/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150515.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 15, 2015, Vol. 19, No. 135 Headlines 21ST CENTURY ONCOLOGY: Posts $15.2 Million Net Loss in Q1 315 W 35TH ASSOCIATES: Meeting of Creditors Set for May 20 AES CORP: 'Fitch BB-' Rating Unaffected by Share Purchase AFFINITY GAMING: Hires Deutsche Bank to Advice on Strategic Review AMPLIPHI BIOSCIENCES: Amends 152.5M Shares Resale Prospectus APPLIED MINERALS: Incurs $4.19 Million Net Loss in First Quarter ASSOCIATED WHOLESALERS: Addresses UST Concerns on Mercer Hiring B & M EXCAVATING: Tax Trouble Might Affect Case, Hearing in June B&B ALEXANDRIA: Case Summary & Largest Unsecured Creditor BATTLE CREEK: Case Summary & 9 Largest Unsecured Creditors BG MEDICINE: Amends License Agreement with Abbott BIG M: May 19 Hearing on Case Dismissal Bid BLUE COAT: S&P Withdraws 'B' Corporate Credit Rating BON-TON STORES: Gabelli Funds Has 6.62% Stake as of May 5 BOTANICAL REALTY ASSOCIATES: Meeting of Creditors Set for June 5 BPZ RESOURCES: U.S. Trustee Forms Creditors Committee BROADVIEW NETWORKS: Incurs $3.75 Million Net Loss in 1st Quarter CAL DIVE: Says No Objection Received for Derrick's Employment CANCER GENETICS: Posts $4.27 Million Net Loss in First Quarter CANCER GENETICS: Posts $4.3 Million Net Loss in First Quarter CENTRAL OKLAHOMA: BKD LLP Okayed to Audit and Prepare 401(k) Plan CHAMPION INDUSTRIES: Extends Maturity of Credit Agreement to 2017 CHILDREN OF PROMISE: S&P Assigns BB+ Rating to 2015 A/B Bonds CLOUDEEVA INC: Court Approves Punhani Law as Immigration Counsel COMMUNITY FACILITIES: Chapter 9 Case Summary & Unsec. Creditor CONSTAR INT'L: Needs Until June 19 to File Plan CORINTHIAN COLLEGES: Can Hire Rust Consulting as Claims Agent CORINTHIAN COLLEGES: Students' Request to Form Committee Granted COUNTRY STONE: Hires Deloitte FAS as Consultant CREATIVE CIRCLE: S&P Puts Ratings on Watch Pos. Over Acquisition CURO HEALTH: S&P Affirms 'B' Corp. Credit Rating DEERFIELD RANCH: Gets Final Nod to Use Rabobank's Cash Collateral DIA-DEN LTD: Industrial Complex Files Ch.11 With $8MM in Debt DIA-DEN LTD: Reorganization Plan Filed, to Pay Creditors in Full DIA-DEN LTD: Wants to Make Monthly Payments to Wells Fargo DORAL FINANCIAL: Has Until May 25 to File Schedules DORAL FINANCIAL: Section 341(a) Meeting Adjourned to June 2 DUNE ENERGY: Panel Selects Conway Mackenzie as Financial Advisor EDENOR SA: Swings to ARS780 Million Net Loss in 2014 ELBIT IMAGING: To Sell Interest in 2 Hotels in Belgium ENCOMPASS DIGITAL: S&P Raises Second Lien Debt Rating to 'B-' ENDEAVOUR INTL: Provides Updated Fin'l Projections to Debtholders ENERGY FUTURE: Posts $1.52 Billion Net Loss for March 31 Quarter ENERGY FUTURE: Seeks Oct. 29 Extension of Plan Filing Date EURAMAX INTERNATIONAL: Appoints New North America President EURAMAX INTERNATIONAL: Stockholders Re-Elect 6 Directors EVERYWARE GLOBAL: Wants to Hire Pachulski as Co-Counsel EXIDE TECHNOLOGIES: Neuberger Reports 23.9% Stake in Newco FAMILY CHRISTIAN: Court OKs Fox Rothschild as Panel's Co-counsel FAMILY CHRISTIAN: Court OKs O'Keefe & Associates as Panel Advisor FCC HOLDINGS: Amended Joint Plan Declared Effective May 6 G&W FOODS: Case Summary & 20 Largest Unsecured Creditors GENERAL CABLE: S&P Cuts CCR to 'B+' on Lower Metal Prices GERALD CHAMPION: S&P Raises Rating on $72MM 2012A Bonds to 'BB-' GLOBAL COMPUTER: Court Okays Hiring of Devil's Advocate as Counsel GREAT PLAINS: Parties Object to Bid to Hire Auctioneer GULF PACKAGING: Has Until May 29 to File Schedules GULF PACKAGING: Seeks Authority to Use FCC Cash Collateral HIGH RIDGE MANAGEMENT: 341 Meeting Adjourned to May 21 HIGH RIDGE MANAGEMENT: U.S. Trustee Forms Creditors Committee INSITE VISION: Posts $828,000 Net Loss in First Quarter KARMALOOP INC: Files Schedules of Assets and Liabilities KARMALOOP INC: Gets Final OK to Use Comvest's Cash Collateral KARMALOOPTV INC: Files Schedules of Assets and Liabilities KU6 MEDIA: Shanda Media Now a 70% Owner LEHMAN BROTHERS: Sues Federal Home Loan Bank of NY M.A.R. REALTY: Seeks Court's Final Decree Closing Bankruptcy Case MAE PROPERTIES: Case Summary & 9 Largest Unsecured Creditors MARRONE BIO: Receives Delisting Notice; Delays Filing of Q1 Report MIDSTATES PETROLEUM: Posts $194 Million Net Loss in 1st Quarter MOBILESMITH INC: Incurs $1.8 Million Net Loss in First Quarter MOLYCORP INC: Planning Bankruptcy Loan with Creditors NATIONAL CINEMEDIA: Appoints Thomas Lesinski to Audit Committee NATIONAL CINEMEDIA: Incurs $9 Million Net Loss in First Quarter NATIONAL CINEMEDIA: Posts $9 Million Net Loss in First Quarter NATIONAL CINEMEDIA: Stockholders Elect 4 Directors NATROL INC: Plan Confirmation Hearing Continued to May 20 NII HOLDINGS: Naranjo Named as VP Finance Operations NORTHERN BEEF: Court Convert Case to Chapter 7 Proceeding NORTHERN OIL: $200MM Notes Add-on No Impact on S&P's Notes Rating NORTHWEST BANCORPORATION: Proposes May 29 as Claims Bar Date ONE SOURCE: Has Until July 14 to Propose Plan of Reorganization ONE SOURCE: Stay Lifted for Ascentium to Possess Trucks OW BUNKER: Court Approves Employee Contract with Rene Broman OW BUNKER: ING Bank Wants More Info on NuStar Deal OW BUNKER: Rene Jensen Okayed to Prosecute Case Against ING Bank OWENS-ILLINOIS INC: S&P's BB+ CCR on Watch Neg over Biz Acquisition PARK MERIDIAN: Lender Wants Stay Lifted to Foreclose on Property PHOTOMEDEX INC: Reports $10 Million Net Loss in First Quarter PLUG POWER: Posts $11.1 Million Net Loss in First Quarter PROTOM INTERNATIONAL: Has $1.86M Financing from Michaelson PROTOM INTERNATIONAL: Proposes Jackson Walker as Counsel PROTOM INTERNATIONAL: Proposes Lain Faulkner as Accountants PUC VALLEY: S&P Affirms BB Rating on 2014A/B Revenue Bonds QUICKSILVER RESOURCES: Cites Bankruptcy for Delay in 10-Q Filing QUICKSILVER RESOURCES: Court Okays Richards Layton as Co-counsel RADIOSHACK CORP: Hilco Assists in Soliciting Offers for Assets RESEARCH SOLUTIONS: Lowers Net Loss to $1,800 in First Quarter RESTAURANT BRANDS: S&P Affirms 'B+' CCR & Rates Secured Notes 'B+' RETROPHIN INC: Swings to $39.6 Million Net Income in First Quarter SABINE OIL: Widens Net Loss to $284 Million in First Quarter SANDERS COMMERCIAL: Voluntary Chapter 11 Case Summary SB PARTNERS: Incurs $140,700 Net Loss in First Quarter SIGA TECHNOLOGIES: Posts $7.15M Net Loss for March 31 Quarter SILVERADO STREET: US Trustee to Continue Creditors Meeting in June STANDARD REGISTER: Court Approves Sale of Property for $2.2-Mil. STELLAR BIOTECHNOLOGIES: Posts $426,000 Net Loss in 2nd Quarter UNI-PIXEL INC: Issues 430,000 Common Shares to Settle Litigation UNI-PIXEL INC: Shareholders Elect 8 Directors UNIVERSAL COOPERATIVES: Wants Admin. Claims Filing Date Set VERITEQ CORP: LG Capital Reports 8.9% Stake as of May 12 VERMILLION INC: Files Form 10-Q; Posts $4.1 Million Q1 Net Loss VIRTUAL PIGGY: Incurs $3.44 Million Net Loss in First Quarter VIRTUAL PIGGY: Sells $940,000 Convertible Promissory Notes VUZIX CORP: Posts $5.09 Million Net Loss in First Quarter WAFERGEN BIO-SYSTEMS: Appoints Life Sciences Industry Veteran CEO WAFERGEN BIO-SYSTEMS: Posts $4.8 Million Net Loss in First Quarter WAND INTERMEDIATE: $60MM Add-on No Impact on S&P's 'B+' Loan Rating WET SEAL: Needs Until Aug. 13 to File Liquidation Plan WIDEOPENWEST FINANCE: S&P Keeps Rating on CreditWatch Negative WILLIAM PARTNERS: S&P Affirms BB+ Corp. Credit Rating WILLIAMS COMPANIES: Fitch Affirms 'BB' Jr. Debentures Ratings XRPRO BIOSCIENCES: Amends 2.1 Million Shares Resale Prospectus YRC WORLDWIDE: Marc Lasry Reports 22.2% Stake as of March 31 [*] Ex-Kilpatrick Real Estate Finance Atty Moves To Polsinelli [*] King & Spalding Hires Nick Cherryman to Boost Disputes Practice [*] Richard Levin Joins Jenner & Block as New York Partner ********* 21ST CENTURY ONCOLOGY: Posts $15.2 Million Net Loss in Q1 --------------------------------------------------------- 21st Century Oncology Holdings, Inc. reported a net loss attributable to the Company's shareholders of $15.24 million on $278 million of total revenues for the three months ended March 31, 2015, compared to a net loss attributable to the Company's shareholders of $30.2 million on $233 million of total revenues for the same period in 2014. As of March 31, 2015, the Company had $1.15 billion in total assets, $1.23 billion in total liabilities, $353 million in series a convertible redeemable preferred stock, $55.07 million in noncontrolling interest, and a $496 million total deficit. Dr. Daniel Dosoretz, founder, president and chief executive officer, commented, "We are very pleased with our solid start to 2015. Results for the first quarter were strong, reflecting growth from existing operations as well as from contributions from recent acquisitions, both domestic and international. Same store treatment growth was 3.9% and same store freestanding revenue growth was 4.6%, both meeting the high side of guidance provided to investors during our refinancing. Our continued focus on cost savings and synergies resulted in a fifth consecutive quarter of year-over-year Pro Forma Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation and other non-cash and pro forma items) margin expansion. We remain focused on further EBITDA growth, expense management, generating positive free cash flow, and deleveraging." A full-text copy of the press release is available for free at: http://is.gd/fe65Kj About 21st Century 21st Century Oncology, Inc., formerly known as Radiation Therapy Services, Inc. ("RTS") owns and operates radiation treatment facilities in the US and Latin America. * * * As reported by the TCR on Feb. 27, 2015, Moody's Investors Service upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and Probability of Default Rating to B3 and B3-PD, respectively. The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2 reflects the receipt of a $325 million preferred equity investment from the Canada Pension Plan Investment Board and subsequent debt reduction. In the April 16, 2015, edition of the TCR, Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Fort Myers-based cancer care provider 21st Century Oncology Holdings Inc. 315 W 35TH ASSOCIATES: Meeting of Creditors Set for May 20 ---------------------------------------------------------- The meeting of creditors of 315 W 35th Associates LLC is set to be held on May 20, 2015, at 2:30 p.m., according to a filing with the U.S. Bankruptcy Court for the Southern District of New York. The meeting will be held at the Office of the U.S. Trustee, Fourth Floor, 80 Broad Street, in New York. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About 315 W 35th Associates 315 W 35th Associates LLC, owner of a parcel of real estate located at 315 West 35th Street, New York, sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-10877) on April 8, 2015. The Debtor, a Single Asset Real Estate, says the property is worth $40 million. Its liabilities total $30.7 million. The Debtor tapped M. David Graubard, Esq., at Kera & Graubard, in New York, as bankruptcy counsel. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due Aug. 6, 2015. AES CORP: 'Fitch BB-' Rating Unaffected by Share Purchase --------------------------------------------------------- The AES Corporation's (AES, IDR 'BB-'; Outlook Negative) ratings will not be affected by the company's buyback of 20 million shares from China Investment Corporation's (CIC) subsidiary, Terrific Investment Corporation, for up to $265 million, according to Fitch Ratings. The Ratings Outlook will remain Negative. The share purchase will accelerate the current share repurchase program, but will remain within its current share buyback program's limits. Currently about $380 million (before the purchase of CIC owned shares) is available under AES' board authorized share buyback program. Any share buyback in excess of currently authorized limit without a corresponding reduction in the parent level debt will be negative for AES' credit profile. Fitch had revised the Rating Outlook for AES to Negative from Stable in December 2014 following the dilution of its ownership in IPALCO Enterprises, Inc. (IPALCO), which Fitch considered to be a credit supportive core holding. AES' sale of equivalent of a 30% economic interest in IPALCO reduced what Fitch Ratings had expected to be a growing source of high quality, predictable cash flow through additional equity investments into Indianapolis Power & Light Co. (IPL), a wholly-owned subsidiary of IPALCO. Fitch will likely resolve the Negative Rating Outlook after reassessing AES' portfolio strategy, forecasted cash flow profile, and leverage targets. Fitch expects further reduction in parent company debt as AES lessens its reliance on U.S.-domiciled regulated businesses. Even though the annual dividends received by AES are from a diverse set of investments, distributions from domestic utilities, and contracted assets improve overall cash flow quality and support the current IDR. Fitch expects AES' adjusted parent-only cash flow (APOCF) based leverage to remain at or below 5.5x. In February 2015, AES' board of directors approved a new $400 million share repurchase program. In December 2014, AES' board increased quarterly dividends to $0.10 per share from $0.05 per share, with an expected annual growth rate of 10%. The new dividend policy became effective in the first quarter of 2015. Increase in shareholder friendly activities without an absolute reduction in leverage remains a rating concern. Adjusted Parent Only Cash Flow Fitch analyzes AES as a holding company owning a portfolio of assets and investments in a global electricity sector given its somewhat unique corporate profile and structure. Financially, this represents a deconsolidated approach with respect to AES' cash flows and debt levels. Fitch uses adjusted parent operating cash flows (APOCF), a non-GAAP measure, with its emphasis on dividends received and return on capital, to analyze AES' credit metrics. This approach, similar to the method used by AES' lenders in financial covenants, recognizes that the subsidiaries are encumbered by individual debt that is structurally superior to the debt of the corporate parent. The residual subsidiary cash flow available for upstream dividends and distributions has greater volatility than the direct cash flow of the operating subsidiaries, and may be subject to payment restrictions under subsidiary debt covenants, corporate by-laws, or national laws. AFFINITY GAMING: Hires Deutsche Bank to Advice on Strategic Review ------------------------------------------------------------------ Lisa Allen, writing for The Deal, reported that Affinity Gaming Corp.'s special committee of independent directors has hired Deutsche Bank Securities Inc. to advise on its strategic review, a source familiar with the situation told The Deal. According to the report, the casino operator is running out of time before a buyout offer from its largest investor, private equity firm Z Capital Partners LLC, is set to expire on May 19. Other banks that were considered to run the strategic review included Macquarie Capital (USA) Inc., a source previously told The Deal. * * * The Troubled Company Reporter, on Aug. 20, 2014, reported that Standard & Poor's Ratings Services affirmed its ratings on Las Vegas-based gaming operator Affinity Gaming (Affinity), including the 'B' corporate credit rating. The outlook remains negative. The 'B' corporate credit rating reflects S&P's assessment of Affinity's business risk profile as "weak" and its assessment of the company's financial risk profile as "highly leveraged," according to S&P's criteria. The liquidity profile is "adequate." The Troubled Company Reporter, on July 7, 2014, reported that Moody's Investors Service lowered Affinity Gaming's ratings and assigned a negative rating outlook in response to the company's July 1, 2014 8-K filing with the US Securities and Exchange Commission disclosing that it will not be in compliance with certain financial covenants contained in its senior secured credit facility. The bank agreement includes leverage and coverage financial maintenance covenants. AMPLIPHI BIOSCIENCES: Amends 152.5M Shares Resale Prospectus ------------------------------------------------------------ Ampliphi Biosciences Corporation filed an amended Form S-1 registration statement with the Securities and Exchange Commission covering the sale of an aggregate of up to 152,554,535 shares of its common stock, par value $0.01 per share, by Intrexon Corporation, Broadfin Healthcare Master Fund, Ltd, Armistice Capital Master Fund, Ltd., et al. The Shares consist of 78,787,880 shares of the Company's common stock, which were issued pursuant to a subscription agreement, dated as of March 10, 2015, entered into by the Company and the selling stockholders, and 24,424,244 shares of the Company's common stock underlying warrants, 19,696,971 of which are underlying warrants that were issued pursuant to the subscription agreement and 4,727,273 of which are underlying warrants that were issued to the placement agents in connection with the completion of the March 2015 private placement, as well as 24,000,000 shares previously issued to Intrexon Corporation in connection with the Exclusive Channel Collaboration in March 2013 and 25,342,411 shares previously issued to Dr. Anthony Smithyman and his affiliates in connection with our acquisition of SPH in November 2012. A full-text copy of the amended prospectus is available at: http://is.gd/MEn2LW About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. The Company reported a net loss of $57.6 million on $325,000 of total revenue for the year ended Dec. 31, 2013, compared with a net loss of $1.11 million on $664,000 of total revenue in 2012. PBMares, LLP, in Richmond, Virginia, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has had recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2014, the Company had $28.4 million in total assets, $17.1 million in total liabilities and $11.3 million in total stockholders' equity. APPLIED MINERALS: Incurs $4.19 Million Net Loss in First Quarter ---------------------------------------------------------------- Applied Minerals, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.19 million on $163,000 of revenues for the three months ended March 31, 2015, compared to a net loss of $357,000 on $11,000 of revenues for the same period a year ago. As of March 31, 2015, the Company had $15.15 million in total assets, $26.6 million in total liabilities and a $11.5 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/hNrvPf About Applied Minerals New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a leading global producer of halloysite clay used in the development of advanced polymer, catalytic, environmental remediation, and controlled release applications. The Company operates the Dragon Mine located in Juab County, Utah, the only commercial source of halloysite clay in the western hemisphere. Halloysite is an aluminosilicate clay that forms naturally occurring nanotubes. Applied Minerals reported a net loss of $10.3 million in 2014, a net loss of $13.06 million in 2013 and a net loss of $9.73 million in 2012. ASSOCIATED WHOLESALERS: Addresses UST Concerns on Mercer Hiring --------------------------------------------------------------- Mark Minuti, Esq., at Saul Ewing LLP, counsel for ADI Liquidation, Inc. (formerly known as AWI Delaware, Inc.) et al., asked that the U.S. Bankruptcy Court sign the order authorizing employment of Mercer (US) Inc. and its affiliates, to provide actuarial and consulting services to the Debtors as of April 2, 2015. Mr. Minuti certified that the objection deadline has passed and no formal objections or responses were served. Prior to the objection deadline, the Office of the U.S. Trustee and the Official Committee of Unsecured Creditors requested that certain changes be made to the proposed order approving the motion. The Debtors filed a proposed order that reflected the requested changes of the U.S. Trustee and the Committee. Donald J. Parsons, a principal at Mercer Mercer (US) Inc., and its affiliates, submitted a declaration assuring the Court the Mercer is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. As reported in the TCR on April 14, 2015, the Debtors tapped the firm to: a) review methodology and data contained in proofs of claim filed by certain multi-employer pension plans in which W.R. Liquidation Inc. fka White Rose Inc., a sponsor of certain defined employee benefits plan, was a participant; b) review withdrawal liability computations asserted by certain Multi-Employer Plans and, in connection therewith, analyze, inter alia, the applicable funded status of the relevant plan, the history of any prior partial withdrawals from the plan and the methodology and assumptions used to determine nominal withdrawal liability; c) at the request of the Debtors, calculate the allocation of liability to administrative claims based on parameters provided by the Debtors; d) estimate plan termination liability for the Pension Plan based on certain assumptions and compare with plan termination liability estimate asserted by the Pension Benefit Guaranty Corporation; e) evaluate any proofs of claim filed by the PBGC, including any claim asserting plan underfunding, if the Pension Plan is terminated other than through a standard termination; and f) at the request of the Debtors, assist with any trial preparation and provide testimony on matters within the scope of the project. The Debtors and the firm have agreed to these terms of compensation: a) Statement of Work for Review of Notice of Demand Letters. Mercer's services under this Statement of Work are based on the following hourly rates: Senior Consultant/Actuary $470 - $700 Consultant/Actuary $385 - $485 Senior Analyst $300 - $385 Analyst $160 - $300 Administrative Assistant $0 The firm estimates that its total hourly fees under this Statement of Work will be in the range of $8,000 to $12,000 for each notice of demand letter reviewed. b) Statement of Work for Analysis of Plan Termination Liability. Mercer's services under this Statement of Work are based on the hourly rates set forth above. Mercer estimates that its hourly fees under this Statement of Work will be in the range of $12,500 to $20,000. Mercer maintains offices in numerous locations, including 1166 Avenue of the Americas, New York City. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid-Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York Metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors have sought joint administration of their Chapter 11 cases for procedural purposes, seeking to maintain all pleadings on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owe the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capital, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors tapped to retain Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its co-counsel; and Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale, to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware subsequently changed its name to ADI Liquidation, Inc., following the closing of the sale. B & M EXCAVATING: Tax Trouble Might Affect Case, Hearing in June ---------------------------------------------------------------- Marisa Mendelson, writing for KVOA.com, reports that unpaid taxes could have a huge impact on creditors waiting to collect money from B & M Excavating & Hauling, Inc's bankruptcy case. According to KVOA.com, the Company is scheduled in June to go in front of the bankruptcy judge regarding the tax case. The Department of Revenue claims in court documents that the Company failed to file tax returns before and it filed for bankruptcy and still didn't pay after the fact. The Attorney General's Office, on behalf of the Department of Revenue, said in its "motion for sanctions" filed with the Bankruptcy Court, "The department requests that this court enter an appropriate order regarding debtor's failure to comply with the law requiring it to file tax returns and pay post-petition taxes. Further, the department notes that the appropriate order could include dismissal or conversion of this case under 11." KVOA.com quoted Matt Foley, Esq., a bankruptcy attorney in Tucson who is not connected to the Company's case, as saying, "If you're picking between whether a case is going to be converted to a chapter 7 or you're picking between the case being dismissed, you might as well be picking flowers because neither one of those are necessarily going to pay you anything . . . . The funds that are generated through a liquidation process in a chapter 7 usually are consumed by taxes and administrative expenses." B & M Excavating & Hauling, Inc, aka B & M Contracting, Inc., is a construction company in Arizona. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 14-17775) on Dec. 2, 2014. Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde serves as the Company's bankruptcy counsel. B&B ALEXANDRIA: Case Summary & Largest Unsecured Creditor --------------------------------------------------------- Debtor: B&B Alexandria Corporate Park TIC 10, LLC, c/o James and Cheryl Miller Trust Agreement c/o B&B Investments, LLC 6917 Arlington Road, Suite 203 Bethesda, MD 20814 Case No.: 15-11053 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: May 14, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Kevin J. Carey Debtor's Counsel: Kevin Scott Mann, Esq. CROSS & SIMON, LLC 1105 N. Market Street, Suite 901 P. O. Box 1380 Wilmington, DE 19899-1380 Tel: 302-777-4200 Fax: 302-777-4224 Email: kmann@crosslaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David H. Bralove, special member. The Debtor listed B&B Alexandria Corporate Park Management, LLC, as its largest unsecured creditor holding a claim of $674,686. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/deb15-11053.pdf BATTLE CREEK: Case Summary & 9 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Battle Creek Conservation Ventures, LLC 16000 Ventura Blvd., Ste 1000 Encino, CA 91436 Case No.: 15-11683 Chapter 11 Petition Date: May 13, 2015 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Judge: Hon. Maureen Tighe Debtor's Counsel: Yi S Kim, Esq. GREENBERG & BASS 16000 Ventura Blvd, Ste 1000 Encino, CA 91436 Tel: 818-382-6200 Fax: 818-986-6534 Email: ykim@greenbass.com Total Assets: $11 million Total Debts: $9.3 million The petition was signed by James R. Felton, receiver. List of Debtor's nine Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ California Board of Taxes $452 Equalization Account Information Group Franchise Tax Board Unknown Internal Revenue Service Unknown Tehama County Tax Collector Tax Default $256,409 PO Box 769 Red Bluff, CA 96080 Tehama County Tax Collector Tax Default $191,416 Tehama County Tax Collector Property Tax $151,054 Tehama County Tax Collector Property Tax $111,677 Tehama County Tax Collector County Tax $1,221 Tehama County Tax Collector Property Tax $358 BG MEDICINE: Amends License Agreement with Abbott ------------------------------------------------- In anticipation of the U.S. market launch of the Abbott Laboratories' (Abbott) ARCHITECT Galectin-3 assay, BG Medicine, Inc., amended its license and development agreement with Abbott, according to a document filed with the Securities and Exchange Commission. As Abbott takes the final steps toward making the assay available in the U.S., the Company and Abbott amended the agreement due to market dynamic considerations since the Galectin-3 assay first began development in 2009. The FDA, on Dec. 23, 2014, granted 510(k) clearance for Abbott Laboratories' (Abbott) ARCHITECT Galectin-3 assay, the first FDA cleared automated blood test for Galectin-3. Series A Preferred Stock Financing with Flagship On May 12, 2015, the Company entered into a Securities Purchase Agreement with the Company's principal stockholders, Applied Genomic Technology Capital Fund, L.P., AGTC Advisors Fund, L.P. and Flagship Ventures Fund 2007, L.P., which are affiliates of the Company's directors, Noubar B. Afeyan, Ph.D. and Harry W. Wilcox. Pursuant to the terms and subject to the conditions contained in the Purchase Agreement, the Company issued and sold to the Purchasers secured convertible promissory notes in aggregate principal amount of $500,000. In addition and pursuant to the terms of the Purchase Agreement, and subject to the approval of the Company's stockholders at the Company's 2015 annual meeting of stockholders and the satisfaction or waiver of other closing conditions, the Company has agreed to issue and sell to the Purchasers $2,000,000 of shares of newly created Series A Preferred Stock, $0.001 par value per share, of the Company at the second closing to be held following the Company's 2015 Annual Meeting. The Notes and Series A Preferred Stock will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Secured Convertible Promissory Notes and Related Agreements Subject to the approval of the issuance of the Series A Preferred Stock by the Company's stockholders at the 2015 Annual Meeting, at the Second Closing the Notes will be automatically converted pursuant to their terms into that number of shares of Series A Preferred Stock equal to the principal amount of the Notes plus all accrued but unpaid interest thereon divided by the Purchase Price of the Series A Preferred Stock. The Notes will not be convertible into shares of Series A Preferred Stock unless and until the Company's stockholders approve the issuance of shares of Series A Preferred Stock and the Second Closing is consummated. If the Notes have not been repaid or converted prior to the earlier of Sept. 30, 2015, and the date the Company terminates the Purchase Agreement in accordance with its terms, the Company will be obligated to repay the outstanding principal amount of the Notes plus any accrued but unpaid interest thereon. In the event of a Change of Control, the holders of the Notes will be entitled to the payment of a premium equal to two times the outstanding principal amount of the Notes, in addition to the payment of principal and accrued but unpaid interest thereon. Therefore, in general, if the Notes are outstanding at the time of a sale or liquidation of the Company and the proceeds received upon such sale or liquidation do not exceed three times the aggregate principal amount of the Notes plus one times the accrued and unpaid interest thereon, holders of the Company's common stock would receive no value for their shares upon such sale or liquidation, because the proceeds would be paid to the holders of the Notes to satisfy the priority payment obligations thereunder. Series A Preferred Stock, Certificate of Designations and Investor Rights Agreement Under the terms of the Purchase Agreement, the Company agreed that the price per share at which the Series A Preferred Stock will be sold at the Second Closing will be the lesser of (a) 85% of the arithmetic average of the volume-weighted average price of the Company's common stock, $0.001 par value per share on each of the ten trading days immediately preceding the date of the Second Closing and (b) $0.67 per share. Director Resigns In connection with the execution of the Purchase Agreement by the Company and the Purchasers, on May 12, 2015, Stephane Bancel, who is affiliated with Flagship Ventures, resigned from the Board, effective as of that time. Also, effective as of that time, the Board appointed Harry W. Wilcox, also an affiliate of Flagship Ventures, to fill the vacancy created by Mr. Bancel's resignation. Mr. Bancel did not communicate any disputes regarding the Company's operations, policies or practices to the Company in connection with this resignation, nor is the Company aware of any. Subject to SEC and NASDAQ corporate governance rules, Mr. Wilcox will serve on the Company's Nominating and Governance Committee and its Compensation Committee. It is anticipated that following the Second Closing of the Financing and the issuance of the Series A Preferred Stock, Mr. Wilcox will remain on the Board and his seat will transition into that of the Preferred Elected Director. Harry W. Wilcox, age 61, has served on the Company's Board of Directors since May 2015. Mr. Wilcox has been Chief Operating Officer and General Partner of Flagship Ventures, a venture capital firm, since 2013. From 2006 to 2013, he was chief financial officer and partner of Flagship Ventures. From 2004 to 2006, he was Chief Financial Officer and senior vice president of Corporate Development of EXACT Sciences. Mr. Wilcox received his M.B.A. from Boston University and his B.S. in Finance from the University of Arizona. Mr. Wilcox currently serves as a director of T2 Biosystems, Inc., an in vitro diagnostics company. In January 2013, the Company closed a follow-on underwritten public offering of 6,900,000 shares of Common Stock at a price to the public of $2.00 per share, including an aggregate of 2,000,000 shares purchased at the public offering price by entities affiliated with Flagship Ventures for an aggregate offering price of $4,000,000. Shares of Common Stock purchased in the offering by entities affiliated with Flagship Ventures included 75,000 shares purchased by AGTC Advisors Fund, L.P., 500,000 shares purchased by Applied Genomic Technology Fund, L.P., 1,050,000 shares purchased by Flagship Ventures Fund 2007, L.P., 125,000 shares purchased by NewcoGen Equity Investors LLC and 250,000 shares purchased by NewcoGen Group LLC. On Dec. 3, 2014, the Company issued 113,989 shares of Common Stock to entities affiliated with Flagship Ventures upon the net exercise of previously issued warrants to purchase shares of Common Stock, including 49,392 shares issued to NewcoGen Group LLC, 52,095 shares issued to NewcoGen Equity Investors LLC, 6,226 shares issued to ST NewcoGen LLC and 6,276 shares issued to NewcoGen—Long Reign Holding LLC. A full-text copy of the Form 8-K report is available at: http://is.gd/dhObOV 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 M: May 19 Hearing on Case Dismissal Bid ------------------------------------------- The Bankruptcy Court will convene a hearing on May 19, 2015, at 10:00 a.m., to consider Big M, Inc.'s motion to dismiss its Chapter 11 case. Objections were due May 12. According to the Debtor, it has worked with the Official Committee of Unsecured Creditors to maximize the value of this estate through a sale of substantially all of the Debtor's assets. However, the consideration received by the Debtor for its assets is insufficient to permit the Debtor to pay administrative claims or estate professional fees in full or provide for a distribution to prepetition general unsecured creditors due to: -- the lack of a competitive market for the Debtor's assets, as reflected by the fact that only one bidder submitted a going concern bid; -- downward post-closing adjustments to the purchase price demanded by YM LLC USA, the purchaser of the Debtor's assets, under the governing sale documents; -- administrative cost overruns incurred by estate professionals in negotiating the appropriate purchase price reduction and a global settlement with the Debtor's insiders; and -- lower than projected recoveries on an insurance claim relating to damages sustained by the Debtor from Superstorm Sandy. As a result, the Debtor does not have sufficient funds to propose and confirm a Chapter 11 plan. The Debtor is represented by: Kenneth A. Rosen, Esq. Mary E. Seymour, Esq. Michael Savetsky, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue Roseland, NJ 07068 Tel: (973) 597-2500 Fax: (973) 597-2400 About Big M, Inc. Totowa, New Jersey-based Big M, Inc., filed a Chapter 11 petition (Bankr. D.N.J. Case No. 13-10233) on Jan. 6, 2013, with Salus Capital Partners, LLC, funding the Chapter 11 effort. Judge Donald H. Steckroth presides over the case. At the time of the bankruptcy filing, Big M was the owner of Mandee, Annie sez, and Afazxe Stores. The Mandee brand is a juniors fashion retailer with 84 stores in Illinois and along the East Coast. Annie sez is a discount department-store retailer for women with 35 stores. Afaze is 10-store jewelry and accessory chain. Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP, in Roseland, serves as counsel to the Debtor. PricewaterhouseCoopers LLP has been tapped to serve as financial advisor. GRL Capital Advisors LLC's Glenn R. Langberg has been hired to serve as chief restructuring officer. Attorneys at Becker Meisel LLC serve the Debtor as conflicts counsel. The Debtor disclosed $21.4 million in assets and $21.4 million in liabilities as of the Chapter 11 filing. The Official Committee of Unsecured Creditors has tapped Cooley Godward Kroish, LLP, as its counsel, and CBIZ Accounting, Tax and Advisory of New York, LLC and CBIZ Mergers & Acquisitions Group as its financial advisor. In mid-2013, the Bankruptcy Court authorized the Debtor to sell substantially all of its assets to YM LLC USA, formerly known as YM Inc USA. BLUE COAT: S&P Withdraws 'B' Corporate Credit Rating ---------------------------------------------------- Standard & Poor's Ratings Services said it removed from CreditWatch and then withdrew its corporate credit rating on Sunnyvale, Calif.-based provider of network security products Blue Coat Systems Inc. "The rating withdrawal reflects the planned acquisition of Blue Coat's holding company, Project Barbour Holdings Corp., by Bain Capital," said Standard & Poor's credit analyst Kenneth Fleming. Under the new capital structure, the operating company will no longer be the issuer of the company's debt. On May 12, 2015, S&P assigned its 'B' corporate credit rating with a negative outlook to Project Barbour Holdings Corp. following the announcement of the company's new capital structure in conjunction with Bain Capital's acquisition of the company. Upon completion of the transaction, Project Barbour Holdings Corp. will be renamed Blue Coat Holdings Inc. At that time, S&P expects to withdraw the issue-level ratings on the company's debt, which will be redeemed in the transaction. BON-TON STORES: Gabelli Funds Has 6.62% Stake as of May 5 --------------------------------------------------------- Gabelli Funds, LLC disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of May 5, 2015, it beneficially owns 1,190,334 shares of common stock of The Bon-Ton Stores, Inc., which represents 6.62 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/Q4zIdZ About Bon-Ton Stores Bon-Ton Stores, a Pennsylvania corporation, was founded in 1898 and is a department store operator in the United States, offering a broad assortment of brand-name fashion apparel and accessories for women, men and children. The Company's merchandise offerings also include cosmetics, home furnishings and other goods. The Company currently operate 270 stores in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates, encompassing a total of approximately 25 million square feet. Bon-Ton Stores reported a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015, compared to a net loss of $3.55 million on $2.77 billion of net sales for the fiscal year ended Feb. 1, 2014. The Company reported a net loss of $21.6 million for the fiscal year ended Feb. 2, 2013. * * * As reported by the TCR on May 15, 2013, Moody's Investors Service upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from 'Caa1' and its Probability of Default Rating to 'B3-PD' from 'Caa1-PD'. "The upgrade of Bon-Ton's Corporate Family Rating considers the company's ability to drive modest same store sales growth as well as operating margin expansion beginning in the second half of 2012 and that these positive trends have continued, with the company reporting that its same store were positive, and EBITDA margins expanded, in the first fiscal quarter of 2013," said Moody's Vice President Scott Tuhy. As reported by the TCR on May 17, 2013, Standard & Poor's Ratings Services affirmed the 'B-' corporate credit rating on Bon-Ton Stores. BOTANICAL REALTY ASSOCIATES: Meeting of Creditors Set for June 5 ---------------------------------------------------------------- The meeting of creditors of Botanical Realty Associates Urban Renewal, LLC is set to be held on June 5, 2015, at 3:00 p.m., according to a filing with the U.S. Bankruptcy Court for the Eastern District of New York. The meeting will be held at Room 2579, 271-C Cadman Plaza East, in Brooklyn, NY. 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 Botanical Realty Botanical Realty Associates Urban Renewal, LLC, commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y. Case No. 15-41835) in Brooklyn, without stating a reason. The Debtor, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B), says its principal asset is located at 125 Monitor Street, Jersey City, New Jersey. It says that its assets are worth $10 million to $50 million and total debt is less than $10 million. David Carlebach, Esq., at The Carlebach Law Group, in New York, serves as counsel. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due Aug. 21, 2015. BPZ RESOURCES: U.S. Trustee Forms Creditors Committee ----------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of BPZ Resources Inc. appointed five creditors of the company to serve on the official committee of unsecured creditors.: (1) Wells Fargo Bank, N.A., as Trustee Attn: Thomas Korsman 625 Marquette Avenue, 16th Floor MAC: N9311-161 Minneapolis, MN 55402 Tel: 612-466-5890 Fax: 866-680-1777 E-mail: thomas.m.korsman@wellsfargo.com (2) Indaba Capital Fund, L.P. c/o Indaba Capital Management Attn: Thomas E. McConnon One Letterman Drive Building D, Suite DM700 San Francisco, CA 94129 Tel. 415-680-1180 Fax 415-680-1181 E-mail: tmcconnon@indabacapital.com (3) Silverback Asset Management L.L.C. Attn: Dan Magid 1414 Raleigh Rd., Suite 250 Chapel Hill, NC 27517 Tel: 919-969-9300 Fax: 919-969-9828 E-mail: dmagid@silverbackasset.com (4) Frederick T. Greene 1599 Lake Robbins Dr. #200 The Woodlands, TX 77381 Tel: 832-375-2513 Fax: 832-375-3513 E-mail: fred.greene@woodforestfinancial.com (5) Robert C. Kinnear Jr. 14 East Horizon Ridge Place The Woodlands, TX 77381 Tel. 281-364-8882 E-mail: bob.kinnear@att.net 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 BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru, and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. BROADVIEW NETWORKS: Incurs $3.75 Million Net Loss in 1st Quarter ---------------------------------------------------------------- Broadview Networks Holdings, Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.75 million on $72.85 million of revenues for the three months ended March 31, 2015, compared to a net loss of $3.06 million on $77.61 million of revenues for the same period a year ago. As of March 31, 2015, Broadview Networks had $209.07 million in total assets, $213.83 million in total liabilities and a $4.76 million total stockholders' deficiency. As of March 31, 2015, the Company's $14.7 million of cash and cash equivalents was being held in several large financial institutions, although most of its balances exceed the Federal Deposit Insurance Corporation insurance limits. A full-text copy of the Form 10-Q is available for free at: http://is.gd/4xWlJj About Broadview Networks Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a communications and IT solutions provider to small and medium sized business ("SMB") and large business, or enterprise, customers nationwide, with a historical focus on markets across 10 states throughout the Northeast and Mid-Atlantic United States, including the major metropolitan markets of New York, Boston, Philadelphia, Baltimore and Washington, D.C. Broadview Networks reported a net loss of $9.22 million in 2014, a net loss of $8.48 million in 2013 and a net loss of $35.3 million in 2012. * * * In the July 23, 2012, edition of the Troubled Company Reporter, Moody's Investors Service downgraded Broadview Networks Holdings, Inc. Corporate Family Rating (CFR) to 'Caa3' from 'Caa2' and the Probability of Default Rating (PDR) to 'Ca' from 'Caa3' in response to the company's announcement that it has entered into a restructuring support agreement with holders of roughly 70% of its preferred stock and roughly 66-2/3% of its Senior Secured Notes. The company is expected to file a pre-packaged Chapter 11 Plan of Reorganization or complete an out of court exchange offer. As reported by the TCR on July 25, 2012, Standard & Poor's Ratings Services lowered its corporate credit rating on Broadview to 'D' from 'CC'. "This action follows the company's announced extension on its revolving credit facility. We expect to lower the issue- level rating on the notes to 'D' once the company files for bankruptcy, or if it misses the Sept. 1, 2012 maturity payment on the notes," S&P said. CAL DIVE: Says No Objection Received for Derrick's Employment ------------------------------------------------------------- Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., counsel for Cal Dive International, Inc., et al., filed a certificate of no objection regarding the Debtors' amended application to employ Derrick Offshore Ltd. as vessel and equipment appraiser nunc pro tunc to April 2, 2015. Ms. Steele requested that an order be entered at the earliest convenience of the Court. As of the objection deadline, no answer, objection or other responsive pleading to the application has appeared on the Court's docket. As reported in the Troubled Company Reporter on April 29, 2015, the Debtors have tapped Derrick to provide appraisal services for certain vessels, saturation diving systems, and air dive systems. The fees and anticipated expenses associated with Derrick's services as appraiser total GBP850 ($1,300) per vessel appraised, GBP500 ($800) per SAT System appraised, and GBP2,500 ($380) for a summary report of the expected value range for the Air Dive Systems. The Debtors expect to obtain appraisals for at least three vessels and two SAT Systems, and to have Derrick prepare one summary value report for Air Dive Systems. Given its flat fee structure for appraisal, the Debtors request that Derrick not be required to maintain time records as it is not Derrick's general practice to keep detailed time records similar to those kept by attorneys and other of the retained professionals in these chapter 11 cases. To the best of the Debtors' knowledge, Derrick is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. 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. CANCER GENETICS: Posts $4.27 Million Net Loss in First Quarter -------------------------------------------------------------- Cancer Genetics, Inc. reported a net loss of $4.27 million on $4.37 million of revenue for the three months ended March 31, 2015, compared to a net loss of $2.48 million on $1.43 million of revenue for the same period in 2014. As of March 31, 2015, the Company had $43.2 million in total assets, $12.2 million in total liabilities and $31.0 million in total stockholders' equity. "We continue to make strong progress in driving market adoption, revenue growth, and developing a unique, unrivaled portfolio of genomic capabilities in oncology," said Panna Sharma, CEO & president of Cancer Genetics, Inc. "We are pleased with the continued acceleration of our business and revenue with our biopharma partners, and in the rapid adoption of our NGS panels and genomic knowledge into active clinical trials." Total cash at March 31, 2015, was $28.6 million and includes the amount restricted for the Company's loan facility with Wells Fargo. This restriction has been released with the refinancing of the Company's debt facility. The Company had unrestricted cash and cash equivalents of $22.3 million as of March 31, 2015, as compared to $25.6 million as of Dec. 31, 2014. A full-text copy of the press release is available at: http://is.gd/5r0OoN About Cancer Genetics Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve and personalize the diagnosis, prognosis and response to treatment (theranosis) of cancer. Cancer Genetics reported a net loss of $16.6 million in 2014, a net loss of $12.4 million in 2013 and a net loss of $6.66 million in 2012. CANCER GENETICS: Posts $4.3 Million Net Loss in First Quarter ------------------------------------------------------------- Cancer Genetics, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.27 million on $4.37 million of revenue for the three months ended March 31, 2015, compared to a net loss of $2.48 million on $1.43 million of revenue for the same period a year ago. As of March 31, 2015, the Company had $43.19 million in total assets, $12.22 million in total liabilities and $30.97 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/jZahAs About Cancer Genetics Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage diagnostics company focused on developing and commercializing proprietary genomic tests and services to improve and personalize the diagnosis, prognosis and response to treatment (theranosis) of cancer. Cancer Genetics reported a net loss of $16.6 million in 2014, a net loss of $12.4 million in 2013 and a net loss of $6.66 million in 2012. CENTRAL OKLAHOMA: BKD LLP Okayed to Audit and Prepare 401(k) Plan ----------------------------------------------------------------- Central Oklahoma United Methodist Retirement Facility, Inc. doing business as Epworth Villa, won bankruptcy court approval to expand the scope of BKD, LLP's employment. The Debtor is also authorized to use property of the estate to compensate and reimburse BKD for the additional services. The Debtor wished to expand the scope of employment of BKD to include the audit of Epworth Villa's 401(k) plan and preparation of Epworth Villa's Form 5500 information return, and preparation of Epworth Villa's Medicare cost report for the year ended Dec. 31, 2014. Pursuant to the engagement letters, BKD will provide the 401(k) Services for fees not to exceed $18,000, and the cost report services for $5,475, to be paid upon receipt of BKD's invoice in June 2015, when the additional services are expected to be completed, plus travel costs and fees for services from other professionals, if any, and an administrative fee of 4% to cover items such as copies, postage and other delivery charges, supplies, technology-related costs as computer processing, software licensing, research and library databases and similar expense items. Clarification of BKD's Compensation In a separate filing, the Debtor requested for clarification of Jan. 23, 2015 order granting motion to employ BKD to provide audit and tax services, and authorizing payment of fees and expenses. Pursuant to Federal Rule of Civil Procedure 60(a), the Debtor requested that the Court enter an order clarifying that its previous order authorized payment to BKD for auditing services in the amount of $45,000 and for tax preparation services in the amount of $7,000, as stated in the engagement letter, rather than $28,950 for auditing services and $5,550 for tax preparation services, as erroneously stated in the motion for employment. In its motion for employment, the Debtor sought an order approving use of property of the estate to compensate and reimburse BKD for its services, noting that those services would be provided "at flat rates, plus expenses, as set forth in the engagement letter. The Debtor then mistakenly stated, "Pursuant to the engagement letter, BKD will provide the audit services for a flat rate of $28,950 and the tax preparation services at a flat rate of $5,550." As reported in the Troubled Company Reporter on Feb. 11, 2015, Central Oklahoma United Methodist Retirement Facility, Inc. dba Epworth Villa obtained permission from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ BKD, LLP, for audit and tax services. As reported in the Feb. 5, 2015 edition of the TCR, Epworth Villa tapped BKD LLP as auditor to audit its balance sheets as of Dec. 31, 2014 and the related statements of operations, changes in net assets, and cash flows for the year 2014, and to prepare its 2014 Form 990, Return of Organization Exempt From Income Tax, Form 990-T, Exempt Organization Business Income Tax Return, and Form 512-E, Oklahoma Return of Organization Exempt Form Income Tax. BKD LLP will provide the audit services for a flat rate of $28,950 and the tax preparation services at a flat rate of $5,550, to be paid in three equal installments in January 2015, March 2015, and May 2015, when BKD's services are expected to be completed. In addition, Epworth Villa will be billed travel costs and fees for services from other professionals, if any, as well as an administrative fee of 4% to cover items such as copies, postage and other delivery charges, supplies, technology-related costs such as computer processing, software licensing, research and library databases and similar expense items. Kevin D. Gore, partner of BKD LLP, 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 Central Oklahoma United Methodist Central Oklahoma United Methodist Retirement Facility, Inc., dba Epworth Villa, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18, 2014. The case is before Judge Sarah A. Hall. The Debtor's counsel is Brandon Craig Bickle, Esq., Sidney K. Swinson, Esq., and Mark D.G. Sanders, Esq., at Gable & Gotwals, P.C., in Tulsa, Oklahoma; and G. Blaine Schwabe, III, Esq., at Gable & Gotwals, P.C., in Oklahoma City, Oklahoma. The Debtor reported $118 million in total assets, and $108 million in total liabilities. CHAMPION INDUSTRIES: Extends Maturity of Credit Agreement to 2017 ----------------------------------------------------------------- Champion Industries, Inc., various Champion subsidiaries, as Guarantors, Marshall T. Reynolds, as shareholder and Big 4 Investments, LLC as Lender and Administrative Agent, entered into an Extension Agreement dated April 29, 2015, of the Third Amended and Restated Credit Agreement dated Oct. 7, 2013, and related Term Note A, Guaranty Agreement, and Stock Pledge and Security Agreement. The Extension Agreement is a continuation of the October 2013 Credit Agreement and related Term Note A, Guaranty Agreement, and Stock Pledge and Security Agreement. The principal terms and conditions of the Extension Agreement and the October 2013 Credit Agreement and documents related thereto are as follows: * Maturity of April 1, 2017. * Principal balance as of the date of execution of the Extension Agreement of $9,100,000. * Interest rate at the Wall Street Journal prime rate of interest plus two percent. * Principal payments due monthly at $50,000 per month. * Financial covenant of maximum capital expenditures of $3,000,000 during any fiscal year. * Personal guaranty of Marshall T. Reynolds. * Stock Pledge and Security Agreement providing a third party credit enhancement to fully support the credit facility underwritten by the Administrative Agent. * In consideration for the personal Guaranty Agreement of Marshall T. Reynolds and Stock Pledge and Security Agreement, the warrants held by the Previous Lenders were assigned to Marshall T. Reynolds. The warrants represent $0.001 per share warrants issued for up to 30% (on a post-exercise basis) of the outstanding common stock of the Company in the form of non -voting Class B common stock and associated Investor Rights Agreement. In April 2015, the Company paid and satisfied the $500,000 premium provision related to Term Note A. A full-text copy of the Extension Agreement is available at: http://is.gd/DmBSjM About Champion Industries Champion Industries, Inc., is engaged in the commercial printing and office products and furniture supply business in regional markets east of the Mississippi River. The Company also publishes The Herald-Dispatch daily newspaper in Huntington, West Virginia with a total daily and Sunday circulation of approximately 23,000 and 28,000. Champion Industries reported a net loss of $1.13 million for the year ended Oct. 31, 2014, compared to net income of $5.71 million in 2013. As of Oct. 31, 2014, the Company had $24 million in total assets, $20.8 million in total liabilities and $3.20 million in total shareholders' equity. CHILDREN OF PROMISE: S&P Assigns BB+ Rating to 2015 A/B Bonds ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' rating to the California Statewide Communities Development Authority's school facility revenue bonds series 2015A and taxable series 2015B issued on behalf of Children of Promise Preperatory Academy (COPPA). The outlook is stable. "The rating reflects a strengthening enrollment profile with continued enrollment growth supported by a small, but growing waitlist; strong retention; and stable management," said Standard & Poor's credit analyst Debra Boyd. "Although the school has a limited history, it has demonstrated three years of positive operations on a full-accrual basis, and it expects to be positive in 2015 as well," added Ms. Boyd. The stable outlook reflects S&P's anticipation that the school will maintain positive operations, liquidity, and maximum annual debt service coverage at levels commensurate with the rating. S&P also expects enrollment levels to grow to levels necessary to produce positive operations on a full-accrual basis as projected. CLOUDEEVA INC: Court Approves Punhani Law as Immigration Counsel ---------------------------------------------------------------- Richard B. Honig, the Successor Chapter 11 Trustee of Cloudeeva, Inc. and its debtor-affiliates, sought and obtained permission from the Hon. Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey for the continued retention of Punhani Law Firm LLC as special immigration counsel to the Trustee, nunc pro tunc to Feb. 10, 2015. The Successor Chapter 11 Trustee believed that it is in the best interest of the Debtor's estate to continue Punhani Law's retention to perform services relating to immigration law issues. Punhani Law will continue to provide the following services: (a) handling matters of immigration law; (b) preparing and filing H1-B Specialty Occupation Worker Petitions (I-129H) for Beneficiaries and Green Card Processing; and (c) making the necessary filings with the U.S. Citizenship and Immigration Services. Ankush Punhani, partner of Punhani Law, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Punhani Law can be reached at: Ankush Punhani, Esq. PUNHANI LAW FIRM LLC 5 Penn Plaza, 23rd Floor, Suite 2355 New York, NY 10001 Tel: (212) 457-1153 About Cloudeeva, Inc. Cloudeeva, Inc., a public company previously known as Systems America, Inc., is a global cloud services and technology solutions company specializing in cloud, big data and mobility solutions and services. The company provides information technology staffing services to major clients and third party vendors in the United States and India. The company headquarters are in East Windsor, New Jersey, with regional offices in California, Illinois and international offices in India. Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy 32 protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New Jersey, on July 21, 2014. The cases are assigned to Judge Kathryn C. Ferguson. Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in liabilities as of the Chapter 11 filing. The company said only $209,000 is owing to its lender Prestige Capital Corp. and more than $5.2 million is owed for trade vendor payables. The Debtors originally tapped Lowenstein Sandler LLP as counsel. However, they later sought approval to tap Trenk, DiPasquale, Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who retention was not formally approved by order of the Court. The Debtors also tapped Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate counsel. Kurtzman Carson Consultants LLC serves as claims and noticing agent. * * * On Aug. 22, 2014, Judge Ferguson entered an order dismissing the Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd. BAPL asserted that the cases were not filed in good faith. The Debtors subsequently filed an appeal challenging the dismissal of their cases. Since then, District Judge Joel A. Pisano for the District of New Jersey entered an order staying the Case Dismissal Order pending further proceedings. Simultaneously, Judge Pisano reinstated the Debtors' bankruptcy cases and authorized the Debtors to be in possession of their assets and the management of their business as debtors-in-possession, subject to the continuing jurisdiction of the Bankruptcy Court and any further orders of the Bankruptcy Court or the District Court. The Debtor filed a Plan of Reorganization and Disclosure Statement on Oct. 7, 2014. The Plan will be funded by cash on-hand on the Effective Date, cash revenues derived from the Debtors' continued operations, and investment of $1.15 million from Cloudeeva India Private Limited or their designee, along with their guarantee of all payments to be made under Plan, in exchange for the equity of the Reorganized Debtors, as agreed in the parties' Plan Support Agreement. The Court approved the appointment of Stephen Gray as Chapter 11 trustee for the Debtors' estate. The trustee was represented by Saul Ewing LLP. Richard B. Honig was later appointed as the Chapter 11 successor trustee for Cloudeeva Inc. COMMUNITY FACILITIES: Chapter 9 Case Summary & Unsec. Creditor -------------------------------------------------------------- Debtor: Community Facilities District No. 1990-1 (Wildwood Estates), Nevada County, California aka CFD-1990-1 950 Maidu Avenue Nevada, CA 95959 Bankruptcy Case No.: 15-23888 Type of Business: Municipality Chapter 9 Petition Date: May 13, 2015 Court: United States Bankruptcy Court Eastern District of California (Sacramento) Debtor's Counsel: Debra A. Riley, Esq. ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP 501 West Broadway 15th Floor San Diego, CA 92101 Tel: 619-233-1155 Estimated Assets: $1 million to $10 million Estimated Debts: $10 million to $50 million The petition was signed by Richard A. Haffey, Nevada County executive officer on behalf of the Debtor. The Debtor listed Nevada County as its largest unsecured creditor holding a claim of $120,787. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/caeb15-23888.pdf CONSTAR INT'L: Needs Until June 19 to File Plan ----------------------------------------------- Capsule International Holdings, LLC, f/k/a Constar International Holdings LLC, et al., ask the U.S. Bankruptcy Court for the District of Delaware to further extend their exclusive period to file a Chapter 11 plan through and including June 19, 2015, and to solicit acceptances of that plan through and including Aug. 19, 2015. According to Evan T. Miller, Esq., at Bayard, P.A., in Wilmington, Delaware, "[t]he Debtors believe that ample cause exists to further extend their Exclusive Periods. Since the entry of the First, Second, Third, Fourth, Fifth, and Sixth Exclusivity Orders, the Debtors have been working diligently with the Official Committee of Unsecured Creditors and their retained professionals to liquidate the Debtors' remaining assets, reconcile claims, and investigate potential claims and causes of action held by the Debtors' estates, which the Committee believes are the main issues that must be resolved before the Committee may propose a confirmable chapter 11 plan. The Debtors and the Committee, through, inter alia, their joint retention of Diamond, have made and continue to make substantial progress in their ongoing investigation and effort to liquidate the Lender KEIP claims." Mr. Miller adds that as a result, the Debtors are seeking an extension of their Exclusive Periods in order to effectuate the Committee's proposal of the Plan and solicitation of votes in support thereof as contemplated by the Term Sheet. About Constar International Privately held Constar International Holdings and nine affiliated debtors (nka Capsule International Holdings, et al.) filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on Dec. 19, 2013. Constar, which manufactures plastic containers, is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert, Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as the Debtors' claims and noticing agent, and administrative advisor. Lincoln Partners Advisors LLC serves as the Debtors' financial advisor. Judge Christopher S. Sontchi oversees the 2013 case. This is Constar International's third bankruptcy. Constar first filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan and emerged from bankruptcy in May 2009. Constar and its affiliates returned to Chapter 11 protection (Bankr. D. Del. Case No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11 plan and emerged from bankruptcy in June 2011. The new petition listed assets worth less than $100 million Against $123 million on three layers of secured debt. Attorneys at Brown Rudnick LLP represent the official committee of unsecured creditors. The Committee retained Alvarez & Marsal North America LLC as its financial advisor. Counsel to Wells Fargo Capital Finance, LLC, the revolving loan agent, is Andrew M. Kramer, Esq., at Otterbourg P.C. On Feb. 10, 2014, the Bankruptcy Court authorized Constar to sell certain assets to Plastipak Packaging, Inc., a global manufacturer of rigid plastic packaging. The Court determined that Plastipak's $102,450,000 offer for the Debtors' U.S. assets bested the offers from Amcor Rigid Plastics USA, Inc., and Envases Universales De Mexico S.A.P.I. De C.V. during a Feb. 6 auction. Separately, the Court authorized Constar to sell a facility in Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3 million. There was no other bidder for the Maryland facility. The sole director of debtor Constar International U.K. Limited has appointed Daniel Francis Butters and Nicolas Guy Edwards of Deloitte LLP as administrators. The U.K. Administration Proceeding follows the closing of the sale of the U.K. assets to Sherburn Acquisition Limited. The Delaware Bankruptcy Judge authorized the U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727, (or US$7,046,000), less the deposit in the sum of US$1,250,000. Secured lender Black Diamond Commercial Finance, LLC, as DIP note agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent and agent under the revolving loan facility, consented to the administration of Constar U.K. and the appointment of the Joint Administrators. In view of the asset sales in the U.S. and the U.K., the Debtors changed their corporate trade names -- and with the Bankruptcy Court's consent, their bankruptcy case caption -- to Capsule Group Holdings, Inc.; Capsule Intermediate Holdings, Inc.; Capsule Group, Inc.; Capsule International LLC; Capsule DE I, Inc.; Capsule DE II, Inc.; Capsule PA, Inc.; Capsule Foreign Holdings, Inc.; and Capsule International U.K. Limited (Foreign). CORINTHIAN COLLEGES: Can Hire Rust Consulting as Claims Agent ------------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorized Corinthian Colleges, Inc., et al., 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: Students' Request to Form Committee Granted ---------------------------------------------------------------- The U.S. Trustee's Office on May 13 granted an ad-hoc student group's request to form a special committee to represent the interests of students of the recently-collapsed Corinthian Colleges Inc. The honoring of the seldom-granted request is a victory for the estimated 500,000 students impacted by Corinthian's collapse, giving them meaningful participation in the bankruptcy process, said attorneys from the Public Counsel Law Center, Robins Kaplan LLP, and Strumwasser & Woocher LLP, who represent the student group. "[Wednes]day's decision gives the student body a recognized organized role in the proceedings," said Mark Rosenbaum, Director of Public Counsel Opportunity Under Law. "Our expectation is that the collective bankruptcy proceedings will provide a forum to work out many of the issues with the colleges, the Department of Education, and other parties." "The doors are now open for all students who had their futures and finances harmed by these schools to make their grievances heard," said Aeyla Admire, a former student at Corinthian Colleges subsidiary, Everest College, who was misled by Everest about her program's accreditation and how her education would be financed. The Committee will be able to put the important topics of student relief on the agenda for discussion and will ensure that a plan provides all student creditors both a voice and a vote. "[Wednes]day's action is a very promising development, and we achieved an important first step toward giving each and every student a voice. We are grateful to the Office of the United States Trustee for acting quickly to address the needs of this critical constituency," said Scott Gautier of Robins Kaplan LLP, bankruptcy counsel for the ad-hoc student group. Students who have already been organizing together and advocating for themselves as a group over the past year will volunteer to serve on the Committee, and all former students will also have an opportunity to apply to serve on the committee through the Office of the United States Trustee, who has sole discretion to appoint Committee members. "It is our understanding that the U.S. Trustee will be looking for a fair cross-section of student interests, as well as students that have proven their willingness to follow through on the obligation to represent students' interests. We trust that the Committee will be appointed quickly, and we are already working on motions for immediate relief to protect the students' interests in this case. We look forward to working with the Students' Committee on these matters as soon as possible," Mr. Gautier added. About Corinthian Colleges 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 Chapter 11 petitions are being jointly administered under the caption In re: Corinthian Colleges, Inc. et al., Case No. 15-10952 (KJC). The cases are assigned to Judge Kevin J. Carey. 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. 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 disclosed total assets of $19.2 million and total liabilities of $143.1 million in its petition. COUNTRY STONE: Hires Deloitte FAS as Consultant ----------------------------------------------- Old CSH, Inc., (fka Country Stone Holdings, Inc.) and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Central District of Illinois to employ Deloitte Financial Advisory Services LLP ("Deloitte FAS") as a consultant, effective as of March 31, 2015. Deloitte FAS has provided, and agrees to continue to provide, assistance to the Debtors in accordance with the terms and conditions set forth in the Engagement Letter. In particular, Deloitte FAS is anticipated to provide assistance in reading the financial information and other data relevant to this matter in order to assist the Debtors' counsel in its evaluation of a potential accounting malpractice claim. The scope for the engagement will include a review of potentially relevant audit work papers in 2011 and 2012 only (i.e., potentially relevant is defined as those work papers relating to inventory only). Deloitte FAS will be paid at these hourly rates: Principal/Partner/Director $940 Senior Manager $815 Manager $750 Hourly rates for other personnel will range from $540 to $645. In the normal course of business, Deloitte FAS revises its hourly rates to reflect changes in responsibilities, increased experience, geographic differentials and increased costs of doing business. The fees and expenses to be incurred for the services set forth in the Engagement Letter are capped at $15,000. Deloitte FAS will also be reimbursed for reasonable out-of-pocket expenses incurred. Deloitte FAS provided services to the Debtors prior to the inception of the Cases. The Debtors paid approximately $25,000 as a retainer to Deloitte FAS in the 90 days prior to Oct. 23, 2014 (the "Petition Date"). As of the Petition Date, Deloitte FAS was not owed any amounts by the Debtors in respect of invoices issued prior to the Petition Date. Additionally, no amount of any retainer was remaining as of such date; however, Deloitte FAS did recently receive an additional $15,000 retainer after the Petition Date. Gary J. Levin, partner of Deloitte FAS, 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. Deloitte FAS can be reached at: Gary J. Levin DELOITTE FINANCIAL ADVISORY SERVICES LLP 111 South Wacker Drive, 24th Floor Chicago, IL 60606-4301 Tel: (312) 486-1000 Fax: (312) 486-1486 About Country Stone Country Stone Holdings, Inc., and its affiliates are in the business of manufacturing, processing, and packaging lawn and garden products such as mulch, soil, fertilizer, plant food, organics, concrete and decorative stone. The corporate headquarters are located in Rock Island, Illinois and Milan, Illinois. Country Stone operates 17 plants throughout the United States, including in Illinois, Iowa, Indiana, Minnesota, Wisconsin, Missouri, and California. Country Stone Holdings and its affiliates sought bankruptcy protection (Bankr. C.D. Ill., Lead Case No. 14-81854) in Peoria, Illinois, on Oct. 23, 2014, with a deal to sell to Quikrete Holdings, Inc., for $23 million in cash plus the assumption of liabilities, subject to higher and better offers. The bankruptcy cases are assigned to Judge Thomas L. Perkins. Country Stone disclosed $45 million in liabilities. The Debtors have tapped Katten Muchin Rosenman LLP as counsel; Silverman Consulting to provide the services of Steven Nerger as CRO and Michael Compton as cash and restructuring manager; and Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting agent. Nancy J. Gargula, U.S. Trustee for the Central District of Illinois, has appointed five creditors to serve in the official unsecured creditors committee in the Debtors' cases. * * * In January 2015, the bankruptcy judge approved the sale of Country Stone's assets to Hyponex Corp. and Techo-Bloc Inc. for a combined purchase price of at least $29 million. An auction was held on Dec. 17 at which Hyponex and Techno-Bloc made the highest bids beating the so-called stalking horse, Quikrete Holdings Inc., which offered an initial price of $20 million for almost all the assets. The Debtors, First Midwest Bank and the Official Committee of Unsecured Creditors entered into a court-approved stipulation extending until April 24, 2015, the investigation period pursuant to the Court's final DIP financing order. CREATIVE CIRCLE: S&P Puts Ratings on Watch Pos. Over Acquisition ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on Los Angeles-based Creative Circle LLC on CreditWatch with positive implications. This includes the 'B' corporate credit rating on the company, the 'B+' issue-level rating with a recovery rating of '2' on the company's first-lien term loan and revolving credit facility, and the 'CCC+' issue-level rating with a recovery rating of '6' on its second-lien term loan. The '2' recovery rating indicates S&P's expectation for substantial (70% to 90%; lower half of the range) recovery in the event of a payment default and the '6' recovery rating indicates S&P's expectation for negligible (0% to 10%) recovery in the event of a payment default. "The rating action follows On Assignment's announcement that it has signed a definitive agreement to acquire Creative Circle. We believe the combined company will likely be rated higher than is Creative Circle on a stand-alone basis," said Standard & Poor's credit analyst Naveen Sarma. S&P expects that Creative Circle's debt will be repaid when the transaction closes in June 2015. S&P will withdraw its ratings on Creative Circle, including the corporate credit rating and issue-level ratings at that time. CURO HEALTH: S&P Affirms 'B' Corp. Credit Rating ------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Curo Health Services LLC. The outlook is stable. "We subsequently withdrew the rating because there is no longer any debt issued by that entity following the refinancing earlier this year. All our ratings on Curo Health Services Holdings Inc., including the 'B' corporate credit rating, remain unchanged." DEERFIELD RANCH: Gets Final Nod to Use Rabobank's Cash Collateral ----------------------------------------------------------------- U.S. Bankruptcy Judge Alan Jaroslovsky approved, on a final basis, the stipulation authorizing Deerfield Ranch Winery, LLC, to use cash collateral in which Rabobank N.A, secured lender, asserts an interest. Rabobank, Deerfield's primary secured lender asserts that it holds a duly perfected security interest in substantially all of Deerfield's assets, including its cash. Deerfield does not believe that any other creditor holds an interest in cash collateral. Deerfield owes $10.9 million to Rabobank on two loans taken out in late 2008. About Deerfield Ranch Winery Deerfield Ranch Winery, LLC, is an award-winning winery located in the heart of the Sonoma Valley, founded in 1982 by Robert and PJ Rex. The Deerfield estate is approximately 47 acres, located in Kenwood, California, and was acquired in 2000. Annual production totals approximately 30,000 cases annually, including both Deerfield brands and the winery's substantial custom-crush business, which includes 12 small family-owned wineries. The winery LLC is owned by 87 members, who have contributed more than $15 million to the business. Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015. The Debtor disclosed $25,197,611 in assets and $12,041,939 in liabilities as of the Chapter 11 filing. Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel. Jigsaw Advisors LLC acts as the Debtor's restructuring financial advisor. Judge Alan Jaroslovsky is assigned to the case. The U.S. Trustee for Region 17 appointed three creditors to serve on the official committee of unsecured creditors. DIA-DEN LTD: Industrial Complex Files Ch.11 With $8MM in Debt ------------------------------------------------------------- Dia-Den Ltd., owner of an industrial complex in Tomball, Texas, has sought bankruptcy protection, disclosing $12 million in assets and $8.09 million in liabilities in its schedules: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $11,200,000 B. Personal Property 812,048 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $8,087,238 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $9,719 ----------- ----------- TOTAL $12,012,047 $8,096,957 As of the Petition Date, the Debtor has $53,000 of cash on hand. The Debtor says its industrial facility was appraised at $11.7 million in December 2014. Thus, secured creditor Wells Fargo Bank N.A., which is owed $8.09 million, has a substantial equity cushion. The Debtor says that at present, it receives monthly rent for the industrial facility in the amount of $50,000. According to the statement of financial affairs, the Debtor received $250,000 received $250,000 in the first five months of 2015; $615,000 in 2014, and $910,000 in 2013. The Debtor received $2.8 million in April 2014 from the sale of 10.721 acres of real property at 9841 Windmill Park Lane Houston, Texas. Limited partners Dennis W. Abrahams and Dianne V. Abrahams each owns 49.5% of the interests in the Debtor while general partner PJJ Inc. owns the remaining 1%. A copy of the Company's schedules of assets and liabilities, and statement of financial affairs filed together with the petition is available for free at: http://bankrupt.com/misc/txsb15-32626_SAL.pdf About Dia-Den Ltd. Dia-Den Ltd. is a Texas limited partnership with its principal place of business in Harris County, Texas. Dia-Den owns and leases to single tenant the industrial complex located at 24310 State Highway 249, Tomball, Texas 77375. Dia-Den Ltd. sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 15-32626) in Houston, Texas, on May 8, 2015. The case is assigned to Judge Jeff Bohm. The Debtor tapped Hoover Slovacek, LLP, as counsel. DIA-DEN LTD: Reorganization Plan Filed, to Pay Creditors in Full ---------------------------------------------------------------- Dia-Den Ltd. filed with the U.S. Bankruptcy Court for the Southern District of Texas a proposed reorganization plan that promises to pay creditors in full over a period of time and let the present owners retain control of the company. Prior to filing Chapter 11, the Debtor said it pursued alternative financing and potential sales. Potential lenders made offers to refinance the debt but such offers were not acceptable to Wells Fargo Bank, N.A., the lone secured creditor. Dia-Den is a limited partnership that owns and leases a single tenant industrial facility with a total of 154,297 square feet of gross building area on 37.94 acres of land located at 24310 State Highway 249, Tomball, Harris County, Texas. In April 2014, the Debtor sold its Windmill Park facility for $2.8 million. The proceeds were used to retire two notes held by Wells Fargo and to pay down Wells Fargo's second lien note. The Debtor leases the Industrial Facility for $50,000 per month, which is significantly below market rates. The lease expires on March 31, 2018, with a five year renewal option provided that APS is not in default and provides the Debtor written notice of its intent at least nine months prior to the expiration date of its intent to exercise the renewal option. The renewal rate is the higher of $65,000 per month or fair market rent. The Debtor's reorganization plan proposes to treat claims and interests as follows: -- Allowed administrative claims and priority non-tax claims will be paid in cash in full (UNIMPAIRED); -- Allowed ad valorem claims of taxing authorities will be paid in full in cash when they are due (by the tenant) (UNIMPAIRED); -- Wells Fargo will have an allowed secured claim of $8,197,380. The claim will be paid delivery of secured first lien promissory note from the Reorganized Debtor for $8,072,237, with interest at the prime rate plus 1.5%. The new note will mature in five years and will have monthly payments of $42,806 (Impaired). -- Allowed unsecured claims estimated at $10,000 will be paid in full without interest in six equal monthly installments, beginning on Effective Date or the date that such claims become allowed claims (IMPAIRED); and -- The current equity holders will maintain their equity interest in the Reorganized Debtor. They will receive no distributions until a new lease entered into for the Industrial Facility at the then market rate (but in no event less than $65,000 per month, triple net) (IMPAIRED). After the explanatory disclosure statement is approved, the Debtor will solicit acceptances or rejections of the Plan from creditors whose claims against the Debtor are impaired, as well as the interest holders. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Dia-Den_Plan_DS.pdf About Dia-Den Ltd. Dia-Den Ltd. is a Texas limited partnership with its principal place of business in Harris County, Texas. Dia-Den owns and leases to single tenant the industrial complex located at 24310 State Highway 249, Tomball, Texas 77375. Dia-Den Ltd. sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 15-32626) in Houston, Texas, on May 8, 2015. The case is assigned to Judge Jeff Bohm. The Debtor tapped Hoover Slovacek, LLP, as counsel. The Debtor disclosed $12 million in assets and $8.09 million in liabilities in its schedules. DIA-DEN LTD: Wants to Make Monthly Payments to Wells Fargo ---------------------------------------------------------- Dia-Den Ltd. filed with the U.S. Bankruptcy Court for the Southern District of Texas an emergency motion to provide Wells Fargo Bank, N.A., with adequate protection in the form of monthly interest payments. As protection for the going concern value of Wells Fargo's collateral, the Debtor seeks to pay adequate protection payments to Wells Fargo Bank in the amount of $45,000 per month based upon the monthly non-default rate of interest totaling $31,056, the balance of the monthly payment to be applied to principal. Wells Fargo is the Debtor's lender and has a lien on substantially all the assets of the Debtor. No other party asserts and in interest in the Debtor's cash collateral, as that term is defined in 11 U.S.C. Sec. 363(a). The indebtedness to Wells Fargo is as follows: Monthly Principal Non-default Interest Amount Interest Payment at Owed rate non-default rate --------- ---------- ---------------- 2007 Bonds/ Tender Drawing $5,261,428 2.50% $25,211 Second Lien Note $2,805,810 5.75% $5,845 As of the Petition Date, the Debtor had approximately $53,000 of cash on hand. The Debtor receives monthly rent for the Industrial Facility in the amount of $50,000. The Debtor's industrial facility in Tomball, Texas, and related equipment was appraised in December 2014 at $11.7 million. Thus, Wells Fargo has a substantial equity cushion. The Debtor says it has the available cash to make the monthly payment to Wells Fargo. The Debtor does not believe the Industrial Facility is decreasing in value. However, adequate protection serves to protect a secured creditor from diminution in the value of its interest in collateral during the period it is used by a debtor. About Dia-Den Ltd. Dia-Den Ltd. is a Texas limited partnership with its principal place of business in Harris County, Texas. Dia-Den owns and leases to single tenant the industrial complex located at 24310 State Highway 249, Tomball, Texas 77375. Dia-Den Ltd. sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 15-32626) in Houston, Texas, on May 8, 2015. The case is assigned to Judge Jeff Bohm. The Debtor tapped Hoover Slovacek, LLP, as counsel. The Debtor disclosed $12 million in assets and $8.09 million in liabilities in its schedules. DORAL FINANCIAL: Has Until May 25 to File Schedules --------------------------------------------------- The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York extended the deadline until May 25, 2015, within which Doral Financial Corporation can file its schedules of assets and liabilities, and statements of financial affairs. About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The Debtor's Chapter 11 plan and Disclosure Statement are due July 9, 2015. The initial case conference is set for April 10, 2015. The U.S. trustee appointed five creditors of the company to serve on the official committee of unsecured creditors. DORAL FINANCIAL: Section 341(a) Meeting Adjourned to June 2 ----------------------------------------------------------- The meeting of creditors for Doral Financial Corporation is adjourned to June 2, 2015, at 2:30 p.m. at 80 Broad St., 4th Floor, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The Debtor's Chapter 11 plan and Disclosure Statement are due July 9, 2015. The initial case conference is set for April 10, 2015. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. DUNE ENERGY: Panel Selects Conway Mackenzie as Financial Advisor ---------------------------------------------------------------- The Official Committee of Unsecured Creditors for the Chapter 11 bankruptcy cases of Dune Energy Inc. and its debtor-affiliates asks the U.S. Bankruptcy Court for the Western District of Texas for permission to retain Conway Mackenzi as its financial advisor effective as of March 27, 2015. A hearing is set for May 18, 2015, at 1:30 p.m. (Central Time) in Courtroom No. 2, 230 Homer J. Thornberry Federal Judicial Builsing, 903 San Jacinto Blvd. in Austin, Texas. The firm's professionals and their hourly rates: Senior Managing Director $585-$695 Managing Director $525-585 Director $450-525 Senior Associate $350-$450 Bryan Gaston, managing director of the firm, assures the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Conway MacKenzie Inc. Attn: Bryan Gaston 1301 McKinney, Suite 2025 Houston, Texas 77010 Tel: 713.650.0500 Email: bgaston@conwaymackenzie.com A full-text copy of the Committees' request is available for free at http://is.gd/hbvZXP About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debts as of Sept. 30, 2014. In their schedules, Dune Energy Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. * * * The deadline for creditors to file proofs of claim is July 13, 2015. For governmental units, the deadline to file proofs of claim is not later than 180 days from the Petition Date. EDENOR SA: Swings to ARS780 Million Net Loss in 2014 ---------------------------------------------------- Edenor SA filed with the Securities and Exchange Commission its annual report on Form 20-F disclosing a loss of ARS780 million on ARS3.59 billion of revenue for the year ended Dec. 31, 2014, compared with profit of ARS772.7 million on ARS3.44 billion of revenue for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had ARS8.63 billion in total assets, ARS8.24 billion in total liabilities, and ARS385 million in total equity. "In fiscal years 2014, 2012 and 2011, the Company recorded negative operating and net results, and both its liquidity level and working capital, even in fiscal year 2013, were severely affected. This situation is due mainly to both the continuous increase of its operating costs that are necessary to maintain the level of the service, and the delay in obtaining rate increases and/or recognition of its real higher costs, as stipulated in Section 4 of the Adjustment Agreement, including the review procedure in the event of deviations exceeding 5%," the Company states in the report. A full-text copy of the Form 20-F is available for free at: http://is.gd/oapXUC About Edenor SA Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. ELBIT IMAGING: To Sell Interest in 2 Hotels in Belgium ------------------------------------------------------ Elbit Imaging Ltd. said that its wholly owned indirect subsidiary entered into a share purchase agreement with Astrid JV Sarl, an affiliate of Kohlberg Kravis Roberts & Co. L.P., with regard to the sale of its entire (100%) holdings in its wholly owned subsidiary which owns and operates the Radisson Blu Hotel and the Park Inn Hotel, in Antwerp, Belgium. The closing of the transaction is scheduled to occur following the satisfaction of certain conditions. The transaction reflects an asset value of approximately Euro 48 million for both Hotels subject to working capital and other adjustments as specified in the agreement. The total net consideration payable to the Company's wholly owned subsidiary, following the repayments of the Target's banks loan, and the aforementioned adjustments, is approximately Euro 27 million out of which Euro 1 million will be deposited in escrow to secure the Seller's indemnification obligations under the Share Purchase Agreement. In accordance with the refinancing loan agreement between Bank Hapoalim B.M and the Company, upon closing of the abovementioned transaction, the Company will prepay an amount of approximately $5 million on account of the loan. JLL advised Seller in the transaction. Ron Hadassi, Chairman of the Board of Directors of the Company, commented: "Signing this transaction for the sale of our hotels in Belgium is the most significant sale by the Company since the completion of debt restructuring in February last year. This step is consistent with the Company's strategic plan to dispose of assets which have reached maturity and have exhausted their potential, while developing other assets toward their future sale". Doron Moshe, acting CEO and CFO of the Company, added: "The sale of the Company's hotels in Belgium is an important step in the disposition of the Company's assets that have reached maturity, with the aim of preparing for repayment of the Company's debts, which are scheduled to mature in the upcoming years, and also for the investment in other assets, which have not reached maturity yet. Upon the closing of the transaction, Elbit's estimated cash flow on a stand alone basis will increase by approximately NIS 90 million and the balance of the Company's loans (consolidated) will be reduced approximately by NIS 100 million". About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) hold investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. As of Dec. 31, 2014, the Company had NIS1.04 billion in total assets, NIS812 million in total liabilities and NIS232 million in shareholders' equity. ENCOMPASS DIGITAL: S&P Raises Second Lien Debt Rating to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services raised the issue-level rating on Atlanta-based media services provider Encompass Digital Media Inc.'s second-lien term loan to 'B-' from 'CCC+' and revised the recovery rating to '5' from '6'. The '5' recovery rating indicates S&P's expectation for modest recovery (10% to 30%; upper end of the range) in the event of a payment default. "We revised the recovery rating based on our increased valuation of the company under our hypothetical default scenario, stemming from our expectation for moderate revenue growth and margin expansion. We expect Encompass's revenue to grow in the low- to mid-single-digit percent area over the next few years, driven by growth in network origination services. In addition, we expect the company's adjusted EBITDA margin to remain between 39%-40%, up modestly from fiscal 2014 due to reductions in labor and fiber leasing costs," said S&P. The issue-level rating on the company's first-lien credit facilities remains 'B+' with a recovery rating of '2'. The '2' recovery rating indicates S&P's expectation for substantial recovery (70% to 90%; lower half of the range) in the event of payment default. "Our corporate credit rating on Encompass remains unchanged at 'B' with a stable outlook." RATINGS LIST Encompass Digital Media Inc. Corporate Credit Rating B/Stable/-- Senior Secured first lien B+ Recovery Rating 2L Upgraded; Recovery Rating To From Encompass Digital Media Inc. Senior Secured second lien B- CCC+ Recovery Rating 5H 6 ENDEAVOUR INTL: Provides Updated Fin'l Projections to Debtholders ----------------------------------------------------------------- Endeavour International Corporation, in connection with recent discussions with certain holders of its debt held in light of the recent declines in oil and gas prices, provided financial forecasts and other information to certain debt holders in April 2015. The Company and these debt holders are parties to nondisclosure agreements and the disclosure is being made in accordance with the terms of such nondisclosure agreements. The presentation includes updated forecasts of U.S. and U.K. operational cash flows and projects the Company's emergence from Chapter 11 at the end of October 2015. Endeavour delivered copies of those projections and other information to the Securities and Exchange Commission. The projections were not prepared with a view toward public disclosure or compliance with the SEC's published guidelines or the guidelines established by the American Institute of Certified Public Accountants regarding projections or forecasts. The projections do not purport to present financial condition in accordance with accounting principles generally accepted in the United States. The Company's independent accountants have not examined, compiled or otherwise applied procedures to the projections and, accordingly, do not express an opinion or any other form of assurance with respect to the projections. The projections were prepared for internal use, capital budgeting and other management decisions and are subjective in many respects. The projections, the Company said, reflect numerous assumptions made by management of the Company with respect to financial condition, business and industry performance, general economic, market and financial conditions, and other matters, all of which are difficult to predict, and many of which are beyond the Company's control. Accordingly, there can be no assurance that the assumptions made in preparing the projections will prove accurate. It is expected that there will be differences between actual and projected results, and the differences may be material, including due to the occurrence of unforeseen events occurring subsequent to the preparation of the projections. The inclusion of the projections herein should not be regarded as an indication that the Company or its affiliates or representatives consider the projections to be a reliable prediction of future events, and the projections should not be relied upon as such. Neither the Company nor any of its affiliates or representatives has made or makes any representation to any person regarding the ultimate performance of the Company or its subsidiaries compared to the projections, and none of them undertakes any obligation to publicly update the projections to reflect circumstances existing after the date when the projections were made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the projections are shown to be in error. A copy of the presentation is available at http://is.gd/Q9lWkc About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. Endeavour Operating Corporation, in its schedules, disclosed $808,358,297 in assets and $1,242,480,297 in liabilities as of the Chapter 11 filing. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. On April 29, 2015, the Debtor announced that, as a result of recent declines in oil and gas prices, the Company withdrew the proposed Plan. ENERGY FUTURE: Posts $1.52 Billion Net Loss for March 31 Quarter ---------------------------------------------------------------- Energy Future Holdings Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q for the quarterly period ended March 31, 2015. Operating revenues for the three months ended March 31, 2015, were $1,272 million against $1,517 million for the same period in 2014. The Company posted a net loss of $1,527 million for the three months ended March 31, 2015, compared to $609 million for the same period in 2014. Total assets were $26,548 million at March 31, 2015 against total liabilities of $47,798 million, the Company said. A copy of the Form 10-Q Report is available at http://is.gd/BbsZCO About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. ENERGY FUTURE: Seeks Oct. 29 Extension of Plan Filing Date ---------------------------------------------------------- Energy Future Holdings Corp., et al., filed a third motion asking the U.S. Bankruptcy Court for the District of Delaware to: (a) extend the period during which the Debtors have the exclusive right to file a Chapter 11 plan to the end of the statutory period provided by Section 1121 of the Bankruptcy Code, through and including Oct. 29, 2015; and (b) extend the period during which the Debtors have the exclusive right to solicit acceptances of their plan through and including Dec. 29, 2015. According to Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, the Debtors will use the extension of the Exclusive Periods to advance the Plan and their other initiatives to a value-maximizing outcome for these cases. Mr. Madron states: "The preservation of the Debtors' Exclusive Periods is critical to capitalize on all the momentum built since entry of the Second Extension Order. The Plan has the built-in flexibility to allow the Debtors to incorporate the outcome of both the ultimate EFH-EFIH Transaction and the Debtors' negotiations with their creditors. The Scheduling Order will provide a framework for these negotiations, but at the same time will ensure that, if these negotiations are unsuccessful, these cases will keep moving forward and parties will have a forum to raise any objections. An extension of the Exclusive Periods is integral to these efforts." "On the other hand, allowing the Exclusive Periods to lapse at this time would, among other things, undermine these efforts and the spirit of the Scheduling Order. The filing of independent plans by various factions would distract stakeholders and diminish the incentive for collaboration. It would also create uncertainty around the Debtors' ability to exit from Chapter 11 in a reasonable timeframe and around the EFH-EFIH Transaction process. The estates would suffer as a result," Mr. Madron adds. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. EURAMAX INTERNATIONAL: Appoints New North America President ----------------------------------------------------------- Euramax Holdings, Inc., announced that Scott R. Vansant, president, North America, has resigned effective May 22, 2015. Mr. Vansant has served as president of North America since May 2014. Hugh Sawyer, interim president of Euramax Holdings, Inc. and a professional in Huron Consulting Group's Business Advisory Practice, commented, "I would like to thank Scott for his years of dedicated service to Euramax and wish him well in his future endeavors." Tyrone Johnson, vice president and general manager of Consumer Productions, will succeed Mr. Vansant as president, North America, effective May 23, 2015. In connection with Mr. Johnson's appointment, Mr. Johnson will enter into an employment agreement with the Company containing his new compensation terms. Mr. Johnson has served as the vice president and general manager of the Company's Consumer Products business since joining Euramax in June of 2014. Prior to his role at Euramax, Mr. Johnson served as president of the Americas for Amtico International, Inc., a global flooring manufacturer based in Atlanta, Georgia, from 2008 to 2013. Before his tenure at Amtico International, Mr. Johnson was with Armstrong World Industries for six years, where he ultimately served as VP and general manager of Premium Hardwood Flooring. Mr. Johnson began his career with General Electric Capital Corporation in 1994, where he earned his "Master Black Belt" certification. He obtained his MBA from DePaul University and his undergraduate degree from Howard University. Mr. Sawyer added, "I am delighted that Ty will assume responsibility for our North American business. He has a proven track record of success, significant management experience in our industry and has demonstrated superb leadership capabilities during his time at Euramax. I believe Ty is uniquely qualified to build on the momentum of the Company's ongoing operational and market growth initiatives." Mr. Sawyer further stated, "Euramax has made extraordinary progress during the last year in its efforts to establish a world-class management team in both our North American and International businesses." About Euramax Based in Norcross, Georgia, Euramax International, Inc., is an international producer of aluminum, steel, vinyl and fiberglass products for original equipment manufacturers, distributors, contractors and home centers in North America and Western Europe. The Company was acquired for $1 billion in 2005 by management and Goldman Sachs Capital Partners. Euramax Int'l has subsidiaries in Canada (Euramax Canada, Inc.), United Kingdom (Ellbee Limited and Euramax Coated Products Limited), and The Netherlands (Euramax Coated Products B.V.), and France (Euramax Industries S.A.). Euramax reported a net loss of $59.3 million in 2014, a net loss of $24.9 million in 2013 and a net loss of $36.8 million in 2012. As of Dec. 31, 2014, Euramax International had $537 million in total assets, $709.9 million in total liabilities and a $173 million total shareholders' deficit. Bankruptcy Warning "We may not be able to generate sufficient cash to service all of our indebtedness, including the Notes, or to extend the maturity of certain of our indebtedness, and may not be able to refinance our indebtedness on favorable terms. If we are unable to do so, we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful. "In the event that we are unable to obtain such amendments or extensions, or complete such refinancing, the Company would need to explore other alternatives, which could include a potential restructuring or reorganization under the bankruptcy laws," the Company said in the report. * * * As reported by the TCR on Dec. 13, 2012, Moody's Investors Service downgraded Euramax International, Inc.'s corporate family rating and probability of default rating to Caa2 from Caa1. The downgrade reflects Moody's expectation that the turmoil in global financial markets and weakness in Europe will continue to hamper Euramax's revenues and operating margins as well as weaken key credit metrics. The TCR reported in March 2015 that Standard & Poor's Ratings Services said to it revised its corporate credit rating rating on Norcross, Ga.-based Euramax International Inc. to 'CCC' from 'B-'. "The rating revision reflects our view that Euramax depends on favorable business, financial, and economic conditions to meet its financial commitment on its obligations. In the event of adverse conditions, Euramax's capital structure appears to be unsustainable in the long term," said Standard & Poor's credit analyst Thomas O'Toole. EURAMAX INTERNATIONAL: Stockholders Re-Elect 6 Directors -------------------------------------------------------- In lieu of an annual meeting, Euramax Holdings, Inc. solicited written consents from stockholders of the Company for purposes of re-electing the Company's directors. In accordance with Delaware law and the stockholders agreement of the Company, stockholders holding the applicable majorities of shares re-elected Trey B. Parker, III, Jake Tomlin, James G. Bradley, Jeffrey A. Brodsky, Timothy J. Bernlohr, and Michael D. Lundin as directors of the Company for a term of one year expiring at the 2015 annual meeting of stockholders. About Euramax Based in Norcross, Georgia, Euramax International, Inc., is an international producer of aluminum, steel, vinyl and fiberglass products for original equipment manufacturers, distributors, contractors and home centers in North America and Western Europe. The Company was acquired for $1 billion in 2005 by management and Goldman Sachs Capital Partners. Euramax Int'l has subsidiaries in Canada (Euramax Canada, Inc.), United Kingdom (Ellbee Limited and Euramax Coated Products Limited), and The Netherlands (Euramax Coated Products B.V.), and France (Euramax Industries S.A.). Euramax reported a net loss of $59.3 million in 2014, a net loss of $24.9 million in 2013 and a net loss of $36.8 million in 2012. As of Dec. 31, 2014, Euramax International had $537 million in total assets, $709.9 million in total liabilities and a $173 million total shareholders' deficit. Bankruptcy Warning "We may not be able to generate sufficient cash to service all of our indebtedness, including the Notes, or to extend the maturity of certain of our indebtedness, and may not be able to refinance our indebtedness on favorable terms. If we are unable to do so, we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful. "In the event that we are unable to obtain such amendments or extensions, or complete such refinancing, the Company would need to explore other alternatives, which could include a potential restructuring or reorganization under the bankruptcy laws," the Company said in the report. * * * As reported by the TCR on Dec. 13, 2012, Moody's Investors Service downgraded Euramax International, Inc.'s corporate family rating and probability of default rating to Caa2 from Caa1. The downgrade reflects Moody's expectation that the turmoil in global financial markets and weakness in Europe will continue to hamper Euramax's revenues and operating margins as well as weaken key credit metrics. The TCR reported in March 2015 that Standard & Poor's Ratings Services said to it revised its corporate credit rating rating on Norcross, Ga.-based Euramax International Inc. to 'CCC' from 'B-'. "The rating revision reflects our view that Euramax depends on favorable business, financial, and economic conditions to meet its financial commitment on its obligations. In the event of adverse conditions, Euramax's capital structure appears to be unsustainable in the long term," said Standard & Poor's credit analyst Thomas O'Toole. EVERYWARE GLOBAL: Wants to Hire Pachulski as Co-Counsel ------------------------------------------------------- Everyware Global Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware for permission to employ Pachulski Stang Ziehl & Jones LLP as their co-counsel. A hearing is set for May 20, 2015, at 2:00 p.m. (ET) to consider the Debtors' request. Objections to the request was due May 13, 2015. PSZ&J will: a) provide legal advice regarding local rules, practices, and procedures; b) review and comment on drafts of documents to ensure compliance with local rules, practices, and procedures; c) file documents as requested by Kirkland & Ellis LLP and coordinating with the Debtors' claims agent for service of documents; d) prepare agenda letters, certificates of no objection, certifications of counsel, and notices of fee applications and hearings; e) prepare hearing binders of documents and pleadings, printing of documents and pleadings for hearings. f) appear in Court and at any meeting of creditors on behalf of the Debtors in its capacity as Delaware counsel with Kirkland & Ellis LLP; g) monitor the docket for filings and coordinating with Kirkland & Ellis LLP on pending matters that need responses; h) prepare and maintain critical dates memorandum to monitor pending applications, motions, hearing dates and other matters and the deadlines associated with same; distributing critical dates memorandum with Kirkland & Ellis LLP for review and any necessary coordination for pending matters; i) handle inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these Cases, and, to the extent required, coordinating with Kirkland & Ellis LLP on any necessary responses; and j) provide additional administrative support to Kirkland & Ellis LLP, as requested. The firm's principal attorneys and paralegals presently designated to represent the Debtors and their current standard hourly rates are: Laura Davis Jones, Esq. $1,025 Colin R. Robinson, Esq. $650 Peter J. Keane, Esq. $525 Karina Yee, Esq. $305 The Debtors tell the Court that PSZ&J has received payments during the year prior to the their petition date in the amount of $75,000 including their aggregate filing fees for these cases, in connection with its prepetition representation. The Debtors assure the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laura Davis Jones, Esq. Colin R. Robinson, Esq. Peter J. Keane, Esq. Karina Yee, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com crobinson@pszjlaw.com pkeane@pszjlaw.com About EveryWare Global Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico and Asia. The company has more than 1,500 personnel throughout the United States. Sales and marketing functions are managed from executive offices in Lancaster, Ohio, with staff located in Melville, New York, New York City, and Oneida, New York. The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking, LLC, were founded in 1848 and 1873, respectively. In 2011, investment funds affiliated with the Monomoy Capital Partners completed their acquisition of these companies and, in March 2012, integrated them under the EveryWare brand. In May 2013, a merger was completed where EveryWare became a wholly-owned subsidiary of ROI Acquisition Corp. ("ROI"), a special purpose acquisition company sponsored by affiliates of the Clinton Group, Inc., and ROI was renamed EveryWare Global Inc. As of Sept. 30, 2014, EveryWare reported assets of $238 million and liabilities of $380 million. EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to implement a prepackaged financial restructuring that converts $248 million of the long-term debt to 96% of the common stock of the company post-emergence. EveryWare Global filed its Chapter 11 petition (Bankr. D. Del.) on April 7, 2015, and 12 affiliated debtors filed petitions on April 8, 2015. The cases are pending before Judge Laurie Selber Silverstein, and the debtors are seeking joint administration under Case No. 15-10743. The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal North America, LLC, to provide a CRO and Interim VP of Finance; and Prime Clerk LLC as claims and noticing agent. * * * Judge Silverstein will convene a combined hearing on the adequacy of EveryWare Global, Inc., et al.'s Disclosure Statement and confirmation of the joint prepackaged Chapter 11 plan of reorganization on May 20, 2015, at 2:00 p.m., prevailing Eastern Time. Any objections to the Disclosure Statement or confirmation of the Plan must be filed by May 8 and any replies to the objections must be filed by May 13. EXIDE TECHNOLOGIES: Neuberger Reports 23.9% Stake in Newco ---------------------------------------------------------- Neuberger Berman Group LLC, Neuberger Berman Fixed Income Fund LLC, NB Distressed Debt Master Fund LP and NB Distressed Debt Investment Fund Ltd disclosed that they may be deemed to beneficially own 2,379,919 shares or roughly 23.90% of the common stock of Exide Technologies as of April 30. A copy of Neuberger's Schedule 13G Filing is available at http://is.gd/ojKLEu About Exide Technologies Headquartered in Milton, Ga., Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002, and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. Exide disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick and Company Inc. as public relations consultant and GCG as claims agent. Schnader Harrison Segal & Lewis LLP was tapped as special counsel. The Official Committee of Unsecured Creditors is represented by Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as co-counsel. Zolfo Cooper, LLC serves as its bankruptcy consultants and financial advisors. Geosyntec Consultants was tapped as environmental consultants to the Committee. Robert J. Keach of the law firm Bernstein Shur as fee examiner has been appointed as fee examiner. He has hired his own firm as counsel. Exide said its Plan of Reorganization became effective on April 30, 2015, and that the Company has emerged from Chapter 11 as a newly reorganized company. The Bankruptcy Court for the District of Delaware confirmed the Plan on March 27, 2015. FAMILY CHRISTIAN: Court OKs Fox Rothschild as Panel's Co-counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Family Christian, LLC, et al. sought and obtained authorization from the Hon. John T. Gregg of the U.S. Bankruptcy Court for the Western District of Michigan to retain Fox Rothschild LLP as co-counsel to the Committee, nunc pro tunc to Feb. 25, 2015. The services of Fox Rothschild are necessary to enable the Committee to execute its fiduciary duties. Subject to the Court's approval, the Committee will employ Fox as co-counsel to assist the Committee in fulfilling the functions described in Bankruptcy Code section 1103(c). Fox Rothschild will be paid at these hourly rates: Michael G. Menkowitz $685 Paul J. Labov $525 Martha B. Chovanes $525 Jason C. Manfrey $315 Joseph DiStanislao (paralegal) $315 Paraprofessionals $235-$250 The discounted rates to be charged by Fox Rothschild will be teh lesser of $500 per hour or the professional standard hourly rate. Fox Rothschild will also be reimbursed for reasonable out-of-pocket expenses incurred. Fox Rothschild 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. Fox Rothschild can be reached at: Michael G. Menkowitz, Esq. Fox Rothschild LLP 2000 Market St., 20th Floor Philadelphia, PA 19103-3222 Tel: (215) 299-2000 Fax: (215) 299-2150 About Family Christian Family Christian Holding, LLC, is the sole owner and member of Family Christian, LLC, which operates and runs Family Christian stores, one of the largest retail sellers of Christian books, music, DVDs, church supplies, and other faith based merchandise. Family Christian, LLC, Family Christian Holding, LLC, and FCS Giftco, LLC, filed Chapter 11 bankruptcy petitions (Bankr. W.D. Mich. Lead Case No. 15-00643) on Feb. 11, 2015. The petition was signed by Chuck Bengochea as president and CEO. The Debtors estimated assets and liabilities of $50 million to $100 million. The Debtors are being represented by Todd Almassian, Esq., at Keller & Almassian PLC, and Erich Durlacher, Esq., Brad Baldwin, Esq., Bryan Glover, Esq., at Burr & Forman LLP as counsel. The U.S. Trustee for Region 9 appointed seven creditors of Family Christian LLC to serve on the official committee of unsecured creditors. FAMILY CHRISTIAN: Court OKs O'Keefe & Associates as Panel Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Family Christian, LLC, et al. sought and obtained authorization from the Hon. John T. Gregg of the U.S. Bankruptcy Court for the Western District of Michigan to retain O'Keefe & Associates Consulting, LLC as financial advisor for the Committee, nunc pro tunc to Feb. 25, 2015. The Committee requires O'Keefe & Associates to assist in assessing the Debtors' prospects for reorganization, the Debtors' pending sale motion and the Debtors' various alternative sale or financing options, analysis of the various budgets presented in connection with debtor-in-possession financing and use of cash collateral, assistance in evaluating the Debtors' motions throughout the proceedings from a financial and business perspective. O'Keefe & Associates will be paid at these hourly rates: Dave Distel $350 Michael Deighan $300 Andrew Malec $325 Tyler Mayoras $325 Stephen Weber $275 Partner $350 Managing Director $325 Director $275 Senior Consultant $220 Paraprofessional $100 O'Keefe & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. O'Keefe & Associates 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. O'Keefe & Associates can be reached at: O'KEEFE & ASSOCIATES CONSULTING, LLC 146 Monroe Center NW, Suite 1226 Grand Rapids, MI 49503 Tel: (616) 233-8080 Fax: (616) 233-8083 About Family Christian Family Christian Holding, LLC, is the sole owner and member of Family Christian, LLC, which operates and runs Family Christian stores, one of the largest retail sellers of Christian books, music, DVDs, church supplies, and other faith based merchandise. Family Christian, LLC, Family Christian Holding, LLC, and FCS Giftco, LLC, filed Chapter 11 bankruptcy petitions (Bankr. W.D. Mich. Lead Case No. 15-00643) on Feb. 11, 2015. The petition was signed by Chuck Bengochea as president and CEO. The Debtors estimated assets and liabilities of $50 million to $100 million. The Debtors are being represented by Todd Almassian, Esq., at Keller & Almassian PLC, and Erich Durlacher, Esq., Brad Baldwin, Esq., Bryan Glover, Esq., at Burr & Forman LLP as counsel. The U.S. Trustee for Region 9 appointed seven creditors of Family Christian LLC to serve on the official committee of unsecured creditors. FCC HOLDINGS: Amended Joint Plan Declared Effective May 6 --------------------------------------------------------- FCC Holdings Inc. and its debtor-affiliates notified the U.S. Bankruptcy Court for the District of Delaware that their first amended joint Chapter 11 plan of orderly liquidation became effective as of May 6, 2015. As reported by the Troubled Company Reporter on March 20, 2015, Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware on March 18, 2015, confirmed the first amended joint plan of orderly liquidation of FCC Holdings, Inc., and its debtor affiliates after determining that the plan satisfies the confirmation requirements under Section 1129 of the Bankruptcy Code. The Plan embodies a settlement agreement by and between the Debtors, Bank of Montreal, as agent on behalf of the Lenders, IEC Corporation, which purchased some of the Debtors' assets, and the Official Committee of Unsecured Creditors over the resolution of the cases. In particular, the Debtors, the Agent on behalf of the Lenders, IEC and the Committee have agreed to the releases of claims and other liabilities set forth in the Plan and in the Final Cash Collateral Order. Further, the Debtors, the Agent on behalf of the Lenders, IEC and the Committee have agreed that (i) IEC will fund $100,000 to a liquidating trust, and (ii) IEC will acquire any and all potential preference actions against non-insiders under Section 544 and 547 of the Bankruptcy Code, and will covenant not to pursue those actions. About FCC Holdings FCC Holdings, Inc., and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-11987) on Aug. 25, 2014. Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates provide quality postsecondary education in fourteen states. The FCC schools were started by David Knobel in 1994 in Fort Lauderdale, Florida, and, as of the bankruptcy filing, are owned by Greenhill Capital Partners. Prior to the Petition Date, the Company, which currently operates under the name "Anthem Education," had three sets of schools -- the 14 Florida Career College schools; the 22 Anthem Education schools; and the 5 US Colleges schools. The Debtors' outstanding secured obligations are $49 million, plus interest and fees, comprised of: Tranche A Loans of $18.6 million, Tranche B Loans of $29.1 million, and existing letters of credit of $1.39 million. The Debtors also have unsecured debt of $15 million. Judge Christopher S. Sontchi is assigned to the Chapter 11 cases. The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, as counsel, and KCC as claims and notice agent. The U.S. Trustee has appointed three members to the Official Committee of Unsecured Creditors. Womble Carlyle Sandridge & Rice, LLP, and Ottenbourgh P.C., serve as its co-counsel. G&W FOODS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: G&W Foods, L.L.C. 915 Eagle Ridge Drive Schererville, IN 46375 Case No.: 15-21520 Chapter 11 Petition Date: May 13, 2015 Court: United States Bankruptcy Court Northern District of Indiana (Hammond Division) Judge: Hon. Philip Klingeberger Debtor's Counsel: Catherine Molnar-Boncela, Esq. GORDON E. GOUVEIA & ASSOCIATES 433 West 84th Drive Merrillville, IN 46410 Tel: (219) 736-6020 Email: geglaw@gouveia.comcastbiz.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Phyllis J. Gibson, member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/innb15-21520.pdf GENERAL CABLE: S&P Cuts CCR to 'B+' on Lower Metal Prices --------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its corporate credit rating on General Cable Corp. to 'B+' from 'BB-'. The outlook is negative. S&P said, "At the same time, we lowered our rating on the company's senior unsecured notes to 'B' from 'B+'. The recovery rating on the notes is unchanged at '5', indicating our expectation for modest (higher end of the 10% to 30% range) recovery in the event of payment default. We also lowered our rating on the company's subordinated debt to 'B-' from 'B'. The recovery rating is unchanged at '6', indicating our expectation for negligible (0% to 10%) recovery in the event of payment default." "The negative rating outlook reflects the possibility of a downgrade in the next 12 months if operating performance is worse than we expect, such that adjusted debt leverage remains above 5x on a sustained basis," said Standard & Poor's credit analyst Patricia Mendonca. "This could result from a notable decline in metal prices and lower volumes due to weaker activity in the sectors the company participates in. Downside rating risk could increase if the cost restructuring program does not yield anticipated incremental benefits." SP said, "We could lower the ratings if adjusted debt to EBITDA is sustained above 5x through the end of 2015, which we would view to be indicative of a "highly leveraged" financial risk profile. We could also lower the rating if EBITDA interest coverage falls to notably less than 2x and the adjusted fixed charge covenant cushion is below 15%, or if we determine liquidity to be "less than adequate," which could occur if General Cable experiences weakening operating performance. "A positive rating action seems less likely in the next 12 months, given our expectation of declining volumes and metal prices in 2015. However, one could occur if the company were able to reduce debt leverage to less than 5x and increase FFO to debt to more than 12% on a sustained basis. We could also change the outlook to stable if the company is able to maintain an EBITDA interest coverage ratio above 2x on a sustained basis." GERALD CHAMPION: S&P Raises Rating on $72MM 2012A Bonds to 'BB-' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term rating to 'BB-' from 'B+' on New Mexico Hospital Equipment Loan Council's $72 million series 2012A bonds, issued for Gerald Champion Regional Medical Center (GCRMC). The outlook is positive. The upgrade reflects both application of the "U.S. Not-For-Profit Acute-CareStand-Alone Hospital criteria" published on Dec. 15, 2014, and improved financial performance. "The positive outlook reflects the possibility of a further upgrade with an audited track record of improved earnings, especially as unrestricted reserves are improving commensurately, which provides cushion to the rating," said Standard & Poor's credit analyst Cynthia Keller. GCRMC emerged from bankruptcy on Sept. 19, 2012, and will make its final payment into the $7.5 million claimant fund this summer. Management believes there is limited remaining liability from the issues associated with the bankruptcy. S&P said, "We assessed GCRMC's enterprise profile as vulnerable due to limited economic service area fundamentals, which increase operating risk and service area outmigration offset by limited service area competition, strong volume trends, and contractual relationship to provide inpatient health care to a large nearby military base. We assessed GCRMC's financial profile as vulnerable due to recently high operating losses and light unrestricted reserves compared with debt, although we believe this assessment will improve over time. Also contributing to the rating decision is GCRMC's limited revenue base. In our view, the 'BB-' rating on the hospital's bonds better reflects the hospital's strongly positive year to date earnings trend and improved balance sheet cushion. "The positive outlook reflects our view of GCRMC's improving financial performance, with a higher rating precluded now by lack of positive audited performance and still thin reserves relative to debt. "We believe that an upgrade is possible during the year covered by our outlook period, particularly if GCRMC continues its current financial trends in audited 2015 and into 2016 sufficient to generate about 3x debt service coverage and maintain over 100 days' cash on hand. While GCRMC has some capital needs, we do not believe the hospital has room for much additional debt at a higher rating level. However, with continued strong cash flow, capital spending -- which has been depressed over the past several years, could rise and still meet targets for an upgrade. "We could consider a negative rating action or outlook if operating losses return or if the balance sheet deteriorates either from significant capital spending or additional debt. Furthermore, any unanticipated legal action stemming from the prior bankruptcy related issues could pressure the rating." GCRMC operates a 70-licensed-bed, acute-care hospital, a 12-bed inpatient rehabilitation unit, and a 17-bed inpatient psychiatric unit in Alamogordo, N.M. GLOBAL COMPUTER: Court Okays Hiring of Devil's Advocate as Counsel ------------------------------------------------------------------ Global Computer Enterprises, Inc. sought and obtained permission from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Devil's Advocate, LLC dba TLF Consulting as litigation consultant, effective as of March 19, 2015. The Debtor requires Devil's Advocate to assist with the analysis and prosecution of objections to claims, including but not limited to, the claim filed by Steese, Evans & Frankel, P.C. and other claims, which consulting services may include expert testimony (not legal advice or representation). Devil's Advocate will be paid at these hourly rates: John Toothman $465 Jane Morrison $380 Devil's Advocate will also be reimbursed for reasonable out-of-pocket expenses incurred. John Toothman, president of Devil's Advocate, 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. Devil's Advocate can be reached at: John Toothman, Esq. THE DEVIL'S ADVOCATE P.O. Box 8 Great Falls, VA 22066 Tel: (703) 684-6996 Fax: (202) 499-7011 E-mail: jtoothman@devilsadvocate.com About Global Computer Global Computer Enterprises, Inc., dba GCE, is a cloud-based "software as a service" provider, commonly referred to as a "SAAS," offering financial management solutions primarily to executive departments of the federal government and independent federal government agencies. GCE sought protection under Chapter 11 of the Bankruptcy Code (Case No. 14-13290, Bankr. E.D. Va.) on Sept. 4, 2014. The case is assigned to Judge Robert G. Mayer. The Debtor's counsel is David I. Swan, Esq., at McGuirewoods LLP, in McLean, Virginia. The Debtor's financial advisor is Weinsweig Advisors. The petition was signed by Mike Freeman, interim chief operating officer. Judge Mayer designated Mike Freeman to perform duties imposed upon GCE by the Bankruptcy Code. The U.S. Trustee for Region 4 appointed three creditors of Global Computer Enterprises, Inc. to serve on the official committee of unsecured creditors. The Committee tapped Armstrong Teasdale LLP, as its counsel and Leach Travell Britt PC as its local bankruptcy counsel. GREAT PLAINS: Parties Object to Bid to Hire Auctioneer ------------------------------------------------------ Several objections were filed against the motion of Guy C. Fustine, Chapter 11 trustee for Great Plains Exploration, LLC, et al., to employ an auctioneer, and sell personal property free and divested of liens at public auction. By the motion, the trustee sought authorization to sell at public auction certain equipment and vehicles owned by Great Plains and OZ Gas and to employ Cincinnati Industrial Auctioneers, Inc., to act as auctioneer at the sale. Richard M. Osborne, individually and as trustee of a revocable trust, Osair, Inc., and Mentor Equipment Rental LLC, filed an objection, stating that that the terms of the employment of the auctioneer and the proposed sale are also contrary to law. Mr. Osborne, as the principal of the Debtor, Osair and Mentor, and as the trustee of a revocable trust which controls many of his assets, noted that the sale prohibits credit bidding in contravention of Section 363(k) of the Bankruptcy Code. According to Mr. Osborne, the sale provides for the imposition of sale costs on unwilling sellers, contrary to law. Non-consenting, objecting lienholders clearly cannot be charged with general expenses of administration, and at best can only be charged with those expenses that directly benefit the lienholder. The proposed auction agreement also provides for payment of 5% commission if any assets are withdrawn prior to sale. Given the disputed claims to the list of assets to be sold, this could result in the estate paying substantial commissions for no corresponding benefit. Mr. Osborne and Osair, as opposed to the Debtor, are the owners of substantial items of equipment sought to be sold by the trustee. Mentor is the assignee of Wells Fargo Equipment Finance's interests in certain of the property sought to be sold, and the current lien holder thereon. Osair is also the Debtor's landlord for the Mentor, Ohio and Montana locations from which the Trustee proposes to conduct auctions. Mr. Osborne is the landlord for the proposed Tidioute auction location. Citizens Bank, N.A. (formerly known as RBS Citizens, N.A. doing business as Charter One's; and Citizens Asset Finance, Inc.'s fka RBS Asset Finance Inc., reserve all of their respective rights in the collateral and equipment, including the right to seek adequate protection of their respective interests. Further, because Citizens and CAF have not been advised by the trustee of the amounts being requested in connection with costs of sale and preservation of the equipment, Citizens and CAF reserve their respective rights with regard to amounts that may be requested in the subsequent motion to be filed by the trustee in connection with distribution of the proceeds. Citizens claim are secured by first priority liens i substantially all of the Debtors' assets, including equipment. Great Plains also objected to the auctioneer receiving any compensation from the Debtor or the Debtor's estate that is not generated from proceeds from the sale of assets of the Debtor or the Debtor's estate. The trustee has included non-debtor assets to be sold at the auction. Proposed Auction The trustee, in his application stated that subject to Bankruptcy Court approval, the trustee has entered into a Standard Form Auction Contract for CIA to sell at public auction the assets of Oz Gas and Great Plains Exploration. The auction contract provides that the auction will be held within 45 days after court approval of the auctioneer. From the proceeds of sale, the auctioneer will be reimbursed for (a) the amount of the guaranty and (b) the auctioneer's actual expenses, in an amount not to exceed $50,000. After reimbursement of the guaranteed proceeds and payment of the expenses, the trustee and auctioneer will share the excess, if any, with 90% percent of the proceeds being paid to the trustee and 10% percent of the proceeds being paid to the Auctioneer up to $1,800,000. Proceeds received in excess of $1,800,000 will be paid 100% percent to the trustee. As reported in the Troubled Company Reporter on April 2, 2015, the auctioneer will sell at public auction the Debtor's personal property located in Tidioute, Pennsylvania; Mentor, Ohio; and Winifred, Montana. Personal property includes equipment and vehicles owned by the Debtor. The Trustee has determined that certain pieces of equipment and certain vehicles are no longer necessary for the operation of the business on a going-forward basis. The assets are divided into three groups based upon their current location: one group of assets is located in Tidioute, Pennsylvania; one group of assets is located in Mentor, Ohio; and, one group of assets is located in Winifred, Montana. The Assets are owned by the Debtor or by the Debtor's affiliate, Oz Gas, Ltd. The auction contract includes, among other things: -- a price guaranty in the amount of $1,550,000; -- a 10% percent buyer's premium to compensate the auctioneer for its services; and -- the buyer's premium for webcast auction buyers is 13%. Mr. Osborne is represented by: Daniel P. Foster, Esq. Ronald E. Cook, Esq. Foster Law Offices LLC P.O. Box 966 Meadville, PA 16335 Tel: (814) 724-1165 E-mails: dan@mrdebtbuster.com ronald@mrdebtbuster.com Richard A. Baumgart, Esq. DETTELBACH, SICHERMAN & BAUMGART LPA 1801 E. 9th St., Suite 1100 Cleveland, OH 44114-3169 Tel: (216) 696-6000 Fax: (216) 696-3338 E-mail: rbaumgart@dsb-law.com About John D. Oil & Gas; OZ Gas; and Great Plains Exploration Mentor, Ohio-based John D. Oil & Gas Co., is in the business of acquiring, exploring, developing, and producing oil and natural gas in Northeast Ohio. The Company has 58 producing wells. The Company also has one self storage facility located in Painesville, Ohio. The self-storage facility is operated through a partnership agreement between Liberty Self-Stor Ltd. and the Company. John D. Oil's affiliated entities -- Oz Gas, LTD., and Great Plains Exploration, LLC -- filed voluntary Chapter 11 petitions (Bankr. W.D. Pa. Case Nos. 12-10057 and 12-10058) on Jan. 11, 2012. Two days later, John D. Oil filed its own Chapter 11 petition (Bankr. W.D. Pa. Case No. 12-10063). On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A., dba Charter One, a receiver was appointed for all three corporate Debtors, in the United States District Court for the Northern District of Ohio at case No. 11-cv-2089-CAB. District Judge Christopher A. Boyko issued an order appointing Mark E. Dottore as receiver. The Receivership Order was appealed to the Sixth Circuit Court of Appeals on Dec. 19, 2011, and the appeal is currently pending. Judge Thomas P. Agresti oversees the Chapter 11 cases. Robert S. Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to the Debtors. Each of Great Plains and Oz Gas estimated $10 million to $50 million in assets and debts. John D. Oil's balance sheet at Dec. 31, 2011, showed $6.98 million in total assets, $13.26 million in total liabilities, and a stockholders' deficit of $6.28 million. The petitions were signed by Richard M. Osborne, CEO. The United States Trustee said a committee under 11 U.S.C. Sec. 1102 has not been appointed because no unsecured creditor responded to the U.S. Trustee's communication for service on the committee. GULF PACKAGING: Has Until May 29 to File Schedules -------------------------------------------------- Judge Pamela S. Hollis of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, extended the deadline by which Gulf Packaging, Inc., must file its schedules of assets and liabilities and statements of financial affairs through and including May 29, 2015. The Debtor has more than 900 vendors, as well as other anticipated parties-in-interest. Although the Debtor has been working diligently to prepare the necessary motions and pleadings for the Chapter 11 filing, the Debtor will preoccupied with transitioning into Chapter 11 and otherwise stabilizing the business within the next two weeks. Completing the schedules and statement of financial affairs will require the compilation of a large amount of information from the Debtor's books, records and documents. About Gulf Packaging Formed as a Texas corporation in February 2012, Gulf Packaging Inc. is a national distributor of packaging equipment and supplies, which sells its product by and through several independent entities. GPI is a private company, with its equity held in equal parts by the Fleck Family Partnership, LLC and CWJ Eagle, LLC (which is affiliated with the Cutshall family). Gulf Packaging sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-15249) on April 29, 2015. The case is assigned to Judge Pamela S. Hollis. The Debtor tapped FrankGecker LLP as counsel; BMC Group Inc. as claims and noticing agent; and the firm of Gavin/Solmonese to provide Edward T. Gavin as Chief Restructuring Officer. GULF PACKAGING: Seeks Authority to Use FCC Cash Collateral ---------------------------------------------------------- Gulf Packaging, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral securing its prepetition indebtedness from FCC, LLC, d/b/a First Capital. As of the Petition Date, approximately $9 million is owing to FCC under a prepetition facility, and GPI has approximately 900 unsecured trade vendors owed approximately $17 million in the aggregate. As of the Petition Date, GPI had accounts receivable in the amount of approximately $8.55 million and inventory with a booked value of $7.6 million. The cash collateral may be used for working capital, ordinary business expenses, and to pay the costs of administration of the case. The Debtor proposes the following adequate protection for FCC: (1) validation of the scope, extent and priority of FCC's prepetition liens; (2) replacement liens on substantially all of the Debtor's assets to the extent of any diminution in the value of the prepetition collateral; and (3) superpriority administrative claims pursuant to Section 507(b) of the Bankruptcy Code. About Gulf Packaging Formed as a Texas corporation in February 2012, Gulf Packaging Inc. is a national distributor of packaging equipment and supplies, which sells its product by and through several independent entities. GPI is a private company, with its equity held in equal parts by the Fleck Family Partnership, LLC and CWJ Eagle, LLC (which is affiliated with the Cutshall family). Gulf Packaging sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-15249) on April 29, 2015. The case is assigned to Judge Pamela S. Hollis. The Debtor tapped FrankGecker LLP as counsel; BMC Group Inc. as claims and noticing agent; and the firm of Gavin/Solmonese to provide Edward T. Gavin as Chief Restructuring Officer. HIGH RIDGE MANAGEMENT: 341 Meeting Adjourned to May 21 ------------------------------------------------------ The U.S. trustee overseeing the Chapter 11 case of High Ridge Management Corp. adjourned the meeting of creditors to May 21, 2015, at 1:30 p.m. The meeting will take place at Room 1021, 51 S.W. First Avenue, in Miami, Florida. 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 High Ridge High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills Rehabilitation Center LLC, sought Chapter 11 protection (Banrk. S.D. Fla. Lead Case No. 15-16388) in Fort Lauderdale, Florida, on April 8, 2015. Judge John K Olson presides over the jointly administered cases. High Ridge estimated $10 million to $50 million in assets and debt. High Ridge owns real property located at 1200 North 35th Avenue and 1201 North 37th Avenue, Hollywood, Florida, and is the landlord of Pavilion and Hollywood Hills. Before executing a management agreement with Larkin Community Hospital, Pavilion was operating a 50-bed Florida-licensed mental health hospital on the real property. Before the appointment of a receiver, Hollywood Hills operated a 152-bed Florida-licensed nursing home on the real property. High Ridge is the 100 percent owner of the membership interests in Hollywood Hills and Pavilion. Prior to Jan. 14, 2014, when a receiver was appointed, High Ridge managed the operations for Pavilion and Hollywood Hills. Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz Ringel Trusty + Hartog, P.A., in Fort Lauderdale, Florida, serve as the Debtors' counsel. HIGH RIDGE MANAGEMENT: U.S. Trustee Forms Creditors Committee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed three creditors to serve on the committee of creditors holding unsecured claims in the Chapter 11 case of Hollywood Hills Rehabilitation Center LLC only. Hollywood Hills is an affiliate of High Ridge Management Corp., which filed for bankruptcy protection in U.S. Bankruptcy Court for the Southern District of Florida. 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 High Ridge High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills Rehabilitation Center LLC, sought Chapter 11 protection (Banrk. S.D. Fla. Lead Case No. 15-16388) in Fort Lauderdale, Florida, on April 8, 2015. Judge John K Olson presides over the jointly administered cases. High Ridge estimated $10 million to $50 million in assets and debt. High Ridge owns real property located at 1200 North 35th Avenue and 1201 North 37th Avenue, Hollywood, Florida, and is the landlord of Pavilion and Hollywood Hills. Before executing a management agreement with Larkin Community Hospital, Pavilion was operating a 50-bed Florida-licensed mental health hospital on the real property. Before the appointment of a receiver, Hollywood Hills operated a 152-bed Florida-licensed nursing home on the real property. High Ridge is the 100 percent owner of the membership interests in Hollywood Hills and Pavilion. Prior to Jan. 14, 2014, when a receiver was appointed, High Ridge managed the operations for Pavilion and Hollywood Hills. Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz Ringel Trusty + Hartog, P.A., in Fort Lauderdale, Florida, serve as the Debtors' counsel. INSITE VISION: Posts $828,000 Net Loss in First Quarter ------------------------------------------------------- Insite Vision Incorporated filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $828,000 on $3.37 million of total revenues for the three months ended March 31, 2015, compared to a net loss of $4.67 million on $1.15 million of total revenues for the same period in 2014. As of March 31, 2015, the Company had $4.09 million in total assets, $12.23 million in total liabiities and a $8.13 million total stockholders' deficit. "In the first quarter of 2015, we finalized our New Drug Application for submission to the FDA for the marketing approval of BromSite, and entered into a licensing agreement with Nicox, S.A. for the development and commercialization of several of our products in Europe, the Middle East and Africa. At the same time, we have been carefully managing the company's resources as we plan for future product development and strategic opportunities to leverage our assets," said Timothy Ruane, InSite's chief executive officer. "We face significant challenges related to our lack of financial resources. We expect that our cash and cash equivalents balance, anticipated cash flows from operations and the net proceeds from existing debt financing arrangements will only be adequate to fund our operations until approximately July 2015. Our independent auditors included an explanatory paragraph in their audit report related to our consolidated financial statements for the year ended December 31, 2014, which are included in our Annual Report on Form 10-K for the year ended December 31, 2014, referring to our recurring losses from operations, available cash and cash equivalent balances and accumulated deficit and a substantial doubt about our ability to continue as a going concern," the Company states in the report. As of March 31, 2015, InSite had cash and cash equivalents of $1.1 million. Total cash usage in the first quarter of 2015 was $0.6 million. InSite expects that the cash and cash equivalents balance, anticipated cash flows from operations and existing borrowings under our debt agreements will only be adequate to fund operations into July 2015. Additional funding is being sought through strategic transactions, collaborative or other partnering arrangements, equity financing, and from other sources. A full-text copy of the Form 10-Q is available for free at: http://is.gd/peHG4L InSite Vision Based in Alameda, California, InSite Vision Incorporated (OTCBB: INSV) -- http://www.insitevision.com/-- is committed to advancing new and superior ophthalmologic products for unmet eye care needs. The company's product portfolio utilizes InSite Vision's proven DuraSite(R) bioadhesive polymer core technology, a platform that extends the duration of drug retention on the surface of the eye, thereby reducing frequency of treatment and improving the efficacy of topically delivered drugs. Burr Pilger Mayer, Inc., expressed substantial doubt about the Company's ability to continue as a going concern in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2013, citing that the Company has recurring losses from operations, available cash and short-term investment balances and accumulated deficit. InSite Vision reported net income of $5.78 million in 2013 following a net loss of $8.27 million in 2012. KARMALOOP INC: Files Schedules of Assets and Liabilities -------------------------------------------------------- Karmaloop Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, and statements of financial affairs, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $5,521,055 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $55,338,222 E. Creditors Holding Unsecured Priority Claims $486,062 F. Creditors Holding Unsecured Non-priority Claims $43,694,625 ----------- ----------- TOTAL $5,521,055 $99,518,910 A copy of the Amended Schedules is available for free at http://is.gd/EdlFEZ About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. The U.S. Trustee for Region 3 appointed five creditors of Karmaloop Inc. to serve on the official committee of unsecured creditors. KARMALOOP INC: Gets Final OK to Use Comvest's Cash Collateral ------------------------------------------------------------- Karmaloop Inc. won approval from the bankruptcy court to use cash collateral in which Comvest Capital I, LP, as agent to the lenders party to the credit agreement, and Comvest Capital II, L.P., in its capacity a agent to the lenders party to the Postpetition lenders, assert an interest. As of the filing date, the Debtors are each liable for the payment and performance of the prepetition debt in the principal amount of $27,866,658 exclusive of accrued interest and fees, cost and other charges. As adequate protection from any diminution in value of the lenders' collateral, the Debtor will grant replacement lien and superpriority administrative expense claim status, subject to carve out on certain expenses. The financing is subject to the Debtors' compliance of the sale covenants which, among other things provide for: 1. the April 15 bidding procedures approval; 2. May 26, auction of assets; 3. May 29 approval of the sale; and 4. June 3 sale closing. About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635). The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. KARMALOOPTV INC: Files Schedules of Assets and Liabilities ---------------------------------------------------------- KarmaloopTV Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, and statements of financial affairs, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $0 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $40,370,555 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $0 ----------- ----------- TOTAL $0 $40,370,555 A copy of the Amended Schedules is available for free at http://is.gd/ff5EZD About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635. The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. The U.S. Trustee for Region 3 appointed five creditors of Karmaloop Inc. to serve on the official committee of unsecured creditors. KU6 MEDIA: Shanda Media Now a 70% Owner --------------------------------------- Ku6 Media Co., Ltd., announced that on May 11, 2015, the controlling shareholder of the Company, Mr. Xudong Xu, has signed and consummated a share purchase agreement with Shanda Media Group Limited, to sell 1,938,360,784 ordinary shares of the Company (amounting to approximately 40.7% of the Company's issued and outstanding share capital) to Shanda Media. Subsequent to the consummation of the Transaction, Shanda Media holds 3,334,694,602 ordinary shares representing 70.0% of the Company's outstanding shares and becomes the controlling shareholder of the Company. As of May 11, 2015, Mr. Xu no longer owns ordinary shares of the Company. The aggregate consideration for the Sale Shares is the cancellation of the Promissory Note issued by Mr. Xu to Shanda Media in the amount of US$47,350,831 and the discharge of the pledge over all the ordinary shares beneficially owned by Mr. Xu in favor of Shanda Media pursuant to a share charge dated April 3, 2014. In connection with the closing of the Transaction, the Company also announced the resignation of Mr. Xu and Mr. Jiangtao Li as directors of the board and all board committee positions which they held. Mr. Feng Gao and Mr. Jason Ma were appointed as directors of the board and Mr. Gao was also appointed as the chairman of the board of directors as well as chairman of the compensation and leadership development committee and the corporate development and finance committee, effective as of today. Mr. Gao was also appointed as chief executive officer of the Company and Mr. Ma appointed as acting chief financial officer of the Company, with all those appointments effective as of May 11, 2015. Mr. Gao has served as the Company's president since December 2014. He has served as the Company's senior vice president of strategic cooperation and the senior vice president of business development since September 2011. From 2005 to 2011, Mr. Gao served as industry cooperation director in Shanda Online and Shanda Computer, assistant president in Hurray!Holding and chief executive officer in Sun Shine after he joined Shanda Group in 2005. Prior to that, Mr. Gao served in Novell as China pre-sale engineer, China product marketing manager, China channel marketing manager and partner manager of the Asia Pacific region. Prior to that, Mr. Gao was an engineer in the Chinese Academy of Sciences. Mr. Gao received a bachelor's degree of computer science from Beijing Computer College. Mr. Ma has served as director of internal audit of Shanda Interactive Entertainment Limited since 2007. Prior to that, Mr. Ma served as internal control in APP CHINA, Sinar Mas Group from 2006 to 2007 and finance director of Shanghai Jiahai Investment from 2002 to 2006. Mr. Ma was a certified public accountant at Zhengdexin CPA Firm from 1996 to 2002. Mr. Ma has also been qualified as an accountant since 1985 and a certified internal auditor since 2005. Mr. Ma received a bachelor's degree of Mathematics from Northwest Institute for Nationalities. About Ku6 Media Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video company in China focused on User-Generated Content. Through its premier online brand and online video Web site, http://www.ku6.com/,Ku6 Media provides online video uploading and sharing service, video reports, information and entertainment in China. Ku6 Media reported a net loss of $10.7 million in 2014 following a net loss of $34.4 million in 2013. As of Dec. 31, 2014, the Company had $5.62 million in total assets, $9.76 million in total liabilities, and a $4.13 million total shareholders' deficit. PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's Republic of China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's recurring losses, negative working capital, net cash outflows, and uncertainties associated with significant changes made, or planned to be made, in respect of the Company's business model, raise substantial doubt about the Company's ability to continue as a going concern. LEHMAN BROTHERS: Sues Federal Home Loan Bank of NY -------------------------------------------------- Patrick Fitzgerald, writing for the Daily Bankruptcy Review, reported that Lehman Brothers Holdings Inc. is suing the Federal Home Loan Bank of New York for more than $150 million over dozens of soured interest-rate swaps. According to the report, Lehman and its Special Financing unit sued Federal Home Loan Bank, or FHLBNY, in U.S. Bankruptcy Court in New York over payments it says are due from its position on 356 swaps and options transactions. Lehman says it was in the money on the swaps at the time of its 2008 bankruptcy filing, the report related. 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. M.A.R. REALTY: Seeks Court's Final Decree Closing Bankruptcy Case ----------------------------------------------------------------- Millennium Institute for Advance Nursing Care Inc., reorganized Debtor (M.A.R. Realty Inc.) asks the U.S. Bankruptcy Court for the District of Puerto Rico for final decree closing the Debtor's Chapter 11 bankruptcy case because the Debtor's confirmed plan of reorganization has been substantially consummated as defined in Section 1101(2) of the Bankruptcy Code. According to Millennium Institute, the plan as confirmed contemplates that the Debtor with the Secured creditors' consent would endeavor efforts to sell the properties encumbered with liens pledged to Banco Popular. Out of the proceeds of said sales the property taxes would be paid and the balance of the sale proceeds would be tendered to the secured creditor as partial payment. In furtherance of the terms of the confirmed plan, the Debtor filed a Notice of proposed sale of property outside of the normal course of business pertaining to the real property located in Barrio Quebrada Arena for the agreed purchase price of $1,475,000 on Aug. 11, 2014. The sale of the property was duly executed on Dec. 17, 2014, after the effective date of the Plan. There is second property located in Mayaguez, which is in the process of being auctioned. The Debtor said it has commenced the distribution to secured creditors pursuant to the Plan. About M.A.R. Realty M.A.R. Realty Corp. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 13-09752) on Nov. 25, 2013. Edwin Ramos signed the petition as president. The Debtor disclosed $11.16 million in total assets and $10.14 million in total liabilities. Isabel M. Fullana, Esq., at Garcia Arregui & Fullana PSC, serves as the Debtor's counsel. Hon. Mildred Caban Flores presides over the case. MAE PROPERTIES: Case Summary & 9 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Mae Properties LLP 888 West County Road D Ste 215 New Brighton, MN 55112 Case No.: 15-31809 Chapter 11 Petition Date: May 13, 2015 Court: United States Bankruptcy Court District of Minnesota (St Paul) Judge: Hon. Katherine A. Constantine Debtor's Counsel: John D. Lamey, III, Esq. LAMEY LAW FIRM, P.A. 980 Inwood Ave N Oakdale, MN 55128 Tel: 651-209-3550 Email: bankrupt@lameylaw.com Total Assets: $1.2 million Total Liabilities: $986,432 The petition was signed by Craig A. Hunter, managing partner. A list of the Debtor's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/mnb15-31809.pdf MARRONE BIO: Receives Delisting Notice; Delays Filing of Q1 Report ------------------------------------------------------------------ Marrone Bio Innovations, Inc. on May 12 disclosed that on May 6, 2015, as anticipated, the Company was notified by the Listing Qualifications Staff (of The NASDAQ Stock Market LLC that, based upon the Company's continued non-compliance with NASDAQ's filing requirements under NASDAQ Listing Rule 5250(c)(1), the uncertainty of the Company's time frame to file all its required periodic reports and its expectation that it would not file all periodic reports with the SEC by May 13, 2015, the termination of the exception period previously granted by the Staff, the Company's securities were subject to delisting unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel. In addition, the Company announced that it does not expect to file on a timely basis its Quarterly Report on Form 10-Q for the three months ended March 31, 2015, resulting in further noncompliance with NASDAQ Listing Rule 5250(c)(1). The Company intends to timely request a hearing before the Panel, at which hearing the Company will present its plan to evidence compliance with NASDAQ's filing requirement and request an extension within which to do so. In accordance with the NASDAQ Listing Rules, the Panel has the authority to continue the Company's listing on NASDAQ pursuant to an exception to the filing requirement through as late as November 2, 2015. The Company's common stock will continue to trade on The NASDAQ Global Market under the symbol "MBII" pending the completion of the hearing process and the expiration of any extension period granted by the Panel. About Marrone Bio Innovations Marrone Bio Innovations, Inc. -- http://www.marronebio.com-- is a provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets. MIDSTATES PETROLEUM: Posts $194 Million Net Loss in 1st Quarter --------------------------------------------------------------- Midstates Petroleum Company, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $194 million on $111 million of total revenues for the three months ended March 31, 2015, compared with a net loss of $83.6 million on $145 million of total revenues for the same period a year ago. As of March 31, 2015, Midstates Petroleum had $2.27 billion in total assets, $1.99 billion in total liabilities and $273 million in total stockholders' equity. As of March 31, 2015, the Company had available cash of approximately $11.9 million and availability under its Credit Facility of approximately $88.4 million. Jake Brace, president and chief executive officer commented, "Our strong first quarter results, anchored by our outstanding operational performance and record production from our premier Mississippian Lime assets, provide a solid foundation for the rest of the year, as we continue to focus on aggressively managing our costs and increasing returns. While maintaining our focus on operations and returns, we will continue to work on improving our liquidity so we can fully unlock the value of our premium asset position." A full-text copy of the Form 10-Q is available for free at: http://is.gd/0O5lpe About Midstates Petroleum Company Midstates Petroleum Company, Inc. -- http://www.midstatespetroleum.com/-- is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. Midstates' drilling and completion efforts are currently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma. The Company's operations also include the upper Gulf Coast tertiary trend in central Louisiana. Midstates reported net income of $117 million on $794 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $344 million on $470 million of total revenues for the year ended Dec. 31, 2013. The Company's independent auditor, Deloittee & Touche LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that Midstates' projected debt covenant violation and resulting lack of liquidity raise substantial doubt about its ability to continue as a going concern. * * * Midstates Petroleum carries a 'B' corporate credit rating from Standard & Poor's Ratings Services. As reported by the TCR on April 8, 2013, Moody's Investors Service affirmed Midstates Petroleum's 'B3' Corporate Family Rating. MOBILESMITH INC: Incurs $1.8 Million Net Loss in First Quarter -------------------------------------------------------------- Mobilesmith, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.85 million on $426,188 of total revenue for the three months ended March 31, 2015, compared to a net loss of $1.59 million on $187,945 of total revenue for the same period a year ago. As of March 31, 2015, the Company had $1.59 million in total assets, $35.16 million in total liabilities and a $33.56 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/unNuKL About MobileSmith Inc. MobileSmith, Inc. (formerly, Smart Online, Inc.) was incorporated in the State of Delaware in 1993. The Company changed its name to MobileSmith, Inc., effective July 1, 2013. The Company develops and markets software products and services tailored to users of mobile devices. The Company's flagship product is The MobileSmithTM Platform. The MobileSmithTM Platform is an innovative, patents pending mobile app development platform that enables organizations to rapidly create, deploy, and manage custom, native smartphone apps deliverable across iOS and Android mobile platforms. MobileSmith reported a net loss of $7.33 million on $879,000 of total revenue for the year ended Dec. 31, 2014, compared to a net loss of $27.5 million on $339,000 of total revenue in 2013. Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations and has a working capital deficiency as of Dec. 31, 2014. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MOLYCORP INC: Planning Bankruptcy Loan with Creditors ----------------------------------------------------- Jodi Xu Klein, writing for Bloomberg News, reported that Molycorp Inc. is in talks with a group of senior creditors for a $150 million loan that would see the rare-earths miner through a bankruptcy, according to three people with knowledge of the matter. According to the report, citing the people, the debtor-in-possession loan would be junior to the company's $400 million first-lien credit line from Oaktree Capital Group LLC. More than two-thirds of holders of the miner's $650 million of 10 percent, first-lien bonds maturing in June 2020 have consented to the plan, two of the people said, the report related. Molycorp decided to skip its first-quarter earnings call as the company discusses restructuring its $1.6 billion of debt with creditors and investors, Bloomberg said. The company, based in Greenwood Village, Colorado, said in a regulatory filing on May 7 that it had an adjusted loss of 28 cents a share and an 8 percent decrease in revenue to $106 million in the first quarter, the report added. About Molycorp Molycorp Inc. -- http://www.molycorp.com/-- produces specialized products from 13 different rare earths (lights, mids and heavies), the transition metal yttrium, and five rare metals (gallium, indium, rhenium, tantalum and niobium). It has 26 locations across 11 countries. Through its joint venture with Daido Steel and the Mitsubishi Corporation, Molycorp manufactures next-generation, sintered neodymium-iron-boron ("NdFeB") permanent rare earth magnets. Molycorp reported a net loss of $623 million in 2014, a net loss of $377 million in 2013 and a net loss of $475 million in 2012. At Dec. 31, 2014, the Company had $2.57 billion in total assets, $1.77 billion in total liabilities and $804.3 million in total stockholders' equity. KPMG LLP, in Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, stating that the Company continues to incur operating losses, has yet to achieve break-even cash flows from operations, has significant debt servicing costs and is currently not in compliance with the continued listing requirements of the New York Stock Exchange. These conditions, among other things, raise substantial doubt about the Company's ability to continue as a going concern. * * * In June 2014, Moody's Investors Service downgraded the corporate family rating of Molycorp to 'Caa2' from 'Caa1'. The downgrade reflects continued weakness in rare earths pricing environment, ongoing negative free cash flows, weak liquidity and high leverage. As reported by the TCR on Dec. 12, 2014, Molycorp has a 'CCC+' corporate credit rating, with negative outlook, from Standard & Poor's. "The negative outlook reflects our view that Molycorp's business and financial condition will become increasingly precarious unless the Mountain Pass facility can be brought to full production capacity," said S&P's credit analyst Cheryl Richer. NATIONAL CINEMEDIA: Appoints Thomas Lesinski to Audit Committee --------------------------------------------------------------- National CineMedia, Inc., has appointed Thomas F. Lesinski to the the Audit Committee of its Board of Directors, according to a document filed with the Securities and Exchange Commission. Mr. Lesinski will replace Lawrence A. Goodman on the Audit Committee, who will continue to serve as Chairman of the Compensation Committee and a member of the Nominating and Governance Committee. On Dec. 19, 2014, the Board of Directors of the Company appointed Thomas F. Lesinski as director. About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. As of April 2, 2015, the Company had $985.6 million in total assets, $1.2 billion ini total liabilities and a $219.8 million total deficit. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATIONAL CINEMEDIA: Incurs $9 Million Net Loss in First Quarter --------------------------------------------------------------- National Cinemedia, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $9 million on $76.9 million of advertising revenue for the three months ended April 2, 2015, compared to a net loss attributable to the Company of $3.1 million on $70.2 million of advertising revenue for the three months ended March 27, 2014. As of April 2, 2015, the Company had $985.6 million in total assets, $1.2 billion ini total liabilities and a $219.8 million total deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/qtOs98 About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATIONAL CINEMEDIA: Posts $9 Million Net Loss in First Quarter -------------------------------------------------------------- National CineMedia, Inc. reported a net loss attributable to the Company of $9 million on $76.9 million of advertising revenue for the quarter ended April 2, 2015, compared to a net loss attributable to the Company of $3.1 million on $70.2 million of advertising revenue for the quarter ended March 27, 2014. The Company announced that its Board of Directors has authorized the Company's regular quarterly cash dividend of $0.22 per share of common stock. The dividend will be paid on June 9, 2015, to stockholders of record on May 26, 2015. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors consistent with the Company's intention to distribute over time a substantial portion of its free cash flow in the form of dividends to its stockholders. The declaration, payment, timing and amount of any future dividends payable will be at the sole discretion of the Board of Directors who will take into account general economic and advertising market business conditions, the Company's financial condition, available cash, current and anticipated cash needs, and any other factors that the Board of Directors considers relevant. Commenting on the Company's first quarter 2015 results, Kurt Hall, NCM's Chairman and CEO said, "Our first quarter growth and strong guidance for the second quarter of 2015 reflect our successful 2014/2015 national upfront campaign and media buying shifts in response to changes in consumer viewing habits." Mr. Hall concluded, "As consumers become harder to reach, I am encouraged that more national brands and local businesses are recognizing the value of our broad national reach, reliable impressions, engaged audience and high quality event programming." A full-text copy of the press release is available for free at: http://is.gd/ODIL7V About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATIONAL CINEMEDIA: Stockholders Elect 4 Directors -------------------------------------------------- An annual meeting of the stockholders of National CineMedia, Inc., was held on May 8, 2015, at which the stockholders elected David R. Haas, Stephen L. Lanning, Thomas F. Lesinski and Paula Williams Madison to the Board of Directors. The stockholders also approved the Company's executive compensation and ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors for the 2015 fiscal year ending Dec. 31, 2015. The following directors' terms continued after the Annual Meeting of Stockholders: Class I directors - Kurt Hall, Lawrence Goodman and Scott Schneider Class III directors - Peter B. Brandow, Lee Roy Mitchell and Craig R. Ramsey About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATROL INC: Plan Confirmation Hearing Continued to May 20 --------------------------------------------------------- On May 8, 2015, a hearing was held to consider confirmation of the Second Amended Joint Liquidating Plan of Leaf123, Inc., f/k/a Natrol, Inc., and its affiliated debtors. At the Hearing, the U.S. Bankruptcy Court for the District of Delaware continued confirmation of the Plan until May 20, 2015 at 1:00 p.m. (ET). The Debtors amended their plan to incorporate the support to approval of the Plan of the Aurobindo Parties and New Natrol. According to the Debtors, under the Second Amended Plan, they will be able to pay all Allowed Claims, without the need for further litigation, cost and uncertainty. The Debtors entered into a settlement with Aurobindo Pharma USA Inc. and Natrol, LLC, ("New Natrol"), which resolves significant, costly, and uncertain litigation between the parties, including disputes arising under the sale order, the disputed liabilities motion, and litigation arising from the adversary proceeding. The Debtors seek approval of the settlement in connection with confirmation of the Plan. A blacklined version of the Plan dated May 11, 2015, is available at http://bankrupt.com/misc/NATROLplan0511.pdf Full-text copies of Plan Supplements dated April 28, 2015, are available at http://bankrupt.com/misc/NATROLplansupp0428.pdf Full-text copies of Plan Supplements dated May 5, 2015, are available at http://bankrupt.com/misc/NATROLplansupp0505.pdf A full-text copy of the Settlement with Aurobindo and New Natrol is available at http://bankrupt.com/misc/NATROLdeal0428.pdf New Natrol is represented by: Robert J. Stearn, Jr., Esq. John H. Knight, Esq. Robert C. Maddox, Esq. Marisa A. Terranova, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: stearn@rlf.com knight@rlf.com maddox@rlf.com terranova@rlf.com -- and -- Robert Klyman, Esq. Keith Martorana, Esq. GIBSON, DUNN & CRUTCHER, LLP 333 South Grand Avenue Los Angeles, CA 90071 Tel: (213) 229-7000 Fax: (213) 229-7520 Email: rklyman@gibsondunn.com kmartorana@gibsondunn.com About Natrol, Inc. Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs and botanicals, multivitamins, specialty and sports nutrition supplements made to support health and wellness throughout all ages and stages of life. Natrol, Inc., was a wholly owned subsidiary of Plethico Pharmaceuticals Limited (BSE: 532739. BO: PLETHICO). Natrol, Inc., and its six affiliates sought bankruptcy protection (Bankr. D. Del. Case No. 14-11446) on June 11, 2014. The case is assigned to Judge Brendan Linehan Shannon. The Debtors are represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq., at Gibson, Dunn & Crutcher LLP, in Los Angeles, California; and Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J. Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. The Debtors' Claims and Noticing Agent is Epiq Systems INC. The Debtors requested that the Court approve the employment of (i) Jeffrey C. Perea of the firm Conway MacKenzie Management Services, LLC as chief financial officer and for CMS to provide temporary employees to assist Mr. Perea in carrying out his duties; (ii) Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda & Williamson LLP as chief restructuring officer and for CMS to provide temporary employees to assist Mr. Milner in carrying out his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as tax services provider. The Official Committee Of Unsecured Creditors tapped Otterbourg P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and CMAG as financial advisors. On Nov. 10, 2014, the Debtors held an auction for the sale of the assets, and Aurobindo Pharma USA Inc. emerged as the successful bidder. The Court approved the sale and the sale closed on Dec. 4, 2014. The Debtors changed their names to Leaf123, Inc., following the sale. * * * The Troubled Company Reporter, on Feb. 23, 2015, reported that Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed a Chapter 11 plan of liquidation, pursuant to which tax refunds and credits, all shares of capital stock or other Equity Interests in Natrol UK, all Avoidance Actions not otherwise purchased by the Buyer under the Purchase Agreement, the proceeds from prepetition litigation, the proceeds from the Sale Transaction, and certain other assets are being pooled and distributed to persons or entities holding allowed claims in accordance with the priorities of the Bankruptcy Code. Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware on April 2, 2015, approved the disclosure statement explaining the First Amended Joint Liquidating Plan of Leaf123, Inc., f/k/a Natrol, Inc., and its debtor affiliates, and scheduled the confirmation hearing to be held on May 8, 2015, at 9:30 a.m. (prevailing Eastern time). Any objections to confirmation of the Plan must be submitted on or before May 1. A full-text copy of the Disclosure Statement dated April 2, 2015, is available at http://bankrupt.com/misc/NATROLds0402.pdf NII HOLDINGS: Naranjo Named as VP Finance Operations ---------------------------------------------------- Esteban Naranjo on May 11, 2015, accepted the position of Vice President, Finance Operations of NII Holdings, Inc. and, in connection with the acceptance, voluntarily moved from the position of Vice President, Corporate Controller and Principal Accounting Officer to his new role. On May 6, 2015, the Board of Directors of the Company appointed Tim Mulieri, 35, to the position of Vice President, Corporate Controller and Principal Accounting Officer of the Company effective as of May 11, 2015. In this role, Mr. Mulieri will report directly to Juan Figuereo, the Company's Executive Vice President, Chief Financial Officer. Mr. Mulieri has served as the Company's Senior Director and Assistant Controller since September 2013 and has served in various positions in the Company's finance department since August 2012. Prior to joining the Company, Mr. Mulieri served as a senior manager at KPMG LLP from August 2005 to August 2012. About NII Holdings NII Holdings Inc. [OTC: NIHDQ] through its subsidiaries provides wireless communication services for businesses and consumers in Brazil, Mexico and Argentina. NII Holdings has the exclusive right to use the Nextel brand in its markets pursuant to a trademark license agreement with Sprint Corporation and offers unique push-to-talk ("PTT") services associated with the Nextel brand in Latin America. NII Holdings and its affiliated debtors sought bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan on Sept. 15, 2014. The Debtors' cases are jointly administered and are assigned to Judge Shelley C. Chapman. The Debtors have tapped Jones Day's Scott J. Greenberg, Esq., and Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims and noticing agent. NII Holdings disclosed $1.22 billion in assets and $3.068 billion in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 2 appointed five creditors of NII Holdings to serve on the official committee of unsecured creditors. The panel is represented by Kenneth H. Eckstein, Esq. and Adam C. Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP. Kurtzman Carson Consultants LLC is the panel's information agent. * * * On Nov. 24, 2014, the Debtors filed a first plan support agreement. On Dec. 22, 2014, the Debtors filed a plan of reorganization. On Jan. 26, 2015, the Debtors reached agreement for the sale of their operations in Mexico, operated by non-debtor Comunicaciones Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875 billion, subject to (a) the approval of the Court and (b) regulatory approvals in Mexico. As a result of the sale transaction, the Debtors on March 13, 2015, filed the First Amended Plan. The sale transaction was approved on March 23, 2015. NORTHERN BEEF: Court Convert Case to Chapter 7 Proceeding --------------------------------------------------------- The Hon. Charles L. Nail, Jr., of the U.S. Bankruptcy Court for the District of South Dakota converted the Chapter 11 bankruptcy case of Northern Beef Packers Limited Partnership to Chapter 7 proceedings at the behest of the U.S. Trustee for Region 12. The U.S. Trustee said, since the filing of the Debtor's petition over 21 months ago, virtually all estate assets have been sold and the Debtor continues to maintain a negative cash-flow position. Despite the lack of business operations, Debtor continues to incur administrative expenses. To date, neither Debtor nor any party in the case has proposed a plan of reorganization/liquidation and no such plan is anticipated to be filed. The U.S. Trustee added the only remaining assets of the estate are the potential "chapter 5" actions for preference or fraudulent conveyances. These remaining assets can be pursued in a Chapter 7 case as easily as in the current Chapter 11. Further, at this stage of the case there is no perceived benefit to pursuing the remaining assets in a Chapter 11, the U.S. Trustee noted. The U.S. Trustee noted all parties appearing at the status conferenced held on April 16, 2015, including the Official Committee of Unsecured Creditors, expressed their preference the case be converted to Chapter 7. About Northern Beef Packers Northern Beef Packers Limited Partnership, which operates a beef processing facility that opened in October 2012, filed for Chapter 11 relief (Bankr. D.S.D. Case No. 13-10118) on July 19, 2013. Karl Wagner signed the petition as chief financial officer. Judge Charles L. Nail, Jr., presides over the case. The Debtor estimated assets of at least $50 million and debts of at least $10 million. James M. Cremer, Esq., at Bantz, Gosch, & Cremer, L.L.C., serves at the Debtor's counsel. Steven H. Silton, Esq., at Cozen O'Connor serves as co-counsel. Lincoln Partners Advisors LLC serves as financial advisors. The U.S. Trustee has appointed five members to the Official Committee of Unsecured Creditors in the case. Robbins, Salomon & Patt, Ltd. serves as it lead counsel. Patrick T. Dougherty serves as its local counsel. NORTHERN OIL: $200MM Notes Add-on No Impact on S&P's Notes Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said its 'B-' issue-level rating on Wayzata, Minn.-based Northern Oil and Gas Inc.'s (NOG) senior unsecured notes remains unchanged following the company's $200 million add-on to its existing senior unsecured notes due 2020. The recovery rating on the notes remains '5', indicating S&P's expectation of modest (in the lower end of the 10% to 30% range) recovery in the event of a payment default. Our corporate credit rating on Northern Oil and Gas remains 'B'. The outlook is stable. The exploration and production company intends to use proceeds to repay borrowings under its credit facility and for general purposes. The ratings on Northern Oil and Gas reflects S&P's assessment of the company's "vulnerable" business risk, "aggressive" financial risk, and "adequate" liquidity assessments, as defined in S&P's criteria. NORTHWEST BANCORPORATION: Proposes May 29 as Claims Bar Date ------------------------------------------------------------ Northwest Bancorporation of Illinois, Inc., asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to establish May 29, 2015, as the general deadline for all claimants, other than governmental units, to file prepetition claims, and October 26, 2015, as the deadline for governmental units to file prepetition claims. About Northwest Bancorporation Northwest Bancorporation of Illinois, Inc., formerly known as Hershenhorn Bancorporation, Inc., is a bank holding company that owns 100 percent of the outstanding shares of First Bank and Trust Company of Illinois, a single-branch bank in Palatine, Illinois. Approximately 90 percent of Northwest Bancorporation's equity is owned by Robert Hershenhorn and his family. Northwest Bancorporation commenced a Chapter 11 bankruptcy case (Bankr. N.D. Ill. Case No. 15-15245) in Chicago, Illinois, on April 29, 2015. The case is assigned to Judge Carol A. Doyle. The Debtor tapped Kirkland & Ellis LLP as counsel, and River Branch Capital LLC as financial advisor. The Debtor estimated assets of $10 million to $50 million and debt of $50 million to $100 million. The Debtor's owner can be reached at: Robert Hershenhorn 808 East Deerpath Palatine, IL 60047 Telephone: (847) 358-6262 E-mail: rhershenhorn@aol.com ONE SOURCE: Has Until July 14 to Propose Plan of Reorganization --------------------------------------------------------------- One Source Industrial Holdings, LLC, and One Source Industrial, LLC obtained from the bankruptcy court an extension of their exclusive periods to file a plan of reorganization until July 14, 2015, and solicit acceptances for that plan until Sept. 14. The Debtors explained that they had been operating in the uncertain economic climate of the oil and gas industry after the recent and unprecedented drop in oil prices. Once the Debtors have had an opportunity to adapt their business model to the needs of the current economic climate, they will be in a position to propose the terms of either a joint or individual plans. The Debtors are represented by: Robert Forshey, Esq. Suzanne K. Rosen, Esq. FORSHEY & PROSTOK LLP 777 Main St., Suite 1290 Fort Worth, TX 76102 Tel: (817) 877-8855 Fax: (817) 877-415 E-mail: bforshey@forsheyprostok.com srosen@forsheyprostok.com 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. The Debtors tapped EJC Ventures LP as financial consultant. The U.S. Trustee appointed five creditors to serve on the official committee of unsecured creditors. ONE SOURCE: Stay Lifted for Ascentium to Possess Trucks ------------------------------------------------------- Ascentium Capital, LLC, asks the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to lift the automatic stay in the Chapter 11 cases of One Source Industrial Holdings, LLC, to allow it to obtain possession of 19 tractor trailer trucks. According to Ascentium, when One Source filed its voluntary Chapter 11 petition the Debtor failed to make its monthly payment due for December 2014, as well as all subsequent monthly payments under the Agreement. After accounting for all lawful credits and offsets, the Debtor's unpaid amount due and owing to Ascentium is $288,300. Ascentium's counsel, Mark W. Stout, Esq., at Padfield & Stout, L.L.P., in Fort Worth, Texas, tells the Court that Ascemtium has recently discovered that the Equipment is in poor condition and is not being utilized or operated by One Source as part of its business operations. Based on the Equipment's current condition, Ascentium believes that its current value has significantly fallen and that Ascentium may be under-secured. Despite this fact, One Source has not provided any adequate protection payments to Ascentium, Mr. Stout adds. * * * U.S. Bankruptcy Judge Russel F. Nelms terminated the automatic stay with respect to the equipment and granted Ascentium leave to pursue its state law remedies against the equipment, including, but not limited to, repossession and foreclosure of Ascentium's security interest in the Equipment. Ascentium is represented by: Mark W. Stout, Esq. Matthew D. Giadrosich, Esq. PADFIELD & STOUT, L.L.P. 421 W. Third Street, Suite 910 Fort Worth, TX 76102 Tel: (817) 338-1616 Fax: (817) 338-1610 One Source is represented by: J. Robert Forshey, Esq. FORSHEY & PROSTOK, LLP 777 Main Street, Suite 1290 Fort Worth, TX 76102 Tel: (817) 877-8855 Email: bforshey@forsheyprostok.com 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. The Debtors tapped EJC Ventures LP as financial consultant. The U.S. Trustee appointed five creditors to serve on the official committee of unsecured creditors. OW BUNKER: Court Approves Employee Contract with Rene Broman ------------------------------------------------------------ U.S. Bankruptcy Judge Alan H.W. Shiff authorized O.W. Bunker Holding North America Inc. to enter into an employee contract with Rene Broman, nunc pro tunc to March 1, 2015. The Debtors, in their motion, stated that Mr. Broman served as the credit manager for O.W. Bunker prior to the filing of the Debtors' cases. According to the Debtors, the employment contact will provide necessary incentives to the participant to drive an expeditious Chapter 11 process and maximize value for the Debtor's estates. The new employment agreement with Mr. Broman increased Mr. Broman's salary from $20,000 per month to $30,000 per month. The increase is a result of the expanded scope of responsibilities that Mr. Broman has taken on and is similar to the Debtors' prepetition practice of providing additional salary to individuals taking on extra responsibility. Further, under the employment contract Mr. Broman would be entitled to a $10,000 bonus at the end of March if he completed several tasks, including (i) a memorandum for counsel delineating the general transactional process and procedures of the Debtors and that summarizes the transactional facts and key documents relating to each interpleader or arrest proceeding the Debtors are involved in; (ii) completion of all the work relating to tax preparation and filings; and (iii) assistance with completion of a claims analysis. Judge Shiff overruled the objection of William K. Harrington, U.S. Trustee for Region 2, which noted that the motion, despite its misleading title, is a motion to approve a key employee retention plan for a single employee, Mr. Broman under Section 503(c) and 363(b). The U.S. Trustee related that the Debtors have failed to meet their burden of proof to show that the proposed retention plan satisfies the requirements of Section 503(c) of the Bankruptcy Code. The Debtors have not showed any evidence demonstrating that Mr. Broman is not an insider within the meaning of Section 101(31) of the Bankruptcy Code. About O.W. Bunker 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. The Committee tapped Hunton & Williams LLP as its attorneys. OW BUNKER: ING Bank Wants More Info on NuStar Deal -------------------------------------------------- ING Bank N.V., as security agent, filed a preliminary objection to O.W. Bunker Holding North America Inc., et al.'s motion to approve settlement agreement among the Debtors, the Official Committee of Unsecured Creditors, NuStar Energy Services, Inc., NuStar Supply & Trading LC, and NuStar Terminals Marine Services N.V. According to ING Bank, the merits of venue transfer are questionable and the Debtors did not provide any information in the motion with respect to the details of the transaction implicated by the settlement agreement or the value of the intercompany claims. The Debtors, in their motion, stated that the agreement will resolve: -- NuStar's objection to the joint motion of the Debtors and the Committee for transfer of venue of cases to the U.S. Bankruptcy Court for the Southern District of New York; and -- other litigation and disputes between the Debtors and NuStar. The Case Transfer Motion The Debtors requested that the Court transfer the cases to the Southern District of New York where the Court will be able to exercise the full panoply of federal maritime and bankruptcy jurisdiction and will be able to comprehensively address the overlapping and complicated issues pending concurrently in the interpleaders in the Southern District of New York and in the cases. Between the Petition Date and the filing of the transfer motion on Dec. 24, 2014, several of the Debtors' customers filed multiple interpleader actions in several different district courts. These include more than ten actions -- involving deposits with the Court of more than $24 million, more than 25 vessels and more than 40 parties -- in the Southern District of New York. The interpleaders generally sought to make payment and an adjudication of claims relating to the Debtors' and their affiliates' transactions in marine fuel oil under principles of maritime law. The Settlement Agreement The agreement provides that, among other things: a. tThe Debtors and NuStar have agreed to resolve the adversary proceeding captioned NuStar Supply & Trading LLC v. O.W. Bunker North America Inc. pending before the Court, and other outstanding reclamation-related issues regarding oil onboard the Eva Schulte and the Elisalex Schulte. The settlement will provide a $3,454,938 reduction to NuStar Supply's Section 503(b)(9) (and parallel unsecured) claim, which NuStar Supply asserts is $6,772,447; this results in an allowed claim of $3,317,509. The settlement also confirms NuStar Supply's rights to certain oil that was reclaimed from such vessels, and provides that NuStar will voluntarily dismiss the NuStar Adversary Proceeding with prejudice within five days after the entry of a final, non-appealable order approving the settlement. b. The Debtors have agreed to assign to NuStar all of the Debtors' rights in certain vessel arrest proceedings where the Debtors were an intermediary supplier for a $151,000 payment. In addition, the Debtors are assigning their lien rights in certain pending cases where they are the contract supplier. c. NuStar has agreed to support the transfer of venue of the cases to the Southern District of New York, and the proposed order granting the 9019 motion contains express language transferring the cases to the Southern District of New York in the interest of justice and for the convenience of the parties, and the Debtors' agreement to the terms of the settlement agreement is conditioned upon transfer. d. NuStar has agreed, subject to certain conditions, to venue in the Southern District of New York for six vessels currently subject to interpleader proceedings: Venus Glory, Hellas Glory, LNG Finima, Ocean Friend, Rigel Leader, and Waregem. With regard to three of these vessels (Ocean Friend, Rigel Leader, and Waregem), one of the Debtors is a contract supplier and the relative lien rights of NuStar and the Debtors will be decided in those cases in New York. e. The parties agree that neither the Debtors nor the Committee will take any action to remove, transfer or consolidate certain NuStar vessel arrest proceedings that are currently pending in other jurisdictions. A copy of the settlement agreement is available for free at: http://bankrupt.com/misc/OWBunker_542_settlement.pdf About O.W. Bunker 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. The Committee tapped Hunton & Williams LLP as its attorneys. OW BUNKER: Rene Jensen Okayed to Prosecute Case Against ING Bank ---------------------------------------------------------------- The U.S. Bankruptcy Court authorized O.W. Bunker Holding North America Inc., et al., to employ Rene Jensen as consultant utilized in the ordinary course of business, nunc pro tunc to March 1, 2015. Mr. Jensen will assist the Debtors in gathering and distilling the information necessary to prosecute the Debtors' adversary proceeding against ING Bank, N.V. Mr. Jensen served as the prepetition controller of Debtor O.W. Bunker North America Inc. and, since the Petition Date, has served as the controller of each of the Debtors. The Debtors will compensate Mr. Jensen at the fixed amount of $60,000 until March 31, 2015. The Court also ordered that to the extent applicable, the Revised UST Guidelines will not apply to Mr. Jensen's retention and Mr. Jensen is exempt from filing interim and final fee statements. ING Bank N.V., as security agent, filed a limited objection to the motion, requesting that the Court condition Mr. Jensen's employment on his and the Debtors' full compliance with the relevant provisions of the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules. ING Bank also stated that the Debtors had failed to establish that Mr. Jensen is in fact a "disinterested person" as that term is defined in the Bankruptcy Code; and had failed to provide the specific disclosures with respect to adverse interests required by Local Rule 2014-1. About O.W. Bunker 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. The Committee tapped Hunton & Williams LLP as its attorneys. OWENS-ILLINOIS INC: S&P's BB+ CCR on Watch Neg over Biz Acquisition ------------------------------------------------------------------- Standard & Poor's Ratings Services placed all of its ratings on Owens-Illinois Inc., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. "Owens-Illinois has obtained debt financing commitments for this transaction," said Standard & Poor's credit analyst Liley Mehta. "We expect that Owens-Illinois will raise permanent financing for the acquisition prior to closing," she added. The CreditWatch placement follows Owens-Illinois' announcement that it will acquire Vitro S.A.B. de C.V.'s food and beverage glass container business in an all-cash transaction valued at approximately $2.15 billion. The $2.15 billion acquisition, which has been approved by the boards of directors of both companies, is subject to approval by Vitro's shareholders and customary regulatory approvals. The transaction is expected to close within 12 months. The transaction is expected to be debt financed, and pro forma adjusted debt leverage would likely increase to around 4.5x to 5x, such that Owens-Illinois' financial risk profile will likely be revised to "aggressive" from "significant". Vitro is the largest supplier of glass containers in Mexico, and the transaction will enable Owens-Illinois to establish a leading position in the growing Mexican glass packaging market. "We will resolve the CreditWatch listing as we get more information on the implications for Owens-Illinois' business risk and financial risk profiles. From a business risk standpoint, significant factors that we will be analyzing include the effect of the new business on the company's existing competitive position, and risks associated with integrating the Vitro operations. To determine our final financial risk score, in addition to debt leverage, we will assess financial policy and Owens-Illinois' willingness to allocate free cash flow to debt reduction rather than shareholder rewards and additional debt financed acquisitions." PARK MERIDIAN: Lender Wants Stay Lifted to Foreclose on Property ---------------------------------------------------------------- Northside-Rosser Debt Holdings LLC filed a motion for relief from the automatic stay with the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to proceed with its state-law rights and remedies in connection with an office building located in Forsyth County, Georgia, in which Debtors Park Meridian, LLC, and 7220, LLC, hold an ownership interest. On or about March 23, 2006, Wachovia Bank, National Association made a loan to the Debtors in the original principal amount of $9,000,000. To evidence the Northside Loan, the Debtors executed and delivered to the Original Lender a Promissory Note dated March 23, 2006, payable to the order of the Original Lender in the Loan Amount together with interest originally payable at the rate of 5.69% per annum. The Debt was secured by a Security Deed, an Assignment of Leases and Rents, and UCC Financing Statements. The Northside Loan and the Loan Documents were subsequently transferred and assigned by the Third Interim Holder to Northside-Rosser, on or about January 13, 2015, along with all of the related Loan Documents. On January 30, 2015, Northside-Rosser provided notice to the Debtors of the sale of the Northside Loan from the Third Interim Holder to Northside-Rosser. In the January 2015 Notice, Northside-Rosser provided additional notice of the existence of an Event of Default and, on that basis, accelerated and declared immediately due and owing all obligations under the Loan Documents. In addition, Northside-Rosser reiterated that the Debtors' license to collect the Rents and Profits previously had terminated and that the Debtors continued to collect such amounts solely as an agent of Northside-Rosser. Northside-Rosser and the Debtors, executed the Reaffirmation of Pre-Negotiation Agreement. The parties ultimately were unable to reach a negotiated resolution of these matters. As a result, Northside-Rosser proceeded with the process to foreclose upon the property pursuant to applicable Georgia Law, and all other collateral securing the Northside Loan. A foreclosure sale was scheduled to occur on Tuesday, March 3, 2015. As of the Petition Date, the outstanding balance for the Northside Loan was no less than approximately $10.5 million, including $9 million in principal, $1 million in accrued and unpaid interest, and an additional approximately $500,000 for the yield maintenance premium, late fees, servicing fees and legal fees under the Northside Loan Documents. The Debtors are represented by: David W. Gordon, Esq. William A. Rountree, Esq. MACEY, WILENSKY & HENNINGS, LLC 303 Peachtree Street, Suite 4420 Atlanta, GA 30308 Tel: 404-418-8963 Fax: 404-641-4355 Email: dgordon@maceywilensky.com wrountree@maceywilensky.com Northside-Rosser is represented by: Robbin S. Rahman, Esq. KILPATRICK TOWNSEND & STOCKTON LLP 1100 Peachtree Street, Suite 2800 Atlanta, GA 30309 Tel: (404) 815-6500 Email: rrahman@kilpatricktownsend.com About Park Meridian Park Meridian owns a commercial building located at 3890 Johns Creek Parkway, in Suwanee, Forsyth County, Georgia. Northside-Rosser asserts a first priority lien on the property and the rents therefrom to secure a claim in the disputed amount of $10,549,229. The Debtor says the property has a market value of at least $11,000,000. Park Meridian sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-20447) in Gainesville, Georgia, on March 2, 2015, stating that it was unable to pay its debts as they generally mature. The Debtor is represented by William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, in Atlanta, Georgia. The Atlanta-based debtor estimated $10 million to $50 million in assets and debt. PHOTOMEDEX INC: Reports $10 Million Net Loss in First Quarter ------------------------------------------------------------- Photomedex, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $10.01 million on $28.1 million of revenues for the three months ended March 31, 2015, compared to a net loss of $345,000 on $50.07 million of revenues for the same period a year ago. As of March 31, 2015, the Company had $107 million in total assets, $71.4 million in total liabilities, and $34.3 million in total stockholders' equity. As of March 31, 2015 the Company had cash, cash equivalents and short-term investments of $6.2 million, compared with $10.6 million as of Dec. 31, 2014. "Our consumer business had a difficult first quarter including declines in direct, retail, home shopping and distributor channel sales. This reflects challenges with marketing efficiencies, media availability and the continued transition towards online advertising, each of which we are working to address," said Dr. Dolev Rafaeli, PhotoMedex CEO. "Importantly, there have been several encouraging developments for PhotoMedex in recent weeks. We are delighted to be preparing to bring the no!no! line of hair removal products back to the Japanese market, following the signing of an agreement with Synergy Trading Corporation last month. Synergy has placed its initial order, and we will be shipping product to them in the coming weeks. We are working closely with Synergy to ensure a successful launch in what historically has been an important market for the brand. In addition, our XTRAC recurring physician business continues to grow, posting a 22% year-over-year increase in revenue during the quarter. We added a net 20 XTRAC systems to our installed base, which now stands at 640 units." He added, "Our first quarter financial results are within the requirements of our revised forbearance agreement, and we continue to work with our lenders to pursue a satisfactory resolution." A full-text copy of the Form 10-Q is available for free at: http://is.gd/Txgcgq About PhotoMedex PhotoMedex, Inc., is a global health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at our LasikPlus(R) vision centers. PhotoMedex and its subsidiaries has entered into a second amended and restated forbearance agreement with the lenders that are parties to the credit agreement dated May 12, 2014, and with JP Morgan Chase, as administrative agent for the Lenders pursuant to which the Lender have agreed to forbear from exercising their rights and remedies with respect to certain events of default from Aug. 25, 2014, until April 1, 2016, or earlier if an event of default occurs, according to a document filed with the Securities and Exchange Commission in March 2015. Bankruptcy Warning "If, in the future, PhotoMedex is required to obtain similar forbearance agreements as a result of our inability to meet the terms of the credit agreement, there can be no assurance that those forbearance agreements will be available on commercially reasonable terms or at all. If, as or when required, we are unable to repay, refinance or restructure our indebtedness under those credit facilities, or amend the covenants contained therein, the lenders could elect to terminate their commitments under the credit facilities and institute foreclosure proceedings against our assets. Under such circumstances, we could be forced into bankruptcy or liquidation. In addition, any additional events of default or declaration of acceleration under one of those facilities or the forbearance agreement could also result in an event of default under one or more of these agreements. Such a declaration would have a material adverse impact on our liquidity, financial position and results of operations," the Company stated in its 2014 annual report. PLUG POWER: Posts $11.1 Million Net Loss in First Quarter --------------------------------------------------------- Plug Power Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common shareholders of $11.1 million on $9.41 million of total revenue for the three months ended March 31, 2015, compared to a net loss attributable to common shareholders of $75.9 million on $5.57 million of total revenue for the same period in 2014. As of March 31, 2015, the Company had $189 million in total assets, $39.1 million in total liabilities, $1.15 million in series C convertible redeemable preferred stock and $149 million in total stockholders' equity. Net cash used in operating activities for the first quarter 2015 was $13.6 million, which stems from the ongoing investment in the Company's increased commercial activity, as well as incremental investment in working capital given the inventory build activity for second quarter programs. Plug Power had cash and cash equivalents of $131.5 million and net working capital of $155.7 million at March 31, 2015. "The backlog for our products and services continued to grow in the first quarter," said Andy Marsh, CEO of Plug Power. "This has provided us with a high level of confidence in meeting this year's financial projections." A full-text copy of the Form 10-Q is available for free at: http://is.gd/sqhbXJ About Plug Power Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market. Plug Power reported a net loss attributable to common shareholders of $88.6 million on $64.2 million of total revenue for the year ended Dec. 31, 2014, compared to a net loss attributable to common shareholders of $62.8 million on $26.6 million of total revenue for the year ended Dec. 31, 2013. Bankruptcy Warning "Our cash requirements relate primarily to working capital needed to operate and grow our business, including funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, and continued development and expansion of our products. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and quantity of product orders and shipments; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and any new research and development programs; and changes in our strategy or our planned activities. We expect that we may require significant additional capital to fund and expand our future operations. In particular, in the event that our operating expenses are higher than anticipated or the gross margins and shipments of our products are lower than we expect, we may need to implement contingency plans to conserve our liquidity or raise additional capital to meet our operating needs. Such plans may include: a reduction in discretionary expenses, funding from licensing the use of our technologies, debt and equity financing alternatives, government programs, and/or a potential business combination, strategic alliance or sale of a portion or all of the Company. If we are unable to fund our operations and therefore cannot sustain future operations, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection," the Company said in its 2014 annual report. PROTOM INTERNATIONAL: Has $1.86M Financing from Michaelson ---------------------------------------------------------- ProTom International, Inc., and ProTom International, LLC, ask the U.S. Bankruptcy Court for the Northern District of Texas for approval to obtain postpetition financing from existing lender Michaelson Capital Partners, LLC and use cash collateral. Michaelson is a senior secured lender pursuant to a secured convertible promissory note dated Dec. 29, 2014 in the principal amount of $10,138,091. On April 27, 2015, Michaelson loaned the Debtors the additional amount of $388,322. The loans are secured by substantially all the assets of the Debtors. As of the Petition Date, the total amount owed secured loans are estimated to be $6,485,830. Michaelson has agreed to provide the Debtor postpetition financing while it completes a sale of the assets. The salient terms of the DIP facility are: * Borrower: Protom International, Inc. * Pledgor: Protom International, LLC * Lender: Michaelson Capital Special Finance Fund LP * DIP Facility: Facility consisting of a priming, superpriority, term credit facility in the amount of up to $1,861,678. * Budget: Use of the cash collateral and proceeds from the DIP facility will be subject to a budget acceptable to Michaelson, and actual variances must be no greater than 110%. * Maturity Date: The earliest to occur of: (i) stated maturity which shall be the later of 60 days after the Final DIP Order is entered or 90 days after the Petition Date, (ii) the effective date of an approved Plan of Reorganization, (iii) conversion of the cases to a Chapter 7 proceeding or (iv) any other termination of the DIP Credit Agreement. * Priority/Security for DIP Facility: All obligations under the DIP Facility will be: (a) entitled to superpriority administrative expense claim status, and (b) secured by a first priority, security interest in and lien on all assets of the Debtors. The collateral securing the DIP Facility shall not include causes of action under Chapter 5 of the Bankruptcy Code. The liens and superpriority claims granted to Michaelson will be subject to carve-out for professional fees and U.S. Trustee fees. * Interest Rate: From the Closing through maturity, the simple interest rate will be 12.00% per annum. Default interest is 4.00% above the then current rate of interest. * DIP Order: Interim funding under the DIP Facility up to $712,559 will be subject to the entry of an order entered after an interim hearing. Final funding under the DIP Facility will be subject to a final order approving all aspects of the DIP facility. * Fees and Expenses: The Borrower will pay or reimburse Lender for all reasonable costs and expenses of the counsel (including, without limitation, local counsel) for the Lender. * Milestones: The Debtors will be required to comply with these milestones: (a) On or before May 12, 2015 or such later date as may be agreed to in writing by the Lender ("Initial Deadline"), the Debtors will each file in the Chapter 11 cases and properly serve a motion seeking approval of the sale procedures; (b) On or before the date that is 16 days after the Initial Deadline, or such later date to the Lender consents in writing in its sole discretion, the Bankruptcy Court will have held a hearing on the Sale Procedures Motion. (c) On or before the date that is 60 days after the Initial Deadline, or such later date to which the Lender consents in writing in its sole discretion, the Debtors will have held the Auction. (d) On or before the date that is 65 days after the Initial Deadline, the Bankruptcy Court will have entered a Sale Order approving the 363 Sale, the results of the Auction and the winning bid received at the Auction. (e) Unless the Lender has agreed, in its sole discretion, on or before the date that is (x) 77 days after the Initial Deadline, if a waiver of the stay set forth in Bankruptcy Rule 6004 is obtained, or (y) 84 days after the Initial Deadline, if such a waiver is not obtained, the Debtors will have consummated the 363 Sale, pursuant to the 363 Asset Purchase Agreement or pursuant to the Third-Party Asset Purchase Agreement with the Winning Bidder. (f) Debtors will have the right to file a plan of reorganization if the terms of the bid of a prospective buyer can only be accomplished through a plan of reorganization. About ProTom International ProTom International Inc. is a medical technology focused on proton therapy for cancer patients. The Company and affiliate ProTom International, LLC, have the exclusive rights to sell in the U.S. the compact accelerators developed by Russia-based ZAO Protom and owner Vladimir E. Balakin. The ZAO system and technology were lighter and cheaper than proton therapy systems then in operation in the U.S. This technology has been the basis on which ProTom has developed its Radiance 330 Proton Therapy System. ProTom International, Inc., and ProTom International, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-32065 and 15-32066) in Dallas on May 12, 2015. The cases are assigned to Judge Barbara J. Houser. The Debtors tapped Jackson Walker, LLP as counsel, and Lain, Faulkner & Co., P.C., as accountant. ProTom Inc. estimated $10 million to $50 million in assets and debt. PROTOM INTERNATIONAL: Proposes Jackson Walker as Counsel -------------------------------------------------------- ProTom International, Inc., and ProTom International, LLC, ask the U.S. Bankruptcy Court for the Northern District of Texas for approval to hire Jackson Walker, L.L.P., as counsel. The Debtors want to employ Jackson Walker as their attorneys under a general retainer to give the Debtors legal advice with respect to the Debtors' powers and duties as debtors in possession and to continue in operation of the Debtors' business and management of the Debtors' property and perform all legal services for the Debtors that may be necessary. The Debtors are requesting the Court to approve a sale of all of their assets under Sec. 363 of the Bankruptcy Code. The Debtors believe the significant knowledge, background and experience of JW with regard to the business, assets and contracts of the Debtors will be significantly helpful to the Debtors in the cases. Kenneth Stohner, Jr., and James s. Ryan, III, will be the attorneys who will lead the arrangement. The hourly rates of the attorneys and legal assistants who will primarily be providing services for the Debtors are: Name Title Hourly Rate ---- ----- ----------- Kenneth Stohner, Jr. Partner $625 James S. Ryan, III Partner $625 Heather Forrest Partner $485 Jennifer Wertz Associate $375 Christopher Rosa Associate $375 Jillian Harris Associate $325 Terri Salter Paralegal $220 Carole Thomas Paralegal $205 Matt Deegan Specialist $230 During the year preceding the filing of the Petitions, the Debtors paid Jackson Walker an aggregate amount of $425,000. Of this amount, $230,000 was paid during the period prior to 90 days before the Petition Date. Mr. Stohner attests that Jackson Walker is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code. The firm can be reached at: Kenneth Stohner, Jr. Esq. James S. Ryan, III, Esq. JACKSON WALKER L.L.P. 901 Main Street, Suite 6000 Dallas, Texas 75202 Tel: (214) 953-6000 Fax: (214) 953-5822 E-mail: kstohner@jw.com jryan@jw.com About ProTom International ProTom International Inc. is a medical technology focused on proton therapy for cancer patients. The Company and affiliate ProTom International, LLC, have the exclusive rights to sell in the U.S. the compact accelerators developed by Russia-based ZAO Protom and owner Vladimir E. Balakin. The ZAO system and technology were lighter and cheaper than proton therapy systems then in operation in the U.S. This technology has been the basis on which ProTom has developed its Radiance 330 Proton Therapy System. ProTom International, Inc., and ProTom International, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-32065 and 15-32066) in Dallas on May 12, 2015. The cases are assigned to Judge Barbara J. Houser. The Debtors tapped Jackson Walker, LLP as counsel, and Lain, Faulkner & Co., P.C., as accountant. ProTom Inc. estimated $10 million to $50 million in assets and debt. PROTOM INTERNATIONAL: Proposes Lain Faulkner as Accountants ----------------------------------------------------------- ProTom International, Inc., and ProTom International, LLC, ask the Bankruptcy Court for approval to hire Lain, Faulkner & Co., P.C. as accountants. The professional services that Lain Faulkner will render include, but are not limited to, the following: (a) Preparing the Debtors' schedules of asset and liabilities and statements of financial affairs; (b) Providing accounting assistance with monthly operating reports required by the Debtors; (c) Testifying at any hearings and/or trials as is determined to be necessary; and (d) Performing other accounting and financial consulting services to the Debtors in connection with the Chapter 11 cases. Compensation will be payable to Lain Faulkner on an hourly basis, plus reimbursement of actual, necessary expenses. The 2015 standard hourly rates for the firm are: Category Hourly Rate -------- ----------- Shareholders $365 to $450 CPA/Accounting Professionals $240 to $340 IT Professionals $250 Staff Accountants $150 to $215 Clerical and Bookkeepers $80 to $95 The Debtors have paid Lain Faulkner a retainer of $5,000. Jason Rae attests that Lain Faulkner has not represented any of the Debtors' creditors, equity security holders, or any other parties-in-interest, in any matters relating to the Debtors and their estates. The Debtors believe that Lain Faulkner is a "disinterested person" as defined in Sec. 101(14) of the Bankruptcy Code. About ProTom International ProTom International Inc. is a medical technology focused on proton therapy for cancer patients. The Company and affiliate ProTom International, LLC, have the exclusive rights to sell in the U.S. the compact accelerators developed by Russia-based ZAO Protom and owner Vladimir E. Balakin. The ZAO system and technology were lighter and cheaper than proton therapy systems then in operation in the U.S. This technology has been the basis on which ProTom has developed its Radiance 330 Proton Therapy System. ProTom International, Inc., and ProTom International, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-32065 and 15-32066) in Dallas on May 12, 2015. The cases are assigned to Judge Barbara J. Houser. The Debtors tapped Jackson Walker, LLP as counsel, and Lain, Faulkner & Co., P.C., as accountant. ProTom Inc. estimated $10 million to $50 million in assets and debt. PUC VALLEY: S&P Affirms BB Rating on 2014A/B Revenue Bonds ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'BB' rating on California School Finance Authority's (CSFA) educational facilities revenues bonds series 2014A (tax-exempt) and series 2014B (taxable) issued for the Partnerships to Uplift Communities (PUC) Valley. "The negative outlook reflects the possibility that we could lower the rating due to a decline in lease-adjusted maximum annual debt service coverage by PUC in fiscal 2015 to levels not supported by the current rating due to the additional debt taken on by the organization," said Standard & Poor's credit analyst Debra Boyd. "We could also lower the rating if PUC's financial performance weakens beyond current levels or if liquidity falls to levels not supported by the rating in fiscal 2015. The series 2014A and 2014B bonds are PUC's second issuance of bonds outstanding. Bond proceeds were used to finance the acquisition and construction of a new building that will house students from Triumph Charter Academy, Triumph High School, and Lakeview Charter High School. The construction of the new facility was originally anticipated to be complete in February 2015. However, the schedule was delayed, and construction is now scheduled to be complete before the start of the 2015-2016 academic year. The project is also over budget by $2 million, an amount which is not covered under the 2014 bond proceeds. To address this overage, PUC has drawn on its line of credit and will pay the amount back under a three-year schedule. QUICKSILVER RESOURCES: Cites Bankruptcy for Delay in 10-Q Filing ---------------------------------------------------------------- Quicksilver Resources Inc. said it is unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2015, with the Securities and Exchange Commission within the prescribed period without unreasonable effort or expense. The Company's management and external advisors have devoted substantial attention to the Company's reorganization efforts. As a result of the increased burdens on the Company's financial, accounting and administrative staff, the Company has not completed its preparation of the financial statements for the period ended March 31, 2015 that are required to be included in the Form 10-Q. The Company expects to file the Form 10-Q no later than the fifth calendar day following the prescribed due date as set forth in Rule 12b-25. The Company anticipates that it will report significant changes in its results of operations for its period ended March 31, 2015. Based on the information available at this time, the Company anticipates that the diluted loss per share for the three months ended March 31, 2015 will be $0.69, compared to diluted loss per share of $0.34 for the three months ended March 31, 2014. 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. Quicksilver Resources Inc. and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10585) on March 17, 2015. 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. The U.S. Trustee for Region 3 appointed five creditors of Quicksilver Resources Inc. to serve on the official committee of unsecured creditors. QUICKSILVER RESOURCES: Court Okays Richards Layton as Co-counsel ---------------------------------------------------------------- Quicksilver Resources Inc. and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the District of Delaware to employ Richards, Layton & Finger, P.A. as co-counsel, nunc pro tunc to the March 17, 2015 petition date. The Debtors require Richards Layton to: (a) prepare all necessary petitions, motions, applications, orders, reports, and papers necessary to commence the Chapter 11 case; (b) advise the Debtors of their rights, powers, and duties as debtors and debtors in possession under chapter 11 of the Bankruptcy Code; (c) prepare on behalf of the Debtors all motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtors' bankruptcy estates; (d) take action to protect and preserve the Debtors' bankruptcy estates, including the prosecution of actions on behalf of the Debtors, the defense of actions commenced against the Debtors in the chapter 11 cases, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors; (e) assist the Debtors with the sale of any of their assets pursuant to section 363 of the Bankruptcy Code; (f) prepare for the Debtors any disclosure statement, plan and any related motions, pleadings, or other documents necessary to solicit votes on any Chapter 11 plan; (g) prosecute any proposed chapter 11 plan and seek approval of all transactions contemplated therein and in any amendments thereto; (h) perform all other necessary legal services in connection with the Chapter 11 cases; and (i) Richards Layton may perform all other services assigned by the Debtors, in consultation with Akin Gump Strauss Hauer & Feld LLP ("Akin"), to Richards Layton as co-counsel to the Debtors. To the extent Richards Layton determines that such services fall outside of the scope of services historically or generally performed by Richards Layton as co-counsel in a bankruptcy case, Richards Layton will file a supplemental declaration. Richards Layton will be paid at these hourly rates: Paul N. Heath $650 Michael J. Merchant $650 Amanda R. Steele $425 Rachel L. Biblo $260 Lindsey A. Edinger $235 Partners $585-$825 Counsel $525 Associates $260-$490 Paraprofessionals $235 Prior to the Petition Date, the Debtors paid Richards Layton a total retainer of $169,038 (the "Retainer") in connection with and in contemplation of these chapter 11 cases. The Debtors propose that the remainder of the retainer paid to Richards Layton and not expended for prepetition services and disbursements be treated as an evergreen retainer to be held by Richards Layton as security throughout these chapter 11 cases until Richards Layton's fees and expenses are awarded by final order and payable to Richards Layton. Richards Layton will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul N. Heath, director of Richards Layton, 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. Richards Layton can be reached at: Paul N. Heath, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 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. The U.S. Trustee for Region 3 appointed five creditors of Quicksilver Resources Inc. to serve on the official committee of unsecured creditors. RADIOSHACK CORP: Hilco Assists in Soliciting Offers for Assets -------------------------------------------------------------- Robert Maguire at Microcap Daily reports that Hilco Streambank, on behalf of certain lenders, said on May 6, 2015, that it is assisting RadioShack Corporation in soliciting offers to acquire certain assets, which include: a. certain U.S and Foreign registered Trademarks; b. 73 active and pending patent applications; c. the Company's customer database including 8.5MM opt-in e- mail addresses; d. 295 registered domains, which include "RadioShack.com", "Tandy.com", "TheShack.com" and "Ignition.com"; e. the Company's franchise and dealer network and infrastructure; and f. the Company's Global Sourcing Business. Jim Bach, writing for Moneymorning.com, relates that RadioShack stock is still trading, and has been up as much as 234% since the Company delisted from the New York Stock Exchange then filed for bankruptcy. About RadioShack Corporation Headquartered in Fort Worth, Texas, RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/-- is a retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. RadioShack Corporation and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge Kevin J. Carey presides over the case. David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki, Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors' restructuring advisor. Maeva Group, LLC, is the Debtors' turnaround advisor. Lazard Freres & Co. LLC is the Debtors' investment banker. A&G Realty Partners is the Debtors' real estate advisor. Prime Clerk is the Debtors' claims and noticing agent. In their Petitions, the Debtors disclosed total assets of $1.2 billion, versus total debts of $1.3 billion. Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the Official Committee of Unsecured Creditors as co-counsel. Houlihan Lokey Capital, Inc., serves as financial advisor and investment banker. RESEARCH SOLUTIONS: Lowers Net Loss to $1,800 in First Quarter -------------------------------------------------------------- Research Solutions, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1,800 million on $8.83 million of revenue for the three months ended March 31, 2015, compared to a net loss of $676,000 on $6.79 million of revenue for the same period last year. For the nine months ended March 31, 2015, the Company reported net income of $1.05 million on $24.31 million of revenue compared to a net loss of $1.26 million on $20.79 million of revenue for the same period a year ago. As of March 31, 2015, Research Solutions had $8.25 million in total assets, $7.39 million in total liabilities and $866,194 in total stockholders' equity. As of March 31, 2015, the Company had cash and cash equivalents of $1,373,036, compared to $1,884,667 as of June 30, 2014, a decrease of $511,631. This decrease was roughly evenly distributed between cash used in discontinued operations, operating activities from continuing operations, investing activities from continuing operations, financing activities from continuing operations, and effect of exchange rate changes. A full-text copy of the Form 10-Q is available for free at: http://is.gd/lftBsw About Research Solutions Research Solutions, Inc. provides research information services and software to research-intensive industries in the Life Sciences and other fields. The Encino, California-based Company delivers copyrighted copies of published content, including articles from published journals, to content users in hard copy or electronic form. The Company reported a net loss of $1.87 million for the fiscal year ended June 30, 2014, compared with net income of $192,000 for the year ended June 30, 2013. RESTAURANT BRANDS: S&P Affirms 'B+' CCR & Rates Secured Notes 'B+' ------------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Restaurant Brands International Inc. (RBI). The outlook is stable. At the same time, Standard & Poor's assigned its 'B+' issue-level rating to subsidiary 1011778 B.C. ULC's US$1.25 billion first-lien senior secured notes with a recovery rating of '3', reflecting the expectation of meaningful (50%-70%, at the high end of the scale) recovery in the event of default. The issue-level ratings on subsidiary 1011778 B.C.'s debt, including the 'B+' rating on the first-lien debt, and 'B-' rating on the second-lien debt, are unchanged. The '3' and '6' recovery ratings on the first- and second-lien debt, respectively, are also unchanged, and represent meaningful and negligible (0%-10%) recovery, respectively, in a default scenario. The affirmation reflects S&P's updated view of RBI's proposed capital structure, incorporating some debt reduction since the company was created in December 2014 to combine Burger King Worldwide Inc. and Tim Hortons Inc. "After giving effect to the proposed refinancing, the company's credit measures are consistent with our expectations to date, and we believe that key profit drivers support improving credit measures during our 12-24 month rating horizon," said Standard & Poor's credit analyst Donald Marleau. S&P said, "We estimate that the refinancing will reduce interest expense US$50 million per year. "We believe the combination of the Burger King and Tim Hortons brands supports our view of RBI's "satisfactory" business risk profile, considering each brand's strong growth prospects. Tim Hortons has a solid position in the Canadian quick service restaurant industry, particularly in the coffee and breakfast segments. It has a long history of same-store sales growth and a good track record of restaurant expansion in its markets, namely Canada and U.S. border states. We also expect Burger King to sustain its good market position and expand its brand mainly in international markets. Moreover, we expect that franchise fees will generate a growing percentage of Tim Hortons' revenues, likely leading to reduced capital spending. "The stable outlook reflects our expectation that credit measures should improve with stronger earnings and solid free cash in the next year. Incorporating our assumptions that both Burger King and Tim Hortons will improve profits from restaurant growth and moderate increases in same-store sales, we estimate that RBI will improve fully adjusted debt leverage to about 6x in 2016, while maintaining EBTIDA interest coverage of about 4x. "We could raise the rating if adjusted leverage were below 5x. We believe this is unlikely in the next year, but the company's stronger earnings and good cash conversion should enable it to pay down debt over the next two years. "We could lower the rating if weaker earnings contributed to EBITDA interest coverage approaching 2x, which we believe could occur if RBI severely misses our profit growth and free cash flow assumptions for 2015 because of tepid restaurant growth or negative same-store sales growth." RETROPHIN INC: Swings to $39.6 Million Net Income in First Quarter ------------------------------------------------------------------ Retrophin, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $39.7 million on $17.4 million of net product sales for the three months ended March 31, 2015, compared to a net loss of $75.7 million on $27,900 of net product sales for the same period in 2014. As of March 31, 2015, the Company had $416 million in total assets, $247 million in total liabilities and $169 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/A6l6dg About Retrophin Retrophin, Inc., develops, acquires and commercializes therapies for the treatment of serious, catastrophic or rare diseases. The Company offers Chenodal(R), a treatment for gallstones; Vecamyl(R), a treatment for moderately severe to severe essential hypertension and uncomplicated cases of malignant hypertension; and Thiola, for the prevention of kidney stone formation in patients with severe homozygous cystinuria. Retrophin reported a net loss of $111 million in 2014 following a net loss of $34.6 million in 2013. BDO USA, LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm noted that the Company has suffered recurring losses from operations, used significant amounts of cash in its operations, and expects continuing future losses. In addition, at Dec. 31, 2014 the Company had deficiencies in working capital and net assets of $70.2 million and $37.3 million, respectively. Finally, while the Company was in compliance with its debt covenants at Dec. 31, 2014, it expects to not be in compliance with these covenants in 2015. These matters raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. SABINE OIL: Widens Net Loss to $284 Million in First Quarter ------------------------------------------------------------ Sabine Oil & Gas Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $284 million on $98.0 million of total revenues for the three months ended March 31, 2015, compared to a net loss of $1.68 million on $113 million of total revenues for the same period a year ago. As of March 31, 2015, the Company had $2.58 billion in total assets, $2.93 billion in total liabilities, and a $348 million total shareholders' deficit. "We achieved a 17% increase in Adjusted EBITDA and a 65% increase in average daily output over the first quarter of last year," said David Sambrooks, chairman, president and chief executive officer. "Our 15 completions during the first quarter of 2015 collectively achieved an average IP30 of over 1,300 BOEPD. During the first quarter of 2015 we reduced rig activity from eight rigs at the beginning of the quarter to two rigs at quarter exit with both of these rigs running in East Texas. We plan to remain at the two rig level, with activity focused in East Texas, for next quarter. Additionally, we remain in active discussions with our creditors and continue to work closely with our financial and legal advisors to explore all alternatives to improve the Company's capital structure. In the meantime, we continue to operate our business in the normal course." Bankruptcy Warning The Company's borrowing base under its New Revolving Credit Facility was subject to its semi-annual redetermination on April 27, 2015, and was decreased to $750 million. Since the Company's New Revolving Credit Facility is fully drawn, the decrease in the Company's borrowing base as a result of the redetermination resulted in a deficiency of approximately $250 million which must be repaid in six monthly installments of $41.54 million. Additionally, the Company has elected to exercise its right to a grace period with respect to a $15.3 million interest payment under its Term Loan Facility. The interest payment was due April 21, 2015; however, such grace period permits the Company 30 days to make such interest payment before an event of default occurs. The Company believes it is in the best interests of its stakeholders to actively address the Company's debt and capital structure and intends to continue discussions with its creditors and their respective professionals during the 30-day grace period. If the Company fails to pay the interest payment during the 30-day grace period and does not obtain a waiver for the interest payment, an event of default would exist under the Term Loan Facility and the lenders under the Term Loan Facility would be able to accelerate the debt. However, the lenders would not be able to foreclose on the collateral securing the Term Loan Facility until after the expiration of the 180-day standstill. If the Company continues to fail to pay the interest payment, such failure could constitute a cross default under certain of the Company's other indebtedness. If the indebtedness under the Term Loan Facility or any of the Company's other indebtedness is accelerated, the Company said it may have to file for bankruptcy. A full-text copy of the Form 10-Q is available for free at: http://is.gd/CRnYGy About Sabine Sabine Oil & Gas LLC, (formerly Forest Oil Corporation) is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Sabine's current operations are principally located in Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, and the Granite Wash in the Texas Panhandle. See http://www.sabineoil.com/ Sabine Oil reported a net loss including non-controlling interests of $327 million in 2014, compared with net income including non-controlling interests of $10.6 million in 2013. Deloittee & Touche LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the uncertainty associated with the Company's ability to repay its outstanding debt obligations as they become due raises substantial doubt about its ability to continue as a going concern. * * * As reported by the TCR on April 6, 2015, Moody's Investors Service downgraded Sabine Oil & Gas Corporation's Corporate Family Rating to Caa3 from Caa1. The rating action was prompted by SOGC's disclosure on March 31, 2015, that it is in default under its revolving credit facility and second lien term loan as a result of a going concern qualification related to its Dec. 31, 2014, audited financial statements. The TCR reported on April 24, 2015, that Standard & Poor's Ratings Services, lowered its corporate credit on Sabine Oil & Gas Corp. to 'D' from 'CCC'. "The downgrade reflects the company's decision not to pay approximately $15.3 million in interest that was due on April 21, 2015, on its second-lien term loan," said Standard & Poor's credit analyst Ben Tsocanos. SANDERS COMMERCIAL: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Sanders Commercial Properties, LLC P.O. Box 76 Jackson, MS 39205-0076 Case No.: 15-01560 Chapter 11 Petition Date: May 13, 2015 Court: United States Bankruptcy Court Southern District of Mississippi (Jackson-3 Divisional Office) Judge: Hon. Neil P. Olack Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Pkwy. Ridgeland, MS 39157 Tel: 601 427-0048 Fax: 601-427-0050 Email: cmgeno@cmgenolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David R. Sanders, member/registered agent. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SB PARTNERS: Incurs $140,700 Net Loss in First Quarter ------------------------------------------------------ SB Partners filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $140,700 on $248,000 of total revenues for the three months ended March 31, 2015, compared to a net loss of $284,000 on $228,000 of total revenues for the same period a year ago. As of March 31, 2015, the Company had $17.3 million in total assets, $23.2 million in total liabilities, and a $5.91 million total partners' deficit. As of March 31, 2015, SB Partners had cash and cash equivalents of approximately $938,000. These balances are approximately $5,000 higher than cash and cash equivalents held on Dec. 31, 2014. Cash and cash equivalents increased during the three months ended March 31, 2015, due to cash flow generated from operating activities at the Company's two wholly owned properties partially offset by interest and principal payments on its bank loan and partnership expenses. A full-text copy of the Form 10-Q is available for free at: http://is.gd/wZRNpF About SB Partners Milford, Conn.-based SB Partners is a New York limited partnership engaged in acquiring, operating and holding for investment a varying portfolio of real estate interests. As of June 30, 2010, the partnership owns an industrial flex property in Maple Grove, Minnesota and warehouse distribution centers in Lino Lakes, Minnesota and Naperville, Illinois. SB Partners reported a net loss of $875,000 on $1.08 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $1.1 million on $896,000 of total revenues for the year ended Dec. 31, 2013. SIGA TECHNOLOGIES: Posts $7.15M Net Loss for March 31 Quarter ------------------------------------------------------------- SIGA Technologies, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q for the quarterly period ended March 31, 2015. SIGA Technologies earned $1.19 million in revenue from research and development for the three months ended March 31, 2015. For the same period in 2014, SIGA posted $549,000 in revenue from research and development. SIGA Technologies said net loss was $7.15 million for the three months ended March 31, 2015. For the same period in 2014, net loss was $3.38 million. At March 31, 2015, SIGA had total assets of $173 million and total liabilities of $426 million. A copy of the Form 10-Q report is available at http://is.gd/pwMNgz 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 $132 million and $7.95 million 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. SILVERADO STREET: US Trustee to Continue Creditors Meeting in June ------------------------------------------------------------------ The U.S. trustee overseeing the Chapter 11 case of Silverado Street, LLC will continue the meeting of creditors on June 16, 2015, at 9:00 a.m. The meeting will be held at Emerald Plaza Building, Suite 660 (B), Hearing Room B, 402 W. Broadway, in San Diego, California. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About Silverado Street Silverado Street, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Cal. Case No. 14-09543) on Dec. 9, 2014, disclosing $11.3 million in total liabilities and total assets of $21.8 million. The petition was signed by Amr Aljassim, the managing member. James Lee, Esq., at Legal Offices of James J. Lee, serves as the Debtor's counsel. Judge Christopher B. Latham presides over the case. The U.S. trustee wasn't able to form a committee to represent the company's unsecured creditors due to an insufficient number of unsecured creditors. STANDARD REGISTER: Court Approves Sale of Property for $2.2-Mil. ---------------------------------------------------------------- BankruptcyData reported that the U.S. Bankruptcy Court approved Standard Register's motion for an order (i) authorizing the private sale of property with a purchase price of $2.2 million, free and clear of liens, claims, encumbrances and other interests; (ii) approving the purchase agreement and (iii) granting related relief. According to BData, "[t]he escrow money deposit requires that the purchaser will deposit $50,000 with Mercantile Title Agency. At the close of escrow, a brokerage fee equal to 4% of the purchase price will be paid out of escrow to the broker....As a result of the Purchaser's interest in the Property, and its willingness to provide fair and reasonable consideration based on that interest, the Debtors believe that their estates and creditors would benefit from the approval of the Sale without the added time, energy, and expenses associated with a public auction. Moreover, the Debtors' estates will benefit by closing the Sale as soon as possible in order to pay down a portion of their secured obligations and dispose of a property that is not generating any revenue....Promptly closing the Sale is of critical importance to the Purchaser and to the Debtors' efforts to preserve and maximize the value of their estates through, among other things, reducing their secured debt obligations and disposing of a property that is a burden and not generating any revenue." About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow,content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STELLAR BIOTECHNOLOGIES: Posts $426,000 Net Loss in 2nd Quarter --------------------------------------------------------------- Stellar Biotechnologies, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $426,000 on $188,000 of revenues for the three months ended March 31, 2015, compared to a net loss of $1.43 million on $114,000 of revenues for the same period in 2014. For the six months ended March 31, 2015, the Company reported a net loss of $1.76 million on $400,000 of revenues compared to a net loss of $7.01 million on $173,000 of revenues for the same period last year. As of March 31, 2015, the Company had $11.8 million in total assets, $2.90 million in total liabilities, and $8.92 million int total shareholders' equity. "Stellar is pleased to issue this mid-year report which shows increased demand for our products, continued financial prudence, and the positive effect of continued focus on our core KLH business," said Frank Oakes, president and chief executive officer of Stellar Biotechnologies, Inc. "As KLH-based technologies advance through clinical development, we are excited to be in this strong position as the opportunities in the KLH market continue to grow." Cash and cash equivalents as of March 31, 2015, were $11.1 million, compared to $13.8 million at Sept. 30, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/qcF8BZ About Stellar Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s business is to commercially produce and market Keyhole Limpet Hemocyanin ("KLH") as well as to develop new technology related to culture and production of KLH and subunit KLH ("suKLH") formulations. The Company markets KLH and suKLH formulations to customers in the United States and Europe. KLH is used extensively as a carrier protein in the production of antibodies for research, biotechnology and therapeutic applications. Stellar Biotechnologies reported a net loss of $8.43 million on $372,132 of total revenues for the year ended Aug. 31, 2014, compared to a net loss of $14.5 million on $545,000 of total revenues for the year ended Aug. 31, 2013. The Company also reported a net loss of $5.52 million for the year ended Aug. 31, 2012. UNI-PIXEL INC: Issues 430,000 Common Shares to Settle Litigation ---------------------------------------------------------------- Uni-Pixel, Inc., disclosed in a regulatory filing with the Securities and Exchange Commission that it issued 430,000 shares of its common stock, $0.001 par value, in settlement of the class action litigation titled "Charles J. Fitzpatrick, individually and on behalf of all others similarly situated v. Uni-Pixel, Inc., Reed Killion and Jeffrey W. Tomz", Case No. 4:13-cv-01649 in the United States District Court, Southern District of Texas (Houston Division) pursuant to the terms of a Stipulation and Agreement of Settlement approved by the Court on April 30, 2015. The Company relied on Section 3(a)(10) of the Securities Act of 1933 to issue the common stock, inasmuch as the issuance of the common stock is in exchange for the settlement of alleged claims and has been approved by the Court after a hearing upon the fairness of the settlement at which all parties had a right to appear. About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss of $15.2 million in 2013 and a net loss of $9.01 million in 2012. As of March 31, 2015, Uni-Pixel had $30.36 million in total assets, $7.69 million in total liabilities and $22.67 million in total shareholders' equity. UNI-PIXEL INC: Shareholders Elect 8 Directors --------------------------------------------- Uni-Pixel, Inc. held its 2015 annual meeting of shareholders on May 12, 2015, at which the shareholders: (1) elected Jeff A. Hawthorne, Bernard T. Marren, Carl J. Yankowski, Bruce I. Berkoff, Ross A. Young, William Wayne Patterson, Anthony J. LeVecchio and Malcolm J. Thompson to the Board of Directors; (2) approved, on an advisory basis, the compensation of the Company's named executive officers; (3) ratified the appointment of PMB Helin Donovan as the Company's independent registered public accounting firm for the year ending Dec. 31, 2015; and (4) approved an amendment to the 2011 Stock Incentive Plan. About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss of $15.2 million in 2013 and a net loss of $9.01 million in 2012. As of March 31, 2015, Uni-Pixel had $30.36 million in total assets, $7.69 million in total liabilities and $22.67 million in total shareholders' equity. UNIVERSAL COOPERATIVES: Wants Admin. Claims Filing Date Set ----------------------------------------------------------- Universal Cooperatives, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to fix a deadline for filing of requests for allowance of administrative expense claims that arose on or before April 30, 2015. According to the Debtors, in anticipation of filing a Chapter 11 plan of liquidation, and to facilitate making distributions to holders of allowed claims under that plan, it is important to identify the amounts of and bases for administrative expense claims that arose during the period the Debtors were operating as going concerns as well as during the period the Debtors were winding down their residual operations, other than those that have been paid in the ordinary course of business. The hearing on the motion is set for May 20, 2015, at 10:30 a.m. The Debtors are represented by: Robert S. Brady, Esq. Andrew L. Magaziner, Esq. Travis G. Buchanan, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: rbrady@ycst.com amagaziner@ycst.com tbuchanan@ycst.com -- and -- Mark L. Prager, Esq. Michael J. Small, Esq. Emil P. Khatchatourian, Esq. FOLEY & LARDNER LLP 321 North Clark Street, Suite 2800 Chicago, IL 60654-5313 Tel: (312) 832-4500 Fax: (312) 832-4700 Email: mprager@foley.com mprager@foley.com ekhatchatourian@foley.com About Universal Cooperatives As an inter-regional farm supply cooperative, Universal Cooperatives, Inc. consolidates the purchasing power of its members to procure, and/or manufacture, and distribute high quality products at competitive prices. Universal has 14 voting members and over 50 associate members. Eagan, Minnesota-based Universal Cooperatives and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-11187) on May 11, 2014. The debtor-affiliates are Heritage Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection Alliance, LLC; Agrilon International, LLC; and Pavalon, Inc. UCI do Brasil, a majority-owned subsidiary located in Brazil, is not a debtor in the Chapter 11 cases. The cases are assigned to Judge Mary F. Walrath. Universal Cooperatives disclosed $12.09 million in assets and $29.3 million in liabilities as of the Chapter 11 filing. The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady, Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq., Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley & Lardner LLP, as counsel; The Keystone Group, as financial advisor and Prime Clerk as notice and claims agent. Bank of America, N.A., as agent for the DIP Lenders, is represented by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M. Gartland, Esq., at Winston & Strawn, LLP. The United States Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors, which is represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R. Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien, Esq., at Venable LLP, in Wilmington, Delaware. VERITEQ CORP: LG Capital Reports 8.9% Stake as of May 12 -------------------------------------------------------- LG Capital Funding, LLC disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of May 12, 2015, it beneficially owns 34,443,934 shares of common stock of VeriTeq Corp., which represents 8.97 percent (based on the total of [383,443,934] outstanding shares of Common Stock). A copy of the regulatory filing is available for free at http://is.gd/Qkj7h3 About VeriTeQ VeriTeQ (formerly known as Digital Angel Corporation) develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ -- http://www.veriteqcorp.com/-- offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. Veriteq reported a net loss of $3.91 million on $151,000 of sales for the year ended Dec. 31, 2014, compared to a net loss of $18.2 million on $18,000 of sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Veriteq had $1.74 million in total assets, $8.63 million in total liabilities, $1.84 million in series D preferred stock, and a $8.73 million total stockholders' deficit. EisnerAmper 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 net losses, and at Dec. 31, 2014, had negative working capital and a stockholders' deficit. These events and conditions raise substantial doubt about the Company's ability to continue as a going concern. VERMILLION INC: Files Form 10-Q; Posts $4.1 Million Q1 Net Loss --------------------------------------------------------------- Vermillion, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.13 million on $951,000 of total revenue for the three months ended March 31, 2015, compared to a net loss of $3.98 million on $305,000 of total revenue for the same period in 2014. As of March 31, 2015, the Company had $18.67 million in total assets, $3.48 million in total liabilities and $15.19 million in total stockholders' equity. "We have incurred significant net losses and negative cash flows from operations since inception. At March 31, 2015, we had an accumulated deficit of $355,610,000 and stockholders' equity of $15,190,000. As of March 31, 2015, we had $17,241,000 of cash and cash equivalents and $3,485,000 of current liabilities," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/sfbd9k About Vermillion Vermillion, Inc., is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 09-11091) on March 30, 2009. Vermillion's legal advisor in connection with its successful reorganization efforts wass Paul, Hastings, Janofsky & Walker LLP. Vermillion emerged from bankruptcy in January 2010. The Plan called for the Company to pay all claims in full and equity holders to retain control of the Company. Vermillion reported a net loss of $19.2 million in 2014, a net loss of $8.81 million in 2013 and a net loss of $7.14 million in 2012. VIRTUAL PIGGY: Incurs $3.44 Million Net Loss in First Quarter ------------------------------------------------------------- Virtual Piggy, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $3.44 million on $4,109 of sales for the three months ended March 31, 2015, compared to a net loss attributable to common stockholders of $8.13 million on $425 of sales for the same period in 2014. As of March 31, 2015, the Company had $2.64 million in total assets, $3.88 million in total liabilities, all current, and a $1.23 million stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/MtT8i0 About Oink (Virtual Piggy, Inc.) Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls, while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the Under 21 age group in the global market, and enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act and similar international children's privacy laws. The company, based in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395. Virtual Piggy reported a net loss of $9.65 million in 2014, a net loss of $16 million in 2013 and a net loss of $12.03 million in 2012. Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's losses from development stage activities raise substantial doubt about its ability to continue as a going concern. VIRTUAL PIGGY: Sells $940,000 Convertible Promissory Notes ---------------------------------------------------------- Virtual Piggy, Inc., pursuant to a securities purchase agreement, issued $940,000 aggregate principal amount of its 10% Secured Convertible Promissory Notes due March 6, 2016, to certain accredited investors, according to a document filed with the Securities and Exchange Commission. In addition, pursuant to the terms of the Purchase Agreement, holders of the Company's currently outstanding 10% Secured Convertible Promissory Notes due 2016 exchanged those Prior Secured Notes in the original principal amount of $2 million, plus accrued interest, for new Notes on a dollar-for-dollar basis. The Notes are convertible by the holders, at any time, into shares of the Company's Series B Cumulative Convertible Preferred Stock at a conversion price of $90.00 per share, subject to adjustment for stock splits, stock dividends and similar transactions with respect to the Series B Preferred Stock only. Each share of Series B Preferred Stock is currently convertible into 100 shares of the Company's common stock at a current conversion price of $0.90 per share, subject to anti-dilution adjustment as described in the Certificate of Designation of the Series B Preferred Stock. In addition, pursuant to the terms of a Security Agreement entered into on May 11, 2015, by and among the Company, the Investors and a collateral agent acting on behalf of the Investors, the Notes are secured by a lien against substantially all of the Company's business assets. The liens held by holders of the Prior Secured Notes were released. Pursuant to the Purchase Agreement, the Company also granted piggyback registration rights to the holders of the Series B Preferred Stock upon a conversion of the Notes. About Oink (Virtual Piggy, Inc.) Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls, while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the Under 21 age group in the global market, and enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act and similar international children's privacy laws. The company, based in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395. Virtual Piggy reported a net loss of $9.65 million in 2014, a net loss of $16 million in 2013 and a net loss of $12.03 million in 2012. Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company's losses from development stage activities raise substantial doubt about its ability to continue as a going concern. As of March 31, 2015, the Company had $2.64 million in total assets, $3.88 million in total liabilities, all current, and a $1.23 million stockholders' deficit. VUZIX CORP: Posts $5.09 Million Net Loss in First Quarter --------------------------------------------------------- Vuzix Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $5.09 million on $809,155 of total sales for the three months ended March 31, 2015, compared to net income of $1.51 million on $798,000 of total sales for the same period in 2014. As of March 31, 2015, the Company had $26.2 million in total assets, $3.06 million in total liabilities and $23.1 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/bLqfu9 About Vuzix Corporation Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. The net loss for the year ended Dec. 31, 2014, was $7.87 million or ($0.75) per share versus a net loss of $10.1 million or ($1.69) per share for the same period in 2013. WAFERGEN BIO-SYSTEMS: Appoints Life Sciences Industry Veteran CEO ----------------------------------------------------------------- WaferGen Bio-systems, Inc., announced that the Company has appointed Rolland D. Carlson, Ph.D., president & CEO, effective May 11, 2015. Dr. Carlson assumes this role from Ivan Trifunovich, Ph.D., who has served as president & CEO of WaferGen since March 2012. Dr. Trifunovich has been appointed executive chairman of WaferGen. "With the significant progress we have achieved with single cell analysis, and a commercial launch on the near-term horizon, now is the right time for this transition to occur," said Dr. Trifunovich. "Moreover, Rollie's extensive commercial and operational experience in the life science, molecular diagnostics, and pharmaceuticals industries makes him the ideal fit to lead WaferGen at this critical juncture in the Company's lifecycle. I will work closely with Rollie and take an active support role in shaping WaferGen's strategic direction." "On behalf of the Board, I would like to thank Ivan for his dedication and important contributions to WaferGen over the past three plus years," said Joel Kanter, lead independent director of WaferGen's Board. "WaferGen's business is growing and Ivan's efforts have helped position the Company well for future success, especially in single cell analysis, and I am pleased that we will continue to benefit from his expertise in his new role as Executive Chairman. I am excited to welcome Rollie, an accomplished commercial leader and industry executive, to WaferGen." Dr. Carlson has substantial leadership experience from startup to full P&L line management, sales and marketing, business and new product development, distribution management, and international operations. He has a successful track record in identifying new business opportunities, fund raising, developing customer driven strategies, and establishing strategic alliances. Most recently, Dr. Carlson served as president & CEO of Asuragen, Inc., a privately-held molecular diagnostics company. He established company operations and developed 17 clinical products and services with sales of over $27 million in 2013. Also during his tenure, Dr. Carlson successfully raised $55 million in venture and research grant funding. Prior to this, he served in increasingly senior positions at Abbott Laboratories over a 20-year period. Dr. Carlson's various roles at Abbott included Global General Manager and Vice President Molecular Diagnostics of Vysis, a wholly-owned subsidiary of Abbott Laboratories. In this position, he had full P&L responsibility and tripled sales with a five-fold increase in profit. Dr. Carlson also established strategic alliances with Genentech, Roche and Novartis. His last position at Abbott was Vice President, Business Development & Licensing, Global Medical Products, where he was responsible for M&A, licensing and divestiture of pharmaceutical products linked to medical device technologies. "I am pleased to join WaferGen at such an exciting time in the Company's history," said Dr. Carlson. "Single cell analysis has the potential to be a truly revolutionary advancement in drug development, and I believe WaferGen has the industry-leading technology in this area. I look forward to working with Ivan and the entire WaferGen team as we prepare for the Company's commercial launch in single cell." Under the employment agreement, Dr. Carlson will receive an annual base salary of $350,000 per year, and he is eligible to earn an annual performance bonus of up to 50% of his then current base salary in accordance with an annual incentive plan to be established by the Company's compensation committee or the Board. In connection with his appointment and as an inducement to join the Company, Dr. Carlson will receive an inducement option grant to purchase 150,000 shares of common stock. This option vests over a period of three years, with one-third of the shares subject to the option vesting on the first anniversary of the grant date, and the remaining two-thirds of such shares vesting in equal quarterly installments thereafter, subject to Dr. Carlson's continued employment through each vesting date. Dr. Carlson also will receive an inducement restricted stock unit award covering 50,000 shares of common stock. This restricted stock unit award vests over a period of three years in three equal annual installments beginning on May 29, 2016, subject to Dr. Carlson's continued employment through each vesting date. About WaferGen Bio-systems Fremont, California-based WaferGen Bio-systems, Inc., engages in the development of systems for gene expression quantification, genotyping and stem cell research. Since 2008, the Company's primary focus has been on the development, manufacture and marketing of its SmartChip System, a genetic analysis platform used for profiling and validating molecular biomarkers in the life sciences and pharmaceutical drug discovery industries. Wafergen reported a net loss attributable to common stockholders of $10.7 million in 2014, a net loss attributable to common stockholders of of $17.7 million in 2013 and a net loss attributable to common stockholders of $8.97 million in 2012. WAFERGEN BIO-SYSTEMS: Posts $4.8 Million Net Loss in First Quarter ------------------------------------------------------------------ WaferGen Bio-systems, Inc., reported a net loss of $4.8 million on $1.14 million of total revenue for the three months ended March 31, 2015, compared to a net loss of $2.54 million on $1.4 million of total revenue for the same period in 2014. As of March 31, 2015, the Company had $16.49 million in total assets, $6.47 million in total liabilities and $10.02 million in total stockholders' equity. "I am pleased to announce that we have launched the Early Access Program for our single cell analysis technology, and that National Jewish Hospital in Denver, CO, and Karolinska Institutet in Sweden, have joined Genentech as WaferGen collaborators," said Ivan Trifunovich, president and CEO of WaferGen. "These diverse partners are indicative of the broad global interest from industry and academia in our singe cell analysis technology. With our Early Access Program launch underway, we now look forward to our full commercial launch before the end of this year. Based on our first quarter revenues, and our outlook for the remainder of 2015, we continue to expect full-year 2015 revenue of $8.0 - $8.5 million." As of March 31, 2015, WaferGen had cash and equivalents of $11.2 million. A full-text copy of the press release is available for free at: http://is.gd/D55I3a About WaferGen Bio-systems Fremont, California-based WaferGen Bio-systems, Inc., engages in the development of systems for gene expression quantification, genotyping and stem cell research. Since 2008, the Company's primary focus has been on the development, manufacture and marketing of its SmartChip System, a genetic analysis platform used for profiling and validating molecular biomarkers in the life sciences and pharmaceutical drug discovery industries. WaferGen reported a net loss attributable to common stockholders of $17.7 million in 2013, following a net loss attributable to common stockholders of $8.97 million in 2012. SingerLewak LLP, in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred operating losses and negative cash flows from operating activities since inception which raise substantial doubt about the Company's ability to continue as a going concern. WAND INTERMEDIATE: $60MM Add-on No Impact on S&P's 'B+' Loan Rating ------------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B+' issue rating on Wand Intermediate I L.P.'s first-lien term loan due 2021 is unchanged following the company's announcement of a $60 million add-on. "At the same time, we are revising our recovery rating band on the first-lien term loan to '2' (lower half of the range) from '2' (upper half of the range). The '2' recovery rating indicates our expectation of substantial (70%-90%; lower half of the range) recovery in the event of a default. Our 'B' corporate credit rating and stable outlook on Wand Intermediate also remain unchanged," said S&P. The company will use the proceeds from this add-on to repay outstanding borrowings under its $70 million first-lien revolving credit facility and for general corporate purposes. S&P said, "Our assessment of Wand's business risk profile reflects the company's economically resilient business model. However, the firm's aggressive expansion strategy, which entails some integration risk, and its relatively narrow scope, scale, and diversity (the company only conducts business in certain locales in the U.S. and only offers collision repair services) offset this resilience somewhat. "Our assessment of Wand's financial risk profile is based on our expectation that the company's leverage will remain above 5x because it will continue to make acquisitions and face risks associated with integrating them. This is partly offset by the company's negative working capital position. "We still believe that the company's track record of successfully integrating acquired repair centers over the past several years demonstrates its ability to move forward with its market consolidation strategy; however, we will continue to monitor the consolidated enterprise's performance going forward -- particularly with respect to whether it maintains or improves its current gross margins and whether it is generating positive free operating cash flow (FOCF)." RECOVERY ANALYSIS Key analytical factors S&P said, "We previously completed a recovery analysis and assigned issue-level and recovery ratings on Wand Intermediate I L.P.'s existing first-lien revolving credit facility and term loan and second-lien term loan. The existing issue-level and recovery ratings remain unchanged following the proposed add-on to the first-lien term loan. Our simulated default scenario envisions a payment default in 2018 as a result of a combination of the following: an inability to successfully integrate acquisitions; operational missteps that weaken the company's relationships with key insurance carriers such that it loses its status in the direct repair programs; increased pressure from insurance companies to further reduce the prices of aftermarket and replacement parts; and new regulatory or legal requirements (for example, the National Stolen Passenger Motor Vehicle Information System) that result in increased compliance costs or decreased product demand. Other key assumptions include: an increase in LIBOR to 250 basis points (bps); a fully drawn $70 million revolving credit facility at default to reflect the possibility of drawdowns for ongoing acquisitions (consistent with historical usage under the revolver); a 125 bps increase in the margin on the first-lien credit facilities as a result of credit deterioration; and all debt outstanding at default includes six months of accrued interest." Simulated default assumptions Year of default: 2018 EBITDA at emergence: $55 million Implied enterprise value multiple: 6.0x Simplified waterfall Gross enterprise value: $330 million Administrative expenses: $17 million Net enterprise value: $314 million Valuation split (obligors/nonobligors): 100%/0% Priority claims: $1 million Collateral value available to secured creditors: $312 million Secured first-lien debt: $398 million -- Recovery expectations: 70%-90% (lower half of the range) Secured second-lien debt: $136 million -- Recovery expectations: 0%-10% RATINGS LIST Wand Intermediate I L.P. Corporate Credit Rating B/Stable/-- Ratings Unchanged Wand Intermediate I L.P. Senior Secured $335 mil. First-lien term loan due 2021 B+ Recovery rating 2L WET SEAL: Needs Until Aug. 13 to File Liquidation Plan ------------------------------------------------------ Seal123, Inc., f/k/a The Wet Seal, Inc., and its debtor affiliates ask the U.S. Bankruptcy Court for the District of Delaware to extend the exclusive period for the filing of a Chapter 11 plan of liquidation through and including Aug. 13, 2015, and the solicitation of acceptances of the plan through and including Oct. 12, 2015. According to Travis G. Buchanan, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, the Debtors, the Official Committee of Unsecured Creditors, and Mador Lending, LLC, ("Buyer"), are currently exchanging drafts of the Chapter 11 plan of liquidation. The plan is subject to the Buyer's reasonable approval under its asset purchase agreement and its related letter agreement with the Debtors and the Committee. About Wet Seal The Wet Seal, Inc., and three affiliates -- The Wet Seal Retail, Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC -- filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015. The Debtors are a national multi-channel retailer selling fashion apparel and accessory items designed for female customers aged 13 to 24 years old. The Wet Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in liabilities as of the Chapter 11 filing. The Hon. Christopher S. Sontchi presides over the jointly administered cases. Maris J. Kandestin, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R. Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel. FTI Consulting serves as the Debtors' restructuring advisor. The Debtors' investment banker is Houlihan Lokey. The Debtors tapped Donlin, Recano & Co., Inc. as claims and noticing agent. The petitions were signed by Thomas R. Hillebrandt, interim chief financial officer. B. Riley, the original DIP lender and plan sponsor, is represented by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. Versa Capital Management, LLC, and its affiliate, Mador Lending, LLC, which was selected as the successful bidder at an auction, is being advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg LLP, and KPMG LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors. The Committee retained Pachulski Stang Ziehl & Jones LLP as its counsel and Province Inc. as its financial advisor. The Wet Seal, Inc., changed its name to "Seal123, Inc." on April 17, 2015, in accordance with the Asset Purchase Agreement with Mador Lending, LLC, an affiliate of Versa Capital Management, LLC as buyer. WIDEOPENWEST FINANCE: S&P Keeps Rating on CreditWatch Negative -------------------------------------------------------------- Standard & Poor's Ratings Services said it kept all ratings on Englewood, Colo.-based WideOpenWest Finance LLC (WOW) on CreditWatch, where it placed them with negative implications on April 8, 2015, following the company's announcement that it plans to re-price its term loan B and term loan B-1, while using the proceeds from recent asset sales to pay down around $150 million of senior secured debt and revise existing covenants. "We expect to resolve the CreditWatch placement, and affirm the ratings on WOW, including the 'B' corporate credit rating, if the transaction closes and the company has repaid the debt," said Standard & Poor's credit analyst Eric Nietsch. The proposed transaction provides some clarity around the use of proceeds from the sale of its South Dakota systems. S&P expects the repayment of $150 million of debt will reduce leverage to around 6.9x in 2015 from 8.0x in 2014. Moreover, the company initiated some cost reduction initiatives, including a 10% workforce reduction and improved efficiency in the deployment of truck rolls to customers. S&P also believes that one-time integration and restructuring expenses related to acquisitions and asset sales should decline substantially, which contributed to lower EBITDA and higher leverage in 2014. "As such, we expect that leverage will remain below 7.5x over the next few years." S&P said, "We will review the terms of the transaction when they are available and will resolve the CreditWatch when the transaction is completed. If the company is successful in the re-pricing and subsequent debt pay-down, we would expect to affirm the ratings when the transaction closes. In contrast, if the company is not able to complete the transaction and repay debt, we could either affirm or lower the ratings on the company by one notch." WILLIAM PARTNERS: S&P Affirms BB+ Corp. Credit Rating ----------------------------------------------------- U.S. midstream energy company The Williams Companies Inc. (WMB) has announced that it intends to acquire all of the outstanding equity securities of master limited partnership Williams Partners L.P. (WPZ) for a total transaction value of $13 billion. All outstanding WMB and WPZ debt will be cross-guaranteed to establish a single creditor class of senior unsecured debt that ranks pari passu. Standard & Poor's Ratings Services affirmed its 'BBB' long term corporate credit ratings and 'A-2' short-term rating on Williams Partners L.P., and maintained the stable outlook. Other rating actions associated with the announcement include: -- S&P affirmed our 'BB+' corporate credit and senior unsecured debt ratings on WMB and placed them on CreditWatch with positive implications. The '3' recovery rating is unchanged indicating meaningful (50%-70%; upper end of the range) in the event of a default. -- S&P affirmed the 'BBB' corporate credit ratings on operating subsidiaries Northwest Pipeline LLC and Transcontinental Gas Pipe Line Co. LLC. The outlook on both companies is stable. "The ratings affirmation on WPZ reflects our view that the benefits to creditors of a combined Williams group are offset by higher consolidated leverage, but still lower than our downgrade trigger of forecast debt to EBITDA of 4.5x," said Standard & Poor's credit analyst Nora Pickens. "Challenging commodity prices and operating setbacks related to Geismar have led to somewhat elevated leverage at WPZ and the proposed acquisition further erodes the cushion in our forecast ratios," she added. "Pro forma for the transaction, we continue to view Williams' business risk as "strong" given that the company's asset profile will remain largely unchanged.Key credit strengths include cash flow that is mainly fee-based (about 90%) and a dominant midstream energy operating position across a number of shale plays. These benefits are partly offset by commodity and volume risk associated with Williams' gathering and processing segment. We assess Williams' pro forma financial risk profile to be "significant." We view WPZ's combined pro forma liquidity as "adequate." "The placement of WMB on CreditWatch with positive implications, reflects our expectation that we will raise its ratings in line with those of existing WPZ's ratings. We expect to resolve the CreditWatch placement once we have better insight into the transaction's timing and final terms. "The stable rating outlook on WPZ reflects our view that the pro forma company will maintain adequate liquidity, fund its sizable organic spending program in a disciplined manner, and have total debt to EBITDA in the upper 4x area during the next 12 months. We expect the company's leverage to improve to the low-4x area by 2017 as the company issues equity as appropriate to fund its growth initiatives and it realizes EBITDA from its growing joint ventures and various fee-based organic projects. "We could lower our rating on WPZ if we expect debt to EBITDA to remain above 4.5x in 2017. This could happen if the company doesn't execute its growth initiatives according to our expectations, or if management funds its growth initiatives with more debt than we expect." Higher ratings are unlikely without increased business diversity, consistent dividend coverage of at least 1.2x and a notably more conservative financial policy. WILLIAMS COMPANIES: Fitch Affirms 'BB' Jr. Debentures Ratings ------------------------------------------------------------- Fitch Ratings has placed the ratings for The Williams Companies, Inc. (WMB) on Rating Watch Positive. WMB's Issuer Default Rating (IDR) and senior unsecured ratings are 'BBB-'. The IDR and senior unsecured ratings for Williams Partners L.P. (WPZ) are affirmed at 'BBB'. Fitch has also affirmed the senior unsecured 'BBB' rating for Williams Partners Finance Corporation (WPFC). WPZ's pipeline subsidiaries, Northwest Pipeline LLC (NWP), and Transcontinental Gas Pipe Line Company, LLC (TGPL) are affirmed at 'BBB+'. The Outlooks for WPZ, NWP and TGPL have been revised to Stable from Negative. Approximately $22.5 billion of debt is affected. These rating actions follow WMB's announcement that it will acquire all of the outstanding shares of WPZ. Fitch expects to consolidate the ratings of WMB and WPZ once the transaction is completed and WMB has placed cross guarantees between WMB and WPZ. Once the transaction is consummated, Fitch expects to upgrade WMB's IDR and senior unsecured ratings one notch to 'BBB'. The junior subordinated convertibles are expected to be upgraded one notch to 'BB+'. The Outlooks for WPZ and its two pipeline subsidiaries have been revised to Stable based on Fitch's expectations that the transaction closes as expected. Should the closing not occur, Fitch would most likely revise the Outlooks to Negative. Under the proposed transaction, WPZ unitholders will receive 1.115 WMB shares for each WPZ unit. The deal is taxable to WPZ unitholders and is valued at approximately $32 billion including $13.7 billion of WMB equity to be issued and $17.9 billion in assumed debt. The merger is subject to regulatory approvals and a shareholder vote. Fitch will resolve the rating watch at or near merger completion which is expected to occur in the third quarter of 2015. KEY RATING DRIVERS The transaction was largely motivated by WMB's strategy to operate with a lower cost of capital and favorable tax benefits. With WPZ's common units yielding 7.2%, plus incentive distribution rights paid to its general partner, WMB, its equity cost of capital became much more expensive versus WMB. While master limited partnerships (MLPs) have the benefit of being tax pass through entities, WMB does not expect to pay cash taxes over the next several years, therefore, WPZ's favorable tax position was the same as WMB's. WMB now expects to see substantial tax benefits for the next 15 years since the acquisition will create a step up in its asset value. Even prior to the transaction, WMB did not expect to be a cash tax payer through 2017. Today's announcement significantly extends WMB's favorable cash tax position. In addition, WMB will have the financial ability to raise dividends from its prior guidance. The company now expects dividends to grow between 10%-15% annually through 2020. With the elimination of the MLP and the cross guarantees in place, structural subordination between WPZ and WMB will be alleviated. All of the operating cash flow from assets at WPZ will be available to WMB to fund operations, reduce debt or pay dividends. WMB is expected to remain structurally subordinate to debt at Transco and Northwest Pipeline. Fitch expects the transaction to result in stronger credit ratios for WMB. Consolidated leverage at WMB has been high which previously prompted Fitch to assign a Negative Outlook in January 2015. Unadjusted consolidated leverage at the end of the first quarter 2015 was 7.5x, unchanged from 2014 yearend leverage. Fitch notes this calculation does not adjust for the acquisition of the remaining 50% stake in Access Midstream Partners which closed in February 2015. With the proposed transaction, Fitch expects leverage of over 5.0x at the end of 2015. With expectations for EBITDA growth in 2016 as several large organic projects come on line, Fitch forecasts leverage to be below 4.5x. Additionally, WMB's ratings are supported by the benefits of the Access Midstream Partners acquisition by WPZ and ongoing organic growth projects which continue to increase the scale and diversity of its operations. Going forward, WMB's relative exposure to volatile natural gas liquids (NGL) prices should be lower (on a percentage basis) due to the build-out of fee-based pipeline and midstream facilities in the Marcellus and Utica production, providing for increased stability in earnings and cash flow. KEY ASSUMPTIONS -- EBITDA in 2016 at or near management's expectations of $5.4 billion; -- Fitch assumes the transaction will close as currently proposed including cross guarantees being put in place between WMB and WPZ; -- It is assumed that WMB will establish its own sizeable revolving credit facility which will provide sufficient liquidity; -- Fitch also assumes WMB will balance funding with a combination of debt and equity in a manner which protects the balance sheet and keeps long term leverage at or below 4.5x. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a positive rating action include: WMB -- Fitch expects to raise the ratings one notch at or near the closure of the proposed transaction; -- Once WMB is rated 'BBB', Fitch believes it is unlikely to see additional favorable rating action within the next three years; -- Actual or expected leverage (defined as debt to adjusted EBITDA) below 4.0x on a sustained basis, could lead to a positive ratings action. WPZ, TGPL, NWP and WPFC -- Favorable actions would be directly linked to positive ratings action at WMB. Negative: Future developments that may, individually or collectively, lead to a negative rating action include: WMB -- Increasing commodity risk; -- Weaker credit metrics with sustained leverage for 2016 and beyond above 4.5x. WPZ, TGPL, NWP and WPFC -- Negative actions would be directly linked to WMB. Fitch has placed the following ratings on Rating Watch Positive: The Williams Companies, Inc. -- IDR at 'BBB-'; -- Senior unsecured debt at 'BBB-'; -- Junior subordinated convertible debentures at 'BB'. Fitch has affirmed the following ratings and revised all Outlooks to Stable from Negative: Williams Partners L.P. -- IDR at 'BBB'; -- Senior unsecured debt at 'BBB'; -- Short-term IDR and CP at 'F2'. Williams Partners Finance Corporation -- Senior unsecured debt at 'BBB'. Transcontinental Gas Pipe Line Company, LLC -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+'. Northwest Pipeline LLC -- IDR at 'BBB+'; -- Senior unsecured debt at 'BBB+'. XRPRO BIOSCIENCES: Amends 2.1 Million Shares Resale Prospectus -------------------------------------------------------------- XRpro Biosciences, Inc. has amended its Form S-1 registration statement relating to the resale by Susan M. Allen Trust, John R. Bertsch Trust, Michael Dunham, et al., of up to 2,069,525 shares of the Company's common stock, of which 1,555,602 shares of common stock are currently outstanding shares of its common stock, $0.001 par value, 388,923 shares are shares of Common Stock issuable upon exercise of warrants issued in our private placement and 125,000 shares are issuable upon exercise of warrants and options issued to consultants for consulting services. The Common Shares and Private Placement Warrants were acquired by the Selling Stockholders in connection with a private placement offering that was completed in December 2014 and January 2015. The Consultant Warrants and Options were issued as compensation to consultants. The Company is registering the resale of the Shares as required by contractual obligations that the Company has with each of the Selling Stockholders. The selling shareholders will sell at a price of $3.50 per share until the Company's shares are quoted in the OTCQB marketplace of OTC Link and thereafter at prevailing market prices or privately negotiated prices. The Company is in the process of applying to have its Common Stock quoted on the OTCQB. The Company will not receive any of the proceeds from the Shares sold by the Selling Stockholders. However, the Company will receive net proceeds of any warrants or options exercised (unless the warrants or options are exercised on a cashless basis.) A full-text copy of the Form S-1/A is available for free at: http://is.gd/lrvJx4 About XRpro Sciences, Inc. XRpro Sciences, Inc., formerly known as Caldera Pharmaceuticals Inc. -- http://www.xrpro.com/-- provides a unique platform for drug discovery and development services featuring high throughput screening of ion channel assays for the pharmaceutical industry. The Company's proprietary advances in X-ray fluorescence provide measurements that would otherwise be difficult or impossible applying other readily available technologies. XRpro technology directly measures the activity of a drug target, without the need for costly and artifact-causing chemical dyes or radiolabels. XRPro Sciences reported a net loss applicable to common stock of $569,000 in 2014 following a net loss applicable to common stock of $5.88 million in 2013. As of Dec. 31, 2014, XRPro had $7.63 million in total assets, $2.49 million in total liabilities, $133,000 in convertible redeemable preferred stock, and $5 million in total stockholders' equity. YRC WORLDWIDE: Marc Lasry Reports 22.2% Stake as of March 31 ------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, Marc Lasry and his affiliates disclosed that as of March 31, 2015, they beneficially own 7,273,125 shares of common stock of YRC Worldwide, which represents 22.2 percent based upon 32,752,973 shares of Common Stock outstanding as of April 24, 2015. A copy of the regulatory filing is available for free at: http://is.gd/6liQCi 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 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. * * * 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. [*] Ex-Kilpatrick Real Estate Finance Atty Moves To Polsinelli -------------------------------------------------------------- Polsinelli welcomes John F. Bricker to the firm to focus on complex real estate and financial services matters for clients, including real estate finance & capital markets, distressed debt & workouts, and mortgage loan restructurings. Mr. Bricker is the third attorney to move to the New York office of Polsinelli in the last three months. "Polsinelli's reputation in financial services and real estate attracted me to the firm," said Bricker from his Polsinelli New York City office. "The business-minded approach and focus on service complement my approach to serving clients." Mr. Bricker brings a wealth of experience in representing special servicers, investment banks, opportunity funds, REITs and hedge funds in the origination, purchase, sale and administration of whole loans, participation interests, equity interests, CMBS and other mortgage loans, and mezzanine loans. Recently, the New York office added Shareholders Jeremy Johnson and David Barrack. Mr. Johnson handles financial retracting, insolvency issues and distressed debt matters. Mr. Barrack brings decades of experience in complex insolvency scenarios including litigation. "As we continue to grow our New York presence, I'm pleased to welcome John, along with David and Jeremy, as key additions to our comprehensive and fully integrated finance practice," said Dan Flanigan, the New York Office Managing Partner and Chair of the Financial Services & Real Estate Department. Bricker earned his law degree from The University of Detroit School of Law, cum laude, where he was a member of the Law Review and received his B.S. in Accounting from Manhattan College. Bricker joins Polsinelli at an exciting time. The firm just announced its move up seven positions in the AmLaw 100 ranking to #86. New York has been part of that growth. Newly expanded and relocated in 2012, Polsinelli attorneys in New York work in financial services, real estate & real estate finance, bankruptcy, intellectual property litigation, and other commercial litigation. Mr. Bicker may be reached at: John Bricker, Esq. POLSINELLI PC 900 Third Avenue 21st Floor New York, NY 10022 Tel: (212) 803-9909 Email: jbricker@polsinelli.com About Polsinelli real challenges. real answersSM Polsinelli is a first generation Am Law 100 firm, serving corporations, institutions, entrepreneurs and individuals nationally. Our attorneys successfully build enduring client relationships by providing practical legal counsel infused with business insight, and with a passion for understanding how to assist General Counsel and CEOs achieve their legal objectives. Polsinelli is ranked 18th in number of U.S. partners* and has more than 740 attorneys in 21 offices. Polsinelli was profiled in the June 2013 issue of The American Lawyer as the fastest-growing law firm in America over a five-year period and has maintained this position. The firm focuses on healthcare, financial services, real estate, life sciences and technology, energy and business litigation, and has depth of experience in 100 service areas and 70 industries. The firm can be found online at www.polsinelli.com. Polsinelli PC. In California, Polsinelli LLP. [*] King & Spalding Hires Nick Cherryman to Boost Disputes Practice ------------------------------------------------------------------- King & Spalding has recruited partner Nick Cherryman, previously head of international disputes in Fried Frank Harris Shriver & Jacobson's London office, as the firm continues to strengthen its global dispute resolution capacity. Mr. Cherryman, who previously practised as a commercial chancery barrister for 12 years, represents major corporate clients and institutions in complex, high-value international arbitration and commercial disputes. He has previously acted for TNK-BP Ltd (over BP's abortive venture with Rosneft), Goldman Sachs (credit default swaps litigation against Natixis), Motorola (international fraud case against the Uzans), Malaysian Airlines (EU competition law claims), Cerner UK Ltd (UK Government's National Programme for IT) and NokiaSiemens (Russian-related guarantee dispute). He is ranked in Chambers & Partners and Legal 500 for commercial litigation and international arbitration. "London is a key global hub for disputes and it is imperative for us to offer the very best lawyers to service our international client base," said Reggie Smith, head of King & Spalding's global disputes practice. "Nick brings added expertise and experience in international commercial litigation and arbitration to our existing team in London. So far this year, we have seen partner Tom Sprange appointed a Queen's Counsel (QC), recruited partner Stuart Isaacs QC and also promoted Ruth Byrne. It is an exciting time for the practice." Mr. Cherryman's cases regularly involve conflicts of laws issues, aspects of alleged fraud, fiduciary duties, asset tracing, company, insolvency, competition and commercial law. In addition to the UK, he has been involved in cases in the Caribbean, Hong Kong, Cyprus, Belize, and also the Isle of Man and the Channel Islands. Mr. Cherryman also has substantial experience in cases involving Switzerland, Liechtenstein, Russia and the CIS countries as well as experience conducting arbitrations in the London Court of International Arbitration, the Swiss Chambers' Court of Arbitration, the International Chamber of Commerce and the Arbitration Institute of the Stockholm Chamber of Commerce. "Nick is another quality new addition to our growing team in London," said Garry Pegg, managing partner of the London office. "We have now added six leading lateral partners in the last six months as we continue to build up our capacity, both in disputes and commercial advice." Since November 2014, King & Spalding's London office has recruited partners Elisabeth Baltay (restructuring and finance from Bingham McCutchen), Tom O'Neill (capital markets from Linklaters), Markus Bauman (capital markets from Latham & Watkins), Stuart Isaacs QC (international disputes from Berwin Leighton Paisner) and Daniel Friel (tax from Latham & Watkins). The London office now has 22 partners. Mr. Cherryman may be reached at: Nicholas Cherryman, Esq. KING & SPALDING LLP 125 Old Broad Street EC2N 1AR London Tel: +44 20 7751 2134 Fax: +44 20 7551 7575 Email: ncherryman@kslaw.com About King & Spalding Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com. [*] Richard Levin Joins Jenner & Block as New York Partner ---------------------------------------------------------- Jenner & Block LLP on May 11, 2015, announced that internationally renowned restructuring and bankruptcy lawyer Richard Levin -- an author of the 1978 US Bankruptcy Code and recipient of the 2015 Distinguished Service Award from the American College of Bankruptcy -- is joining the firm as a partner in its New York office and becoming a member of its nationally recognized Bankruptcy, Workout and Corporate Reorganization Practice, effective May 18, 2015. Mr. Levin is a distinguished leader in the bankruptcy profession, having forged a pre-eminent reputation as a restructuring, bankruptcy and creditor-debtor rights lawyer in his nearly 40 years in practice -- by leading or playing a major role in numerous precedent-setting domestic and cross-border insolvency proceedings. "Rich is simply one of the foremost bankruptcy professionals," said Terrence J. Truax, managing partner of Jenner & Block. "His reputation for handling all facets of bankruptcy law -- including commercial and municipal bankruptcies, restructurings and workouts -- is unsurpassed. We are excited that Rich is joining the firm and is a significant additional presence in New York to our Bankruptcy, Workout and Corporate Reorganization Practice. We are a firm of ever-expanding global reach, and Rich's presence further strengthens our capabilities." Mr. Levin joins the firm after serving as a partner at Cravath, Swaine & Moore LLP (2007-2015), where he chaired its Restructuring Practice. Among his numerous accomplishments there, he advised on the Detroit Institute of Arts (DIA) on the City of Detroit's bankruptcy case, coordinating a broad effort that protected the DIA's priceless collection from the city's creditors, and negotiated the first and most favorable settlement of clawback claims in the Bernard L. Madoff Investment Securities SIPA proceeding. "Jenner & Block has a history of involvement in some of the most high-profile and complex corporate reorganizations, manifested most recently by the service of our Chairman, Anton Valukas, as Examiner in the Lehman Brothers case," said Daniel R. Murray, chair of the firm's Bankruptcy, Workout and Corporate Reorganization Practice. "Rich's entire career similarly has been marked by the highest quality of service to his clients and a deep dedication to the development of restructuring law. By joining Jenner & Block, Rich, with the knowledge, experience and leadership skills he brings, will enable our firm to further its commitment to our clients and remain on the cutting edge of the development of the law in this area." Before Cravath, Mr. Levin was a partner at Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates (1997-2007); chief financial officer and general counsel at Whittaker Corporation (1994-1997); shareholder at bankruptcy boutique firm Stutman, Treister & Glatt Prof. Corp. (1978-1994); and assistant counsel to the US House of Representatives Committee on the Judiciary (1975-1978). He serves as chair of the National Bankruptcy Conference and is a Fellow and former regent, board member and vice president of the American College of Bankruptcy. Mr. Levin provides additional pedigree to a New York office that has undergone substantial litigation and corporate growth over the past several years. "We are delighted that Rich -- unquestionably a superstar in his field -- has decided to join Jenner & Block," said Richard F. Ziegler, managing partner of the firm's New York office. "The firm is committed to growing our decade-old New York office, which has quickly become a top choice for superb lawyers of all levels of seniority who value the law as a profession and find great satisfaction in practicing in an intensely collegial setting." Mr. Levin was a member of the American Bankruptcy Institute's Commission to Study Reform of Chapter 11, which recently issued its final report and recommendations, and served as a consultant to the World Bank and the Central Bank of Brazil regarding Brazil's 2005 bankruptcy legislation. Since 2002, he has served as a faculty member at the Federal Judicial Center's Bankruptcy Judge Workshops. He is also a lecturer in law at Harvard Law School and a sought-after speaker and author on a range of bankruptcy issues. Mr. Levin has repeatedly been recognized as one of the foremost practitioners of bankruptcy and creditor-debtor rights law by, among others, Chambers USA and Chambers Global, Best Lawyers in America and Benchmark Litigation. He earned his JD from Yale Law School and his SB from the Massachusetts Institute of Technology. "With its strong reputation for handling litigation, corporate and bankruptcy matters, Jenner & Block is an ideal platform where my practice can flourish," Mr. Levin said. "I have known personally and admired many of the firm's talented partners and have great respect for several of the bankruptcy lawyers with whom I have worked (or been opposite from) on numerous matters. The work they have done in the private equity bankruptcy area is a perfect fit with my practice. I am excited to join a firm so steadfastly committed to excellence and to public service. I am eager to play a role in helping the firm grow its transactional practice and presence in New York." Jenner & Block's commitment to public service and pro bono matches Rich's similar career-long commitment, exemplified by the numerous public service accolades he has received, including the 2013 Distinguished Service Award for Lifetime Achievement from the Emory Bankruptcy Developments Journal and the 2012 National Conference of Bankruptcy Judges Endowment for Education Excellence in Education Award. ABOUT JENNER & BLOCK's BANKRUPTCY, WORKOUT AND CORPORATE REORGANIZATION PRACTICE Our bankruptcy and restructuring lawyers handle a wide range of matters in high-profile and complex corporate reorganizations and related litigation across the United States. Our experience covers a broad array of industries, including financial, food, manufacturing, government contracting, hospitality, real estate, public utility, telecommunications, gaming, entertainment, insurance, retail, airline and transportation. We have represented hundreds of clients in bankruptcy adversary proceedings, contested matters, plan disputes and insolvency-related litigation. Our lawyers have both defended against and prosecuted major fraudulent transfer, preference and successor liability actions, and within the past five years have tried dozens of such cases to conclusion. Practice group members also regularly provide strategic advice to corporate clients concerning bankruptcy and insolvency matters; represent them in connection with out-of-court restructurings and distressed purchase and sales; and serve as committee counsel. The practice was honored in early 2015 as a Law360 Practice Group of the Year. Recent results included protecting benefits for nearly 50,000 American Airlines Corp. retirees; winning $272 million in damages for Emerald Casino’s estate; and presenting oral arguments before the U.S. Supreme Court in Wellness International Network et al. v. Sharif dispute that could define the scope of bankruptcy courts' jurisdiction. ABOUT JENNER & BLOCK Jenner & Block (www.jenner.com) is a law firm with a global reach, with approximately 450 lawyers and offices in Chicago, London, Los Angeles, New York and Washington, DC. Now entering its second century of service, the firm is known for its prominent and successful litigation practice and experience handling sophisticated and high-profile corporate transactions. Firm clients include Fortune 100 companies, large privately held corporations, financial services institutions, emerging companies and venture capital and private equity investors. In 2014, The American Lawyer magazine named Jenner & Block as the number one Pro Bono Law Firm for the fifth time in seven years. ********* 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 ***