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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, May 1, 2015, Vol. 19, No. 121

                            Headlines

22ND CENTURY: Says Market Response to Red Sun and Magic Tremendous
614 REALTY: Case Summary & 6 Largest Unsecured Creditors
ACG CREDIT: Gellert Scali Withdraws Case Conversion Request
ALLIED NEVADA: Has June 16 Auction of Exploration Interests
ALLY FINANCIAL: Reports First Quarter Net Income of $576 Million

ALPHAPOINT TECHNOLOGY: DKM Expresses Going Concern Doubt
ALTEGRITY INC: Fights to Keep Units' Docs Under Wraps
AMERICAN BREWING: Reports $1.25-Mil. Net Loss in 2014
ANTIOCH CO: McDermott Can't Get Malpractice Suit Going Again
API TECHNOLOGIES: To Acquire Cobham Inmet and Cobham Weinschel

APOLLO MEDICAL: Amends Form S-1 Registration Statement with SEC
ARABELLA EXPLORATION: Deficit, Deficiency Raise Going Concern Doubt
ARIA ENERGY: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
ARMORED AUTOGROUP: S&P Puts 'B-' CCR on CreditWatch Positive
ARMTEC HOLDINGS: Files for Bankruptcy to Complete Sale

ARMTEC HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'
ASR 2401: Gets Sixth Interim Order to Use Cash Collateral
BARISTAS COFFEE: Reports $3.86-Mil. Net Loss in 2014
C.F. TOURNAMENT: Case Summary & 2 Largest Unsecured Creditors
C1 INVESTMENT: S&P Affirms 'B' CCR; Outlook Stable

CHASSIX HOLDINGS: Ch. 11 Plan Goes to June 30 Confirmation Hearing
CHRYSLER GROUP: Judge Frees TRW of Steering Defect Liability
CLIFFS NATURAL: Incurs $773 Million Net Loss in First Quarter
CONGREGATION BIRCHOS: June 9 General Claims Bar Date Sought
CONNEAUT LAKE: Has Until May 5 to Explain Financing of Operations

CONSTAR INT'L: Debtor Has May 12 Deadline to Remove Suits
CRUNCHIES FOOD: May 6 Hearing on Liquidating Plan Disclosures
DETROIT, MI: Governor Signs Bill to Aid City Bond Sale
DPX HOLDINGS: S&P Assigns 'CCC+' Rating on $550MM Sr. Unsec. Notes
DS HEALTHCARE: Reports $1.31 Million Net Loss in 2014

DYCOM INDUSTRIES: S&P Lowers Rating on $277.5MM Sr. Notes to BB-
EMPOWERED PRODUCTS: Has $1.02-Mil. Net Loss in 2014
ENDEAVOUR INT'L: Scraps Bankruptcy Plan Amid Diving Oil Prices
ENERGY FUTURE: A&M Files Fifth Supplemental Declaration
ENERGY FUTURE: Seeks to Knock Out $431M Make-Whole Bid

ENERGY FUTURE: Unsecured Creditors Demand Oncor Bid Access
ERIE OTTERS: To Update Court on Bids for Team on May 7
FL 6801 SPIRITS: May 20 Hearing on Full-Payment Liquidating Plan
FOUR OAKS: Posts $978,000 Net Income in First Quarter
FRANKLIN HOMES: Case Summary & 20 Largest Unsecured Creditors

FRIENDSHIP VILLAGE: Fitch Affirms 'BB-' Rating on $14.46MM Bonds
GULF PACKAGING: Case Summary & 20 Largest Unsecured Creditors
HORIZON LINES: Further Amends Credit Agreement with Wells Fargo
HUBBARD RADIO: S&P Affirms 'B+' CCR; Outlook Stable
HUGHES SATELLITE: S&P Raises CCR to 'BB-' on Better Performance

HUSH HOMES: CCAA Claims Bar Date Set for May 15
INEEDMD HOLDINGS: Reports $40.3-Mil. Net Loss in 2014
IRON MOUNTAIN: S&P Affirms 'B+' CCR & Revises Outlook to Positive
JULIE & WANG: Case Summary & 9 Largest Unsecured Creditors
KARMALOOP INC: U.S. Trustee Objects to Burns & Levinson Employment

KIOR INC: Mississippi's Bid for Standing to Sue Faces Objections
LANCELOT INVESTMENT: Katten's Bad Advice Led to Ponzi Losses
LIGHTSQUARED INC: Judge Dismisses Falcone's Suit vs. Ergen, Dish
LIQUIDMETAL TECHNOLOGIES: Stockholders Elect 6 Directors
LUTER ENTERPRISES: Voluntary Chapter 11 Case Summary

MAUI LAND: Reports $1.09 Million Net Loss in First Quarter
MISSISSIPPI PHOSPHATES: Deloitte OK'd for Electronic Discovery
MUD KING PRODUCTS: Court Confirms Reorganization Plan
NATIONAL MOLECULAR: Admin Claims Bar Date Set for May 31
NII HOLDINGS: Completes Sale of Mexican Operations to AT&T

NII HOLDINGS: Court Extends Plan Filing Deadline to July 13
NORTEL NETWORKS: Two Partners Withdraw as Counsel of Record
NORTHWEST BANC: Holding Company Files for Chapter 11
NORTHWEST BANCORPORATION: Case Summary & 4 Top Unsec. Creditors
PATRIOT COAL: Said to Explore Sale Options in 2nd Restructuring

PENN NATIONAL: S&P Cuts CCR to 'B+' on Tropicana Acquisition
PETROSONIC ENERGY: MaloneBailey Expresses Going Concern Doubt
PLANDAI BIOTECHNOLOGY: Terry Johnson Quits as Accountant
PRONERVE HOLDINGS: Judge Approves Sale to SpecialtyCare
PUTNAM ENERGY: Court Enters Interim Cash Collateral Order

PUTNAM ENERGY: Discloses $7,500 Retainer for David E. Cohen
PUTNAM ENERGY: Trustee Appointment Hearing Continued Until May 18
RADIOSHACK CORP: Agrees to Customer Data Sale Mediation
RADIOSHACK CORP: Gets Approval to Sell Assets to KPI for $690K
RADIOSHACK CORP: Privacy Concerns Raised Over Sale of Customer Data

RADIOSHACK CORP: To Get $6.5-Mil. from Two Separate Asset Sales
REICHHOLD HOLDINGS: Has Until June 29 to File Chapter 11 Plan
REICHHOLD HOLDINGS: US Trustee Forms Non-Union Retirees Panel
REVEL AC: Disclosure Statement Hearing Set for May 4
REVEL AC: Judge OKs Settlement on Sale Proceeds

REVEL AC: Plan Filing Date Extended to June 30
SAMUEL WYLY: Tells SEC Not to Worry About Luxury Ranch Sale
SCRIPT RELIEF: S&P Assigns 'B+' Rating; Outlook Stable
SPECTRUM BRANDS: Fitch Affirms 'BB-' Issuer Default Rating
SPROUTS FARMERS: S&P Raises CCR to 'BB'; Outlook Stable

SUNTECH AMERICA: July 13 Fixed as Governmental Units Bar Date
SWEPORTS LTD: Asks High Court to Mull Mootness of Post-Ch. 11 Fees
TECTROL INC: Files for Bankruptcy; First Creditor's Meeting May 12
TORCHLIGHT ENERGY: Defaults on Convertible Promissary Notes
U-VEND INC: Freed Maxick Expresses Going Concern Doubt

U.S. NUCLEAR: Anton & Chia Expresses Going Concern Doubt
UNI-PIXEL INC: Offering $75 Million Worth of Common Shares
UNITED CANNABIS: Lacks Funding to Implement Business Plan
UNIVERSITY GENERAL: Meeting of Creditors Set for on May 4
UNIVERSITY GENERAL: PlainsCapital Appointed as Committee Member

VACCINOGEN INC: Incurs $8.53-Million Net Loss in 2014
VERMILLION INC: Jack Schuler Reports 19.9% Stake as of April 24
WALTER ENERGY: Stockholders Elect 8 Directors
WESTMORELAND COAL: Incurs $13.8 Million Net Loss in 1st Quarter
WESTMORELAND RESOURCE: Posts $10.3M Net Loss in First Quarter

WINDLAND OCEAN: Files Schedules of Assets and Liabilities
WINSTREAM TECHNOLOGIES: Somerset Expresses Going Concern Doubt
XENETIC BIOSCIENCES: Needs to Raise Additional Funds
XPO LOGISTICS: S&P Affirms 'B' CCR; Outlook Remains Stable
YELLOWSTONE MOUNTAIN: Appellate Court Denies Founder's Jail Release

ZOGENIX INC: Closes Sale of Zohydro ER Business to Ferrimill
[*] Ch. 11 Reforms Seen Pushing Restructurings Out of Court
[*] Energy Defaults Resurface in U.S. Leveraged Loans, Fitch Says
[*] Epiq Names Bauer Manager of Ch. 7 Bankruptcy Solutions Services
[*] Epiq Names Jill Bauer as Ch. 7 Bankr. Solutions Managing Direct

[^] BOOK REVIEW: The Money Wars

                            *********

22ND CENTURY: Says Market Response to Red Sun and Magic Tremendous
------------------------------------------------------------------
At 22nd Century Group, Inc.'s annual meeting of shareholders held
on April 25, 2015:

    * Both Henry Sicignano III, who is also currently the CEO and
president, and Richard M. Sanders were re-elected as Class I
Directors with terms expiring in 2018.

    * The advisory resolution on executive compensation was
approved.

    * Freed Maxick CPAs, PC was ratified as the Company's
independent registered certified public accounting firm for 2015.

At the Meeting, Henry Sicignano III, president and CEO, addressed
the following topics:

   -- Modified Risk/FDA:  The Company intends to submit an
application for its very low
nicotine cigarette (Brand A) to the FDA this summer.  Gaining
Modified Risk approval for the Company's low tar-to-nicotine ratio
cigarette (Brand B) is also a priority.  However, since applying
for Brand B Modified Risk approval will require a substantially
greater investment in time and money, the Company plans to submit a
Brand B application in 2016.

   -- X-22: The Company recently completed visits to Japan and
Europe where management met with potential joint venture partners
for X-22, the Company's smoking cessation aid in development.

   -- RED SUN: In the first three months on the U.S. market, the
Company secured distribution for RED SUN premium cigarettes in
approximately 200-300 retail stores in more than 40 states.
Management expects to announce the signing of additional
distributors and regional retail store groups in the coming months.


    -- MAGIC: The Company recently launched its 0.0 mg MAGIC 0
cigarettes in Europe.  The Company is marketing two styles of MAGIC
cigarettes: MAGIC 0 with 95% less nicotine than conventional brands
and MAGIC 2 which features an 80% reduction in nicotine.  MAGIC
cigarettes are currently available in approximately 900
state-licensed tobacco stores in Spain. The store count is expected
to top 2,500 in Spain by the end of 2015.  Further, the Company
expects distribution of MAGIC cigarettes to reach several
additional European countries in the next several months.

    -- China: It remains an important priority for the Company to
introduce 22nd Century’s proprietary tobacco to China.  Despite
significant regulatory hurdles, the Company continues to make
progress in this effort.

    -- Contract Manufacturing: NASCO Products LLC, the Company's
cigarette manufacturing subsidiary located in Mocksville, North
Carolina, continues to produce Smoker Friendly, Cigar Cartel, and
other private label brands in addition to 22nd Century's
proprietary brands.

    -- Increased Investor Relations Outreach: Given the exciting
opportunities and events underway at the Company, management
expects to increase its investor relations activities in the coming
months.  Mr. Sicignano is scheduled to attend several investor
conferences, including the upcoming Marcum Conference in New York
City in late May and the LD Micro conference in Los Angeles in
June, and will conduct non-deal investor road shows in select
regions during the balance of 2015.  Mr. Sicignano is also looking
forward to media opportunities, such as his interview today on Fox
Business' Stuart Varney show.

Mr. Sicignano noted, "We are very pleased to report to our
shareholders the substantial progress underway at 22nd Century
Group.  It is an exciting time for all of us; the market response
to RED SUN and MAGIC has been tremendous.  We look forward to
developing these exciting new brands."

                        About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $15.6 million on $529,000 of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$26.2 million on $7.27 million of revenue during the prior year.

As of Dec. 31, 2014, the Company had $21.9 million in total
assets, $6.73 million in total liabilities and $15.2 million in
total shareholders' equity.


614 REALTY: Case Summary & 6 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: 614 Realty LLC
        PO Box 190384
        Brooklyn, NY 11219

Case No.: 15-41989

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Hon. Carla E. Craig

Debtor's Counsel: Ronald D Weiss, Esq.
                  RONALD D. WEISS, P.C.
                  734 Walt Whitman Road, Suite 203
                  Melville, NY 11747
                  Tel: (631) 271-3737
                  Fax: (631) 271-3784
                  Email: weiss@ny-bankruptcy.com

Total Assets: $1 million

Total Liabilities: $1.4 million

The petition was signed by Mayer Goldberger, managing member.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-41989.pdf


ACG CREDIT: Gellert Scali Withdraws Case Conversion Request
-----------------------------------------------------------
Michael G. Busenkell, Esq., attorney at Gellert Scali Busenkell &
Brown LLC, withdrew a motion filed in the U.S. Bankruptcy Court for
the District of Delaware, seeking to convert the Chapter 11 case of
ACG Credit Company II LLC to a liquidation in Chapter 7.

In Mr. Busenkell's motion, he told the Court that the Debtor's
principal, Ian Peck, and the Debtor's non-debtor affiliate has been
unable (or unwilling) to pay the fees and expenses owed to the firm
pursuant to the compensation orders of the Court, the Debtor must
be deemed administratively insolvent and unlikely to rehabilitate
itself.  Accordingly, the case must be converted to a case under
chapter 7 of the Bankruptcy Code, he said.

According to Mr. Busenkell, the firm has filed and served its
monthly fee applications for November and December, 2014 and
January 2015 and its second quarterly fee application and have
received no objections.  However, despite having honored the terms
of the interim comp. procedures order, the firm has not received
payment for work performed in November or December 2014, or for
January 2015, nor for the holdback payments under the second
interim fee application, which the Court authorized for payment,
despite the Law Firm's proper and persistent demands.

The latest instance of non-payment follows an unfortunately
established course under which the Debtor's professionals have
consistently waited months for payment, despite the representations
of the Debtor's principal, Ian Peck to the Court that a credit line
has been established by a non-debtor affiliate to fund such
payments, Mr. Busenkell noted.

ACG Finance Company LLC et al. objected to Mr. Busenkell's motion
to convert the Debtor's case and requested dismissal of it's case
instead.  ACG Finance said there is an absence of a reasonable
likelihood of rehabilitation of the estate.

ACG Finance pointed out The Hahn Hessen and SageCrest claims have
been eliminated by settlements.  The Debtor has few remaining
creditors and a professional claim asset with which to pay those
remaining creditors who prove to have valid claims.  Also, because
the uncertainty about the financial condition of the Debtor has
been eliminated by the settlements, it is feasible for Debtor to
adopt a plan under which its equity holder would advance cash to
pay remaining creditors in full and the newly-reorganized debtor
could pursue its litigation claims and start making loans again to
third parties.

ACG Finance retained as counsel:

  Francis B. Majorie, Esq.
  THE MAJORIE FIRM, LTD.
  3514 Cedar Springs Road
  Dallas, TX 75219
  Tel: 214-522-7400
  Fax: 214-522-7911
  Email: fbmajorie@themajoriefirm.com

                    About ACG Credit Company II

New York-based ACG Credit Company II, LLC, filed a Chapter 11
bankruptcy petition (Bankr. D. Del. Case No. 14-11500) on June 17,
2014.  The Debtor estimated $10 million to $50 million in assets
and $1 million to $10 million in liabilities.  Ian Peck signed the
petition as director.  Gellert Scali Busenkell & Brown, LLC, serves
as the Debtor's counsel.


ALLIED NEVADA: Has June 16 Auction of Exploration Interests
-----------------------------------------------------------
U.S. Bankruptcy Judge Mary F. Walrath in Delaware authorized Allied
Nevada Gold Corp. to auction off its portfolio of exploration
properties, letting the mining outfit embark on a two-month sale
process with a stalking horse bidder in place, Law360 reported.

According to the report, Judge Walrath blessed bid procedures for
the company's proposed sale of 75 mineral exploration interests,
establishing Clover Nevada LLC as a $17.5 million stalking horse
for the assets ahead of planned June 16 auction.

The timetable approved by Judge Walrath sets out a June 12 bid
deadline and a June 16 auction, if necessary, followed by a June 18
sale hearing, the report said.  Under the bid procedures, stalking
horse Clover Nevada would be entitled to a $350,000 break-up fee
and up to $100,000 in expense reimbursements if another suitor
prevails.

                       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.

The U.S. trustee appointed three creditors of the company to serve
on the official committee of unsecured creditors.  The Creditors'
Committee retains Arent Fox LLP as co-counsel, Polsinelli PC as
counsel and conflicts counsel, and Zolfo Cooper, LLC, as bankruptcy
consultant and financial advisors.

                      *     *     *

A hearing on the adequacy of the disclosure statement explaining
Allied Nevada Gold Corp., et al.'s plan of reorganization will be
held before Judge Mary F. Walrath of the U.S. Bankruptcy Court for
the District of Delaware on June 1, 2015, at 10:30 a.m. (prevailing
Eastern Time).  Objections, if any, to the Disclosure Statement
must be filed on or before May 22.

The Debtors' Plan incorporates the terms of the prepetition plan
support agreement reached by the Debtors with holders of at least
67% of the aggregate outstanding principal amount of the Notes and
100% of the Holders of Secured ABL Claims and Secured Swap Claims.

A full-text copy of the Disclosure Statement dated April 24, 2015,
is available at http://bankrupt.com/misc/ALLIEDds0424.pdf


ALLY FINANCIAL: Reports First Quarter Net Income of $576 Million
----------------------------------------------------------------
Ally Financial Inc. reported net income of $576 million, and $1.06
per diluted common share, for the first quarter of 2015, compared
to net income of $177 million, and $0.23 per diluted common share,
in the prior quarter, and net income of $227 million, and $0.33 per
diluted common share, for the first quarter of 2014.  The company
reported core pre-tax income, excluding repositioning items
entirely related to the early extinguishment of high-cost legacy
debt, of $490 million in the first quarter of 2015, compared to
$396 million in the prior quarter and $339 million in the
comparable prior year period.  The company reported core pre-tax
income of $299 million for the quarter.  Adjusted earnings per
diluted common share for the quarter were $0.52, compared to $0.40
for the previous quarter and $0.34 for the comparable prior year
period.

Strong operating results in the Dealer Financial Services franchise
continued with pre-tax income totaling $409 million for the
quarter.  Auto financing originations for the quarter remained
strong and grew to $9.8 billion, increasing 9 percent from the
previous quarter and 7 percent year-over-year, driven by strong
performance in the Growth and Chrysler channels.  Excluding GM
lease originations, consumer auto originations increased 27 percent
year-over-year.  Moreover, new and used originations from Growth
dealers grew 54 percent compared to the prior year period.

Also contributing to total results was a previously disclosed
after-tax gain of approximately $400 million in discontinued
operations from the completed sale of the Chinese joint venture in
January, which was partially offset by expenses from debt
repurchases, as the company continued to execute its liability
management program to reduce high-cost legacy debt.  As a result of
this continued effort, as well as increased retail deposits which
grew 12 percent year-over-year, Ally's cost of funds decreased 21
basis points from the prior year period.

"First quarter results demonstrate that our efforts to diversify
and expand our leading franchises, while improving shareholder
returns, are already making significant inroads," said Ally Chief
Executive Officer Jeffrey J. Brown.  "Ally continued to post strong
originations totaling $9.8 billion for the quarter, with Growth
channel originations increasing nearly 55 percent in the past year.
Moreover, when excluding GM leasing, originations are up 27
percent, which is a testament to the strength of our business model
and our reach in the marketplace."

The company also surpassed $50 billion in retail deposits during
the quarter, with balances increasing 12 percent year-over-year and
45,000 new deposit customers joining the Ally family during the
first quarter."

Brown concluded, "Looking ahead, we are intensely focused on
thoughtfully expanding our portfolio of products and services to
drive revenue and returns.  The auto finance business remains at
the heart of what we do, and we will continue to grow that
business.  Meanwhile, Ally is uniquely positioned -- with its
incredibly powerful brand, a strong culture of innovation and
customer focus, and a nimble and flexible business model -- to
capitalize on the future of retail banking."

Liquidity and Capital

Highlights

   * Received non-objection to Comprehensive Capital Analysis and
     Review (CCAR) submission.
     
   * Began capital structure rationalization through redemption of

     $1.3 billion of Series G preferred securities.
     
   * Cost of funds improved 21 basis points year-over-year.
     
   * Net interest margin, excluding OID, improved 12 basis points
     during the quarter.
     
   * Improved preliminary first quarter 2015 capital ratios year-
     over-year, with Basel III Common Equity Tier 1 capital2 at
     10.4 percent on a fully phased-in basis.
    
In the first quarter, Ally received a non-objection on its capital
plan from the Federal Reserve, including the proposed capital
actions contained in its 2015 CCAR submission.  As a result, the
company began activities to rationalize Ally's capital structure
and drive improved financial performance in the future by redeeming
$1.3 billion in Series G preferred securities in April. The company
also plans to eliminate additional preferred securities through the
remainder of 2015 and 2016, and will continue to repurchase
high-cost unsecured debt as part of Ally's liability management
strategy.  Separately, as part of this broader strategy, two cash
tender offers were completed in February totaling $950 million.

Ally's consolidated cash and cash equivalents increased to $7.7
billion as of March 31, 2015, from $5.6 billion at Dec. 31, 2014,
in advance of a bond repayment in April 2015.  Included in this
quarter's balance are $4.2 billion at Ally Bank and $1.3 billion at
the Insurance business.

Ally's total equity was $15.9 billion at March 31, 2015, up
compared to the end of the prior quarter.  The Company's
preliminary first quarter 2015 Basel III Common Equity Tier 1 ratio
was 10.4 percent on a fully phased-in basis, and Ally's preliminary
Tier 1 capital ratio was 13.0 percent on a fully phased-in basis,
both up due to proceeds from the Chinese joint venture transaction
and strong first quarter earnings.

Ally continued to execute a diverse funding strategy during the
first quarter of 2015.  This strategy included strong growth in
deposits, which represent approximately 46 percent of Ally's
funding portfolio, and completion of new term U.S. auto
securitizations, which totaled approximately $2.7 billion for the
quarter.  The company also completed a $1.0 billion whole loan sale
and issued $2.5 billion of unsecured debt during the quarter.
Additionally, during the quarter Ally renewed $12.5 billion in
credit facilities at both the parent company and at its banking
subsidiary, Ally Bank, with improved economic and structural
terms.

A full-text copy of the press release is available for free at:

                        http://is.gd/Dghbde

                       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.


ALPHAPOINT TECHNOLOGY: DKM Expresses Going Concern Doubt
--------------------------------------------------------
AlphaPoint Technology, Inc., reported a net loss of $141,000 on
$35,100 of revenue for the year ended Dec. 31, 2014, compared with
a net loss of $759,000 on $29,500 of revenue in the same period in
2013.

The Company's balance sheet at Dec. 31, 2014, showed $4.86 million
in total assets, $1.19 million in total liabilities, and
stockholders' equity of $3.67 million.

DKM Cetrified Public Accountants expressed substantial doubt about
the Company's ability to continue as a going concern citing that
the Company has significant net losses and cash flow deficiencies.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/agA4uC

Sarasota, Fla.-based AlphaPoint Technology, Inc., focuses around a
mix of professional service offerings and its proprietary
patent-pending software.


ALTEGRITY INC: Fights to Keep Units' Docs Under Wraps
-----------------------------------------------------
Law360 reported that Altegrity Inc. told a Delaware bankruptcy
judge it would identify contractors and government clients of the
unit that vetted U.S. National Security Agency leaker Edward
Snowden but requested authority to seal similar data Dow Jones &
Co. Inc. has sought about its other businesses.

According to the report, at a hearing in Wilmington, Altegrity said
it had agreed to reveal information the media giant requested about
its soon-to-be-shuttered U.S. Investigative Services arm but would
suffer great financial harm if forced to publicize confidential
commercial information about its remaining unit.

To recall, Altegrity was hit with criticism from Dow Jones & Co.
Inc. and the U.S. Trustee's Office for filing some of its financial
information under seal.  In motions before the Delaware bankruptcy
court, both Dow Jones, publisher of the Wall Street Journal, and
the bankruptcy watchdog argued that the information Altegrity is
trying to shield from public view.

                      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.  The Creditors'
Committee retained Wilmer Cutler Pickering Hale & Dorr LLP as lead
counsel, Bayard, P.A. as Delaware co-counsel, and Capstone Advisory
Group, LLC, and its wholly-owned subsidiary Capstone Valuation
Services, LLC, as its financial advisor.

                        *     *     *

The Bankruptcy Court has scheduled for May 5, 2015, the hearing to
consider the approval of the disclosure statement explaining the
Debtor's plan, which proposes to liquidate the US Investigations
Services.  Land Line relates that USIS lost key federal background
check contracts.


AMERICAN BREWING: Reports $1.25-Mil. Net Loss in 2014
-----------------------------------------------------
American Brewing Company reported a net loss of $1.25 million on
$1.07 million of revenue for the year ended Dec. 31, 2014, compared
with a net loss of $330,000 on $985,000 of revenue in the same
period in 2013.

Hartley Moore Accountancy Corp. expressed substantial doubt about
the Company's ability to continue as a going concern citing that
the Company had an accumulated deficit at Dec. 31, 2014 and 2013,
recurring net losses, and a working capital deficit at Dec. 31,
2014.

The Company's balance sheet at Dec. 31, 2014, showed $1.31 million
in total assets, $761,000 in total liabilities, and stockholders'
equity of $545,000.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/LoL2eW

Based in Edmonds, Washington, American Brewing Company is a micro
brewing company that currently has four beers in its portfolio and
continues to develop new flavors for distribution to its customers.
The Company has won three major industry awards for its beers and
has also received attention from local and national publications.
Currently, the Company sells its products in the states of
Washington and North Carolina as well as parts of Canada and Japan.


ANTIOCH CO: McDermott Can't Get Malpractice Suit Going Again
------------------------------------------------------------
Law360 reported that an Ohio federal judge refused to restart a
paused malpractice suit against McDermott Will & Emery LLP over the
firm's advice to former scrapbooking giant Antioch Co. LLC on
employee stock payouts, despite the firm's insistence that no
settlement is possible and that a Sixth Circuit ruling could add a
year to the litigation.

According to the report, the suit by Antioch Litigation Trust
claims the firm didn't advise now-bankrupt Antioch Co. LLC to sue
its directors after an employee stock ownership plan takeover.

The case is Antioch Litigation Trust, W. Timothy Miller, Trustee v.
McDermott Will & Emery LLP et al., Case No. 3:09-cv-00218 (S.D.
Ohio).

                     About The Antioch Company

St. Cloud, Minn.-based scrapbook company The Antioch Company and
six affiliates filed for Chapter 11 bankruptcy (Bankr. D. Minn.
Case No. 13-41898) in Minneapolis on April 16, 2013.  Antioch
disclosed $10 million to $50 million in both assets and debts.

The affiliates that separate filed for Chapter 11 are Antioch
International-Canada LLC, Antioch International LLC, zeBlooms LLC,
Antioch Framers Supply LLC, Antioch International-New Zealand LLC,
and Creative Memories Puerto Rico, LLC.

Founded in 1926, Antioch and its affiliates make up one of the
world's preeminent suppliers of scrapbooks, related accessories,
and photo solutions for memory preservation through the direct
sales channel.  The Debtors also go by business names Creative
Memories, Antioch, Agenda, Antioch Publishing, Cottage Arts, Frame
of Mind and Webway.

Antioch has 200 employees and currently has operations through the
Debtor companies and foreign subsidiaries in the United States,
Canada, Japan, Australia, and New Zealand. In 2012, the Company's
net revenue was approximately $93.8 million and it had a net loss
of $3.7 million.

Antioch previously sought bankruptcy protection in 2008 (Bankr.
S.D. Ohio Case No. 08-35741).

In the 2013 case, the U.S. Trustee appointed a seven-member
creditors committee.  Faegre Baker Daniels LLP serves as its
counsel.  Crowe Horwath LLP serves as its financial advisor.

The Antioch Company, et al., and the Official Committee of
Unsecured Creditors, obtained confirmation on Nov. 14, 2013, of
their Second Amended Joint Plan of Reorganization dated Nov. 13,
2013.


API TECHNOLOGIES: To Acquire Cobham Inmet and Cobham Weinschel
--------------------------------------------------------------
API Technologies Corp. has entered into a definitive agreement with
a wholly owned subsidiary of Cobham plc, to acquire Aeroflex /
Inmet, Inc. and Aeroflex / Weinschel, Inc.  Inmet and Weinschel
have each been in business for more than 50 years, and each
manufactures and sells RF and microwave products for defense,
space, avionics, wireless, and test and measurement applications.

Pursuant to the terms of the definitive agreement, API will acquire
100% of the shares of the Acquired Companies for a total purchase
price of $80 million.  This transaction is subject to customary
closing conditions, including Hart Scott Rodino.  API will finance
the acquisition with an $85 million add-on to its existing term
loan with Guggenheim Corporate Funding LLC. Combined, Inmet and
Weinschel generated revenue of $51.4 million and EBITDA margins
over 20% for the year ended Dec. 31, 2014.  The transaction is
anticipated to close within 60 days once customary regulatory
approvals have been received.

Robert Tavares, president and chief executive officer of API
Technologies, stated: "The acquisitions of Inmet and Weinschel
strengthen API's product portfolio and scale in the RF, microwave,
and microelectronics markets, and are immediately accretive to
API's cash flow and earnings.  The Inmet and Weinschel brands are
well recognized for innovative and reliable Microwave and RF
solutions for Commercial Aerospace, Communications and Defense
applications.  We are very excited to welcome the Inmet and
Weinschel employees to the API business.  The addition of the Inmet
and Weinschel products to our existing portfolio will enable us to
better serve our customer needs with a broader set of component and
subsystem solutions."

A copy of the Stock Purchase Agreement is available for free at:

                        http://is.gd/1NITe0

                      About API Technologies

API Technologies designs, develops and manufactures electronic
systems, subsystems, RF and secure solutions for technically
demanding defense, aerospace and commercial applications.  API
Technologies' customers include many leading Fortune 500
companies.  API Technologies trades on the NASDAQ under the symbol
ATNY.  For further information, please visit the Company Web site
at http://www.apitech.com/      

API Technologies reported a net loss attributable to common
shareholders of $19.3 million for the year ended Nov. 30, 2014,
compared to a net loss attributable to common shareholders of $8.28
million for the year ended Nov. 30, 2013.

                           *     *     *

As reported by the TCR on Feb. 14, 2013, Moody's Investors Service
has withdrawn all ratings of API Technologies, including its
'Caa1' Corporate Family Rating and negative outlook due to the
repayment of all rated debt.  On Feb. 6, 2013, API Technologies
completed a refinancing of its previously outstanding rated
bank debt.  All ratings of API have been withdrawn since the
company has no rated debt outstanding.

In the Feb. 22, 2013, edition of the TCR, Standard & Poor's
Ratings Services said that it lowered its corporate credit rating
on API Technologies to 'B-' from 'B'.

"The downgrade reflects weaker-than-expected credit metrics
resulting from less-than-expected improvements in operating
performance and higher debt, including a modest increase from the
recent refinancing," said Standard & Poor's credit analyst Chris
Mooney.


APOLLO MEDICAL: Amends Form S-1 Registration Statement with SEC
---------------------------------------------------------------
Apollo Medical Holdings, Inc., filed with the Securities and
Exchange Commission an amended Form S-1 registration statement
relating to a firm commitment public offering of shares of common
stock and warrants of the Company.

The Company is offering up to ____ shares of common stock and the
warrants pursuant to this prospectus.  The shares and warrants will
be separately issued.  Each warrant will have a right to purchase
one-half of one share of common stock, have an exercise price of
125% of the offering price per share, be exercisable upon issuance
and expire five years from the date of issuance.

The Company's common stock is currently quoted on the OTCQB under
the symbol "AMEH."  The Company has applied to list its common
stock and warrants on the NASDAQ Capital Market under the symbols
"AMEH" and "AMEHW", respectively.  The last reported sale price of
the Company's common stock on April 23, 2015, on the OTCQB was
$5.20 per share.  This amount reflects a one-for-ten reverse stock
split of the Company's outstanding common stock that the Company
effected on April 24, 2015.

A copy of the amended prospectus is available for free at:

                        http://is.gd/qZyKWX

                        About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss of $4.55 million for the year
ended Jan. 31, 2014, following a net loss of $8.90 million for the
year ended Jan. 31, 2013.

As of Dec. 31, 2014, the Company had $15.02 million in total
assets, $16.5 million in total liabilities, and a $1.47 million
total stockholders' deficit.


ARABELLA EXPLORATION: Deficit, Deficiency Raise Going Concern Doubt
-------------------------------------------------------------------
Arabella Exploration, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
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 had an
accumulated deficit of $4.18 million and a working capital
deficiency of $15.6 million as of Dec. 31, 2014, largely consisting
of notes payable due in less than twelve months.

The Company reported a net loss of $4.69 million on $3.41 million
in revenues for the year ended
Dec. 31, 2014, compared with net income of $192,000 on $1.42
million of revenues in the same period last year.

The Company's balance sheet at Dec. 31, 2014, showed $31.1 million
in total assets, $19.9 million in total liabilities, and
stockholders' equity of $11.2 million.

A copy of the Form 10-K is available at:

                        http://is.gd/gmStqf

Arabella Exploration, Inc., is a Midland, Texas-based oil and gas
company focused on the acquisition, development, and exploration of
unconventional, onshore oil and natural gas reserves in the
Delaware Basin portion of the Permian Basin in West Texas.



ARIA ENERGY: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Aria Energy Operating LLC (Aria
Operating).  The outlook is stable.  At the same time, S&P assigned
its 'B' rating and '3' recovery rating to Aria Operating's $200
million senior secured term loan B due 2022.  The '3' recovery
rating indicates that lenders can expect meaningful (50% to 70%;
lower half of the range) recovery if a payment default occurs.

Aria Operating's ratings reflect a "weak" business risk profile and
an "aggressive" financial risk profile.  Factors that influence the
rating include the company's limited scale on a relative and
absolute basis, its dependence on two projects for more than 30% of
EBITDA, potentially aggressive growth through acquisitions, and a
limited track record.  These factors are partially balanced by Aria
Operating's largely contracted cash flows, a favorable regulatory
environment, and cost advantages of its assets.

Aria Operating focuses on developing, owning, and operating
landfill gas-to-energy projects.  The company operates three types
of projects: power, landfill gas, and operations and management
services.

"The stable outlook reflects our expectation of fairly predictable
cash flows driven by the company's highly contracted revenue coming
from long-term power purchase and gas purchase contracts," said
Standard & Poor's credit analyst Geoffrey Mrema.

In terms of credit measures, S&P expects funds from operations to
debt at about 14.5% in 2015, improving to 16.5% in 2016. Similarly,
S&P expects total debt to EBITDA to be in the mid–to-high 4x
range, improving to 4.2x in 2016.


ARMORED AUTOGROUP: S&P Puts 'B-' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings,
including its 'B-' corporate credit ratings, on Danbury,
Conn.–based Armored AutoGroup Inc. and Garland, Texas–based IDQ
Holdings Inc. on CreditWatch with positive implications.

The CreditWatch placement follows Spectrum Brands' announcement
that it has entered into a definitive agreement to acquire Armored
AutoGroup and IDQ Holdings for $1.4 billion in cash and assumed
debt.  Both companies' credit profile will likely improve if the
proposed acquisition by the larger and financially stronger
Spectrum Brands occurs.

S&P assess Armored AutoGroup and IDQ Holdings' business and
financial risk profiles as "vulnerable" and "highly leveraged,"
respectively, compared to "fair" and "aggressive," respectively,
for Spectrum Brands.

If the transaction is completed, S&P would likely raise its ratings
on Armored AutoGroup and IDQ Holdings to the same level as the
post-closing rating on Spectrum Brands.  Although S&P will continue
to assess the impact of the proposed transaction on Spectrum
Brands, it's currently unlikely S&P will lower its ratings on
Spectrum Brands as a result of the transaction. However, if S&P was
to lower the corporate credit rating on Spectrum Brands, it would
be limited to one notch.  S&P would then likely withdraw all of the
Armored AutoGroup and IDQ Holdings ratings.

Alternatively, if the proposed transaction does not close, S&P
would likely affirm its ratings on both Armored AutoGroup and IDQ
Holdings, and remove them from CreditWatch.


ARMTEC HOLDINGS: Files for Bankruptcy to Complete Sale
------------------------------------------------------
Patrick Fitzgerald, writing for Daily Bankruptcy Review, reported
that Canada's Armtec Holdings Ltd., which builds and supplies
materials for large public and commercial infrastructure projects,
filed for protection from creditors in order to sell is business to
Brookfield Capital Partners.

According to the report, Armtec sought protection from creditors on
April 29 in Ontario Superior Court under Canada's Companies
Creditors Arrangement Act, a restructuring process akin to Chapter
11 bankruptcy in the U.S.


ARMTEC HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Concord, Ont.-based Armtec Holdings Ltd.
to 'D' (default) from 'SD' (selective default).

The downgrade is in response to Armtec's announcement that it has
filed for creditor protection under the Companies' Creditors
Arrangement Act (CCAA) in Ontario.

Standard & Poor's will likely withdraw its ratings on Armtec within
30 days.



ASR 2401: Gets Sixth Interim Order to Use Cash Collateral
---------------------------------------------------------
The Hon. Letitia Z. Paul of the U.S. Bankruptcy Court for the
Southern District of Texas issued a sixth interim order authorizing
ASR 2401 Fountainview LLC and ASR 2401 Fountainview LP to use cash
collateral of JPMCC 2006-LDP7 Office 2401 LLC, as noteholder,
pursuant to an operating budget.

As reported in the Troubled Company Reporter on Feb. 16, 2015,
JPMCC 2006-LDP7, the holder of secured claims against the Debtors,
asked Judge Paul to prohibit unauthorized use of cash collateral
because the Debtor failed to provide a proposed budget for cash
collateral use during January 2015 or thereafter.  However, upon
assurance from Debtors' counsel that the Debtors would soon provide
a new budget, the parties announced to the Court that they would
work to submit a proposed form of agreed fourth interim cash
collateral order, along with an agreed budget governing future cash
collateral use.

The sixth interim order permitted the Debtor to use cash collateral
solely to pay expenses for the period of April 1, 2015, through and
including April 30, 2015.  A full-text copy of the sixth interim
order and operating budget is available for free at
http://is.gd/pNkbKj

                           About ASR 2401

ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought
Chapter 11 bankruptcy protection in Houston (Bankr. S.D. Tex. Case
Nos. 14-35322) on Sept. 30, 2014, without stating a reason.

Each debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B), estimated assets and debt of $10 million to $50
million.  Each debtor claims to have its principal assets located
at 2401 Fountain View, Houston, Texas.

ASR LP's Chapter 11 case is assigned to Judge Letitia Z. Paul while
ASR LLC's Chapter 11 case is assigned to Judge Marvin Isgur

The Debtors have tapped Christopher Adams, Esq., at Okin Adams &
Kilmer LLP, in Houston, as counsel.

The Debtor disclosed $19,348,658 in assets and $20,715,225 in
liabilities as of the Chapter 11 filing.

Preferred Income is represented by Hap May, and  Bryan P. Stevens,
Esq., of Hallet & Perrin P.C.


BARISTAS COFFEE: Reports $3.86-Mil. Net Loss in 2014
----------------------------------------------------
Barista Coffee Company, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2014.

DKM Certified Public Accountants expressed substantial doubt about
the Company's ability to continue as a going concern citing that
the Company has significant net losses and cash flow deficiencies.

The Company reported a net loss of $3.86 million on $1.30 million
in revenues for the year ended
Dec. 31, 2014, compared with a net loss of $2.02 million on $1.42
million of revenues in the same period last year.

The Company's balance sheet at Dec. 31, 2014, showed $3.76 million
in total assets, $3.75 million in total liabilities, and
stockholders' equity of $10,600.

A copy of the Form 10-K is available at:

                        http://is.gd/aE4Olw

Barista Coffee Company, Inc., doing business as Baristas, operates
as a drive-through beverage retailer in the United States.  The
company offers hot and cold beverages, including specialty
coffees, blended teas, and other custom drinks, as well as
smoothies, fresh-baked pastries, and other confections.  It also
provides beverages, such as hot apple cider, hot chocolate, and
frozen coffees.  In addition, the company promotes and sells
Baristas merchandise, calendars, mugs, T-shirts, and hats.  It
owns and operates approximately 10 drive-through locations
primarily in the greater Seattle area.  Barista Coffee Company,
Inc. also sells its merchandise and other novelties through its
baristas.tv Website.  The company was formerly known as Innovative
Communications, Inc. and changed its name to Barista Coffee
Company, Inc. in May 2010.  Barista Coffee Company, Inc. was
founded in 1996 and is headquartered in Kent, Washington.



C.F. TOURNAMENT: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: C.F. Tournament Canyon LLC
        9273 Tournament Canyon
        Las Vegas, NV 89144

Case No.: 15-12414

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Hon. August B. Landis

Debtor's Counsel: Shawn W Miller, Esq.
                  THE MILLER LAW GROUP, PLLC
                  525 S. Sixth Street
                  Las Vegas, NV 89101
                  Tel: (702) 366-1241
                  Fax: (702) 946-1677
                  Email: smiller@millerlawgroupnv.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Anthony Zogheib / Ysmael Cerna/ Donna
Walker, managers and member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/nvb15-12414.pdf


C1 INVESTMENT: S&P Affirms 'B' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Eagan, Minn.-based C1 Investment Corp.
The rating outlook is stable.

At the same time, S&P affirmed its 'B' issue-level rating on the
company's $240 million first-lien term loan (including the $50
million incremental issuance).  The recovery rating remains '3',
indicating S&P's expectation for meaningful recovery (50%-70%;
lower half of the range) of principal in the event of payment
default.  S&P also affirmed its 'CCC+' issue-level rating on the
company's $90 million second-lien term loan.  The recovery rating
remains '6'.  The company is issuing the incremental term loan to
fund two tuck-in system integrator acquisitions.

"Our corporate credit rating on C1 Investment reflects our view of
the company's business risk profile as 'weak' and its financial
risk profile as 'highly leveraged,'" said Standard & Poor's credit
analyst Kenneth Fleming.

"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 the company will
sustain its operating trends and improve free cash flow
generation.

S&P could lower the rating if the company's profitability
deteriorates due to increased competition or because of
debt-financed acquisitions or dividends, such that leverage is
sustained in the mid-6x area or free operating cash flow to debt
declines below $8 million.

The likelihood of an upgrade is constrained by the company's
limited product diversity and S&P's expectation that even if
leverage declines below the 5.0x area, the company will likely not
sustain this level, given its private equity ownership structure.



CHASSIX HOLDINGS: Ch. 11 Plan Goes to June 30 Confirmation Hearing
------------------------------------------------------------------
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York will convene a hearing on June 30,
2015, at 10:00 a.m. (Eastern Time) to consider confirmation of the
Chapter 11 plan of reorganization of Chassix Holdings, Inc., and
its debtor affiliates.

The Plan Objection Deadline and the Voting Deadline is set as June
19.  The deadline for the Debtors and any other party-in-interest
to file and serve any replies or an omnibus reply to any objections
to confirmation is June 26.

Judge Wiles approved the disclosure statement explaining the
Debtors' Plan on April 24 and overruled all objections to the
Proposed Disclosure Statement that have not been withdrawn or
resolved as provided for in the record of the April 23 Disclosure
Statement Hearing.

On April 24, the Debtors filed a Second Amended Plan and disclosure
statement incorporating or responding to comments by the Court and
other revisions made at the April 23 hearing.  Tiffany Kary,
writing for Bloomberg News, approved the Disclosure Statement
following hours of debate and negotiation among the Official
Committee of Unsecured Creditors and the U.S. Trustee, both of
which protested the releases from potential lawsuits that the Plan
would give to billionaire Tom Gores’s Beverly Hills,
California-based Platinum Equity.

A blacklined version of the Plan dated April 24 is available at
http://bankrupt.com/misc/CHASSIXplan0424.pdf

Chassix said in a press statement: "[T]he Plan is supported by
approximately 80% of the Company's unsecured bondholders and
approximately 73% of its senior secured bondholders, its existing
sponsor, and all of the Company's largest customers. Among other
things, the Plan provides for a debt-for-equity swap that will
significantly reduce the Company's outstanding bond debt and debt
payment obligations." Mark Allan, Chassix's chief executive officer
comments, "We already have significant support of the Plan from our
bondholders, existing sponsor and all of our largest customers,
which combined with the assurances that the necessary exit
financing will be available to Chassix, make us confident in our
ability to emerge from Chapter 11 in the Summer of 2015."

                      About Chassix Holdings

Chassix is a global manufacturer and supplier of aluminum and iron
chassis sub-frame components and powertrain products with both
casting and machining capabilities.  Based in Southfield,
Michigan,
Chassix and its subsidiaries operate 23 manufacturing facilities
across six countries, providing safety critical automotive
components, having content on approximately 64% of the largest
platforms in North America.  Their product mix maintains an even
balance among trucks, minivans and SUVs, as well as small and
medium size cars and cross-over vehicles.

For the twelve months ended Dec. 31, 2014, the Debtors generated
$1.37 billion in revenue on a consolidated basis.  As of Dec. 31,
2014, the Debtors had $833 million in assets and $784 million in
liabilities on a consolidated basis.

Chassix Holdings, Inc., et al., sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12,
2015, with a Chapter 11 plan that was negotiated with lenders and
customers.

Chassix Holdings estimated $500 million to $1 billion in assets
and
debt.

The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys;
Lazard Freres & Co, LLC, as investment banker; FTI Consulting,
Inc.
to provide an interim CFO and additional restructuring services;
and Prime Clerk LLC, as claims and noticing agent.


CHRYSLER GROUP: Judge Frees TRW of Steering Defect Liability
------------------------------------------------------------
Law360 reported that global auto parts maker TRW Automotive
Holdings Corp. was freed of any responsibility to indemnify old
Chrysler's liquidation trust in a class action over allegedly
defective steering systems after a New York bankruptcy judge found
that a cure agreement had assigned the claims to the
post-bankruptcy iteration of Chrysler.

According to the report, U.S. Bankruptcy Judge Stuart M. Bernstein
granted TRW summary judgment in its adversary complaint against the
liquidation trust.

                      About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved by
the Bankruptcy Court, the company formerly known as Chrysler LLC
in June 2009, formally sold substantially all of its assets to the
new company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.

                      About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved by
the Bankruptcy Court, the company formerly known as Chrysler LLC
in June 2009, formally sold substantially all of its assets to the
new company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.

The Troubled Company Reporter, on April 10, 2015, reported that
Moody's Investors Service assigned B2 long-term senior unsecured
ratings to the proposed 144A/RegS notes to be issued by Fiat
Chrysler Automobiles N.V. (FCA or the company).

"The proceeds from the proposed bond issuances will be used for
general corporate purposes which may include funding the
redemption
of, or otherwise refinancing, outstanding senior secured notes of
FCA US LLC," Moody's said.

The TCR, on the same day, also reported that Standard & Poor's
Ratings Services said that it assigned its 'BB-' issue rating to
the proposed US$3.0 billion senior unsecured notes to be issued by
automotive manufacturer Fiat Chrysler Automobiles N.V. (FCA NV).
At
the same time, S&P assigned its recovery rating of '4′ to
the
proposed notes, reflecting its expectation of average (30%-50%)
recovery -- in the lower half of the range -- for noteholders in
the event of a payment default.


CLIFFS NATURAL: Incurs $773 Million Net Loss in First Quarter
-------------------------------------------------------------
Cliffs Natural Resources Inc. reported a net loss attributable to
its common shareholders of $773 million on $446 million of revenues
for the three months ended March 31, 2015, compared with a net loss
attributable to shareholders of $83.1 million on $616 million of
revenue for the same period in 2014.

As of March 31, 2015, the Company had $2.7 billion in total assets,
$4.48 billion in total liabilities, and a $1.78 billion total
deficit.

Lourenco Goncalves, Cliffs' Chairman, president and chief executive
officer, said, "Cliffs has delivered another strong quarter in the
face of a challenging operating and commercial environment.  The
first quarter has confirmed the strength of our pricing structure
in the USIO business, and our ability to continue to drive costs
down in all operating segments - USIO, APIO and NAC."  Mr.
Goncalves added, "We are extremely pleased with the positive
results of the recent refinancing exercise, and we will continue to
be focused on reducing our debt and maximizing our liquidity."

Due to the usual seasonality of the business during the first
quarter, working capital adjustments drove a cash use of $236
million during the quarter.

To further supplement the Company's liquidity position, during the
quarter Cliffs successfully completed an offering of $540 million
aggregate principal amount of 8.25% Senior Secured Notes due
March 31, 2020.  From the offering of these new first lien notes,
the Company received net proceeds, after the initial purchasers'
discounts and the payment of fees and expenses, of approximately
$491 million.

At the end of first quarter of 2015, Cliffs had net debt of $2.5
billion, compared with $2.9 billion of net debt at the end of the
first quarter of 2014.  There was nothing drawn on the Company's
new asset-based lending facility at the end of the first quarter of
2015.  Such reduction in net debt was a consequence of several
actions including previously-announced exchange offers and
open-market bond repurchases.

Capital expenditures during the quarter were $16 million, an 85
percent decrease compared to $103 million in first quarter of 2014.
This includes capital expenditures related to North American Coal.
Cliffs also reported depreciation, depletion and amortization of
$33 million in the first quarter of 2015.

A full-text copy of the press release is available at:

                       http://is.gd/JM5Kip

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet plants
located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama.  Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two
non-operating iron ore mines in Eastern Canada.  Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

As of Dec. 31, 2014, the Company had $3.16 billion in total assets,
$4.89 billion in total liabilities, and a $1.73 billion total
deficit.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively.  "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.


CONGREGATION BIRCHOS: June 9 General Claims Bar Date Sought
-----------------------------------------------------------
Congregation Birchos Yosef asks the Bankruptcy Court to establish
these deadlines to file proofs of claim:

  * Nongovernmental Bar Date: June 9, 2015, at 5:00 p.m.
  * Governmental Bar Date: Aug. 25, 2015, at 5:00 p.m.

Proofs of claim must be sent via mail, hand delivery or by
overnight delivery service to:

         Clerk of Court
         300 Quarropas Street
         White Plains, NY 10601, or can be.

                  About Congregation Birchos Yosef

Congregation Birchos Yosef is a religious corporation which was
formed on Jan. 16, 1985 for the purposes of creating and
maintaining a "House of Worship" in accordance with the traditions
of the Hebrew faith and to serve and advance the affairs of the
surrounding community under the leadership of the Grand Rebbe of
Nikolsburg.  Its principal office is located at 201 Route 306,
Monsey, New York.  It has real properties located in Spring Valley
and Monsey, New York.

Congregation Birchos Yosef sought bankruptcy protection (Bankr.
S.D.N.Y. Case No. 15-22254) in White Plains, New York, on Feb. 26,
2015.  Breindy Lebovits signed the petition as vice-president.
The
Debtor estimated assets and debt of $10 million to $50 million.

Douglas J. Pick, Esq., at Pick & Zabicki LLP, in New York,
represents the Debtor as counsel.

The schedules of assets and liabilities are due March 12, 2015.
The
Debtor has until June 26, 2015, to exclusively file a Chapter 11
plan and disclosure statement.


CONNEAUT LAKE: Has Until May 5 to Explain Financing of Operations
-----------------------------------------------------------------
Keith Gushard at The Meadville Tribune reports that the Hon.
Jeffrey Deller of the U.S. Bankruptcy Court for Western District of
Pennsylvania has given Conneaut Lake Park until May 5, 2015, to
present details about how the Park would finance its operations
this year, or face a court-ordered sale and liquidation.

According to The Meadville Tribune, Judge Deller said at a hearing
on April 28, 2015, that nly after receiving that information at a
hearing next Tuesday at 10 a.m. will he decide if the amusement
park will be allowed more time to file its bankruptcy plan.

As reported by the Troubled Company Reporter on April 10, 2015, the
Trustees of Conneaut Lake Park asked the Bankruptcy Court to extend
to June 30, the deadline for it to file a Chapter 11 bankruptcy
reorganization plan and to give creditors through Aug. 31, to
accept or reject the plan.  Keith Gushard at The Meadville Tribune
reported that the initial deadline of the Plan was April 3.

According to The Meadville Tribune, George T. Snyder, Esq., at
Stonecipher Law Firm, the attorney for the Park, explained that his
client is trying to line up $300,000 in working capital for the
season, including a $150,000 loan from the Economic Progress
Alliance of Crawford County.  The other $150,000 needed may come
from a loan from the Northwest Regional Planning and Development
Commission, the report says, citing officials.  The report adds
that the Commission is not expected to act on the loan application
request until a May 7, 2015 meeting.

Mr. Snyder told Judge Deller during the April 28 hearing that the
Trustees didn't have commitment letters for the financing to
present yet, The Meadville Tribune relates.

                     About Conneaut Lake Park

Conneaut Lake Park is a summer amusement resort, located in
Conneaut Lake, Pennsylvania.

Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania,
on Dec. 4, 2014.  The case is assigned to Judge Thomas P. Agresti.
The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm,
in Pittsburgh, as counsel.  The Debtor estimated assets and debt of
$1 million to $10 million.

Trustees of Conneaut Lake Park filed for bankruptcy protection less
than 20 hours before the Crawford County amusement park was
scheduled to go to sheriff's sale for almost $930,000 in back taxes
and related fees.


CONSTAR INT'L: Debtor Has May 12 Deadline to Remove Suits
---------------------------------------------------------
U.S. Bankruptcy Judge Christopher Sontchi has given Capsule
International Holdings LLC, formerly known as Constar International
Holdings LLC, until May 12, 2015, to file notices of removal of
lawsuits involving the company and its affiliates.

                   About Constar International

Privately held Constar International Holdings and nine affiliated
debtors (nka Capsule International Holdings, et al.) filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on
Dec. 19, 2013.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway
Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the Debtors'
claims and noticing agent, and administrative advisor.  Lincoln
Partners Advisors LLC serves as the Debtors' financial advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

This is Constar International's third bankruptcy.  Constar first
filed for Chapter 11 protection (Bankr. D. Del. Lead Case No.
08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan
and emerged from bankruptcy in May 2009.  Constar and its
affiliates returned to Chapter 11 protection (Bankr. D. Del. Case
No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11
plan and emerged from bankruptcy in June 2011.

The new petition listed assets worth less than $100 million
Against $123 million on three layers of secured debt.

Attorneys at Brown Rudnick LLP represent the official committee of
unsecured creditors.  The Committee retained Alvarez & Marsal
North America LLC as its financial advisor.

Counsel to Wells Fargo Capital Finance, LLC, the revolving loan
agent, is Andrew M. Kramer, Esq., at Otterbourg P.C.

On Feb. 10, 2014, the Bankruptcy Court authorized Constar to sell
certain assets to Plastipak Packaging, Inc., a global manufacturer
of rigid plastic packaging.  The Court determined that Plastipak's
$102,450,000 offer for the Debtors' U.S. assets bested the offers
from Amcor Rigid Plastics USA, Inc., and Envases Universales De
Mexico S.A.P.I. De C.V. during a Feb. 6 auction.

Separately, the Court authorized Constar to sell a facility in
Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3
million.  There was no other bidder for the Maryland facility.

The sole director of debtor Constar International U.K. Limited has
appointed Daniel Francis Butters and Nicolas Guy Edwards of
Deloitte LLP as administrators.  The U.K. Administration
Proceeding follows the closing of the sale of the U.K. assets to
Sherburn Acquisition Limited.  The Delaware Bankruptcy Judge
authorized the U.S. Debtors to sell the U.K. Assets to Sherburn for
GBP3,512,727, (or US$7,046,000), less the deposit in the sum of
US$1,250,000.

Secured lender Black Diamond Commercial Finance, LLC, as DIP note
agent, and Wells Fargo Capital Finance, LLC, as DIP revolving
agent and agent under the revolving loan facility, consented to the
administration of Constar U.K. and the appointment of the Joint
Administrators.

In view of the asset sales in the U.S. and the U.K., the Debtors
changed their corporate trade names -- and with the Bankruptcy
Court's consent, their bankruptcy case caption -- to Capsule Group
Holdings, Inc.; Capsule Intermediate Holdings, Inc.; Capsule
Group, Inc.; Capsule International LLC; Capsule DE I, Inc.; Capsule
DE II, Inc.; Capsule PA, Inc.; Capsule Foreign Holdings, Inc.; and
Capsule International U.K. Limited (Foreign).


CRUNCHIES FOOD: May 6 Hearing on Liquidating Plan Disclosures
-------------------------------------------------------------
Crunchies Food Company and its official committee of unsecured
creditors are proposing a Chapter 11 liquidating plan that
contemplates the creation of a liquidation trust that will
liquidate the remaining assets, make distributions to creditors and
pursue causes of action.

Crunchies in September 2014 sold substantially all assets to
Chaucer Foods Ltd, for $3,630,000, comprised of a credit bid and
$350,000 in cash following a court-sanctioned sale process.
Ultimately, the Debtor received $300,000 in cash from the sale
proceeds, as $50,000 of the cash component of the sale proceeds was
set aside for the cure of certain executory contracts.

The Debtor will seek approval of the disclosure statement
explaining the terms of the Plan at a hearing on May 6, 2015, at
10:00 a.m.

The Debtor believes that the liquidating trust assets will be
sufficient to pay all administrative expense claims (except for,
possibly, the professional fee claims, who have agreed to different
treatment), priority tax claims, priority non-tax claims (Class 1),
miscellaneous secured claims (Classes 2 through 6 claims), and the
costs and expenses of administration of the Liquidating Trust after
the Effective Date.

The Debtor also believes that there will be funds available for
distribution to holders of general unsecured claims, the amounts of
which distributions will be contingent on the Liquidating trustee's
successful pursuit of the causes of action.

The Debtor is still in the process of evaluating all causes of
action that could be pursued for the benefit of the estate and/or
the liquidating trust.  The Debtor has not concluded its
investigation into all of the causes of action and has not
identified a cause of action in the Plan.

The Debtor believes that holders of Class 7 Claims likely would not
receive any distribution in a chapter 7 liquidation based on the
cash held by the Debtor, as it is insufficient to pay creditors of
a higher liquidation priority.

The Liquidating Trustee will not reserve or utilize more than
$25,000 in the aggregate for the expenses of the liquidating trust
until all professional fee claims allowed by the Bankruptcy Court
have been paid in full.  On the effective date of the Plan, Peter
Kravitz will be appointed as the liquidating trustee.

The Liquidating Trustee will be able to pursue the Causes of Action
in a cost-effective manner, while in a chapter 7 the Debtor's
estate would be burdened with an additional layer of administrative
expense associated with the appointment of a chapter 7 trustee, and
retention of professionals attendant thereto.

A copy of the Disclosure Statement dated March 31, 2015, is
available for free at:

        http://bankrupt.com/misc/Crunchies_Food_DS.pdf

                   About Crunchies Food Company

Crunchies Food Company was a packaged healthy snack food company
co-founded in Ventura County in 2006 by James P. Lacey with its
operations located in Westlake Village, California.

Crunchies filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal.
Case No. 14-bk-11776) in Santa Barbara, California, on Aug. 15,
2014.  The case is assigned to Judge Peter Carroll.

The Debtor has tapped David L. Neale, Esq., at Levene Neale Bender
Rankin & Brill LLP, in Los Angeles, as counsel, and Silver Law
Group, P.C., as special corporate counsel.

The Official Committee of Unsecured Creditors tapped Sheppard,
Mullin, Richter & Hampton LLP as counsel.


DETROIT, MI: Governor Signs Bill to Aid City Bond Sale
------------------------------------------------------
Reuters reported that Michigan Governor Rick Snyder signed into law
a bill aimed at reducing interest rate costs for an upcoming
Detroit bond sale.

According to the report, Detroit privately placed $275 million of
variable-rate bonds with Barclays Capital to finance its Dec. 10
exit from the biggest-ever municipal bankruptcy.  As part of the
city's U.S. Bankruptcy Court-approved plan, that debt is due to be
sold in the U.S. municipal market in a fixed-rate mode by May 9,
the report related.

The new law boosts security for the bonds by placing a specific
statutory lien on Detroit income tax revenue pledged to pay off the
debt, the report said.

                   About the City of Detroit

The City of Detroit, Michigan, weighed down by more than $18
billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit estimated
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by lawyers at
Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The City's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits, $3.5
billion for underfunded pensions, $1.13 billion on secured and
unsecured general obligations, and $1.43 billion on pension-related
debt, according to a court filing.  Debt service consumes 42.5
percent of revenue.  The city has 100,000 creditors and 20,000
retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing the
American Federation of State, County and Municipal Employees and
the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers appointed in
the case is represented by Dentons US LLP.  Lazard Freres & Co. LLC
serves as the Retiree Committee's financial advisor.

Detroit filed a notice that the effective date of its
bankruptcy-exit plan occurred on Dec. 10, 2014.  Judge Steven
Rhodes on Nov. 12, 2014, entered an order confirming the Eighth
Amended Plan for the Adjustment of Debts of the City of Detroit.

Thomas Tucker, a federal bankruptcy judge since 2003, took over
Detroit's landmark bankruptcy case following the retirement of
Judge Rhodes.


DPX HOLDINGS: S&P Assigns 'CCC+' Rating on $550MM Sr. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' senior
unsecured issue-level rating and '6' recovery rating to JLL/Delta
Dutch Pledgeco B.V.'s proposed $550 million senior unsecured
holding company notes due 2020.  S&P's ratings and outlook on the
operating company, Durham, N.C.-based pharmaceutical contract
services provider DPx Holdings B.V. (B/Stable/--), remain
unchanged.

Proceeds from the issuance will be used mainly to fund a dividend
to its sponsor owners.  While the transaction increases adjusted
leverage to the mid-7x area from roughly 5.7x leverage S&P had
projected for 2015.  The '6' recovery rating indicates an expected
negligible recovery (0% to 10%) in the event of a default, given
that the debt will be subordinated to the existing debt at the
operating company.

The aforementioned transaction is consistent S&P's assessment of
DPx's financial risk profile as "highly leveraged" and S&P expects
the DPx will continue to remain aggressive over the near term in
pursuing moderate-sized tuck-in acquisitions that will further
strengthen and broaden its drug manufacturing and development
services.  However, in S&P's assessment the increase in leverage is
tempered by the company's improving EBITDA margin and cash flow
generation, its positioning as a market leader in two of its
existing major market segments (contract manufacturing [CMO] and
pharmaceutical development services), the relative stability and
visibility of the CMO industry, and the company's well-established
customer relationships.  Together, these factors continue to
support S&P's assessment of a "fair" business risk profile.

RATINGS LIST

DPx Holdings B.V.
Corporate Credit Rating            B/Stable/--

New Rating
JLL/Delta Dutch Pledgeco B.V.
Senior Unsecured Notes Due 2020    CCC+
   Recovery Rating                  6


DS HEALTHCARE: Reports $1.31 Million Net Loss in 2014
-----------------------------------------------------
DS Healthcare Group, Inc., reported a net loss of $1.31 million on
$13.4 million of revenue for the year ended Dec. 31, 2014, compared
to a net loss of $3.23 million on $13.7 million of revenue in the
same period in 2013.

Marcum LLP expressed substantial doubt about the Company's ability
to continue as a going concern citing that the Company has suffered
recurring losses from operations.

The Company's balance sheet at Dec. 31, 2014, showed $8.6 million
in total assets, $3.46 million in total liabilities, and
stockholders' equity of $5.14 million.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

    
http://www.sec.gov/Archives/edgar/data/1463959/000155335015000358/dskx_10k.htm


Pompano Beach, Fla.-based DS Healthcare Group, Inc., and its
subsidiaries develop products for skin care and personal care
needs.

The Company reported a net loss of $3.6 million on $11.2 million
of net revenue in 2012, compared with a net loss of $980,892 on
$9.7 million of net revenue in 2011.



DYCOM INDUSTRIES: S&P Lowers Rating on $277.5MM Sr. Notes to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level rating
on Dycom Industries Inc.'s (Dycom) $277.5 million senior
subordinated notes due 2021 to 'BB-' from 'BB' and revised the
recovery rating on the notes to '5' from '4'.  The '5' recovery
rating indicates S&P's expectation of modest (10%-30%; upper half
of the range) recovery in the event of a default.  S&P is
maintaining its 'BB' corporate credit rating and stable outlook on
Dycom.

Dycom's subsidiary, Dycom Investments Inc., is the borrower on the
notes.  S&P revised the recovery rating based on the company's
recent amendment and add-on to its senior secured credit facility
(not rated).  As a result of the additional senior secured debt in
the company's capital structure, S&P revised its estimated recovery
on the notes.  The company increased the size of its revolving
credit facility to $450 million from $275 million and increased the
size of its term loan facility to $150 million from $109 million as
of Jan. 24, 2015.  The maturity dates on both facilities were
extended to April 24, 2020.

The rating on Dycom reflects S&P's view that company will continue
to compete in large, highly fragmented, and cyclical end-markets
with steady capital investment requirements.  It also reflects
S&P's expectation that the company's debt leverage will remain at
about 2.5x, with a funds from operations (FFO)-to-debt ratio
approaching 30%.

RECOVERY ANALYSIS

Key analytical factors:

Given Dycom's position as a specialty engineering and construction
contractor competing in the cyclical telecommunications end-market,
S&P's distressed scenario envisions a period in which delays and
outright cancelations of cable- and telecom-related capital
spending programs abound and Dycom's key customers reduce their
capital expenditure budgets in line with the broader industry.
S&P's analysis further assumes that the revolver is 85% drawn; the
margin on the revolver and term loan increases by 125 basis points
(bps), reflecting higher borrowing costs from credit deterioration
simulated in S&P's scenario; and EBITDA declines by approximately
44% from fiscal-year 2014 levels at default and EBITDA at emergence
is estimated at $105 million.  S&P has valued the company on a
going concern basis using a 5x multiple of its projected emergence
EBITDA.

Simulated Default and Valuation Assumptions:

   -- Simulated year of default: 2020
   -- EBITDA at emergence: $105 mil.
   -- EBITDA multiple: 5x

Simplified Waterfall:
   -- Net enterprise value (after 5% admin. costs): $499 mil.
   -- Senior secured claims: $420 mil.
      --Recovery expectations: Not applicable
   -- Total value available to subordinated debt: $70 mil.
   -- Senior subordinated claims: $287 mil.
      --Recovery expectations: 10%-30%, high end of the range
Note: All debt amounts include six months of prepetition interest.

RATINGS LIST

Dycom Industries Inc.
Corporate Credit Rating                BB/Stable/--

Upgraded; Recovery Rating Revised
                                        To                 From
Dycom Investments Inc.
$277.5 mil. senior subordinated notes  BB-                BB
  Recovery Rating                       5H                 4L


EMPOWERED PRODUCTS: Has $1.02-Mil. Net Loss in 2014
---------------------------------------------------
Empowered Products, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2014.

PKF Certified Public Accountants expressed substantial doubt about
the Company's ability to continue as a going concern citing that
the Company has incurred negative cash flows and has an accumulated
deficit.

The Company reported a net loss of $1.02 million on $4.47 million
in revenues for the year ended Dec. 31, 2014, compared to a net
income of $134,000 on $4.61 million of revenues in the same period
last year.

The Company's balance sheet at Dec. 31, 2014, showed $3.34 million
in total assets, $894,000 in total liabilities, and stockholders'
equity of $2.45 million.

A copy of the Form 10-K is available at:

                        http://is.gd/2AGsdD

Las Vegas, Nev.-based Empowered Products, Inc., formerly On Time
Filings, Inc., is engaged in the manufacture, sale and distribution
of personal care products, principally throughout the United
States, Europe and Asia.  The Company through its subsidiary,
Empowered Products Nevada, Inc. (EP Nevada) and its other
subsidiaries offers a line of products, including topical gels,
lotions and oils.  The Company had 13 formulated skin lubricants
and its products were sold in 30 countries through more than 21,000
retail outlets.


ENDEAVOUR INT'L: Scraps Bankruptcy Plan Amid Diving Oil Prices
--------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
oil and gas developer Endeavour International Corp. couldn't
reassemble the pieces of a restructuring pact shattered by diving
oil prices, so it is looking for a buyer of its U.S. operations.

According to the DBR report, papers filed in the U.S. Bankruptcy
Court in Delaware, the company says it is trying to keep the bulk
of its business, oil and gas in the North Sea, from a similar
fate.

As previously reported by The Troubled Company Reporter, the
Debtors' counsel, Zachary I. Shapiro, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, told the Bankruptcy Court
that the Debtors sought to delay confirmation of their Plan in
light of the continuing drop in oil and gas prices as the Debtors'
consensual restructuring agreement with creditors was developed in
an industry environment where oil prices had remained relatively
stable for the past for years.

                   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
$808,358,297 in assets and $1,242,480,297 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 Amended Joint Plan of
Reorganization, dated Dec. 23, 2014, of Endeavour Operating
Corporation and its affiliated debtors, including Endeavour
International Corporation, has been adjourned to a date to be
determined.


ENERGY FUTURE: A&M Files Fifth Supplemental Declaration
-------------------------------------------------------
Jeffery J. Stegenga, managing director of Alvarez & Marsal North
America, LLC, filed a fifth supplemental declaration in support of
Energy Future Holdings Corp., et al.'s application to hire Alvarez
& Marsal as restructuring advisor.  A copy of the document is
available for free at:

   http://bankrupt.com/misc/ENERGYFUTURE_4097_alvarez_decl.pdf

                        About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the
second-lien noteholders owed about $1.6 billion, is represented by
Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.



ENERGY FUTURE: Seeks to Knock Out $431M Make-Whole Bid
------------------------------------------------------
Law360 reported that Energy Future Holdings Corp. strove to end its
long-running battle with senior noteholders over $431 million in
make-whole premiums, urging a Delaware bankruptcy judge to reject
the bondholders' attempt to lift the automatic stay and revive the
asserted penalty for early repayment.

According to the report, wrapping up a three-day trial in
Wilmington, EFH argued that indenture trustee Delaware Trust Co.
lacks cause to lift the automatic stay and override a provision
that freed the power giant from penalties for paying off $4 billion
first-lien notes.

As previously reported by The Troubled Company Reporter, EFH
creditors filed a trial brief urging the court to modify the
bankruptcy stay so that a key date no longer triggers the
penalties.  In March, EFH was found to be not liable for a penalty
of two-thirds of a billion dollars for early repayment of $4
billion in senior bonds.

EFH and the senior bondholders had long clashed in Delaware
federal
court over whether the company's decision to repay $4 billion in
senior bonds entitled those investors to sizable make-whole
premiums.  U.S. Bankruptcy Judge Christopher Sontchi said that his
reading of the contract didn't require them.

"The plain language of the indenture does not require payment of an
applicable premium upon a repayment of the notes, following an
acceleration ... arising from a default for the commencement of
'proceeding to be adjudicated bankrupt or insolvent,'" Judge
Christopher Sontchi in Delaware said, clarifying that the
bankruptcy "was not an intentional default."

The adversary suit is CSC Trust Co. of Delaware v. Energy Future
Intermediate Holdings LLC et al., case number 1:14-ap-50363 (Bankr.
D. Del.).

                     About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.

                           *     *     *

Energy Future Holdings Corp., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a joint plan of
reorganization and disclosure statement, which provides for a
comprehensive restructuring and recapitalization of the Debtors'
pre-bankruptcy obligations and corporate form, preserves the going
concern value of the Debtors' businesses, maximizes recoveries
available to all constituents, provides for an equitable
distribution to the Debtors' stakeholders, protects the jobs of
employees, and ensures continued provision of electricity in Texas
to the Texas Competitive Electric Holdings Company LLC's
approximately 1.7 million retail customers and the smooth delivery
of electricity to the entire state through the TCEH Debtors'
generation activities.

The hearing on the approval of the Disclosure Statement is still to
be determined.  Objections are due June 17.

A full-text copy of the Plan dated April 14, 2015, is available at
http://bankrupt.com/misc/EFHplan0414.pdf  

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/EFHds0414.pdf  


ENERGY FUTURE: Unsecured Creditors Demand Oncor Bid Access
----------------------------------------------------------
Law360 reported that unsecured creditors to Energy Future Holdings
Corp. moved to force the disclosure of bids for the bankrupt power
giant's treasured stake in nondebtor Oncor Electric Delivery Co.
LLC, citing an "information asymmetry" they say undercuts their
negotiating position.

According to Law360, the request made by a court-appointed
committee of EFH unsecured creditors argued that the Debtor's
restructuring professionals should not be allowed to withhold
information about the ongoing bidding war for Oncor, a Texas-based
power distributor in which the Debtor owns an 80 percent interest.

                     About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.

                           *     *     *

Energy Future Holdings Corp., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a joint plan of
reorganization and disclosure statement, which provides for a
comprehensive restructuring and recapitalization of the Debtors'
pre-bankruptcy obligations and corporate form, preserves the going
concern value of the Debtors' businesses, maximizes recoveries
available to all constituents, provides for an equitable
distribution to the Debtors' stakeholders, protects the jobs of
employees, and ensures continued provision of electricity in Texas
to the Texas Competitive Electric Holdings Company LLC's
approximately 1.7 million retail customers and the smooth delivery
of electricity to the entire state through the TCEH Debtors'
generation activities.

The hearing on the approval of the Disclosure Statement is still to
be determined.  Objections are due June 17.

A full-text copy of the Plan dated April 14, 2015, is available at
http://bankrupt.com/misc/EFHplan0414.pdf  

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/EFHds0414.pdf




ERIE OTTERS: To Update Court on Bids for Team on May 7
------------------------------------------------------
Ed Palattella, writing for GoErie.com, reports that the U.S.
Bankruptcy Judge Thomas P. Agresti will receive an update on May 7
on how many bids Erie Otters have received in preparation for a
public sale.

According to GoErie.com, the Team's owner, Sherry Bassin, is
selling the Team in U.S. Bankruptcy Court primarily to raise money
to pay off the Team's debts to the Oilers, which tried to force a
sale of the Team to recover the money.  

GoErie.com relates that the sale requires the approval of Judge
Agresti and the Ontario Hockey League, a minor creditor in the
Team's bankruptcy case that has a major administrative role.

As reported by the Troubled Company Reporter on April 9, 2015, Ed
Palattella, writing for Erie Times-News, reported that Erie Otters
filed for bankruptcy to stop the National Hockey League's Edmonton
Oilers from forcing a sale of the Otters to collect on a $4.6
million debt.  According to the report, the Team's broker is Game
Plan Special Services LLC.


FL 6801 SPIRITS: May 20 Hearing on Full-Payment Liquidating Plan
----------------------------------------------------------------
Judge Shelley C. Chapman on May 20, 2015, at 2:00 p.m. (ET) will
convene a hearing to consider FL 6801 Spirits LLC, et al.'s
liquidating plan that proposes to pay all creditors in full and
make distributions to equity holders.

At the May 20 combined hearing, the judge will consider
confirmation of the Liquidating Plan and approval of the Disclosure
Statement.  Objections are due May 13, 2015.

The Debtors in January 2015 sold most of their assets, including
the Canyon Ranch Hotel & Spa in Miami Beach, to a Z Capital
Partners unit for $21.6 million, following a court-sanctioned
auction.  Z Capital Florida Resort, LLC, the entity created to
acquire the assets, beat rival bidders North Beach Development, LLC
and 360 Vox LLC, which opened the auction with a $12 million
offer.

The primary objective of the Plan is to provide a mechanism to
implement the liquidation of the Debtors' remaining assets,
reconciling and fixing the claims asserted against the Debtors, and
distributing the net liquidation proceeds, including the sale
proceeds, in conformity with the distribution scheme provided by
the Bankruptcy Code and prior orders of the Court.

As of the Petition Date, the Debtors' liabilities consisted
primarily of $1.67 million in obligations under a secured loan
extended by PAMI ALI LLC.  The prepetition secured obligations were
satisfied from the sale proceeds.

The Plan provides that holders of administrative claims estimated
to total $950,000, priority claims totaling $243,000, and general
unsecured claims estimated at $1,650,000 will be paid in full.
Holders of equity interests will receive any of the proceeds
remaining after payment of all claims.  No class is impaired.
Therefore, all classes are presumed to have accepted the Plan.

A copy of the Disclosure Statement dated April 13, 2015 is
available for free at:

       http://bankrupt.com/misc/FL_6801_Spirits_DS.pdf

                     About FL 6801 Spirits

FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers
Holdings Inc. and three of its wholly owned subsidiaries filed
voluntary Chapter 11 petitions, seeking bankruptcy protection for
their condominium hotel property in Miami Beach.  The affiliates
are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL
6801 Collins South LLC.

FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury
full-service, ocean front condominium hotel located at the site of
the old Carillon Hotel in Miami Beach, Florida.  The current
operator of the hotel, Canyon Ranch Living, is not a debtor, and
operations at the property are expected to continue without
interruption.

FL Spirits and the three affiliates companies have sought joint
administration, with pleadings to be maintained at FL 6801's case
docket (Bankr. S.D.N.Y. Lead Case No. 14-11691).

FL Spirits has tapped Togut, Segal & Segal LLP as general
bankruptcy counsel, Shutts & Bowen LLP as special real estate
counsel, CBRE, Inc., as real estate broker, and Prime Clerk as
claims and notice agent.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  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.  Lehman's Chapter 11 plan became effective on March 6,
2012.


FOUR OAKS: Posts $978,000 Net Income in First Quarter
-----------------------------------------------------
Four Oaks Fincorp, Inc., the holding company for Four Oaks Bank &
Trust Company, announced the results for the first quarter ended
March 31, 2015.

The Company reported net income of $978,000 for the quarter ended
March 31, 2015, compared to $1.4 million for the same period in
2014. Net interest income increased during the first quarter of
2015 by $527,000 as compared to the same period in 2014.
Non-interest income declined when compared to first quarter 2014 as
the Company recognized one-time payments related to its exit of the
ACH third party payment processor business line.  Non-interest
expenses increased with the conversion to a new technology platform
allowing the Company to build a foundation for future growth.  The
Bank's classified assets continue to decline with classified assets
to capital ratio of 20.2% as of March 31, 2015, compared to 23.7%
at Dec. 31, 2014, and 82.2% at March 31, 2014.

The Bank remains well capitalized at March 31, 2015, and reports
total risk based capital of 14.0%, Tier 1 risk based capital of
12.7%, and a leverage ratio of 7.7%.  At Dec. 31, 2014, the Bank
had total risk based capital of 14.7%, Tier 1 risk based capital of
13.5%, and a leverage ratio of 7.2%.  At March 31, 2015, the
Company had total risk based capital of 14.2%, Tier 1 risk based
capital of 11.0%, and a leverage ratio of 6.6%, as compared to
15.0%, 11.6%, and 6.2%, respectively at Dec. 31, 2014.  Although
not significant, the decline in capital ratios for both the Bank
and Company were due to the implementation of BASEL III, which
became effective Jan. 1, 2015.

Net Interest Income and Net Interest Margin:

Net interest margin annualized for the three months ended
March 31, 2015, was 3.1% compared to 2.7% as of March 31, 2014. Net
interest income increased to $5.7 million for the three months
ended March 31, 2015, as compared to $5.2 million for the same
period in 2014, primarily due to increased investment income
coupled with declining interest expense.  Cost of funds continues
to improve as interest expense declined to $1.7 million for the
three months ended March 31, 2015, compared to $2.0 million for the
same period in 2014, due to a shift in deposit mix from time
deposits to demand, savings, and money market deposits, lower rates
on new and renewing time deposits, and declining interest expense
on long-term borrowings as a result of the $22 million pay down in
Federal Home Loan Bank borrowings during 2014.

Non-Interest Income:

Non-interest income was $1.5 million for the three months ended
March 31, 2015, compared to $2.1 million for the same period in
2014.  The decline in non-interest income was primarily due to
lower income received through ACH TPPP indemnifications as we exit
this line of business.  During the first quarter of 2015, other
non-interest income included indemnification income of $179,000
compared to $538,000 during the first quarter of 2014. In addition,
other service charges, commissions, and fees was $60,000 lower for
the three months ended March 31, 2015, as compared to the same
period in 2014 due to lower premium income received on the sale of
government guaranteed loans.

Non-Interest Expense:

Non-interest expense totaled $6.3 million for the three months
ended March 31, 2015, compared to $6 million for the same period in
2014. Salaries related expenses increased $400,000 due to personnel
additions, implementation of a restricted stock plan, and accruals
related to performance-based compensation for 2015. Professional
and consulting fees were $199,000 greater for the three months
ended March 31, 2015, as compared to the same quarter in 2014 and
other operating expenses increased $275,000 for this same period.
These increases are the result of a project to upgrade the
Company's technology platform, in partnership with its core
processor, in order to offer additional products and services for
our customers.  As asset quality continues to improve, collections
and foreclosure expenses for the three months ended March 31, 2015,
declined $308,000 and FDIC insurance premiums declined $279,000
when compared to the same period in 2014.

Balance Sheet:

Total assets were $767.2 million at March 31, 2015, compared to
$820.8 million at Dec. 31, 2014, a decline of $53.6 million.  Cash,
cash equivalents, and investments were $278.2 million at March 31,
2015, compared to $336.9 million at Dec. 31, 2014, a decrease of
$58.7 million or 17.4%.  Outstanding gross loans increased to
$458.6 million at March 31, 2015, compared to $452.3 million at
Dec. 31, 2014, as the Company began to implement a strategy of
portfolio loan growth.  Total liabilities were $724.8 million at
March 31, 2015, compared to $780.1 million at Dec. 31, 2014.  The
decline in both assets and liabilities were the result of a $48.1
million reduction in deposits as the Company exits the ACH TPPP
business line.

Total shareholders' equity increased to $42.4 million at March 31,
2015, compared to $40.7 million at Dec. 31, 2014.  This increase
resulted primarily from the net income during the first quarter, as
well as increases in accumulated other comprehensive income on the
available for sale securities portfolio.

Asset Quality:

Nonperforming loans totaled $8.9 million at March 31, 2015, a
decrease of $1.2 million compared to $10.1 million at Dec. 31,
2014.  Foreclosed assets totaled $3.3 million at March 31, 2015
compared to $3.8 million at Dec. 31, 2014, a reduction of $500,000.
Total nonperforming assets were $12.1 million or 1.6% of total
assets at March 31, 2015, as compared to $13.9 million or 1.7% of
total assets at Dec. 31, 2014.  The continued declines in
nonperforming loans and foreclosed assets were primarily the result
of continued efforts by the Company as we execute the asset
resolution plan, coupled with reduced additions to these
categories. The allowance for loan and lease losses increased
slightly during the quarter to $9.8 million as of March 31, 2015
compared to $9.4 million as of Dec. 31, 2014, due to net recoveries
of $413,000 during the period.  The allowance for loan and lease
losses as a percentage of gross loans remained constant at 2.1% at
both March 31, 2015, and Dec. 31, 2014.

President and Chief Operating Officer David H. Rupp states, "We are
pleased to report a solid quarter of earnings and improvement
across Four Oaks Bank. Asset quality improvements and our capital
position continue to exceed our expectations. The repositioning of
the balance sheet, which began late last year, continues to provide
benefit as we make better use of our liquidity and become more
efficient.  We see increased activity across most of our markets
and we are working diligently to meet the needs of our customers.
We remain thankful for the support of our customers, communities
and our fine team members as we focus on community banking and its
important role in the economy."

With $767.2 million in total assets as of March 31, 2015, the
Company, through its wholly-owned subsidiary, Four Oaks Bank &
Trust Company, offers a broad range of financial services through
its fifteen offices in Four Oaks, Clayton, Smithfield, Garner,
Benson, Fuquay-Varina, Wallace, Holly Springs, Harrells, Zebulon,
Dunn, Raleigh (LPO), and Southern Pines (LPO), North Carolina. Four
Oaks Fincorp, Inc. trades through its market makers under the
symbol of FOFN.

                           About Four Oaks

Four Oaks Bank & Trust Company is a state chartered bank
headquartered in Four Oaks, North Carolina, where it was chartered
in 1912.  The wholly-owned subsidiary of Four Oaks Fincorp, Inc.,
the single bank holding company trading under the symbol FOFN on
the OTCQX Marketplace, the Bank had $820.8 million in assets as of
Dec. 31, 2014.  The Bank presently operates thirteen branches
located in Four Oaks, Clayton, Garner, Smithfield, Benson,
Fuquay-Varina, Holly Springs, Wallace, Harrells, Zebulon, Dunn and
Raleigh and loan production offices in Southern Pines and in
Raleigh, North Carolina.

Four Oaks Fincorp reported a net loss of $4.18 million in 2014, a
net loss of $350,000 in 2013, a net loss of $6.96 million in 2012
and a net loss of $9.09 million in 2011.  As of Dec. 31, 2014, the
Company had $821 million in total assets, $780 million in total
liabilities and $40.7 million in total shareholders' equity.

                         Written Agreement

In late May 2011, the Company and the Bank entered into a Written
Agreement with the Federal Reserve Bank of Richmond and the North
Carolina Commissioner of Banks.  Under the terms of the Written
Agreement, the Bank developed and submitted for approval, within
the time periods specified, plans to:
  
   * revise lending and credit administration policies and  
     procedures at the Bank and provide relevant training
  
   * enhance the Bank's real estate appraisal policies and
     procedures

   * enhance the Bank's loan grading and independent loan review
     programs

  * improve the Bank's position with respect to loans,
    relationships, or other assets in excess of $750,000, which
    are now or in the future become past due more than 90 days,
    are on the Bank's problem loan list, or adversely classified
    in any report of examination of the Bank, and

  * review and revise the Bank's current policy regarding the     

    Bank's allowance for loan and lease losses and maintain a
    program for the maintenance of an adequate allowance.


FRANKLIN HOMES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Franklin Homes, Inc.
        10655 Highway 43
        Russellville, AL 35653

Case No.: 15-81177

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Northern District of Alabama (Decatur)

Judge: Hon. Clifton R. Jessup Jr.

Debtor's Counsel: Lee R. Benton, Esq.
                  BENTON & CENTENO, LLP
                  2019 3rd Ave N
                  Birmingham, AL 35203
                  Tel: 205 278-8000
                  Email: lbenton@bcattys.com

                    - and -

                  Jamie Alisa Wilson, Esq.
                  BENTON & CENTENO, LLP
                  2019 Third Avenue North
                  Birmingham, AL 35203
                  Tel: 205-278-8000
                  Fax: 205-278-8008
                  Email: jwilson@bcattys.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Peter D. James, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/alnb15-81177.pdf


FRIENDSHIP VILLAGE: Fitch Affirms 'BB-' Rating on $14.46MM Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating on the revenue
refunding and improvement bond issued on behalf of Friendship
Village of Columbus (FVC), Ohio:

   -- $14,460,000 Franklin County, Ohio series 1998.

The Rating Outlook is revised to Positive from Stable.

SECURITY

The bonds are secured by a revenue pledge, first mortgage, and debt
service reserve fund.

KEY RATING DRIVERS

IMPROVED PROFITABILITY: The Positive Outlooks reflects the
continued improvements in operating profitability, with net
operating margin adjusted increasing from 5.7% in fiscal 2013 to
17.6% in fiscal 2014 and 21.3% in the six-month interim period
ending Dec. 31, 2014 (the interim period).  The improved
profitability primarily reflects continued cost management
initiatives.

MODERATE DEBT BURDEN: FVC's debt burden remains moderate with
maximum annual debt service (MADS) equal to 8.4% of revenues in
fiscal 2014.  Improved operating profitability increased debt
service coverage since fiscal 2013 when weak operating performance
resulted in a rate covenant violation.  MADS coverage increased
from 0.9x in fiscal 2013 to 2.2x in fiscal 2014 and 2.9x in the
interim period.

LIGHT ILU OCCUPANCY: Independent living unit (ILU) occupancy
remains light, decreasing from 78% in fiscal 2013 to 74% in the
interim period, reflecting increased attrition.  However, assisted
living (ALU) and skilled nursing (SNF) occupancy were solid at 97%
and 87%, respectively.

LIGHT LIQUIDITY: Despite improved absolute levels, unrestricted
liquidity remains light with 39.6% cash-to-debt and 4.0x cushion
ratio at Dec. 31, 2014.

RATING SENSITIVITY

CONTINUED STRENGTHENING OF CREDIT PROFILE: Sustained operating
profitability improvements and continued strengthening of
unrestricted liquidity metrics would likely result in positive
rating movement, pending further clarification of future capital
plans.
CREDIT PROFILE

FVC, located in Columbus, OH, operates a type-A continuing care
retirement community (CCRC) which consists of 220 ILUs, 63 ALUs,
and 80 skilled nursing beds.  Total operating revenue equaled $16.5
million in fiscal 2014.

FVC appointed a new executive director in July 2013 who
subsequently initiated operating improvement and cost management
initiatives.  Additionally, the community hired a new management
company, United Church Homes, effective Jan. 1, 2015, to assist
with continued operating improvement initiatives.  The prior
management company (Life Care Services) had managed FVC since its
inception.

IMPROVED PROFITABILITY

Operating profitability continues to improve, reflecting the new
management team's cost control initiatives.  Operating expenses
decreased 5.4% in fiscal 2014 while 6.5% revenue growth in the
interim period exceeded operating expense growth of 4.9%. Operating
ratio declined from 107.1% in fiscal 2013 to 96.1% in fiscal 2014
and 93.9% in the interim period.  Similarly, net operating margin
adjusted improved from 5.7% in fiscal 2013 to 16.6% in fiscal 2014
and 21.3% in the interim period, exceeding Fitch's 'BBB' category
median of 20.4%.

MODERATE DEBT BURDEN

FVC's debt burden remains moderate with MADS equal to 8.4% of
fiscal 2014 operating revenue comparing favorably to Fitch's 'BBB'
category median of 12.3%.  Coverage metrics have improved
significantly since fiscal 2013 when weak profitability and high
entrance fee refunds resulted in a rate covenant violation.  The
covenant violation resulted in a mandatory consultant call-in. MADS
coverage improved from 0.9x in fiscal 2013 to 2.2x in fiscal 2014
and 2.9x in the interim period, exceeding Fitch's 'BBB' category
median of 2.0x.  Additionally, revenue-only MADS coverage improved
from 0.0x in fiscal 2013 to 0.8x in fiscal 2014 and 1.2x in the
interim period.  The improved coverage reflects the community's
improved operating profitability.

LIGHT ILU OCCUPANCY

Despite the improved profitability, ILU occupancy remains light,
decreasing from 78% in fiscal 2013 to 74% at Dec. 31, 2014.  The
decrease reflects increased attrition which offset move-ins.
However, both ALU and SNF occupancy rates are strong with ALU
occupancy equal to 97% at Dec. 31, 2014 and SNF occupancy
increasing from 67% in fiscal 2013 to 87%.  The improved SNF
occupancy reflects increased marketing efforts at local hospitals.

LIGHT LIQUIDITY

Unrestricted cash and investments increased 19.6% since Dec. 31,
2013 to $5.5 million at Dec. 31, 2014.  Despite the improvement,
liquidity metrics remain light but are consistent with the 'BB'
category with 135 days cash on hand, 39.6% cash-to-debt and 4.0x
cushion ratio.  Capital spending is not expected to negatively
impact liquidity or require additional debt in the near- to
mid-term.  However, management has engaged a consultant to assess
the community's capital needs and to help develop a new master
facility plan.  Fitch will assess the updated capital plan as more
details become available.

DISCLOSURE

FVC covenants to provide annual disclosure within 150 days of the
end of each fiscal year and quarterly disclosure within 50 days of
the end of each quarter.  Disclosure is provided through the
Municipal Securities Rulemaking Board's EMMA system.


GULF PACKAGING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Gulf Packaging, Inc.
        1040 Maryland Avenue
        Dolton, IL 60419

Case No.: 15-15249

Type of Business: A national distributor of packaging equipment
                  and supplies

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Pamela S. Hollis

Debtor's Local Counsel: Joseph D Frank, Esq.
                        Frances Gecker, Esq.
                        FRANKGECKER LLP
                        325 N LaSalle Suite 625
                        Chicago, IL 60654
                        Tel: 312 - 276-1400
                        Fax: 312 - 276-0035
                        Email: jfrank@fgllp.com
                               fgecker@fgllp.com  

Debtor's General        Jason S. Brookner, Esq.     
Counsel:                Micheal W. Bishop, Esq.
                        GRAY REED & MCGRAW, P.C.  
                        1601 Elm Street, Suite 4600
                        Dallas, Texas 75201
                        Tel: (214) 954-4135
                        Fax: (214) 953-1332
                        Email: jbrookner@grayreed.com
                               mbishop@grayreed.com   

Debtor's                BMC GROUP, INC.
Notice, Claims
and Tabulation
Agent:

Debtor's                Edward T. Gavin, CRO
Financial               Jeremy VanEtten
Advisor:                GAVIN/SOLMONESE LLC
                        919 N. Market Street, Suite 600
                        Wilmington, DE 19801
                        Office: (302) 655-8997
                        Email: ted.gavin@gavinsolmonese.com
                               jeremy.vanetten@gavinsolmonese.com  


Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Edward T. Gavin, chief restructuring
officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
ACME                                    Trade         $2,238,492
Allison Holt
3650 West Lake Avenue
Glendview, IL 60025
Tel: 888-888-4493
Email: AHolt@SingnodeAcme.com

AEP Industries                          Trade         $1,190,293
Tom Moriarty
95 Chestnut Ridge Road
Montvale, NJ 07645
Tel: 800-999-2374
Email: MoriartyT@aepinc.com

Inteplast Group, Ltd.                   Trade           $979,794
Diana Paz
9 Peach Tree Hill Road
Livingston, NJ 07039
Tel: 973-994-7679
Email: dpaz@inteplast.com

Maillis Strapping Systems               Trade           $855,762
Mark Belfore
404 Wall Street
Fountain Inn, SC 29644
Tel: 877-962-4648
Email: markb@maillisstrapping.com

Intertape Polymer Corporation           Trade           $698,030
Judy Mchenry
200 Paramount Drive, Suite 300
Sarasota, FL 34232
Tel: 514-905-3291
Email: JMcHenry@itape.com

Berry Plastics Corporation              Trade           $537,750
Elaine Davis
2199 Momentum Place
Chicago, IL 60689-5321
Tel: 508-918-1693
Email: ElaineDavis@berryplastics.com

Polychem Corporation                    Trade           $485,358
Cheryl Kennedy
677 Heisley Road
Mentore, OH 44060
Tel: 440-392-3847
Email: ckennedy@polychem.com

Sigma Stretch Film                      Trade           $415,249
Vito Gentile
Bldg #5
Page & Schuyler Avenues
Lyndhurst, NJ 07071

Dynaric, Inc.                           Trade           $382,541
Doug Tait
5740 Bayside Road
Virginia Beach, VA 23455
Tel: 800-526-0827
Email: dougt@dynaric.com

Itistrap                                Trade           $322,813
Eva Fiorentin
Via Capovilla 71/BIS
6020 Villaverla (VI),
Italy
Tel: 0445/350460
Email: eva.fiorentin@itipack.it

GTA Tapes & Adhesives Inc.              Trade           $303,480
R Anderson
30 Commerce Road
Rockland, MA 02370
Tel: 781-421-2241
Email: randerson1@mmm.com

Xsys, Inc.                              Trade           $264,918
Melissa Sarkisian
653 Steele Drive
Valparaiso, IN 46385
Tel: 219-477-4816
Email: m.sarkisian@xsysinc.com

Interwrap Corp.                         Trade           $253,779
Mike Nielly
1818-1177 West Hastings St.
Vancouver, BC V6E 2K3
Canada
Tel: 604-820-5400
Email: mnielly@interwrap.com

Stacktight                              Trade           $227,677
Therese Khalil
904 Hawkins Street
Carrollton, KY 41008
Tel: 819-477-6788
Email: theresek@abzac.ca

Laminations Corporation                 Trade           $209,670

ARS Development                         Trade           $209,044

Strapack, Inc.                          Trade           $204,892

Vibac Canada Inc.                       Trade           $188,630

Bemis Clysar, Inc.                      Trade           $184,812

Leicatex Ltd.                           Trade           $168,797


HORIZON LINES: Further Amends Credit Agreement with Wells Fargo
---------------------------------------------------------------
Horizon Lines, Inc., as parent, and Horizon Lines, LLC, as
borrower, entered into a third amendment to the credit agreement
with Wells Fargo Capital Finance, LLC, as administrative agent for
the lenders, and as lender, to amend certain provisions of that
certain Credit Agreement dated as of Oct. 5, 2011.

The amendment reduced the maximum size of the facility from $100
million to $80 million.  Horizon Lines' accounts receivable
balances have decreased due to the closing of its Puerto Rico
operations.  The decrease has resulted in a reduction in the
maximum forecasted borrowing base below $80 million.  The reduction
in the facility size is expected to reduce Horizon Lines' fees on
unused ABL Facility commitments by approximately $0.1 million per
year.  In addition to this fee reduction, the Amendment relaxes the
condition that triggers testing the minimum fixed charge coverage
ratio from a minimum excess availability of $12.5 million to $10
million and the condition that triggers weekly borrowing base
reporting from $14 million to $12 million.  The Amendment also
reduces the letter of credit sub-limit from $30 million to $20
million.


                        About Horizon Lines

Horizon Lines, Inc., is a domestic ocean shipping company and the
only ocean cargo carrier serving all three noncontiguous domestic
markets of Alaska, Hawaii and Puerto Rico from the continental
United States.  The company owns a fleet of 13 fully Jones Act
qualified vessels and operates five port terminals in Alaska,
Hawaii and Puerto Rico.  A trusted partner for many of the
nation's leading retailers, manufacturers and U.S. government
agencies, Horizon Lines provides reliable transportation services
that leverage its unique combination of ocean transportation and
inland distribution capabilities to deliver goods that are vital
to the prosperity of the markets it serves.  The company is based
in Charlotte, NC, and its stock trades on the over-the-counter
market under the symbol HRZL.

Horizon Lines reported a net loss of $94.6 million for the year
ended Dec. 21, 2014, compared to a net loss of $31.9 million for
the year ended Dec. 22, 2013.

As of Dec. 21, 2014, Horizon Lines had $580 million in total
assets, $725 million in total liabilities, and a $145 million in
total stockholders' deficiency.

                           *     *     *

In June 2012, Moody's Investors Service affirmed Horizon Lines'
Corporate Family Rating and Probability of Default Rating at 'Caa2'
and removed the 'LD' ("Limited Default") designation from the
rating in recognition of the conversion to equity of the $228
million of Series A and Series B Convertible Senior Secured notes
due in October 2017 ("Notes").

Moody's said the affirmation of the CFR and PDR considers that
total debt has been reduced by the conversion of the Notes, but
also recognizes the significant operating challenges that the
company continues to face.


HUBBARD RADIO: S&P Affirms 'B+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on St. Paul, Minn.-based Hubbard Radio
LLC.

At the same time, S&P raised its issue-level rating on the
company's senior secured debt to 'BB-' from 'B+' and revised its
recovery rating on this debt to '2' from '3'.  The '2' recovery
rating indicates S&P's expectation of substantial (70%-90%; lower
end of the range) recovery in the event of a payment default.

"The recovery rating revision reflects a lower amount of senior
secured debt under our simulated default scenario, and the improved
position of senior secured creditors," said Standard & Poor's
credit analyst Heidi Zhang.

The stable outlook on Hubbard reflects S&P's expectation that the
company will maintain "adequate" liquidity and leverage of less
than 5x over the next two to three years, with debt repayment
offsetting longer-term secular trends in radio.

S&P could lower the rating if it concludes that leverage will
increase above 5x or covenant headroom will shrink to less than
15%.  This would likely entail a low-single-digit percentage
revenue decline resulting from persistent weakness in the company's
most important markets, combined with margin compression of about
200 basis points (bps).

An upgrade would entail meaningful diversification that would
result in increased scale and less reliance on the Chicago and
Washington, D.C. stations and markets, financed without increasing
leverage.  Upgrade potential would also be linked to the radio
industry's stabilization and return to a modest pace of growth, and
Hubbard directing the majority of DCF to debt repayment, with a
commitment to maintaining lower leverage over the long term.


HUGHES SATELLITE: S&P Raises CCR to 'BB-' on Better Performance
---------------------------------------------------------------
Standard & Poor's Rating Services said it raised its corporate
credit rating on Englewood, Colo.-based Hughes Satellite Systems
Corp. to 'BB-' from 'B+'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured notes to 'BB+' from 'B+' and revised the
recovery rating on this debt to '1' from '3'.  The '1' recovery
rating indicates S&P's expectation of very high (90%-100%) recovery
in the event of payment default.  Additionally, S&P raised its
issue-level rating on the company's senior unsecured notes to 'B+'
from 'B-' and revised its recovery rating on this debt to '5' from
'6'.  The '5' recovery rating indicates S&P's expectation of modest
(10%-30%; higher half of the range) recovery for lenders in the
event of default.

"The ratings upgrade reflects the company's improved operating
performance and credit measures in 2014," said Standard & Poor's
credit analyst Michael Altberg.

The stable outlook reflects S&P's expectation for mid- to
high-single-digit revenue growth over the next few years, driven by
the company's satellite-broadband segment.  However, S&P do not
expect the company to materially improve its credit metrics in the
near term due to its elevated level of capital spending.

S&P could lower the rating if HSS's satellite broadband business
materially weakens over the next year, including heightened churn
and a reduction in gross customer additions, which could cause the
company's operating performance and profitability to deteriorate.
More specifically, S&P could lower the rating if it believes that
leverage will rise at HSS to the mid-4x area or higher on a
sustained basis as a result of such deterioration, which would
concurrently negatively affect our view of the group credit
profile.

While unlikely over the next 12 months, S&P could raise the rating
if the launch of Jupiter-2 in 2016 enables the company to
materially increase gross subscribers and improve churn levels,
leading to leverage below 2x on a sustained basis.  Any upgrade
scenario would also incorporate S&P's expectation for relatively
steady performance at EchoStar Corp. and S&P's improved view of the
group credit profile.


HUSH HOMES: CCAA Claims Bar Date Set for May 15
-----------------------------------------------
On January 19, 2015, the Ontario Superior Court of Justice
(Commercial List) issued an order granting Hush Homes Inc. o/a
Gardens at Coronation, Hush Inc., 2122763 Ontario Inc. o/a
ThornyBrae Place, and 2142301 Ontario Inc. o/a Silverthorn Mill
protection under the Companies'  Creditors Arrangement Act.
Pursuant to the Initial Order, The Fuller Landau Group Inc. was
appointed the Companies' monitor.

Presently, the Ontario Superior Court of Justice issued a first
amended and restated initial order extending the protection under
the CCAA to 2164566, under court file CV-14-10800-00CL.  In
addition, any person having a claim against 2164566 arising or
relating to the period before April 24, 2015, should send a proof
of claim to Fuller Landau no later than 5:00 p.m. (Eastern Time) on
May 15, 2015.

A copy of the initial order and other publicly available documents
is available at http://www.fullerllp.com/hush

Based in Ontario, Canada, Hush Homes Inc. -- http://www.hush.ca/--
builds homes and communities in Toronto.


INEEDMD HOLDINGS: Reports $40.3-Mil. Net Loss in 2014
-----------------------------------------------------
iNeedMD Holdings, Inc., reported a net loss of $40.3 million on
$910 of revenues for the year ended Dec. 31, 2014, compared with a
net loss of $66.3 million on $7,540 of revenue in the same period
last year.

RRBB Accountants and Advisors expressed substantial doubt about the
Company's ability to continue as a going concern citing that the
Company the Company had a net loss and net cash used in operations
of $40.3 million and $4.57 million, respectively and has an
accumulated deficit totaling $115 million and does not generate any
significant revenue.

The Company's balance sheet at Dec. 31, 2014, showed $2.67 million
in total assets, $2.32 million in total liabilities, and
stockholders' equity of $348,000.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/mIY3VQ

New York City-based iNeedMD Holdings, Inc., formerly Clutterbug
Move Management, Inc., provides personalized moving assistance and
organization support services to the elderly who are seeking a
transition to a new location.  As a senior citizen move manager,
the Company's sole officer and director services a move for the
elderly including, but not limited to, space and timetable
planning, downsizing belongings, sorting possessions, organizing
sales and donations, overseeing the transition of items to storage,
packing and unpacking, setting up its client's new residence and
arranging and planning with third party movers and storage
facilities to assist its clients.


IRON MOUNTAIN: S&P Affirms 'B+' CCR & Revises Outlook to Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed the 'B+'
corporate credit rating on Boston-based Iron Mountain Inc. and
revised the outlook on the company to positive from stable.

"The positive rating outlook reflects our view that the acquisition
of Recall could improve the scale and geographic diversification of
the company," said Standard & Poor's credit analyst Jawad Hussain.


The positive rating outlook on Iron Mountain reflects S&P's view
that the acquisition of Recall could lead to an improvement in
S&P's assessment of the company's business risk profile due to the
increased size, scale, and geographic diversification of the
combined company as well as the potential for the acquisition to
reduce leverage to the low-5x area.

S&P could raise the rating if the combined company's increased
scale and geographic diversification lead to increased operating
efficiency as a result of significant synergies and increased
exposure to faster growing international markets.  S&P also expects
the acquisition to result in leverage decreasing to the low-5x area
due to the large equity component that is financing the
transaction.

S&P could revise the outlook to stable if the merger does not occur
due to regulatory concerns or if the company is forced to make
large divestitures reducing the potential synergy benefits and
increased international exposure.  S&P could also revise the
outlook to stable if the cash component financing the transaction
increases significantly keeping pro forma leverage in the mid-5x
area.


JULIE & WANG: Case Summary & 9 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Julie & Wang Realty Inc.
        31-22 Union Street, Apt. C A
        Flushing, NY 11354

Case No.: 15-41977

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Hon. Carla E. Craig

Debtor's Counsel: Robert J. Musso, Esq.
                  ROSENBERG MUSSO WEINER
                  26 Court Street, Suite 2211
                  Brooklyn, NY 11242
                  Tel: (718) 855-6840
                  Fax: (718) 625-1966
                  Email: rmwlaw@att.net

Total Assets: $9.4 million

Total Liabilities: $7.8 million

The petition was signed by Shanglin CH. Chou, aka Julie Chou,
president.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/nyeb15-41977.pdf


KARMALOOP INC: U.S. Trustee Objects to Burns & Levinson Employment
------------------------------------------------------------------
Jim Christie, writing for Reuters, reported that Andrew Vara,
Acting U.S. Trustee for Region 3, is seeking to disqualify the law
firm hired to represent online apparel boutique Karmaloop Inc.
citing investments two partners had in the company and an
associate's marriage to a top company officer.

According to the report, the U.S. Trustee filed an objection asking
U.S. Bankruptcy Judge Mary Walsh in Delaware to deny Karmaloop's
application to retain Burns & Levinson of Boston.

Peg Brickley, writing for Daily Bankruptcy Review, reported that
two partners at Burns & Levinson made secured loans to Karmaloop
and own chunks of stock or warrants that generally date back to the
period when there was on-again, off-again talk that the online
retailer would launch into the public stock market.

                         About Karmaloop Inc.

Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a
cross-platform digital commerce and media property company that
specializes in the sale of global streetwear fashion and culture.
Karmaloop specializes in the sale of over 400 brands of apparel,
shoes and accessories via an e-commerce business model, primarily
using the Web site http://wwww.karmaloop.com/ The company has   
nearly 5 million monthly unique visitors, 2.2 million Facebook
followers and 800,000 Twitter followers.

On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed
voluntary Chapter 11 bankruptcy petitions in the United States
Bankruptcy Court for the District of Delaware (Lead Case No.
15-10635.  The cases are assigned to Judge Kevin J. Carey.

The Debtors tapped Burns & Levinson LLP and Womble Carlyle
Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as
financial advisor and Capstone's Brian L. Davies, Jr., as
restructuring officer; and Omni Management Group, LLC as claims
and
noticing agent.

The U.S. Trustee for Region 3 appointed five creditors of
Karmaloop Inc. to serve on the official committee of unsecured
creditors.


KIOR INC: Mississippi's Bid for Standing to Sue Faces Objections
----------------------------------------------------------------
The Mississippi Development Authority's motion for standing anad
authority to prosecute derivative claims on behalf of KiOR, Inc.'s
estate is facing objections from the Debtor and the lenders that
are being targeted by MDA's suit.

On Jan. 13, 2015, the State of Mississippi filed a lawsuit in
Mississippi state court against certain of the Debtor's prepetition
lenders, along with officers and directors of the Debtor.  On Jan.
14, 2015, the MDA filed with the Bankruptcy Court its original
motion for authority to pursue claims, stating that the Debtor
failed to undertake any due diligence regarding the claims of the
prepetition secured lenders, namely the KFT Trust, Khosla Ventures
III LP, VNK Management LLC, 1538731 Alberta Ltd., 1538716 Alberta
Ltd., and KFT trustee Vinod Khosla.  In the amended motion and
revised proposed complaint (filed on March 23, 2015), MDA asserts
against the Alberta Lenders he same equitable subordination claims
they previously asserted only against the Khosla Entities.

                   MDA Motion Moot, Says Debtor

While the Debtor disagrees that the MDA could meet its burden under
applicable law to become the estate's representative for pursuing
alleged causes of action, that issue does not require Court
determination because it is moot.  According to the Debtor, the
sole alleged basis for the Motion -- that valuable causes of action
are being released or waived pursuant to the Final DIP Order -- is
incorrect. While, as is typical in any section 364
debtor-in-possession financing, the Debtor stipulated to the
validity and priority of certain prepetition liens and secured
claims, those stipulations are not binding on the Debtor's
bankruptcy estate.  Instead, as set forth in the Final DIP Order as
approved by the Court, all such prepetition secured claims are
subject to a challenge period.  As was evident during discovery and
the Court's two-day evidentiary hearing on the Debtor's motion for
post-petition financing back on Jan. 15 and 16, 2015, the MDA's
interpretation of the scope of the Debtor's stipulations was simply
incorrect.  However, the Debtor's prepetition secured lenders
stipulated that the MDA's Motion constituted a timely challenge if
the MDA obtained the requisite standing.  Further, the Court signed
the Final DIP Order using the form and language requested by the
MDA which, among other things, grants a fresh challenge period to
the Liquidating Trustee, thereby further mooting any potential
basis for the Motion.

The Debtor points out that the Second Amended Plan (like the First
Amended Plan filed on Jan. 14, 2015) makes clear that any and all
Estate Causes of Action are preserved, and not waived or released,
and will be transferred into a Liquidating Trust upon the effective
date of the plan for the benefit of unsecured creditors. Thus, even
ignoring the MDA's misinterpretation of the as-then proposed Final
DIP Order, the entire predicate for the Motion does not exist.
There is no legal or practical justification to appoint a third
party to be the estate's representative to evaluate and pursue
alleged estate causes of action and then have those same claims and
causes of action transferred into the Liquidating Trust.

The Debtor's Second Amended Plan has identified Mr. Kurt Gywnne as
the proposed Liquidating Trustee, subject to Court approval as part
of the confirmation process.  The Debtor avers that the Liquidating
Trustee, not the MDA, should have the ability and authority to
determine how best to proceed with respect to any estate claims and
causes of action including any alleged "recharacterization" and
equitable subordination claims against the prepetition lenders.
The Liquidating Trustee, exercising his (or her) best independent
judgment, should decide what claims and causes of action should be
pursued, how to do so, and what counsel is best suited.  According
to the Debtor, the MDA has certain conflicts that make it
ineligible to be appointed as an estate representative with the
attendant fiduciary duties that necessarily accompany an
estate-representative role.  The independent Liquidating Trustee
will not have any such conflicts.

                Alberta Says It Should Be Excluded

1538731 Alberta Ltd., an investment fund managed by Alberta
Investment Management Corp (AIMCo), and referred to in documents as
the Prepetition Third Lien Agent, asks the Court to deny the MDA
Motion to the extent it seeks derivative standing to pursue
recharacterization, equitable subordination and other unspecified
claims against 1538731 Alberta Ltd. and 1538716 Alberta Ltd.

Prepetition, Alberta purchased $30 million of Series B preferred
stock of the Debtor in 2010, purchased $20 million of Series C
preferred stock in 2011, and in June 2011 converted all of the
preferred stock to a 7% equity interest in the Debtor.  In January
2012, pursuant to the Loan Agreement, the Alberta Lenders loaned
the Debtor $50 million, and the KFT Trust loaned the Debtor $25
million, in both cases secured by substantially all of the Debtor's
assets and certain personal property and fixtures owned by the
Debtor's subsidiary KiOR Columbus LLC.

According to Alberta, at the time the loans were made, the Debtor
had no other material secured debt and, the Debtor separately held
more than $130 million in cash – the loans were oversecured, and
the Debtor was not undercapitalized.  The loans under the Loan
Agreement remained first priority secured loans for 20 months,
until the Khosla affiliates began making the loans that are
described in the DIP Financing Order as the Prepetition First and
Second Lien Debt.

The Alberta Lenders say they did not make a loan to the Debtor with
the intent that the loan would be a disguised equity contribution,
and the MDA has not and cannot plead any fact, express or implied,
to support an attack by the estate on the validity of the Alberta
Lenders' debt.  MDA does not allege that the $50 million loaned by
the Alberta Lenders to the Debtor, at approximately the same time
as the $75 million loan made by MDA to the Debtor's subsidiary,
KiOR Columbus, LLC, conferred an unfair advantage on the Alberta
Lenders.  Thus, the Alberta Lenders believe that the claim for
equitable subordination is not plausible.

              Khosla Parties Say MDA Motion Flawed

The KFT Trust, Vinod Khosla, Trustee, VNK Management, LLC, and
Khosla Ventures III, LP (the "Khosla Secured Parties") say the MDA
Standing Motion and the proposed form of complaint paint with a
wide brush, seeking permission to pursue recharacterization,
equitable subordination, and lien avoidance claims in respect of
four materially different sets of so-called "Capital Infusions"
that occurred over more than 2-1/2 years, along with a generalized
request to pursue unspecified "other" claims.

The Khosla Secured Parties believe the MDA's proposed claims are
all flawed, but nevertheless wish to narrow and focus the issues
that must be decided by the Court at this juncture:

    * The Khosla Secured Parties do not ask the Court now to decide
whether colorable claims exist for the recharacterization or
subordination of certain second-lien debt (referred to in the
Proposed Complaint as the "October 2013 Capital Infusion" and the
"March 2014 Capital Infusion").  Rather, the Khosla Secured Parties
are willing to stipulate that such claims have been timely raised
and will not be released under any DIP financing order.  The Khosla
Secured Parties submit that a post-confirmation plan trustee or
similar fiduciary is the appropriate party to pursue these claims
if such fiduciary deems appropriate.  The Khosla Secured Parties
believe the Debtor's proposed plan makes clear that such claims
will be preserved for its liquidating trustee to evaluate.
Furthermore, the Khosla Secured Parties believe that it would be
inefficient to litigate the MDA's claims regarding the second lien
debt at this juncture given that it is not clear what, if any,
recovery unsecured creditors will receive under the Debtor's plan;
if it turns out that there will be no material recovery, then it
would be a costly waste of time and resources to litigate about the
validity, nature, or priority of the second lien debt.

   * The Khosla Secured Parties do not here address the Proposed
Complaint's allegations regarding certain third-lien debt (referred
to in the Proposed Complaint as the "January 2012 Capital
Infusion"), but instead defer to the separate objection to the MDA
Standing Motion filed by 1538731 Alberta Ltd. as agent for the
lenders under that credit facility.

   * The Khosla Secured Parties do request that the Court find that
the MDA has failed to allege any colorable claims with respect to
certain first-lien secured credit extended in July 2014 pursuant to
that certain Protective Advance Loan and Security Agreement (the
"PALSA Debt") and deny the MDA Standing Motion as it relates to the
PALSA Debt.

    * The Khosla Secured Parties also do request that the Court
deny the MDA Standing Motion with respect to any generalized "other
potentially viable" claims that are not specifically described in
the MDA Standing Motion and not pled adequately (or at all) in the
Proposed Complaint.  Since both the final DIP order and the
Debtor's proposed plan preserve all such claims for either a
chapter 7 trustee or plan trustee, there is no need to accord the
MDA an unspecified commission to pursue any claims that it believes
it discovers at a later date.

KFT Trust, Vinod Khosla, Trustee, and VNK Management, LLC are
represented by:

         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Michael R. Nestor, Esq.
         Margaret Whiteman Greecher, Esq.
         Rodney Square
         1000 North King Street
         Wilmington, Delaware 19801
         Telephone: (302) 571-6600
         Facsimile: (302) 571-1253

                   - and -

         KLEE, TUCHIN, BOGDANOFF & STERN LLP
         David M. Stern, Esq.
         Thomas E. Patterson, Esq.
         Whitman L. Holt, Esq.
         1999 Avenue of the Stars, 39th Floor
         Los Angeles, California 90067
         Telephone: (310) 407-4000
         Facsimile: (310) 407-9090

Khosla Ventures III, LP is represented by:

         PACHULSKI STANG ZIEHL & JONES LLP
         Peter J. Keane, Esq.
         Dean A. Ziehl, Esq.
         Debra I. Grassgreen, Esq.
         John W. Lucas, Esq.
         Peter J. Keane, Esq.
         919 North Market Street, 17th Floor
         P.O. Box 8705
         Wilmington, Delaware 19899-8705 (Courier 19801)
         Telephone: (302) 652-4100
         Facsimile: (302) 652-4400

The Alberta Lenders are represented by:

         ASHBY & GEDDES, P.A.
         Wilmington, Delaware
         Amanda Winfree Herrmann, Esq.
         Karen B. Skomorucha Owens, Esq.
         Stacy L. Newman, Esq.
         500 Delaware Avenue, 8th Floor
         Wilmington, DE 19801
         Tel: (302) 654-1888
         Fax: (302) 654-2067

              - and -

         STRADLING YOCCA CARLSON & RAUTH, P.C.
         Fred Neufeld (admitted pro hac vice)
         100 Wilshire Blvd., 4th Floor
         Santa Monica, CA 90401
         Tel: (424) 214-7000
         Fax: (424) 214-7010

The Debtors' attorneys can be reached at:

         John H. Knight, Esq.
         Michael J. Merchant, Esq.
         Amanda R. Steele, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         920 N. King Street
         Wilmington, Delaware 19801
         Telephone: 302-651-7700
         Facsimile: 302-651-7701
         E-mail: knight@rlf.com
                 merchant@rlf.com
                 steele@rlf.com

               - and -

         Mark W. Wege, Esq.
         Edward L. Ripley, Esq.
         Eric M. English, Esq.
         KING & SPALDING, LLP
         1100 Louisiana, Suite 4000
         Houston, Texas 77002
         Telephone: 713-751-3200
         Facsimile: 713-751-3290
         E-mail: MWege@kslaw.com
                 ERipley@kslaw.com
                 EEnglish@kslaw.com

                          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 will convene a hearing on June 3,
2015, at 10:00 a.m. (EDT), to consider confirmation of Kior, Inc.'s
Chapter 11 plan of reorganization.


LANCELOT INVESTMENT: Katten's Bad Advice Led to Ponzi Losses
------------------------------------------------------------
Law360 reported that the bankruptcy trustee for Lancelot Investors
Fund Ltd., a hedge fund that pumped billions into Tom Petters'
mammoth Ponzi scheme, urged the Seventh Circuit to revive his
malpractice suit claiming the fund's former attorneys at Katten
Muchin & Rosenman LLP ignored red flags that should have tipped
them off to the fraud.

According to the report, Lancelot's Chapter 7 trustee, Ronald
Peterson of Jenner & Block LLP, contended Katten was negligent in
failing to advise hedge fund manager Gregory Bell.

The case is Ronald Peterson v. Katten Muchin Rosenman LLP, Case No.
14-3632 (7th Circ.).


LIGHTSQUARED INC: Judge Dismisses Falcone's Suit vs. Ergen, Dish
----------------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported that
U.S. District Judge William J. Martinez in Colorado dismissed
Philip Falcone's racketeering lawsuit against Dish Network Corp.
and Chairman Charlie Ergen over Mr. Ergen's investment in
LightSquared, calling Mr. Falcone's argument "frivolous."

According to the report, Judge Martinez also said the claims by Mr.
Falcone and his Harbinger Capital Partners hedge fund firm are too
similar to ones it made in a lawsuit filed as part of
LightSquared's bankruptcy case, an argument Dish and Mr. Ergen made
in their bid to dismiss the suit.

The judge took particular aim at Harbinger's contention that Mr.
Ergen bought up LightSquared's debt as part of a plan to make a
lowball bid for LightSquared through an investment vehicle he
controlled, the Journal related.

                      About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
Financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.

                          *     *     *

Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York on Jan. 20, 2015, approved the
Second amended specific disclosure statement explaining
Lightsquared Inc., et al.'s second amended joint plan, after
determining that the disclosures contain adequate information
within the meaning of Section 1125(a) of the Bankruptcy Code.

As previously reported by The Troubled Company Reporter, the
Debtors, in December, filed a joint plan and disclosure statement,
which contemplate, among other things, (A) new money investments
by
the New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.

Judge Chapman commenced a hearing on March 9, 2015, to consider
confirmation of the amended joint plan filed by Lightsquared Inc.
and its debtor-affiliates together with Fortress Credit
Opportunities Advisor LLC, Harbinger Capital Partners LLC, and
Centerbridge Partners LP.  Judge Chapman, in later March, approved
LightSquared Inc.'s Chapter 11 reorganization plan, capping a
bankruptcy odyssey for Philip Falcone's ambitious wireless venture
that filed for bankruptcy nearly three years ago.

U.S. Bankruptcy Judge Shelley C. Chapman in New York, in late
March, approved LightSquared Inc.'s Chapter 11 reorganization
plan,
capping a bankruptcy odyssey for Philip Falcone's ambitious
wireless venture that filed for bankruptcy nearly three years ago.


LIQUIDMETAL TECHNOLOGIES: Stockholders Elect 6 Directors
--------------------------------------------------------
Liquidmetal Technologies, Inc., held its annual meeting of
stockholders on April 23, 2015, at which the stockholders:

   (i) elected Thomas Steipp, Scott Gillis, Abdi Mahamedi,
       Ricardo Salas, Bob Howard-Anderson and Richard Sevcik
       to the Board of Directors;

  (ii) failed to adopt the Company's 2015 Equity Incentive Plan;

(iii) failed to grant advisory approval of the compensation of
       the Company's named executive officers; and

  (iv) ratified the appointment of SingerLewak LLP as the
       Company's independent registered public accounting firm for

       fiscal year 2015.

                  About Liquidmetal Technologies

Based in Rancho Santa Margarita, Cal., Liquidmetal Technologies,
Inc., and its subsidiaries are in the business of developing,
manufacturing, and marketing products made from amorphous alloys.
Liquidmetal Technologies markets and sells Liquidmetal(R) alloy
industrial coatings and also manufactures, markets and sells
products and components from bulk Liquidmetal alloys that can be
incorporated into the finished goods of its customers across a
variety of industries.  The Company also partners with third-
party licensees and distributors to develop and commercialize
Liquidmetal alloy products.

Liquidmetal Technologies reported a net loss and comprehensive loss
of of $6.55 million on $603,000 of total revenues for the year
ended Dec. 31, 2014, compared to a net loss and comprehensive loss
of $14.2 million on $1.02 million of total revenue in 2013.

As of Dec. 31, 2014, the Company had $12.28 million in total
assets, $3.72 million in total liabilities and $8.56 million in
total shareholders' equity.

SingerLewak LLP, 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, has negative cash flows from operations and has an
accumulated deficit.  This raises substantial doubt about the
Company's ability to continue as a going concern.


LUTER ENTERPRISES: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Luter Enterprises, LLC
           aka Studio City
           aka Gump Sport Photography
           aka Photo Solutions Marketplace
           aka Spotlight Photographics
           aka Studiostyles.net
           aka Graphic Authority
        2916 University Boulevard W.
        Jacksonville, FL 32217

Case No.: 15-01963

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Robert A Heekin, Jr., Esq.
                  THAMES MARKEY AND HEEKIN, PA
                  50 N. Laura Street, Suite 1600
                  Jacksonville, FL 32202
                  Tel: 904-358-4000
                  Fax: 904-358-4001
                  Email: rah@tmhlaw.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael A. Luter, managing member.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


MAUI LAND: Reports $1.09 Million Net Loss in First Quarter
----------------------------------------------------------
Maui Land & Pineapple Company, Inc., reported a net loss of $1.09
million on $2.79 million of total operating revenues for the three
months ended March 31, 2015, compared to a net loss of $909,000 on
$2.46 million of total operating revenues for the same period a
year ago.

The Company had no sales of real estate assets during the first
quarters of 2015 or 2014.

The Company also announced that it recently amended its American
AgCredit loan agreement, eliminating mandatory principal reduction
payments, modifying interest rates and payments, and pledging
additional collateral as security for the loan.  The Company's
lenders also reduced the minimum liquidity level required from $3
million to $2 million.

                  About Maui Land & Pineapple Co.

Maui Land & Pineapple Company, Inc. (NYSE: MLP) --
http://mauiland.com/-- develops, sells, and manages residential,  

resort, commercial, and industrial real estate.  The Company owns
approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
The Company's principal subsidiary is Kapalua Land Company, Ltd.,
the operator and developer of Kapalua Resort, a master-planned
community in West Maui.

Maui Land reported net income of $17.6 million on $33 million of
total operating revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.16 million on $15.2 million of total
operating revenues in 2013.

As of Dec. 31, 2014, the Company had $49.3 million in total assets,
$64.5 million in total liabilities, and a $15.2 million
stockholders' deficiency.

Accuity LLP, in Honolulu, Hawaii, issued a "going concern"
qualification in its report on the Company's consolidated financial
statements for the year ended Dec. 31, 2014.


MISSISSIPPI PHOSPHATES: Deloitte OK'd for Electronic Discovery
--------------------------------------------------------------
The U.S. Bankruptcy Court authorized Mississippi Phosphates
Corporation, et al., to employ Deloitte Transactions and

Business Analytics LLP to provide the Debtors with other services
nunc pro tunc to Dec. 20, 2014.

The Debtors stated in their motion that in response to requests for
information to the Debtors by the Official Committee of Unsecured
Creditors, the Department of Justice and the Mississippi Department
of Environmental Quality, they recognized that their single
Information Technology person would not be able to respond to the
substantial document request, much less in a timely manner.

DTBA and its affiliates will provide to counsel for the Debtors
these services as requested by the Debtors and agreed to by DTBA:

   -- provide document review services;

   -- provide these electronic discovery services:
      - collection of data;
      - processing of data;
      - hosting of data;
      - production of data; and

   -- provide such other services as may reasonably be required.

The services to be performed by DTBA personnel will be as a
non-testifying consultant.  In the event counsel desires to engage
DTBA personnel to testify as an expert witness, and if such
engagement is accepted by DTBA, the terms and provisions hereof
will apply to such expert witness engagement, unless a separate
written agreement with respect to such engagement is entered into.

The hourly rates of DTBA's personnel are:

        Partner, Principal, Director               $450
        Senior Manager                             $350
        Manager                                    $300
        Senior Associate                           $250
        Associate                                  $200
        USI Reviewer                                $27
        US Reviewer                                 $55
        Review Team Manager                        $120

To the best of the Debtors' knowledge, DTBA does not have any
interest materially adverse to the Debtors, the bankruptcy estates
or any class of creditors or equity security holders.

                             About MPC

Mississippi Phosphates Corporation is a major United States
producer and marketer of diammonium phosphate ("DAP"), one of the
most common types of phosphate fertilizer.  MPC, which was formed
as a Delaware corporation in October 1990, owns a DAP facility in
Pascagoula, Mississippi, which was acquired from Nu-South, Inc. in
its 1990 bankruptcy.  Phosphate rock, the primary raw material
used in the production of DAP, is being supplied by OCP S.A., a
corporation owned by the Kingdom of Morocco.

The parent, Phosphate Holdings, Inc., was formed in December 2004
in connection with the bankruptcy reorganization of MPC and its
then-parent Mississippi Chemical Corporation, the first fertilizer
cooperative in the United States.

As of Oct. 27, 2014, MPC has a work force of 250 employees, broken
into 224 regular employees and 26 "nested" third-party contract
employees.

MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc.,
and Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11
bankruptcy protection (Bankr. S.D. Miss. Lead Case No. 14-51667)
on Oct. 27, 2014.  Judge Katharine M. Samson is assigned to the
cases.

Mississippi Phosphates disclosed in its amended schedules, assets
of $98,949,677 and liabilities of $140,941,276 plus unknown
amounts.  Affiliates Ammonia Tank and Sulfuric Acid Tanks each
estimated $1 million to $10 million in both assets and
liabilities.

The Debtors have tapped Stephen W. Rosenblatt, Esq., at Butler
Snow LLP as counsel.

The U.S. Trustee for Region 5 appointed seven creditors of
Mississippi Phosphates Corp. to serve on the official committee of
unsecured creditors.  The Committee tapped to retain Burr &
Forman LLP as its counsel.


MUD KING PRODUCTS: Court Confirms Reorganization Plan
-----------------------------------------------------
Mud King Products, Inc., has won approval of its bankruptcy exit
plan.  Following a hearing on April 21, Judge Karen K. Brown
confirmed Mud King's Second Amended Chapter 11 Plan of
Reorganization dated March 11, 2015.  No objections to confirmation
of the Plan were filed.

The Plan contemplates a reorganization of the Debtor through
estimation of the National Oilwell Varco LP ("NOV") litigation
claim and stabilization of operations.  The Debtor's cash from
operations will be utilized to fund payments proscribed in the
Plan.

According to the Second Amended Disclosure Statement, the Plan
proposes to treat claims and interests as follows:

   -- Administrative Claims will be paid in cash in full.

   -- Priority Claims will be paid in full in cash when due.

   -- Allowed claims of ad valorem taxing authorities [Class 1]
will be paid when due.

   -- The allowed secured claim of Ford Motor Credit [Class 2] will
be paid pursuant to its contractual terms.  The claim is not
impaired.

   -- Holders of allowed general unsecured claims of $50,000 or
less [Class 3] will be paid 100% of their allowed claims within 5
days of the Effective Date.  The class is impaired.

   -- Allowed Claims of NOV [Class 4] will be in full within five
days from the Effective Date.  The Class 4a NOV Liability Claim
will be allowed in the amount of $75,435 and will be paid with
interest at the rate of 5% per annum.  The Class 4b NOV Attorneys
Fee Claim will be allowed in the amount of $320,893, which will be
paid without interest within 5 days after the Effective Date.  The
class is not impaired.

   -- Allowed Claims of Dezhou and Oilman [Class 5] will be paid in
full, without interest, in equal monthly installments, over a
period of 18 months.  The class is impaired.

   -- Allowed Claims of Petroquipt [Class 6] will be paid in full,
without interest, in equal monthly installments, over a period of
36 months.  The class is impaired.

   -- Allowed employee indemnification claims [Class 7], if any,
will be paid in full in cash when matured.  The class is impaired.

   -- Holders of equity interests [Class 8] will retain the equity
interests held on the date of the filing of the bankruptcy case.

Only the impaired classes -- Classes 3, 5, 6, 7 and 8 -- were
entitled to vote in the Plan.  According to the ballot report,
holders of general unsecured claims in Class 5 and other impaired
classes, as well as the equity holders, voted in favor of the
Plan.

A copy of the Second Amended Disclosure Statement is available for
free at http://bankrupt.com/misc/Mud_KIng_2nd_Am_DS.pdf

                       About Mud King Products

Mud King Products, Inc., filed a Chapter 11 petition (Bank. S.D.
Tex. Case No. 13-32101) on April 5, 2013.  The petition was signed
by Erich Mundinger as vice president.  The Debtor disclosed
$18,959,158 in assets and $3,351,216 in liabilities as of the
Chapter 11 filing.  Annie E Catmull, Esq., Melissa Anne Haselden,
Esq., Mazelle Sara Krasoff, Esq., and Edward L Rothberg, Esq., at
Hoover Slovacek, LLP, represent the Debtor in its restructuring
effort.  Judge Karen K. Brown presides over the case.

The U.S. Trustee was unable to appoint an official committee of
unsecured creditor.


NATIONAL MOLECULAR: Admin Claims Bar Date Set for May 31
--------------------------------------------------------
The Hon. Marc Barreca of the U.S. Bankruptcy Court for the Western
District of Washington set May 31, 2015, as deadline for filing
administrative claims against National Molecular Testing
Corporation, arising from Oct. 21, 2013 through and including Sept.
29, 2014.

                     About Natural Molecular

Natural Molecular Testing Corp., which provides molecular
diagnostic-testing services, including testing for sexually
transmitted diseases and screening and counseling about cystic
fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle.  Hacker &
Willig, Inc., P.S., serves as its bankruptcy counsel.  The closely
held company said assets are worth more than $100 million while
debt is less than $50 million.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a
five-member Committee of Unsecured Creditors.  Foster Pepper's Jane
Pearson, Esq.; Christopher M. Alston, Esq., and Terrance Keenan,
Esq., serve as the Committee's attorneys.


NII HOLDINGS: Completes Sale of Mexican Operations to AT&T
----------------------------------------------------------
NII Holdings, Inc. on April 30 disclosed that it has completed the
previously announced sale of its Mexican operations to AT&T for an
aggregate purchase price of $1.875 billion, subject to customary
post-closing adjustments.  After deducting Nextel Mexico's
outstanding indebtedness net of its cash balance and applying
estimates of other specified purchase price adjustments at closing,
NII received $1.448 billion of net proceeds, including $187.5
million of cash placed in escrow to secure specified indemnity
obligations.  The Company used $350.5 million of the net proceeds
from the sale to repay in full the outstanding principal and
accrued interest due under its debtor-in-possession loan that it
borrowed in March 2015.

The transaction, which was structured as a sale of the parent
company of Nextel Mexico, was completed as part of NII's broader
debt restructuring efforts.  A portion of the net proceeds from the
transaction will be used to support NII's operations in Brazil and
the remainder will be used to fund distributions to specified
creditors, pursuant to the proposed plan of reorganization in the
Chapter 11 bankruptcy proceedings of NII and certain of its
subsidiaries, that is pending before the United States Bankruptcy
Court for the Southern District of New York.  The plan of
reorganization remains subject to the approval of the creditors in
the bankruptcy proceedings and the approval of the Bankruptcy
Court.  

"This sale represents an important step forward as we look to
emerge from Chapter 11 reorganization as a stronger, healthier
company that is positioned to compete in Brazil's wireless
marketplace," said Steve Shindler, NII's chief executive officer.
"This deal strengthens our liquidity position as we pursue growth
opportunities in Brazil and build value in our business over the
long-term."

"We are proud of the success that our team in Mexico has achieved
as a part of our company for 18 years, and we are grateful to all
of our employees there for their dedication and service," added
Mr. Shindler.

                       About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin America.
NII Holdings' shares of common stock, par value $0.001, are
publicly traded under the symbol NIHD on the NASDAQ Global Select
Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan on
Sept. 15, 2014.  The Debtors' cases are jointly administered and
are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day's Scott J. Greenberg, Esq. and
Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims
and noticing agent.  NII Holdings disclosed $1.22 billion in assets
and $3.068 billion in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured creditors.
The panel is represented by Kenneth H. Eckstein, Esq. and Adam C.
Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP.  Kurtzman
Carson Consultants LLC is the panel's information agent.

                          *     *     *

On Nov. 24, 2014, the Debtors filed a first plan support agreement.


On Dec. 22, 2014, the Debtors filed a plan of reorganization.

On Jan. 26, 2015, the Debtors reached agreement for the sale of
their operations in Mexico, operated by non-debtor Comunicaciones
Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875
billion, subject to (a) the approval of the Court and (b)
regulatory approvals in Mexico.

As a result of the sale transaction, the Debtors on March 13, 2015,
filed the First Amended Plan. The sale transaction was approved on
March 23, 2015.


NII HOLDINGS: Court Extends Plan Filing Deadline to July 13
-----------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York further extended the exclusive
periods of NII Holdings Inc. and its debtor-affiliates to:

  a) file a Chapter 11 plan until July 13, 2015; and

  b) solicit acceptances of that plan through and including Sept.
10, 2015.

As reported in the Troubled Company Reporter on Jan. 12, 2015, on
Nov. 24, 2014, the Debtors provided notice to parties-in-interest
of a major milestone in their Chapter 11 cases -- their entry into
a Plan Support Agreement (the "PSA").

On Dec. 22, 2014, the Debtors filed their Chapter 11 plan of
reorganization and disclosure statement.  The Plan will:

   (a) convert all of the outstanding senior unsecured notes  
       issued by CapCo and LuxCo -- totaling $4.35 billion -- into
       equity interests in the reorganized Debtors;

   (b) implement a proposed settlement of certain disputed inter-
       estate and inter-debtor claims and disputed third party
       creditor claims; and

   (c) provide the reorganized Debtors with $500 million in new
       capital to support the continued turnaround of the Debtors'
       business.

Party to the PSA are four of the Debtors' major creditor
constituencies: (a) a group of entities managed by Aurelius Capital
Management, LP; (b) a group of entities managed by Capital Research
and Management Company; (c) American Tower Corporation, American
Tower do Brasil - Cessao de Infraestruturas Ltda. and MATC Digital
S. de R.L. de C.V.; and (d) the Official Committee of Unsecured
Creditors, which is also a co-proponent with the Debtors of the
Plan.

The PSA and the Plan are the result of months of intense and
continuous negotiations between the Debtors and various
parties-in-interest that began prior to the Petition Date in March
2014.   Those negotiations involved an active, frequent and
cooperative dialogue with various holders of Notes and their
respective professionals over the key components of the Debtors'
restructuring and the holders' respective due diligence efforts.

The Debtors add that as the Court is aware, they have resolved
issues surrounding the appointment of the Independent Manager to
review the reasonableness of the Proposed Settlement, and on
December 11, 2014, the Court ruled on the Stipulation Regarding the
Appointment and Scope of an Independent Manager for NII
International Telecom S.C.A.  In accordance with the terms of the
Stipulation, on Dec. 12, 2014, Scott W. Winn (the "Independent
Manager") was appointed as a Class C Manager to the board of
managers of NII International Holdings S.a r.l. to review the
Proposed Settlement and, within 45 days of appointment (unless such
initial time period is extended by the Court for good cause shown
upon application of the Independent Manager), on behalf of LuxCo,
either (a) confirm the reasonableness of, and recommend to the
Board of Managers that it cause LuxCo to join in, the Proposed
Settlement pursuant to Bankruptcy Code section 1123(b)(3) and
Federal Rule of Bankruptcy Procedure 9019 or (b) state his
recommendation to the Board of Managers that LuxCo not join in the

                       Proposed Settlement

Under the terms of the PSA, if the Independent Manager recommends
to the Board of Managers that LuxCo not join in the Proposed
Settlement, the Debtors, the Creditors' Committee and each of the
Requisite Consenting Noteholders have the option to terminate the
PSA.

The Debtors also relate that they have achieved a number of other
important tasks to date in these bankruptcy cases, including: (a)
obtaining interim and final relief from the Court with respect to
the relief requested in various first-day and second-day motions to
allow them continued and seamless operation during these Chapter 11
cases; (b) filing their schedules of assets and liabilities and
statements of financial affairs; (c) establishing a claims bar
date; (d) retaining numerous professionals to assist them; (e)
rejecting the lease for an unused property and amending the lease
for their headquarters; and (f) establishing procedures to sell or
abandon assets of de minimis value.

                      About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina. NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin America.
NII Holdings' shares of common stock, par value $0.001, are
publicly traded under the symbol NIHD on the NASDAQ Global Select
Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan on
Sept. 15, 2014. The Debtors' cases are jointly administered and are
assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day's Scott J. Greenberg, Esq. and
Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims
and noticing agent. NII Holdings disclosed $1.22 billion in assets
and $3.068 billion in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured creditors.
The panel is represented by Kenneth H. Eckstein, Esq. and Adam C.
Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP. Kurtzman
Carson Consultants LLC is the panel's information agent.

                          *     *     *

On Nov. 24, 2014, the Debtors filed a first plan support agreement.
On Dec. 22, 2014, the Debtors filed a plan of reorganization.

On Jan. 26, 2015, the Debtors reached agreement for the sale of
their operations in Mexico, operated by non-debtor Comunicaciones
Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875
billion, subject to (a) the approval of the Court and (b)
regulatory approvals in Mexico.

As a result of the sale transaction, the Debtors on March 13, 2015,
filed the First Amended Plan. The sale transaction was approved on
March 23, 2015.


NORTEL NETWORKS: Two Partners Withdraw as Counsel of Record
-----------------------------------------------------------
Nortel Networks Inc., et al., notified the U.S. Bankruptcy Court
that Shira A.B. Kaufman and Kyle Dandelet of Cleary Gottlieb Steen
& Hamilton LLP were withdrawn as counsel for the Debtors.  Cleary
Gottlieb Steen & Hamilton LLP and Morris, Nichols, Arsht & Tunnell
LLP will continue to represent the Debtors.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
business in more than 150 countries around the world.  Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.  

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of Long-
Term Disability Participants tapped Alvarez & Marsal Healthcare
Industry Group as financial advisor.  The Retiree Committee is
represented by McCarter & English LLP as Delaware counsel, and
Togut Segal & Segal serves as the Retiree Committee.  The
Committee retained Alvarez & Marsal Healthcare Industry Group as
financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.


NORTHWEST BANC: Holding Company Files for Chapter 11
----------------------------------------------------
Joseph Checkler, writing for Daily Bankruptcy Review, reported that
the parent of First Bank and Trust Co. of Illinois filed for
bankruptcy on April 29 with a plan to restructure more than $50
million in debt.

According to the report, in filings with U.S. Bankruptcy Court in
Chicago, Northwest Bancorporation of Illinois Inc. said it has a
so-called "prepackaged" reorganization plan in place with support
of both management and the Hershenhorn family, who owns more than
90% of Northwest through hybrid securities that have elements of
both equity and debt.


NORTHWEST BANCORPORATION: Case Summary & 4 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: Northwest Bancorporation of Illinois, Inc.
           fka Hershenhorn Bancorporation, Inc.
        300 East Northwest Highway
        Palatine, IL 60067

Case No.: 15-15245

Type of Business: The Debtor is a bank holding company that owns
                  100 percent of the outstanding shares of First
                  Bank and Trust Company of Illinois, a single-
                  branch bank in Palatine, Illinois.

Chapter 11 Petition Date: April 29, 2015

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Carol A. Doyle

Debtor's Counsel: David R Seligman, Esq.
                  KIRKLAND & ELLIS LLP
                  300 North LaSalle Street
                  Chicago, IL 60601
                  Tel: 312 862-2000 Ext. 2463
                  Fax: 312 862-2200
                  Email: dseligman@kirkland.com

                    - and -

                  Brad Weiland, Esq.
                  KIRKLAND & ELLIS LLP
                  300 North LaSalle
                  Chicago, IL 60654
                  Tel: (312) - 862-2200
                  Email: bweiland@kirkland.com

Debtor's          RIVER BRANCH CAPITAL LLC
Financial
Advisor:

Estimated Assets: $10 million to $50 million

Estimated Debts: $50 million to $100 million

The petition was signed by Alan Reasoner, president.

List of Debtor's four Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Hershenhorn Capital                Debentures and    $28,764,653
Trust I (for the benefit of        Trust Preferred
Hare & Co. as registered              Securities
holder and HoldCo
Opportunities Fund, L.P.,
as beneficial holder of
capital securities)

Registered Holder

Hare & Co.
c/o The Bank of New York
P.O. Box 11203
New York, NY 10286

Beneficial Holder

HoldCo Opportunities Fund, L.P.
Attn: Vik Ghei, Member
HoldCo Asset Management
32 Broadway
Suite 1201
New York, NY 10004

Hershenhorn Statutory               Debentures       $14,745,538
Trust I (for the benefit of           and Trust
Hare & Co. as registered             Preferred
holder and Preferred                 Securities
Term Securities XXIII,
Ltd., as beneficial holder
of capital securities)

Registered Holder

Hare & Co.
c/o The Bank of New York
P.O. Box 11203
New York, NY 10286

Beneficial Holder

Preferred Term Securities XXIII, Ltd.
Attn: The Directors
c/o MaplesFS Limited
P.O. Box 1093
Boundary Hall
Cricket Square
Grand Cayman KY1-1102
Cayman Islands

Hershenhorn Capital                   Debentures      $7,505,004
Trust II (for the benefit             and Trust
of Hare & Co. as                      Preferred
registered holder and                 Securities
OSK, LLC, as beneficial
holder of capital
securities)

Registered Holder
Hare & Co.
c/o The Bank of New York
P.O. Box 11203
New York, NY 10286

Beneficial Holder

OSK, LLC
Attn: Adam Bernier, Managing Director
4121 West 50th Street
Suite 300
Edina, MN 55424

First Bank & Trust                     Intercompany     $280,000
Company of Illinois                       Payable
Attn: Alan Reasoner
300 East Northwest Highway
Palatine, IL 60067


PATRIOT COAL: Said to Explore Sale Options in 2nd Restructuring
---------------------------------------------------------------
Laura Keller and Tim Loh, writing for Bloomberg News, reported that
Patriot Coal Corp., the miner that emerged from bankruptcy two
years ago, is exploring options to sell itself as prices for its
commodity stagnate in the worst downturn in decades.

Bloomberg related that the coal miner sold some assets in western
Kentucky to Alliance Resource Partners LP in December as part of
its "review of strategic options," and closed its Highland Mine and
Dodge Hill Mining Complex.

As previously reported by The Troubled Company Reporter, people
familiar with the matter said Patriot Coal is working with
restructuring advisers to address its capital structure amid
continued decline in the coal industry.  Sources told The Wall
Street Journal that the miner is working with lawyers at Kirkland &
Ellis and financial advisers at Alvarez & Marsal and Centerview
Partners.

                        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.


PENN NATIONAL: S&P Cuts CCR to 'B+' on Tropicana Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Wyomissing, Pa.-based gaming operator Penn
National Gaming Inc. to 'B+' from 'BB-'.  The rating outlook is
negative.

At the same time, S&P lowered its issue-level rating on Penn
National's senior secured credit facility, consisting of a $633
million revolver (including the $133 million in incremental
commitments provided for under the amendment to the credit
agreement), $612 million term loan A (including the incremental
$136 million in borrowing provided for under the amendment), and
$247 million term loan B, to 'BB' from 'BB+'.  The recovery rating
on the credit facility remains '1' indicating S&P's expectation for
very high (90% to 100%) recovery for lenders in the event of a
payment default.

Penn National plans to use the incremental term loan A funds, along
with revolver borrowings, to help fund the acquisition of the
Tropicana Las Vegas.

S&P also lowered its issue-level rating on Penn National's senior
unsecured notes to 'B' from 'B+'.  The recovery rating remains '5',
indicating S&P's expectation for modest recovery (10% to 30%; lower
half of the range) for lenders in the event of a payment default.

"The downgrade reflects our expectation that the incremental debt
Penn National will incur to fund the recently announced acquisition
of the Tropicana Las Vegas for around $360 million, in conjunction
with planned development spending for various projects through
2016, will result in minimal to negative free cash flow generation
through 2016 and adjusted debt to EBITDA remaining in the mid-6x
area, on average, through 2017," said Standard & Poor's credit
analyst Ariel Silverberg.

This level of debt leverage is weak even at the lower 'B+' rating
given S&P's assessment of Penn National's business risk profile as
"fair," and is driving its negative rating outlook.  S&P would
consider lowering the ratings further if it come to believe that
Penn will not be able to improve leverage to around 6x by the end
of 2017.

The negative outlook reflects S&P's forecast for adjusted debt to
EBITDA to remain above 6x through 2016, a level that is weak at the
'B+' rating on Penn National given our "fair" business risk
assessment.  S&P believes incremental debt expected to be incurred
to fund the acquisition, combined with high levels of development
capital spending in the next two years, will largely offset S&P's
expectation for modest EBITDA growth.

S&P could lower the rating if it expects adjusted debt to EBITDA
will be maintained above 6x over the long run, or if the company's
liquidity position deteriorates.  This would likely occur in a
scenario where greater than expected competitive pressures drive
EBITDA declines, development capital spending is greater than S&P
is currently forecasting, or if the company pursues another
leveraging transaction.

S&P could revise the outlook to stable once it is confident that
Penn National will be able to improve and sustain adjusted debt to
EBITDA below 6x.  Although S&P is not forecasting this to occur
before the end of 2016, leverage below 6x would likely result from
greater than expected EBITDA growth which contributes to faster
debt repayment.


PETROSONIC ENERGY: MaloneBailey Expresses Going Concern Doubt
-------------------------------------------------------------
Petrosonic Energy, Inc., reported a net loss of $1.95 million on
$nil in revenues for the year ended Dec. 31, 2014, compared with a
net loss of $2.61 million on $nil of revenues in the same period
last year.

MaloneBailey LLP expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company has
incurred recurring losses.

The Company's balance sheet at Dec. 31, 2014, showed $1.38 million
in total assets, $903,000 in total liabilities, and stockholders'
equity of $474,000.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/AdN0Gd

Petrosonic Energy, Inc., a development stage company, focuses on
the treatment and upgrading of heavy oil through sonicated solvent
de-asphalting.  The company was formerly known as Bearing Mineral
Exploration, Inc. and changed its name to Petrosonic Energy, Inc.
in May 2012.  Petrosonic Energy, Inc. was founded in 2008 and is
headquartered in Los Angeles, California.


PLANDAI BIOTECHNOLOGY: Terry Johnson Quits as Accountant
--------------------------------------------------------
Plandai Biotechnology, Inc., accepted the resignation of Terry L.
Johnson, CPA, from his engagement to be the independent certifying
accountant for the Company.

Other than an explanatory paragraph included in Johnson's audit
report for the Company's fiscal years ended June 30, 2014, and 2013
relating to the uncertainty of the Company's ability to continue as
a going concern, the audit reports of Johnson on the Company's
financial statements for the last fiscal year ended June 30, 2014,
and 2013 through April 22, 2015, did not contain an adverse opinion
or a disclaimer of opinion, nor was it qualified or modified as to
uncertainty, audit scope or accounting principles.

The Company said the resignation is not a result of any
disagreement.

On April 22, 2015, the Company's Board of Directors approved the
engagement of Danielle M. Adams, CPA of Adams Advisory, LLC, as the
Company's independent accountant effective immediately to audit the
Company's financial statements and to perform reviews of interim
financial statements.  During the fiscal years ended June 30, 2014,
and 2013 through April 22, 2015, neither the Company nor anyone
acting on its behalf consulted with Adams regarding, the Company
said.

                           About Plandai

Based in Seattle, Washington, Plandai Biotechnology, Inc., through
its recent acquisition of Global Energy Solutions, Ltd., and its
subsidiaries, focuses on the farming of whole fruits, vegetables
and live plant material and the production of proprietary
functional foods and botanical extracts for the health and
wellness industry.  Its principle holdings consist of land, farms
and infrastructure in South Africa.

Plandai Biotechnology reported a net loss of $15.5 million on
$266,000 of revenues for the year ended June 30, 2014, compared to
a net loss of $2.96 million on $359,000 of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $10.9 million in total assets,
$15.7 million in total liabilities and a $4.79 million in equity
allocated to the Company.

Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.

"The Company has incurred a deficit of approximately $26 million
and has used approximately $44 million of cash due to its
operating activities in the two years ended June 30, 2014.  The
Company may not have adequate readily available resources to fund
operations through June 30, 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern," the
auditors noted.


PRONERVE HOLDINGS: Judge Approves Sale to SpecialtyCare
-------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
surgery-monitoring company ProNerve LLC won a bankruptcy court's
permission to sell itself to SpecialtyCare IOM Services LLC in a
$35 million debt-for-equity swap after failing to attract any other
qualified offers.

According to the report, the approval takes ProNerve one step
closer to fulfilling a plan to liquidate its remaining assets, pay
creditors and ultimately exit Chapter 11 protection.

                      About ProNerve Holdings

Founded in 2008, ProNerve is headquartered in a suburb of Denver,
Colorado.  ProNerve and certain affiliated practice entities
provide intraoperative neurophysiologic monitoring ("IOM")
services
to health systems, acute care hospitals, specialty hospitals,
ambulatory surgical centers, surgeons, and physician groups in
more
than 25 states.

ProNerve Holdings, LLC and its affiliates sought Chapter 11
protection (Bankr. D. Del. Case No. 15-10373) on Feb. 24, 2015,
with a deal to sell assets to SpecialtyCare IOM Services, LLC for
a
credit bid of $35 million.

The cases are assigned to Judge Kevin J. Carey.

The Debtor tapped Pepper Hamilton LLP as counsel, and The Garden
City Group, Inc., as claims and noticing agent.

The U.S. Trustee for Region 3 appointed three creditors of
ProNerve
Holdings to serve on the official committee of unsecured
creditors.
The Committee selected Blank Rome LLP as counsel, and Carl Marks
Advisory Group LLC as financial advisor.


PUTNAM ENERGY: Court Enters Interim Cash Collateral Order
---------------------------------------------------------
The Bankruptcy Court entered an interim order authorizing Putnam
Energy, L.L.C. use of cash collateral.  A hearing to consider the
Debtor's further access to cash collateral is slated for April 29,
2015, at 10:30 a.m.

Bridgeview Bank has a judgment against the Debtor in the sum of
$1,763,622 as of April 16, 2014, which accrues interest at the
statutory rate of 9% per annum plus attorneys' fees and costs.

As partial adequate protection for use of cash collateral,
Bridgeview Bank is granted replacement liens in all currently owed
or hereafter acquired property and assets of the Debtors, and a
superpriority administrative claim status.

Bridgeview Bank has objected to the Debtor's cash collateral motion
stating that the Debtor has not and cannot sustain its burden of
proving Bridgeview Bank is adequately protected.

                       About Putnam Energy

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  The Debtor is represented
by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn &
Dabney, LLC, in New Orleans, as counsel.


The Bankruptcy Court continued until May 18, 2015, at 9:30 a.m.,
the hearing to consider Bridgeview Bank Group's amended motion for
appointment of a trustee, or in the alternative, an examiner.

In relation to the May 18 hearing, counsel for parties are ordered
to confer and fie with the Court by May 13, a joint document
captioned pretrial statement containing, among other things:

   1. a brief statement of the theory of each claim and each
defense;

   2. a statement of stipulated facts; and

   3. each party's list of witnesses with any objections noted,
stating grounds.

The Debtor, in its objection to the motion, stated that Bridgeview
Bank made numerous unsupported allegations regarding the Debtor's
alleged prepetition "dishonesty" or "gross negligence."  Despite
these serious allegations, Bridgeview Bank does not attach any
declarations, or evidence, that supported "dishonesty" or "gross
negligence."  Instead, Bridgeview Bank showed that the Debtor and
its counterparties did not properly document all of the
transactions that occurred between the parties dating back to
1967.

MLP Energy Advisors, LLC, and Sandra J. Zutowt, also in opposition
to the motion, asserted that the appointment of a trustee is not in
the best interest of the creditors of the Debtor.  Some of the
reasons appointment of a trustee is not in the best interest
are:

   a) the Debtor's operation of the oil and gas leases is both
efficient, safe and maximizes the benefit to the credits of the
Debtor; and

   b) the production system at the field was designed by the Debtor
and the Debtor is the best operator of the gas wells that are
subject to the leases.

Bridgeview Bank was granted leave to file and serve a written reply
to the response by May 6.

In its amended motion filed March 19, 2015, Bridgeview Bank stated
that the Debtor's dishonesty or gross mismanagement render it
impossible to determine whether it is complying with the terms or
its leases and assignments related to the Illini Field.  According
to Bridgeview Bank, the Debtor operates seven wells in Crawford
County, Illinois on several parcels of real estate collectively
known as the Illini Field." Putnam does not own the property where
the Illini Field is located.

                        About Putnam Energy

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  The Debtor is represented
by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn &
Dabney, LLC, in New Orleans, as counsel.



PUTNAM ENERGY: Discloses $7,500 Retainer for David E. Cohen
-----------------------------------------------------------
Putnam Energy, L.L.C., disclosed that according to an attorney fee
agreement, it agreed to pay David E. Cohen/Fisher Cohen Waldman
Shapiro, LLP, a non-refundable advance payment retainer of $7,500.

The firm, with office located at 1247 Waukegan Road, Suite 100,
Glenview, Illinois, said that the advance payment retainer becomes
property of attorney upon payment of the retainer.

The local counsel agreed to work with lead counsel Douglas S.
Draper, Esq. at Heller, Draper, Patrick, Horn & Dabney.

The professional services that David Cohen has rendered or may
render include providing legal advice with respect to the powers
and duties of the Debtor; preparation of necessary applications,
legal papers and other needed reports, attend court proceedings and
to perform any other legal services which may be necessary on
behalf of the debtor-in-possession.

Mr. Cohen will charge the Debtor $375 per hour.  Mr. Cohen will
also be reimbursed for reasonable out-of-pocket expenses incurred.

Mr. Cohen 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.

                        About Putnam Energy

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  The Debtor is represented
by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn &
Dabney, LLC, in New Orleans, as counsel.


PUTNAM ENERGY: Trustee Appointment Hearing Continued Until May 18
-----------------------------------------------------------------
The Bankruptcy Court continued until May 18, 2015, at 9:30 a.m.,
the hearing to consider Bridgeview Bank Group's amended motion for
appointment of a trustee, or in the alternative, an examiner.

In relation to the May 18 hearing, counsel for parties are ordered
to confer and fie with the Court by May 13, a joint document
captioned pretrial statement containing, among other things:

   1. a brief statement of the theory of each claim and each
defense;

   2. a statement of stipulated facts; and

   3. each party's list of witnesses with any objections noted,
stating grounds.

The Debtor, in its objection to the motion, stated that Bridgeview
Bank made numerous unsupported allegations regarding the Debtor's
alleged prepetition "dishonesty" or "gross negligence."  Despite
these serious allegations, Bridgeview Bank does not attach any
declarations, or evidence, that supported "dishonesty" or "gross
negligence."  Instead, Bridgeview Bank showed that the Debtor and
its counterparties did not properly document all of the
transactions that occurred between the parties dating back to
1967.

MLP Energy Advisors, LLC, and Sandra J. Zutowt, also in opposition
to the motion, asserted that the appointment of a trustee is not in
the best interest of the creditors of the Debtor.  Some of the
reasons appointment of a trustee is not in the best interest
are:

   a) the Debtor's operation of the oil and gas leases is both
efficient, safe and maximizes the benefit to the credits of the
Debtor; and

   b) the production system at the field was designed by the Debtor
and the Debtor is the best operator of the gas wells that are
subject to the leases.

Bridgeview Bank was granted leave to file and serve a written reply
to the response by May 6.

In its amended motion filed March 19, 2015, Bridgeview Bank stated
that the Debtor's dishonesty or gross mismanagement render it
impossible to determine whether it is complying with the terms or
its leases and assignments related to the Illini Field.  According
to Bridgeview Bank, the Debtor operates seven wells in Crawford
County, Illinois on several parcels of real estate collectively
known as the Illini Field." Putnam does not own the property where
the Illini Field is located.

                        About Putnam Energy

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  The Debtor is represented
by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn &
Dabney, LLC, in New Orleans, as counsel.



RADIOSHACK CORP: Agrees to Customer Data Sale Mediation
-------------------------------------------------------
RadioShack Corp. has agreed to mediation with concerned state
attorneys general regarding sale of customer data, Randall Chase at
The Associated Press reports, citing Greg M. Gordon, Esq., at Jones
Day, the Company's bankruptcy counsel.  According to the report,
Mr. Gordon told the Hon. Brendan Shannon Bankruptcy Court that the
mediation, which will include a consumer privacy ombudsman, will
start on May 14, 2015.

The AP relates that an auction for the assets is set for May 11,
2015, while the hearing on the approval of the sale is scheduled
for May 20, 2015.

According to The AP, Judge Shannon said Tuesday that he's willing
to approve bid procedures for the sale of the Company's
intellectual property, but he warned there's no guarantee he will
approve the sale itself, as there are serious privacy issues that
may preclude court approval of the sale.

The AP adds that Judge Shannon rejected the Texas attorney
general's request to require separate bid allocations for the
customer data -- apart from the other intellectual property -- in
case the sale of the data is disallowed.

                         About RadioShack

Headquartered in Fort Worth, Texas, 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 sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. 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 Official Committee of Unsecured Creditors selected Cooley LLP
and Quinn Emanuel Uruhart & Sullivan, LLP as lead counsel, and
Holihan Lokey Capital, Inc., as its financial advisor.  The
Committee retained Whiteford, Taylor & Preston LLC as Delaware
counsel.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.


RADIOSHACK CORP: Gets Approval to Sell Assets to KPI for $690K
--------------------------------------------------------------
RadioShack Corp. received court approval to sell some of its assets
to KPI Concepts Inc.

KPI offered $690,000 for the assets, which include RadioShack's
AntennaCraft facilities located in West Burlington, Iowa.  

The company, which presented the highest and best bid for the
assets at a March auction, will also assume certain liabilities of
RadioShack.

The assets will be sold "free and clear of all claims," according
to a court order signed by U.S. Bankruptcy Judge Brendan Shannon.

A copy of Judge Shannon's order is available without charge at
http://is.gd/b2Gf27

The bankruptcy judge on April 7 also approved the sale of
RadioShack's assets to Office Depot de México, S.A. de C.V. for
$31.8 million.

Under the deal, Office Depot de México will purchase the company's
Mexican subsidiaries and its intellectual property.  It will also
assume RadioShack's liabilities, according to a sale agreement
executed by the companies.

The agreement may be terminated by either party in specified
circumstances.  One such circumstance includes a situation in which
the sale does not occur on or prior to the six-month anniversary of
the date of the court order.

A schedule of the assets is available without charge at
http://is.gd/WFIKAD

                         About RadioShack

Headquartered in Fort Worth, Texas, 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 sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. 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 Official Committee of Unsecured Creditors selected Cooley LLP
and Quinn Emanuel Uruhart & Sullivan, LLP as lead counsel, and
Holihan Lokey Capital, Inc., as its financial advisor.  The
Committee retained Whiteford, Taylor & Preston LLC as Delaware
counsel.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.


RADIOSHACK CORP: Privacy Concerns Raised Over Sale of Customer Data
-------------------------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that
RadioShack Corp. is preparing to sell a trove of customer data at
auction in May as dozens of state attorneys general battled the
retailer in court for clarity on what information will sold.

According to the Journal, at a hearing in U.S. Bankruptcy Court in
Wilmington, Del., Judge Brendan Shannon set a May 6 deadline for
bidders who want to put in offers for a database that chronicles
what roughly 67 million RadioShack customers have bought in recent
years, along with their physical address.

Groups of creditors may continue their fight in front of a mediator
as Judge Shannon ordered RadioShack to release several more details
about what information will be sold, but it is unclear if that will
be enough to ease privacy concerns, the Journal related.

BankruptcyData reported that multiple parties -- including
Washington Prime Group, Colt Holdings, De Rito Pavilions 139,
Festival Pasadena Associates, HSG Pasadena, LM Pasadena and One
Mile West -- objected to the Debtors' proposed sale.  Washington
Prime Group, according to BData, said it does not object to the
Debtors' establishment of bidding procedures or the establishment
of procedures in connection with the potential assumption and
assignment of the Debtors' lease agreements but object to the
Assignment Procedures, the Bidding Procedures, and the Cure
Procedures currently suggested by the Debtors, as they are unduly
burdensome on the WP Glimcher Landlords, do not provide the WP
Glimcher Landlords with sufficient notice with respect to the sale
and potential assumption and assignment of the Leases, and limit
the ability of the WP Glimcher Landlords to fully assess any
proposed assignee of the Leases and to contest any proposed
assumption and assignment of the Leases in a prepared and informed
manner.

Law360, New York (April 23, 2015, 8:05 PM ET) -- The U.S.
Trustee’s office has raised objections to RadioShack Corp.’s
proposed plan to sell off customer data as part of its unwinding,
saying the bankrupt electronics retailer hasn’t made clear what
data or personally identifiable information it intends to sell.

Law360 reported that Andrew Vara, Acting U.S. Trustee for Regiong
3, echoed concerns raised by state attorneys general that
Radioshack has not provided sufficient details about the
information included in next month’s planned asset sale.  The
U.S. Trustee said that Radioshack's "lack of specificity and
clarity" over the sale -- including how many customers could be
affected -- hinders court-appointed privacy ombudsman Elise Frejka
from performing her duties and prevents the court from weighing
alternatives that would mitigate consumer privacy losses if the
sale goes through.

                         About RadioShack

Headquartered in Fort Worth, Texas, 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 sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. 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 Official Committee of Unsecured Creditors selected Cooley LLP
and Quinn Emanuel Uruhart & Sullivan, LLP as lead counsel, and
Holihan Lokey Capital, Inc., as its financial advisor.  The
Committee retained Whiteford, Taylor & Preston LLC as Delaware
counsel.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.


RADIOSHACK CORP: To Get $6.5-Mil. from Two Separate Asset Sales
---------------------------------------------------------------
U.S. Bankruptcy Judge Brendan Shannon has given RadioShack Corp.
the green light to sell some of its assets for a total of $6.5
million.

The assets will be sold in two separate transactions with Regal
Forest Holding Co. Ltd. and Delta RS for Trading.

Regal Forest offered $5 million for RadioShack's Latin American
assets, including trademarks and contracts.  Meanwhile, the second
transaction involves the sale of assets owned by the company in
Middle East, including its intellectual property, for $1.5 million.


The buyers will also assume certain liabilities of RadioShack,
according to court filings.

RadioShack selected both companies as the winning bidders following
an auction in March.

                         About RadioShack

Headquartered in Fort Worth, Texas, 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 sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. 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 Official Committee of Unsecured Creditors selected Cooley LLP
and Quinn Emanuel Uruhart & Sullivan, LLP as lead counsel, and
Holihan Lokey Capital, Inc., as its financial advisor.  The
Committee retained Whiteford, Taylor & Preston LLC as Delaware
counsel.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.


REICHHOLD HOLDINGS: Has Until June 29 to File Chapter 11 Plan
-------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware extended the exclusive periods of Reichhold
Holdings US Inc. and its debtor-affiliates to:

  a) file a Chapter 11 plan until June 29, 2015; and

  b) solicit acceptances of that plan until Aug. 28, 2015.

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/--  has
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of the
year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies filed for bankruptcy to pursue a sale
transaction that has two elements: (i) a consensual foreclosure by
the holders of senior secured notes on their security interests in
the common and preferred stock in Reichhold Holdings Luxembourg,
S.a.r.l. ("RHL"), the ultimate holding company of all of the
non-debtor affiliates that operate outside the U.S., and (ii) a
purchase of certain assets of the Debtors by Reichhold Holdings
International B.V. through a credit bid pursuant to Section 363 of
the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.

Concurrent with this purchase, Reichhold completed a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan Investment
Management, Inc., Third Avenue Management LLC, and Simplon Partners
LP.  As a result of that transaction, Reichhold is now owned by
those and other investors.


REICHHOLD HOLDINGS: US Trustee Forms Non-Union Retirees Panel
-------------------------------------------------------------
Andrew R. Vara, United States Trustee for Region 3, appointed three
persons to the Official Committee of Non-Union Retired Employees
for the Chapter 11 bankruptcy case of Reichhold Holdings US Inc.

The members of the Non-union Retired Employees Committee are:

1) Ian L. Potter
   9808 Koupela Drive
   Raleigh, NC 27614
   Tel: 919-848-7872
   Fax: 919-844-7976

2) John R. Young
   4370 Gauntlet Drive
   Southport, NC 28461
   Tel: 910-253-9866

3) Andrew A. Katai
   1105 Johnson Drive
   Naperville, IL 60540
   Tel: 630-983-7591

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/--  has
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of the
year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies filed for bankruptcy to pursue a sale
transaction that has two elements: (i) a consensual foreclosure by
the holders of senior secured notes on their security interests in
the common and preferred stock in Reichhold Holdings Luxembourg,
S.a.r.l. ("RHL"), the ultimate holding company of all of the
non-debtor affiliates that operate outside the U.S., and (ii) a
purchase of certain assets of the Debtors by Reichhold Holdings
International B.V. through a credit bid pursuant to Section 363 of
the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.

Concurrent with this purchase, Reichhold completed a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan Investment
Management, Inc., Third Avenue Management LLC, and Simplon Partners
LP.  As a result of that transaction, Reichhold is now owned by
those and other investors.


REVEL AC: Disclosure Statement Hearing Set for May 4
----------------------------------------------------
Revel AC, Inc., et al., amended its plan of reorganization and
accompanying disclosure statement to incorporate the terms of a
settlement and plan support agreement entered into with the
Official Committee of Unsecured Creditors, and Wells Fargo Bank,
N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC, as a
Prepetition First Lien Lender and DIP Lender.

The Settlement Agreement, among other things, provides that Wells
Fargo agrees to give the general unsecured creditors $1.60 million
of its recovery from the proceeds of the sale of substantially all
of the Debtors' assets to Polo North Country Club, Inc., and to
advance $150,000 from its recovery to fund the Debtors'
reconciliation of claims and prosecution of claims or estates'
causes of actions.  

The hearing to consider approval of the proposed Disclosure
Statement is scheduled to commence at 11:00 a.m. (Prevailing
Eastern Time) on May 4, 2015.

A full-text copy of the Plan dated April 20, 2014, is available at
http://bankrupt.com/misc/REVELplan0420.pdfand Disclosure Statement
is available at http://bankrupt.com/misc/REVELds0420.pdf

                         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: Judge OKs Settlement on Sale Proceeds
-----------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
Revel AC Inc., the former owner of the Revel Casino Hotel in
Atlantic City, N.J., took a decisive step toward winding down its
Chapter 11 case, after a judge approved a settlement that divvies
up the proceeds from the recent sale of the resort to a Florida
developer.

According to the DBR report, following a hearing in Camden, N.J.,
Judge Gloria Burns said she would sign an order than sets aside
about $32 million of the $82 million in sale proceeds for
creditors, lawyers and other administrative expenses.

Chief District Judge Jerome Simandle previously issued a bench
ruling barring Glenn Straub, the new owner of the shuttered Revel
Casino Hotel, from using equipment claimed by the resort's former
energy supplier, ACR Energy Partners LLC, to restore power to the
building following a weeklong blackout, Law360 reported.  A
temporary restraining order granted by Judge Simandle during a
hearing in Camden forbids Mr. Straub, whose Polo North Country Club
Inc. acquired Revel for $82 million, from making good on plans to
revive the casino, Law360 said.

ACR released a statement saying Mr. Straub's plans to restore power
to his newly acquired casino through either mobile generators or a
connection with the neighboring Showboat casino, which is owned by
Stockton University, were unlikely to succeed, Law360 added.

Judge Burns cleared the way for lawyers to offer a liquidation
plan, granting requests to terminate leases of former business
partners and weakening the Revel power supplier's claim for
priority repayment rights, Law360 further reported.  Judge Burns's
decision, according to Law360, means business tenants including
power plant operator ACR Energy can renegotiate contracts with Mr.
Straub.

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, Inc., et al., on April 20, 2015, amended its plan of
reorganization and accompanying disclosure statement to incorporate
the terms of a settlement and plan support agreement entered into
with the Official Committee of Unsecured Creditors, and Wells Fargo
Bank, N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC,
as a Prepetition First Lien Lender and DIP Lender.

The Settlement Agreement, among other things, provides that Wells
Fargo agrees to give the general unsecured creditors $1.60 million
of its recovery from the proceeds of the sale of substantially all
of the Debtors’ assets to Polo North Country Club, Inc., and to
advance $150,000 from its recovery to fund the Debtors’
reconciliation of claims and prosecution of claims or estates’
causes of actions.

The hearing to consider approval of the proposed Disclosure
Statement is scheduled to commence at 11:00 a.m. (Prevailing
Eastern Time) on May 4, 2015.


REVEL AC: Plan Filing Date Extended to June 30
----------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Revel AC's motion to extend the exclusive period during which the
Company can file a Chapter 11 plan and solicit acceptances thereof
through and including June 30, 2015.

According to BData, the Debtors said they are now working towards
obtaining the Court's approval of the sale of substantially all of
the Debtors' assets to Polo North pursuant to the Amended Polo
North APA and the extension of the Exclusive Solicitation Period
will afford the Debtors an opportunity to modify and solicit
acceptances of the Plan.  

The expiration of the Exclusive Solicitation Period and the threat
of multiple plans filed by other parties will likely lead to
further contentious litigation in these Chapter 11 Cases and
increase the difficulty of confirming a plan, BData cited the
Debtors as saying.

                         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, Inc., et al., on April 20, 2015, amended its plan of
reorganization and accompanying disclosure statement to incorporate
the terms of a settlement and plan support agreement entered into
with the Official Committee of Unsecured Creditors, and Wells Fargo
Bank, N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC,
as a Prepetition First Lien Lender and DIP Lender.

The Settlement Agreement, among other things, provides that Wells
Fargo agrees to give the general unsecured creditors $1.60 million
of its recovery from the proceeds of the sale of substantially all
of the Debtors' assets to Polo North Country Club, Inc., and to
advance $150,000 from its recovery to fund the Debtors'
reconciliation of claims and prosecution of claims or estates'
causes of actions.  

The hearing to consider approval of the proposed Disclosure
Statement is scheduled to commence at 11:00 a.m. (Prevailing
Eastern Time) on May 4, 2015.


SAMUEL WYLY: Tells SEC Not to Worry About Luxury Ranch Sale
-----------------------------------------------------------
Erik Larson, writing for Bloomberg News, reported that bankrupt
ex-billionaire Samuel Wyly told a judge it's too soon for
regulators to fret over what he'll do with as much as $50 million
from the planned sale of his family's Colorado ranch, the site of
six custom-built mansions.

According to the report, the U.S. Securities and Exchange
Commission and the Internal Revenue Service have objected to his
proposal, arguing he hasn't guaranteed the proceeds won't disappear
offshore.  Mr. Wyly has said he has about a 1 percent stake in the
ranch, with the rest owned by a trust on the Isle of Man, the
report related.

In a filing in federal bankruptcy court in Dallas, Mr. Wyly said
the plan should be approved because the details of any sale
agreement, including the treatment of the proceeds, would need
additional court approval anyway, the report further related.

As previously reported by The Troubled Company Reporter, the IRS is
seeking to recoup $3.22 billion from Mr. Wyly and the estate of his
late brother Charles Wyly, after the brothers allegedly hid income
by setting up sham overseas trusts.  The IRS believes Samuel Wyly
owes $2.03 billion in back taxes, interest and penalties, while his
brother's estate owes $1.19 billion.

                         About Samuel Wyly

Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge
ordered him to pay several hundred million dollars in a civil
fraud case.  In September 2014, a federal judge ordered Mr. Wyly
and the estate of his deceased brother to pay more than $300
million in sanctions after they were found guilty of committing
civil fraud to hide stock sales and nab millions of dollars in
profits.

                        About Caroline Wyly

Caroline Wyly is the widow of business tycoon Charles Wyly.  She
and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy
protection as leverage to settle a looming tax bill and a $329
million claim from the Securities and Exchange Commission.  Her
bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy
Court, Northern District Texas (Dallas).


SCRIPT RELIEF: S&P Assigns 'B+' Rating; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to New
York City-based pharmaceutical discount card provider Script Relief
LLC.  The rating outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating to
Script Relief's proposed $205 million term loan, reflecting S&P's
expectation for meaningful recovery in the event of payment default
(at the high end of the 50% to 70% range).

Script Relief markets free pharmaceutical discount cards to
uninsured and under-insured Americans.  Utilizing drug discounts
and pharmacy network contracts provided by its partner and partial
owner, pharmacy benefit manager Catamaran Corp., the company
provides cardholders with discounted pricing on most prescription
drugs at the majority of pharmacies in the U.S.

Script Relief's cards are marketed under a variety of trade names
through stands placed in medical offices, direct mail, and digital
marketing methods.  Although the company's contractual relationship
with Catamaran and the scale that it has built in a fragmented
industry provide a moderate competitive advantage, S&P expects that
Script Relief will need to continually invest in new customer
acquisitions to grow the business.  While Script Relief has
successfully increased revenues and profitability since it was
founded in late 2011 and generates margins that S&P views as
above-average relative to consumer services peers, the company has
only a three-year track record as an operating entity.  In
addition, while Script Relief is the largest player in the very
fragmented pharmaceutical discount card market, S&P views its
business as very narrowly focused, and its market share of the $22
billion cash-pay prescription market is only around 7%.
Collectively, these factors support S&P's assessment of a "weak"
business risk profile.

"Our stable rating outlook reflects our expectation that Script
Relief will generate flat to low single-digit EBITDA growth over
the next year, and that the company will maintain leverage between
2x to 4x over time," said Standard & Poor's credit analyst Shannan
Murphy.  It also incorporates S&P's expectation that the company
will generate about $50 million in discretionary cash flow each
year, which S&P expects will primarily be returned to
shareholders.

S&P could lower the rating if Script Relief encounters increased
competition, resulting in meaningfully higher customer acquisition
costs to maintain the same revenue base.  In S&P's view, this could
result in FFO to total debt being sustained below 20% over time.
In S&P's view, customer acquisition costs would need to increase to
around 43% of revenues (from about 33% today) before this scenario
would occur.  Incremental debt over the $150 million S&P sees as
current capacity could also prompt a lower rating.

Given the company's very small scale and limited track record, S&P
views a rating upgrade over the next year as highly unlikely.


SPECTRUM BRANDS: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' Issuer Default Rating (IDR)
and Stable Outlook for Spectrum Brands (Spectrum).  The affirmation
follows announcement that Spectrum will be acquiring Armored
AutoGroup Parent, Inc., (AAG) for approximately $1.4 billion
including assumed debt or 10x adjusted 2015 EBITDA.

The acquisition will be funded with $1 billion in debt and $500
million in share issuances.  Fitch's calculated pro forma leverage
on an as reported basis at the LTM Dec. 31, 2014, which excludes
any synergies and less than a full year of AAG's acquisition of the
A/C Pro business in March 2014, is 5.5X.

Fitch will address specific facility ratings as the transaction
gets closer to completion and further information is provided.

Spectrum's 'BB-' rating encompasses periodic spikes in leverage to
accommodate accretive acquisitions such as AAG.  Spectrum is
expected to direct the bulk of FCF towards debt reduction such that
(Debt/EBITDA) leverage should return to under 4.5x in 18 to 24
months.  Fitch had previously anticipated annual FCF to be in the
$300 million to $400 million range and with AAG expected to
generate around $60 million after a full year, Fitch's expectations
are now closer to the top end.  The company should comfortably
reduce leverage within 18 months with EBITDA growth and debt
reduction.

AAG is controlled by Avista Capital Partners and produces and
markets auto-care products mainly under the ArmorAll appearance and
STP performance additives brands.  Sixty seven percent of its $300
million in reported revenues at Dec. 31, 2014 were generated in the
U.S and its EBITDA margin of 26% is well above Spectrum's roughly
17%.  Further, it brings a new channel in the automotive aftercare
market and further category diversity.

KEY ASSUMPTIONS

FCF of $300 million to $400 million in the 2015 and 2016 fiscal
year will be directed towards debt reduction to return leverage
under 4.5x within 18 to 24 months.

No material changes in integration or management distraction to the
remaining businesses such that there are market share losses in
existing major categories.

Terms and conditions of newly issued debt is pari passu with
existing outstanding notes.

KEY RATING DRIVERS

Diversification and Marketing Strategy Leads to Solid Results

The firm's value-based market strategy and highly diversified
product portfolio has resonated well with retail customers and
consumers.  Organic growth rates have averaged 2% over the past
five years, near the low- to mid-point of the household and
personal care sector.  Modest sales growth, accretive acquisitions,
and cost controls have led to improving margins and ample free cash
flow (FCF).  Much of the company's FCF has historically been
directed toward debt reduction.  Fitch expects that to continue
into 2015 and 2016.

Short-Term Increases in Leverage Expected

Spectrum is acquisitive which results in periodic but temporary
increases in leverage.  Over the past five years leverage has been
as low as 3.4x and as high as 6.6x but has generally hovered in the
4.5x territory.  Generally, Fitch expects the company to operate
with leverage just under 4.5x.  The company's track record on
acquisitions has been positive.  On the whole, acquisitions have
been accretive and well-integrated.

Spectrum's leverage increased to the mid-6x range in December 2012
after purchasing Stanley Black & Decker, Inc.'s Hardware & Home
Improvement Group (HHI) for $1.4 billion.  Fitch's expectation for
leverage to return below 4.5x at the fiscal year ended Sept. 30,
2014, was comfortably met.  The 4.1x result was due to better than
expected EBITDA growth and more than $200 million of FCF being
directed towards debt reduction.  Leverage increased moderately at
the end of the first quarter of 2015 to 4.7x to accommodate roughly
$430 million in debt issued during December 2014.  Proceeds were
mainly used to finance the acquisition of Tell Manufacturing, Inc.
(Tell) and Procter & Gamble's European pet food business (Pet).

Improved FCF

Spectrum's FCF improved to the $300 million range in 2014, in line
with Fitch's expectations after being below $200 million in each of
the previous five years.  HHI, a large acquisition, added roughly
$1 billion in revenues and EBITDA margins that were higher than
Spectrum's.  Efficient working capital management is also a factor
in the company's overall improvement although it is not likely to
be as strong a contributor to cash flows going forward. Fitch
expects FCF to be near the high end of the $300 million to $400
million range in FY2016, nicely bolstered by the AAG acquisition.
It is likely to be near the low end in 2015 with the attendant
expenses related to making a sizeable acquisition as well as
integration costs.

Spectrum began recording residual U.S. and foreign taxes on
undistributed foreign earnings since 2012 in order to accelerate
pay down of U.S. debt, as well as fund distributions to
shareholders etc.  As a result, Fitch views much of Spectrum's cash
balance as unrestricted and available to reduce debt.

Corporate Governance

Spectrum is a controlled company.  Harbinger Group Inc. (HRG, Fitch
IDR 'B'/Outlook Positive) owns approximately 59% of Spectrum.  HRG
has pledged a portion of its Spectrum shares as collateral for its
own debt and is also dependent on its portfolio companies for cash
flow.  However, restrictive and financial covenants in Spectrum's
debt facilities, as well as HRG's focus on maintaining moderate
debt levels at its portfolio companies, should preserve good credit
protection measures.

Cyclicality/Commodity Exposure Increases Modestly

The ArmorAll Brand which is automotive appearance related
represented approximately 55% of AAG's $298 million in reported
2014 revenues.  There is some modest cyclicality as these purchases
have tended to be more discretionary and correlates to new car
purchases.  Both ArmorAll and STP use jet fuel as an ingredient,
which is currently benefiting from lower oil prices, but prices can
be volatile.  Nonetheless, given that AAG will contribute to less
than 10% of Spectrum revenues, any spikes should be manageable
within the larger enterprise and likely to be hedged.  Fitch
estimates that cyclical products lines such as hardware, small
appliances and AAG increases the cyclical portion of the company's
portfolio by about 5% to approximately 50%.

RATING SENSITIVITIES

Negative: Any change in financial strategy such that leverage is
consistently and materially sustained at higher than 5x levels
could have negative rating implications.  This is likely to be
driven by material transformative acquisitions, which may make
strategic sense, but could limit financial flexibility.  Fitch
would be concerned if there are material market share or secular
declines in categories generating a meaningful portion of FCF, such
as a combination of Home and Garden and HHI.

Positive: Spectrum's business momentum and credit protection
measures were generally improving before the recent spate of
acquisitions.  However, the potential for an upgrade is likely low
in the near term until the company closes, integrates and
sustainably operates with leverage under 4x.  The company has good
cash flow generation and could comfortably operate with lower
leverage if the pace and size of discretionary acquisitions
falters.  However, recent history has shown this likelihood to be
low given the company's acquisitive posture.

Fitch affirms Spectrum's ratings as:

Spectrum Brands, Inc.

   -- Long-term IDR at 'BB-';
   -- $400 million senior secured asset backed revolver (ABL) due
      May 24, 2017 at 'BB+/RR1';
   -- $510 million senior secured term loan C due Sept. 4, 2019 at

      'BB+/RR1';
   -- $648 million senior secured term loan A due Sept. 4, 2017 at

      'BB+/RR1';
   -- Euro 150 million ($181 million) senior secured term loan due

      Dec. 19, 2020 at 'BB+/RR1';
   -- $520 million 6.375% senior unsecured notes due Nov. 15, 2020

      at 'BB-/RR4';
   -- $570 million 6.625% senior unsecured notes due Nov. 15, 2022

      at 'BB-/RR4';
   -- $300 million 6.75% senior unsecured notes due March 15, 2020

      at 'BB-/RR4;
   -- $250 million 6.125% senior unsecured notes due Dec 15, 2024
      at 'BB-/RR4'.

Spectrum Brands Canada, Inc.

   -- Long-term IDR at 'BB-';
   -- $34 million senior secured term loan B due Dec. 17, 2019 at
      'BB+/RR1'.

Spectrum Brands Europe GmbH:

   -- Long Term IDR at 'BB-';
   -- Euro 225M (USD$283 million) senior secured term loan due
      Sept. 4, 2019 at 'BB+/RR1'.

The Rating Outlook is Stable.


SPROUTS FARMERS: S&P Raises CCR to 'BB'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Sprouts Farmers Market Inc. to 'BB' from 'BB-'.  The
rating outlook is stable.

S&P also assigned its 'BB+' issue-level rating and '2' recovery
rating to operating subsidiary Sprouts Farmers Market Holdings
LLC's $450 million revolving credit facility due 2020.  The '2'
recovery rating indicates S&P's expectation for substantial (higher
end of the 70% to 90% range) recovery for lenders in the event of a
payment default.

The company drew down about $260 million on the revolving credit,
to repay the outstanding amount of the company's term loan.  S&P is
withdrawing its 'BB-' corporate credit rating and 'BB' issue-level
rating and '2' recovery rating on Sprouts Farmers Markets Holdings
LLC, given the debt repayment.

"The upgrade reflects our view that Sprouts will continue to
increase profits and improve credit metrics, as it successfully
executes its growth strategy into new markets," said credit analyst
Kristina Koltunicki.  "It also incorporates our expectation that
the company will continue to generate strong top-line growth and
continue to deleverage over the next year, outpacing debt from new
operating leases incurred to support that growth.  Any further
upward momentum in the rating would be predicated on a continued
improvement in credit measures, and a continued expansion in the
company's top line and margin growth, evidenced by increasing sales
volumes, margin improvement, and
geographic expansion."

The stable rating outlook reflects S&P's expectation that credit
protection measures will continue to improve in 2015, based on a
combination of continued debt prepayment and EBITDA growth.  S&P
believes the company will be able to execute on its robust growth
strategy into new markets successfully.  However, the company's
scale, scope, and diversity remain less favorable than larger
peers.

S&P could lower the rating on Sprouts if operating performance
turns weaker, potentially because of missteps in store expansion
execution and increased competitive pressures.  Under this
scenario, gross margin would decline approximately 100 bps while
comparable-store sales growth would be flat, leading to leverage
increasing to the mid-3.0x area.  S&P could also lower the rating
if financial policies become more aggressive, evidenced by
debt-financed share repurchases, causing leverage to increase to
similar levels.

S&P could raise its ratings over the next 12 months if operating
performance continues to improve and credit protection measures,
such as FFO/debt of more than 40% and EBITDA interest coverage of
more than 8x, result in an improved financial risk profile, which
S&P would revise to "intermediate".  An upgrade would also further
necessitate a clear view on the company's financial policies
including the likelihood of more aggressive debt-financed
shareholder friendly activities that could deteriorate credit
ratios from forecasted levels.  S&P also would expect that the
company's scale, scope, and diversity will continue to expand in
terms of geographic diversity and its size of revenues.  



SUNTECH AMERICA: July 13 Fixed as Governmental Units Bar Date
-------------------------------------------------------------
The Bankruptcy Court established July 13, 2015, at 5:00 p.m., as
the deadline for governmental units to file proofs of claim against
Suntech America, Inc., et al.  The general bar date was set for
April 13.

Proofs of claim must be submitted to the Debtor's claims and
noticing agent UpShot Services LLC, by regular mail, overnight mail
or hand delivery, at this address:

         Suntech America Claims Processing Center
         c/o UpShot Services LLC
         7808 Cherry Creek South Drive, Suite 112
         Denver, CO 80231

UpShot will not accept a proof of claim sent by facsimile or
e-mail, and any proof of claim submitted via facsimile or e-mail
will be disregarded.

                       About Suntech America

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.

Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.


SWEPORTS LTD: Asks High Court to Mull Mootness of Post-Ch. 11 Fees
------------------------------------------------------------------
Law360 reported that Sweports Ltd. has asked the U.S. Supreme Court
to determine whether a bankruptcy case's dismissal bars a
creditors' committee from seeking about $1.1 million in fees in
Chapter 11 court, saying the Seventh Circuit's decision to
recognize such jurisdiction creates a circuit split and defies the
doctrine of mootness.

According to the report, Sweports, which owned nondebtor subsidiary
UMF Corp., a manufacturer of antimicrobial cleaning products,
petitioned the high court to revisit the Seventh Circuit's
unanimous decision that the fees request -- brought the creditor
committee's counsel, Neal L. Wolf, on behalf of himself and
financial consultant Pierre Benoit & Associates Inc. -- fell under
the "cleanup jurisdiction" of bankruptcy courts in the wake of a
Chapter 11 dismissal.

The case is Sweports Ltd. v. Much Shelist PC et al., case number
14-1226, in the Supreme Court of the United States.

                          About Sweports

Sweports, Ltd., owns patents and a subsidiary called UMF
Corporation that manufactures antimicrobial cleaning products; UMF
apparently is Sweports' principal asset.  An involuntary Chapter
11
petition (Bankr. N.D. Ill. Case No. 12-14254) was filed against
Sweports, Ltd., based in Skokie, Illinois, on April 9, 2012.

Sweports, Ltd., is represented by Ariel Weissberg at Weissberg &
Associates, Ltd.  The creditors who signed the involuntary
petition
are Michael J. O'Rourke, Michael C. Moody and John A. Dore,
judgment creditors who assert they are each owed $345,000.  Neal
L.
Wolf, Esq., at Neal Wolf & Associates, LLC, represents the
petitioning creditors.  On Nov. 21, 2012, the Court entered an
Order for Relief in the case.

Since then, Sweports has been managing its assets as a debtor-in-
possession.  Judge A. Benjamin Goldgar is presiding over the case.

On Dec. 12, 2012, the Office of the United States Trustee for the
Northern District of Illinois appointed these creditors to serve
on the Committee: Lee N. Abrams, John A. Dore, Michael C. Moody,
Michael O'Rourke and Perkaus & Farley, LLC. Mr. Moody is the
Chairperson.  The Committee retained Neal Wolf & Associates, LLC,
as counsel.

Both Sweports and the Official Committee filed plans of
reorganization. The bankruptcy judge rejected both plans. The U.S.
Trustee then moved that Sweports' bankruptcy either be converted
from Chapter 11 to Chapter 7 (liquidation) or dismissed. Neither
Sweports nor the creditors favored conversion, and so the
bankruptcy judge dismissed the bankruptcy on April 30, 2014.


TECTROL INC: Files for Bankruptcy; First Creditor's Meeting May 12
------------------------------------------------------------------
252862 Ontario Inc. fka Tectrol Inc. filed for bankruptcy on April
21, 2015, and the first meeting of creditors will be held on May
12, 2015, at 2:30 p.m., at the offices of the trustee, Duff &
Phelps Canada Restructuring Inc., 333 Bay street, 14th Floor in
Toronto, Ontario.

Tectrol Inc. -- http://www.tectrol.com/-- supplies power systems
to telecommunications, medical, chemical, and transportation
industries.


TORCHLIGHT ENERGY: Defaults on Convertible Promissary Notes
-----------------------------------------------------------
Torchlight Energy Resources, Inc., filed with the U.S. Securities
and Exchange Commission on Apr. 15, 2015, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2014.

Calvetti Ferguson expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company has
suffered recurring losses from operations, has a net working
capital deficiency, and is in default relating to certain
convertible promissory notes.

The Company reported a net loss of $15.81 million on $5.46 million
in revenues for the year ended Dec. 31, 2014, compared to a net
loss of $10.42 million on $1.24 million of revenues in the same
period last year.

The Company's balance sheet at Dec. 31, 2014, showed $36.15 million
in total assets, $17.03 million in total liabilities, and
stockholders' equity of $19.12 million.

A copy of the Form 10-K is available at:

                        http://is.gd/ezKuZP

Torchlight Energy Resources, Inc., is engaged in the acquisition,
exploration and development of oil and natural gas properties in
the United States.  The Company maintains its headquarters in
Plano, Texas.



U-VEND INC: Freed Maxick Expresses Going Concern Doubt
------------------------------------------------------
U-Vend, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K for the fiscal year ended
Dec. 31, 2014.

Freed Maxick CPAs P.C. expressed substantial doubt about the
Company's ability to continue as a going concern citing that the
Company has suffered recurring losses from operations since
inception and, as of December 31, 2014, has negative working
capital and a stockholders' deficiency.

The Company reported a net loss of $2 million on $269,000 of
revenue for the year ended Dec. 31, 2014, compared with a net loss
of $387,000 on $nil of revenues in the same period last year.

The Company's balance sheet at Dec. 31, 2014, showed $1.98 million
in total assets, $2.91 million in total liabilities, and a
stockholders' deficit of $934,000.

A copy of the Form 10-K is available at:

                         http://is.gd/vTwBAX

U-Vend, Inc., engages in the business of developing, marketing and
distributing various next-generation self-serve electronic kiosks
in a variety of locations ranging from neighborhood grocery
stores, drug stores, mass merchants, malls, hospitals and other
retail locations.  It also owns and operates a kiosk with a
particular focus on healthy vending.  The company was founded by
Raymond J. Meyers on March 26, 2007 and is headquartered in Santa
Monica, Calif.


U.S. NUCLEAR: Anton & Chia Expresses Going Concern Doubt
--------------------------------------------------------
U.S. Nuclear Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K for the fiscal year ended
Dec. 31, 2014.

Anton & Chia LLP expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company
experienced recurring operating losses and negative cash flow since
inception and has financed its working capital requirements through
issuance of notes payable to shareholders and common stock.

The Company reported a net loss of $322,000 on $1.47 million in
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $29,000 on $2.35 million of revenues in the same period last
year.

The Company's balance sheet at Dec. 31, 2014, showed $3.17 million
in total assets, $866,000 in total liabilities, and stockholders'
equity of $2.30 million.

A copy of the Form 10-K is available at:

                        http://is.gd/P3p1WY

Canoga Park, Calif.-based U.S. Nuclear Corp., through its
subsidiaries, design, manufacture and market detection and monitor
systems that are used to detect and identify radioactive material,
leaks, waste, contamination, biohazards, nuclear material, as well
as products used in airports, cargo, screening as ports and
borders, government buildings, hospitals, and other critical
infrastructure, as well as by the military and emergency responder
services.  The company uses a wide range of technologies including
x-ray, trace detection, millimeter-wave, infra-red, tritium
detection, and diagnostics in its product applications.


UNI-PIXEL INC: Offering $75 Million Worth of Common Shares
----------------------------------------------------------
Uni-Pixel, Inc., filed with the Securities and Exchange Commission
a Form S-3 registration statement relating to the sale (i) by the
Company of $75,000,000 worth of common stock, preferred stock,
warrants and units, and (ii) by Hudson Bay Master Fund Ltd. and
Capital Ventures International of 4,885,625 shares of common
stock.

The Company has agreed to pay certain expenses in connection with
the registration of the shares.  The selling stockholders will pay
all underwriting discounts and selling commissions, if any, in
connection with the sale of the shares.

The Company's common stock is traded on the NASDAQ Capital Market
under the symbol "UNXL."  On April 24, 2015, the last reported sale
price of the Company's common stock on the NASDAQ Capital Market
was $6.20 per share.

A full-text copy of the Form S-3 prospectus is available at:

                        http://is.gd/yRAhdX

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company      
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss
of $15.2 million in 2013 and a net loss of $9.01 million in 2012.
As of Dec. 31, 2014, Uni-Pixel had $34.91 million in total assets,
$7.55 million in total liabilities and $27.4 million in total
shareholders' equity.


UNITED CANNABIS: Lacks Funding to Implement Business Plan
---------------------------------------------------------
United Cannabis Corporation reported a net loss of $2.47 million on
$187,000 in revenues for the year ended Dec. 31, 2014, compared to
a net loss of $3,165 on $nil of revenues in the same period last
year.

Cutler & Co. LLP expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company has
suffered losses from operations and currently does not have
sufficient available funding to fully implement its business plan.

The Company's balance sheet at Dec. 31, 2014, showed $1.3 million
in total assets, $2.3 million in total liabilities, and a
stockholders' deficit of $1 million.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at http://is.gd/vV6bkb

Hihglands Ranch, Colo.-based United Cannabis Corporation, a bio
cannabinoid technologies company, provides consulting services in
the medical cannabis industry.



UNIVERSITY GENERAL: Meeting of Creditors Set for on May 4
---------------------------------------------------------
The meeting of creditors of University General Health System Inc.
is set to be held on May 4, 2015, at 2:00 p.m., according to a
filing with the U.S. Bankruptcy Court for the Southern District of
Texas.

The meeting will be held at the Office of the U.S. Trustee, Suite
3401, 515 Rusk Avenue, in Houston, Texas.

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 University General

University General Health System, Inc., with headquarters in
Houston, Texas, is a multi-specialty health care provider that
delivers concierge physician- and patient-oriented services. UGHS
and its consolidated subsidiaries operate, amongst others, a
general acute care hospital, ambulatory surgical centers,
hyperbaric wound care centers, diagnostic imaging centers, physical
therapy centers, and senior living centers.

UGHS owns the University General Hospital, a 72-bed, general acute
care hospital in the heart of the Texas Medical Center in Houston,
Texas.

UGHS and its affiliated entities sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 15-31086) in Houston, Texas, on
Feb. 27, 2015.  The case is assigned to Judge Letitia Z. Paul.

The Debtors have tapped John F Higgins, IV, Esq., Aaron James
Power, Esq., and Joshua W. Wolfshohl, Esq., at Porter Hedges LLP,
in Houston, Texas, as counsel.  Upshot Services, LLC, is the claims
and noticing agent.

U.S. Trustee Judy A. Robbins formed a nine-member panel of
unsecured creditors in the Chapter 11 cases of the Debtors.


UNIVERSITY GENERAL: PlainsCapital Appointed as Committee Member
---------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of University
General Health System Inc. appointed PlainsCapital Bank to the
official committee of unsecured creditors.  

PlainsCapital replaced Jacinto Medical Group PA, which was
appointed on March 11 by the Justice Department's bankruptcy
watchdog, according to a filing with the U.S. Bankruptcy Court for
the Southern District of Texas.

The unsecured creditors' committee is now composed of:

     (1) Hillair Capital Management L.P.
         Attn: Sean M. McAvoy, Managing Member
         of Hillair Capital Management LLC
         345 Lorton Avenue, Suite 303
         Burlingame, CA 94010,
         Tel: (415) 306-6945
         E-mail: seanm@hillaircapital.com

     (2) Siemens Medical Solutions USA Inc.
         Attn: Gregory J. Hauck
         51 Valley Stream Pkwy.
         Malvern, PA 19355
         Tel: (619) 219-8598
         Fax: (610) 219-8333
         E-mail: gregory.hauck@siemens.com

     (3) Vital Weight Control Inc. d/b/a Neweigh
         Attn: Diane Crumley, President
         5423 Holly Springs Dr.
         Houston, TX 77056-2021
         Tel: (713) 201-2347
         Fax: (713) 772-8248
         E-mail: dlcrumley10@gmail.com

     (4) 683 Capital Partners LP
         Attn: Joseph Patt, Partner/Head Trader
         3 Columbus Circle, Suite 2205
         New York, NY 10019
         Tel: (212) 554-2380
         E-mail: jpatt@683capital.com
.
     (5) Management Affiliates of Northeast Houston LLC
         Attn: Robert Stephen
         Grayson, D.O., 22751 Professional Drive
         Kingwood, TX 77339
         Tel: (281) 319-8310.
         Fax: (281) 476-6612
         E-mail: stephen.grayson@gmail.com

     (6) Emergency Medical Group LLC
         d/b/a Elitecare Emergency Center
         Attn: Jeff Addicks, General Counsel  
         211 Highland Cross Drive, Suite 275
         Houston, TX 77073
         Tel: (281) 784-1500
         Fax: (281) 784-1544
         E-mail: jeff.addicks@enfinahealth.com

     (7) NEC Kingwood Emergency Center LP
         d/b/a Kingwood Emergency Center
         Attn: John Decker, CFO
         11200 Broadway, Suite 2320
         Pearland, TX 77584
         Tel: (713) 436-5200
         Fax: (713) 436-9669
         E-mail: jdecker@nec24.com

     (8) RockHill Global LLC
         Attn: Pavel Oliva
         245 E. 58th Street, Suite 19A
         New York NY 10022  
         Tel: (212) 792-0200
         E-mail: pavel.oliva@rhgllc.com

     (9) PlainsCapital Bank
         Attn: Michael Cocanougher
         6221 Riverside Drive, Suite 105
         Irving, TX 75039
         Tel: (956) 380-8517    
         E-mail: michael.cocanougher@plainscapital.com

                   About University General

University General Health System, Inc., with headquarters in
Houston, Texas, is a multi-specialty health care provider that
delivers concierge physician- and patient-oriented services. UGHS
and its consolidated subsidiaries operate, amongst others, a
general acute care hospital, ambulatory surgical centers,
hyperbaric wound care centers, diagnostic imaging centers, physical
therapy centers, and senior living centers.

UGHS owns the University General Hospital, a 72-bed, general acute
care hospital in the heart of the Texas Medical Center in Houston,
Texas.

UGHS and its affiliated entities sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 15-31086) in Houston, Texas, on
Feb. 27, 2015.  The case is assigned to Judge Letitia Z. Paul.

The Debtors have tapped John F Higgins, IV, Esq., Aaron James
Power, Esq., and Joshua W. Wolfshohl, Esq., at Porter Hedges LLP,
in Houston, Texas, as counsel.  Upshot Services, LLC, is the claims
and noticing agent.

U.S. Trustee Judy A. Robbins formed a nine-member panel of
unsecured creditors in the Chapter 11 cases of the Debtors.


VACCINOGEN INC: Incurs $8.53-Million Net Loss in 2014
-----------------------------------------------------
Vaccinogen, Inc., reported a net loss of $8.53 million on $nil in
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $24.6 million on $nil of revenues in the same period last year.

BDO USA LLP expressed substantial doubt about the Company's ability
to continue as a going concern citing that the Company has incurred
recurring losses from operations, and losses are expected to
continue in the future.

The Company's balance sheet at Dec. 31, 2014, showed $71.1 million
in total assets, $18.2 million in total liabilities, and
stockholders' equity of $52.9 million.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/yj9fQU

Vaccinogen, Inc., is a biotechnology company based in Frederick,
Maryland.  The Company develops OncoVAX(R), an immunotherapy for
Stage II colon cancer and its related technologies may also be
applicable to other tumor types, notably melanoma and renal cell
carcinoma.


VERMILLION INC: Jack Schuler Reports 19.9% Stake as of April 24
---------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Jack W. Schuler disclosed that as of April 24,
2015, he beneficially owns 8,734,371 shares of common stock of
Vermillion, Inc., which represents 19.9 percent of the shares
outstanding.  Mr. Schuler serves as sole trustee to the Jack W.
Schuler Living Trust.  In that capacity, Mr. Schuler may be deemed
to beneficially own the shares held by the Living Trust.

As of April 24, 2015, George Schuler may be deemed to beneficially
own, in the aggregate 7,849,458 Shares, representing approximately
17.4% of the Shares outstanding.

As of April 24, 2015, each of the Tino Hans Schuler Trust, Tanya
Eve Schuler Trust and Therese Heidi Schuler Trust may be deemed to
beneficially own, in the aggregate, 2,359,238 Shares, representing
approximately 5.4% of the Shares outstanding.

As the manager of each of the Grandchildren LLC and Seascape
Partners L.P., and as sole trustee of each of the Tino Trust, Tanya
Trust, Therese Trust and Continuation Trust, George Schuler shares
with each such entity the power to vote or to direct the vote, and
the power to dispose or to direct the disposition of, the Shares
held by the respective entity.  George Schuler shares with his
spouse, Gayle Schuler, the power to vote or to direct the vote, and
the power to dispose or to direct the disposition of, the Shares
held by Gayle Schuler.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/bEeWIM

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.
As of Dec. 31, 2014, the Company had $24.2 million in total assets,
$4.91 million in total liabilities and $19.3 million in total
stockholders' equity.


WALTER ENERGY: Stockholders Elect 8 Directors
---------------------------------------------
Walter Energy, Inc., held its 2015 annual meeting of stockholders
on April 23, 2015, at which the stockholders elected Mary R. "Nina"
Henderson, Jerry W. Kolb, Patrick A. Kriegshauser, Joseph B.
Leonard, Bernard G. Rethore, Walter J. Scheller, III, Michael T.
Tokarz and A.J. Wagner to the Board of Directors.

The stockholders also ratified the appointment of Ernst & Young LLP
as the Company's independent registered public accounting firm for
the fiscal year ending Dec. 31, 2015.

The stockholders did not approve, on an advisory basis, the
compensation of the Company's named executive officers.

                       About Walter Energy

Walter Energy -- http://www.walterenergy.com/--  is a 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 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 April 21, 2015, Standard & Poor's Ratings
Services lowered its corporate credit rating on Walter Energy Inc.
to 'D' from 'CCC+'.  

"We lowered the ratings on Birmingham, Ala.-based coal miner Walter
Energy after the company elected not to pay approximately $62
million in aggregate interest payments on its 9.5% senior secured
notes due 2019 and its 8.5% senior notes due 2021.  A payment
default has not occurred under the indentures governing the notes,
which provide a 30-day grace period. However, we consider a default
to have occurred because we do not expect a payment to be made
within the stated grace period given the company's heavy debt
burden, which we view to be unsustainable. In our opinion, the
company has sufficient liquidity to operate over the next several
months as it works with creditors to restructure its balance sheet.
Cash and investments totaled approximately $435 million on March
31, 2015."

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."



WESTMORELAND COAL: Incurs $13.8 Million Net Loss in 1st Quarter
---------------------------------------------------------------
Westmoreland Coal Company filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $13.9 million on $371 million of revenues for the three months
ended March 31, 2015, compared with a net loss of $19.03 million on
$180 million of revenues for the same period in 2013.

As of March 31, 2015, Westmoreland Coal had $1.82 billion in total
assets, $2.21 billion in total liabilities, and a $389 million
total deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/c9H2GN

                      About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal Company reported a net loss applicable to common
shareholders of $173 million in 2014, a net loss applicable to
common shareholders of $6.05 million in 2013 and a net loss
applicable to common shareholders of $8.58 million in 2012.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to
the company's proposed new $300 million First Lien Term Loan, the
TCR reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


WESTMORELAND RESOURCE: Posts $10.3M Net Loss in First Quarter
-------------------------------------------------------------
Westmoreland Resource Partners, LP filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $10.3 million on $67.6 million of total revenues for
the three months ended March 31, 2015, compared with a net loss of
$10.6 million on $78.0 million of total revenues for the same
period last year.

As of March 31, 2015, the Company had $296 million in total assets,
$233 million in total liabilities and $62.7 million in total
partners' capital.

As of March 31, 2015, the Company's available liquidity was $1.80
million, which consisted entirely of cash on hand.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/yrKi9d

                    About Westmoreland Resource

Oxford Resource Partners, LP, now known as Westmoreland Resource
Partners, LP, is a producer of high value steam coal, and is the
largest producer of surface mined coal in Ohio.

Westmoreland Resource reported a net loss of $28.6 million on $322
million of total revenues for the year ended Dec. 31, 2014,
compared with a net loss of $23.7 million on $347 million
of total revenues for the year ended Dec. 31, 2013.


WINDLAND OCEAN: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Winland Ocean Shipping Corporation filed its schedules of assets
and liabilities in the U.S. Bankruptcy Court for the Southern
District of Texas, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   
  B. Personal Property              $503,883
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                            
  E. Creditors Holding
     Unsecured Priority
     Claims                                         $974,758
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $13,967,106
                                 -----------     ------------
        Total                       $503,883      $14,941,864

A copy of the schedules is available for free at
http://is.gd/J22uYD

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12, 2015
(Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned to
Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.


WINSTREAM TECHNOLOGIES: Somerset Expresses Going Concern Doubt
--------------------------------------------------------------
WindStream Technologies, Inc., reported a net loss of $11.3 million
on $1.76 million of revenue for the year ended Dec. 31, 2014,
compared with a net loss of $4.84 million on $896,000 of revenue in
the same period last year.

The Company's balance sheet at Dec. 31, 2014, showed $5.37 million
in total assets, $11.2 million in total liabilities, and a
stockholders' deficit of $5.85 million.

Somerset CPAs P.C. expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company has
had an accumulated deficit at Dec. 31, 2014, recurring net losses,
and a working capital deficit at Dec. 31, 2014.

A copy of the Form 10-K filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/aXGK6b

WindStream Technologies, Inc., was established in 2008 with the
goal of designing, prototyping and manufacturing affordable and
scalable renewable energy technologies for a global marketplace.
The Company has developed and tested the first-of-its-kind,
integrated, hybrid energy solution and is now marketing and
selling SolarMills? to a worldwide customer base.


XENETIC BIOSCIENCES: Needs to Raise Additional Funds
----------------------------------------------------
Xenetic Biosciences, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2014.

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern citing that the Company has
recurring losses from operations and is required to raise funds to
continue operations beyond April 2015.

The Company reported a net loss of $14.3 million on $nil in
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $8.58 million on $1 million of revenues in the same period last
year.

The Company's balance sheet at Dec. 31, 2014, showed $16.3 million
in total assets, $5.84 million in total liabilities, and
stockholders' equity of $10.48 million.

A copy of the Form 10-K is available at:

                        http://is.gd/EKhGu1

Lexington, Mass.-based Xenetic Biosciences, Inc., is a
biopharmaceutical company that provides expertise in the
development of a whole new generation of drugs, cancer therapies
and vaccines.  The Company is also developing its own pipeline of
next generation biotherapeutics-based on its PolyXen, Oncohist and
ImuXen platform technologies.


XPO LOGISTICS: S&P Affirms 'B' CCR; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' corporate credit rating on XPO Logistics Inc.  The outlook
remains stable.

"Our ratings on XPO reflect its highly leveraged capital structure,
aggressive growth strategy, and its position as one of the larger
and more diversified providers in the fragmented U.S. third-party
logistics market," said Standard & Poor's credit analyst Tatiana
Kleiman.  The company has set an aggressive growth target of $9
billion in revenues and $575 million of EBITDA by 2017.  Following
the company's proposed acquisition of Norbert Dentressangle, its
pro forma revenues and earnings will increase substantially and
nearly achieve management's 2017 growth targets, rising to about
$8.5 billion and $545 million, respectively.  XPO is supplementing
its growth-by-acquisition strategy with internal investments to
further expand its scale and scope.

In September 2014, the company received a $700 million equity
infusion to help fund its growth plans.  XPO has indicated that it
expects to complete the Norbert Dentressangle acquisition in the
first half of 2015.  The firm's funds from operations (FFO)-to-debt
ratio was 7.2% in 2014, however, that included only a partial year
of cash flows from its acquired businesses.  In 2015, S&P expects
XPO's credit measures to improve somewhat, pro forma for a full
year's contribution from Norbert Dentressangle, with the extent of
the improvement influenced by the proportion of debt the company
uses to fund the acquisition.

The stable outlook reflects that, over the next 12-18 months, S&P
expects XPO to benefit from its acquisition of Norbert
Dentressangle and other acquisitions it completed in 2014, all of
which have and will continue to increase the company's scale and
improve its earnings potential.  However, S&P also expects the
company to continue pursuing its aggressive growth strategy and
believe that the company will likely use debt to fund a significant
portion of its growth.  As a result, S&P do not believe that its
credit metrics will improve enough to warrant an upgrade over the
next year.

S&P could lower its rating on the company if its FFO-to-debt ratio
is consistently in the mid-single-digit percent area or lower. This
could occur if XPO experiences problems managing its growth and
integrating its acquisitions, or if it is even more aggressive than
S&P expects in pursuing acquisitions or investments and the company
continues to consume cash with little prospect for improvement.
S&P could also lower the rating if the company uses a materially
higher portion of debt to fund the acquisition than S&P expects.

While unlikely in the near-term, if XPO moderates its growth
strategy, begins to generate positive operating cash flow, and its
FFO-to-debt ratio improves to the mid-teens percentage-wise and S&P
believes it will stay there, S&P could raise the rating.


YELLOWSTONE MOUNTAIN: Appellate Court Denies Founder's Jail Release
-------------------------------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that a two-judge panel of the Ninth U.S. Circuit Court of Appeals
ordered Tim Blixseth, the former billionaire and founder of the
luxurious Yellowstone Club ski and golf resort, to remain in a
Montana jail on his birthday while it reviews a lower court order
to hold him in contempt until he accounts for millions of dollars
he owes creditors.

According to the report, the Ninth Circuit denied a bid by the
developer's lawyer to immediately release Mr. Blixseth from the
Cascade County Detention Center in Great Falls, Mont.  A U.S.
District Judge had jailed Mr. Blixseth for contempt after the judge
said he failed to comply with an order to account for the proceeds
from the $13.8 million sale of a resort in Mexico, the report
related.

                     About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski   
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.


ZOGENIX INC: Closes Sale of Zohydro ER Business to Ferrimill
------------------------------------------------------------
Zogenix, Inc., closed on April 24, 2015, the previously announced
sale of its Zohydro ER business to Ferrimill (the substitute
purchaser appointed by Pernix), according to a document filed with
the Securities and Exchange Commission.  

At the Closing, the Company received $80 million in cash, $10
million of which has been deposited in escrow to fund potential
indemnification claims for a period of 12 months, and 1,682,086
shares of Pernix Therapeutics common stock.  As previously
reported, the Company, in addition to agreeing to indemnification
provisions customary for transactions of this nature, has also
agreed to indemnify Ferrimill for certain intellectual property
matters up to an aggregate amount of $5 million.

In addition to the cash payment paid at Closing, the Company is
eligible to receive additional cash payments of up to $283.5
million based on the achievement of pre-determined milestones,
including a $12.5 million payment upon approval by the U.S. Food
and Drug Administration of an abuse-deterrent extended-release
hydrocodone tablet (currently in development in collaboration with
Altus Formulation Inc.) and up to $271 million in potential sales
milestones.  Pursuant to the Asset Purchase Agreement, Ferrimill
has agreed to use commercially reasonable efforts to meet those
milestones.  Furthermore, Ferrimill will assume responsibility for
the Company's obligations under the purchased contracts and
regulatory approvals, as well as other liabilities associated with
the Zohydro ER business arising after the Closing date.  The
Company will retain all liabilities associated with the Zohydro ER
business arising prior to the Closing date.

On April 23, 2015, in connection with the sale by Zogenix of its
Zohydro ER business pursuant to the Asset Purchase Agreement, the
Company, Oxford Finance LLC and Silicon Valley Bank entered into an
amendment to the loan and security agreement, dated Dec. 30, 2014,
among the Company, Oxford, as collateral agent, and the lenders
party thereto from time to time, including Oxford and SVB.  The
Loan Amendment added an affirmative covenant requiring the Company
to maintain a liquidity ratio of 1.25 to 1 through the Company's
receipt of positive data from placebo-controlled trials in the
United States and European Union of ZX008.  All encumbrances on the
Company's personal property related to its Zohydro ER business
under the Loan and Security Agreement were terminated.  The
Company's remaining obligations under the Loan and Security
Agreement remain substantially unchanged.

Also on April 23, 2015, the Company entered into an amendment to
the Asset Purchase Agreement, dated as of March 10, 2015, with
Pernix Ireland Limited and Pernix Therapeutics Holdings, Inc., as
guarantor, pursuant to which, among other things, the composition
of the purchase price was amended to increase the portion payable
in cash from $30 million to $80 million in lieu of the initially
contemplated $50 million secured promissory note from Pernix.

The Company committed to a restructuring plan in conjunction with
the sale of the Zohydro ER business in which approximately 100
employees will transition employment to Pernix.  The Company also
plans to reduce its workforce by an additional 16 employees as a
result of this sale.  The Company expects to record charges of
approximately $0.5 million for personnel costs associated with
these actions.  The charges that the Company expects to incur in
connection with the plan are subject to a number of assumptions,
and actual results may materially differ.  The Company may also
incur other material charges not currently contemplated due to
events that may occur as a result of, or that are associated with,
the plan.  The Company expects to complete the plan by the end of
the third quarter of 2015.

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

As of Dec. 31, 2014, Zogenix Inc. had $203 million in total
assets, $148 million in total liabilities and $55.3 million in
stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's recurring losses from operations and lack of
sufficient working capital raise substantial doubt about its
ability to continue as a going concern.


[*] Ch. 11 Reforms Seen Pushing Restructurings Out of Court
-----------------------------------------------------------
Law360 reported that commercial creditors will pursue more debt
restructurings that don't require stepping foot in bankruptcy court
if lawmakers heed an influential reform commission's calls to cut
back secured lender rights, experts said at a discussion.

According to the report, citing panelists at an American Bankruptcy
Institute Conference in Washington, D.C., a set of reform proposals
designed to strip away key protections that lenders currently enjoy
under Chapter 11 would force secured creditors to protect their
interests by keeping borrowers from entering a contested
bankruptcy.


[*] Energy Defaults Resurface in U.S. Leveraged Loans, Fitch Says
-----------------------------------------------------------------
Energy sector defaults hit the institutional leveraged loan market
in March for the first time since December 2013, according to Fitch
Ratings.  At end-March 2015, the energy trailing 12-month (TTM)
sector institutional leveraged loan default rate stood at 1.7%,
higher than its 1% long-term average.

Chapter 11 bankruptcy filings in March by Quicksilver Resources and
Cal Dive International serve as bellwethers, with the default rate
expected to rise further on Shoreline Energy's early April
bankruptcy filing and Sabine Oil and Gas' April 21 missed interest
payment.  Samson Investment is also engaged in restructuring
discussions.

"The energy sector will remain an outlier for leveraged loan
defaults while it navigates the current rough patch," says Eric
Rosenthal, Senior Director of Leveraged Finance.

The overall TTM leveraged loan default rate fell to 3.6% in March
from 3.9% in February.  Average coverage improved to 3.4x at
year-end 2014 from 3x one year earlier, while revenue and EBITDA
also increased over the same timeframe.  Average leverage declined
10% over the past year to 5x from 5.5x.

The institutional leveraged loan market grew 18% over the past
year.  Covenant-lite facilities comprise 58% of the outstanding
universe and will likely remain high.

Despite the increased energy default rate, the industry comprises
just 5% of outstanding institutional leveraged loans compared with
18% of the high yield bond market.  At 14% services and
miscellaneous is the largest sector, followed by computers and
electronics, and healthcare and pharmaceutical.


[*] Epiq Names Bauer Manager of Ch. 7 Bankruptcy Solutions Services
-------------------------------------------------------------------
Epiq Systems, Inc., a global provider of integrated technology
solutions for the legal profession, on April 29 announced the
appointment of Jill Bauer as managing director of Chapter 7
Bankruptcy Solutions & Fiduciary Services.

In this newly created role, Ms. Bauer will drive strategic
positioning and brand awareness of Epiq within the Chapter 7
trustee community and ensure continued delivery of Epiq's highly
effective and streamlined approach to case administration.
Additionally, Ms. Bauer will lead the group in bringing to market
fiduciary services offerings.

Ms. Bauer brings twenty-five years of business development and
management experience within the bankruptcy industry and fiduciary
markets.  She served 10 years at Bankruptcy Management Solutions,
Inc. (BMS) as senior vice president where she led Chapter 7 sales
and services and implemented Chapter 11 software and service
offerings.  Prior to BMS, she served 13 years at JP Morgan Chase as
senior vice president in the Chase Technology Solutions Group. Most
recently, Ms. Bauer served as a senior officer in East West Bank's
specialty deposits services group.

"With Jill's appointment, we add an accomplished bankruptcy and
business development expert at the helm of our market-leading
Chapter 7 solutions business," said Brad D. Scott, president and
chief operating officer, Epiq Systems.  "Jill's expertise in
product development and client support greatly enhances our
capabilities to serve our clients' needs in this area.  Her
experience and proven leadership track record are an added strength
for the firm."

                       About Epiq Systems

Epiq Systems -- http://www.epiqsystems.com-- is a global provider
of integrated technology solutions for the legal profession,
including electronic discovery, bankruptcy, and class action and
mass tort administration.  It also offers full-service capabilities
to support litigation, investigations, financial transactions,
regulatory compliance and other legal matters.


[*] Epiq Names Jill Bauer as Ch. 7 Bankr. Solutions Managing Direct
-------------------------------------------------------------------
Epiq Systems, Inc., has appointed Jill Bauer as managing director
of Chapter 7 Bankruptcy Solutions & Fiduciary Services.

The Company said that in this newly created role, Ms. Bauer will
drive strategic positioning and brand awareness of the Company
within the Chapter 7 trustee community and ensure continued
delivery of the Company's highly effective and streamlined approach
to case administration.  Additionally, Ms. Bauer will lead the
group in bringing to market fiduciary services offerings.

Ms. Bauer brings twenty-five years of business development and
management experience within the bankruptcy industry and fiduciary
markets.  She served 10 years at Bankruptcy Management Solutions,
Inc., as senior vice president where she led Chapter 7 sales and
services and implemented Chapter 11 software and service offerings.
Prior to BMS, she served 13 years at JP Morgan Chase as senior
vice president in the Chase Technology Solutions Group.  Most
recently, Ms. Bauer served as a senior officer in East West Bank's
specialty deposits services group.

"With Jill's appointment, we add an accomplished bankruptcy and
business development expert at the helm of our market-leading
Chapter 7 solutions business," said Brad D. Scott, the Company's
president and chief operating officer.  "Jill's expertise in
product development and client support greatly enhances our
capabilities to serve our clients' needs in this area.  Her
experience and proven leadership track record are an added strength
for the firm."

                       About Epiq Systems

Epiq Systems, Inc. -- http://www.epiqsystems.com/-- is a global
provider of integrated technology solutions for the legal
profession, including electronic discovery, bankruptcy, and class
action and mass tort administration.  It also offers full-service
capabilities to support litigation, investigations, financial
transactions, regulatory compliance and other legal matters.


[^] BOOK REVIEW: The Money Wars
-------------------------------
Author:     Roy C. Smith
Publisher:  Beard Books
Softcover:  370 pages
List Price: $34.95
Review by David Henderson

Get your own personal today at
http://www.amazon.com/exec/obidos/ASIN/1893122697/internetbankrupt

Business is war by civilized means.  It won't get you a tailhook
landing on an n aircraft carrier docked in San Diego, but the
spoils of war can be glorious to behold.

Most executives do not approach business this way.  They are
content to nudge along their behemoths, cash their options, and
pillage their workers.  This author calls those managers "inertia
ridden."  He quotes Carl Icahn describing their companies as run
by "gross and widespread incompetent management."

In cycles though, the U.S. economy generates a few business
warriors with the drive, or hubris, to treat the market as a
battlefield.  The 1980s saw the last great spectacle of business
titans clashing.  (The '90s, by contrast, was an era of the
investment banks waging war on the gullible.)  The Money Wars is
the story of the last great buyout boom.  Between 1982 and 1988,
more than ten thousand transactions were completed within the U.S.
alone, aggregating more than $1 trillion of capitalization.

Roy Smith has written a breezy read, traversing the reader through
an important piece of U.S. history, not just business history. Two
thirds of the way through the book, after covering early twentieth
century business history, the growth of financial engineering
after WWII, the conglomerate era, the RJR-Nabisco story, and the
financial machinations of KKR, we finally meet the star of the
show, Michael Milken.  The picture painted by the author leads the
reader to observe that, every now and then, an individual comes
along at the right time and place in history who knows exactly
where he or she is in that history, and leaves a world-historical
footprint as a result.  Whatever one may think of Milken's ethics
or his priorities, the reader will conclude that he is the
greatest financial genius this country has produced since J.P.
Morgan.

No high-flying financial era has ever happened in this country
without the frothy market attracting common criminals, or in some
cases making criminals out of weak, but previously honest men (and
it always seems to be men).  Something there is about testosterone
and money.  With so many deals being done, insider trading was
inevitable.  Was Michael Milken guilty of insider trading?
Probably, but in all likelihood, everybody who attended his lavish
parties, called "Predators' Balls," shared the same information.
Why did the Justice Department go after Milken and his firm,
Drexel Burnham Lambert with such raw enthusiasm?  That history has
not yet been written, but Drexel had created a lot of envy and
enemies on the Street.

When a better history of the period is written, it will be a study
in the confluence of forces that made Michael Milken's genius
possible: the sclerotic management of irrational conglomerates, a
ready market for the junk bonds Milken was selling, and a few
malcontent capitalist like Carl Icahn and Ted Turner, who were
ready and able to wage their own financial warfare.

This book is a must read for any student of business who did not
live through any of these fascination financial eras.

Roy C. Smith is a professor of entrepreneurship, finance and
international business at NYU, and teaches on the faculty there of
the Stern School of Business.  Prior to 1987, he was a partner at
Goldman Sachs.  He received a B.S. from the Naval Academy in 1960
and an M.B.A. from Harvard in 1966.


                            *********

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
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***