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/raid1/www/Hosts/bankrupt/TCR_Public/150507.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 7, 2015, Vol. 19, No. 127 Headlines 357 WILSON: Court Closes Chapter 11 Bankruptcy Case AMERICAN APPAREL: Amends 2014 Annual Report AMERICAN ENERGY: S&P Lowers CCR to 'CCC+' on Increased Leverage ARMTEC INFRASTRUCTURE: Ontario Court Names E&Y as CCAA Monitor ATECO INC: Hebb's Motion to Extend Time to Appeal Denied BG MEDICINE: Amends 2014 Annual Report BIG BARBECUE: Case Summary & 20 Largest Unsecured Creditors BLACKHAWK MINING: Moody's Assigns Caa1 CFR, Outlook Stable BLACKHAWK MINING: S&P Assigns 'B' CCR & Rates 1st Lien Loan 'B' BR ENTERPRISES: Hires Evanhoe Kellogg as Accountant BR ENTERPRISES: Hires Hollister Law as Bankruptcy Counsel BR ENTERPRISES: Hires Western Agriculture as Appraiser BROADWAY FINANCIAL: Amends 2014 Annual Report BROOKFIELD RESIDENTIAL: Moody's Rates New $556MM Unsec. Notes 'B1' BROOKFIELD RESIDENTIAL: S&P Rates $556MM Sr. Unsec. Notes 'BB-' BUNGALOW HOLDINGS: Case Summary & 20 Largest Unsecured Creditors CAL DIVE: Sec. 341(a) Creditors Meeting Continued to May 17 CASA EN DENVER: Can Use Bank of Commerce Cash Collateral CASA EN DENVER: Court Okays Funding Deal with Principal Manager CASA EN DENVER: Files Amended Schedules CASA EN DENVER: Taps David Tilloston as Legal Counsel CHRYSLER LLC: TRW Wins Summary Judgment Over Class Action Claims COCRYSTAL PHARMA: Amends 2014 Annual Report to Add Omitted Info. CONGREGATION BIRCHOS: Hires Frances Caruso as Bookkeeper CONGREGATION BIRCHOS: Hires Montalbano Condon as Special Counsel CONGREGATION BIRCHOS: Hires Pick & Zabicki as Counsel CORINTHIAN COLLEGES: Asks for Approval to Use Cash Collateral CORINTHIAN COLLEGES: Files 1st Omnibus Motion to Reject Contracts CORINTHIAN COLLEGES: Proposes Rust/Omni as Claims Agent CORINTHIAN COLLEGES: Wants $25,000 Sales in Ordinary Course CREEKSIDE ASSOCIATES: Case Dismissal Hearing Continued Until June CREEKSIDE ASSOCIATES: July 29 Hearing on Cash Collateral Use CTI BIOPHARMA: Net Financial Standing at $22.2M as of March 31 DAVITA HEALTHCARE: Moody's Says $495MM Vainer Deal is Credit Neg DENDREON CORP: Court Denies Bid for Official Equity Committee DOUBLJU-USA INC: Case Summary & 13 Largest Unsecured Creditors EARL GAUDIO: Taps Protek International as Forensic Analyst ENERGIZER HOLDINGS: Moody's Cuts Sr. Unsecured Notes Rating to Ba1 ERG RESOURCES: Has $17.5MM of DIP Financing From Existing Lenders ERG RESOURCES: Proposes Epiq as Claims and Noticing Agent FEDERATION EMPLOYMENT: Says Patient Care Ombudsman Not Required FEDERATION EMPLOYMENT: US Trustee Forms 3-Member Creditor's Panel FINGER LICKIN': Case Summary & 20 Largest Unsecured Creditors FLINTKOTE COMPANY: Reaches $1.7M Fibro Coverage Deal w/ Travelers FREESEAS INC: Incurs $12.7 Million Net Loss in 2014 FUSION TELECOMMUNICATIONS: Amends 2014 Annual Report GEOMET INC: Posts $2.2 Million Net Loss in First Quarter GOOD SAMARITAN HOSP: Moody's Affirms 'B1' on 1991 Fixed Rate Bonds GREAT PLAINS REGIONAL: Fitch Affirms 'BB' Rating on $34.28MM Bonds HHH CHOICES: Must Answer Involuntary Petition by May 26 HYLAND SOFTWARE: $30MM Loan Increase No Effect on Moody's 'B2' CFR JAMES RIVER: Has Until July 11 to File Chapter 11 Plan LEHMAN BROTHERS: Rothesay Life Completes $1-Bil. Buyout of Pensions LIBERTY TIRE: S&P Withdraws 'SD' CCR at Issuer's Request MAGNETATION LLC: Case Summary & 20 Largest Unsecured Creditors MAGNETATION LLC: Files for Ch. 11 to Restructure Balance Sheet MAGNETATION LLC: Proposes July 15 Claims Bar Date MAGNETATION LLC: Wants to Pay $27.5MM to Critical Vendors MARION ENERGY: Seeks to Dismiss Chapter 11 Bankruptcy Case MCELHANEY INVESTMENTS: Case Summary & 4 Top Unsecured Creditors MEDIMEDIA USA: Moody's Lowers CFR to 'Caa1', Outlook Still Negative MICROVISION INC: Incurs $3.96 Million Net Loss in First Quarter MOBIVITY HOLDINGS: Registers 29.8M Common Shares for Resale NON-FERROUS EXTRUSION: Court Reopens Bankruptcy Case O.W. BUNKER: Court Extends Plan Filing Deadline to May 13 ONE SOURCE: U.S. Trustee Forms Creditor's Committee PETTERS COMPANY: Barnes & Thornburg OK'd to Handle Polariod Case PHYSIO-CONTROL INTERNATIONAL: S&P Cuts CCR to 'B', Outlook Stable PORTER BANCORP: Reports $409,000 First Quarter 2015 Net Income PRIME TIME INT'L: Wants to Buy Equipment Needed for Sale Closing PROQUEST LLC: Moody's Ba2 CFR Unaffected by $15MM Add-On Loan QUALITY LEASE: Court Extends Plan Exclusive Period to June 1 QUICKSILVER RESOURCES: U.S. Trustee Forms Creditors' Committee QUICKSILVER RESOURCES: US Trustee to Schedule Another 341 Meeting REGENCY ENERGY: S&P Raises Corp. Credit Rating From 'BB' ROCKET SOFTWARE: Moody's Alters Outlook to Stable & Affirms B2 CFR SABINE PASS: Posts $61.7 Million Net Income in First Quarter SEARS HOLDINGS: Creates Joint Venture with Macerich Company SIGA TECH: Committee Seeks to Hire Special Litigation Co-Counsel SIGA TECH: Wants Court to Extend Plan Filing Deadline to Sept. 13 SIGA TECHNOLOGIES: May 13 Hearing on Bid to Disband Committee SOLAR POWER: Unit to Buy All-Zip for RMB275 Million SPECTRUM BRANDS: Appeals Court Affirms Judgment on Pedroia Claim SPIG INDUSTRY: U.S. Trustee Forms Creditor's Committee SPIRIT MOUNTAIN: Case Summary & 8 Largest Unsecured Creditors T-L BRYWOOD: RCG Ventures' Plan Disclosures Hearing on May 21 TRANSDIGM INC: Moody's Affirms 'B2' CFR, Outlook Stable TRANSDIGM INC: S&P Rates New $450MM Subordinated Notes 'CCC+' US SHALE: S&P Cuts Corp. Credit Rating to 'CC', Outlook Negative UTSTARCOM HOLDINGS: Delays Form 20-F Report Filing VIKING CRUISES: Moody's Assigns 'B1' CFR & Rates $250MM Notes 'B3' VIKING CRUISES: S&P Affirms B+ Corp. Credit Rating, Outlook Stable WESTMORELAND COAL: Q1 Results Call Hell; Transcript Available WHITTEN FOUNDATION: Creditors Meeting Continued to June 4 YRC WORLDWIDE: Posts $21.6 Million Net Loss in First Quarter [*] Lisa Schiller Joins McGlinchey Stafford's Bankruptcy Practice [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 357 WILSON: Court Closes Chapter 11 Bankruptcy Case --------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued a final decree closing the Chapter 11 case of 357 Wilson Avenue LLC on March 26, 2015. The Court issued a dismissal order for the Debtor's case on March 16, 2015. About 357 Wilson Avenue, LLC 357 Wilson Avenue, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 14-28917) in its home-town in Newark, New Jersey, on Sept. 16, 2014. The Debtor, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B), estimated $10 million to $50 million in assets and less than $10 million in debt. The case is assigned to Judge Rosemary Gambardella. The Debtor is represented by Brian W. Hofmeister, Esq., at McDonnell Crowley Hofmeister, LLC, in Trenton, New Jersey, as counsel. Fernando Vidal, the managing member and owner, signed the bankruptcy petition. AMERICAN APPAREL: Amends 2014 Annual Report ------------------------------------------- American Apparel, Inc. filed a second amendment to its annual report on Form 10-K for the year ended Dec. 31, 2014, for the purposes of providing the information required by Items 10 through 14 of Part III of Form10-K. The information required by Items 10 through 14 was omitted from the original filing in reliance on General Instruction G to Form 10-K, which provides that registrants may incorporate by reference certain information from a definitive proxy statement filed with the SEC within 120 days after the end of the fiscal year. The Company's definitive proxy statement was not filed by April 30, 2015, deadline. A full-text copy of the Form 10-K/A is available for free at: http://is.gd/k2f5g3 About American Apparel American Apparel is a vertically-integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of Sept. 30, 2014, American Apparel had approximately 10,000 employees and operated 245 retail stores in 20 countries including the United States and Canada. American Apparel also operates a global e-commerce site that serves over 60 countries worldwide at http://www.americanapparel.com. In addition, American Apparel operates a leading wholesale business that supplies high quality T-shirts and other casual wear to distributors and screen printers. Amid liquidity problems and declining sales, American Apparel in early 2011 reportedly tapped law firm Skadden, Arps, Slate, Meagher & Flom and investment bank Rothschild Inc. for advice on a restructuring. In April 2011, American Apparel said it raised $14.9 million in rescue financing from a group of investors led by Canadian financier Michael Serruya and private equity firm Delavaco Capital Corp., allowing the casual clothing retailer to meet obligations to its lenders for the time being. Under the deal, the investors were buying 15.8 million shares of common stock at 90 cents apiece. The deal allows the investors to purchase additional 27.4 million shares at the same price. American Apparel reported a net loss of $68.81 million in 2014, a net loss of $106.29 million in 2013 and a net loss of $37.27 million in 2012. As of Dec. 31, 2014, American Apparel had $294.38 million in total assets, $409.90 million in total liabilities and a $115.51 million total stockholders' deficit. * * * The TCR reported on Nov. 21, 2013, that Moody's Investors Service downgraded American Apparel Inc.'s corporate family rating to Caa2. The clothing retailer's probability of default was also lowered one level and the outlook is negative. As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating on Los Angeles-based American Apparel Inc. to 'CCC-' from 'CCC'. The outlook is negative. AMERICAN ENERGY: S&P Lowers CCR to 'CCC+' on Increased Leverage --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Oklahoma City-based oil and gas exploration and production company American Energy – Woodford LLC (AEW) to 'CCC+' from 'B-'. The outlook is negative. S&P also lowered its issue-level rating on the company's senior unsecured debt to 'CCC-' from 'CCC'. The recovery rating is '6', reflecting S&P's expectation of negligible recovery (0% to 10%) in the event of default. "The downgrade reflects our increased estimates for leverage over the next one to two years because AEW has significantly reduced capital spending plans and production targets in response to lower commodity prices," said Standard & Poor's credit analyst Carin Dehne-Kiley. The company has lowered its 2015 capital budget to $50 million from $150 million to $200 million, and expects production to average 6,000 to 7,000 barrels of oil equivalent per day (boe/d) versus 9,500 to 11,000 boe/d previously. As a result, S&P now expects leverage to significantly increase this year and in 2016, to levels S&P views as unsustainable. Although S&P views liquidity as "adequate" for now, it believes there is a high likelihood that the company's borrowing base will be reduced later this year. S&P has revised its assessment of AEW's profitability to "average" from "above average," and revised S&P's assessment of the company's business risk profile to "vulnerable" from "weak." S&P assess AEW's liquidity as "adequate," given that S&P estimates liquidity sources will exceed uses by more than 1.2x over the next 12 months, and that sources would exceed uses even if forecast EBITDA were to decline by 15%. The negative outlook reflects S&P's view that liquidity could deteriorate meaningfully next year, potentially due to a reduction in the company's borrowing base. S&P would likely lower the rating if the company's liquidity deteriorated, and S&P believed a default was likely over the next 12 months without an unforeseen positive development. S&P could revise the outlook to stable if it believes liquidity would remain "adequate," which would most likely occur if the company were able to ramp up drilling and grow production and maintain its current borrowing base. ARMTEC INFRASTRUCTURE: Ontario Court Names E&Y as CCAA Monitor -------------------------------------------------------------- The Ontario Superior Court of Justice appointed Ernst & Young Inc. as monitor in Armtec Infrastructure Inc. et al.'s proceedings under the Companies' Creditors Arrangement Act pursuant to the order of the CCAA Court dated April 29, 2015 (Court File No. CV-15-10950-00CL). The initial order provides, among other things, for a stay of the proceedings until May 29, 2015. The firm can be reached at: Ernst & Young Inc. P.O. Box 251, 222 Bay Street Toronto, ON M5K 1J7 Tel: 1-855-941-1795 Fax: 613-691-0525 Headquartered in Concord, Canada, Armtec Infrastructure Inc. makes and sells infrastructure products and engineered construction solutions in Canada and all around the world. The company 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. ATECO INC: Hebb's Motion to Extend Time to Appeal Denied -------------------------------------------------------- Bankruptcy Judge Maureen A. Tighe denied the request of John Hebb for an extension of the time to lodge an appeal in his dispute with debtor Ateco Inc. On April 9, 2014, the Court issued its Memorandum of Decision re Trial on (1) Validity of Lien; and (2) Disallowance of Claim (the "Trial Memorandum"), finding after a full trial on the merits that Hebb was not a creditor of Debtor's bankruptcy estate. An Order Sustaining Debtor's Objection to Hebb's Claim was entered on the bankruptcy docket, and a Partial Judgment in favor of Debtor was entered on the adversary docket. On April 25, 2014, at 12:02 a.m., Hebb filed a Motion for New Trial. Under Fed. R. Bankr. P. 9023, a motion for a new trial must be filed no later than 14 days after entry of judgment. A timely motion for a new trial will toll the time for appeal until "the entry of the order disposing of the last such motion outstanding." Hebb's New Trial Motion was filed 15 days after judgment was entered, and thus did not toll the appeal deadline. Nevertheless, on May 6, 2014, Hebb filed a Notice of Appeal to the U.S. District Court. On May 7, 2014, Hebb filed a Motion to Deem New Trial Motion Timely Filed, in which he argued that he could not file his New Trial Motion on time using the recommended internet browser due to CM/ECF technical failures. On that same day, Hebb also filed a Motion to Extend Time to Appeal under Fed. R. Bankr. P. 8002(c). The Court entered an order granting the Timeliness Motion on May 9, 2014 because the New Trial Motion "was late by solely a few minutes and, as such, there is no prejudice to Debtor." The Court then denied the Motion to Extend as moot. In her April 14, 2015 "Memorandum of Decision RE Remand from the District Court for the Limited Determination of Excusable Neglect Under Fed. R. Bankr. P. 8002(D)(1)(B)", Judge Tighe denied Hebb's motion to extend time to appeal. Judge Tighe rules that "there is no evidence that Hebb acted with bad faith in filing the Motion to Extend. The Declaration describes his efforts to get the New Trial Motion timely filed. While Hebb's efforts may have been too little, too late, the Court cannot attribute bad faith in the context of this Motion. Debtor did argue in opposition to the New Trial Motion, however, that Hebb's conduct in this case and the 'incompetent manner' in which the New Trial Motion was brought demonstrates that Hebb brought these post-judgment motions to retaliate against Debtor by making it spend more money to defend itself against 'baseless appeals.' Given that there are two different interpretations of the procedural history of this case, the Court weighs this factor neutrally." Judge Tighe explains the Court balances the totality of the [factors in Pioneer Inv. Servs. Co. v. Brunswick Associates Ltd. P'ship, 507 U.S. 380, 113 S.Ct. 1489, 123 L.Ed.2d 74 (1993)] in favor of denial, and finds that Hebb has not satisfied his burden to establish that his failure to timely file a notice of appeal was the result of excusable neglect. Thus, Hebb's Motion to Extend under FRBP 8002(c)(2) is denied. A copy of the Judge Tighe's Memorandum of Decision is available at http://is.gd/fAZiIzfrom Leagle.com. Agoura Hills, Calif.-based Ateco, Inc., a manufacturer of attachments for heavy equipment machinery, filed for Chapter 11 bankruptcy (Bankr. C.D. Cal. Case No. 10-22623) on October 5, 2010. Judge Maureen Tighe presides over the case. Steven J. Krause, Esq. -- stevenjkrause@yahoo.com -- serves as the Debtor's counsel. In its petition, the Debtor estimated $1 million to $10 million in assets, and $100,001 to $500,000 in debts. The petition was signed by L. Peter Petrovsky, president. BG MEDICINE: Amends 2014 Annual Report -------------------------------------- BG Medicine, Inc. has amended its annual report on Form 10-K for the year ended Dec. 31, 2014, for the purpose of including the information required by Part III of the Annual Report that was omitted from Part III of the Original Filing and to correct a typographical error in the certifications pursuant to Section 906. A copy of the Form 10-K/A is available at http://is.gd/93FHyL About BG Medicine Waltham, Mass.-based BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostic tests to address significant unmet medical needs, improve patient outcomes and contain healthcare costs. The Company is currently commercializing two diagnostic tests, the first of which is the BGM Galectin-3 test, a novel assay for measuring galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of patients diagnosed with heart failure. The Company's second diagnostic test is the CardioSCORE test, which is designed to identify individuals at high risk for near-term, significant cardiovascular events, such as heart attack and stroke. BG Medicine reported a net loss of $8.06 million on $2.78 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $15.8 million on $4.07 million of total revenues for the year ended Dec. 31, 2013. The Company previously reported a net loss of $23.8 million in 2012. As of Dec. 31, 2014, the Company had $5.22 million in total assets, $4.67 million in total liabilities, and $557,000 in total stockholders' equity. Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses from operations, recurring cash used in operating activities and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BIG BARBECUE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Big Barbecue Restaurant Group, LLC 461 W. Century Drive Salt Lake City, UT 84123 Case No.: 15-24143 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. William T. Thurman Debtor's Counsel: Deborah Rae Chandler, Esq. Blake D. Miller, Esq. MILLER TOONE, P.C. 165 Regent Street Salt Lake City, UT 84111 Tel: (801) 363-5600 Fax: (801) 363-5601 Email: chandler@millertoone.com miller@millertoone.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Michelson, manager. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb15-24143.pdf BLACKHAWK MINING: Moody's Assigns Caa1 CFR, Outlook Stable ---------------------------------------------------------- Moody's assigned first time ratings to Blackhawk Mining LLC including a corporate family rating (CFR) of Caa1, probability of default rating (PDR) of Caa1-PD, and a Caa1 rating on the proposed $300 million senior secured term loan. The outlook is stable. Assignments: Issuer: Blackhawk Mining LLC -- Corporate Family Rating, Assigned Caa1 -- Probability of Default Rating, Assigned Caa1-PD -- Senior Secured Bank Credit Facility (Local Currency), Assigned Caa1, LGD4 Outlook Actions: Issuer: Blackhawk Mining LLC -- Outlook, Assigned Stable The ratings reflect a substantial stress on the company's key markets, with roughly half of the company's sales derived from Central Appalachian (CAPP) thermal coal and over 20% derived from metallurgical and PCI coal. US coal production and consumption continue to decline, as thermal coal continues to face regulatory pressures and competition from cheap natural gas, while metallurgical coal markets face a weak pricing environment due to persistent oversupply in the seaborne markets. Four out of five of the company's mining complexes are located in CAPP, a coal basin most impacted by these trends. While we anticipate the company to sell roughly 11 million tons of coal in 2015, we believe that in order to be free cash flow generative, the company will need to achieve volume growth and see some price recovery in spite of these stressful market conditions. That said, the ratings also acknowledge the company's advantageous cost structure, long-term relationships with large baseload coal plants less likely to face retirements, and potential volume growth from the company's Triad mine complex located in the Illinois Basin (ILB). Moody's believes that ILB is the only US coal basin poised for growth. Moody's notes that currently 20% of the company's sales come from ILB thermal coal. We expect this proportion to increase as Triad ramps up while CAPP business continues to face secular pressure. The ratings also reflect good operational diversity, with fourteen underground and fourteen surface mines across five mining complexes, and leverage metrics that are expected to be conservative for the ratings, with Debt/ EBITDA, as adjusted, expected to approach 4x in 2015. Moody's expects the company to have adequate liquidity, including $38 million of cash at closing and full availability under the proposed $60 million ABL revolver. The stable outlook reflects the company's good contracted position and long-term relationships with its customer base of large, baseload coal plants. A positive rating action may result upon a demonstrated ability to successfully grow the production profile and generate positive free cash flow. A downgrade would be considered if liquidity deteriorates. The principal methodology used in these ratings was Global Mining Industry published in August 2014. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. BLACKHAWK MINING: S&P Assigns 'B' CCR & Rates 1st Lien Loan 'B' --------------------------------------------------------------- Standard & Poor's Ratings Services said it assigned its 'B' corporate credit rating to Blackhawk Mining LLC. At the same time, S&P assigned its 'B' issue-level rating to the proposed first-lien term loan. The recovery rating on the proposed first-lien term loan is '4', indicating S&P's expectation for average (30% to 50%; lower half of the range) recovery in the event of payment default. The outlook is stable. Blackhawk has various challenges as it expands its operations. Although the company expects production to reach 11 million tons in 2015, it remains significantly smaller than its peers and, with more than one-third of production coming from the Pine Branch mining complex, any operations or sales changes there could have wide ranging repercussions. S&P also considers operating conditions in the Central Appalachian basin to be among the most difficult, particularly at the industry's current position in the cycle. S&P weighs these concerns against the company's adjusted leverage of 3.6x for 2015, which is low for the sector and provides some offset for operational risks. "The stable outlook over the next year is supported by Blackhawk's strong credit measures and committed sales position for 2015, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. S&P could lower the rating if a material operational issue were to result in credit measures it considers to be inadequate for the rating. This would occur if leverage were to exceed 5x or FFO to debt were to fall below 12. S&P considers a positive rating at this time to be unlikely given Blackhawk's limited operating history and recent acquisition. BR ENTERPRISES: Hires Evanhoe Kellogg as Accountant --------------------------------------------------- BR Enterprises seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to employ Evanhoe, Kellogg & Company to provide accountancy advice and prepare Debtor's tax returns. Evanhoe Kellogg will provide to the Debtor general accounting services advise and tax advice in connection with the bankruptcy proceedings, and to prepare and file federal and state tax returns as requested by the Debtor. Evanhoe Kellogg will be paid at $225 per hour. Evanhoe Kellogg Law will also be reimbursed for reasonable out-of-pocket expenses incurred. F. William Evanhoe, partner of Evanhoe Kellogg, 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. Evanhoe Kellogg can be reached at: F. William Evanhoe EVANHOE, KELLOGG & COMPANY 340 Hartnell Ave., Ste. A Redding, CA 96002-1873 Tel: (530) 244-1900 Fax: (530) 244-1997 E-mail: ekc@ekccpass.com About BR Enterprises BR Enterprises, a California Partnership, sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 15-21575) in Sacramento, California, on Feb. 27, 2015, without stating a reason. BR Enterprises owns 20.17 acres of undeveloped ranch located at East of Interstate 5 and South of Lake California Drive, 2600 acres of undeveloped ranch property located in Cottonwood California in Tehama County; and 278 acres of contiguous parcels along HWY I-5. The properties are valued at $10.5 million, according to the schedules. Antonio Rodriguez, III, the managing partner, signed the petition. The case is assigned to Judge Michael S. McManus. According to the docket, the deadline for filing claims by governmental entities is Aug. 26, 2015. George C. Hollister, Esq., at Hollister Law Corporation, in Sacramento, serves as the Debtor's counsel. A related entity, Shasta Enterprises, sought bankruptcy protection (Case No. 14-30833) on Oct. 31, 2014. BR ENTERPRISES: Hires Hollister Law as Bankruptcy Counsel --------------------------------------------------------- BR Enterprises seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to employ George C. Hollister, dba Hollister Law Corporation as its Chapter 11 bankruptcy counsel. The Debtor requires Hollister Law to: (a) give the Debtor, through its manager general partner, legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business, conduct of its financial affairs, and management of its property, including, without limitation, to advise and to consult with the Debtor concerning questions arising in the administration of the estate and its rights and remedies with regard to the estate's assets and the claims of secured and unsecured creditors, and other parties in interest; (b) prepare on behalf of-but with the assistance of- the Debtor all necessary applications, answers, orders, reports, and other legal papers, including the contemplated plan of reorganization and disclosure statement; and (c) perform all other legal services for Debtor as debtor in possession as may be necessary herein. George C. Hollister will be paid at $350 per hour. Hollister Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Hollister Law has had on deposit since the petition date a retainer of $96,718, which is the residual of a $7,500 initial deposit paid Feb. 4, 2015, plus supplemental deposits of $101,331.70 received in the form of cashiers' checks and deposited on Feb. 27th prior to the filing of the bankruptcy petition. A total of $12,113.70 of the total $108,831.70 gross deposit was offset prior to the filing of the bankruptcy against pre-petition invoices so there was no balance owing to Hollister Law by the Debtor as of the petition date. Mr. Hollister 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. Hollister Law can be reached at: George C. Hollister, Esq. HOLLISTER LAW CORPORATION 655 University Avenue, Ste. 200 Sacramento, CA 95825 Tel: (916) 488-3400 E-mail: hollisterlaw@earthlink.net About BR Enterprises BR Enterprises, a California Partnership, sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 15-21575) in Sacramento, California, on Feb. 27, 2015, without stating a reason. BR Enterprises owns 20.17 acres of undeveloped ranch located at East of Interstate 5 and South of Lake California Drive, 2600 acres of undeveloped ranch property located in Cottonwood California in Tehama County; and 278 acres of contiguous parcels along HWY I-5. The properties are valued at $10.5 million, according to the schedules. Antonio Rodriguez, III, the managing partner, signed the petition. The case is assigned to Judge Michael S. McManus. According to the docket, the deadline for filing claims by governmental entities is Aug. 26, 2015. George C. Hollister, Esq., at Hollister Law Corporation, in Sacramento, serves as the Debtor's counsel. A related entity, Shasta Enterprises, sought bankruptcy protection (Case No. 14-30833) on Oct. 31, 2014. BR ENTERPRISES: Hires Western Agriculture as Appraiser ------------------------------------------------------ BR Enterprises seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to employ Western Agricultural Services to provide appraisal services, retroactive to March 25, 2015. The Debtor also seeks ratification of pre-petition payment amounting to $14,500 for such appraisal services. The Service Agreements between the Debtor and Western Agricultural are: (a) On Feb. 25, 2015, Western Agricultural signed "Service Agreement" to conduct a "Market Value Appraisal of the Cottonwood Creek Ranch with three valuation scenarios: (1) Main house on 14 acres, (2) Ranch without the main house, (3) Both ranch and main house for an estimated fee of $5,500. Time & Expenses at the rate of $135 per hour; not to exceed the above quote." (b) On Feb. 26, 2015, Western Agricultural signed "Service Agreement" to conduct a "Market Value Appraisal of the Sunset Hills Properties: (A) Remaining Sunset Hills subdivision parcels; (B) Sunset Hills 'North' property, (C) Sunset Hills 'South' property" for an "estimated fee of $9,000. Time & Expenses at the rate of $135 per hour; not to exceed the above quote." S. James Rickert, principal of Western Agricultural, 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. Western Agricultural can be reached at: S. James Rickert WESTERN AGRICULTURAL SERVICES Tel: (530) 336-6667 E-mail: sjrick@shasta.com About BR Enterprises BR Enterprises, a California Partnership, sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 15-21575) in Sacramento, California, on Feb. 27, 2015, without stating a reason. BR Enterprises owns 20.17 acres of undeveloped ranch located at East of Interstate 5 and South of Lake California Drive, 2600 acres of undeveloped ranch property located in Cottonwood California in Tehama County; and 278 acres of contiguous parcels along HWY I-5. The properties are valued at $10.5 million, according to the schedules. Antonio Rodriguez, III, the managing partner, signed the petition. The case is assigned to Judge Michael S. McManus. According to the docket, the deadline for filing claims by governmental entities is Aug. 26, 2015. George C. Hollister, Esq., at Hollister Law Corporation, in Sacramento, serves as the Debtor's counsel. A related entity, Shasta Enterprises, sought bankruptcy protection (Case No. 14-30833) on Oct. 31, 2014. BROADWAY FINANCIAL: Amends 2014 Annual Report --------------------------------------------- Broadway Financial Corporation has amended its annual report on Form 10-K for the year ended Dec. 31, 2014, to provide the information required by Part III of Form 10-K because the Company's proxy statement for the 2015 annual meeting of stockholders will not be filed within 120 days after the end of the Company's 2014 fiscal year. A full-text copy of the Form 10-K is available for free at http://is.gd/wAYEBb About Broadway Financial Los Angeles, Calif.-based Broadway Financial Corporation was incorporated under Delaware law in 1995 for the purpose of acquiring and holding all of the outstanding capital stock of Broadway Federal Savings and Loan Association as part of the Bank's conversion from a federally chartered mutual savings association to a federally chartered stock savings bank. In connection with the conversion, the Bank's name was changed to Broadway Federal Bank, f.s.b. The conversion was completed, and the Bank became a wholly owned subsidiary of the Company, in January 1996. As of Dec. 31, 2014, Broadway Financial had $351 million in total assets, $314 million in total liabilities and $37.3 million in total stockholders' equity. The Company is regulated by the Board of Governors of the Federal Reserve System. The Bank is regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Regulatory Matters As a result of significant deficiencies in the Company's and the Bank's operations noted in a regulatory examination in early 2010, the Company and the Bank were declared to be in "troubled condition" and agreed to the issuance of the cease and desist orders by the regulatory predecessor of the Office of the Comptroller of the Currency for the Bank and the Board of Governors of the Federal Reserve System for the Company effective Sept. 9, 2010, requiring, among other things, that the Company and the Bank take remedial actions to improve the Bank's loan underwriting and internal asset review procedures, to reduce the amount of its non-performing assets and to improve other aspects of the Bank's business, as well as the Company's management of its business and the oversight of the Company's business by the Board of Directors. Effective Oct. 30, 2013, the Order for the Bank was superseded by a Consent Order entered into by the Bank with the OCC. As part of the Consent Order, the Bank is required to attain, and thereafter maintain, a Tier 1 (Core) Capital to Adjusted Total Assets ratio of at least 9% and a Total Risk-Based Capital to Risk-Weighted Assets ratio of at least 13%, both of which ratios are greater than the respective 4% and 8% levels for such ratios that are generally required under OCC regulations. The Bank's regulatory capital exceeded both of these higher capital ratios at Dec. 31, 2014, and 2013. BROOKFIELD RESIDENTIAL: Moody's Rates New $556MM Unsec. Notes 'B1' ------------------------------------------------------------------ Moody's Investor Service assigned a B1 rating to the proposed new US$556 million (US$350 million and C$250 million) of senior unsecured notes of Brookfield Residential Properties, Inc. ("Brookfield"). Proceeds will be used to repay existing indebtedness on its revolving credit facilities and for general corporate purposes. In the same rating action, Moody's affirmed Brookfield's B1 corporate family rating, B1-PD Probability of Default, and changed the rating on the company's existing senior unsecured notes to B1 from B2. The change in the company's existing senior unsecured notes rating reflects the company's new capital structure, which is now comprised of a preponderance of unsecured debt and very little secured debt. We also affirmed Brookfield's speculative grade liquidity rating of SGL-2. The rating outlook is stable. The stable outlook reflects Moody's expectation that the company will be able to bring down its adjusted debt leverage towards 50% while its gross margins will continue to exceed B1 levels. The following rating actions were taken: -- Proposed new $556 million of senior unsecured notes (US$350 million due 2025 and C$250 million due 2023), assigned B1, LGD4; -- Corporate Family Rating, affirmed at B1; -- Probability of Default, affirmed at B1-PD; -- Existing senior unsecured notes, upgraded to B1/LGD4 from B2/LGD4 -- Speculative grade liquidity assessment, affirmed at SGL-2; -- Rating Outlook is stable. The B1 corporate family rating reflects the company's superior gross margins, which are one of the highest among Moody's rated homebuilding/land-development companies; its geographically diversified presence and operations in a more stable, resilient Canadian market; and its substantial land holdings that reduce its need to constantly invest in new lot inventory, making it less cash intensive than most of its peers. The rating also benefits from the recent privatization of Brookfield by Brookfield Asset Management ("BAM"), an investment grade, global asset manager, as we expect BAM will step in if Brookfield needs support during any future severe downturns. Although there is always a chance that BAM could use Brookfield as a cash cow, we expect BAM will let the company grow and operate as a stand-alone, independent entity. At the same time, Moody's rating also takes into account Brookfield's elevated debt leverage, as measured by Moody's adjusted debt to book capitalization. Pro forma for this transaction, the company's debt leverage will be 59%, which is very stretched for its rating. The company will also be generating negative free cash flow in 2015 due to the $177 million dividend it paid to BAM after the closing of the privatization. In addition, we regard Brookfield's business model, which combines a homebuilding business with a land development segment, to be more risky than a typical homebuilding-only operation, although the large Canadian land component is a strong mitigant. Brookfield's liquidity is supported by its pro forma $228 million unrestricted cash position at March 31, 2015; by the pro forma availability of about $904 million under its various revolving credit facilities; and an ample headroom under its financial maintenance covenants. The revolving credit facilities require the company's primary Canadian subsidiary to maintain a minimum tangible net worth of $319 million and maximum debt to equity of less than 1.75x. At December 31, 2014, this Canadian subsidiary had $632 million of tangible net worth and 0.36x debt to equity. Brookfield's US subsidiary is required to maintain a maximum net debt to capitalization of less than 65% and a minimum equity of $300 million. The subsidiary's actuals for these metrics as of December 31, 2014, were 31% and $1.2 billion, respectively. Given the company's elevated debt leverage, a positive rating change is unlikely in the next 12-18 months. In the longer term, however, the company's rating could benefit if it successfully reduces its debt leverage to below 45% while maintaining a solid profitability and liquidity. In addition, we will need to see financial prudence and conservatism as it operates under the aegis of BAM. The outlook/rating could come under pressure if Brookfield's debt leverage rises above 60% on a sustained basis and interest coverage declines below 2.0x. The company's actuals for these metrics as of December 31, 2014 were 45% and 4.3x, respectively. The principal methodology used in these ratings was Global Homebuilding Industry published in March 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Brookfield is a homebuilder and a land developer with operation in Canada, California, and the Central and Eastern US. The company was established in March 2011 through a merger between Brookfield Homes Corporation and BPO Residential (the residential land and housing division of Brookfield Office Properties),. In March 2015, BAM took the company private by acquiring the 30.6% of Brookfield's public shares that it did not already own. For the year 2014, the company generated approximately $1.5 billion of revenues and $274 million of net income. BROOKFIELD RESIDENTIAL: S&P Rates $556MM Sr. Unsec. Notes 'BB-' --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' issue-level rating and '2' recovery rating to Brookfield Residential Properties Inc.'s (BRP) proposed offering of $556 million senior unsecured notes due 2025 (consisting of a US$350 million tranche and a C$250 million tranche, equivalent to US$556 million). The '2' recovery rating indicates S&P's expectation for recovery in the higher end of the substantial range (70% to 90%) in the event of default. The existing 'B+' corporate credit rating and stable outlook on BRP remain unchanged. The company plans to use the proceeds from the offering to retire secured debt and outstanding balances on both its U.S. and Canadian revolving credit facilities, with residual proceeds used to bolster its cash on the balance sheet and for general corporate purposes. Although S&P forecasts the net increase in total debt to temporarily raise the company's debt to EBITDA to more than 5x, S&P expects leverage to improve and that it will be below 5x within 12 months and will be maintained below this level on a sustained basis. S&P's 'B+' corporate credit rating on BRP remains unchanged and reflects S&P's assessment of the company's "fair" business risk profile and "significant" financial risk profile. S&P's view of the business risk reflects the company's participation in the highly cyclical homebuilding and land development industry, its focus on large master planned communities, and the uneven nature of revenues from its land sale operations. S&P's assessment of the financial risk profile is based largely on cash flow and leverage measures, which S&P projects to be in the significant category over the next 12 to 24 months. Specifically, S&P expects debt to EBITDA to be around 5.0x at year-end 2015 and between 4.5x and 5.0x in 2016. The proposed debt will temporarily increase leverage but will also help bolster liquidity and extend the company's weighted average debt maturity. As of the March 13, 2015 closing date, the company is now wholly owned by Brookfield Asset Management Inc. (BAM; A-/Stable/--), and S&P do not factor in implicit support by BAM, consistent with the treatment for other rated entities with BAM ownership. S&P continues to view BRP's liquidity as adequate. The stable outlook reflects S&P's view that housing will remain relatively stable in Canada while the continued U.S. recovery will help the company drive sales volume improvement through increasing its community count in 2015 and 2016, supporting EBITDA growth, which will strengthen credit measures after the proposed debt issuance. In addition, the company's land sale operations will support growth as builders invest in land for future growth. S&P would consider a negative rating action if U.S. or Canadian housing markets decline such that debt leverage is sustained above 5x and EBITDA interest coverage below 2x. With the proposed incremental debt, S&P views an upgrade as unlikely over the next 12 months. Ratings List Brookfield Residential Properties Inc. Corporate Credit Rating B+/Stable/-- New Rating Brookfield Residential Properties Inc. $556 mil sr unsecd notes due 2025 BB- Recovery Rating 2H BUNGALOW HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Bungalow Holdings, LLC 461 W. Century Drive Salt Lake City, UT 84123 Case No.: 15-24144 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Kimball Mosier Debtor's Counsel: Deborah Rae Chandler, Esq. Blake D. Miller, Esq. MILLER TOONE, P.C. 165 Regent Street Salt Lake City, UT 84111 Tel: (801) 363-5600 Fax: (801) 363-5601 Email: chandler@millertoone.com Email: miller@millertoone.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Michelson, member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb15-24144.pdf CAL DIVE: Sec. 341(a) Creditors Meeting Continued to May 17 ----------------------------------------------------------- The meeting of creditors in the Chapter 11 cases of Cal Dive International, Inc., et al., will be continued to May 17, 2015, at 2:00 p.m. at J. Caleb Boggs Federal Building, 844 King Street 5th Floor, Room 5209 Wilmington, Delaware. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Cal Dive International Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of dive support vessels and construction barges. Cal Dive had decided not to pay $2.2 million in interest due Jan. 15, 2015, on its 5.00% convertible senior notes due 2017. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. Cal Dive disclosed total assets of $571 million and total debt of $411 million as of Sept. 30, 2015. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. The Debtors also tapped Carl Marks Advisory Group LLC as crisis managers and appoint F. Duffield Meyercord as chief restructuring officer. The U.S. Trustee for Region 3 formed a five-member committee of unsecured creditors in the Chapter 11 case of Cal Dive International, Inc. CASA EN DENVER: Can Use Bank of Commerce Cash Collateral -------------------------------------------------------- The Hon. Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida authorized, on an interim basis, Casa Media Partners, LLC, and Casa en Denver, Inc. to use cash collateral in which Bank of Commerce asserts a security interest. The Court will conduct a final hearing on the Debtors' motions on May 11, 2015 at 2:00 p.m., United States Bankruptcy Court, C. Clyde Atkins United States Courthouse, 301 North Miami Avenue, Courtroom 4 in Miami, Florida. As reported on the Troubled Company Reporter on April 22, 2015, the Debtors asserted that without access to cash collateral, their estates would not have the necessary funds to satisfy their obligations. Casa Media allegedly owes Bank of Commerce $4,229,320 while Casa en Denver allegedly owes the Bank approximately $7,773,489. Regardless of the Bank's status as an over-secured creditor, the Debtors seek to provide adequate protection for the use of Cash Collateral to the extent Bank of Commerce has a security interest. The Debtor proposes to grant the Bank replacement liens on post-petition property acquired through the use of cash collateral. Casa Media Partners, LLC, and Casa en Denver, Inc. commenced Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741 and 15-16746) in Miami, Florida on April 15, 2015. The petition was signed by Juan Salvador Gonzalez, the chief financial officer. Judge Hon. Robert A Mark presides over the cases. The Debtors are represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as their counsel. According to the docket, the deadline to file claims for governmental units is on Oct. 13, 2015. CASA EN DENVER: Court Okays Funding Deal with Principal Manager --------------------------------------------------------------- The Hon. Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida authorized Casa Media Partners, LLC, and Casa en Denver, Inc., to enter into a working capital contribution commitment agreement with Guillermo Canedo White, one of Debtors' owners and principal managers, primary prepetition investor, and the architect of the Debtors’ forward-going business strategy. The Debtor will use the contributions for the ordinary course business expense and to meet its immediate obligations in accordance with the agreement. The Debtor said it will utilize the contributions to satisfy any fees and expenses due to the clerk of the court and the United States trustee. The salient terms of the WCC agreement are: a) DIP Funding: DIP Funder agrees to provide working capital as is necessary up to an amount of $130,000 to the Debtors under the Interim Funding Order subject to the terms set forth in the WCC Agreement. DIP Funder agrees to provide working capital as is necessary to the Debtors under the Final Funding Order in an amount up to $100,000 subject to the terms set forth in the WCC Agreement. b) Initial Funding: DIP Funder will not be required to fund any amounts until after an interim order approving the DIP Funding acceptable to the DIP Funder is entered by the Bankruptcy Court, and fulfillment of all of the other Conditions Precedent set forth below to the satisfaction of the DIP Funder. c) Subsequent Funding: DIP Funder shall not be required to fund any subsequent amounts after the Initial Funding Date until after an final order approving the DIP Funding acceptable to the DIP Funder is entered by the Bankruptcy Court which shall occur within 30 days after entry of the Initial Funding Order, and fulfillment of all of the other Conditions Precedent and Conditions Subsequent set forth below to the satisfaction of the DIP Funder. d) Funding Requests: The Debtors will provide to DIP Funder a funding request which shall indicate the date, amount, and a Budget outlining how such funds will be spent. DIP Funder will fund amounts in the budget approved by DIP Funder on the Initial Funding Date or Subsequent Funding Date, as applicable, within three days of the Funding Request. e) Funding Amounts: Funding under the WCC Agreement shall be subject to the discretion of the DIP Funder based on a budget to be provided by the Debtors acceptable to the DIP Funder. f) Termination Date: The WCC Agreement will terminate, on the earlier to occur of: i) 120 days from the Debtors’ bankruptcy petition date; ii) the effective date of a plan of reorganization, which will be in form and substance acceptable to the DIP Funder; iii) upon 10 days written notice to the Debtors; iv) the occurrence of an Event of Default under this WCC Agreement; or v) the Bankruptcy Court does not enter the Final Funding Order within 30 days of the Interim Funding Order. A final hearing is set for May 11, 2015, at 2:00 p.m. United States Bankruptcy Court, 301 N. Miami Avenue, Courtroom 4 in Miami, Florida. Casa Media Partners, LLC, and Casa en Denver, Inc. commenced Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741 and 15-16746) in Miami, Florida on April 15, 2015. The petition was signed by Juan Salvador Gonzalez, the chief financial officer. Judge Hon. Robert A Mark presides over the cases. The Debtors are represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as their counsel. According to the docket, the deadline to file claims for governmental units is on Oct. 13, 2015. CASA EN DENVER: Files Amended Schedules --------------------------------------- Casa Media Partners, LLC, and Casa en Denver, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida an amended Schedule B personal property and Schedule D creditors holding secured claims. A full-text copy of the amended schedules is available for free at http://is.gd/bSLHO2 Casa Media Partners, LLC, and Casa en Denver, Inc. commenced Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741 and 15-16746) in Miami, Florida on April 15, 2015. The petition was signed by Juan Salvador Gonzalez, the chief financial officer. Judge Hon. Robert A Mark presides over the cases. The Debtors are represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as their counsel. According to the docket, the deadline to file claims for governmental units is on Oct. 13, 2015. CASA EN DENVER: Taps David Tilloston as Legal Counsel ----------------------------------------------------- Casa Media Partners LLC and Casa en Denver Inc. ask the U.S. Bankruptcy Court for the Southern District of Florida for permission to employ David Tillotson, Esq., as their legal counsel related to FCC matters. Mr. Tillotson will not handle the transfer of certain of the Debtors' FCC license. Mr. Tilloston will bill $340 per hour for services rendered the Debtors. The Debtors assure the Court that Mr. Tillotson is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Casa Media Partners, LLC, and Casa en Denver, Inc. commenced Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741 and 15-16746) in Miami, Florida on April 15, 2015. The petition was signed by Juan Salvador Gonzalez, the chief financial officer. Judge Hon. Robert A Mark presides over the cases. The Debtors are represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as their counsel. According to the docket, the deadline to file claims for governmental units is on Oct. 13, 2015. CHRYSLER LLC: TRW Wins Summary Judgment Over Class Action Claims ---------------------------------------------------------------- Bankruptcy Judge Stuart M. Bernstein granted Summary Judgment in favor of Plaintiffs TRW Automotive US, LLC and TRW Automotive Holdings Corp ("TRW") in the case docketed as TRW AUTOMOTIVE US, LLC, and TRW AUTOMOTIVE HOLDINGS CORP., Plaintiffs, v. OLD CARCO LIQUIDATION TRUST and RHONDA MASQUAT, Defendants, CASE NO. 09-50002 (SMB), (JOINTLY ADMINISTERED), ADV. PROC. NO. 14-02055 (SMB). TRW Automotive US, LLC and TRW Automotive Holdings Corp. initiated the adversary proceeding against Old Carco Liquidation Trust seeking a declaration that rights purportedly assigned by the Liquidation Trust to the defendant, Rhonda Masquat, the class representative in an Oklahoma class action, had already been extinguished by prior agreement or assigned to New Chrysler, the purchaser of substantially all of the debtors' assets. Masquat moved to intervene and to dismiss the adversary proceeding pursuant to FED. R. CIV. P. 12(b)(6), made applicable to this proceeding by FED. R. BANKR. P. 7012(b). Upon notice to the parties, the Court converted the motion to one for summary judgment, and granted summary judgment to TRW. Judge Bernstein concluded that TRW is entitled to Summary Judgment, as the "unknown" claims excluded from the release in paragraph 5 of the Cure Agreement (the "Excepted Claims") were assigned to New Chrysler. Judge Bernstein stated that the conclusion he made in the prior TRW Decision, where he intimated that Old Carco LLC f/k/a Chrysler LLC ("Old Chrysler") retained the Indemnification Claim against TRW, as he was not aware of the Cure Agreement. The Court directed the parties to settle an order on notice and schedule a conference to discuss the disposition of the third-party claim. From 1993 to 2001, Old Chrysler manufactured and sold certain motor vehicles known as the "LH platform vehicles" that incorporated steering components manufactured by TRW. In 2005, Rhonda Masquat initiated a class action against Old Chrysler in Oklahoma state court for breach of express and implied warranties, alleging that the LH platform vehicles were equipped with defective power rack and pinion steering systems. Old Chrysler and affiliated entities filed chapter 11 petitions in this Court on April 30, 2009, automatically staying the Oklahoma Litigation. A copy of Judge Bernstein's April 13, 2015 Memorandum Decision Granting Summary Judgment to Plaintiff, is available at http://is.gd/vFq2IWfrom Leagle.com. KLESTADT & WINTERS, LLP Sean C. Southard, Esq. -- ssouthard@klestadt.com -- Maeghan J. McLoughlin, Esq. --mmcloughlin@klestadt.com -- New York, NY, and BROOKS WILKNS SHARKEY & TURCO, PLLC Herbert C. Donovan, Esq. -- donovan@bwst-law.com -- Michael R. Turco, Esq. -- turco@bwst-law.com -- Birmingham, MI, Attorneys for Plaintiffs. OLSHAN FROME WOLOSKY LLP Michael S. Fox, Esq. -- mfox@olshanlaw.com -- Jordanna L. Nadritch, Esq. -- jnadritch@olshanlaw.com -- Matteo J. Rosselli, Esq. -- mrosselli@olshanlaw.com -- New York, NY, Attorneys for Defendant Rhonda Masquat. JONES DAY, Corrine Ball, Esq. -- cball@jonesday.com -- Jeffrey B. Ellman, Esq. -- jbellman@jonesday.com -- Brett J. Berlin, Esq., New York, NY, Attorneys for Defendant Old Carco Liquidation Trust. About Chrysler 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). Chrysler hired Jones Day, as lead counsel; Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group LLC, and Greenhill & Co. LLC, for financial advisory services; and Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has changed its corporate name to Old CarCo following its sale to a Fiat-owned company. As of Dec. 31, 2008, Chrysler had $39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler had $1.9 billion in cash at that time. In connection with the bankruptcy filing, Chrysler reached an agreement with Fiat SpA, the U.S. and Canadian governments and other key constituents regarding a transaction under Section 363 of the Bankruptcy Code that would effect an alliance between Chrysler and Italian automobile manufacturer Fiat. As part of the deal, Fiat acquired a 20% equity interest in Chrysler Group. Under the terms approved by the Bankruptcy Court, the company formerly known as Chrysler LLC on June 10, 2009, formally sold substantially all of its assets, without certain debts and liabilities, to a new company that will operate as Chrysler Group LLC. The U.S. and Canadian governments provided Chrysler with $4.5 billion to finance its bankruptcy case. Those loans are to be repaid with the proceeds of the bankruptcy estate's liquidation. In April 2010, the Bankruptcy Court confirmed Chrysler's repayment plan. COCRYSTAL PHARMA: Amends 2014 Annual Report to Add Omitted Info. ---------------------------------------------------------------- Cocrystal Pharma, Inc. has amended its annual report on Form 10-K for the year ended Dec. 31, 2014, as filed with the Securities and Exchange Commission on March 31, 2015, to amend Part III of the 2014 Form 10-K to include the information required by and not included in Part III of the 2014 Form 10-K. The Company does not intend to file its definitive proxy statement within 120 days of the end of its fiscal year ended Dec. 31, 2014. Part III of the Form 10-K relates to: -- Directors, Executive Officers and Corporate Governance; -- Executive Compensation; -- Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; -- Certain Relationships and Related Transactions, and Director Independence; and -- Principal Accounting Fees and Services. A copy of the Form 10-K/A is available for free at: http://is.gd/l3olRq About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a pharmaceutical company with a mission to discover novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. Cocrystal Pharma employs unique technologies and Nobel Prize winning expertise to create first- and best-in-class antiviral drugs. These technologies and the Company's market- focused approach to drug discovery are designed to efficiently deliver small molecule therapeutics that are safe, effective and convenient to administer. The Company's primary business going forward is to develop novel medicines for use in the treatment of human viral diseases. Cocrystal has been developing novel technologies and approaches to create first-in-class and best-in-class antiviral drug candidates since its initial funding in 2008. Subsequent funding was provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals Industries, Ltd., or Teva, in 2011. The Company's focus is to pursue the development and commercialization of broad-spectrum antiviral drug candidates that will transform the treatment and prophylaxis of viral diseases in humans. By concentrating the Company's research and development efforts on viral replication inhibitors, the Company plans to leverage its infrastructure and expertise in these areas. Biozone incurred a net loss of $19.6 million in 2013, a net loss of $7.96 million in 2012, and a net loss of $5.45 million in 2011. As of Sept. 30, 2014, the Company had $11.6 million in total assets, $7.65 million in total liabilities and $3.97 million in total stockholders' equity. CONGREGATION BIRCHOS: Hires Frances Caruso as Bookkeeper -------------------------------------------------------- Congregation Birchos Yosef seeks authorization from the Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York to employ Frances M. Caruso as bookkeeper. The Debtor requires Mr. Caruso to: (a) prepare and review monthly operating statements and other financial reports or statements required by the Court of the Office of the U.S. Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor and its estate; and (b) render such other assistance or services as may be necessary in the Chapter 11 case. Mr. Caruso will be paid at $50 per hour. Mr. Caruso will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Caruso requested a $1,500 retainer for the services to be provided. Mr. Caruso 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 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 Debtor has until June 26, 2015, to exclusively file a Chapter 11 plan and disclosure statement. CONGREGATION BIRCHOS: Hires Montalbano Condon as Special Counsel ---------------------------------------------------------------- Congregation Birchos Yosef seeks authorization from the Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York to employ Montalbano, Condon & Frank, P.C. as special counsel in connection with the real property tax-related matters and disputes concerning certain of the real properties owned by the Debtor, effective Feb. 26, 2015. The Debtor requires the services of special counsel with knowledge and experience in the matters relevant to the Real Property Tax Matters. Montalbano Condon will be paid at these hourly rates: Richard H. Sarajian $365 Associates $200-$275 Montalbano Condon will also be reimbursed for reasonable out-of-pocket expenses incurred. Montalbano Condon has requested a $3,000 retainer payment from the Debtor in connection with the legal services to be rendered, and the expenses and disbursements to be incurred by Montalbano Condon on behalf ot the Debtor. Montalbano Condon 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. Montalbano Condon can be reached at: Richard H. Sarajian, Esq. MONTALBANO, CONDON & FRANK, P.C. 67 North Main Street, 3rd Floor New City, NY 10956 Tel: (845) 521-7108 Fax: (845) 634-8993 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 Debtor has until June 26, 2015, to exclusively file a Chapter 11 plan and disclosure statement. CONGREGATION BIRCHOS: Hires Pick & Zabicki as Counsel ----------------------------------------------------- Congregation Birchos Yosef seeks authorization from the Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York to employ Pick & Zabicki LLP as counsel, effective Feb. 26, 2015. The Debtor requires Pick & Zabicki to: (a) advise the Debtor with respect to its rights and duties as a debtor-in-possession; (b) assist and advise the Debtor in the preparation of its financial statements, schedules of assets and liabilities, statement of financial affairs and other reports and documentation required pursuant to the Bankruptcy Code and the Bankruptcy Rules; (c) represent the Debtor at all hearings and other proceedings relating to its affairs as a chapter 11 debtor; (d) prosecute and defend litigated matters that may arise during this Chapter 11 case; (e) assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; (f) assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors and interest holders; (g) prepare any and all necessary motions, applications, answers, orders, reports and papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and (h) perform such other legal services as may be required and deemed to be in the interest of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. Pick & Zabicki will be paid at these hourly rates: Partners $350-$425 Associates $250 Paraprofessionals $125 Pick & Zabicki will also be reimbursed for reasonable out-of-pocket expenses incurred. Pick & Zabicki received a $37,000 retainer payment in connection with legal services to be rendered and the expenses and disbursement to be incurred. A total of $5,482.50 of said retainer was applied to Pick & Zabicki's pre-petition date legal fees and the balance thereof will be held by Pick & Zabicki pending the entry of an Order approving Pick & Zabicki's legal fees and expenses incurred on or after the petition date. Douglas J. Pick, member of Pick & Zabicki, 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. Pick & Zabicki can be reached at: Douglas J. Pick, Esq. PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Tel: (212) 695-6000 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 Debtor has until June 26, 2015, to exclusively file a Chapter 11 plan and disclosure statement. CORINTHIAN COLLEGES: Asks for Approval to Use Cash Collateral ------------------------------------------------------------- Corinthian Colleges, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to enter interim and final orders authorizing them to use cash collateral and grant adequate protection to the prepetition secured parties. As of the Petition Date, Corinthian has outstanding obligations of $94.4 million in aggregate principal amount, in respect of prepetition domestic loans, $8.9 million in aggregate principal amount, in respect of domestic letters of credit issued, and CAD$2.3 million in aggregate principal amount, in respect of Canadian letters of credit issued under a credit agreement with Bank of America, N.A., as administrative agent. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., tells the Court that the value of the Debtors' estates is dependent primarily on the Debtors' ability to efficiently and effectively wind down their estates. To preserve the value of their estates, the Debtors have an immediate and critical need to use Cash Collateral. The Debtors, according to Mr. Collins, do not have sufficient available sources of working capital and financing to permit the Debtors to, among other things, effectuate an orderly sale of their assets, continue the wind down of their estates, and satisfy other short-term operational needs without the use of cash collateral. The Debtors and Bank of America, as administrative agent, have reached an agreement with respect to the Debtors' use of Cash collateral on these terms and conditions: -- The Debtors will file monthly operating reports and provide prepetition secured parties on a monthly basis an accounts payable aging schedule, a consolidated balance sheet, and consolidated statement of income and a cash reconciliation report. -- The Debtors will use cash collateral in accordance with an approved budget, with a permitted variance of 15%. -- Access to cash collateral will terminate until the earlier of an event of default or July 31, 2015. -- As adequate protection, the Debtors will grant replacement liens, superpriority claims, and payment of fees and expenses to the prepetition lenders. -- The adequate protection liens will not include the claims and causes of action of the Debtors or their estates under sections 502(d), 544, 545, 547, 548, 550 and 553 and any other avoidance actions under the Bankruptcy Code. -- There will be a carve-out of up to $75,000 for fees of retained professionals plus fees required to be paid to the Clerk of the Court and the U.S. Trustee. -- Not more than $25,000 of the proceeds of the collateral may be used to fund a reasonable investigation of the statutory committee into the existence of any causes of action against the prepetition secured parties. -- The statutory committee of unsecured creditors and any other party-in-interest will have 60 days from the Committee's appointment, but in no event later than 75 days from the Petition Date to investigate the validity of the prepetition liens and prepetition secured obligations. About Corinthian Colleges Corinthian Colleges, Inc., was founded in February 1995, and through acquisitions became one of the largest for-profit post-secondary education companies in the United States and Canada. Corinthian Colleges, which in 2014 had more than 100 campuses all over the U.S. and Canada, sought bankruptcy protection to complete an orderly wind down of its operations. Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI Consulting, Inc., as restructuring advisors; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Corinthian Colleges estimated $10 million to $50 million in assets and $100 million to $500 million in debt. CORINTHIAN COLLEGES: Files 1st Omnibus Motion to Reject Contracts ----------------------------------------------------------------- Corinthian Colleges, Inc., et al., filed their first omnibus objection to reject, nunc pro tunc to the Petition Date, (i) contracts with respect to certain vacated locations, (ii) leases for parking facilities near their closed campuses, (iii) leases for equipment they no longer require, and (iv) a master services agreement with Ambassador Education Solutions. The Debtors, in their sound business judgment, have determined that the contracts are not necessary in light of the Debtors' current business needs, nor are they a source of potential value for the Debtors' creditors or other parties in interest. Absent rejection, the contracts would impose unnecessary ongoing obligations on the Debtors. A list of the rejected contracts is attached to the Motion, a copy of which is available for free at: http://bankrupt.com/misc/Corinthian_C_1st_Reject_M.pdf About Corinthian Colleges Corinthian Colleges, Inc., was founded in February 1995, and through acquisitions became one of the largest for-profit post-secondary education companies in the United States and Canada. Corinthian Colleges, which in 2014 had more than 100 campuses all over the U.S. and Canada, sought bankruptcy protection to complete an orderly wind down of its operations. Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI Consulting, Inc., as restructuring advisors; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Corinthian Colleges estimated $10 million to $50 million in assets and $100 million to $500 million in debt. As of the Petition Date, Corinthian has outstanding obligations of $94.4 million in aggregate principal amount, in respect of prepetition domestic loans, $8.9 million in aggregate principal amount, in respect of domestic letters of credit issued, and CAD$2.3 million in aggregate principal amount, in respect of Canadian letters of credit issued under a credit agreement with Bank of America, N.A., as administrative agent. CORINTHIAN COLLEGES: Proposes Rust/Omni as Claims Agent ------------------------------------------------------- Corinthian Colleges, Inc., et al., ask the Bankruptcy Court for approval to employ Rust Consulting/Omni Bankruptcy as the official claims and noticing agent, nunc pro tunc to the Petition Date. The Debtors anticipate that the Chapter 11 cases will require approximately 65,000 entities to be noticed. In view of that large number and the complexity of the Debtors' businesses, the Debtors submit that the employment and retention of a claims and noticing agent is both required by Local Rule 2002-1(f) and in the best interests of the Debtors' estates and creditors. For its services, the firm will charge at these hourly rates: Position Hourly Rate -------- ----------- Clerical Support $20 Project Specialist $45 Project Supervisors $65 Technology/Programming $75 Consultants $80 Senior Consultants $125 E-mail noticing will be free of charge but the firm will charge $0.07 per image for fax noticing. For inputting proofs of claims, the firm will charge at its hourly rates. For data storage, the firm will waive any charges. With respect to the informational Web site, the creation and initial set-up will be free of charge, but data entry will cost $45 per hour, and programming will cost $90 per hour. For the preparation of schedules and statements, the firm will charge $45 to $125 per hour. Prior to the Petition Date, the Debtors provided Rust/Omni a $40,000 retainer. Prior to its selection of Rust Omni, the Debtor obtained and reviewed engagement proposals from three other court-approved claims and noticing agent to ensure selection through a competitive process. About Corinthian Colleges Corinthian Colleges, Inc., was founded in February 1995, and through acquisitions became one of the largest for-profit post-secondary education companies in the United States and Canada. Corinthian Colleges, which in 2014 had more than 100 campuses all over the U.S. and Canada, sought bankruptcy protection to complete an orderly wind down of its operations. Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI Consulting, Inc., as restructuring advisors; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Corinthian Colleges estimated $10 million to $50 million in assets and $100 million to $500 million in debt. As of the Petition Date, Corinthian has outstanding obligations of $94.4 million in aggregate principal amount, in respect of prepetition domestic loans, $8.9 million in aggregate principal amount, in respect of domestic letters of credit issued, and CAD$2.3 million in aggregate principal amount, in respect of Canadian letters of credit issued under a credit agreement with Bank of America, N.A., as administrative agent. CORINTHIAN COLLEGES: Wants $25,000 Sales in Ordinary Course ----------------------------------------------------------- Corinthian Colleges, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware for approval to conduct de minimis asset sales of $25,000 or less without further order of the court. The Debtors closed each of their campus locations effective as of April 27, 2015 and are in the process of liquidating their assets and winding down their operations. In connection with these efforts, the Debtors anticipate being in a position to reject many of the nonresidential real property leases relating to these campus locations within the first two weeks of the Chapter 11 cases, thereby stemming the incurrence of additional administrative rent. The Debtors submit, however, that there are miscellaneous assets located at many of these locations, which would need to be abandoned in order to effectuate an expedited rejection of the underlying nonresidential real property leases. Excluding the Debtors' headquarters, the Debtors currently own furniture or equipment at 31 locations (three locations also contain annexes). Two of these locations, Fremont and Long Beach, CA (the "Wyotech Locations"), were campuses of the Debtors' Wyotech brand. The Wyotech Locations are multi-building campuses which the Debtors believe may contain assets with significant value, including, but not limited to, auto repair and HVAC related equipment. The Debtors intend to remain at the Wyotech Locations until they can perform and complete a fulsome sale process for the assets at these facilities. The assets to be sold at the Wyotech Locations will be subject of a separately filed sale motion. The Debtors' remaining locations consist of the former Everest and Heald campuses and certain other administrative offices. The Debtors believe that the remaining 29 locations contain furniture and equipment of considerably less value. The Debtors have instructed the campus presidents at each of these remaining locations in California and Arizona to log and ship all equipment worth over $5,000 that is easily transportable to the nearer of the two Wyotech Locations to allow the Debtors additional time to properly market the assets. The Debtors believe that the assets that will not be transferred to the Wyotech Locations consist mainly of office furniture and equipment, including, but not limited to, lab equipment (for example, dental chairs and x-ray machines), electronic blackboards or "smartboards", medical lab equipment and supplies and other items utilized in connection with the instruction provided at each respective campus location (the "Miscellaneous Assets"). Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., avers that requiring Court approval of every miscellaneous asset sale would be administratively burdensome to the Court and costly for the Debtors' estates, especially in light of the small size of many of the contemplated sales. The more significant obstacle in obtaining Court approval of each individual sale, however, is the time required to obtain such approval in light of the Debtors' pressing need to reject the underlying campus leases as quickly as possible. Indeed, the Debtors anticipate filing a motion to reject many of these real property leases within the first few days of the chapter 11 cases. Accordingly, the Debtors do not have the luxury of waiting an extended notice period for approval of each asset sale, as the additional accruing rent under the leases would likely outweigh any benefit to be realized from the sale transactions. The miscellaneous asset sale procedures provide: * The procedures will apply only to asset sale transactions involving, in each case, the transfer of $25,000 or less in total consideration to a single buyer or related group of buyers for assets per location, as measured by the amount of cash and other consideration to be received by the Debtors on account of the assets to be sold. * The Debtors will seek offers for the Miscellaneous Assets from liquidators, competitors and other potential purchasers on or before May 8, 2015. * The Debtors will be filing a separate motion or motions with the Court seeking approval of any transaction that exceeds the $25,000 threshold (for a single buyer or group of related buyers at a single location). * After a Debtor enters into a contract or contracts, the Debtor will serve a notice of the proposed sale, and interested Parties will have twenty-four hours from transmission of the sale notice to object to the proposed sale. * If no objections are properly asserted prior to expiration of the notice period, the applicable Debtor or Debtors will be authorized, without further notice and without further Court approval, to consummate the proposed sale. * If an objection is not resolved on a consensual basis, the applicable Debtor or Debtors may schedule the proposed sale and the objection for hearing at the next available omnibus hearing date in the Chapter 11 cases. About Corinthian Colleges Corinthian Colleges, Inc., was founded in February 1995, and through acquisitions became one of the largest for-profit post-secondary education companies in the United States and Canada. Corinthian Colleges, which in 2014 had more than 100 campuses all over the U.S. and Canada, sought bankruptcy protection to complete an orderly wind down of its operations. Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI Consulting, Inc., as restructuring advisors; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Corinthian Colleges estimated $10 million to $50 million in assets and $100 million to $500 million in debt. As of the Petition Date, Corinthian has outstanding obligations of $94.4 million in aggregate principal amount, in respect of prepetition domestic loans, $8.9 million in aggregate principal amount, in respect of domestic letters of credit issued, and CAD$2.3 million in aggregate principal amount, in respect of Canadian letters of credit issued under a credit agreement with Bank of America, N.A., as administrative agent. A copy of CRO William J. Nolan's affidavit in support of the first day motions is available for free at: http://bankrupt.com/misc/Corinthian_C_1st_Day_Affidavit.pdf CREEKSIDE ASSOCIATES: Case Dismissal Hearing Continued Until June ----------------------------------------------------------------- The Bankruptcy Court continued until June 10, 2015, at 10:00 a.m., the hearing to consider Creekside JV Owners's motion to dismiss the Chapter 11 case of Creekside Associates, Ltd. In opposing dismissal, the Debtor says the motion by its lender must be denied because it is "drastic" and "unwarranted." The Debtor explained that it filed the case to achieve a valid bankruptcy purpose and not merely to obtain a litigation advantage against secured lender and with the sewer authority. The Debtor has two significant, interlocking disputes, neither of which has been resolved outside of bankruptcy, nor would any non-bankruptcy resolution be a complete resolution. JV Owner requested for the dismissal of the Debtor's case on these grounds: i) the case has not been filed in good faith; ii) the Debtor is unable to confirm a plan; and iii) the interests of creditors and the Debtor would be better served by the dismissal. The Buck County Water and Sewer Authority joined JV Owner in its motion to dismiss. About Creekside Associates Creekside Associates, Ltd., owns and operates the Creekside Apartments, a 1000+ unit apartment complex located at 2500 Knights Road, Bensalem, Pennsylvania. Creekside Associates filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 14-19952) in Philadelphia on Dec. 19, 2014. The case is assigned to Judge Stephen Raslavich. The Debtor disclosed $93,352,652 in assets and $88,100,436 in liabilities. The Debtor has tapped Dilworth Paxson LLP as bankruptcy attorneys and Kaufman, Coren & Ress, P.C., as special counsel. CREEKSIDE ASSOCIATES: July 29 Hearing on Cash Collateral Use ------------------------------------------------------------ The Bankruptcy Court will convene a hearing on July 29, 2015, at 9:30 p.m., to consider Creekside Associates, Ltd.'s continued access to the cash collateral in which Creekside JV Owner, LP asserts an interest. Objections, if any, are due July 24, at 5:00 p.m. The Court approved the second interim agreed order approving use of cash collateral, provided however, that the Debtor may exceed any line item in the initial budget by up to 10% in any week, so long as the aggregate amount of the variance from the initial budget for any week on a rolling net basis is not exceeded by more than 10%. As reported in the Troubled Company Reporter on March 10, 2015, as adequate protection from any diminution in value of the lender's collateral, the Debtor will grant the lender, among others, replacement liens on the Debtor's real and personal property. On or about July 12, 2005, the Debtor executed a promissory note in the principal amount of $68 million in favor of Eurohypo AG, New York Branch. Creekside JV Owner, LP, an entity formed by Davidson Kempner Capital Management LLC and Morgan Properties to acquire the Loan. The Debtor is proposing to make monthly interest payments to the lender at the contract rate of interest. These payments will be $300,000 per month and will be made mid-month. About Creekside Associates Creekside Associates, Ltd., owns and operates the Creekside Apartments, a 1000+ unit apartment complex located at 2500 Knights Road, Bensalem, Pennsylvania. Creekside Associates filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 14-19952) in Philadelphia on Dec. 19, 2014. The case is assigned to Judge Stephen Raslavich. The Debtor disclosed $93,352,652 in assets and $88,100,436 in liabilities as of the Chapter 11 filing. The Debtor has tapped Dilworth Paxson LLP as bankruptcy attorneys and Kaufman, Coren & Ress, P.C., as special counsel. CTI BIOPHARMA: Net Financial Standing at $22.2M as of March 31 -------------------------------------------------------------- CTI BioPharma Corp. or CTI Parent Company reported total estimated and unaudited net financial standing as of March 31, 2015, of $22.2 million. The total estimated and unaudited net financial standing of CTI Consolidated Group as of March 31, 2015, was $23 million. CTI Parent Company trade payables outstanding for greater than 30 days were approximately $7 million as of March 31, 2015. CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $7.9 million as of March 31, 2015. During March 2015, there were solicitations for payment only within the ordinary course of business and there were no injunctions or suspensions of supply relationships that affected the course of normal business. As of March 31, 2015, there were no amounts overdue of a financial or tax nature, or amounts overdue to social security institutions or overdue to employees. During the month of March 2015, the Company's common stock, no par value, outstanding decreased by 8,444 shares. As a result, the number of issued and outstanding shares of Common Stock as of March 31, 2015, was 180,247,408. Amends 2014 Form 10-K CTI BioPharma filed an amended annual report on Form 10-K for the year ended Dec. 31, 2014, that was originally filed with the U.S. Securities and Exchange Commission on March 12, 2015. The amendment was filed solely to include the information required in Part III, Items 10, 11, 12, 13 and 14 of Form 10-K that was previously omitted from the Original Form 10-K in reliance upon General Instruction G(3) to Form 10-K. General Instruction G(3) to Form 10-K allows such omitted information to be filed as an amendment to the Original Form 10-K or incorporated by reference from the registrant's definitive proxy statement that involves the election of directors not later than 120 days after the end of the fiscal year covered by the Original Form 10-K. A copy of the Form 10-K/A is available for free at http://is.gd/lrYTgC About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI's lead product candidate that is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. CTI Biopharma reported a net loss attributable to common shareholders of $96 million in 2014, compared with a net loss attributable to common shareholders of $49.6 million in 2013. As of Dec. 31, 2014, the Company had $92.3 million in total assets, $52.4 million in total liabilities, $1.44 million in common stock purchase warrants and $38.5 million in total shareholders' equity. Bankruptcy Warning The Company believes that its present financial resources, together with additional milestone payments projected to be received under certain of its contractual agreements, its ability to control costs and expected net sales of PIXUVRI, will only be sufficient to fund its operations through mid-third quarter of 2015. This raises substantial doubt about the Company's ability to continue as a going concern. Further, the Company has incurred net losses since inception and expect to generate losses for the next few years primarily due to research and development costs for pacritinib, PIXUVRI, Opaxio and tosedostat. The Company's available cash and cash equivalents were $70.9 million as of Dec. 31, 2014. The Company said it will need to raise additional funds. It may seek to raise such capital through public or private equity financings, partnerships, collaborations, joint ventures, disposition of assets, debt financings or restructurings, bank borrowings or other sources of financing. However, the Company has a limited number of authorized shares of common stock available for issuance and additional funding may not be available on favorable terms or at all. "If additional funds are raised by issuing equity securities, substantial dilution to existing shareholders may result. If we fail to obtain additional capital when needed, we may be required to delay, scale back or eliminate some or all of our research and development programs, reduce our selling, general and administrative expenses, be unable to attract and retain highly qualified personnel, refrain from making our contractually required payments when due (including debt payments) and/or may be forced to cease operations, liquidate our assets and possibly seek bankruptcy protection," the Company states in the 2014 annual report. DAVITA HEALTHCARE: Moody's Says $495MM Vainer Deal is Credit Neg ---------------------------------------------------------------- Moody's Investor Services commented that DaVita HealthCare Partners Inc. has reached an agreement in principle with the plaintiffs in the Vainer civil suit, in which the company has accrued an estimated $495 million contingency loss reserve. This development is credit negative because of the relatively large amount, as well as this being the third settlement since 2012, totaling about $1.0 billion in payouts. DaVita's LT Corporate Family Ratings is Ba3. The principal methodology used in this rating was the Global Healthcare Service Providers published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. DaVita is an independent provider of dialysis services primarily in the US for patients suffering from end-stage renal disease (chronic kidney failure). The company also provides home dialysis services, inpatient dialysis services through contractual arrangements with hospitals, laboratory services and other ancillary services. Through HealthCare Partners, DaVita provides patient-and physician-focused integrated health care delivery services that coordinates outcomes-based medical care in a cost-effective manner. DENDREON CORP: Court Denies Bid for Official Equity Committee ------------------------------------------------------------- U.S. Bankruptcy Judge Laurie Selber Silverstein denied the motion by the Donahue Group of Dendreon Corp., et al.'s ad hoc equity shareholders for the appointment an official committee of equity security holders. Andrew R. Vara, U.S. Trustee for Region 3, in its response to the motion, stated that courts have assessed equity committee requests based on a variety of factors, but it remains universally understood that the appointment of an equity committee is the exception, not the rule. According to the U.S. Trustee, the party moving for the appointment must satisfy the burden of proving that an equity committee is needed to assure adequate representation for equity holders. The movants had failed to satisfy the burden, the U.S. Trustee said. About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. DOUBLJU-USA INC: Case Summary & 13 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Doublju-USA Inc. 17300 Marquardt Ave. Cerritos, CA 90703 Case No.: 15-17229 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Joon M Khang, Esq. KHANG KHANG LLP 18101 Von Karman Ave 3rd Fl Irvine, CA 92612 Tel: 949-419-3834 Fax: 949-419-3835 Email: joon@khanglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jong Tark Jang, president. A list of the Debtor's 13 largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb15-17229.pdf EARL GAUDIO: Taps Protek International as Forensic Analyst ---------------------------------------------------------- Earl Gaudio & Son, Inc. seeks authorization from the U.S. Bankruptcy Court for the Central District of Illinois to employ Protek International, Inc. as forensic analyst, nunc pro tunc to April 21, 2015. The Debtor has determined that it will be aided in its prosecution of the claims in the Adversary Proceeding by retention of a forensic analyst to review the Debtor’s computer systems. The services will include forensic examination and preservation of various computer systems, devices of the Debtor, and electronic information repositories potentially holding electronically stored information related to claims in the Adversary Proceeding, in order to ensure that all relevant information is recovered and deletion of information is discovered and that information preserved to the extent possible. The services will be provided at a cost of $295 per hour plus actual costs incurred (such as for storage media). Keith Chval, general counsel of Protek International, 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. Objections, if any, are due May 8, 2015. Protek International can be reached at: Keith Chval PROTEK INTERNATIONAL, INC. 6262 Kingery Highway, Suite 270 Willowbrook, IL 60527 Tel: (630) 986-8206 Fax: (630) 321-1430 About Earl Gaudio & Son, Inc. Earl Gaudio & Son, Inc., filed a Chapter 11 petition (Bankr. C.D. Ill. Case No. 13-90942) on July 19, 2013. The petition was signed by Angela E. Major Hart, as authorized signer of First Midwest Bank, custodian. Judge Gerald D. Fines presides over the case. The Debtor disclosed $11,849,187 in assets and $8,489,291 in liabilities as of the Chapter 11 filing. John David Burke, Esq., and Ben T. Caughey, Esq., at Ice Miller, LLP, serve as the Debtor's counsel. The U.S. Trustee appointed five creditors to serve in the Official Committee of Unsecured Creditors. The Committee retained Evans, Forehlich, Beth & Chamley as its local counsel, and Rubin & Levin, P.C., as its counsel. ENERGIZER HOLDINGS: Moody's Cuts Sr. Unsecured Notes Rating to Ba1 ------------------------------------------------------------------ Moody's Investors Service downgraded Energizer Holdings Inc.'s ("Energizer", soon to be named Edgewell) senior unsecured rating to Ba1 from Baa3 and assigned a Ba1Corporate Family Rating (CFR). This follows the company's announcement of its planned capital structure following the proposed spin-off of its household products business, which the company expects to close in July. Moody's also assigned a Ba1-PD Probability of Default rating and an SGL-1 Speculative Grade Liquidity Rating. "The downgrade reflects the company's smaller scale, reduced product diversity, and weaker credit metrics following the planned spin-off", stated Nancy Meadows, a Moody's VP-Senior Analyst. "It also reflects the considerable execution risk associated with the complex, large scale operational restructuring that the company will undergo to complete the separation of the two businesses", added Meadows. The rating outlook is stable. The following ratings were downgraded: Energizer Holdings, Inc. -- Senior Unsecured Bond/Debentures to Ba1 (LGD 4) from Baa3 -- Senior Unsecured Shelf to (P)Ba1 from (P)Baa3 The following ratings were assigned: -- Corporate Family Rating of Ba1 -- Probability of Default rating of Ba1-PD -- Speculative Grade Liquidity Rating of SGL-1 -- The outlook is stable. Energizer's Ba1 Corporate Family Rating (CFR) reflects the company's moderately high leverage, modest scale, and concentration in mature, highly-promotional categories. The rating also reflects Moody's expectation that that there is significant execution risk associated with separating the household products and personal care businesses. Moody's believes that financial policies will be more shareholder friendly than they have been in the past. This, coupled with Moody's view that there are risks that the time and costs associated with post spin restructuring efforts will slow delevering. These factors are counterbalanced by Moody's expectation that the company will continue to maintain good market position with a portfolio of relatively stable consumer products, with strong free cash flow, and good geographic diversification. Growth prospects are modest due to competition with much larger, more diversified, and better capitalized multi-national companies, and the ongoing need for promotions to hold share. Category demand, however, remains relatively consistent through economic cycles. The stable outlook reflects Moody's expectation that Energizer will generate reasonably stable operating performance and good free cash flow. Energizer's ratings could be upgraded if it improves its scale, diversification, and sustains solid organic growth. An upgrade would also require improved credit metrics such that debt/EBITDA approaches 2.5x, and a commitment to an investment grade rating. Successful completion of the restructuring process necessary to disentangle and separate the operations household business would also be required for an upgrade. A downgrade could occur if operating performance deteriorates, or if the company's post-spin restructuring efforts are stymied. Ratings could also be downgraded if debt/EBITDA is sustained above 3.5x, if there is a deterioration in the company's liquidity profile, or if the company pursues aggressive shareholder friendly actions. The principal methodology used in these ratings was Global Packaged Goods published in June 2013. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Energizer Holdings, Inc., based in St. Louis, Missouri, manufactures, markets and distributes branded personal care products in the shaving, skin care, feminine care, and infant care categories. Pro forma revenues are approximately $2.6 billion. ERG RESOURCES: Has $17.5MM of DIP Financing From Existing Lenders ----------------------------------------------------------------- ERG Resources LLC, et al., ask the U.S. Bankruptcy Court for the Northern District of Texas to enter interim and final orders authorizing them to (i) enter into a senior secured superpriority post-petition credit facility provided by CLMG Corp. ("CLMG"), as administrative agent and as collateral agent, and certain of the prepetition lenders, and (ii) use cash collateral. The Debtors, with the assistance of their professional advisors, explored their options with respect to postpetition liquidity. The Debtors ultimately determined that a financing proposal by their prepetition lenders provided the Debtors with the best opportunity to continue operations and explore a potential going-concern sale of their assets. As of the Petition Date, the Debtors owe $372 million in aggregate principal under a senior credit facility from lenders and CLMG, as administrative agent. These obligations are secured by first-priority liens on substantially all of the Debtors' assets. Scott Y. Wood, the owner, signed in his individual capacity a conditional guaranty regarding the obligations arising under the credit agreement. The material terms of the DIP facility are: * Borrower: ERG Resources, L.L.C. * Guarantors: The prepetition subsidiary guarantors. * Administrative Agent: CLMG Corp. * DIP Lenders: LNV Corporation and any other financial institutions party to the DIP Credit Agreement. * DIP Facility: A senior secured superpriority debtor-in-possession revolving credit facility to the Company in an aggregate principal amount not to exceed $17,500,000. During the Interim Period, ERG Resources is authorized to borrow up to an aggregate principal amount of $5,000,000. * Use of Cash Collateral: The Debtors may use cash collateral, as defined by Section 363 of the Bankruptcy Code, subject to the DIP Budget. * Carve-Out: The liens and superpriority claims of the lenders are subject and subordinate to a carve-out, which will be comprised of: (i) all fees required to be paid to the Clerk of the Court and to the Office of the U.S. Trustee plus (ii) an amount equal to the unpaid professional fees and expenses incurred by the Debtors and the Committee on or after the Petition Date through the date that the DIP Agent provides written notice that the Maturity Date has occurred, plus (iii) $300,000, which amount may be used to pay any fees or expenses after the delivery of the notice. In addition, upon the closing of an approved sale, a fund shall be established in the amount of $750,000 to be used solely for professional fees and expenses incurred by the Debtors' estate after the closing of an approved sale. * Interest rate: With respect to Eurodollar Loans, at a rate per annum equal to the sum of 2.00% per annum and the Eurodollar Rate for such Interest Period. With respect to each ABR Loan, at a rate per annum equal to the ABR plus 3.00% per annum, but in no event to exceed the Highest Lawful Rate. * Maturity Date: The earliest to occur of (a) the date that is 90 calendar days following the Petition Date, (b) the date of termination of the commitments of the lenders as a result of the occurrence of an event of default which is continuing, or (c) the date of the closing of the sale. * Milestones: The Company will cause these actions to occur no later than the applicable date set forth below: -- At all times on and after the Petition Date, will continue to retain the CRO to conduct a process to market and sell the assets; -- No later than 20 calendar days after the Petition Date, obtain Bankruptcy Court approval and entry of the Bid Procedures Order; -- By no later than 60 calendar days after the Petition Date, complete the process of soliciting binding bids to acquire substantially all of the assets; -- No later than 80 calendar days after the Petition Date, commence and complete the auction; -- No later than five business days after the conclusion of the auction, obtain approval of a sale to a buyer on the terms of the successful bid; and -- No later than 90 calendar days after the Petition Date, consummate the approved sale pursuant to the sale order. About ERG Resources ERG Resources, LLC, is a privately owned oil & gas producer that was formed in 1996. Since 2010, ERG Resources and ERG Operating Co. have been primarily engaged in the exploration and production of crude oil and natural gas in the Cat Canyon Field in Santa Barbara County, California. ERG Resources owns 19,027 gross lease acreage in the Cat Canyon Field. ERG Resources also owns and operates oil & gas leases representing 683 gross acres of leasehold located in Liberty County, Texas. The Company's corporate headquarters is located in Houston, Texas. Scott Y. Wood, through two of his affiliates, owns 100% of the membership units in ERG Intermediate Holdings LLC, the parent company. ERG Intermediate Holdings, ERG Resources and three affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-31858) on April 30, 2015, in Dallas, Texas. The Debtors tapped Jones Day as counsel; DLA Piper as co-counsel; AP Services, LLC, to provide a CRO; and Epiq Bankruptcy Solutions, LLC. ERG Intermediate estimated $100 million to $500 million in assets and debt. ERG RESOURCES: Proposes Epiq as Claims and Noticing Agent --------------------------------------------------------- ERG Intermediate Holdings, LLC, et al., ask the Bankruptcy Court for approval to hire Epiq Bankruptcy Solutions, LLC, as claims, noticing, and balloting agent. The Debtors have determined that they will have to provide certain notices in these bankruptcy cases to over a thousand entities, many of whom may file claims. In view of the number of anticipated claimants and the complexity of their businesses, the Debtors submit that the appointment of a claims, noticing and balloting agent is otherwise in the best interests of both the Debtors' estates and their creditors. Prior to the Petition Date, the Debtor provided Epiq a retainer in the amount of $15,000, which has been replenished on an as-needed basis. As claims agent, Epiq will charge the Debtors at these rates: Position Hourly Rate -------- ----------- Clerical/Administrative Support $30 to $45 Case Manager $60 to $80 IT/ Programming $70 to $120 Senior Case Manager/Consultant $85 to $150 Senior Consultant $145 to $180 Director/ Vice President $190 Executive Vice President Waived For its noticing services, Epiq will waive fees for e-mail noticing and fax noticing. For data storage, maintenance and security, the firm will charge $0.10 per record per month. Online claim filing services will be at no charge. The firm's call center operator will charge $50 per hour. About ERG Resources ERG Resources, LLC, is a privately owned oil & gas producer that was formed in 1996. Since 2010, ERG Resources and ERG Operating Co. have been primarily engaged in the exploration and production of crude oil and natural gas in the Cat Canyon Field in Santa Barbara County, California. ERG Resources owns 19,027 gross lease acreage in the Cat Canyon Field. ERG Resources also owns and operates oil & gas leases representing 683 gross acres of leasehold located in Liberty County, Texas. The Company's corporate headquarters is located in Houston, Texas. Scott Y. Wood, through two of his affiliates, owns 100% of the membership units in ERG Intermediate Holdings LLC, the parent company. ERG Intermediate Holdings, ERG Resources and three affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-31858) on April 30, 2015, in Dallas, Texas. The Debtors tapped Jones Day as counsel; DLA Piper as co-counsel; AP Services, LLC, to provide a CRO; and Epiq Bankruptcy Solutions, LLC. ERG Intermediate estimated $100 million to $500 million in assets and debt. FEDERATION EMPLOYMENT: Says Patient Care Ombudsman Not Required --------------------------------------------------------------- Federation Employment and Guidance Service. Inc dba F.E.G.S. asks the Hon. Robert E. Grossman of the U.S. Bankruptcy Court for the Eastern District of New York to determine that the appointment of a patient care ombudsman for its bankruptcy case is not required at this time pursuant to section 333(a) of the Bankruptcy Code and Bankruptcy Rule 2007.2. The Debtor points out it is in the process of transitioning its programs and operations to third party providers and expects to complete the transfer of all or substantially all of its programs and operations to third party providers within approximately the next 60 days. As a result, any input by an ombudsman would likely be rendered moot before it could have any meaningful impact on the quality of care for its clients. Moreover, appointment of an ombudsman at this time would be costly and duplicative of its existing patient care quality management procedures that remain in effect. The Debtor further determined that it will be able to continue operating the Behavioral Health Division programs through May 2015. The Debtor expects the those programs to be transferred by June 1, 2015. Because the Debtor anticipates that it will transfer substantially all of its programs to one or more other providers in the near term, the completion of such anticipated transfers will likely render moot any substantive findings that would be made by a patient care ombudsman. About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Chapter 11 plan and disclosure statement are due by July 16, 2015. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. FEDERATION EMPLOYMENT: US Trustee Forms 3-Member Creditor's Panel ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed three members to the Official Committee of Unsecured Creditors for the Chapter 11 Bankruptcy case of Federation Employment and Guidance Service Inc. dba FEGS. The members of the Committee are: 1) InterAgency Council of Developmental Disabilities Agencies, Inc. 150 West 30th Street, 15th Fl New York, NY 10001 2) Netsmart Technologies, Inc., 4950 College Blvd. Overland Park, KS 66211 3) Ultimate Psychological Consultation And Evaluation, P.C. 271 North Avenue, Suite 111 New Rochelle, NY 10801 About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Chapter 11 plan and disclosure statement are due by July 16, 2015. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. FINGER LICKIN': Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Finger Lickin' Brands, LLC 461 W Century Drive Salt Lake City, UT 84123 Case No.: 15-24141 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Joel T. Marker Debtor's Counsel: Deborah Rae Chandler, Esq. MILLER TOONE, P.C. 165 Regent Street Salt Lake City, UT 84111 Tel: (801) 363-5600 Fax: (801) 363-5601 Email: chandler@millertoone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Michelson, manager. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb15-24141.pdf FLINTKOTE COMPANY: Reaches $1.7M Fibro Coverage Deal w/ Travelers ----------------------------------------------------------------- Law360 reported that Flintkote Co. asked a Delaware bankruptcy judge to sign off on a $1.7 million settlement with Travelers Casualty & Surety Co. to resolve a dispute over coverage for asbestos lawsuits. According to the report, under the proposed settlement, which was submitted to U.S. Bankruptcy Judge Mary F. Walrath for consideration, Flintkote and Travelers agreed to a mutual release of all claims against each other stemming from the asbestos cases. About The Flintkote Company Headquartered in San Francisco, California, The Flintkote Company is engaged in the business of manufacturing, processing and distributing building materials. Flintkote Mines Limited is a subsidiary of Flintkote Company and is engaged in the mining of base-precious metals. The Flintkote Company filed for Chapter 11 protection (Bankr. D. Del. Case No. 04-11300) on April 30, 2004. Flintkote Mines Limited filed for Chapter 11 relief (Bankr. D. Del. Case No. 04-12440) on Aug. 25, 2004. Kevin T. Lantry, Esq., Jeffrey E. Bjork, Esq., Dennis M. Twomey, Esq., Jeremy E. Rosenthal, Esq., and Christina M. Craige, Esq., at Sidley Austin, LLP, in Los Angeles; James E. O'Neill, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Del., represent the Debtors in their restructuring efforts. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New York, N.Y.; Peter Van N. Lockwood, Esq., Ronald E. Reinsel, Esq., at Caplin & Drysdale, Chartered, in Washington, D.C.; and Philip E. Milch, Esq., at Campbell & Levine, LLC, in Wilmington, Del., represent the Asbestos Claimants Committee as counsel. James J. McMonagle, is the legal representative for future claimants. The FCR has retained Dr. Timothy Wyant as claims evaluation consultant. The FCR is represented by James L. Patton, Jr., Esq., and Edwin J. Harron, Esq., at Young Conaway Stargatt & Taylor, LLP; and Reginald W. Jackson, Esq., at Vorys, Sater, Seymour & Pease LLP. When Flintkote filed for protection from its creditors, it estimated more than $100 million each in assets and debts. When Flintkote Mines Limited filed for protection from its creditors, it estimated assets of $1 million to $50 million, and debts of more than $100 million. The Debtors' Chapter 11 cases have been re-assigned to Judge Mary F. Walrath in line with the retirement of former Bankruptcy Judge Judith Fitzgerald. * * * Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the disclosure statement explaining the modified confirmed amended joint plan of reorganization filed by The Flintkote Company and Flintkote Mines Limited and allowed the Debtors to resolicit the votes of holders of claims in the eligible classes with regard to the Plan. As previously reported by The Troubled Company Reporter, the Debtors modified their confirmed plan to incorporate the terms of a comprehensive settlement with its parent, Imperial Tobacco Canada Limited, f/k/a Imasco Limited (Canada). The Supplemental Voting Deadline is June 2. Any objections to the confirmation of the Plan must be submitted on or before July 8. The confirmation hearing will commence on Aug. 10, 2015, at 10:30 a.m. (ET). FREESEAS INC: Incurs $12.7 Million Net Loss in 2014 --------------------------------------------------- Freeseas Inc. filed with the Securities and Exchange Commission its annual report on Form 20-F disclosing a net loss of $12.7 million on $3.77 million of operating revenues for the year ended Dec. 31, 2014, compared to a net loss of $48.7 million on $6.07 million of operating revenues for the year ended Dec. 31, 2013. The Company also reported a net loss of $30.9 million in 2012. As of Dec. 31, 2014, the Company had $64.25 million in total assets, $39.2 million in total liabilities and $25.0 million total shareholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. Also, the Company has disclosed alternative methods of testing the carrying value of its vessels for purposes of testing for impairment during the year ended December 31, 2014. These conditions among others raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 20-F is available for free at: http://is.gd/8I5KwG About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. FUSION TELECOMMUNICATIONS: Amends 2014 Annual Report ---------------------------------------------------- Fusion Telecommunications International Inc. filed an amendment to its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014, originally filed with the Securities and Exchange Commission on March 30, 2015, to include the information required by Part III (Items 10, 11, 12, 13 and 14). No other information included in the Original Report is changed by the amendment. A copy of the Form 10-K/A is available for free at http://is.gd/fnXcSO About Fusion Telecommunications New York City-based Fusion Telecommunications International, Inc., (OTC BB: FSNN) is a provider of Internet Protocol ("IP") based digital voice and data communications services to corporations and carriers worldwide. Fusion incurred a net loss applicable to common shareholders of $4.31 million in 2014, a net loss applicable to common shareholders of $5.48 million in 2013 and a net loss applicable to common stockholders of $5.61 million in 2012. As of Dec. 31, 2014, the Company had $73.7 million in total assets, $60.5 million in total liabilities and $13.3 million in total stockholders' equity. GEOMET INC: Posts $2.2 Million Net Loss in First Quarter -------------------------------------------------------- GeoMet, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss available to common stockholders of $2.2 million for the three months ended March 31, 2015, compared to a net loss available to common stockholders of $396,000 for the same period a year ago. As of March 31, 2015, the Company had $22.2 million in total assets, $170,000 in total liabilities, $50.12 million in series A convertible redeemable preferred stock, and a $28.1 million total stockholders' deficit. As of March 31, 2015, the Company's remaining balance of cash totaled $22.1 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Mg8PCi About Geomet Inc. Houston, Texas-based GeoMet, Inc., is an independent energy company primarily engaged in the exploration for and development and production of natural gas from coal seams (coalbed methane) and non-conventional shallow gas. Its principal operations and producing properties are located in the Cahaba and Black Warrior Basins in Alabama and the central Appalachian Basin in Virginia and West Virginia. It also owns additional coalbed methane and oil and gas development rights, principally in Alabama, Virginia, West Virginia, and British Columbia. As of March 31, 2012, it owns a total of 192,000 net acres of coalbed methane and oil and gas development rights. As reported by the TCR on Feb. 20, 2015, GeoMet said it has no operations and minimal assets, which raises substantial doubt about its ability to return any additional value to its stockholders. The Company added it may file a plan of dissolution if it cannot consummate a corporate transaction/merger prior to the third quarter of 2015. GOOD SAMARITAN HOSP: Moody's Affirms 'B1' on 1991 Fixed Rate Bonds ------------------------------------------------------------------ Moody's Investors Service affirms Good Samaritan Hospital's, CA B1 bond rating assigned to the Series 1991 fixed rate bonds issued through the California Health Facilities Financing Authority. The outlook is stable. The B1 rating reflects ongoing strong support from the California Provider Fee Program, and GSH's adequate liquidity. GSH's underlying operating performance (excluding the California State Provider Fee) is very poor, and has been worsening the last two years. Additional challenges include a poor payer mix, declining utilization, and overall declining revenues. Strengths include a favorable clinical reputation, and a certain level of stability within its served population despite long-standing operational challenges. The stable outlook is predicated on the continuation of the California State Provider Fee program, and further assumes that GSH will increase unrestricted cash balances to approximately $100 million by the end of the fiscal year (due to the delayed receipts of certain Provider Fee funds). What could make the rating go UP: - Improved underlying operating margins for multiple years, together with the stabilization of utilization measures - Implementation of a permanent, stable provider fee program, contributing to stable, favorable, consolidated results What could make the rating go DOWN: - Adverse changes to the Provider Fee Program - Increased operating losses beyond budgeted expectations - Additional declines in unrestricted liquidity - New, large capital plans beyond the current construction project requiring a large increase in debt or a decline in liquidity - Increased competitive pressures which impact market share Good Samaritan Hospital is a not-for-profit, community hospital providing tertiary services located in downtown Los Angeles. In FY 2014 it produced revenues of $237 million and generated 12,809 hospital admissions. Its Medicare case mix index was 1.86. Bonds are secured by a first lien on certain pledged assets, which include the medical center and underlying real estate, a conference center, and two parking structures. There are limits on additional indebtedness. There is no debt service reserve fund; the hospital makes monthly interest and sinking fund payments into a bond fund. The principal methodology used in this rating was Not-for-Profit Healthcare Rating Methodology published in March 2012. GREAT PLAINS REGIONAL: Fitch Affirms 'BB' Rating on $34.28MM Bonds ------------------------------------------------------------------ Fitch Ratings has affirmed this Oklahoma Development Finance Authority bonds issued on behalf of Great Plains Regional Medical Center (GPRMC): -- $34,280,000 hospital revenue bonds, series 2007 at 'BB'. The Rating Outlook is Stable. SECURITY The bonds are secured by a pledge of the revenues of the obligated group and a debt service reserve fund. KEY RATING DRIVERS MEDICAL STAFF GROWTH CREDIT POSITIVE: Management has successfully implemented a key component of its strategy by recruiting key physicians which has increased staff to 74, up from 58 in 2013. As a result, annualized revenue through the six months ended Dec. 31, 2014 (the interim period) has increased to $51.5 million compared to total revenues of $41.6 million in fiscal 2014. STRONGER 2015 VOLUMES HELP STANCH LOSSES: Improved inpatient volumes in the interim period (up 17%), driven by successful physician recruitment, helped to narrow GPRMC's losses compared to the prior year period. Through Dec. 31, GPRMC reported a $878,000 loss from operations on total revenues of $25.8 million (-3.4% operating margin) compared to $2.5 million loss from operations on total revenues of $20.5 million (-12.1% operating margin) in the prior year period. Management is projecting to meet its fiscal year 2015 budget of negative 6.8% operating loss, which Fitch believes is reasonable against mid-year results. WEAK COVERAGE METRICS: The 'BB' rating reflects GPRMC's very light debt service coverage, which was 1.36x according to its indenture calculation for fiscal 2014, just ahead of its 1.1x rate covenant requirement. The rating also reflects GPRMC's significant debt burden, as indicated by maximum annual debt service (MADS) equal to a high 7% of fiscal 2014 revenues. STEADY BALANCE SHEET STRENGTH: GPRMC's balance sheet has remained steady and provides adequate financial cushion that helps mitigate GPRMC's volatile operational performance. At Dec. 31, 2014, unrestricted cash equaled $23 million, or 171 days cash on hand (DCOH), 7.9x cushion ratio, and 66% cash to debt. Fitch expects liquidity to remain stable. RATING SENSITIVITIES STAFFING STABILITY IS KEY: GPRMC's small revenue base makes it more vulnerable to medical staff and volume volatility, as evidenced by historical performance. Management's ability to maintain a stable physician and nursing staff will remain key to the rating. SENSITIVITY TO DEBT SERVICE COVERAGE: Improving coverage from current very thin levels is necessary for any upward rating movement, given GPRMC's high degree of leverage. Conversely, any deterioration in coverage metrics from current levels will trigger downward rating movement. CREDIT PROFILE GPRMC is a 62-licensed-bed community hospital located in Elk City, Oklahoma, approximately 120 miles west of Oklahoma City. Total revenues were $41.6 million in fiscal 2014. PHYSICIAN RECRUITMENT A CREDIT POSITIVE Management has recruited key medical staff over the past year, implementing a key component of its turnaround strategy. GPRMC added three primary care physicians year to date, one of whom started in April 2015 and did not affect reported volumes. Additionally, management has changed its emergency room physician contract to six board-certified and board-eligible physicians, which Fitch believes will help to improve negative community perceptions. Additional recruitments in key specialties--cardiology, orthopedics, urology, OB/GYN, among others--have driven volume improvements and revenue growth through the six month interim period. Total physicians number 74 year-to-date, up from 58 in 2013. Fitch believes that this should reduce the level of outmigration. Some pressure has occurred in 2015 from nursing staff attrition and openings, reportedly from Oklahoma City wage pressure, which have resulted in an increase in nursing staff vacancy rate (currently 23%, up from 11% in 2013), increasing agency expenses to over $1 million year to date. Management has hired an interim chief nursing officer and has the goal to end reliance on agency nurse staffing in the coming 30 days. Contributing to successful physician recruitment has been the appointment of the new CEO in February 2014. The new management team has identified key strategies to improve GPRMC's operating performance, including medical staff growth and integration, bringing swing beds back into operation, improving staff productivity, and addressing the revenue cycle process. Fitch believes that stability in the leadership team will be integral to achieving and sustaining operating improvements over the longer term. VOLUMES SUPPORT BETTER OPERATIONS Acute volume is up 18% through Dec. 31, 2014, to 966 admissions, after declining by 27% from 2011 to 2014. Inpatient volumes represent 34% of revenues in 2014. Fitch believes medical staff stability is key to the rating given prior volatility, and GPRMC's residency partnership with the University of Oklahoma should help in future recruitment. Volume increases have helped improved operating performance through the interim period with GPRHC reporting a negative 3.4% operating margin through Dec. 31, 2014. This is notably improved from prior year, when operating margin was negative 12.1% at the six-month interim, and solid in comparison the prior four years, when losses were between negative 8.3% and negative 10.3%. Operating losses reflect a new physical plant (nine year average age) and high depreciation expense. Operating EBITDA was notably improved over prior year as well, to 8.6%, up from 5.1%, but level with prior year end. Management is projecting to meet its fiscal year 2015 budget of negative 6.8% operating loss despite some recent volume instability, which Fitch believes is reasonable. HIGH LEVERAGE AND THIN COVERAGE MARGIN GPRMC is highly leveraged, with MADS representing 7% of 2014 revenue, compared to the below investment grade (BIG) median of 4%. Historically, coverage of MADS by EBITDA has been weak at 1.6x and 1.4x in fiscal 2013 and 2014, respectively. MADS coverage by operating EBITDA was 1.2x in 2014 which is weak compared to BIG median of 1.6x. Sustained growth in debt service coverage will be key to any upward rating momentum, given the center's high leverage. ADEQUATE BALANCE SHEET GPRMC's cash position remains a key credit consideration, providing some financial cushion against its weak operating performance. Through Dec. 31, 2014, GPRMC maintained 214.7 DCOH in comparison with BIG median of 74.8. Further, cushion ratio of 8.1X and cash to debt of 66.2% compare favorably with category medians of 5.3x and 55.7%, respectively. Finally, the center's investments are conservative, with 100% cash and fixed income. CONSERVATIVE DEBT PROFILE GPRMC has minimal financing risk, with a 100% fixed rate debt profile. No additional debt is planned and capital needs are expected to remain modest. GPRMC has only fixed rate debt and no derivative exposure. MADS is equal to $2.9 million and debt service declines. CONTINUING DISCLOSURE GPRMC covenants to disclose annual and quarterly disclosure, which it posts regularly to the Municipal Securities Rulemaking Board's EMMA System. Disclosure has been timely and thorough, with good access to management. HHH CHOICES: Must Answer Involuntary Petition by May 26 ------------------------------------------------------- Three alleged creditors owed about $1.9 million submitted an involuntary Chapter 11 petition for HHH Choices Health Plan, LLC on May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan. The petitioners are The Royal Care, Inc., (allegedly owed $772,762), Amazing Home Care Services ($1,178,752), and InterGen Health LLC ($42,298), all claiming that they are owed by the Debtor for certain services rendered. They all tapped Marc A. Pergament, Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New York, as counsel. Counsel to the alleged creditors has served summons to the Bronx, New York-based debtor. The Debtor's motion or answer to the petition is due May 26, 2015. Judge Michael E. Wiles has been assigned to the case. HYLAND SOFTWARE: $30MM Loan Increase No Effect on Moody's 'B2' CFR ------------------------------------------------------------------ Moody's Investors Service said Hyland Software, Inc.'s $30 million increase of its senior secured first lien term loan to $600 million pro forma outstanding does not affect the company's B2 Corporate Family Rating (CFR), the B2 rating for its senior secured first lien credit facilities and its stable ratings outlook. JAMES RIVER: Has Until July 11 to File Chapter 11 Plan ------------------------------------------------------ The Hon. Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia extended the exclusive periods of James River Coal Co. and its debtor-affiliates to file a Chapter 11 plan until July 11, 2015, and solicit acceptances of that plan until Sept. 10, 2015. About James River James River Coal Company is a producer and marketer of coal in the Central Appalachia ("CAPP") and the Midwest coal regions of the United States. James River's principal business is the mining, preparation and sale of metallurgical coal, thermal coal (which is also known as steam coal) and specialty coal. James River and 33 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in Richmond, Virginia, on April 7, 2014. The petitions were signed by Peter T. Socha as president and chief executive officer. Judge Kevin R. Huennekens oversees the Chapter 11 cases. On the petition date, James River Coal disclosed total assets of $1.06 billion and total liabilities of $818.6 million. The Debtors are represented by Tyler P. Brown, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton & Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M. Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk & Wardwell LLP of New York, NY. Kilpatrick Townsend & Stockton LLP serves as the Debtors' special counsel. Perella Weinberg Partners L.P. is the Debtors' financial advisor. Deutsche Bank Securities Inc. serves as the Debtors' investment banker and M&G advisor. Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims and administrative agent. The U.S. Trustee for Region 4 has appointed five creditors to the Official Committee of Unsecured Creditors. Michael S. Stamer, Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq., Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at LeClairRyan. The Debtors, in August 2014, won authority to sell the Hampden Mining Complex (including the assets of Logan & Kanawha Coal Company, LLC), the Hazard Mining Complex (other than the assets of Laurel Mountain Resources LLC) and the Triad Mining Complex for $52 million plus the assumption of certain environmental and other liabilities, to a unit of Blackhawk Mining. The Buyer is represented by Mitchell A. Seider, Esq., and Charles E. Carpenter, Esq., at Latham & Watkins LLP. LEHMAN BROTHERS: Rothesay Life Completes $1-Bil. Buyout of Pensions ------------------------------------------------------------------- Patrick Fitzgerald, writing for The Wall Street Journal, reported that corporate pension insurer Rothesay Life completed a GBP675 million (US$1.02 billion) buyout of the pension plan for Lehman Brothers' European arm. According to the report, under the deal, the London-based insurer will take over the liability for the defined-benefits pension plan of Lehman Brothers International (Europe). The so-called bulk annuity deal ensures some 2,466 former Lehman employees in Britain will finally receive their full pensions more than six years after the investment bank's collapse. Pension payments will initially be made by the plan until the insurer takes over paying benefits to members directly when the bulk annuity converts to a full buyout, the Journal said, citing PricewaterhouseCoopers, which is handling the liquidation of Lehman's U.K.-based arm. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. As of Oct. 2, 2014, Lehman's total distributions to unsecured creditors have amounted to $92.0 billion. As of Sept. 30, 2014, the brokerage trustee has substantially completed customer claims distributions, distributing more than $106 billion to 111,000 customers. LIBERTY TIRE: S&P Withdraws 'SD' CCR at Issuer's Request -------------------------------------------------------- Standard & Poor's Ratings Services withdrew its ratings on Pittsburgh-based tire recycling company Liberty Tire Recycling Holdco LLC and its subsidiaries, including its 'SD' corporate credit rating and 'D' senior unsecured debt ratings. All ratings were withdrawn at the issuer's request. S&P had lowered its ratings on April 3, 2015, following the completion of the company's distressed exchange on its 11% senior unsecured notes due 2016. MAGNETATION LLC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Magnetation LLC 15-50307 102 NE Third Street Grand Rapids, MN 55744 Mag Lands, LLC 15-50308 Mag Finance Corp. 15-50309 Mag Mining, LLC 15-50310 Mag Pellet LLC 15-50311 Type of Business: Iron Ore Mining Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court District of Minnesota (Duluth) Judge: Hon. Gregory F Kishel Debtors' General Marshall S. Huebner, Esq. Counsel: Damian S. Schaible, Esq. Michelle M. McGreal, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Fax: (212) 607-7983 Email: marshall.huebner@davispolk.com damian.schaible@davispolk.com michelle.mcgreal@davispolk.com Debtors' Clinton E. Cutler, Esq. Local James C. Brand, Esq. Counsel: Sarah M. Olson, Esq. FREDRIKSON BYRON, P.A. 200 South Sixth Street, Suite 4000 Minneapolis, MN 55402 Tel: (612) 492-7000 Fax: (612) 492-7077 Email: jbrand@fredlaw.com ccutler@fredlaw.com solson@fredlaw.com Debtors' DONLIN, RECANO & COMPANY, INC. Claims, Noticing and Balloting Agent: Estimated Assets: $100 million to $500 million Estimated Debts: $500 million to $1 billion The petition was signed by Joseph A. Broking, chief financial officer. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ FLSmidth Salt Lake City, Inc. Trade Debt $4,443,254 PO Box 123238 Dallas, TX 75312-3238 Russell K. Sanford, Project Director PO Box 123238 Dallas, TX 75312-3238 Tel: 801-871-7000 Fax: 801-871-7001 E-mail: russell.sanford@flsmidth.com Scheck Industrial Corp. Trade Debt $3,746,299 1079 Driessen Drive Kaukauna, WI 54130 Kevin McDonnell, CFO 1079 Driessen Drive Kaukauna, WI 54130 Tel: 218-326-2355 Fax: 218-326-5179 E-mail: kmcdonnell@goscheck.com Champion Steel Trade Debt $2,772,899 703 Pellet Ave PO Box 280 Keewatin, MN 55753 John Stene, CFO 703 Pellet Ave PO Box 280 Keewatin, MN 55753 Tel: 218-778-4000 E-mail: john.stene@hammerlundconstruction.com Northern Industrial Erectors Trade Debt $2,667,402 PO Box 308 Grand Rapids, MN 55744 Derek Bostyancic PO Box 308 Grand Rapids, MN 55744 Tel: 218-326-8466 Fax: 218-326-5045 E-mail: dbostyancic@nie-mn.com Parsons Electric Trade Debt $2,369,732 5960 Main Street NE Minneapolis, MN 55432 Mike Northquest, CFO 5960 Main Street NE Minneapolis, MN 55432 Tel: 218-727-2690 Fax: 218-727-2691 E-mail: Mike.Northquest@ParsonsCorp.com BNSF Railway Company Trade Debt $2,147,844 920 SE Quincy, 9th Floor Topeka, KS 66612-1116 Jason Jang, Credit Manager 920 SE Quincy, 9th Floor Topeka, KS 66612-1116 Tel: 785-676-3954 E-mail: jason.jang@bnsf.com Ulland Bros. Inc. Trade Debt $1,655,095 PO Box 340 Cloquet, MN 55720-0340 Michael Welch, President PO Box 340 Cloquet, MN 55720-0340 Tel: 218-262-3406 Fax: 218-262-5348 E-mail: mwelch@ulland.com Wm. J Schwartz & Sons, Inc. Trade Debt $1,506,738 34882 Scenic Hwy Bovey, MN 55709-6032 Bob Schwartz 34882 Scenic Hwy Bovey, MN 55709-6032 Tel: (218) 245-2165 Fax: (218) 327-1698 E-mail: bob@schwartzrmex.com FLSmidth USA Inc. - Salt Trade Debt $1,361,518 Lake City Operations P.O. Box 123238 Dept. 3238 Dallas, TX 75312-3238 Russell K. Sanford, Project Director P.O. Box 123238 Dept. 3238 Dallas, TX 75312-3238 Tel: 801-871-7000 Fax: 801-871-7001 E-mail: russell.sanford@flsmidth.com Hunt Electric Corporation Trade Debt $1,218,277 4330 West 1st St. Suite B Duluth, MN 55807 Bradley J. Boos, President 4330 West 1st St. Suite B Duluth, MN 55807 Tel: 218-628-3323 Fax: 218-624-7485 E-mail: BBoos@huntelec.com Hammerlund Construction, Inc. Trade Debt $1,138,261 3201 Hwy 2 West Grand Rapids, MN 55744 John Stene, CFO 3201 Hwy 2 West Grand Rapids, MN 55744 Tel: (218) 326-1881 E-mail: john.stene@hammerlundconstruction.com A.W.Kuettel & Sons Trade Debt $1,010,106 3930 Airpark Blvd. Duluth, MN 55811 Jason Kuettel 3930 Airpark Blvd. Duluth, MN 55811 Tel: 218-722-3901 Fax: 218-722-6113 E-mail: jkuettel@awkuettel.com Outotec (USA) Inc. Trade Debt $932,617 8280 Stayton Drive, Ste M Jessup, MD 20794 Joe Skafar, Sales Manager 8280 Stayton Drive, Ste M Jessup, MD 20794 Tel: 301-543-1200 Fax: 301-543-0002 E-mail: joe.skafar@outotec.com Kirby Risk Trade Debt $838,203 27561 Network Place Chicago, IL 60673-1275 27561 Network Place Chicago, IL 60673-1275 Tel: 765-446-3054 Gerdau Ameristeel US Inc Trade Debt $749,815 Attn: Credit Department 4221 W. Boy Scout Blvd Ste 600 Tampa, FL 33607 Rodrigo Souza, VP of Finance 4221 W. Boy Scout Blvd, Ste 600 Tampa, FL 33607 Tel: 800-637-8144 Magotteaux, Inc Trade Debt $700,904 PO Box 643382 Cincinnati, OH 45264-3382 Freddy De Bock, Business Manager Mining PO Box 643382 Cincinnati, OH 45264-3382 Tel: 615-385-3055 Fax: 615-297-6743 E-mail: fdebock@magotteaux.com Xtreme Contractors Trade Debt $690,729 348 E US HWY 24 Reynolds, IN 47980 Tara Wilson 348 E US HWY 24 Reynolds, IN 47980 Tel: 219-984-5144 Fax: 219-984-5495 E-mail: tarawilson.xtreme@comcast.net Lejeune Steel Company Trade Debt $659,090 118 W. 60th. St. Minneapolis, MN 55419 Lindsey Eddy, Accountant 118 W. 60th. St. Minneapolis, MN 55419 Tel: 612-243-2363 E-mail: Lindsey.Eddy@lejeunesteel.us Noramco Trade Debt $615,991 2729 13th Ave E Hibbing, MN 55746 Martha Van Dyke 2729 13th Ave E Hibbing, MN 55746 Tel: 218-262-1093 E-mail: martha.vandyke@noramcoeng.com Dilling Group, Inc. Trade Debt $601,568 PO Box 47 111 East Mildred St. Logansport, IN 46947-0047 PO Box 47 111 East Mildred St. Logansport, IN 46947-0047 Tel: 574-753-3182 MAGNETATION LLC: Files for Ch. 11 to Restructure Balance Sheet -------------------------------------------------------------- Magnetation LLC, an iron ore concentrate and pellet producer, on May 5 disclosed that it has reached an agreement with holders of more than 70% of its 11.0% senior secured notes due 2018 to restructure the Company's balance sheet and provide liquidity to support long-term operations. To implement this restructuring, Magnetation LLC and its direct subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Minnesota. The Company and the noteholders have agreed to the principal terms of a chapter 11 plan of reorganization, which will be subject to approval by the Bankruptcy Court. In conjunction with its reorganization, Magnetation has obtained a commitment for $135 million in debtor-in-possession financing (DIP Financing) from certain holders of Senior Secured Notes. All holders of Senior Secured Notes are eligible to participate pro rata in the DIP Financing pursuant to procedures filed with the Bankruptcy Court, which will provide Magnetation with $63.7 million of incremental liquidity. Upon approval by the Bankruptcy Court, the DIP Financing and cash generated from Magnetation's ongoing operations will be used to support the business during the reorganization process. Magnetation has filed various motions with the Bankruptcy Court in support of its reorganization. The Company intends to continue to pay employee wages and provide healthcare and other benefits without interruption in the ordinary course of business and to pay suppliers and vendors in full under normal terms for goods and services provided after the filing date of May 5, 2015. The Company expects its mining and pelletizing operations and customer shipments to continue in the ordinary course throughout the reorganization. "We are pleased to have reached an agreement with our noteholders on the terms of a balance sheet restructuring through a chapter 11 reorganization," said Magnetation Chief Executive Officer Larry Lehtinen. "The significant decrease in global iron ore prices along with our existing capital structure has created a challenging business environment in the short term. The reorganization process will create a more competitive and successful Company. We remain firmly committed to serving our customers and to being a good employer by maintaining safe, productive operations as we undertake this process. We appreciate the ongoing dedication of our employees, whose hard work is critical to the success and future of our Company." Magnetation's business outlook has been impacted by the challenging iron ore industry, which has experienced global supply increases and a reduction in the global demand. The Company has reacted to the decline in pricing by, among other things, taking cost reduction measures, including the recently-announced decision to indefinitely idle its Plant 1 iron ore concentrate operation in Keewatin, MN. First Day Motions The Debtors on the Petition Date filed motions to: -- approve the joint administration of their Chapter 11 cases; -- set a bar date for filing proofs of claim; -- maintain their existing bank accounts; -- pay prepetition wages and employee benefits; -- pay prepetition claims of critical vendors; -- pay prepetition claims of shippers and warehousemen; -- obtain postpetition financing; -- continue their insurance programs; -- grant administrative expense status to vendors; -- pay prepetition taxes and fees; -- prohibit utilities from discontinuing service; and -- assume a technology license agreement. The first day hearing is slated for May 7, 2015, at 10:00 a.m. (Prevailing Central Time). About Magnetation LLC Magnetation LLC -- http://www.magnetation.com-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. Donlin Recano maintains the case Web site http://www.donlinrecano.com/mag The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. MAGNETATION LLC: Proposes July 15 Claims Bar Date ------------------------------------------------- Magnetation LLC, and its affiliated debtors ask the Bankruptcy Court to enter an order setting July 15, 2015 at 5:00 p.m. (prevailing Central time) as the bar date by which proofs of claim must be received from each person or entity, other than any governmental unit, in respect of any prepetition claim. The Debtors' DIP financing requires the Debtors to file a plan of reorganization and a disclosure statement within three months after the petition date (on or before the 90th day after the Petition Date). To meet this milestone, the Debtors must have an opportunity to review and analyze all of the non-governmental unit proofs of claim filed in these cases in advance of filing a plan and disclosure statement. The DIP Order also includes a milestone that requires the Debtors to obtain court approval of their disclosure statement within 120 days after the Petition Date. Accordingly, the Proposed Bar Date would give the Debtors an opportunity to examine the proofs of claim filed in the Chapter 11 cases and formulate an appropriate plan and disclosure statement that takes into account all such filed claims. According to the docket, the deadline for governmental units to file claims is Nov. 2, 2015. About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. Donlin Recano maintains the case Web site http://www.donlinrecano.com/mag The Debtor estimated $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. MAGNETATION LLC: Wants to Pay $27.5MM to Critical Vendors --------------------------------------------------------- Magnetation LLC and its affiliated debtors ask the Bankruptcy Court to grant them authority, but not require them, to pay all or a portion of their prepetition obligations to certain critical vendors. If the Debtors aren't allowed to pay critical vendors, and certain essential critical vendors refuse to continue to supply goods and services to the Debtors postpetition, the Debtors may (i) risk the health and safety of their employees, (ii) fall out of compliance with environmental and other regulations and (iii) be unable to continue portions of their operations, thereby endangering the Debtors' successful reorganization and substantially harming all creditors. The Debtors estimate the maximum amount needed to pay the prepetition claims (excluding those prepetition claims secured by trade liens or entitled to an administrative expense claim under Section 503(b)(9) of the Bankruptcy Code) of critical vendors is approximately $27.5 million. The Debtors' ability to pay prepetition amounts to critical vendors is not unrestricted. Before the Debtors can pay a prepetition amount to a critical vendor, they must first submit a payment request to the administrative agent under the Debtor-In-Possession Credit Agreement among Mag LLC, the lenders party thereto, and Wilmington Trust, National Association, as administrative agent. The Debtors propose that they may condition payment of the claims of each critical vendor upon an agreement to continue to supply goods or services to the Debtors on customary trade terms and on other such terms and conditions as are acceptable to the Debtors. About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. Donlin Recano maintains the case Web site http://www.donlinrecano.com/mag The Debtor estimated $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. MARION ENERGY: Seeks to Dismiss Chapter 11 Bankruptcy Case ---------------------------------------------------------- Marion Energy Inc. asks the Hon. Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah to dismiss its Chapter 11 bankruptcy case. The Debtor states, in the near future, all of its assets will be transferred to a purchaser. If the Purchasers are Utah Gas Solutions LLC and Utah Gas Solutions II LLC, affiliates of the Debtor's existing secured lender, TCS II Funding Solutions (TCS), then the purchase will be made by a credit bid, and no cash proceeds will result for distribution to unsecured creditors. If the Purchaser is a third party, it is the Debtor's firm expectation that the purchase price will be substantially less than the outstanding balance of TCS's secured loan. Again, in that case, no cash proceeds will be available for distribution to unsecured creditors. According to the Debtor, after the transfer, there will be no assets in the estate that require administration and no funds in the estate available for distribution to unsecured creditors. Consequently, this case should be dismissed or converted. In the Debtor's and TCS's view, dismissal is favorable to conversion because the Purchaser will require post-closing cooperation that could not easily be provided by a chapter 7 trustee. About Marion Energy Marion Energy Inc. is a Texas corporation engaged in exploration and production of natural gas in the State of Utah. Marion's core operation is a producing gas field located in Carbon and Emery Counties, Utah (the "Clear Creek Field"). The company also holds smaller, currently unproductive acreage positions in the Helper and Roan Cliffs area near Helper, Utah (the "Helper Field"). Its parent is Australia-based Marion Energy Limited (ASX:MAE). Marion Energy Limited -- http://www.marionenergy.com.au/--is principally engaged in investment in oil and gas projects and the identification and assessment of new opportunities in the oil and gas industry in Texas, Utah and Oklahoma in the United States of America. Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31, 2014. The Debtor estimated assets and debt of $100 million to $500 million. The Debtor has tapped Parsons Behle & Latimer as attorneys. MCELHANEY INVESTMENTS: Case Summary & 4 Top Unsecured Creditors --------------------------------------------------------------- Debtor: McElhaney Investments, Inc. 1531 SW 63 Ter N. Lauderdale, FL 33068-4401 Case No.: 15-18213 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court Southern District of Florida (Fort Lauderdale) Judge: Hon. Raymond B Ray Debtor's Counsel: Elias Leonard Dsouza, Esq. ELIAS LEONARD DSOUZA, P.A. 111 N Pine Island Rd #205 Plantation, FL 33324 Tel: (954) 358-5911 Email: dtdlaw@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Walter McElhaney, president. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb15-18213.pdf MEDIMEDIA USA: Moody's Lowers CFR to 'Caa1', Outlook Still Negative ------------------------------------------------------------------- Moody's Investors Service downgraded MediMedia USA, Inc.'s corporate family rating to Caa1 from B3. The existing B2 rating on the 1st lien credit facility and the Caa2 rating on the $100 million second lien were affirmed at current levels. The outlook remains negative. The downgrade reflects expectations of weak performance at the company's StayWell division which will be the only division in the credit group following the sale of its MediMedia Pharma Solutions (MMPS) division. The sale proceeds were used to paydown the first lien term loan and reduced leverage from 6.4x to 6.1x (including Moody's standard adjustments) as of Q4 2014. However, the MMPS division was a source of growth for the company and the remaining StayWell division declined in 2014 and are expected to decline further in 2015 following the reduction in size of a material contract to the company. Covenant levels are also expected to tighten over the balance of the year and increase the risk of a covenant violation under its credit agreement. The paydown of the first lien term loan with asset sale proceeds reduced the percentage of first lien debt in the capital structure from 70% of outstanding debt to 59% and resulted in the existing facility ratings being affirmed at current levels despite the downgrade in the CFR. MediMedia USA, Inc. -- Corporate Family Rating, downgraded to Caa1 from B3 -- Probability of Default Rating, downgraded to Caa1-PD from B3-PD -- $25 million revolver maturing May 2018 affirmed at B2 (LGD changed to LGD2 from LGD3) -- 1st lien term loan maturing November 2018 affirmed at B2 (LGD changed to LGD2 from LGD3) -- 2nd lien term loan maturing November 2019 affirmed at Caa2 (LGD5) -- Outlook, negative MediMedia's Caa1 CFR reflects the company's high leverage level, low interest coverage ratio, and negative free cash flow. The rating also reflects the small size of the company which has declined from asset sales and discontinued operations which cause MediMedia to be substantially less diversified than it has been in the past. The company has suffered from revenue declines in its print segment and will continue to be challenged by the transition from print to digital as well as the reduction in size of a material contract. In addition, the company will have to update its service offerings to adapt to a changing healthcare environment and to meet evolving client needs which will result in elevated capex spend. Leverage is 6.1x pro-forma for the 1st lien term loan paydown as of Q4 2014 and Moody's expect leverage to increase during the balance of 2015. The company will also have to carefully manage its liquidity position. MediMedia's liquidity is weak given the cash position of $4 million and modest availability on its $25 million revolver ($12.5 million drawn and $1.6 million of L/C's outstanding as of Q4 2014). Moody's also expect free cash flow to be negative in 2015. The company is subject to a Secured Leverage Ratio of 7.5x which steps down to 7x in Q1 2015 and again to 6.75x in Q3 2015 and an Interest coverage ratio of 1.5x with steps up to 1.6x in Q3 2015. Moody's expect the cushion of compliance to decrease during the year and increase the risk of a covenant violation later in 2015. As the cushion with covenant levels tighten, the ability to draw on the revolver may decrease. The outlook is negative due to the expectation for a decline in revenue and EBITDA in 2015 that will lead to an increase in leverage to the 6.5x range (as calculated by Moody's) which heightens the risk of a covenant violation. An upgrade is unlikely given the current negative outlook, but a change in the outlook to stable could occur if the company generated positive revenue and EBITDA growth, positive free cash flow, and maintained an adequate liquidity position. A comfortable cushion of compliance with covenants would also be required. A negative rating action would occur if declines in revenue or EBITDA increased concern about the company's ability to service its debt or due to a violation of a covenant that was unlikely to waived by lenders. The principal methodology used in these ratings was Global Publishing Industry published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Headquartered in Yardley, Pennsylvania, MediMedia USA, Inc. (MediMedia) provides health information and services that inform consumers, physicians, and other healthcare decision makers. The company is primarily owned by Vestar Capital Partners. MICROVISION INC: Incurs $3.96 Million Net Loss in First Quarter --------------------------------------------------------------- MicroVision, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.96 million on $901,000 of total revenue for the three months ended March 31, 2015, compared to a net loss of $8.01 million on $1.21 million of total revenue for the same period in 2014. As of March 31, 2015, the Company had $20.6 million in total assets, $14.1 million in total liabilities, and $6.46 million in total shareholders' equity. As of March 31, 2015, backlog was $18.7 million and cash and cash equivalents were $16.7 million. The cash balance includes funds received during the quarter of approximately $2.3 million from the exercise of previously issued warrants and $1.0 million from the sale of stock through an At-the-Market (ATM) equity facility MicroVision established last June, which is now completed. A copy of the Form 10-Q is available for free at: http://is.gd/hQLZgH About Microvision Inc. Headquartered in Redmond, Washington, MicroVision, Inc. (NASDAQ: MVIS) is the creator of PicoP(R) display technology, an ultra- miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision reported a net loss of $18.1 million on $3.48 million of total revenue for the year ended Dec. 31, 2014, compared with a net loss of $13.2 million on $5.85 million of total revenue for the year ended Dec. 31, 2013. MOBIVITY HOLDINGS: Registers 29.8M Common Shares for Resale ----------------------------------------------------------- Mobivity Holdings Corp. filed with the Securities and Exchange Commission a Form S-1 registration statement relating to the sale of 29,877,324 shares of common stock of the Company that may be offered for sale by Sandor Capital Master Fund, Porter Partners, LP, Trellus Partners LP, et al. The shares owned by the selling stockholders may be sold in the over-the-counter market, or otherwise, at prices and terms then prevailing or at prices related to the then-current market price, or in negotiated transactions. Although the Company will incur expenses in connection with the registration of the common stock, the Company will not receive any of the proceeds from the sale of the shares of common stock by the selling stockholders. The Company will receive gross proceeds of up to $10,217,433 from the exercise of the warrants, if and when they are exercised. The Company's common stock is quoted on the OTC Markets under the symbol "MFON". The last reported sale price of the Company's common stock as reported by the OTC Markets on April 28, 2015 was $1.10 per share. A copy of the Form S-1 is available for free at: http://is.gd/3qr9e7 About Mobivity Holdings Mobivity Holdings Corp. was incorporated as Ares Ventures Corporation in Nevada in 2008. On Nov. 2, 2010, the Company acquired CommerceTel, Inc., which was wholly-owned by CommerceTel Canada Corporation, in a reverse merger. Pursuant to the Merger, all of the issued and outstanding shares of CommerceTel, Inc., common stock were converted, at an exchange ratio of 0.7268-for-1, into an aggregate of 10,000,000 shares of the Company's common stock, and CommerceTel, Inc., became a wholly owned subsidiary of the Company. In connection with the Merger, the Company changed its corporate name to CommerceTel Corporation on Oct. 5, 2010. In connection with the Company's acquisition of assets from Mobivity, LLC, the Company changed its corporate name to Mobivity Holdings Corp. and its operating company to Mobivity, Inc, on Aug. 23, 2012. Mobivity Holdings reported a net loss of $10.4 million in 2014, a net loss of $16.8 million in 2013, a net loss of $7.33 million in 2012, and a net loss of $16.3 million in 2011. As of Dec. 31, 2014, the Company had $5.36 million in total assets, $1.7 million in total liabilities and $3.66 million total stockholders' equity. NON-FERROUS EXTRUSION: Court Reopens Bankruptcy Case ---------------------------------------------------- Bankruptcy Judge Letitia Z. Paul in her April 15, 2015 Memorandum Opinion, in the case docketed as IN RE NON-FERROUS EXTRUSION & SCRAP METALS, INC., Debtor, CASE NO. 09-30267-H3-7, concluded that the financial statements provided by a Mr. Mack, an accountant who purportedly reviewed the said statements, to Jeffrey Compton, the disbursing agent under the Debtor's plan in the first case, comply with the requirements to be classified as reviewed financial statements under Statement on Standards for Accounting and Review Services and the Texas Administrative Code. Judge Paul further held that, "Notwithstanding the question of whether the financial statements purportedly provided by Mack are 'reviewed,' the discrepancy between income identified in the financial statements and that identified on Debtor's tax returns constitutes cause for reopening of the case. The court concludes that the case should be reopened, in order to allow Compton to seek appropriate relief if there has been a default in payments due under the plan. Based on the foregoing, a separate Judgment will be entered granting in part the 'Disbursing Agent's Motion to (I) Reopen Case and (II) Compel Compliance with Chapter 11 Plan.'" A copy of Judge Paul's Memorandum Opinion is available at http://is.gd/7OqzvDfrom Leagle.com. Houston, Texas-based Non-Ferrous Extrusion & Scrap Metals, Inc. -- d/b/a Non-Ferrous; d/b/a Non-Ferrous Extrusion; and d/b/a Non-Ferrous Extrusion & Scrap Metal, Inc. -- filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 09-30267) on January 13, 2009. The Debtor's Chapter 11 plan was confirmed by order entered on March 30, 2010. Judge Letitia Z. Clark presided over the case. Barbara Mincey Rogers, Esq., at Rogers, Anderson & Bensey, PLLC, served as the Debtor's counsel. In its petition, the Debtor listed total assets of $2,782,492, and total debts of $2,355,655. The petition was signed by N. D. Feil, President of the company. O.W. BUNKER: Court Extends Plan Filing Deadline to May 13 --------------------------------------------------------- The Hon. Alan H. W. Shiff of the U.S. Bankruptcy Court for the District of Connecticut extended the exclusive periods of O.W. Bunker Holding North America Inc. and its debtor-affiliates to: a) file a Chapter 11 plan through and including May 13, 2015; and b) solicit acceptances of that plan until July 15, 2015. OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. On Nov. 6, 2014, OW Bunker A/S placed OWB Trading and O.W. Bunker Supply & Trading A/S in an in-court restructuring procedure with the probate court in Aalborg, Denmark. By Nov. 7, 2014, the Danish entities (plus O.W. Bunker Supply & Trading A/S, O.W. Cargo Denmark A/S, and Dynamic Oil Trading A/S) were placed under formal Danish bankruptcy (liquidation) proceedings in the Aalborg probate court. The company declared bankruptcy following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor. The Office of the United States Trustee formed an official committee of unsecured creditors of the Debtors on Nov. 26, 2014. ONE SOURCE: U.S. Trustee Forms Creditor's Committee --------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of One Source Industrial Holdings LLC appointed five creditors of the company to serve on the official committee of unsecured creditors: (1) Sun Coast Resources Inc. Mike Stoner Director of Financial Administration 6405 Cavalcade St. Bldg 1 Houston, Texas 77026 Phone: 713-844-9600 (2) Ashley Energy Services LLC dba On The Mark Energy Services Mike Miller, Managing Member 6712 S Eunice Hwy Hobbs, NM 88240 Phone: 575-390-7564 (3) Roper Inc. Jennifer Pomroy, Treasurer PO Box 1683 Odessa, Texas 79760 Phone: 432-335-0520 (4) Lee Transervices Inc. David Radke, Senior Vice President 415 South First Street Suite 200 Lufkin, Texas 75901 Phone: 936-632-1925 (5) Corporate Billing LLC Brandy Huckaby, Collections Manager PO Box 1726 Decatur, Alabama Phone: 877-584-3670 x 3670 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About One Source Industrial One Source Industrial Holdings, LLC, and One Source Industrial LLC are both limited liability companies that are part of a corporate family of affiliated companies. One Source Industrial Holdings holds equipment utilized by various related entities which provide rental equipment and industrial services to businesses in the oil and gas, refining, manufacturing, pipeline, shipping, and construction industries. The types of equipment possessed by One Source include, e.g., hazardous material transportation vehicles, frac tanks, tank trailers, barrel mix tank and vacuum tankers, air machines, and waste and other industrial boxes and tanks. Industrial provides executive management, accounting, and overhead services for Holdings. One Source Holdings sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-44996) in Ft. Worth, Texas, on Dec. 16, 2014. One Industrial sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-400038) on Jan. 4, 2015. Holdings' case is assigned to Judge Russell F. Nelms. The Debtor disclosed $12,036,897 in assets and $15,890,063 in liabilities as of the Chapter 11 filing. The Debtors are represented by J. Robert Forshey, Esq., and Suzanne K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas. PETTERS COMPANY: Barnes & Thornburg OK'd to Handle Polariod Case ---------------------------------------------------------------- Douglas A. Kelley, Chapter 11 Trustee for Petters Company, Inc., et al., won approval from the bankruptcy court to employ Barnes & Thornburg LLP, as special counsel to represent the trustee in the case filed by the Chapter 7 trustee of the Polaroid Corporation, et al. seeking a $30 million claim against the Debtors' estates. Barnes & Thornburg will, among other things, advise the trustee with respect to the Polaroid bankruptcy cases and any claims, the making and defending of motion and adversary proceedings related thereto. The hourly rates of Barnes & Thornburg's personnel are: Connie A. Lahn $485 Christopher J. Knapp $345 Kevin Collins $335 Kendall Bader $350 To the best of the trustee's knowledge, B&T is a disinterested person as that term is defined in Section 101(14) of the Bankruptcy Code. U.S. Trustee's Objection Prior to the order, the Trustee and Barnes & Thornburg, responded to the recommendation of Daniel M. Mcdermott, U.S. Trustee for Region 12, against employment of Barnes & Thornburg, stating that the Trustee's lead counsel, Lindquist & Vennum LLP, has a conflict and cannot assist the Trustee in the analysis of the claim or in responding to the motion. The parties noted that L&V is also counsel to the Polariod trustee. The U.S. Trustee, in its objection, noted that the application does not appear to be for a specified, special purpose, as provided for under Section 327(e), and the application does not include a waiver from Polaroid, Ritchie, Arrowhead, Ark or Procida, and no mention of a waiver of conflicts by the entities was addressed in the application. The U.S. Trustee is represented by: Michael R. Fadlovich, Esq. U.S. Trustee's Office Suite 1015 U.S. Courthouse 300 South Fourth Street Minneapolis, MN 55415 Tel: (612) 334-1350 About Petters Company Based in Minnetonka, Minn., Petters Group Worldwide LLC is a collection of some 20 companies, most of which make and market consumer products. It also works with existing brands through licensing agreements to further extend those brands into new product lines and markets. Holdings include Fingerhut (consumer products via its catalog and Web site), SoniqCast (maker of portable, WiFi MP3 devices), leading instant film and camera company Polaroid (purchased for $426 million in 2005), Sun Country Airlines (acquired in 2006), and Enable Holdings (online marketplace and auction for consumers and manufacturers' overstock inventory). Founder and chairman Tom Petters formed the company in 1988. Petters Company, Inc., is the financing and capital-raising unit of Petters Group Worldwide. Thomas Petters, the founder and former CEO of Petters Group, has been indicted and a criminal proceeding against him is proceeding in the U.S. District Court for the District of Minnesota. Petters Company, Petters Group Worldwide and eight other affiliates filed separate petitions for Chapter 11 protection (Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008. In its petition, Petters Company estimated its debts at $500 million and $1 billion. Parent Petters Group Worldwide estimated its debts at not more than $50,000. Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing business as Sun Country Airlines, Inc., and MN Airline Holdings, Inc., filed separate petitions for Chapter 11 bankruptcy protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on Oct. 6, 2008. Petters Aviation is a wholly owned unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun Country's parent company. The Official Committee of Unsecured Creditors is represented by: David E. Runck, Esq., Lorie A. Klein, Esq., at FAFINSKI MARK & JOHNSON, P.A. Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq., Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger, Esq., at Lindquist & Vennum LLP. PHYSIO-CONTROL INTERNATIONAL: S&P Cuts CCR to 'B', Outlook Stable ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Physio-Control International Inc. to 'B' from 'B+'. The rating outlook is stable. S&P assigned an issue-level rating of 'B' and a recovery rating of '3' to the $350 million first-lien term loan. The '3' recovery rating indicates expectations of meaningful (50% to 70%, at the higher end of the range) recovery in the event of a payment default. S&P also assigned an issue-level rating of 'CCC+' and a recovery rating of '6' to the $130 million second-lien term loan. The '6' recovery rating indicates S&P's expectations for negligible (0% to 10%) recovery in a default. "We lowered the ratings because the company's debt leverage will increase materially pro forma as part of a special dividend to the company's financial sponsor," said Standard & Poor's credit analyst David Kaplan. S&P is revising its financial risk assessment to "highly leveraged" from "aggressive" because S&P expects that leverage will remain above 5x for the next few years. S&P's ratings on Physio-Control also continue to reflect its assessment of business risk as "weak". S&P's stable rating outlook on Physio-Control International Inc. reflects S&P's expectation that the company will continue to strengthen its position in the automatic external defibrillator (AED) market, introduce new product and service offerings that will modestly improve its financial metrics over the next two years. S&P could lower the ratings on Physio-Control if the company's operating performance deteriorates to the point where its free operating cash flows becomes negligible. Under such a scenario, S&P would expect margins to decline by about 300 basis points and for revenues to remain flat. While S&P considers an upgrade over the next year to be unlikely due to the aggressive financial policies of its sponsored ownership, S&P could raise the rating if the company demonstrates a commitment to maintain adjusted leverage below 5x on a sustained basis. PORTER BANCORP: Reports $409,000 First Quarter 2015 Net Income -------------------------------------------------------------- Porter Bancorp, Inc. reported that net income attributable to common shareholders of $409,000 for the three months ended March 31, 2015, or $0.02 per basic and diluted common share, compared with a net loss attributable to common shareholders of $976,000, or $(0.08) per basic and diluted share, for the first quarter of 2014. Net interest income before provision expense decreased to $7.3 million for the first quarter of 2015 compared with $7.5 million in the fourth quarter of 2014, and remained consistent compared to $7.3 million in the first quarter of 2014. Average loans increased to $643 million for the first quarter of 2015 compared with $634.9 million in the fourth quarter of 2014 and declined compared to $698.2 million in the first quarter of 2014. Net interest margin increased to 3.21% in the first quarter of 2015, compared with 3.16% in the fourth quarter of 2014 and 2.96% in the first quarter of 2014 primarily driven by improving cost of funds which declined to 0.91% in the first quarter of 2015, compared with 0.99% in the fourth quarter of 2014 and 1.16% in the first quarter of 2014. As of March 31, 2015, Porter Bancorp had $1 billion in total assets, $975.73 million in total liabilities and $33.97 millin in total stockholders' equity. A full-text copy of the press release is available for free at: http://is.gd/QkveAe About Porter Bancorp Porter Bancorp, Inc., is a bank holding company headquartered in Louisville, Kentucky. Through its wholly-owned subsidiary PBI Bank, the Company operates 18 full-service banking offices in 12 counties in Kentucky. Porter Bancorp reported a net loss of $11.2 million in 2014, a net loss of $1.58 million in 2013 and a net loss of $32.93 million in 2012. As of Dec. 31, 2014, Porter Bancorp had $1.01 billion in total assets, $985 million in stockholders' equity and $33.5 million in total stockholders' equity. Crowe Horwath, LLP, in Louisville, Kentucky, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred substantial losses in 2014, 2013 and 2012, largely as a result of asset impairments resulting from the re-evaluation of fair value and ongoing operating expenses related to the high volume of other real estate owned and non-performing loans. In addition, the Company's bank subsidiary is not in compliance with a regulatory enforcement order issued by its primary federal regulator requiring, among other things, increased minimum regulatory capital ratios as well as being involved in various legal proceedings in which the Company disputes material factual allegations against the Company. Additional losses, adverse outcomes from legal proceedings or the continued inability to comply with the regulatory enforcement order may result in additional adverse regulatory action. These events raise substantial doubt about the Company's ability to continue as a going concern. PRIME TIME INT'L: Wants to Buy Equipment Needed for Sale Closing ---------------------------------------------------------------- Prime Time International Company, et al., ask the Bankruptcy Court to authorize the purchase of equipment outside the ordinary course of business, and an amendment to the DIP facility to permit an increase in borrowed funds necessary to purchase equipment. The Debtors already won court approval to sell their assets on a going concern basis, and the parties are working towards closing the sale transaction. The buyer, Prime Time International Acquisition LLC, is obligated to close the sale transaction; however, the parties continue to pursue the issuance of licenses and permits that will allow the buyer to close and acquire the assets as a going concern. In this relation, Prime Time has a rare opportunity to purchase a 100mm HLP2 Packing Line to augment its manufacturing operations. There are several factors that compel Prime Time to seek approval for the purchase prior to closing, including: -- The singular availability of the high quality equipment which is being offered to Prime Time at a discounted purchase price; -- Significant long-term cost savings for Prime Time in its ongoing operations; -- An immediate need to meet orders and extend capacity; -- The ability to minimize further loss of market share to competitors; and -- The agreement of the current DIP lender, who is also the purchaser of the assets of Prime Time, to increase the amount of the DIP loan to finance the purchase. Mark D. Thompson, vice president and controller of the Debtors, expressed support to the motion to purchase equipment, and amend approved postpetition financing order. On Dec. 16, 2014, the Court approved the Debtors' ability to incur postpetition debt and pay its existing DIP lender. The amendment provides for an increase of the amount available from $3,600,000 to $4,300,000 of the approved postpetition financing order. The Debtors on Nov. 10, 2014, conducted an auction for their assets. The Debtors received offers from two bidders: Prime Time International Acquisition LLC (the stalking horse), and one competing bidder. Each bid contained a component to provide DIP financing to the Debtors by December 15, 2014 pursuant to identical term sheets attached to their submitted bids. The Court's sale order approved the APA submitted by the Stalking Horse, including the terms of the proposed DIP Financing. The DIP financing provided for a credit line of up to 3,600,000. About Prime Time International Prime Time International Company, formerly known as Single Stick Inc., manufactures and distributes cigarettes and little cigars. PTIC has two wholly-owned subsidiaries: USA Tobacco, which distributes PTIC's products, and 21st Century Brands, LLC, which distributes non-tobacco consumer products. Annual sales are $40 million and the company's products are in 100,000 convenience stores in North America. The company has direct accounts with each of the top 25 largest convenience store distributors in the United States. Prime Time and its two subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Ariz. Lead Case No. 14-03518) in Phoenix on March 15, 2014. The Debtors have tapped Greenberg Traurig as attorneys, Odyssey Capital Group, LLC, as financial advisors, and Schian Walker, P.L.C., as conflicts counsel. The Debtors disclosed $26.8 million in total assets and $23.4 million in total liabilities as of Jan. 31, 2014. PROQUEST LLC: Moody's Ba2 CFR Unaffected by $15MM Add-On Loan ------------------------------------------------------------- Moody's Investors Service said that ProQuest LLC's $15 million add on term and $15 million revolver increase will not impact the existing B2 corporate family rating, the Ba2 rating on the First Out revolving credit facility or the B2 rating on the 1st lien term loan. The outlook remains stable. The add on term loan, a draw on the revolver, and cash from the balance sheet are expected to help fund the acquisition of Coutts Information Services (Coutts) and MyiLibrary from Ingram Content Group. Headquartered in Ann Arbor, Michigan, ProQuest LLC (ProQuest) aggregates, creates, and distributes academic and news content serving academic, corporate and public libraries worldwide. Cambridge Information Group (CIG) acquired the ProQuest Information and Learning business of Voyager Learning Company (fka ProQuest Company) in February 2007 and merged it with its Cambridge Scientific Abstracts, Limited Partnership (CSA) business to form ProQuest. In conjunction with the transaction, ABRY Partners acquired a 20% stake in ProQuest with CIG contributing CSA for the remaining 80% voting interest and a cash distribution. Goldman Sachs Partners (Goldman) acquired ABRY's ownership position as well as additional ownership units in November 2013. Annual revenue as of Q4 2014 was over $500 million. QUALITY LEASE: Court Extends Plan Exclusive Period to June 1 ------------------------------------------------------------ The Hon. David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas extended the exclusive period of Quality Lease and Rental Holdings LLC and its debtor-affiliates to confirm a Chapter 11 plan of reorganization until June 1, 2015. The Debtors related that they timely filed their joint Chapter 11 plan and joint Chapter 11 disclosure statement on March 2, 2015, during their exclusivity period. The Debtors said they subsequently filed a joint first amended Chapter 11 plan and a joint first amended disclosure statement on March 30, 2015. Debtors' exclusivity period to confirm a plan expires May 1, 2015. A confirmation hearing on Debtors' plan is scheduled for May 11, 2015, after the expiration of the exclusivity period to confirm a plan. The Debtors' current plan filing deadline expired on May 1, 2015. About Quality Lease and Rental Holdings Quality Lease and Rental Holdings, LLC, doing business as Rocaceia Energy Services, sought bankruptcy protection in Victoria, Texas (Bankr. S.D. Tex. Case No. 14-60074) on Oct. 1, 2014. Related entities Quality Lease Rental Service, LLC, Quality Lease Service, LLC, and Rocaceia, LLC also sought bankruptcy protection (Case Nos. 14-60075 to 14-60077). The cases are assigned to Judge David R Jones. The Debtors have tapped Walter J. Cicack, Esq., at Hawash Meade Gaston Neese & Cicack LLP, in Houston, as counsel. The U.S. Trustee for Region 7 was unable to solicit sufficient interest to form a committee that will represent unsecured creditors of the Debtors. QUICKSILVER RESOURCES: U.S. Trustee Forms Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 appointed five creditors of Quicksilver Resources Inc. to serve on the official committee of unsecured creditors. The unsecured creditors' committee is composed of: (1) Ares Special Situations Fund IV L.P. Attn: Steve T. Kim 2000 Avenue of the Stars, 12th Floor Los Angeles, CA 90067 Phone: 310-921-7217 Fax: 310-201-4170 (2) Trunkline Gas Company LLC Attn: Chip Ingham 1300 Main St. Houston, TX 77002 Phone: 713-989-7021 Fax: 713-989-1208 (3) Wilmington Trust, National Association Attn: Peter Finkel 50 South Sixth St., Ste. 1290, Minneapolis, MN 55402 Phone: 612-217-5629 Fax: 612-217-5651 (4) Delaware Trust Company as Indenture Trustee Attn: Sandra E. Horwitz 2711 Centerville Rd. Wilmington, DE 19808 Phone: 877-374-6010 x 62412 Fax: 302-636-8666 (5) U.S. Bank N.A. as Indenture Trustee Attn: Sandra Spivey 2300 W. Sahara, Ste. 200 Las Vegas, NV 89102 Phone: 702-251-1656 Fax: 702-251-1660 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Quicksilver Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and production company engaged in the development and production of long-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader in the development and production from unconventional reservoirs including shale gas, and coal bed methane. Following more than 30 years of operating as a private company, Quicksilver became public in 1999. The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank, Montana. The Company's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. On March 17, 2015, Quicksilver Resources Inc. and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in Delaware. The Debtors are seeking joint administration under the main case, In re Quicksilver Resources Inc. Case No. 15-10585. Quicksilver's Canadian subsidiaries were not included in the chapter 11 filing. The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Richards Layton & Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc. is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent. The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion in total assets, $2.35 billion in total liabilities and total stockholders' deficit of $1.14 billion. QUICKSILVER RESOURCES: US Trustee to Schedule Another 341 Meeting ----------------------------------------------------------------- The U.S. trustee overseeing Quicksilver Resources Inc.'s Chapter 11 case will continue the meeting of creditors to another date, which is yet to be determined by the agency. The bankruptcy watchdog held a meeting of creditors on April 27, 2015, according to the case docket for Quicksilver Resources. 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 Quicksilver Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and production company engaged in the development and production of long-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader in the development and production from unconventional reservoirs including shale gas, and coal bed methane. Following more than 30 years of operating as a private company, Quicksilver became public in 1999. The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank, Montana. The Company's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. On March 17, 2015, Quicksilver Resources Inc. and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in Delaware. The Debtors are seeking joint administration under the main case, In re Quicksilver Resources Inc. Case No. 15-10585. Quicksilver's Canadian subsidiaries were not included in the chapter 11 filing. The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Richards Layton & Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc. is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent. The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion in total assets, $2.35 billion in total liabilities and total stockholders' deficit of $1.14 billion. REGENCY ENERGY: S&P Raises Corp. Credit Rating From 'BB' -------------------------------------------------------- Standard & Poor's Ratings Services said it raised its corporate credit rating on Regency Energy Partners L.P. to 'BBB-' from 'BB'. S&P also raised the rating on the partnership's senior unsecured debt to 'BBB-' from 'BB'. S&P removed all ratings from CreditWatch, where it placed them with positive implications on Jan. 26, 2015. The outlook is stable. S&P views Regency as a core subsidiary of ETP and therefore equalize the ratings. As such, when analyzing Regency, S&P focuses on ETP's consolidated credit profile. S&P expects that ETP will fully assimilate Regency's assets its operations, and that management will run the new combined company as an integrated operation. "Further demonstrating ETP's support for Regency, it will guarantee all of Regency's debt, which will enjoy pari passu status with existing and future ETP senior debt," said Standard & Poor's credit analyst Nora Pickens. Pro forma for Regency, ETP's business risk profile remains "strong", reflecting: -- The solid competitive position of its natural gas and liquids pipelines, gathering and processing, and storage businesses; -- Its significant scale and diversity; and -- The stability of its mostly fee-based cash flows. The stable outlook on ETP reflects S&P's expectation that the partnership's pro forma debt to EBITDA ratio will be in the 4x to 4.5x area. S&P also expects the partnership to successfully integrate Regency's operations and manage and finance its capital spending program while keeping an "adequate" liquidity position. ROCKET SOFTWARE: Moody's Alters Outlook to Stable & Affirms B2 CFR ------------------------------------------------------------------ Moody's Investors Service changed Rocket Software, Inc.'s outlook to Stable from Negative and affirmed the company's B2 corporate family rating and B2-PD probability of default. The B2 rating is driven by Rocket's strong EBITDA margins (estimated at close to 40%) and strong levels of free cash flow but offset by the company's willingness to aggressively use debt to fund equity distributions and acquisitions. The B2 rating continues to reflect the company's niche position providing infrastructure software and tools for mainframe and distributed markets, longstanding supply relationship with a major OEM supplier, and relatively high proportion of recurring revenues. The company has modest organic growth prospects however and the company looks to strategic acquisitions for growth and improved market position. The company is expected to use its free cash flow to fund acquisitions and occasionally use debt to supplement internally generated cash. The outlook change to Stable from Negative reflects the expectation that leverage will remain under 6x over the near term. Moody's changed the outlook to Negative on April 23, 2014 when the company announced it was considering a debt financed that would have increased leverage to 6.5x. Rocket's ratings could face downward pressure if leverage were to exceed 6.5x or free cash flow to debt were to fall below 6% on other than a temporary basis. Moreover, the ratings could be downgraded if Rocket were to lose a critical business partner or face a significant deterioration in business prospects. A ratings upgrade is unlikely in the near to medium term given the aggressive financial policies of the owners. However, the ratings could face upward pressure if the company continues to grow organically and demonstrate a commitment to conservative financial policies, including maintaining leverage below 4.25x. Liquidity is expected to be good driven by $11 million of cash on hand and a $25 million revolver (approximately $18 million available as of December 31, 2014) and expectation of over $50 million in free cash flow over the next year. Outlook Actions: Issuer: Rocket Software, Inc -- Outlook, Changed To Stable From Negative Affirmations: Issuer: Rocket Software, Inc -- Probability of Default Rating, Affirmed B2-PD -- Corporate Family Rating, Affirmed B2 -- First Lien Senior Secured Bank Credit Facility, Affirmed B1 (LGD3) -- Second Lien Senior Secured Bank Credit Facility, Affirmed Caa1 (LGD6) The principal methodology used in these ratings was Global Software Industry published in October 2012. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Rocket Software Inc. is a provider of IT management software tools. The company, based in Waltham, MA, generated approximately $296 million in revenue in 2014. SABINE PASS: Posts $61.7 Million Net Income in First Quarter ------------------------------------------------------------ Sabine Pass LNG, L.P. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $61.74 million on $130.84 million of total revenues for the three months ended March 31, 2015, compared to net income of $64.27 million on $130.73 million of total revenues for the same period in 2014. As of March 31, 2015, the Company had $1.63 billion in total assets, $2.23 billion in total liabilities and a $602.38 million partners' deficit. As of March 31, 2015, the Company had $7.7 million of cash and cash equivalents and $129.1 million of current and non-current restricted cash and cash equivalents, which is restricted to pay interest on the Senior Notes. A copy of the Form 10-Q is available for free at: http://is.gd/stQqHB About Sabine Pass Sabine Pass LNG, L.P. owns, develops and operates an LNG receiving and regasification terminal in western Cameron Parish, Louisiana. Based in Houston, the Company's LNG terminal includes existing infrastructure of five LNG storage tanks with 16.9 Bcfe capacity, two docks that can hold vessels up to 265,000 cubic meters, and vaporizers with capacity of 4.0 Bcf/d. SEARS HOLDINGS: Creates Joint Venture with Macerich Company ----------------------------------------------------------- Sears Holdings Corporation and The Macerich Company have formed a joint venture as part of Sears Holdings' continued efforts to enhance its financial flexibility and generate value from its real estate portfolio. Sears Holdings contributed nine properties where Sears currently operates stores located at Macerich malls to the JV, including property with space leased to third parties. Sears Holdings will lease back from the JV and continue to operate existing Sears Holdings stores at the properties contributed to the JV. Macerich contributed $150 million in cash to the JV, which has been distributed to Sears Holdings. The lease arrangements between Sears Holdings and the JV provide the JV with the ability to create additional value through recapturing certain space leased to Sears Holdings in the contributed properties and re-leasing that space to third-party tenants. "Since the filing of the registration statement for Seritage Growth Properties a few weeks ago, we have entered into JV agreements with the leading mall operators in the U.S., demonstrating the value of Sears Holdings' real estate portfolio," said Edward S. Lampert, chairman and CEO of Sears Holdings. "We are pleased to be in a position to unlock substantial value for Sears Holdings shareholders and further facilitate the company’s transformation. Through these transactions, we have additional capital to invest in our membership and integrated retail platforms. We will continue to operate these nine stores and there will be minimal impact on their day-to-day operations or the overall shopping experience for our members." Arthur Coppola, Chairman and CEO of Macerich, stated, "This new joint venture with Sears Holdings is in line with our overall strategy of reinvesting capital into our portfolio of proven, highly profitable locations. The nine properties being contributed to the JV are located at centers with average in-line sales of $680 per square foot and include some of our top centers including Washington Square, Los Cerritos Center, Arrowhead Towne Center, Vintage Faire Mall, Danbury Fair Mall, Chandler Fashion Center, Freehold Raceway, Deptford Mall and South Plains Mall. Through ongoing space optimization, we expect this transaction to create significant value for shoppers, tenants and shareholders alike." Transaction Structure The total purchase price for the 9 properties in the transaction is $300 million. In exchange for $150 million and a 50% JV interest, Sears Holdings contributed to the JV the 9 properties located at Macerich malls where Sears Holdings currently operates stores. Macerich contributed $150 million in cash for its 50% JV interest, which has been distributed to Sears Holdings in accordance with the terms of the agreements between the parties. Proposed Relationship with Seritage Growth Properties On April 1, 2015, Seritage Growth Properties, a real estate investment trust formed by Sears Holdings, filed a registration statement on Form S-11 with the Securities and Exchange Commission, providing for a planned distribution of subscription rights to purchase Seritage shares to Sears Holdings stockholders. Shortly following the consummation of the rights offering, Sears Holdings expects Seritage to purchase its 50% JV interest for a price equal to that paid by Macerich for its JV interest. Other Terms The JV will lease back existing stores to Sears Holdings under a triple-net master lease agreement, with a ten year initial term and two five-year renewal options. Sears Holdings' initial base rent under the Master Lease will be approximately $14.8 million. Under the Master Lease, the JV has the ability to recapture a specified portion of the space leased to Sears Holdings. Following such recapture, the JV will be able to re-lease this space to other parties at potentially higher rents. The recapture provisions and termination rights within the Master Lease will enable Sears Holdings to continue its transformation into a more asset-light retailer with less dependence on physical store locations, and will allow the JV to create additional value through the re-configuration and re-development of its properties. Sears Holdings and Macerich will have equal representation on the executive committee that will govern the JV. About Sears Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- is an integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve members. Sears Holdings is home to Shop Your Waytm, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with more than 2,000 full- line and specialty retail stores in the United States and Canada. Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on Jan. 22, 2002. Kmart emerged from chapter 11 protection on May 6, 2003, pursuant to the terms of an Amended Joint Plan of Reorganization. Skadden, Arps, Slate, Meagher & Flom, LLP, represented Kmart in its restructuring efforts. Its balance sheet showed $16,287,000,000 in assets and $10,348,000,000 in debts when it sought chapter 11 protection. Kmart bought Sears, Roebuck & Co., for $11 billion to create the third-largest U.S. retailer, behind Wal-Mart and Target, and generate $55 billion in annual revenues. Kmart completed its merger with Sears on March 24, 2005. For the year ended Jan. 31, 2015, the Company reported a net loss attributable to Holdings' shareholders of $1.68 billion compared to a net loss attributable to Holdings' shareholders of $1.36 billion for the year ended Feb. 1, 2014. As of Jan. 31, 2015, the Company had $13.20 billion in total assets, $14.15 billion in total liabilities and a $945 million total deficit. * * * Moody's Investors Service in January 2014 downgraded Sears Holdings Corporate Family Rating to 'Caa1' from 'B3'. The rating outlook is stable. The downgrade reflects the accelerating negative performance of Sears' domestic business with comparable sales falling 7.4% for the quarter to date ending January 6th, 2014 compared to the prior year. The company now expects domestic Adjusted EBITDA to decline to a range of ($80 million) to $20 million for the fourth fiscal quarter, compared with $365 million in the year prior period. For the full year, Sears expects domestic Adjusted EBITDA loss between $(308) million and $(408) million, as compared to $557 million last year. Moody's expects full year cash burn (after capital spending, interest and pension funding) to be around $1.2 billion in 2013 and we expect Sears' cash burn to remain well above $1 billion in 2014. "Operating performance for fiscal 2013 is meaningfully weaker than our previous expectations, and we expect negative trends in performance to persist into 2014" said Moody's Vice President Scott Tuhy. He added "While Sears noted improved engagement metrics for its "Shop Your Way" Rewards program, Moody's remains uncertain when these improved engagement metrics will lead to stabilization of operating performance." As reported by the TCR on March 26, 2014, Standard & Poor's Ratings Services affirmed its ratings on the Hoffman Estate, Ill.- based Sears Holdings Corp., including the 'CCC+' corporate credit rating. Fitch Ratings had downgraded its long-term Issuer Default Ratings (IDR) on Sears Holdings Corporation (Holdings) and its various subsidiary entities (collectively, Sears) to 'CC' from 'CCC', according to a TCR report dated Sept. 12, 2014. SIGA TECH: Committee Seeks to Hire Special Litigation Co-Counsel ---------------------------------------------------------------- The statutory creditors' committee appointed in the Chapter 11 case of SIGA Technologies Inc. asks the U.S. Bankruptcy Court for the Southern District of New York to employ and retain the joint venture of the law firms of Susman Godfrey L.L.P. and Ressler & Ressler its as special litigation co-counsel. A hearing is set for May 13, 2015, at 11:00 a.m. (Eastern Time) in Room 701, One Bowling Green in New York. Objections was due on May 6, 2015. The firms will: a) investigate potential estate causes of action that may exist against current and former officers, directors, control parties, and affiliates of SIGA, including without limitation with respect to the matters referenced in the Rule 2004 Motion; b) report the results of the investigation to the Committee, and recommend to the Committee whether actions should be brought by the Committee, on behalf of SIGA; and c) prosecute those actions, as directed by the Committee, should the Committee obtain Court approval to bring the actions the Joint Venture recommends on behalf of SIGA. Susman' hourly rates for professionals and paraprofessionals: Partners $500-$1,200 Counsel N/A Associates $275-$500 Paraprofessionals $80-$270 Ressler & Ressler's hourly rates for professionals and paraprofessionals: Partners $550-$650 Counsel $500 Associates $250 Paraprofessionals $125 The Committee assures the Court that the firms are "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Susman can be reached at: Shawn J. Rabin, Esq. Susman Godfrey L.L.P. 560 Lexington Avenue, 15th Floor New York, NY 10022 Tel: (212) 336-4330 Fax: (212) 336-4340 Email: srabin@susmangodfrey.com Ressler & Ressler can be reached at: Ellen R. Werther, Esq. Ressler & Ressler 48 Wall St # 26 New York, NY 10005 Tel: (212) 695-6446 Email: ewerther@resslerlaw.com About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $131,669,746 and $7,954,645 in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at PROSKAUER ROSE LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SIGA TECH: Wants Court to Extend Plan Filing Deadline to Sept. 13 ----------------------------------------------------------------- SIGA Technologies Inc. asks the Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusive periods to: a) file a Chapter 11 plan until Sept. 13, 2015; and b) solicit acceptances of that plan until Nov. 30, 2015. The Debtor's current plan filing deadline will expire on May 14, 2015, absent an extension. A hearing is set for May 13, 2015, at 11:00 a.m. (Eastern Time) in Room 701, One Bowling Green in New York. Objections were due May 6, 2015. The Debtor tells the Court that the extension of its exclusive periods in its Chapter 11 case as requested is appropriate, in the best interest of its economic stakeholders, including its more than 5,500 public shareholders, and consistent with the intent and purpose of Chapter 11 of the Bankruptcy Code. The Debtor notes the pendency of its appeal before the Delaware Supreme Court, which would be fully briefed by May 11, 2015, in the action commenced by PharmAthene in the Delaware Court of Chancery, styled PharmAthene, Inc. v. SIGA Technologies, Inc., Civ. Action No. 2627-VCP, in and of itself constitutes more than ample cause for the requested extensions. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $131,669,746 and $7,954,645 in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at PROSKAUER ROSE LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SIGA TECHNOLOGIES: May 13 Hearing on Bid to Disband Committee ------------------------------------------------------------- The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York scheduled a hearing on May 13, 2015, at 11:00 a.m. (Eastern Time) at One Bowling Green in New York, New York, to consider approval of the request to disband the official committee of unsecured creditors. The request was filed by SIGA Technologies Inc. Objections to the Debtor's request were due May 6, 2015. The Debtor tells Judge Lane, as a result of the Court's recent approval of its bid to assume a contract with Albemarle Corporation, the committee shortly will consist of one creditor, PharmAthene Inc. In addition to the fact that having a "committee" of one is a completely anomalous situation and totally antithetical to the express terms and intent of the Bankruptcy Code, PharmAthene should not be permitted to use a statutory fiduciary, the professional fees and expenses of which are funded by the Debtor's estate, to pursue its own parochial interests against its litigation adversary. According to the Debtor, it is inherently improper and incongruous for a debtor to be funding an official committee comprised of one creditor that has been the Debtor's adversary in litigation for more than eight years and that already has demonstrated its lack of concern for the Committee's fiduciary duties. The Debtor adds PharmAthene has more than adequate resources and is more than capable of representing its own interests in this case. The Committee should no longer be used as PharmAthene's pretext. Nor should the Debtor’s other economic stakeholders continue to suffer the burden of paying PharmAthene's legal fees and expenses. The Debtor says the Committee is no longer needed or appropriate. Its estate and other parties in interest should not be compelled to bear the substantial expenses of a party that is entirely capable of representing its own interests, that has demonstrated that it is pursuing its own agenda, and is impeding rather than promoting an effective and viable reorganization. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $131,669,746 and $7,954,645 in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at PROSKAUER ROSE LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SOLAR POWER: Unit to Buy All-Zip for RMB275 Million --------------------------------------------------- Solar Power, Inc. and Meitai Investment (Suzhou) Co., Ltd., a wholly owned subsidiary of the Company, entered into a share purchase agreement with Shanghai All-Zip Roofing System Group Co., Ltd., a company established in China, and all of its shareholders for the acquisition of 100% of the equity interest in All-Zip, according to a Form 8-K filed with the Securities and Exchange Commission. Pursuant to the Share Purchase Agreement, Meitai Investment agreed to purchase from the All-Zip Sellers 100% of the equity interest in All-Zip for an aggregate consideration of RMB275 million to be settled with the Company's shares of common stock at $2.38 per share. A copy of the Share Purchase Agreement is available for free at: http://is.gd/w8BOlz About Solar Power Roseville, Cal.-based Solar Power, Inc., is a global solar energy facility developer offering its own brand of high- quality, low-cost distributed generation and utility-scale SEF development services. Primarily, the Company works directly with and for developers around the world who hold large portfolios of SEF projects for whom it serves as an engineering, procurement and construction contractor. The Company also performs as an independent, turnkey SEF developer for one-off distributed generation and utility-scale SEFs. Solar Power reported a net loss of $5.19 million in 2014, a net loss of $32.2 million in 2013 and a net loss of $25.4 million in 2012. As of Dec. 31, 2014, the Company had $588 million in total assets, $326 million in total liabilities, and $262 million in total stockholders' equity. SPECTRUM BRANDS: Appeals Court Affirms Judgment on Pedroia Claim ---------------------------------------------------------------- The California Court of Appeals, First District, Division Five, in its April 14, 2015 Decision, in the case docketed as SANDRA PEDROIA, Plaintiff and Appellant, v. SPECTRUM BRANDS, INC., Defendant and Respondent, NO. A141610, affirmed the Judgment rendered by the trial court. Sandra Pedroia claims that the trial court made the following errors: (1) in concluding that her complaint was untimely, due to the tolling of the statute of limitations under Code of Civil Procedure section 356 for a bankruptcy stay; (2) in rejecting her theories of equitable tolling, equitable estoppel, and implied tolling; and (3) improperly prohibited an attorney, who was not her attorney of record, from presenting oral argument on her behalf at the motion hearing. Justice Henry E. Needham Jr. ruled that when Spectrum filed for bankruptcy on February 3, 2009, the automatic stay period was commenced. The order confirming the Debtor's plan and discharging Spectrum, dated July 15, 2009, ended the stay period. The automatic stay period was a total of 162 days, which, if added to the end of the two-year limitations period, May 30, 2009, would yield a mandatory filing date of November 8, 2009. Pedroia, however, did not file her complaint until January 2010, which deems it untimely. Pedroia contended that the trial court should have accepted her theories of equitable tolling, equitable estoppel, and implied tolling. The Court concluded that she had failed to establish error. Justice Needham further ruled that even if the court should have allowed lawyer John Henning to appear specially on behalf of Pedroia, "it would not have been required to allow him to argue, since neither Pedroia nor anyone on her behalf gave timely notice to the court and Spectrum's counsel of an intent to oppose the tentative ruling. And even if Henning had been allowed to argue on Pedroia's behalf, there is no indication in the record -- or even in Pedroia's appellate briefs -- that it would have made any difference. The motion for judgment on the pleadings was fully briefed, and any argument by Henning would have been limited by those briefs. Pedroia does not explain what Henning would have argued if given the chance, or why it possibly could have resulted in a different outcome. Indeed, the arguments presented by Henning in this appeal as Pedroia's appellate counsel have no merit whatsoever." A copy of Justice Needham's Decision is available at http://is.gd/Y3IagO from Leagle.com. About Spectrum Brands Headquartered in Middleton, Wisconsin, Spectrum Brands, Inc. ("Spectrum Brands") is a global consumer products company with a diverse product portfolio including small appliances, consumer batteries, lawn and garden, electric shaving and grooming, residential locksets, pet supplies and household insect control. Spectrum Brands, Inc., and 13 subsidiaries filed separate Chapter 11 petitions on February 3, 2009 (Bankr. W.D. Tex. Lead Case No. 09-50455). The Hon. Ronald B. King presided over the cases. Lawyers at Vinson & Elkins LLP served as the Debtors' counsel. Sutherland Asbill & Brennan LLP acted as special counsel; Perella Weinberg Partners LP, served as financial advisor; Deloitte Tax LLP acted as tax consultant; and Logan & Company Inc. served as claims and noticing agent. An official committee of equity security holders -- composed of Mittleman Brothers, LLC, Ralston H. Coffin, Cookie Jar LLC and the Peter and Karen Locke Living Trust -- was appointed by the U.S. Trustee in Spectrum's bankruptcy cases on March 11, 2009. The Equity Committee has tapped Alston & Bird LLP as its bankruptcy counsel. At the time of the bankruptcy filing, Spectrum Brands had roughly $2.2 billion in total assets and $3.2 billion in total liabilities. On July 15, 2009, the U.S. Bankruptcy Court for the Western District of Texas entered a written order confirming the Company's joint plan of reorganization. On July 15, the official committee of equity security holders appointed in the Chapter 11 cases appealed the confirmation order. By order dated August 19, the Fifth Circuit Court of Appeals lifted this stay. On August 28, the Company emerged from bankruptcy. SPIG INDUSTRY: U.S. Trustee Forms Creditor's Committee ------------------------------------------------------ The U.S. Trustee for Region 4 appointed two creditors of Spig Industry LLC to serve on an official committee of unsecured creditors: (1) Mike Borzych Feralloy Corp. 8755 W. Higgins Rd. Suite 970 Chicago, IL 60631 (2) Marcile Staub AZZ Galvanizing 1800 West 21st Street Tulsa, OK 74137 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Spig Industry Spig Industry, LLC, a Bristol, Virginia-based manufacturer of guard rails, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Va. 15-70310) in Roanoke, Virginia, on March 16, 2015, with $21.0 million in assets against $11.7 million in debt. The case is assigned to Judge Paul M. Black. The Debtor tapped Robert Tayloe Copeland, Esq., at Copeland Law Firm, P.C., in Abingdon, Virginia, serves as counsel. SPIRIT MOUNTAIN: Case Summary & 8 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Spirit Mountain Group, Inc. 2935 N. Arkansas Street Rogers, AR 72756 Case No.: 15-71244 Chapter 11 Petition Date: May 5, 2015 Court: United States Bankruptcy Court Western District of Arkansas (Fayetteville) Judge: Hon. Ben T Barry Debtor's Counsel: Donald A. Brady, Jr., Esq. BLAIR & BRADY ATTORNEYS AT LAW 109 N. 34th Street P. O. Box 1715 Rogers, AR 72756 Tel: (479) 631-0100 Fax: (479) 631-8052 Email: email@johnmblair.com Total Assets: $469,138 Total Liabilities: $2.34 million The petition was signed by Wanda Munson, president. A list of the Debtor's eight largest unsecured creditors is available for free at http://bankrupt.com/misc/arwb15-71244.pdf T-L BRYWOOD: RCG Ventures' Plan Disclosures Hearing on May 21 ------------------------------------------------------------- Judge J. Philip Klingeberger will convene a hearing on May 21, 2015, at 11:00 a.m. to consider the adequacy of the information in the disclosure statement explaining creditor RCG-KC Brywood, LLC's proposed plan for T-L Brywood LLC. Objections are due May 14. RCG-KC Brywood, an entity formed by RCG Ventures Distressed Real Estate Opportunity Fund, LP, has filed a plan that provides for the reorganization of the Debtor through, among other things, a substantial cash infusion from RCG, the Debtor's largest secured creditor and its prepetition lender, in exchange for a cancellation of all current Equity Interests in the Debtor and the issuance of shares in the Reorganized Debtor in favor of RCG. RCG, as proponent of the RCG Plan, believes that the RCG Plan provides better treatment for creditors of the Debtor than would be obtained either in a liquidation or approval of the Debtors' First Amended Joint Plan of Reorganization (the "Debtors' Plan"). Because RCG has agreed to make substantial payments to all stakeholders -- other than existing equity -- the Plan provides greater and quicker distributions of available cash to unsecured creditors of the Debtor than creditors would receive in either a liquidation of the Debtor or consummation of the Debtors' Plan. In addition, RCG has agreed, in accordance with the RCG Plan, to convert its unsecured deficiency claim to equity in the Reorganized Debtor. The RCG Plan offers to treat claims and interests as follows. -- The Class 1 RCG Secured Claim of $8.35 million will be paid in full 5 years after the Effective Date. The class is impaired. Projected recovery: 100% -- The Class 2 RCG Unsecured Deficiency Claim estimated at $3.91 million will be converted to 100% of the new equity interests in the Reorganized Debtor. The class is impaired. Projected recovery: 12.79% -- The holder of the Class 3 Jackson County Secured Claim of $85,000 will receive cash equal to the unpaid portion of the claim. The class is unimpaired. Projected recovery: 100% -- Holders of Class 4 General Unsecured Claims totaling $135,000 will receive cash equal to the unpaid portion of the face value of the general unsecured claims. The class is impaired. Projected recovery: 100% -- The holder of the Class 5 Planet Fitness Claim totaling $200,000 will receive rent reduction of $200,000 to be divided into 12 monthly installment credits against rent obligations. The class is impaired. Projected recovery: 100% -- The holders of the Class 6 Mesirow Note Claim of $1 million will receive $600,000 in cash on the effective date of the Plan. The class is impaired. Projected recovery: 60% -- The holders of Class 7 insider claims totaling $1 million will receive new notes in an amount equal to 50% of the allowed insider claims. The class is impaired. Projected recovery: 50% -- Holders of Class 8 equity interests won't receive any distributions. The class is impaired. Projected recovery: 0% All impaired classes -- other than the holders of insider claims and the equity holders -- are entitled to vote to accept or reject the Plan. Holders of equity interests are deemed to reject the Plan as they won't be receiving anything. Pursuant to Section 1129(a)(10) of the Bankruptcy Code, acceptances of the Plan by insiders are not considered in determining whether a class of Claims has accepted the Plan and, accordingly, holders of Class 7 Insider Claims will not be solicited for acceptances of the Plan. A copy of the RCG Disclosure Statement filed April 3, 2015, is available for free at: http://bankrupt.com/misc/T-L_Brywood_DS_RCG.pdf A copy of the RCG Plan, as amended April 14, 2015, is available for free at: http://bankrupt.com/misc/T-L_Brywood_1st_Am_Plan_RCG.pdf RCG-KC Brywood's attorneys can be reached at: David J. Fischer, Esq. Phillip W. Nelson, Esq. Yeny C. Estrada, Esq. LOCKE LORD LLP 111 South Wacker Drive Chicago, IL 60606 Telephone: 312-201-2000 Facsimile: 312-201-2555 E-mail: david.fischer@lockelord.com phillip.nelson@lockelord.com yeny.estrada@lockelord.com About T-L Brywood T-L Brywood LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Ill. Case No. 12-09582) on March 12, 2012. The case was transferred to the U.S. Bankruptcy Court for the Northern District of Indiana (Case. 13-21804) on May 14, 2013. The petition was signed by Richard Dube, president of Tri-Land Properties, Inc., manager. Judge Donald R. Cassling oversees the case. T-L Brywood owns and operates a commercial shopping center known as the "Brywood Centre" -- http://www.brywoodcentre.com/-- in Kansas City, Missouri. The property encompasses roughly 25.6 acres and comprises 183,159 square feet of retail space that is occupied by 12 operating tenants. The occupancy rate for the Property is approximately 80%. The Debtor disclosed total assets of $16.7 million and total liabilities of $14.0 million in its schedules. The Debtor is represented by David K. Welch, Esq., Arthur G. Simon, Esq., and Jeffrey C. Dan. Esq., at Crane, Heyman, Simon, Welch & Clar, in Chicago. The Debtor and creditor RCG-KC Brywood, LLC, have filed competing plans in the Chapter 11 case. TRANSDIGM INC: Moody's Affirms 'B2' CFR, Outlook Stable ------------------------------------------------------- Moody's Investors Service affirmed the ratings, including the B2 Corporate Family Rating and the B2-PD Probability of Default rating of TransDigm, Inc. Concurrently, Moody's affirmed the Ba3 ratings on the company's $420 million senior secured revolver due 2018 and the $825 million senior secured term loan D facility due 2021, and assigned a Caa1 rating to the new $450 million senior subordinated notes due 2025. Proceeds from the transaction will be used to finance the $500 million acquisition of Pexco Aerospace and to replenish balance sheet cash. The rating outlook remains stable. Issuer: TransDigm, Inc. The following ratings were affirmed: -- Corporate Family Rating, affirmed at B2 -- Probability of Default Rating, affirmed at B2-PD -- $420 million senior secured revolver due 2018, to be upsized to $500 million, affirmed Ba3 (LGD2) -- $500 million ($490 million outstanding) senior secured term loan B due 2017, affirmed Ba3 (LGD2) -- $2,600 million ($2, 553 million outstanding) senior secured term loan C due 2020, affirmed Ba3 (LGD2) -- $825 million ($821 million outstanding) senior secured term loan D due 2021, to be upsized to $1,275 million, affirmed Ba3 (LGD2) -- $550 million senior subordinated notes due 2020, affirmed Caa1 (LGD5) -- $500 million senior subordinated notes due 2021, affirmed Caa1 (LGD5) -- $1,150 million senior subordinated notes due 2022, affirmed Caa1 (LGD5) -- $1,200 million senior subordinated notes due 2024, affirmed Caa1 (LGD5) -- Speculative grade liquidity rating at SGL-1 -- Rating outlook, Stable The following ratings were assigned: -- $450 million senior subordinated notes due 2025, assigned Caa1 (LGD5) The B2 corporate family rating reflects TransDigm's high tolerance for financial risk, elevated leverage levels, and a track-record of aggressive debt-financed acquisitions and shareholder distributions. These considerations are partially tempered by TransDigm's focus on the highly profitable aerospace aftermarkets, the sole-source nature of many of its products, and its strong liquidity profile. This liquidity position coupled with TransDigm's high margins, afford the company some of the financial flexibility necessary to manage its large debt burden. Moody's view TransDigm's sizable and growing installed base of products across multiple platforms and carriers, along with its focus on the profitable aftermarket business, as adding stability to the company's revenue stream. TransDigm derives about 55% of its sales and in excess of 75% of its EBITDA from the aftermarket segment which serves to partially mitigate the risks associated with the cyclical nature of the industry. The entirely debt-financed acquisition of Pexco is aggressive and is expected to result in pro forma Moody's adjusted Debt-to-EBITDA of about 7.1x (or 8.0x excluding debt refinancing, acquisition, or non-cash compensation costs). These leverage levels place TransDigm firmly at the weaker end of the rating category and will constrain financial flexibility over the next 12 months. The stable outlook reflects expectations that TransDigm will delever over the coming quarters through continued EBITDA growth and that the company will not make dividends or significant debt-financed acquisitions in the near-term. The SGL-1 speculative grade liquidity rating denotes a strong liquidity profile. TransDigm has a record of generating robust free cash flows (CFO less capex) driven by the company's high margin aftermarket business, modest levels of capital expenditures (expected to remain around $50 million for the next year), and relatively muted working capital requirements. Pro forma March 2015 cash balances of $700 million and modest term loan annual amortization of approximately $43 million also support the liquidity profile. The SGL-1 rating also benefits from an undrawn $420 million revolver due 2018 (expected to be upsized to $500 million as part of the pending acquisition). The revolver contains a springing net leverage of 7.25x if usage under the facility exceeds 25% and Moody's expect the company to maintain ample room with respect to the covenant. A ratings upgrade is unlikely over the next 12 months given TransDigm's highly leveraged balance sheet and its aggressive financial policy. Likely drivers for an upgrade would include leverage sustained below 5.0x coupled with the maintenance of the company's industry leading margins and a continuation of the strong liquidity profile. The rating or outlook could come under pressure if TransDigm is unable to make steady progress in reducing leverage from the elevated levels resulting from the Pexco acquisition. Additional debt-financed dividends or acquisitions in the near-term would likely result in a downward rating action. A weakening outlook for commercial aerospace or military markets, sustained margin erosion, or a deteriorating cash flow/liquidity profile, would also pressure the rating or outlook downward. In order to avoid pressure on the rating the company will need to remain on a trajectory to achieve Debt-to-EBITDA approaching 6.5x with FCF-to-Debt above 7.0% by the end of 2015. The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. TRANSDIGM INC: S&P Rates New $450MM Subordinated Notes 'CCC+' ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC+' issue-level rating and '6' recovery rating to TransDigm Inc.'s proposed $450 million senior subordinated notes. The '6' recovery rating indicates S&P's expectation that noteholders will receive negligible recovery (0%-10%) in a payment default scenario. At the same time, S&P affirmed its 'B' issue-level rating on the company's existing $500 million revolver (being increased from $420 million). The '3' recovery rating on the revolver remains unchanged, indicating S&P's expectation for meaningful recovery (50%-70%; upper half of the range) in the event of a payment default. S&P also affirmed its 'B' issue-level rating on TransDigm's $1.271 billion term loan D (being upsized from $821 million). S&P's '3' recovery rating on the term loan is unchanged. The '3' recovery rating reflects S&P's expectation for meaningful recovery (50%-70%; upper half of the range) in the event of a payment default. TransDigm plans to use the proceeds from this transaction to finance planned acquisitions and increase the cash on its balance sheet, which will slightly increase its leverage. S&P's corporate credit rating on TransDigm reflects the company's leading positions in niche markets for highly engineered aircraft components, solid operating performance, efficient operations, and good product diversity, but also incorporates the risks associated with its exposure to the cyclical and competitive commercial aerospace industry. The company has adopted a more aggressive financial policy in recent years, demonstrating an appetite for high leverage, and S&P expects its credit measures to remain weak as TransDigm continues to use its excess cash and debt to fund acquisitions and periodic large special dividends, with debt-to-EBITDA remaining over 6.0x. However, the company continues to generate solid earnings and cash flows and high margins, which have partially offset its increased leverage. RECOVERY ANALYSIS Key Analytical Factors S&P completed a recovery analysis and affirmed its issue-level ratings on TransDigm's upsized $500 million revolver due 2018 and $1.271 billion first-lien term loan D due 2021. S&P also assigned its 'CCC+' issue-level rating and '6' recovery rating to the company's proposed $450 million senior subordinated notes. S&P's default scenario simulates a default occurring in 2018 as a result of a decline in global air travel due to weak economic conditions. S&P also believes its debtholders would achieve a higher recovery value through reorganization rather than a liquidation of the business. S&P assumed a higher emergence EBITDA to reflect impact of recent acquisitions. Simulated Default Assumptions -- Simulated year of default: 2018 -- EBITDA at Emergence: $550 million -- EBITDA Multiple: 6x Simplified Waterfall -- Net enterprise value (after 5% administrative costs): $3.135 billion -- Valuation split (obligors/nonobligors): 95%/5% -- Collateral value available to secured creditors: $2.943 billion -- Secured first-lien debt: $4.774 billion --Recovery expectations: 50%-70% (high end of the range) -- Total value available to unsecured claims: $54.9 million -- Structurally subordinated debt: $3.980 billion --Recovery expectations: 0%-10% Note: All debt amounts include six months of prepetition interest. Collateral value equals asset pledge from obligors after priority claims plus equity pledge from nonobligors after nonobligor debt. RATINGS LIST TransDigm Inc. Corporate Credit Rating B/Stable/-- Ratings Affirmed TransDigm Inc. $500 Mil. revolver B Recovery Rating 3H $1.271 Bil. term loan D B Recovery Rating 3H New Ratings TransDigm Inc. Proposed $450 Mil. sr subordinated notes CCC+ Recovery Rating 6 US SHALE: S&P Cuts Corp. Credit Rating to 'CC', Outlook Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on US Shale Solutions Inc. to 'CC' from 'CCC'. The outlook is negative. S&P also lowered the issue-level rating on the company's senior secured notes to 'CCC-' (one notch above the corporate credit rating) from 'CCC+'. The '2' recovery rating on the senior secured notes is unchanged, indicating S&P's expectation of substantial recovery (70% to 90%; upper half of range) to bondholders in the event of payment default. "We no longer expect U.S.-based oilfield services and infrastructure provider U.S. Shale Solutions to meet its financial obligations as they come due," said Standard & Poor's credit analyst John Rogers. "The company recently disclosed that it is evaluating strategic alternatives, including reducing or delaying capital spending, selling assets, seeking additional capital, refinancing, or restructuring," added Mr Rogers. S&P no longer expects US Shale's interest coverage ratio to be above 1x for year-end 2015 and anticipate the company will miss an interest payment or restructure its debt. In addition, S&P expects the company to breach its net leverage covenant within the next six months, which could lead to all notes becoming due and payable immediately. This is primarily based on S&P's expectations of weaker operational performance amid the volatile commodity price environment and the substantial reductions in exploration and production (E&P) capital spending programs. The negative outlook reflects S&P's view that a default is almost certain for US Shale. S&P could lower the rating if the company misses an interest payment, enters into a distressed exchange, or files for bankruptcy. S&P could consider a positive rating action if it believed the company would be able to meet its financial obligations. UTSTARCOM HOLDINGS: Delays Form 20-F Report Filing -------------------------------------------------- UTStarcom Holdings Corp. filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its annual report on Form 20-F for the year ended Dec. 31, 2014. The Company was unable to compile the necessary financial information required to prepare a complete filing in a timely manner without unreasonable effort or expense. The Company said it is investigating and assessing several control deficiencies noted recently that could be material weaknesses and needs more time to finalize its assessment on controls over financial reporting. The Company expects to file within the extension period. About UTStarcom, Inc. UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The Company's headquarters are currently in Alameda, California, with its research and design operations primarily in China. For the 12 months ended Dec. 31, 2014, the Company reported a net loss of $30.3 million on $129 million of net sales compared with a net loss of $22.7 million on $164 million of net sales during the previous year. As of Dec. 31, 2014, the Company had $279 million in total assets, $164 million in total liabilities, and $115 million in total equity. VIKING CRUISES: Moody's Assigns 'B1' CFR & Rates $250MM Notes 'B3' ------------------------------------------------------------------ Moody's Investors Service assigned a B3 rating to Viking Cruises, Ltd. proposed $250 million senior unsecured notes due 2025. At the same time, Moody's assigned Viking Cruises, Ltd. a B1 Corporate Family rating and a B1-PD Probability of Default rating. Moody's also affirmed the B3 rating on the existing $525 million 8.5% senior unsecured notes due 2022 issued by Viking Cruises, Ltd. The rating outlook remains stable. The proceeds of the proposed $250 million notes offering will be used to support the new ship construction at Viking Ocean Cruises Ltd, a wholly owned subsidiary of Viking Cruises. The assignment of the B1 Corporate Family Rating and B1-PD Probability of Default Rating acknowledges that all debt has been repaid at Viking Cruises parent company, MISA Investments Limited. Thus the Corporate Family Rating is being moved to Viking Cruises, Ltd. from MISA Investments Limited. The $250 million in proposed senior unsecured notes causes an increase in pro-forma net adjusted debt / EBITDAR to 5.7 times from 4.9 times at December 31, 2014. Since Viking maintains high cash balance ($566 million at 12/31/14) and is expected to continue to build cash from free cash flow, Moody's has netted $266 million (gross cash less $300 million for liquidity) from the company's debt balance. For Viking Cruises, Ltd.: The following ratings are assigned: -- Corporate Family Rating at B1 -- Probability of Default Rating at B1-PD -- Proposed $250 million senior unsecured notes due 2025 at B3, LGD 5 The following rating is affirmed: -- $525 million senior unsecured notes due 2022 at B3, LGD 5 -- Outlook is Stable For MISA Investments Limited: The following ratings are withdrawn: -- Corporate Family Rating at B1 Probability of Default Rating at B1-PD -- Outlook has been withdrawn Viking's B1 Corporate Family Rating reflects its well-recognized brand name in a small market segment in the cruise industry. Viking estimates that it has a 49% market share of the European River Cruise market. The growth in the river cruise market is expected to notably slow in 2015. Viking only intends to increase its river capacity by 16% in 2015 compared to 44% in 2014. In addition, Viking is facing pricing pressure in 2015 as reflected by an expected decline in net cruise revenue per passenger cruise day. These two factors when combined will result in a slowdown in significant slowdown in growth at the river cruise subsidiary. However, the slowdown in growth at the river cruise subsidiary will be partially offset by the launch of Viking's first ocean cruise in April 2015 which already is 92% booked for 2015. Viking is expected to deploy an additional ocean cruise ship in 2016 with two more ships scheduled for 2017. The rating acknowledges that Viking's leverage is very high, with gross rent adjusted debt to EBITDAR pro forma for the proposed $250 million notes offering of 6.6 times. It also acknowledges that leverage will remain high for the next twelve to eighteen months. Moody's expects that with the slowdown in growth combined with the incremental ship debt will result in gross rent adjusted debt to EBITDAR temporarily peaking at 7.0 times at the end of fiscal 2015 before falling in 2016. However, there is a risk that Viking's pricing model will remain pressured going forward, potentially limiting the amount of deleveraging from earnings growth. The ratings are supported by Viking's good forward booking visibility as a high proportion of the following year's net cruise revenues are booked by late fall of the prior year. This visibility along with a short lead time to build new river vessels, about 12 to 15 months -- enables the company to adjust capacity expansion to demand trends. Also considered is the company's good liquidity provided by its high cash balances and adequate interest coverage with pro forma EBITA to interest expense of 1.7 times. The stable rating outlook reflects Moody's expectation that the growth at Viking's river cruise subsidiary will slow but that Viking will be able to maintain consolidated net cruise revenue per passenger cruise day(before reserves) above $390 while maintaining around a low to mid 90% load factor. The ratings could be downgraded if, for any reason, there is a meaningful deterioration in occupancy (load falls to 90%) or pricing (should net cruise revenue per passenger cruise day after reserves below $370) or if lease adjusted net debt/EBITDAR remains above 5.5 times as calculated using only the amount of cash in excess of $300 million. If Viking does not continue to maintain available cash balances above $300 million, ratings could also be downgraded if lease adjusted gross debt/EBITDAR rises above 6.0 times. Ratings could also be downgraded should Viking choose to return value to shareholders. Moody's does not anticipate upward rating momentum in the foreseeable future given Viking's debt financed capacity expansion plans which will keep rent adjusted debt to EBITDAR high until beyond 2017. Moody's also does not anticipate upward rating momentum given Viking's expansion plans into the Mississippi River market in 2018 as Moody's is concerned this market may be more challenging than the European river market. A higher rating would require the demand environment remain strong enough to support a solid return on capacity expansion, lower and sustainable rent adjusted debt to EBITDAR below 5.0 times. The principal methodology used in these ratings was Global Lodging & Cruise Industry Rating Methodology published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. MISA Investments Limited is the holding company of Viking Cruises, Ltd that in turns owns Viking River Cruises, Ltd and Viking Ocean Cruises, Ltd. Viking Ocean Cruises Ltd is currently an unrestricted subsidiary of Viking Cruises Ltd. As of December 31, 2014 Viking marketed a fleet of 54 river cruise vessels under the Viking River Cruises brand. It April 2015 it launched its first ocean cruise vessel for the 2015 season. Total net revenues are about $870 million. VIKING CRUISES: S&P Affirms B+ Corp. Credit Rating, Outlook Stable ------------------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed its ratings, including its 'B+' corporate credit rating, on Woodland Hills, Calif.-based Viking Cruises Ltd. The rating outlook is stable. At the same time, S&P assigned its 'B+' issue-level rating to Viking's planned $250 million in senior notes due 2025. The recovery rating is '4', reflecting S&P's expectation for average (30% to 50%; in the upper half of the range) recovery in the event of a payment default. S&P expects the company to use proceeds from the proposed notes issuance largely to fund capital expenditures related to ocean ships. "The affirmation reflects our belief that, notwithstanding Viking's recent price discounting in a maturing river cruise market, it will successfully manage capacity growth in a way that allows it to maintain leverage under 6x, the threshold at which we would consider lower ratings on the company," said Standard & Poor's credit analyst Ariel Silverberg. S&P believes that Viking's net cruise revenue per passenger cruise day (NCR per PCD) in the river segment will decline in the low- to mid-single digits through 2016, as the company seeks to fill ships. S&P expects Viking to manage capacity growth by pulling back on river ship orders, and taking some vessels out of service through 2016, in order to match capacity growth with current demand trends. As a result, S&P has lowered its forecast for EBITDA growth to the mid-teens percent area for 2015 and 2016, from well above 30% previously. S&P's forecast for adjusted debt to EBITDA also incorporates its expectation for incremental vessel related financing of around $770 million through 2016, which is meaningfully lower than S&P's prior expectation as the company pulls back on ship orders. Under S&P's forecast, adjusted debt to EBITDA remains in the mid- to high-5x area. S&P's 'B+' corporate credit rating reflects its assessment of Viking's business risk profile as "fair" and its financial risk profile as "highly leveraged." The stable outlook reflects S&P's expectation that EBITDA growth from additional new vessels will help offset the incremental debt that is required to build these new vessels, and S&P's view that Viking has continued flexibility to reduce vessel orders to manage capacity growth such that adjusted debt to EBITDA remains below 6x through 2016. S&P could revise the outlook to negative or lower the ratings if adjusted debt to EBITDA were to increase to 6x or above. This would likely result if the company is unsuccessful at managing capacity growth and demand, resulting in lower EBITDA growth than S&P currently is forecasting. S&P could also lower the rating if it come to believe that management will increase leverage to pursue additional dividends. S&P would consider revising the outlook to positive or raising the rating once Viking demonstrates a longer track record of absorbing meaningful increases in river and ocean capacity and offsetting additional significant debt issuance with EBITDA growth in a manner that sustains adjusted debt to EBITDA below 5x. WESTMORELAND COAL: Q1 Results Call Hell; Transcript Available ------------------------------------------------------------- Westmoreland Coal Company issued a press release announcing its financial results for the first quarter ended March 31, 2015. On April 24, 2015, the Company hosted a conference call with investors to discuss its financial and operating results for the first quarter ended March 31, 2014. The conference call was made available to the public via conference call and webcast. The transcript of the conference call is available for free at http://is.gd/QuOnNJ Westmoreland Coal Company reported a net loss applicable to common shareholders of $11.73 million on $371.48 million of revenues for the three months ended March 31, 2015, compared to a net loss applicable to common shareholders of $19.29 million on $180.2 million of revenues for the same period a year ago. "We are pleased with the results of the first quarter," said Keith E. Alessi, Westmoreland's CEO. "Our larger, diversified footprint paid off as the results for the quarter matched up with internal expectations. While it was a weak quarter for the power segment, we made up for it elsewhere. During the quarter we successfully integrated both the Oxford and Buckingham operations and I appreciate the efforts of all our new associates as they embraced the Westmoreland culture." "We are also pleased to announce that one of our subsidiaries Westmoreland Resources, Inc., has reached a new collective bargaining agreement with the International Union of Operating Engineers, Local 400. Negotiations began on February 23, 2015 and concluded on April 10, 2015 after which the first ever six-year agreement was ratified by the majority of the Union members on April 17, 2015. This historic agreement will remain in effect until May 31, 2021. The mutually beneficial agreement was voted on by over 89% of the Union members and it passed by a significant margin." Westmoreland's cash position increased primarily due to $71 million of net proceeds from the January 2015 add-on term debt. A full-text copy of the press release is available at: http://is.gd/y50KHL 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 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. * * * 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. WHITTEN FOUNDATION: Creditors Meeting Continued to June 4 --------------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of Whitten Foundation will continue the meeting of creditors on June 4, 2015, at 2:30 p.m., according to a filing with the U.S. Bankruptcy Court for the Western District of Louisiana. 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 Whitten Foundation Whitten Foundation owns and operates two apartment complexes located in the State of Louisiana. Whitten Foundation sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Case No. 15-20237) in Lake Charles, Louisiana, on March 31, 2015. The Debtor estimated $10 million to $50 million in assets and debt. According to the docket, the official schedules of assets and liabilities, as well as the statement of financial affairs are due April 14, 2015. The Debtor's Chapter 11 plan and disclosure statement are due July 29, 2015. Judge Robert Summerhays presides over the case. The Debtor has tapped Gerald J. Casey, Esq., in Lake Charles, Louisiana, as its counsel. YRC WORLDWIDE: Posts $21.6 Million Net Loss in First Quarter ------------------------------------------------------------ YRC Worldwide Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common shareholders of $21.6 million on $1.18 billion of operating revenue for the three months ended March 31, 2015, compared to a net loss attributable to common shareholders of $88.3 million on $1.21 billion of operating revenue for the same period a year ago. As of March 31, 2015, the Company had $1.96 billion in total assets, $2.44 billion in total liabilities, and a $480 million total shareholders' deficit. "During the first quarter of 2015, YRC Freight's continued pricing discipline and active freight mix management delivered year-over-year yield improvements of 2.6% including fuel surcharge and 8.2% excluding fuel surcharge," said James Welch, chief executive officer of YRC Worldwide. "This yield performance contributed to a 430 basis point improvement in operating ratio at YRC Freight as compared to the first quarter 2014. Partially offsetting the yield and mix improvements was a decline in volume as YRC Freight prioritized yield and profitability improvements over tonnage growth to ensure that it had the right freight at the right price in the network," stated Welch. At March 31, 2015, the company had cash and cash equivalents and amounts able to be drawn under its ABL facility totaling $175.6 million. For comparison, as of Dec. 31, 2014, cash and cash equivalents and amounts able to be drawn totaled $198.2 million. For the three months ended March 31, 2015, cash used in operating activities was $25.8 million as compared to cash used in operating activities of $56.2 million for the three months ended March 31, 2014, an improvement of $30.4 million. A copy of the Form 10-Q is available for free at: http://is.gd/TVIOUF About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. YRC Worldwide reported a net loss attributable to common shareholders of $85.8 million in 2014, a net loss attributable to common shareholders of $83.6 million in 2013 and a net loss attributable to common shareholders of $140.4 million in 2012. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide Inc. ("YRCW") from Caa3 to B3, following the successful closing of its refinancing transactions. In the Jan. 31, 2014, edition of the TCR, Standard & Poor's Ratings Services said that it raised its ratings on Overland Park, Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc. (YRCW), including the corporate credit rating to 'CCC+' from 'CCC', and removed them from CreditWatch negative, where they were placed on Jan. 10, 2014. "The upgrades reflect YRCW's improved liquidity position and minimal debt maturities as a result of its proposed refinancing," said Standard & Poor's credit analyst Anita Ogbara. [*] Lisa Schiller Joins McGlinchey Stafford's Bankruptcy Practice ----------------------------------------------------------------- McGlinchey Stafford PLLC on May 5 disclosed that accomplished bankruptcy attorney Lisa M. Schiller has joined the firm's Fort Lauderdale, Fla. office as a Member. She will practice in the firm's national Creditors' Rights and Bankruptcy Practice Group. Ms. Schiller has extensive experience in the fields of bankruptcy, creditors' rights, commercial workout and foreclosure disputes, and commercial litigation, and has represented clients in these areas for more than 20 years. She began her legal career in 1993 with what later became Rice Pugatch Robinson & Schiller P.A., and over the past two decades built a diverse practice with in-depth knowledge of the rights of both creditors and debtors. "We're absolutely thrilled to welcome Lisa to the firm," said Rudy Aguilar, Managing Member of McGlinchey Stafford. "She is a well-rounded, highly respected attorney with keen knowledge of creditor-debtor rights and business reorganization, as well as commercial litigation, and adds considerable depth to our Florida and national practices in that space," Mr. Aguilar added. Recognized by peers and clients for her accomplishments in the practice of law in Chambers USA – America's Leading Lawyers for Business, South Florida Legal Guide, and Florida Super Lawyers, Schiller is an active member of the Florida and national legal communities in her field. She has served in several leadership positions within the Florida Bar's Business Law Section and previously served as President of the Bankruptcy Bar Association of the Southern District of Florida. She is also a member of the American Bankruptcy Institute and the International Women's Insolvency and Reorganization Confederation, and served as Treasurer of the latter organization's South Florida Chapter. Schiller is licensed in both Florida and New York. "I'm excited to be joining McGlinchey Stafford's Creditors' Rights and Bankruptcy team," said Ms. Schiller. "The firm is well positioned for growth in these areas in Florida as well as nationwide, and I look forward to contributing to this esteemed group." Since opening its first office in Florida less than five years ago, McGlinchey Stafford has grown to 33 attorneys in the state, with 21 attorneys in its Fort Lauderdale office and 12 attorneys in its Jacksonville office. About Mcglinchey Stafford McGlinchey Stafford -- http://www.mcglinchey.com-- is a full-service law firm providing innovative legal counsel to business clients nationwide. Guiding clients wherever business and law intersect, McGlinchey Stafford's 200 attorneys are based in 12 offices in California, Florida, Louisiana, Mississippi, New York, Ohio, Texas, and Washington, DC. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Bee Best Bee Removal, Inc. Bankr. S.D. Calif. Case No. 15-02586 Chapter 11 Petition filed April 21, 2015 See http://bankrupt.com/misc/casb15-02586.pdf represented by: Gregory Highnote, Esq. BANKRUPTCY LEGAL GROUP E-mail: Greg@BankruptcySD.com In re Louisiana Delta Agri Services, LLC Bankr. W.D. La. Case No. 15-30521 Chapter 11 Petition filed April 21, 2015 See http://bankrupt.com/misc/lawb15-30521.pdf represented by: Leo A. Miller, Jr. M. RANDALL DONALD, ATTORNEY AT LAW E-mail: leoamillerjr.hotmail.com In re Minerva Chiropractic Center Inc. Bankr. N.D. Ohio Case No. 15-60834 Chapter 11 Petition filed April 21, 2015 See http://bankrupt.com/misc/ohnb15-60834.pdf represented by: David A Mucklow, Esq. DAVID A. MUCKLOW E-mail: davidamucklow@yahoo.com In re Consuelo Hurtado Bankr. D. Ariz. Case No. 15-04600 Chapter 11 Petition filed April 21, 2015 In re Patrick Lee Kennedy Bankr. C.D. Calif. Case No. 15-16239 Chapter 11 Petition filed April 21, 2015 In re Barbara Russo and Barbara Russo Bankr. C.D. Calif. Case No. 15-16293 Chapter 11 Petition filed April 21, 2015 In re Larry Wayne Parr Bankr. D. Colo. Case No. 15-14201 Chapter 11 Petition filed April 21, 2015 In re Saul Louisa and Marie Y Louisa Bankr. S.D. Fla. Case No. 15-17170 Chapter 11 Petition filed April 21, 2015 In re Shawn T. Montee and Heather M Montee Bankr. D. Id. Case No. 15-20307 Chapter 11 Petition filed April 21, 2015 In re Lisa M. Di Diana Bankr. N.D. Ill. Case No. 15-14156 Chapter 11 Petition filed April 21, 2015 In re Michael E. Sewell and Mary J. Sewell Bankr. D. Md. Case No. 15-15680 Chapter 11 Petition filed April 21, 2015 In re Julian Pratt Waterman Archer and Jane Gochenour Archer Bankr. W.D. Ark. Case No. 15-71154 Chapter 11 Petition filed April 28, 2015 In re Bert Thompson Bankr. C.D. Cal. Case No. 15-14237 Chapter 11 Petition filed April 28, 2015 In re Smadar Rees Bankr. C.D. Cal. Case No. 15-11473 Chapter 11 Petition filed April 28, 2015 In re Nishahomes IRA LLC Bankr. N.D. Cal. Case No. 15-41361 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/canb15-41361.pdf Filed Pro Se In re Sindix, LLC Bankr. D. Mass. Case No. 15-16000 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/mdb15-16000.pdf represented by: James Holderness, Esq. In re Millenium Cable & Networking, Inc. Bankr. D. Mass. Case No. 15-11667 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/mab15-11667.pdf represented by: Marques C. Lipton, Esq. LAW OFFICE OF NICHOLAS F. ORTIZ, P.C. E-mail: mcl@mass-legal.com In re Keith Bradley Kramer Bankr. E.D. Mich. Case No. 15-46671 Chapter 11 Petition filed April 28, 2015 In re 35300 Route 48 Holding Corp. Bankr. E.D.N.Y. Case No. 15-71775 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/nyeb15-71775.pdf represented by: Michael G. McAuliffe, Esq. E-mail: mgmlaw@optonline.net In re A'Mangiare of Elmsford, Inc. Bankr. S.D.N.Y. Case No. 15-22581 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/nysb15-22581.pdf represented by: Anne J. Penachio, Esq. PENACHIO MALARA LLP E-mail: apenachio@pmlawllp.com In re Carolina Friends, LLC Bankr. E.D.N.C. Case No. 15-02363 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/nceb15-02363.pdf represented by: Travis Sasser, Esq. SASSER LAW FIRM E-mail: tsasser@carybankruptcy.com In re Worldwide Relocation Services, Inc. Bankr. E.D.N.C. Case No. 15-02367 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/nceb15-02367.pdf represented by: Gordon C. Woodruff, Esq. WOODRUFF, REECE & FORTNER E-mail: gwoodruff@wrflaw.com In re Restoration Properties Of Shelby, LLC Bankr. W.D.N.C. Case No. 15-40163 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/ncwb15-40163.pdf represented by: William S. Gardner, Esq. GARDNER LAW OFFICES, PLLC E-mail: Billgardner@gardnerlawoffices.com In re Westerbeck Ventures, Inc. Bankr. S.D. Ohio Case No. 15-31350 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/ohsb15-31350.pdf represented by: Mitchell W. Allen, Esq. ALLEN LAW FIRM E-mail: mitchell@allenlawco.com In re Jose L. Lizardi-Ortiz Bankr. D.P.R. Case No. 15-03076 Chapter 11 Petition filed April 28, 2015 In re Mercedes Food Services, Inc. Bankr. D.P.R. Case No. 15-03098 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/prb15-03098.pdf represented by: Nelson Robles Diaz, Esq. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. E-mail: nroblesdiaz@gmail.com In re Cesar HM Ventira Corporation Bankr. W.D. Tex. Case No. 15-30658 Chapter 11 Petition filed April 28, 2015 See http://bankrupt.com/misc/txwb15-30658.pdf represented by: Omar Maynez, Esq. MAYNEZ LAW E-mail: mail@maynezlaw.com In re Keith Gregory Garretson, Jr. and Kathy Faye Garretson Bankr. S.D.W. Va. Case No. 15-20234 Chapter 11 Petition filed April 28, 2015 In re Leonidas G. Lang and Sue G. Lang Bankr. N.D. Ala. Case No. 15-40695 Chapter 11 Petition filed April 29, 2015 In re Palatial Investment Corp. Bankr. D. Ariz. Case No. 15-05099 Chapter 11 Petition filed April 29, 2015 Filed Pro Se In re CanAm Properties, LLC Bankr. D. Ariz. Case No. 15-05125 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/azb15-05125.pdf represented by: Michael L. Gertell, Esq. GERTELL & ROOS PLLC E-mail: mgertellesq@aol.com In re Tempe Taxi and Transportation LLC Bankr. D. Ariz. Case No. 15-05170 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/azb15-05170.pdf Filed Pro Se In re Pamela Rae Bankr. C.D. Cal. Case No. 15-16841 Chapter 11 Petition filed April 29, 2015 In re E & E Auto Transport, Inc. Bankr. M.D. Fla. Case No. 15-04401 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/flmb15-04401.pdf represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. E-mail: Buddy@tampaesq.com In re New Dimension Christian Center Bankr. N.D. Ill. Case No. 15-15223 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/ilnb15-15223.pdf represented by: David R. Herzog, Esq. HERZOG & SCHWARTZ, P.C. E-mail: drhlaw@mindspring.com In re Costless, Inc. Bankr. E.D. Mich. Case No. 15-31105 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/mieb15-31105.pdf represented by: Jeffrey A. Chimovitz, Esq. E-mail: jeffchimovitz@gmail.com In re J.B. Kreider Printing Co. Inc. Bankr. W.D. Pa. Case No. 15-21510 Chapter 11 Petition filed April 29, 2015 See http://bankrupt.com/misc/pawb15-21510.pdf represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK E-mail: dcalaiaro@c-vlaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***