The Company is a global leader in cardiac genetic testing with a family of innovative products, including its C-GAAP test, designed to detect gene mutations which indicate cardiac disorders, or which can lead to serious adverse events. Transgenomic has three complementary business divisions: Transgenomic Clinical Laboratories, which specializes in molecular diagnostics for cardiology, oncology, neurology, and mitochondrial disorders; Transgenomic Pharmacogenomic Services, a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical trials for oncology drugs in development; and Transgenomic Diagnostic Tools, which produces equipment, reagents, and other consumables that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise. The Company actively develops and acquires new technology and other intellectual property that strengthens its leadership in personalized medicine. TRIGEANT HOLDINGS: BSLLP Says It Has No Adverse Interests --------------------------------------------------------- Berger Singerman LLP, filed documents in support of Trigeant Holdings, Ltd., et al.'s application for approval of employment of BSLLP as special litigation counsel. BSLLP said that nothing in the record supports the conclusion that BSLLP represents or holds any interest adverse to the Debtors or to their estates with respect to the matter on which the firm is to be employed. Parties-in-interest had objected to the Debtors' application. Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, said that the application failed to provide sufficient information in order for the Court, creditors and parties-in-interest to determine that the employment is in the best interests of the estate or whether BSLLP is free from adverse interests to the Debtors or the estates with respect to the matters on which they are to be employed. BTB Refining, LLC and Harry Sargeant, III, in their objection, stated that BSLLP still represents Sargeant Trading, Ltd., an entity which (1) is a plaintiff in virtually identical litigation already filed against BTB and others in Palm Beach County; (2) is a substantial creditor of the bankruptcy estate; and (3) has agreed to pay all the fees incurred by BSLLP as special litigation counsel. The Motion The Debtors are asking for approval to employ BSLLP to handle various pending litigation matters. Charles H. Lichtman, a partner in the law firm of BSLLP with offices at 1450 Brickell Avenue, Suite 1900, Miami, Florida; 350 E. Las OlasBoulevard, Suite 1000, Ft. Lauderdale, Florida; 125 South Gadsden Street, Suite 300, Tallahassee, Florida and 2650 North Military Trail, Suite 240, Boca Raton, Florida, told the Court BSLLP holds no monies in retainer as security for the fees and costs that may be awarded to it by the Court. BSLLP's hourly rates for the lawyers principally involved in the assignment are: Mr. Lichtman $695 Jordi Guso $625 Paraprofessionals $225 About Trigeant Holdings Trigeant, owner of a Corpus Christi, Texas oil refinery, provides fuel and asphalt products to the housing and transportation industries. The company is owned by Palm Beach, Florida billionaire Harry Sargeant III and members of his family. On Nov. 26, 2014, Trigeant filed its first bankruptcy In re Trigeant Ltd., 13-38580. The case was dismissed on April 1, 2014. Trigeant Holdings, Ltd., and Trigeant, LLC, filed Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 14-29027 and 14-29030, respectively) on Aug. 25, 2014, amid a dispute among members of the Sargeant family. Mr. Sargeant's two brothers, Daniel and James, and his father, Harry Sargeant II, sent Trigeant to bankruptcy to fend off Mr. Sargeant III's bid to seize control of the company's primary asset. The family says Mr. Sargeant III, who has a $22 million lien against the plant through a company he controls called BTB Refining LLC, is attempting to prevent the refinery from operating in an effort to lower its value and obtain ownership of it. Trigeant Holdings estimated both assets and liabilities of $50 million to $100 million. Berger Singerman LLP serves as the Debtors' counsel. The Bankruptcy Court set the general claims bar date as Oct. 17, 2014, and March 31, 2015, as the deadline by which governmental entities must file proofs of claims. The Debtors filed on Sept. 16, 2014, their Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The Plan is premised on the sale of substantially all of the Debtors' assets to Gravity Midstream Corpus Christi, LLC. The Plan provides that holders of Allowed Claims will be paid in full, in cash. The U.S. Trustee for Region 21 has not appointed a committee of unsecured creditors. TRISTAR WELLNESS: Posts $8.87 Million Net Loss in 2014 ------------------------------------------------------ TriStar Wellness Solutions, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $8.87 million on $5.54 million of sales revenue for the year ended Dec. 31, 2014, compared to a net loss of $12.6 million on $3.77 million of sales revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2014, the Company had $3.06 million in total assets, $14.1 million in total liabilities, and a $11.1 million total stockholders' deficit. M&K CPAS, PLLC, in Houston, TX, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered reoccurring losses from operations, and has an accumulated deficit and working capital deficit as of Dec. 31, 2014. These conditions raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/ESY246 About TriStar Wellness TriStar Wellness Solutions, Inc., offers products and technologies in the areas of wound care, women's health and therapeutic skin care. The Company is based in Westport, Connecticut. TURNER GRAIN: May 14 Hearing on UST's Motion to Convert Case ------------------------------------------------------------ The U.S. Bankruptcy Court will convene a hearing on May 14, 2015, at 10:00 a.m., to consider the motion convert the case of Turner Grain Merchandising, Inc., doing business as Turner Grains, to a Chapter 7 liquidation. At the hearing, the Court will also consider the objections and responses to Acting U.S. Trustee Daniel Casamatta's motion. The motion claims that cause exists for conversion based on the Debtor's failure to file operating reports, to provide information to the U.S. Trustee, to pay required fees, and the absence of a reasonable likelihood of reorganization. The Official Committee of Unsecured Creditors, objected to the U.S. Trustee's conversion motion, stating that based on court-appointed receiver Kevin P. Keech's response to the U.S. Trustee motion, the Committee believes that the matters may be quickly and easily resolved and does not support a finding of cause for the conversion or dismissal of the case. The Committee recognizes that there is chance of rehabilitation of the Debtor. In its objection to the Conversion Motion, the Debtor points out that it has made no disbursements and, therefore, there is no need for a monthly operating report. Support to Motion to Convert Various parties expressed support to the U.S. Trustee's motion: -- Travis Mears and Scott Mears, doing business as Mears Brothers Farms; -- Creditor Tim Burzynski, Jill Burzynski doing business as Burzynski Farms; and -- Creditor and party-in-interest K.B.X., Inc. According to KBX, Turner Grain ceased business operations and closed its doors on Aug. 15, 2014. Shortly before ceasing operations, Turner Grain bounced a check to KBX in the amount of $532,923. Between Aug. 15, 2014, and the Chapter 11 bankruptcy filing date of Oct. 23, 2014, Turner Grain conducted no business activities and had no employees. In addition, Turner Grain has conducted no business operations since its receiver filed the Bankruptcy petition on Oct. 23, 2014, nor has Turner Grain had any employees since the Bankruptcy filing date. KBX asserts that fundamentally, the case is one of liquidation and must have been filed under Chapter 7 to begin with. Turner Grain must be liquidated by one of the experienced trustees appointed by the Office of the U.S. Trustee from the Trustee panel, not by a receiver appointed by the Federal District Court. KBX is represented by Hilburn, Calhoon, Harper, Pruniski & Calhoun, Ltd. Mears Brothers Farms and Burzynski Farms are represented by: H. David Blair, Esq. BLAIR & STROUD P.O. Box 2135 Batesville, AR 72503 Tel: (870) 793-8350 About Turner Grain Turner Grain Merchandising, Inc., sought bankruptcy protection (Bankr. E.D. Ark. Case No. 14-bk-15687) in Helena, Arkansas, on Oct. 23, 2014. Kevin P. Keech, the court-appointed receiver of the Debtor, sought and obtained permission to employ Keech Law Firm, P.A., as attorneys. The Debtor listed $13.8 million in total assets, and $24.8 million in total liabilities. The U.S. Trustee for Region 13 appointed three creditors of Turner Grain Merchandising to serve on the official committee of unsecured creditors. VANTAGE DRILLING: 2017 Bank Debt Trades at 38% Off -------------------------------------------------- Participations in a syndicated loan under which Vantage Drilling Co. is a borrower traded in the secondary market at 62.82 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 0.71 percentage points from the previous week, The Journal relates. The Company pays 400 basis points above LIBOR to borrow under the facility. The bank loan matures on Oct. 25, 2017, and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among widely-quoted syndicated loans in secondary trading in the week ended Friday among the 260 loans with five or more bids. All loans listed are B-term, or sold to institutional investors. VANTAGE DRILLING: 2019 Bank Debt Trades at 41% Off -------------------------------------------------- Participations in a syndicated loan under which Vantage Drilling Co. is a borrower traded in the secondary market at 59.25 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 3.25 percentage points from the previous week, The Journal relates. The Company pays 400 basis points above LIBOR to borrow under the facility. The bank loan matures on April 4, 2019, and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among widely-quoted syndicated loans in secondary trading in the week ended Friday among the 260 loans with five or more bids. All loans listed are B-term, or sold to institutional investors. VERTICAL COMPUTER: Reports $2.1 Million Net Loss in 2014 -------------------------------------------------------- Vertical Computer Systems, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss applicable to common stockholders of $2.07 million on $7.43 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss applicable to common stockholders of $3.08 million on $6.05 million of total revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Vertical Computer had $1.43 million in total assets, $18 million in total liabilities, $9.9 million in convertible cumulative preferred stock, and a $26.5 million total stockholders' deficit. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company suffered net losses and has a working capital deficiency, which raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/XOgnSM About Vertical Computer Richardson, Tex.-based Vertical Computer Systems, Inc., is a multinational provider of Internet core technologies, application software, and software services through its distribution network with operations or sales in the United States, Canada and Brazil. WALTER ENERGY: Bank Debt Trades at 41% Off ------------------------------------------ Participations in a syndicated loan under which Walter Energy, Inc is a borrower traded in the secondary market at 59.40 cents-on- the-dollar during the week ended Friday, March 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.07 percentage points from the previous week, The Journal relates. Walter Energy, Inc. pays 575 basis points above LIBOR to borrow under the facility. The bank loan matures on March 14, 2018. The bank debt carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. WALTER ENERGY: In Talks with Holders to Improve Capital Structure ----------------------------------------------------------------- Walter Energy, Inc., said it is working with its debtholders to establish a capital structure that will position the Company to weather a highly competitive and challenging market. In the context of these discussions, the Company has elected to exercise the 30-day grace period under its indenture agreements with holders of its 9.5% Senior Secured Notes due in 2019 and the 8.5% Senior Notes due in 2021 to extend the timeframe for making the cash interest payments due April 15, 2015. The Company emphasized that this decision does not reflect a current liquidity issue, as it had approximately $435 million of cash and investments as of March 31, 2015. Walter Energy will continue to deliver high quality met coal to customers and meet its other obligations as it works with its debtholders to address the Company's capital structure. About Walter Energy Walter Energy is a leading, publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For more information about Walter Energy, please visit http://www.walterenergy.com/ For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. As of Dec. 31, 2014, Walter Energy had $5.38 billion in total assets, $5.10 billion in total liabilities and $282 million in stockholders' equity. * * * As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings Services said it raised its corporate credit rating on Birmingham, Ala.-based Walter Energy to 'CCC+' from 'SD'. S&P believes the company's capital structure is likely unsustainable in the long-term absent an improvement in met coal prices. The TCR reported on July 10, 2014, that Moody's downgraded the Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'. "The downgrade in the corporate family rating reflects the anticipated deterioration in performance, increased cash burn and increase in leverage, given the recent met coal benchmark settlement of $120 per tonne for high quality coking coal and our expectation that meaningful recovery in metallurgical coal markets is twelve to eighteen months away." WALTER INVESTMENT: Bank Debt Trades at 7% Off --------------------------------------------- Participations in a syndicated loan under which Walter Investment Management Corp is a borrower traded in the secondary market at 93.75 cents-on-the-dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.85 percentage points from the previous week, The Journal relates. Walter Investment pays 375 basis points above LIBOR to borrow under the facility. The bank loan matures on Dec. 18, 2020, and carries Moody's B2 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. WBH ENERGY: Seeks Approval of $5-Mil. Loan from CL III Funding -------------------------------------------------------------- WBH Energy LP asked a federal judge to approve a $5 million financing to get the oil and gas drilling company through bankruptcy. WBH Energy will get the loan from CL III Funding Holding LLC and use it to fund the continued development of its oil and gas properties. The company will also use the loan for working capital and general business purposes. The loan will have a 5 percent per annum interest rate. The maturity date of the loan will be the earliest of Sept. 1, 2015; the effective date of a Chapter 11 plan of reorganization; and the closing of sale of all or substantially all of the company's assets. CL III Funding will be granted "adequate protection" in the form of "superpriority" claims and security interests on some of the company's assets, according to a court filing. In the same filing, WBH Energy also seeks court approval to use CL III Funding's cash collateral. U.S. Bankruptcy Judge H. Christopher Mott will consider the request at a hearing on April 20. About WBH Energy WBH Energy Partners LLC (Bankr. W.D. Tex. Case No. 15-10004) and its affiliates -- WBH Energy, LP (Bankr. W.D. Tex. Case No. 15-10003) and WBH Energy GP, LLC (Bankr. W.D. Tex. Case No. 15-10005) separately filed for Chapter 11 bankruptcy protection on Jan. 4, 2015. The petitions were signed by Joseph S. Warnock, vice president. Judge Christopher Mott presides over WBH Energy, LP's case, while Judge Tony M. Davis presides over WBH Energy Partners' and WBH Energy GP's cases. William A. (Trey) Wood, III, Esq., at Bracewell & Giuliani LLP, serves as the Debtors' bankruptcy counsel. WBH Energy, LP, and WBH Energy Partners estimated their assets and liabilities at between $10 million and $50 million each. WBH Energy, LP disclosed $557,045 plus an unknown amount and $48,950,652 in liabilities as of the Chapter 11 filing. WBH Energy GP estimated its assets at up to $50,000, and its liabilities at between $10 million and $50 million. The U.S. Trustee for Region 7 appointed seven creditors to serve On the official committee of unsecured creditors. WEATHER CHANNEL: Bank Debt Trades at 5% Off ------------------------------------------- Participations in a syndicated loan under which Weather Channel is a borrower traded in the secondary market at 95.21 cents-on-the- dollar during the week ended Friday, April 17, 2015, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents an increase of 1.01 percentage points from the previous week, The Journal relates. The Company pays 275 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 4, 2017 and carries Moody's Ba3 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 260 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. WORLD SURVEILLANCE: Board Chair Drew West Resigns ------------------------------------------------- Drew West resigned as Chairman of the Board of Directors World Surveillance Group Inc. effective April 13, 2015, to pursue other interests, according to a Form 8-K filed with the Securities and Exchange Commission. About World Surveillance World Surveillance Group Inc. designs, develops, markets and sells autonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs) capable of carrying payloads that provide persistent security and/or wireless communication from air to ground solutions at low, mid and high altitudes. The Company's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions. The Company is headquartered at the Kennedy Space Center, in Florida. World Surveillance reported a net loss of $3.41 million on $559,000 of net revenues for the year ended Dec. 31, 2013, as compared with a net loss of $3.36 million on $272,000 of net revenues for the year ended Dec. 31, 2012. Rosen Seymour Shapss Martin & Company LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has experienced significant losses and negative cash flows, resulting in decreased capital and increased accumulated deficits. These conditions raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2014, the Company had $6.14 million in total assets, $17.3 million in total liabilities, all current, and a $11.1 million total stockholders' deficit. Bankruptcy Warning "We have incurred substantial indebtedness and may be unable to service our debt. "Our total indebtedness at September 30, 2014 was $17,292,275. A portion of such indebtedness reflects judicial judgments against us that could result in liens being placed on our bank accounts or assets. We are continuing to review our ability to reduce this debt level due to the age and/or settlement of certain payables but we may not be able to do so. This level of indebtedness could, among other things: * make it difficult for us to make payments on this debt and other obligations; * make it difficult for us to obtain future financing; * require us to redirect significant amounts of cash from operations to servicing the debt; * require us to take measures such as the reduction in scale of our operations that might hurt our future performance in order to satisfy our debt obligations; and * make us more vulnerable to bankruptcy or an unwanted acquisition on terms unsatisfactory to us," the Company stated in its quarterly report for the period ended Sept. 30, 2014. WPCS INTERNATIONAL: To Effect a 1-for-22 Reverse Stock Split ------------------------------------------------------------ At a special meeting of WPCS International Incorporated's stockholders held on April 15, 2015, a proposal to authorize an amendment to the Company's Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a specific ratio, within a range of 1-for-2 and 1-for-100 shares was approved. Following the Special Meeting, the board of directors of the Company determined it was in the best interests of the Company to effect a reverse split of the issued and outstanding common stock of the Company, par value $0.0001 per share, at a ratio of 1-for-22. In order to effectuate the Reverse Split, the Company filed a Certificate of Amendment to its Certificate of Incorporation on April 16, 2015. The Certificate of Amendment will be effective as of 12:01 a.m. EDT on April 20, 2015, and it is intended that the common stock will commence trading on NASDAQ on a split-adjusted basis as of the opening of trading on April 20, 2015. The common stock will continue to trade under the ticker symbol "WPCS." Following the Reverse Split, the total number of shares outstanding will be proportionately reduced in accordance with the reverse split ratio. Further, any outstanding options, warrants and rights as of the effective date that are subject to adjustment will be adjusted accordingly. These adjustments may include adjustments to the number of shares of common stock that may be obtained upon exercise or conversion of these securities, and the applicable exercise or purchase price as well as other adjustments. There will be no change to the authorized shares of common stock of the Company as a result of the reverse stock split. Any fraction of a share of common stock that would otherwise have resulted from the reverse split will rounded up to the next whole share. The Company's transfer agent is Interwest Transfer Company, Inc. The new CUSIP number for the Company's common stock following the Reverse Split will be 92931L401. About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP as its new independent registered public accounting firm. CohnReznick LLP resigned on Dec. 20, 2013. WPCS International incurred a net loss attributable to common shareholders of $11.2 million for the year ended April 30, 2014, as compared with a net loss attributable to common shareholders of $6.91 million for the year ended April 30, 2013. As of Jan. 31, 2015, the Company had $14.8 million in total assets, $14.8 million in total liabilities and a $36,000 total deficit. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended April 30, 2014. The independent auditing firm noted that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Z TRIM HOLDINGS: Has Consulting Agreement with Jeffery ------------------------------------------------------ Z Trim Holdings, Inc., disclosed in a document filed with the Securities and Exchange Commission that it entered into a consulting agreement with Jeffery Consulting Group, LLC, which is effective as of Jan. 1, 2015. Daniel Jeffery, a member of the Company's Board of Directors and is the sole member of Jeffery Consulting Group. Pursuant to the Consulting Agreement, Jeffery Consulting Group will act as a consultant to the Company by providing assistance with: -- operational improvements including manufacturing processes; -- strategic and tactical advice with respect to the Company's sales and marketing initiatives; -- investigating strategic sales opportunities; -- raising awareness regarding the Company's products in relevant commercial, sectors; and -- participating in joint calls, meetings or industry events in the interest of advancing these objectives. In consideration of the services, the Company agrees to issue to Jeffery Consulting a stock option to purchase a total of 1,250,000 shares of Company's common stock. The exercise price of the option is set at $0.35 per share. In addition, the Company will also pay Jeffery Consulting Group $5,000 per month in cash. This cash balance will be accrued until the Company has raised $3 million of additional capital. Thereafter, Jeffery Consulting Group will be paid all past arrearages and will be paid the monthly fee monthly when due prospectively . The Company will also reimburse Jeffery Consulting Group for all reasonable actual expenses incurred by Jeffery Consulting Group upon submission by Jeffery Consulting Group of appropriate documentation of the expenses incurred. About Z Trim Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food ingredient company which provides custom product solutions that help answer the food industry's problems. Z Trim's revolutionary technology provides value-added ingredients across virtually all food industry categories. Z Trim's all-natural products, among other things, help to reduce fat and calories, add fiber, provide shelf-stability, prevent oil migration, and add binding capacity -- all without degrading the taste and texture of the final food products. Z Trim Holdings reported a net loss of $5.57 million in 2014, following a net loss of $13.4 million in 2013. As of Dec. 31, 2014, the Company had $3.06 million in total assets, $3.37 million in total liabilities and a $307,000 total stockholders' deficit. M&K CPAS, PLLC, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company does not have enough cash on hand to meet its current liabilities and has had reoccurring losses as of Dec. 31, 2014. These conditions raise substantial doubt about its ability to continue as a going concern. ZYNEX INC: To Report Slight Increase in Revenue in First Quarter ---------------------------------------------------------------- Zynex, Inc., provided an update on its turnaround of operations and financial estimate for the first and second quarters of 2015. The Company estimates first quarter revenues will be slightly higher than the $3,167,000 reported in the first quarter of 2014 and will report significant improvement in the loss from operations for the first quarter of 2015 compared to the $1,286,000 reported in the 2014 period. In addition, based on the trends in the first quarter and early second quarter, management expects that second quarter revenue will be in the range of $4 to $4.4 million and Zynex will generate positive income from operations for the quarter. Revenue in the second quarter of 2014 was $1,349,000 and the loss from operations was $5,424,000. The company intends to release its first quarter earnings on or before May 15, 2015. President and CEO Thomas Sandgaard commented: "I am excited to see orders and revenue growing again not only sequentially, but also year-over year. We see growth in both our electrotherapy business and compound pharmacy and we find that insurance reimbursement rates are still strong and stable in both areas. We also expect to receive a response from the FDA regarding our request for the De Novo route as well as collecting additional clinical data during the second quarter for our Blood Volume Monitor." Zynex Inc. Zynex, Inc., develops, manufactures and markets medical equipment. The Lone Tree, Colorado-based Company offers electrotherapy products for home use, cardiac monitoring apparatus for hospital use, and EMG and EEG diagnostic devices for neurology clinic use. Zynex reported a net loss of $6.23 million on $11.1 million of net revenue for the year ended Dec. 31, 2014, compared to a net loss of $7.34 million on $21.7 million of net revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $7.11 million in total assets, $8.38 million in total liabilities, and a $1.26 million total stockholders' deficit. GHP Horwath, P.C., in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company incurred significant losses in 2014 and 2013, and has limited liquidity. These factors raise substantial doubt about its ability to continue as a going concern. [*] Claim on Stale Debt Doesn't Violate Federal Collection Law -------------------------------------------------------------- Bill Rochelle, bankruptcy columnist for Bloomberg News, reports that consumers lost another attempt at holding a collection agency liable for filing bankruptcy claims based on stale debts no longer enforceable under state law. The case is Donaldson v. LVNV Funding LLC, 14-01979, U.S. District Court, Southern District of Indiana (Indianapolis). [*] Moody's Says Change in Demographic Pressures US Casinos ----------------------------------------------------------- The US regional gaming sector will face increasing pressure due to the aging American population, says Moody's Investors Service. In a new report, "The Walls are Closing in on Regional Casinos," Moody's says US regional gaming revenue has not kept pace with the improvements in the overall economy. While this lag is partly attributed to consumers limiting their spending to more essential items, Moody's analysts say US population demographics are moving in a direction that does not favor casino gaming. "A demographic shift towards an aging population raises concerns about the amount of discretionary income that will be available in the future to spend on highly discretionary leisure activities like casino gaming," said Moody's Senior Vice President Keith Foley. "An aging population implies lower labor-force participation and savings rates, and raises the concern of slowing economic growth." At the same time, it appears that younger generations may not be spending as much time playing casino-style games at regional casinos as previous generations did. "The traditional casino customers that grew up with slot machines are being replaced by younger consumers who are bombarded with more mobile, sophisticated, mobile entertainment alternatives," said Foley. "Many of these new options have nothing to do with gaming but they are vying for the same time and discretionary spending, which creates another level of competition for 'brick and mortar' regional casinos." While the impact of shifting population and consumer preference trends may be gradual, a number of highly leveraged gaming companies will soon have to ask the capital markets to bet on the long-term prospects of the regional gaming sector just when the odds are increasingly going against the industry. The report cites four regional gaming companies that have a B3 Corporate Family Rating and over 50% of their outstanding debt maturing within the next three years. They are Mohegan Tribal Gaming Authority (B3 negative), Jacobs Entertainment, Inc. (B3 negative), Rivers Pittsburgh Borrower, L.P. (B3 stable), and Cannery Casino Resorts, LLC (B3 negative). [^] BOND PRICING: For the Week from April 13 to 17, 2015 -------------------------------------------------------- Company Ticker Coupon Bid Price Maturity Date ------- ------ ------ --------- ------------- 21st Century Oncology Inc RTSX 9.875 100.533 4/15/2017 Advanced Micro Devices Inc AMD 6 97.166 5/1/2015 Allen Systems Group Inc ALLSYS 10.5 34 11/15/2016 Allen Systems Group Inc ALLSYS 10.5 34 11/15/2016 Alpha Natural Resources Inc ANR 6 23.625 6/1/2019 Alpha Natural Resources Inc ANR 9.75 39.19 4/15/2018 Alpha Natural Resources Inc ANR 6.25 23.375 6/1/2021 Alpha Natural Resources Inc ANR 3.75 40.625 12/15/2017 Alpha Natural Resources Inc ANR 4.875 23.5 12/15/2020 Altegrity Inc USINV 14 37.625 7/1/2020 Altegrity Inc USINV 13 37.625 7/1/2020 Altegrity Inc USINV 14 37.625 7/1/2020 American Eagle Energy Corp AMZG 11 32 9/1/2019 American Eagle Energy Corp AMZG 11 36.75 9/1/2019 American Tower Corp AMT 7 113 10/15/2017 Arch Coal Inc ACI 7 22 6/15/2019 Arch Coal Inc ACI 7.25 21.041 6/15/2021 Arch Coal Inc ACI 9.875 26.023 6/15/2019 BPZ Resources Inc BPZR 8.5 17.125 10/1/2017 Black Elk Energy Offshore Operations LLC / Black Elk Finance Corp BLELK 13.75 82.25 12/1/2015 Caesars Entertainment Operating Co Inc CZR 10 20.25 12/15/2018 Caesars Entertainment Operating Co Inc CZR 12.75 19.635 4/15/2018 Caesars Entertainment Operating Co Inc CZR 10.75 24.75 2/1/2016 Caesars Entertainment Operating Co Inc CZR 6.5 34.8 6/1/2016 Caesars Entertainment Operating Co Inc CZR 5.75 34.02 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10 18.9 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.75 12.625 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10 19.75 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.75 24.5 2/1/2016 Caesars Entertainment Operating Co Inc CZR 10 19.75 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10 19 12/15/2018 Cal Dive International Inc CDVI 5 11 7/15/2017 Chassix Holdings Inc CHASSX 10 5 12/15/2018 Chassix Holdings Inc CHASSX 10 8 12/15/2018 Chassix Holdings Inc CHASSX 10 8 12/15/2018 Colt Defense LLC / Colt Finance Corp CLTDEF 8.75 29.65 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.75 28.125 11/15/2017 Colt Defense LLC / Colt Finance Corp CLTDEF 8.75 28.125 11/15/2017 Dendreon Corp DNDN 2.875 70 1/15/2016 Endeavour International Corp END 12 20 3/1/2018 Endeavour International Corp END 12 1.5 6/1/2018 Endeavour International Corp END 5.5 1.984 7/15/2016 Endeavour International Corp END 12 11.75 3/1/2018 Endeavour International Corp END 12 11.75 3/1/2018 Energy Conversion Devices Inc ENER 3 7.875 6/15/2013 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10 4.375 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10 5.125 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 4.681 8/15/2017 Exide Technologies XIDE 8.625 1.57 2/1/2018 Exide Technologies XIDE 8.625 1 2/1/2018 Exide Technologies XIDE 8.625 1 2/1/2018 FBOP Corp FBOPCP 10 1.843 1/15/2009 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Fleetwood Enterprises Inc FLTW 14 3.557 12/15/2011 GT Advanced Technologies Inc GTAT 3 36.5 10/1/2017 Hercules Offshore Inc HERO 10.25 33 4/1/2019 Hercules Offshore Inc HERO 8.75 31.5 7/15/2021 Hercules Offshore Inc HERO 10.25 32.875 4/1/2019 James River Coal Co JRCC 3.125 0.244 3/15/2018 Las Vegas Monorail Co LASVMC 5.5 1.026 7/15/2019 Lehman Brothers Holdings Inc LEH 4 9.5 4/30/2009 Lehman Brothers Holdings Inc LEH 5 9.5 2/7/2009 Lehman Brothers Inc LEH 7.5 10.5 8/1/2026 MF Global Holdings Ltd MF 6.25 30 8/8/2016 MF Global Holdings Ltd MF 1.875 26.5 2/1/2016 MF Global Holdings Ltd MF 3.375 26.5 8/1/2018 MModal Inc MODL 10.75 10.125 8/15/2020 Magnetation LLC / Mag Finance Corp MAGNTN 11 38.5 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11 38 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11 38 5/15/2018 Milagro Oil & Gas Inc MILARG 10.5 74 5/15/2016 Molycorp Inc MCP 6 8.8 9/1/2017 Molycorp Inc MCP 3.25 10.9 6/15/2016 Molycorp Inc MCP 5.5 15.5 2/1/2018 NII Capital Corp NIHD 10 46.25 8/15/2016 OMX Timber Finance Investments II LLC OMX 5.54 19 1/29/2020 Powerwave Technologies Inc PWAV 2.75 0.125 7/15/2041 Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.125 11/15/2024 Powerwave Technologies Inc PWAV 3.875 0.125 10/1/2027 Powerwave Technologies Inc PWAV 1.875 0.125 11/15/2024 Quicksilver Resources Inc KWKA 9.125 11 8/15/2019 Quicksilver Resources Inc KWKA 11 13.938 7/1/2021 RAAM Global Energy Co RAMGEN 12.5 23.05 10/1/2015 RadioShack Corp RSH 6.75 5.063 5/15/2019 RadioShack Corp RSH 6.75 5 5/15/2019 RadioShack Corp RSH 6.75 5 5/15/2019 Sabine Oil & Gas Corp SOGC 7.25 22.5 6/15/2019 Sabine Oil & Gas Corp SOGC 9.75 16.04 2/15/2017 Sabine Oil & Gas Corp SOGC 7.5 21.289 9/15/2020 Sabine Oil & Gas Corp SOGC 7.5 22.25 9/15/2020 Sabine Oil & Gas Corp SOGC 7.5 22.25 9/15/2020 Samson Investment Co SAIVST 9.75 10.563 2/15/2020 Saratoga Resources Inc SARA 12.5 21.942 7/1/2016 Savient Pharmaceuticals Inc SVNT 4.75 0.225 2/1/2018 TMST Inc THMR 8 15 5/15/2013 Terrestar Networks Inc TSTR 6.5 10 6/15/2014 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15 14.375 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.5 10.25 11/1/2016 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15 15 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.5 9 11/1/2016 Tunica-Biloxi Gaming Authority PAGON 9 62.75 11/15/2015 US Shale Solutions Inc SHALES 12.5 49.749 9/1/2017 US Shale Solutions Inc SHALES 12.5 61.499 9/1/2017 Venoco Inc VQ 8.875 41 2/15/2019 Walter Energy Inc WLT 9.875 6.6 12/15/2020 Walter Energy Inc WLT 8.5 6.052 4/15/2021 Walter Energy Inc WLT 9.875 6.25 12/15/2020 Walter Energy Inc WLT 9.875 6.25 12/15/2020 ********* 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 ***