/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/151124.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 24, 2015, Vol. 19, No. 328 Headlines ALLIANCE COMMUNITY: S&P Lowers Rating on Revenue Bonds to 'BB+' ALLY FINANCIAL: Fitch Rates $750MM Subordinated Debt Issuance 'BB' ALLY FINANCIAL: To Redeem All Remaining Series G Preferred Shares AMERICAN APPAREL: Creditors Say Plan Disclosure Ignores CEO Suits AMERICAN APPAREL: Plan Confirmation Hearing Set for Jan. 20 APPLIED MINERALS: Gets Initial Commercial Order for Dragonite Clay APPLIED MINERALS: To Auction 1,000 Acres of Real Estate Holdings ARQUETIPO INC: Case Summary & 6 Largest Unsecured Creditors AURORA DIAGNOSTICS: Incurs $4.70 Million Net Loss in Third Quarter BERNARD L. MADOFF: Trustee Calls for $1.1M Clawback Case Judgment BGM PASADENA: Case Summary & 17 Largest Unsecured Creditors BLACK ELK ENERGY: Indicted in Oil-Platform Explosion BOOZ ALLEN: Moody's Raises CFR to Ba2, Outlook Stable BRANTLEY LAND: Secured Creditor No Longer Consents to Cash Use BREF HR: Incurs $31.9 Million Net Loss in Third Quarter BROADVIEW NETWORKS: Incurs $1.94 Million Net Loss in Third Quarter BUNKERS INTERNATIONAL: Committee Objection to ABS Deal Overruled BUNKERS INTERNATIONAL: Court Allows $203K ARC Claim CAESARS ENTERTAINMENT: Court Delays Plan Outline Hearing CANNERY CASINO: Moody's Confirms 'Caa1' CFR, Outlook Negative CENTRIX FINANCIAL: Court Reopens $100M Fraudulent Transfer Suit CENTURY CONTROL: Voluntary Chapter 11 Case Summary CHATEAU AMORE: Case Summary & Largest Unsecured Creditor CHICAGO BOARD: S&P Puts GO Bonds' 'BB' Rating on CreditWatch Neg. COLT DEFENSE: Court OKs Amendment to Term DIP Credit Agreement CON-WAY INC: Moody's Withdraws 'B3' Sr. Unsecured Debt Rating COUDERT BROTHERS: Resolves Clawback Suits Against Ex-Partners COYNE INTERNATIONAL: Seeks Until Feb. 26 to File Ch. 11 Plan CRAILAR INC: Chapter 15 Case Summary D'ELIA WITTKOFSKI: Case Summary & 20 Largest Unsecured Creditors DIGITAL RIVER: Moody's Affirms B2 CFR, Outlook Stable ERF WIRELESS: Manny Carter Resigns as Director ESSAR STEEL: Holding's Chapter 15 Case Summary F-SQUARED INVESTMENT: Plan Filing Exclusivity Extended to March 4 FEDERATION EMPLOYMENT: To Sell Interests in Manhattan Apartment FREESEAS INC: Announces New Charter for Vessel FTE NETWORKS: Announces Initial Settlement Date for Tender Offer GENESYS RESEARCH: Trustee Has Deal With Former Employee GUIDED THERAPEUTICS: Incurs $2.73-Mil. Net Loss in Third Quarter GUIDED THERAPEUTICS: Stockholders OK Hike of Authorized Shares GUNBOAT INTERNATIONAL: Files for Chapter 11 Bankruptcy Protection H. KREVIT AND COMPANY: Hires Joseph Vitale as Corporate Counsel H. KREVIT AND COMPANY: Seeks Joint Administration of Cases H. KREVIT AND COMPANY: Taps TNCP LLC as Financial Advisors H. KREVIT AND COMPANY: Wants Dec. 15 Deadline to File Schedules HD SUPPLY: Presented at Robert W. Baird Conference HEALTHWAREHOUSE.COM INC: Melrose OKs Increase of Sr. Notes to $1M HI-CRUSH PARTNERS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR HOUGHTON MIFFLIN: Fitch Affirms 'B+' Issuer Default Ratings IMH FINANCIAL: Incurs $7.1 Million Net Loss in Third Quarter IMH FINANCIAL: Outside Directors Invest in Company Subsidiary IMH FINANCIAL: Repays $28.8 Million Loans KATE SPADE: S&P Revises Outlook to Positive & Affirms 'B+' CCR LANNETT CO: S&P Affirms 'B+' CCR, Outlook Stable LANNETT COMPANY: Moody's Lowers CFR to B2, Outlook Stable LIME ENERGY: Posts $1.47 Million Net Income for Third Quarter LPATH INC: Incurs $2.22 Million Net Loss in Third Quarter MERITOR INC: S&P Revises Outlook to Positive & Affirms 'B+' CCR METLCAST INDUSTRIES: Case Summary & 4 Top Unsecured Creditors METRO ROOFING: Case Summary & 17 Largest Unsecured Creditors MF GLOBAL: Mediation Set for Disputes on Settlements MIG LLC: Has Until Dec. 30 to File Ch. 11 Plan MILESTONE SCIENTIFIC: Incurs $1.6 Million Net Loss in 3rd Quarter MISSION NEW ENERGY: Posts $28.3 Million Profit for Fiscal 2015 MOTORS LIQUIDATION: Has $613-Mil. Net Assets in Liquidation MULTI PACKAGING SOLUTIONS: S&P Affirms 'B' CCR, Outlook Stable NATIONAL HOCKEY: Wins Partial Summary Judgment in Suit vs. Moyes NEPHROS INC: Reports 2015 Third Quarter Financial Results NEW DAWN ASSISTED: 8 Affiliates' Chapter 11 Case Summary NNN MET CENTER: Reports $23.5MM Secured Claim Against Property NO PLACE LIKE HOME: Case Summary & 20 Largest Unsecured Creditors OLGA'S KITCHEN: Team Schostak & Cosmo Hospitality Vying for Assets OW BUNKER: NuStar Wants Cases Converted to Ch. 7 PATRIOT COAL: Peabody Wrangle Over Choice of Benefit Battlefield PHOENIX COYOTES: Court Says Ex-Owner Can Pay Fees from Bankruptcy PHYSICAL PROPERTY: Incurs HK$186,000 Net Loss in Third Quarter PLASTIC2OIL INC: Posts $850,000 Net Loss for Third Quarter PORTER BANCORP: Files Third Quarter Form 10-Q POSITIVEID CORP: Incurs $125,000 Net Loss in Third Quarter PRECISION ENGINEERED: S&P Withdraws 'B+' Corporate Credit Rating PRECISION OPTICS: Incurs $382,000 Net Loss in First Quarter PRESSURE BIOSCIENCES: Chief Financial Officer Resigns PRESSURE BIOSCIENCES: Incurs $656,000 Net Loss in Third Quarter PUTNAM ENERGY: Dec. 2 Hearing on Bid to Convert Ch. 11 Case PUTNAM ENERGY: Hearing on Cash Collateral Use Continued to Dec. 2 QUEST SOLUTION: Posts $697,000 Net Income for Third Quarter QUIKSILVER INC: Unsecured Creditors to Recover 2.7% Under Plan QUIRKY INC: Judge Approves Sale of Wink Assets to Flextronics RCB BANK: Moody's Raises Deposit Ratings to B3, Outlook Stable REICHHOLD HOLDINGS: Plan Goes to Jan. 13 Confirmation Hearing RELATIVITY MEDIA: Files Ch 11 Plan, Aims Bankruptcy Exit in 2016 RESTORGENEX CORP: Incurs $13.2 Million Net Loss in Third Quarter RICEBRAN TECHNOLOGIES: Incurs $1.57-Mil. Net Loss in 3rd Quarter SABINE OIL: Has Until Dec. 16 to File Chapter 11 Plan SABINE OIL: Nov. 24 Hearing on Performance Award Program Approval SABLE NATURAL: Incurs $547,000 Net Loss in Third Quarter STANDARD REGISTER: Court Confirms Ch. 11 Liquidation Plan SUNTECH AMERICA: Files Chapter 11 Liquidation Plan SYNOVUS FINANCIAL: Fitch Corrects Nov. 18 Press Release TELKONET INC: Posts $269,000 Net Income for Third Quarter TERRAFORM GLOBAL: S&P Affirms 'B' CCR & Revises Outlook to Neg. TRANS ENERGY: Terminates Michael Guzzetta as Treasurer TUNICA-BILOXI GAMING: S&P Withdraws 'D' Issuer Credit Rating UNI-PIXEL INC: May Issue 800,000 Shares Under 2011 Stock Plan VERMILLION INC: Incurs $5.14 Million Net Loss in Third Quarter VERSO PAPER: May Sell 4 Mills Due to Drop in Coated Paper Demand VICTORY ENERGY: Signs LOI to Acquire Proved Producing Reserves VUZIX CORP: Reports $2.81 Million Net Loss for Third Quarter WAFERGEN BIO-SYSTEMS: Incurs $3.47-Mil. Net Loss in Third Quarter WHISKEY ONE: Members Seek Appointment of Chapter 11 Trustee WHISKEY ONE: Opposes Bid for Declaration of "SARE" Status WHISKEY ONE: Taps Thomas A. Weigand to Appraise Property WHISKEY ONE: Wants Until Feb. 10 to Propose Chapter 11 Plan ZERGA PHIN-KER: Case Summary & 20 Largest Unsecured Creditors ZLOOP INC: Creditor Balks at Approval of Cash Collateral Access ZOHAR CDO 2003-1: Involuntary Chapter 11 Case Summary ZOHAR CDO 2003: Patriarch Files Involuntary Chapter 11 Petition [*] 2015 North American Exploration & Production Ch.11 Filings Rise [*] Two Former Irell & Manella Partners Join Weiland Golden [^] Large Companies with Insolvent Balance Sheet ********* ALLIANCE COMMUNITY: S&P Lowers Rating on Revenue Bonds to 'BB+' --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on Alliance, Ohio's revenue bonds, issued for Alliance Community Hospital (ACH), one notch to 'BB+' from 'BBB-'. The outlook is stable. Under the revised criteria, the rating service assessed ACH's enterprise profile as adequate, characterized by weak economic fundamentals in a small service area with decreasing business volume. Standard & Poor's also assessed its financial profile as adequate, characterized by modest improvement in overall finances; operating performance, however, remains slim. In addition, the debt structure is aggressive, in that overall contingent liabilities, such as variable-rate and direct-purchase debt, exceed unrestricted reserves. ACH's limited revenue base, with net patient revenue below $125 million, which Standard & Poor's classifies as a small hospital under its criteria, also contributes to the rating decision. Combined, the rating service thinks these credit factors lead to an indicative rating level of 'bb+' and a final rating of 'BB+'. "We could revise the outlook to positive or raise the rating over the longer term if ACH were to expand its service area with a commensurate growth in market share and patient volume, combined with a sustainable improvement in operating performance, cash flow, and balance sheet metrics," said Standard & Poor's credit analyst Margaret McNamara. "We could lower the rating further over the longer term if ACH were to report continued volume decreases or if operating results were to weaken, generating lower debt service coverage, or if the balance sheet were to deteriorate measurably." A gross revenue pledge and a mortgage on the hospital facility secure the bonds. ALLY FINANCIAL: Fitch Rates $750MM Subordinated Debt Issuance 'BB' ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB' rating to Ally Financial Inc.'s $750 million, 5.75% subordinated debt issuance due 2025. Proceeds of the issuance are expected to be used to redeem the company's fixed-rate cumulative perpetual preferred stock, series G. KEY RATING DRIVERS - SUBORDINATED DEBT The 'BB' rating reflects the subordinated nature of the debt relative to Ally's senior secured and senior unsecured debt obligations. As a result, the subordinated debt is rated one notch below Ally's Issuer Default Rating (IDR) of 'BB+'. RATING SENSITIVITIES - SUBORDINATED DEBT The rating is one notch below Ally's IDR, and therefore would be expected to move in tandem with any change in Ally's IDR. Additionally, the notching between the subordinated debt and the IDR could widen to the extent that Fitch's view of the recovery prospects for the subordinated debt decreased. Fitch has assigned the following rating: Ally Financial Inc. -- $750 million 5.75% subordinated notes due 2025 'BB'. ALLY FINANCIAL: To Redeem All Remaining Series G Preferred Shares ----------------------------------------------------------------- Ally Financial Inc. announced that it received approval from the Federal Reserve to redeem 1,288,301 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series G (Series G Preferred Shares). The shares will be redeemed at a price of $1,000 per share plus all accrued and unpaid dividends through the redemption date, for a total of $1,005.64 per share. The redemption date will be Dec. 14, 2015. "The elimination of all remaining Series G Preferred Shares will decrease our preferred dividend burden and allow the company to optimize future capital management to drive shareholder value," said Chief Executive Officer Jeffrey Brown. "Addressing this remaining legacy security will remove the restriction the company had on offering common equity distributions and position Ally to meet its objective of initiating a dividend and share repurchase program in 2016." The terms of the Series G Preferred Shares, which were developed during the financial crisis, prohibited the company from offering a dividend on common equity shares. In April 2015, Ally redeemed approximately $1.3 billion of its Series G Preferred Shares. The notice of redemption and related materials were delivered today to registered holders of record of the Series G Preferred Shares. Questions relating to and requests for additional copies of the notice of redemption and related materials should be directed to the redemption agent, Computershare Trust Company, N.A., c/o Computershare Inc., Corporate Actions, 250 Royall Street, Canton, MA 02021, Attention: Reorganization Department at 855-396-2084. About Ally Financial Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial services companies. The Company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. Ally operates as a bank holding company. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake. Private equity firm Cerberus Capital Management LP keeps 14.9 percent, while General Motors Co. owns 6.7 percent. As of Sept. 30, 2015, the Company had $156 billion in total assets, $142 billion in total liabilities, and $14.6 billion in total equity. * * * As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings Services said it raised its issuer credit rating on Ally Financial Inc. to 'BB' from 'B+'. "The upgrade reflects the company's release from potential legal and financial liabilities stemming from its ownership of ResCap," said Standard & Poor's credit analyst Tom Connell. In the April 3, 2014, edition of the TCR, Fitch Ratings has upgraded Ally Financial Inc.'s long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BB'. The rating upgrade reflects increased clarity around Ally's ownership structure given Ally's recent announcement that it has launched an initial public offering those shares of its common stock held by the U.S. Treasury (the Treasury). As reported by the TCR on July 16, 2014, Moody's Investors Service affirmed the 'Ba3' corporate family and 'B1' senior unsecured ratings of Ally Financial, Inc. and revised the outlook for the ratings to positive from stable. Moody's affirmed Ally's ratings and revised its rating outlook to positive based on the company's progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis. AMERICAN APPAREL: Creditors Say Plan Disclosure Ignores CEO Suits ----------------------------------------------------------------- Kali Hays at Bankruptcy Law360 reported that American Apparel's official committee of unsecured creditors on Nov. 12, 2015, railed against the retailer's disclosure statement regarding its reorganization plan, telling a bankruptcy court it contains no information on pending litigation against former CEO Dov Charney, among other shortcomings. The committee said the disclosure statement cannot be approved in its current form, not just because American Apparel Inc. has been in Chapter 11 bankruptcy for just over a month and its proposed reorganization is plagued with various "infirmities." About American Apparel American Apparel, Inc., American Apparel (USA), LLC, American Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc., KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Proposed Lead Case No. 15-12055) on Oct. 5, 2015. The petition was signed by Hassan Natha as chief financial officer. The Debtors reported total assets of $199,360,934 and total liabilities of $397,576,744. The Debtors and their non-debtor affiliates operate a vertically integrated manufacturing, distribution, and retail business focused on branded fashion-basic apparel, employing approximately 8,500 employees across six manufacturing facilities and approximately 230 retail stores in the United States and 17 other countries worldwide. The Debtors have engaged Jones Day as restructuring counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis & Company as investment banker, FTI Consulting, Inc. as financial advisor, DJM Real Estate as real estate consultant and Garden City Group, LLC as claims and noticing agent. AMERICAN APPAREL: Plan Confirmation Hearing Set for Jan. 20 ----------------------------------------------------------- A hearing to consider confirmation of American Apparel, Inc., et al.'s Joint Plan of Reorganization will be held before Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware on Jan. 20, 2016 at 10:00 a.m. (prevailing Eastern Time). The Plan will allow the Debtors to strengthen their balance sheet by converting over $200 million of Prepetition indebtedness into Reorganized American Apparel Equity Interests and enabling the Debtors to obtain a material infusion of new equity and debt capital upon emergence that will permit the Debtors to exit bankruptcy protection expeditiously and with sufficient liquidity to implement their business plan. In addition, the Plan will provide distributions to general unsecured creditors in the form of units in a litigation trust and, to each class of general unsecured creditors that accepts the Plan, a portion of a $1 million cash payment. The GUC Payment will be divided as follows: -- $10,000 for GUCs against American Apparel, Inc. -- $517,000 for GUCs against American Apparel (USA), LLC -- $470,000 for GUCs against American Apparel Retail, Inc. -- $1,000 for GUCs against American Apparel Dyeing & Finishing -- $1,000 for GUCs against KCL Knitting, LLC -- $1,000 for GUCs against Fresh Air Freight, Inc. Parties who support the Plan include 100% of the lenders under the Prepetition ABL Facility, holders of over 95% in amount of the Prepetition Notes, and lenders under the Lion Credit Facility and the UK Loan. The Disclosure Statement explaining the Debtors' Plan was approved by Judge Shannon on Nov. 20. Any objections or responses to the Disclosure Statement that have not been withdrawn, waived or settled were overruled. The Debtors have since revised the Oct. 15 Plan to address certain ministerial changes as well as make modifications that were the result of discussions with various parties since the filing of the Oct. 15 Plan. The Official Committee of Unsecured Creditors, certain landlords, and Dov Charney, former chief executive officer of the Debtors, separately filed Disclosure Statement Objections in which they dispute a number of the facts. The objection of the Creditors' Committee focused on the Disclosure Statement's alleged lack of adequate information regarding a variety of pending litigations including, among many others, claims against Mr. Charney, causes of action against the Debtors' other directors and officers, and causes of action implicating certain of the Debtors' secured lenders and board members including those related to Standard General L.P. and its affiliates. The Debtors, in response to the Creditors' Committee's objection, argued that the Committee's objection "can be summed up as a reckless attack on a company that earnestly has been attempting to marshall all of its creditors toward the common goal of emerging with significant liquidity and a stronger balance sheet in order to do what is in the best interests of its stakeholders and the business -- and that is confirm the Plan so it can execute its turnaround plan, retain its several thousands of employees and continue doing business with its vendors and suppliers, many of whom sit on the Committee." The Debtors have reviewed Mr. Charney's objection and have made modifications to the Disclosure Statement where they believed it was appropriate. The Committee of Lead Lenders joined in the Debtors' omnibus reply to the Disclosure Statement objections. A full-text copy of the Disclosure Statement dated Nov. 20, 2015, is available at http://bankrupt.com/misc/AAds1120.pdf Objections, if any, to the confirmation of the Plan must be received no later than Jan. 7. The Debtors are represented by Laura Davis Jones, Esq., James E. O'Neill, Esq., and Joseph M. Mulvihill, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware; Richard L. Wynne, Esq., and Erin N. Brady, Esq., at Jones Day, in Los Angeles, California; and Scott J. Greenberg, Esq., at Jones Day, in New York. The Creditors' Committee is represented by Domenic E. Pacitti, Esq., and Richard M. Beck, Esq., at Klehr Harrison Harvey Branzburg LLP, in Wilmington, Delaware; David M. Posner, Esq., and Gianfranco Finizio, Esq., at Kilpatrick Townsend & Stockton LLP, in New York; and Todd C. Meyers, Esq., and Paul Rosenblatt, Esq., at Kilpatrick Townsend & Stockton LLP, in Atlanta, Georgia. The Committee of Lead Lenders is represented by: Jeffrey M. Schlerf, Esq. L. John Bird, Esq. FOX ROTHSCHILD LLP 919 North Market Street, Suite 300 Wilmington, DE 19801 Telephone: (302) 654-7444 Facsimile: (302) 656-8920 Email: jschlerf@foxrothschild.com lbird@foxrothschild.com -- and -- Gerard Uzzi, Esq. Bradley Scott Friedman, Esq. MILBANK, TWEED, HADLEY & McCLOY LLP 28 Liberty Street New York, NY 10005 Telephone: (212) 530-5000 Facsimile: (212) 822-5846 Email: guzzi@milbank.com bfriedman@milbank.com About American Apparel American Apparel, Inc., American Apparel (USA), LLC, American Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc., KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Proposed Lead Case No. 15-12055) on Oct. 5, 2015. The petition was signed by Hassan Natha as chief financial officer. The Debtors reported total assets of $199,360,934 and total liabilities of $397,576,744. The Debtors and their non-debtor affiliates operate a vertically integrated manufacturing, distribution, and retail business focused on branded fashion-basic apparel, employing approximately 8,500 employees across six manufacturing facilities and approximately 230 retail stores in the United States and 17 other countries worldwide. The Debtors have engaged Jones Day as restructuring counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis & Company as investment banker, FTI Consulting, Inc. as financial advisor, DJM Real Estate as real estate consultant and Garden City Group, LLC as claims and noticing agent. APPLIED MINERALS: Gets Initial Commercial Order for Dragonite Clay ------------------------------------------------------------------ Applied Minerals, Inc., has received an initial commercial supply order for its DRAGONITE Halloysite Clay from a leading global specialty chemicals company (the "Customer") for use in a specialty zeolite application. Following a cooperative development process dating back to 2014, the Company received an initial purchase order of $228,000 from the Customer. Applied Minerals will deliver its DRAGONITE to the Customer throughout the fourth calendar quarter of 2015 and first calendar quarter of 2016. After the fulfillment of this initial purchase order, the Company anticipates the receipt of additional purchase orders from the Customer. Andre Zeitoun, president and CEO of Applied Minerals, commented: "We are excited to announce yet another commercial milestone for Applied Minerals, this time for the commercial supply of Dragonite Halloysite Clay for use in a specialty zeolite molecular sieve. We believe that this contract marks the initial stage of a long-term relationship with this industry leader and serves as a validation of our product in a key end market application with significant market potential. We continue to have active, ongoing discussions related to a number of commercial projects in both catalysts and molecular sieves and we expect further product commercialization in 2016." History of Dragon Mine Halloysite Used in Catalysts Halloysite from Applied Minerals' Dragon Mine has a long history of providing value-added solutions to the catalyst and adsorbent industry. Between 1949 and 1976, The Filtrol Corporation (Filtrol), the largest producer of petroleum refining catalysts before being split up and acquired by both Albemarle and Akzo Nobel, mined and supplied over 1.1 million tons of halloysite from the Dragon Mine for use in its FCC hydrocracking and hydrotreating catalysts in addition to catalyst supports. The product was regarded as one of the most effective catalysts on the market, especially for the refining of higher sulfur crude oils until an underground fire at the mine in 1976 ceased production and discontinued its availability. Appointment of Dr. Geoff Wilson as Technical and Commercial Advisor As part of the Company's effort to target the highest and best uses of its Dragonite product, a significant amount of effort has been committed to reintroducing the Company's halloysite clay solution to the catalyst and adsorbent market. To this end, the Company has engaged Dr. Geoff Wilson, a respected industry veteran and former senior executive of Filtrol during the period it operated the Dragon Mine. Dr. Wilson was closely involved with both the technical and commercial aspects of Filtrol's Dragon Halloysite-based catalysts and continues to be an active leader the industry today. Mr. Zeitoun, continued: "We are incredibly fortunate to have connected with Dr. Wilson. He has an incredible wealth of experience, information and industry contacts in the catalyst and molecular sieve markets. We are honored and excited to have him as part of our advisory team and are highly confident that his contribution will be invaluable to the Company's commercialization efforts." Geoff Wilson, commented: 'I am excited to be part of the Applied Minerals team. While Dragon Halloysite was used extensively prior to the closure of the mine in 1976, I believe that the unique structure of the mineral was not fully exploited in its previous uses. Consequently, there exist many potential breakthroughs in applying halloysite in the context of modern day refining processes, including FCC and hydrocracking as well as in the field of specialty adsorbents." 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. As of Dec. 31, 2014, the Company had $18.5 million in total assets, $26 million in total liabilities, and a $7.51 million total stockholders' deficit. APPLIED MINERALS: To Auction 1,000 Acres of Real Estate Holdings ---------------------------------------------------------------- Applied Minerals, Inc., disclosed it will auction 1,000 acres of its non-core real estate holdings located in Shoshone County, Idaho. The auction is scheduled for Dec. 15, 2015, at 1:00 p.m. Pacific time (4:00 p.m. Eastern time) and will be held at the Coeur d'Alene Resort in Coeur d'Alene, Idaho. J.P. King Auction Company is managing the auction process. These legacy properties are not related to the Company's halloysite clay and iron oxide operations. Full details regarding the properties can be found by visiting the following link: Historic Atlas Mine Properties or by contacting J.P. King Auction Company at 1-800-558-5464. The 1,000 acres of non-core real estate holdings to be auctioned include: 1. Historic Atlas Mine Property (Reserve) - Mullan, Idaho Comprised of 705 patented acres of land (38 mining claims),185 leased acres of land (9 unpatented mining claims) and three mining portals. It is located off Interstate 90, situated between Lookout Pass Ski Resort and historic Wallace, Idaho. Property provides for a number of commercial and recreational development opportunities. 2. Trapper Creek Property (Absolute) - Pinehurst, Idaho Consists of approximately 97 patented acres of land (5 patented mining claims) and is situated between Trapper Creek and East Fork Pine Creek. The property is timbered, has a portal and offers recreation opportunities. 3. Aulbach Property (Absolute) - Murray, Idaho Consists of approximately 95 patented acres of land (5 patented mining claims) and developed logging roads. This forested property would provide for development and recreational opportunities. 4. Sisters Property (Absolute) - Wallace, Idaho Consists of 120 patented acres of land (6 patented mining claims) located near the Woodland Park area of Wallace, Idaho. Partially timbered acreage would provide for development and recreation opportunities. Property also contains three "mineral rights only" parcels (32 acres) located west of Canyon Creek and adjoining the patented land. 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. As of Dec. 31, 2014, the Company had $18.5 million in total assets, $26 million in total liabilities, and a $7.51 million total stockholders' deficit. ARQUETIPO INC: Case Summary & 6 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Arquetipo Inc. 1762 Ponce De Leon Avenue San Juan, PR 00909 Case No.: 15-09239 Chapter 11 Petition Date: November 22, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Hector Eduardo Pedrosa Luna, Esq. THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA P O BOX 9023963 San Juan, PR 00902-3963 Tel: 787-930-2625 Fax: 787-754-1109 Email: hectorpedrosa@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Julio C. Cintron Argueso, president. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-09239.pdf AURORA DIAGNOSTICS: Incurs $4.70 Million Net Loss in Third Quarter ------------------------------------------------------------------ Aurora Diagnostics Holdings, LLC, filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.70 million on $69.7 million of net revenue for the three months ended Sept. 30, 2015, compared to a net loss of $7.32 million on $63.04 million of net revenue for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $61.4 million on $194 million of net revenue compared to a net loss of $16.8 million on $181 million of net revenue for the same period in 2014. As of Sept. 30, 2015, the Company had $281 million in total assets, $450 million in total liabilities and a $169 million members' deficit. Aurora Diagnostics held a conference call to review its results for the quarter ended Sept. 30, 2015, on Nov. 17, 2015. The Company provided a live internet webcast of the conference call, as well as an archived replay, all of which can be accessed from the Company's Investor Relations page at www.auroradx.com. In addition, a telephonic replay of the conference call will be available through midnight on Monday, Nov. 23, 2015, and can be accessed by dialing (855) 859-2056 (toll free) or (404) 537-3406. Please reference conference ID# 79653053. A full-text copy of the Form 10-Q is available for free at: http://is.gd/3Uy33X About Aurora Diagnostics Headquartered in Palm Beach Gardens, Florida, Aurora Diagnostics Holdings, LLC, through its subsidiaries, provides physician-based general anatomic and clinical pathology, dermatopathology, molecular diagnostic services and other esoteric testing services to physicians, hospitals, clinical laboratories and surgery centers. The company recognized approximately $260 million in revenue for the 12 months ended June 30, 2013. The company is majority owned by equity sponsors KRG Capital Partners and Summit Partners. Aurora Diagnostics reported a net loss of $55.4 million on $243 million of net revenue for the year ended Dec. 31, 2014, compared to a net loss of $73 million on $248 million of net revenue for the year ended Dec. 31, 2013. * * * As reported by the Troubled Company Reporter on Sept. 27, 2013, Moody's Investors Service downgraded Aurora's Corporate Family Rating to Caa2 from B3 and Probability of Default Rating to Caa2- PD from B3-PD. Moody's also lowered the debt ratings of Aurora Diagnostics Holdings, LLC's and Aurora Diagnostics, LLC (collectively Aurora). Concurrently, Moody's downgraded Aurora's Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The outlook for the ratings remains negative. The downgrade of the ratings reflects Moody's expectation that the company will see continued difficulty in mitigating a significant decline in revenue and EBITDA. This stems from a reduction in Medicare reimbursement due to a decrease in rates and sequestration, continued challenging volume growth trends and threats of additional reimbursement reductions. This will negatively impact the company's credit metrics, constrain Aurora's ability to repay debt and pressure the company's liquidity position. Moody's also has concerns about the sustainability of the company's capital structure given its significant debt load and related interest burden. In the Aug. 7, 2014, edition of the TCR, Standard & Poor's Ratings Services raised its corporate credit rating on Palm Beach Gardens, Fla.-based anatomic pathology services provider Aurora Diagnostics Holdings LLC to 'CCC+' from 'CCC'. The outlook is stable. BERNARD L. MADOFF: Trustee Calls for $1.1M Clawback Case Judgment ----------------------------------------------------------------- A former Bernie Madoff employee owes the estate of Madoff's securities firm $1.1 million from withdrawals of false profits -- funds he thought were returns on his investment but which actually came from other Madoff customers -- the trustee tasked with unwinding the Ponzi scheme said on Nov. 12, 2015, according to reporting by Bankruptcy Law360. The trustee said that Bernard L. Madoff Investment Securities LLC employee Andrew H. Cohen put nearly $3 million into his investment account with the firm before he quit working as a trader there in 2000, but took out more than $1.1 million. In a separate report, Bankruptcy Law360 said that Segall Gordich PA fought back on Nov. 11, against an attempt to cut the law firm out of legal fees in an investor suit against Bank of America NA over its role in jailed former attorney Scott Rothstein's $1.2 billion Ponzi scheme by asking a Florida bankruptcy court to step in. Segall Gordich requested to remove a motion filed by Conrad Scherer LLP, Kozyak Tropin & Throckmorton LLP and the Bounds Law Offices from state court to bankruptcy court. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of the end of May 2015, the SIPA Trustee has recovered more than $10.699 billion and has distributed approximately $7.576 billion. When additional settlements awaiting distribution are taken into account, the recovery in the Madoff liquidation proceeding totals $10.734 billion. BGM PASADENA: Case Summary & 17 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: BGM Pasadena, LLC Delaware limited liability company 210 S. Orange Grove Blvd. Pasadena, CA 91105 Case No.: 15-27833 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Robert N. Kwan Debtor's Counsel: James A Tiemstra, Esq. TIEMSTRA LAW GROUP PC 1111 Broadway Ste 1501 Oakland, CA 94607-4036 Tel: 510-987-8000 Fax: (510) 987-8001 Email: jat@tiemlaw.com Estimated Assets: $10 million to $50 million Estimated Debts: $1 million to $10 million The petition was signed by Greg Galletly, manager. List of Debtor's 17 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Lobar Properties Trade Debt $123,481 J&J Plumbing Service Inc. Trade Debt $78,591 Franchise Tax Board Tax $28,011 Maranatha High School Trade Debt $21,985 Los Angeles County Tax Collector Tax $19,684 DLG Family Ltd Partnership Trade Debt $18,987 Judicate West Trade Debt $17,260 City Wide Maintenance Trade Debt $12,800 Law Offices of Paul R. Burns Trade Debt $8,539 EDAW, Inc. Trade Debt $3,957 Kelly Sutherlin McLeod Architect Trade Debt $2,866 Muni Services Trade Debt $2,445 Farmers Insurance Exchange Trade Debt $1,494 IRS Tax $1,288 Canoga Park Trade Debt $880 Kern Legal Trade Debt $683 The Gas Company Trade Debt $614 BLACK ELK ENERGY: Indicted in Oil-Platform Explosion ---------------------------------------------------- Dow Jones' Daily Bankruptcy Review reported that a federal grand jury indicted two companies on involuntary manslaughter charges and three people face charges in a 2012 explosion on an oil production platform in the Gulf of Mexico, the Justice Department said on Nov. 19. According to the Associated Press, explosion and fire started during welding work on a platform owned by Black Elk Energy Offshore Operations LLC, killing three workers and injuring several others. In lawsuits and a federal report, the company and its contractors have been accused of failing to follow proper safety practices and rushing work, the AP report related. About Black Elk Black Elk Energy Offshore Operations, LLC, is a Houston, Texas based privately held limited liability company engaged in the acquisition, exploitation, development and production of oil and natural gas properties primarily in the shallow waters of the Gulf of Mexico near the coast of Louisiana and Texas. Black Elk had total assets of $339.7 million and total debt of $432.3 million as of Sept. 30, 2014. Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern District of Texas placed Black Elk under Chapter 11 bankruptcy protection on Sept. 1, 2015, converting an involuntary Chapter 7 bankruptcy petition by its creditors. Thereafter, the Company filed with the Court a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-34287) on Sept. 10, 2015. Judge Paul later recused herself from the case and the matter was given to Judge Marvin Isgur, according to information posted on the case docket on Sept. 14. The Debtor is represented by Elizabeth E. Green of Baker & Hostetler. Blackhill Partners' Jeff Jones is the Debtor's Chief Restructuring Officer. BOOZ ALLEN: Moody's Raises CFR to Ba2, Outlook Stable ----------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating ("CFR") and Probability of Default Rating of Booz Allen Hamilton Inc. to Ba2 and Ba2-PD from Ba3 and Ba3-PD, respectively, based on credit metrics appropriate for the rating and the expectation that its financial policies will be reflective of the Ba2 rating level over the intermediate term including a prudent and balanced approach towards shareholder-friendly activities that do not meaningfully increase funded debt levels. Concurrently, Moody's upgraded the company's senior secured first lien bank debt by one notch to Ba2 from Ba3 and affirmed Booz Allen's Speculative Grade Liquidity Rating at SGL-1. The ratings outlook is stable. In addition to financial policies consistent with the Ba2 rating level, Booz Allen's debt/EBITDA has remained at 3.3 times or below and EBITDA margins have increased moderately despite top line revenue pressures from a challenging defense services contracting environment in recent years. The improvement in Booz Allen's credit metrics has resulted from a combination of EBITDA margin improvement as well as debt reduction via amortization payments. The upgrade also incorporates the likely beneficial effect that the Bipartisan Budget Act signed into law in early November could have on companies such as Booz Allen by providing a greater certainty with regards to defense spending over the next two government fiscal years, thereby facilitating new and existing contracts to proceed. Furthermore, an increase in the company's backlog levels and increased award activity also underlie the ratings upgrade. Ratings upgraded: Corporate Family Rating, to Ba2 from Ba3 Probability of Default Rating, to Ba2-PD from Ba3-PD $500 million senior secured first lien revolver due May 2019, to Ba2 (LGD-3) from Ba3 (LGD-3) $830 million ($771 million outstanding) senior secured first lien term loan A due May 2019, to Ba2 (LGD-3) from Ba3 (LGD-3) $841.2 million ($831.5 million outstanding) senior secured first lien term loan B due July 2019, to Ba2 (LGD-3) from Ba3 (LGD-3) Ratings affirmed: Speculative Grade Liquidity Rating, at SGL-1 Outlook, Stable RATINGS RATIONALE Booz Allen's Ba2 CFR is supported by the company's scale and well-established business position, healthy backlog levels, credit metrics reflective of the Ba2 level and anticipated continued positive cash flow generation before any special dividends and share repurchases. The ratings accommodate a degree of shareholder friendly activities characterized by moderate periodic special dividends, share repurchases, bolt-on acquisition activity and a recurring dividend. The competitive advantages derived from its diverse government contract base and long-term relationships with U.S. government departments are also supportive of the ratings. Furthermore, during the company's 2015 fiscal year, it continued to have a re-compete win rate on existing contracts of over 85 percent and over 50 percent win rate on new contracts. These positive rating factors are weighed against a defense service contracting environment that remains very competitive due to lower overall defense outlays in recent years, generally shorter contract tenors and a more competitive bidding environment compounded by the government's increased focus in recent years on LPTA (lowest priced technically acceptable) work. In addition, if the company was to enter into a large debt-financed acquisition while maintaining the current level of excess cash deployments towards special dividends and share repurchases, the ratings could be pressured. The SGL-1 liquidity rating denotes a very good liquidity profile including the expectation of positive free cash flow generation before dividends and share repurchases as well as ample availability under the company's $500 million revolving credit facility. The stable rating outlook is supported by the expectation that Booz Allen's credit metrics will remain solidly positioned at the Ba2 rating level over the intermediate term together with the maintenance of a good liquidity profile and shareholder-friendly policies financed largely from excess cash flow versus an increase in funded debt. A ratings upgrade and/or change in the company's outlook would likely emanate from an improvement in debt/EBITDA to below 2.5 times, FFO/debt of 25% or greater as well as the maintenance of a good liquidity profile and top line revenue growth. The ratings could be pressured if there were a meaningful deterioration in Booz Allen's operating performance or a significant weakening of the company's liquidity profile. In addition, a sizable debt-financed acquisition or dividend could also exert downward pressure on the ratings. Specifically, the ratings could be negatively impacted if debt/EBITDA increases beyond 4.0 times or free cash flow before dividends plus reported cash falls below $200 million. The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. Booz Allen Hamilton is a provider of management and technology consulting and engineering services to governments in the defense, intelligence and civil markets, global corporations and not-for-profit organizations. Booz Allen is headquartered in McLean, Virginia, and reported revenues of approximately $5.3 billion for the last twelve months ended Sept. 30, 2015. Carlyle owns just under 20 percent of the outstanding common stock of the company. BRANTLEY LAND: Secured Creditor No Longer Consents to Cash Use -------------------------------------------------------------- Secured creditor State Bank & Trust Company said in a filing with the U.S. Bankruptcy Court for the Southern District of Georgia that it is withdrawing its consent to Brantley Land & Timber Company, LLC's use of cash collateral. Douglas D. Ford, Esq., at Quirk & Quirk, LLC, notes that the Debtor's real estate development is subject to a first-position deed to secure debt granted to SB&T; the debt secured by the first-position deed is in excess of $10,000,000. Mr. Ford avers that there is not enough equity in the Debtor's remaining interest in the real estate development and the cash collateral to secure the debt to SB&T. Mr. Ford also notes that the budget attached to Debtor's Cash Collateral Motion estimates the monthly professional fees to be $4,500.00 per month; however, the attorney and accountant for the Chapter 11 Trustee have submitted bills of roughly $35,000 per month. SB&T's interest in its cash collateral is not being adequately protected in this matter, Mr. Ford tells the Court. Accordingly, SB&T objects, and withdraws its previous consent, to the Debtor's the motion for an order authorizing the use of cash collateral. State Bank and Trust Company is represented by: Douglas D. Ford, Esq. QUIRK & QUIRK, LLC 300 CENTURY SPRINGS WEST 6000 LAKE FORREST DRIVE, NW ATLANTA, GA 30328 Phone: (404) 252-1425 E-mail: DDF@QUIRKLAW.COM - and - C. James McCallar, Jr., Esq. Tiffany E. Caron, Esq. MCCALLAR LAW FIRM P.O.Box 9026 Savannah, GA 31401 E-mail: mccallar@mccallarlawfirm.com tiffany.caron@mccallarlawfirm.com * * * The hearing on the Debtor's motion to use cash collateral and the objections of SB&T, the Brantley County Tax Commissioner, and the U.S. Trustee originally scheduled for Nov. 12 has been continued to Dec. 10 at 10:30 a.m. About Brantley Land Brantley Land & Timber Company, LLC, is a real estate development company which originally held over 1,000 lots in a development located in Brantley County, Georgia. In July, 2011, State Bank & Trust Company obtained a judgment in Fulton County Superior Court against Brantley Land and its principals for an amount, including interest and fees, currently in excess of ten million dollars, and the Superior Court also appointed receiver Jerry Harper to take control of Debtor, based at least in part on the misappropriation of funds by two of Brantley Land's principals. Brantley Land filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ga. Case No. 15-20584) in Brunswick, Georgia, on July 16, 2015. The Debtor, which is controlled by the receiver, tapped McCallar Law Firm as counsel. The U.S. Trustee for Region 21 is not attempting to form a committee of unsecured creditors in the Chapter 11 case of the Debtor, at this time. BREF HR: Incurs $31.9 Million Net Loss in Third Quarter ------------------------------------------------------- BREF HR, LLC, filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $31.9 million on $46.0 million of net revenues for the three months ended Sept. 30, 2015, compared with a net loss of $28.4 million on $50.2 million of net revenues for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $88.3 million on $149 million of net revenues compared to a net loss of $72.8 million on $157 million of net revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $582 million in total assets, $973 million in total liabilities and a total members' deficit of $392 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/Hvy06N About BREF HR BREF HR owns and operates Hard Rock Hotel & Casino Las Vegas. The Company, which was formed by certain affiliates of Brookfield Financial, LLC to acquire the entities which indirectly and previously owned the Hard Rock Hotel & Casino Las Vegas, is based in New York. BREF HR reported a net loss of $103 million in 2014, a net loss of $106 million in 2013 and a net loss of $116 million in 2012. Deloitte & Touche LLP, in Las Vegas, Nevada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that recurring losses from operations and the contractual debt repayments due April 17, 2015, raise substantial doubt about its ability to continue as a going concern. BROADVIEW NETWORKS: Incurs $1.94 Million Net Loss in Third Quarter ------------------------------------------------------------------ Broadview Networks Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.94 million on $73.04 million of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $2.36 million on $73.7 million of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $7.91 million on $218.97 million of revenues compared to a net loss of $6.56 million on $228 million of revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $205 million in total assets, $213 million in total liabilities, and a stockholders' deficiency of $8.93 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/yccOEL 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. BUNKERS INTERNATIONAL: Committee Objection to ABS Deal Overruled ---------------------------------------------------------------- Judge Cynthia C. Jackson of the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, overruled the Official Committee of Unsecured Creditors' objection to the Global Settlement Stipulation between debtors Bunkers International, et. al., and Australian Bunker Supplier's C.I, S.A.S. ("ABS"). Judge Jackson also approved modifications to the Stipulation. ABS had filed a motion seeking to compel Bunkers International to reject a Marketing and Distribution Agreement ("Agreement") between the Debtor and ABS, pursuant to which the Debtor would allegedly pre-pay for fuel to be acquired by ABS, and ABS would then mix the fuel and deliver the fuel to customers in the port of Buena Ventura, Colombia ("Colombian Port"). The Debtor was to market the fuel and arrange buyers for the fuel. ABS alleged in the ABS Motion that it received its last order from the Debtor on July 29, 2015, that ABS acquired the fuel, but that the Debtor never provided additional funds to acquire the mixing stock that is required to blend the fuel for delivery to vessels. ABS has allegedly continued to store that unblended fuel in its barges since the end of July 2015. The Debtor and ABS entered into a global settlement, with the following terms, among others: (1) The Agreement between ABS and BIC is rejected. (2) ABS is authorized to sell the stored fuel as soon as practical. (3) ABS will pay $600,000 to BIC as follows: (a) $300,000 will be paid upon ABS' receipt of payment from its customer or customers upon the sale of the stored fuel; and (b) ABS will make monthly payments to BIC in the amount of $15,000/month, commencing February 2016, for a term of 20 months. (4) BIC and ABS execute general releases, including any claim by BIC to recover the $1,210,000 paid to ABS within the 90 days before the bankruptcy. The Committee had objected to the Global Settlement Stipulation, contending that it did not believe that the Debtor and ABS have provided sufficient information and documents to satisfy the standards for approval of a settlement under Rule 9019. Judge Jackson ordered the modification, among others, of paragraph 4(b) the Stipulation to state: "As to the $734,180.75 ABS owes BIC for unpaid commissions (the "Obligation"), ABS will have the right to pay that Obligation off at a discount of $300,000 (the "DPO"), by making monthly payments to BIC in the amount of $15,000, commencing Feb. 1, 2016, for a term of 20 months, to be paid on the first day of every month (the "Monthly Payments")." The Official Committee of Unsecured Creditors of Bunkers is represented by: John B. Hutton, Esq. Ari Newman, Esq. GREENBERG TRAURIG, P.A. 333 S.E. Second Avenue, Suite 4400 Miami, FL 33131 Telephone: (305)579-0868 Facsimile: (866)579-0717 E-mail: huttonj@gtlaw.com newmarar@gtlaw.com About Bunkers International Based in Lake Mary, Florida, Bunkers International trades and provides fuel for ships at sea. It provides physical supply, trading, and brokering services from a number of global locating including those in the U.S., Singapore, Greece, and the United Kingdom, and says it is the largest marine fuel supplier in Colombia through its BunkersOil Colombia joint venture with Vanoil, S.A. The Company started in Colombia in 1995. Bunkers International Corp. and three affiliates sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 15-07397) on Aug. 28, 2015. The petition was signed by John T. Canal as president/CEO. The Debtors estimated assets of $10 million to $50 million and liabilities of at least $10 million. Latham, Shuker, Eden & Beaudine, LLP represents the Debtors as counsel. BUNKERS INTERNATIONAL: Court Allows $203K ARC Claim --------------------------------------------------- Judge Authur B. Briskman of the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, signed an order granting Arc Terminals Holdings, LLC ("ARC") adequate protection as a condition of Debtor Bunkers International Corp.'s use or sale of property of the estate. Judge Briskman granted ARC an allowed administrative claim in the amount of $202,800 for postpetition storage costs through Oct. 31, 2015 ("Allowed Claim"). He ordered ARC to provide access and cooperation to allow Atlantic Gulf Bunkering, LLC ("AGB") to sell its remaining fuel stored at ARC's facility at Chickasaw, Alabama ("AGB Fuel"). Judge Briskman further ordered that the AGB Fuel be sold free and clear of all liens and claims, and that the proceeds from the sale of AGB Fuel be placed in a separate AGB debtor-in-possession account. Judge Briskman ordered AGB and ARC to work towards resolving any disputes and commercial matters regarding their Terminalling Agreement, including clean-up charges, and dispostion of all remaining AGB Fuel prior to the Agreement's Termination Date on Oct. 31, 2015. About Bunkers International Based in Lake Mary, Florida, Bunkers International trades and provides fuel for ships at sea. It provides physical supply, trading, and brokering services from a number of global locating including those in the U.S., Singapore, Greece, and the United Kingdom, and says it is the largest marine fuel supplier in Colombia through its BunkersOil Colombia joint venture with Vanoil, S.A. The Company started in Colombia in 1995. Bunkers International Corp. and three affiliates sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Proposed Lead Case No. 15-07397) on Aug. 28, 2015. The petition was signed by John T. Canal as president/CEO. The Debtors estimated assets of $10 million to $50 million and liabilities of at least $10 million. Latham, Shuker, Eden & Beaudine, LLP represents the Debtors as counsel. CAESARS ENTERTAINMENT: Court Delays Plan Outline Hearing -------------------------------------------------------- U.S. Bankruptcy Judge Benjamin Goldgar agreed on Nov. 18, 2015, to delay a hearing to consider Caesars Entertainment Operating Co's Chapter 11 plan until independent examiner Richard Davis completes his probe into the Company's pre-bankruptcy transactions, Tracy Rucinski at Reuters reports. Judge Goldgar, according to Reuters, has sided with the Company's creditors, saying that he wouldn't schedule a hearing to approve the disclosure statement accompanying the plan without knowing when Mr. Davis will deliver his report. Junior creditor groups and a U.S. bankruptcy watchdog had asked the Bankruptcy Court to reject a request from the Company to hold the hearing in late January, Reuters relates. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. * * * The Troubled Company Reporter, on April 27, 2015, reported that Fitch Ratings has affirmed and withdrawn the Issuer Default Ratings (IDR) and issue ratings of Caesars Entertainment Operating Company (CEOC). These actions follow CEOC's Chapter 11 filing on Jan. 15, 2015. Accordingly, Fitch will no longer provide ratings or analytical coverage for CEOC. In addition, Fitch has affirmed the IDR and issue rating of Chester Downs and Marina LLC (Chester Downs) and the ratings have been simultaneously withdrawn for business reason. CANNERY CASINO: Moody's Confirms 'Caa1' CFR, Outlook Negative ------------------------------------------------------------- Moody's Investors Service confirmed Cannery Casino Resorts, LLC's Corporate Family Rating at Caa1, Probability of Default Rating at Caa1-PD, the rating on its first lien bank facility at B3, and the rating on its second lien term loan at Caa3. The rating outlook is negative. This concludes the rating review that was initiated on Sept. 17, 2015. The confirmation of Cannery's ratings reflects the company's receiving a waiver of its covenant violations as of the quarter-ended June 30, 2015 and long-term covenant relief -- satisfying the terms we considered when we placed the ratings on review. Moody's viewed long-term covenant relief important to avoid another violation as the prior covenants stepped down in 2015 and 2016 and to allow time for the company to close the sale of its Meadows Racetrack & Casino. The amendment calls for additional cushion in both the leverage and coverage financial maintenance covenants which will not be tested until the quarter ending June 30, 2016. The leverage covenant will have a slight step-down in the quarter ending Sept. 30, 2016, but none thereafter. Ratings confirmed: Corporate Family Rating at Caa1 Probability of Default Rating at Caa1-PD $40 million senior secured first lien revolver expiring in Oct. 2017 at B3 (LGD3) $355 million (outstanding) senior secured first lien term loan due Oct. 2018 at B3 (LGD3) $165 million senior secured second lien term loan due Oct. 2019 at Caa3 (LGD5) RATINGS RATIONALE Cannery's Caa1 Corporate Family Rating reflects the company's high leverage -- lease adjusted leverage was almost 8.0 times for the last 12 months ended Sept. 30, 2015 -- and Moody's expectation that leverage will remain above 7.0 times for the next two years outside of a sale of the Meadows property. Moody's does not expect that leverage will decline materially over the next two years as EBITDA is expected to improve only modestly and debt balances are not expected to be reduced outside of mandatory amortization of about $4 million annually and a 50% excess cash flow sweep. Positive rating consideration is given to our expectation that despite high leverage and an extremely challenging operating environment, Cannery will be able to cover interest expense, maintenance capital expenditures and required debt amortization from cash flow. The company also has no significant debt maturing (besides its revolver in October 2017) until its first lien term loan matures in Oct. 2018. The negative rating outlook, despite Cannery's recent amendment which provides it covenant relief through the life of the loan, reflects the uncertainty around the lawsuit related to the sale of the Meadows. Outside a sale of the Meadows, Moody's expects that Cannery's leverage will remain above 7.0 times over the next two years. Moody's ratings does not take into consideration the potential sale of Cannery's Meadows property. In May 2014, Cannery announced its plans to sell the Meadows Racetrack and Casino near Pittsburgh, Pennsylvania -- which accounts for about 70% of Cannery's total revenue -- to Gaming & Leisure Properties, Inc. (GLPI, Ba1 stable) for $465 million. However, GLPI sued Cannery in October 2014 for allegedly breaching the purchase agreement and is seeking unspecified damages from Cannery. Moody's do not take the potential sale into consideration because of the uncertainty surrounding the litigation and ultimately whether the sale closes. Ratings could be lowered if gaming revenues at the Meadows experiences a sustained decline or if the company's liquidity profile deteriorates. To the extent the sale of the Meadows is not completed prior to any of its debt becoming current, the ratings could also be downgraded. An upgrade is unlikely at this time given the negative outlook. A stable rating outlook would require a high level of comfort on Moody's part that Cannery can materially improve its earnings trend. A higher rating would require significant and sustainable improvement in debt/EBITDA, at or below 6.5 times. Cannery Casino Resorts, LLC is a privately held gaming company that owns and operates one casino in Pennsylvania and two casinos in Las Vegas, NV. The company generates about $420 million of annual net revenue. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. CENTRIX FINANCIAL: Court Reopens $100M Fraudulent Transfer Suit --------------------------------------------------------------- Y. Peter Kang at Bankruptcy Law360 reported that a Colorado federal judge on Nov. 12, 2015, reopened a $100 million suit brought by the trustee for Centrix Financial LLC accusing the founder of the bankrupt auto finance lender and others of making fraudulent transfers, allowing the trustee to investigate whether a subsequent settlement was based on false financial disclosures. U.S. District Judge Philip A. Brimmer granted a motion to reopen the case, in which trustee Jeffrey A. Weinman accuses Centrix founder Robert Sutton and others of inducing credit unions to provide funds to the bankrupt company. About Centrix Financial Based in Reno, Nevada, Centrix Financial LLC was a subprime auto lender. Three of Centrix Financial's creditors, IFC Credit Corporation, Suntrust Leasing, and Wells Fargo Equipment Finance, filed an involuntary chapter 11 petition against the Debtors (Bankr. D. Colo. Case No. 06-16403) on Sept. 15, 2006, alleging more than $4.6 million owed. Lee M. Kutner, Esq., at Kutner Miller, P.C., and David von Gunten, Esq., at Von Gunten Law LLC, represented the petitioners. Centrix and some affiliates filed voluntary Chapter 11 petitions (Bankr. D. Nev. Case No. 06-50631) on Sept. 19, 2006. CMGN LLC, another affiliate, filed its Chapter 11 petition (Bankr. D. Nev. Case No. 06-50631) on Sept. 4, 2006. The Debtors' cases were consolidated and transferred (Bankr. D. Colo. Case No. 06-16403) on Sept. 27, 2006. Craig D. Hansen, Esq., Thomas J. Salerno, Esq., and Sean T. Cork, Esq., at Squire, Sanders & Dempsey, L.L.P.; and Lawrence Bass, Esq., and Elizabeth K. Flaagan, Esq., at Holme Roberts & Owen LLP, represent the Debtors. The Official Committee of Unsecured Creditors was represented by Douglas W. Jessop, Esq., and Kerstin E. Kass, Esq., at Jessop & Company, P.C., and Michael P. Richman, Esq., at Foley & Lardner LLP. Kurtzman Carson Consultants LLC was the Debtors' claims agent. In it Schedules filed with the Court, Centrix Financial disclosed total assets of $23,928,171 and total debts of $109,189,359. On February 6, 2007, the Bankruptcy Court authorized the sale of substantially all of the Debtors' assets. On May 16, 2008, the Bankruptcy Court confirmed the Second Amended Liquidating Chapter 11 Plan Proposed by the Debtors and Creditors' Committee Dated January 25, 2008. The Centrix Liquidating Trust was created under that chapter 11 plan and Jeffrey A. Weinman was appointed the liquidating trustee. CENTURY CONTROL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Century Control Systems, Inc. 1460 Roanoke Road Daleville, VA 24083 Case No.: 15-71632 Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Western District of Virginia (Roanoke) Judge: Hon. Paul M. Black Debtor's Counsel: Richard E B Foster, Esq. RICHARD E.B. FOSTER, PLLC 30 West Franklin Road, Suite 302 Roanoke, VA 24011 Tel: 540 777-4838 Fax: 540 777-5595 Email: rfoster@rebflaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Stephen M. Dean, authorized individual. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. CHATEAU AMORE: Case Summary & Largest Unsecured Creditor -------------------------------------------------------- Debtor: Chateau Amore, LLC a California Limited Liability Company 10880 Eagle Rock Road Hopland, CA 95449 Case No.: 15-11174 Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Northern District of California (Santa Rosa) Judge: Hon. Alan Jaroslovsky Debtor's Counsel: James L. Conkey, Esq. JLC LAW OFFICES 3991 MacArthur Blvd. #400 Newport Beach, CA 92660 Tel: (949) 441-1477 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven Amato, CEO. The Debtor listed Asset Default as its largest unsecured creditor holding a claim of $1.03 million. A copy of the petition is available for free at: http://bankrupt.com/misc/canb15-11174.pdf CHICAGO BOARD: S&P Puts GO Bonds' 'BB' Rating on CreditWatch Neg. ----------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB' long-term rating and underlying rating (SPUR) on Chicago Board of Education's general obligation (GO) bonds on CreditWatch with negative implications. "The CreditWatch action is based on our view of the board's lack of progress in meeting the assumptions in its fiscal 2016 budget for Chicago Public Schools," said Standard & Poor's credit analyst Jennifer Boyd. COLT DEFENSE: Court OKs Amendment to Term DIP Credit Agreement -------------------------------------------------------------- Colt Holding Company sought and obtained from Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware, authorization to enter into Amendment No. 3 to the Senior Secured Suprepriority Debtor-in-Possession Term Loan Agreement ("Term DIP Credit Agreement"). The Court had entered an interim order authorizing the Debtors to borrow $6,000,000 in DIP Loans on an interim basis. A second interim order was entered, authorizing the Debtors to borrow an additional $4,000,000 in DIP Loans on an interim basis. On July 10, 2015, the Court entered an order authorizing the Debtors to borrow an additional $65,000,000 in DIP Loans on a final basis. Pursuant to the terms of the Final DIP Order, the Debtors may materially modify or amend any of the DIP Documents pursuant to an order of the Court. The Debtors sought the Court's authorization to borrow from the Senior Secured Super-Priority Debtor-in-Possession Lenders ("Senior DIL Lenders") under the DIP Facilities an additional aggregate principal amount equal to $2,500,000 ("Supplemental Draw"), subject to the Second Senior DIP Amendment. The Debtors contend that they have an immediate and critical need to use the Supplemental Draw to fund a variety of operating expenses during the week of Nov. 2, 2015. The Debtors further contend that the entry of the DIP Order Amendment will allow the Debtors to access the Supplemental Draw and avoid immediate and irreparable harm to their estates and the value of their assets. The Debtors add that they expect that their liquidity will improve shortly and that they will not require any additional financing in the near term. The Debtors tell the Court that the Term DIP Lenders have consented to the Debtors' entry into the Second Senior DIP Amendment on the terms set forth in Amendment No. 3 to the Term DIP Credit Agreement. The Debtors further tell the Court that the Term DIP Lenders are not charging any fees in connection with Term DIP Amendment No. 3. The principal terms of Term DIP Amendment No. 3, among others, are as follows: (1) As consideration for the Term DIP Lenders' agreements to (a) waive the Debtors' compliance with certain provisions of the Term DIP Credit Agreement and (b) extend certain plan confirmation process milestones and the stated maturity of the Term DIP Loans: (i) As of Oct. 20, 2015, all Obligations that have been charged to the Loan Account will accrue interest at a rate per annum equal to 2% above the per annum rates otherwise applicable thereto, payable in kind. (ii) As of Oct. 20, 2015, the outstanding principal balance of the Tranche B Term Loans will accrue interest at a rate per annum equal to 2% above the per annum rates otherwise applicable thereto, payable in kind. (2) The Stated Maturity Date is extended to Dec. 29, 2015, and certain milestones relating to the plan confirmation process have been modified. (3) The Term DIP Agent and Term DIP Lenders have waived the Debtors' compliance with certain specified provisions of the Term DIP Credit Agreement. (4) The Term DIP Agent and Term DIP Lenders have approved a revised budget effective beginning with the Test Period ended Nov. 6, 2015. Colt Holding is represented by: Mark D. Collins, Esq. Jason M. Madron, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302)651-7700 Facsimile: (302)651-7701 E-mail: collins@rlf.com madron@rlf.com - and - John J. Rapisardi, Esq. Peter Friedman, Esq. Joseph Zujkowski, Esq. Diana M. Perez, Esq. O'MELVENY & MYERS LLP Times Square Tower Seven Times Square New York, NY 10036 Telephone: (212)326-2000 Facsimile: (212)326-2061 E-mail: jrapisardi@omm.com pfriedman@omm.com jzujkowksi@omm.com dperez@omm.com About Colt Holding Colt Defense LLC is one of the world's oldest and most iconic designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes and was founded over 175 years ago by Samuel Colt, who patented the first commercial successful revolving cylinder firearm in 1836 and began supplying U.S. and international military customers with firearms in 1847. Colt is incorporated in Delaware and headquartered in West Hartford, Connecticut. In 1992, Colt Manufacturing Company, then the principal operating subsidiary, filed chapter 11 petitions (Bankr. D. Conn.). An investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan and emerge from Bankruptcy in 1994. Sometime after 1994, majority ownership of the Company Transitioned from Zilkha & Co. to Sciens Capital Management. Colt Holding Company LLC and nine affiliates, including Colt Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as a going concern. Colt Defense estimated $100 million to $500 million in assets and debt. On June 16, 2015, the Court directed the joined administration of the assets. The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny & Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as claims and noticing agent. Perella Weinberg Partners L.P. is acting as financial advisor of the Company, and Mackinac Partners LLC is acting as its restructuring advisor. Wilmington Savings Fund Society, FSB, as agent under the $13.3 million Term DIP Loan Agreement, is represented by Pryor Cashman LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's Leonard Klingbaum, Esq. Cortland Capital Market Services LLC, as agent under the $6.67 million Senior DIP Credit Agreement, is represented by Holland & Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's Richard Borins, Esq., and Tracy Sandler, Esq. The U.S. Trustee for Region 3 appointed five creditors of Colt Defense Inc. and its affiliates to serve on the official committee of unsecured creditors. MagPul Industries Corp. has resigned from the committee leaving only four Committee members. Sciens Capital is represented by Skadden, Arps, Slate, Meagher & Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq. CON-WAY INC: Moody's Withdraws 'B3' Sr. Unsecured Debt Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings of Con-way Inc., including the B3 senior unsecured debt rating. Con-way is now a subsidiary of XPO Logistics, Inc. (Corporate Family Rating of B1, stable outlook), and Con-way will no longer provide any financial or other information. RATINGS RATIONALE Moody's has withdrawn the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. Withdrawals: Issuer: Con-way Incorporated Senior Unsecured Medium-Term Note Program, Withdrawn, previously rated (P)B3 Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated B3 (LGD6) Outlook Actions: Issuer: Con-way Incorporated Outlook, Changed To Rating Withdrawn From Stable Con-way Inc. provides transportation, logistics and supply-chain management services. Its business units are active in less-than-truckload and full-truckload freight transportation as well as warehouse management and transportation management. Revenues for the last 12 months ended June 2015 were approximately $5.7 billion. XPO Logistics, Inc. completed the acquisition of Con-way Inc. on Oct. 30, 2015. COUDERT BROTHERS: Resolves Clawback Suits Against Ex-Partners ------------------------------------------------------------- Cara Salvatore at Bankruptcy Law360 reported that seven clawback suits against former partners of Coudert Brothers LLP who are now at firms including Jones Day and Akin Gump Strauss Hauer & Feld LLP will be dropped, Coudert's bankruptcy administrator told a New York federal judge on Nov. 12, 2015. Seven suits against partners who went to those two firms, K&L Gates LLP and Sheppard Mullin Richter & Hampton LLP will be dropped because the plan administrator, Development Specialists Inc., is satisfied that those partners didn't take any recoverable business with them. About Coudert Brothers Coudert Brothers LLP was an international law firm specializing in complex cross-border transactions and dispute resolution. The firm had operations in Australia and China. Coudert filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 06-12226) on Sept. 22, 2006. John E. Jureller, Jr., Esq., and Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP, represented the Debtor in its restructuring efforts. Brian F. Moore, Esq., and David J. Adler, Esq., at McCarter & English, LLP, represented the Official Committee of Unsecured Creditors. Coudert scheduled total assets of $30.0 million and total debts of $18.3 million as of the Petition Date. The Bankruptcy Court in August 2008 signed an order confirming Coudert's chapter 11 plan. The Plan contemplated on paying 39% to unsecured creditors with $26 million in claims. Coudert has been succeeded by Development Specialists, Inc. in its capacity as Plan Administrator under the confirmed chapter 11 plan. COYNE INTERNATIONAL: Seeks Until Feb. 26 to File Ch. 11 Plan ------------------------------------------------------------ Coyne International Enterprises Corp., et al., ask the U.S. Bankruptcy Court for the Northern District of New York to extend their exclusive period plan to file a Chapter 11 Plan through and including February 26, 2016, and their exclusive period to solicit acceptances of the plan through and including April 26, 2016. Since the Petition Date, the Debtors and their professionals have devoted substantial time and effort to, among other things: (i) obtaining significant "first day" and other relief, (ii) preparing and filing extensive schedules and statements of financial affairs for the Debtors, (iii) preparing and filing monthly operating reports, (iv) obtaining authorization to retain a number of professionals necessary to address the myriad issues arising in the Chapter 11 Cases, including the Debtors' investment banker to conduct the sale process, (v) negotiating with the Official Committee of Unsecured Creditors and the U.S. Trustee with respect to various aspects of the Chapter 11 Cases, including cash collateral usage, bidding procedures, and employee payments, (vi) negotiating with the Debtors' unions to reach a consensual rejection of the collective bargaining agreements between the parties, and (vii) working diligently to commence and consummate the sale of the Debtors' assets at the Auction. In light of the Debtors' accomplishment of the milestones, the Debtors believe that ample cause exists to extend their Exclusive Periods. The Debtors maintain that the requested extension of the Exclusive Periods will not prejudice the legitimate interests of postpetition creditors, as the Debtors continue to make timely payments on their undisputed postpetition obligations. The Debtors are represented by: Robert L. Rattet, Esq. Stephen B. Selbst, Esq. HERRICK, FEINSTEIN LLP 2 Park Avenue New York, New York 10016 Phone: (212) 592-1400 Email: rrattet@herrick.com sselbst@herrick.com hhuynh@herrick.com -- and -- William J. Brown, Esq. PHILLIPS LYTLE LLP 125 Main Street Buffalo, New York 14203 Phone: (716) 847-7089 Email: wbrown@phillipslytle.com About Coyne International Coyne International Enterprises Corp. filed a Chapter 11 Bankruptcy petition (Bankr. N.D.N.Y. Case No. 15-31160) on July 31, 2015. The petition was signed by Mark Samson as CEO. Herrick Feinstein LLP serves as the Debtor's general counsel. Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel. Cohnreznick LLP is the Debtor's financial advisor. SSG Capital Advisors LLC is the Debtor's investment banker. Rust Omni serves the Debtor as claims and administrative agent. Raab, Sturm & Ganchrow, LLP acts as labor counsel to the Debtor. Harbridge Consulting Group, LLC serves as the Debtor's pension consultant. Beveridge & Diamond PC is the Debtor's environmental counsel. GZA Geoenvironmental, Inc. serves as the Debtor's environmental consultant. CRAILAR INC: Chapter 15 Case Summary ------------------------------------ Chapter 15 Petitioner: The Bowra Group Inc. Chapter 15 Debtor: Crailar Inc. c/o The Bowra Group Inc. One Bentall Centre, Suite 430 505 Burrad Street Vancouver V7X 1M3 Canada Chapter 15 Case No.: 15-06243 Type of Business: Producer of natural fibers Chapter 15 Petition Date: November 20, 2015 Court: United States Bankruptcy Court District of South Carolina (Columbia) Judge: Hon. David R. Duncan Chapter 15 Petitioner's Counsel: Lawrence M. Hershon, Esq. PARKER POE ADAMS & BERNSTEIN LLP PO Box 1509 Columbia, SC 29202 Tel: 803-253-8918 Email: lawrencehershon@parkerpoe.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million D'ELIA WITTKOFSKI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: D'Elia Wittkofski Incorporated 2840 Liberty Avenue Pittsburgh, PA 15222 Case No.: 15-24271 Chapter 11 Petition Date: November 22, 2015 Court: United States Bankruptcy Court Western District of Pennsylvania (Pittsburgh) Judge: Hon. Thomas P. Agresti Debtor's Counsel: Kathryn L. Harrison, Esq. CAMPBELL & LEVINE, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Tel: 412-261-0310 Fax: 412-261-5066 Email: klh@camlev.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Cecil Foster, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/pawb15-24271.pdf DIGITAL RIVER: Moody's Affirms B2 CFR, Outlook Stable ----------------------------------------------------- Moody's Investors Service affirmed Digital River, Inc.'s B2 corporate family rating and B2-PD probability of default rating. Moody's also upgraded the company's $10 million revolver and $255 million first lien term loan ratings to Ba3 from B1, and the $80 second lien term loan to B3 from Caa1. The outlook is stable. Using a combination of proceeds from business divestitures and cash from the balance sheet, Moody's expects Digital River to pay down about $143 million of its first lien term loan by year end. Following this reduction, Moody's expects Digital River's adjusted debt to EBITDA to improve to about 4x by the end of 2016. RATINGS RATIONALE The upgrade of the first lien ratings to Ba3 from B1 and the second lien term loan rating to B3 from Caa1 reflects the significantly lower proportion of first lien debt in the capital structure following the first lien term loan repayments. Although the $143 million reduction in the company's first lien term loan will reduce leverage substantially, Moody's recognizes that some uncertainties still exist surrounding the company's sustainable levels of future revenue growth and profitability. While Digital River has made progress toward its cost savings goals in 2015, the company will continue to engage in significant cost saving initiatives and focus on ramping up its Branded Manufacturing Commerce business over the next year. In addition, given the private equity ownership, the company's commitment to maintaining more conservative financial metrics is uncertain. Following the company's significant debt pay downs, the risk of more aggressive financial policies will remain and could result in increased leverage to fund acquisition activity, internal investments or dividend payments. The B2 CFR reflects Digital River's concentrated business profile and small scale relative to larger technology and payment processing companies with greater financial resources. Digital River is heavily reliant on Microsoft, which represents about one third of total revenues. While the company extended its contract with Microsoft to March 2017 (with Microsoft having the option to extend for up to 4 separate 6 month renewal terms), the risk of a contract downsizing or termination at maturity represents a key rating constraint. The B2 rating is supported by Digital River's longstanding client base of leading software companies and favorable industry dynamics in the global eCommerce market (projected growth rates above 10%). The stable outlook reflects Moody's expectation that Digital River will generate at least mid-single digit annual revenue growth and steadily improving profitability. Operating performance will likely be supported by the growth rate of the global eCommerce market which is expected to grow at multiples of Moody's projected global GDP growth of 3% in 2016. What Could Change the Rating - UP The ratings could be upgraded if Digital River achieves double digit revenue growth, an increasingly diversified customer base, free cash flow to debt of at least 10%, and adjusted debt to EBITDA below 3.5 times on a sustained basis with an expectation of disciplined financial policies. What Could Change the Rating - DOWN Downward ratings pressure could result if profitability declines or financial policies become more aggressive with debt funded dividend payments or acquisitions such that adjusted debt to EBITDA is expected to be sustained above 5 times, liquidity deteriorates (e.g., negative cash flow or decreasing covenant cushion), or customer churn increases. These ratings (assessments) were affirmed or upgraded: Corporate Family Rating -- affirmed at B2 Probability of Default Rating -- affirmed at B2-PD Senior Secured Revolving Credit Facility -- upgraded to Ba3 (LGD2) from B1 (LGD3) Senior Secured First Lien Term Loan -- upgraded to Ba3 (LGD2) from B1 (LGD3) Senior Secured Second Lien Term Loan -- upgraded to B3 (LGD5) from Caa1 (LGD5) The rating outlook is stable. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. Digital River, Inc., with projected annual revenues of about $350 million, is a provider of eCommerce solutions that support the sale and fulfillment of primarily software and gaming products. The company also provides online payment processing services. ERF WIRELESS: Manny Carter Resigns as Director ---------------------------------------------- ERF Wireless, Inc., received and accepted the resignation of Manny M. Carter as director of the Company, effective Nov. 1, 2015. Mr. Carter had served as a director since October 2012. Carter stated that he was resigning for personal reasons. About ERF Wireless Based in League City, Texas, ERF Wireless, Inc., provides secure, high-capacity wireless products and services to a broad spectrum of customers in primarily underserved, rural and suburban parts of the United States. ERF Wireless reported a net loss attributable to the company of $7.26 million in 2013, a net loss of $4.81 million in 2012, and a net loss of $3.37 million in 2011. As of Sept. 30, 2014, the Company had $3.59 million in total assets, $10.4 million in liabilities, and a $6.84 million shareholders' deficit. ESSAR STEEL: Holding's Chapter 15 Case Summary ---------------------------------------------- Chapter 15 Petitioner: Robert Sandoval, General Counsel Chapter 15 Debtor: Algoma Holdings B.V. 105 West Street Sault Ste. Marie Ontario P6A 7B4 Canada Chapter 15 Case No.: 15-12349 Type of Business: Holding Company Chapter 15 Petition Date: November 20, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Brendan Linehan Shannon Chapter 15 Petitioner's Counsel: Daniel J. DeFranceschi, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, P.O. Box 551 Wilmington, DE 19899 Tel: 302 651-7700 Fax: 302-651-7701 Email: defranceschi@rlf.com - and - Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 N. King Street Wilmington, DE 19801 Tel: 302-651-7838 Fax: 302-428-7838 Email: steele@rlf.com Estimated Assets: More than $1 billion Estimated Debts: More than $1 billion F-SQUARED INVESTMENT: Plan Filing Exclusivity Extended to March 4 ----------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended F-Squared Investment Management, LLC, et al.'s exclusive plan filing period through and including March 4, 2015, and their exclusive solicitation period through and including May 4, 2015. On Oct. 28, 2015, the Debtors and the Official Committee of Unsecured Creditors filed the Joint Plan of Liquidation under Chapter 11 of the Bankruptcy Code and related disclosure statement. The Plan, according to Michael J. Merchant, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, is the result of extensive negotiations with the Committee and provides for the most efficient and cost-effective means of orderly liquidating the Debtors' estates and providing distributions to stakeholders. A hearing to consider approval of the Disclosure Statement has been scheduled for Dec. 7, 2015 at 10:00 a.m. (Eastern Time). In addition to pursuing approval of the Disclosure Statement and confirmation of the Plan, the Debtors intend to file and prosecute objections to several large contested claims that were filed in the Chapter 11 Cases, Mr. Merchant told the Court. The Debtors require additional time to pursue confirmation of the Plan and to address any unforeseen delays experienced in connection with those efforts, Mr. Merchant asserted. About F-Squared Investment Headquartered in Wellesley, MA, F-Squared Investments, Inc. -- http://www.f-squaredinvestments.com-- is a privately owned investment manager. The firm primarily provides its services to other investment advisers. It also caters to individuals, high net worth individuals, and pension and profit sharing plans. The firm provides index management services. It manages separate client-focused equity, fixed income, and multi-asset portfolios. The firm invests in the public equity, fixed income, and alternative investment markets across the globe. It makes all its investments through exchange-traded funds. The firm invests in small-cap stocks of companies across diversified sectors. F-Squared Investment Management, LLC and eight of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-11469) on July 8, 2015. The petition was signed by Laura Dagan as president and chief executive officer. The cases are assigned to Laurie Selber Silverstein. Richards, Layton & Finger, P.A. serves as the Debtors' counsel. Gennari Aronson, LLP represents the Debtors as special corporate counsel. Grail Advisory Partners LLC (d/b/a PL Advisors) and Managed Account Services, LLC act as the Debtors' financial advisors and investment bankers. Stillwater Advisory Group LLC is the Debtors' crisis managers and restructuring advisors. BMC Group, Inc. acts as the Debtors' claims and noticing agent. * * * The hearing to consider approval of the Disclosure Statement explaining the Chapter 11 Plan of Liquidation of F-Squared Investment Management, LLC, et al., will be held on Dec. 7, 2015, at 10:00 a.m. (prevailing Eastern Time) before Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware. The sale of substantially all of the Debtors' assets to Broadmeadow Capital, LLC, closed on Sept. 8, 2015 The Plan provides for the establishment of the F-Squared Liquidating Trust for the purposes of, among other things, (i) administering the Debtors' remaining assets, (ii) reconciling claims against the Debtors, (iii) objecting to and/or moving to estimate or recharacterize the claims, (iv) prosecuting estate causes of action, and (v) making distributions. A full-text copy of the Plan dated Oct. 28 is available at http://bankrupt.com/misc/FSIds1028.pdf FEDERATION EMPLOYMENT: To Sell Interests in Manhattan Apartment --------------------------------------------------------------- Federal Employment and Guidance Service Inc. received court approval to sell its interests in a cooperative apartment to New York Foundling Hospital. The order, issued by U.S. Bankruptcy Judge Robert Grossman, approved the company's deal with the hospital, which offered $375,000 for its interests in an apartment unit in Manhattan. The unit was previously occupied by a former FEGS patient who is now under the care of New York Foundling Hospital. The patient will be transferred to his former home once the sale is completed. The Office of People with Developmental Disabilities will provide $345,000 to the hospital to fund the acquisition. Federal Employment previously entered into a deal with another buyer, who made a $350,000 offer for the apartment unit. The deal did not push through after the initial buyer declined to increase his offer. He will receive reimbursement in the amount of $3,715 at the closing of sale, court filings show. About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; Crowe Horwath, LLP as accountants; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The Debtor disclosed $86,697,814 in assets and $45,572,524 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 2 appointed three members to the Official Committee of Unsecured Creditors. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel. FREESEAS INC: Announces New Charter for Vessel ---------------------------------------------- FreeSeas Inc. announced that the Company-owned vessel M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has contracted a voyage charter of approximately 35 days duration, yielding an estimated equivalent T/C rate of approximately $7,000 per day. About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. Freeseas reported a net loss of $12.7 million in 2014, a net loss of $48.7 million in 2013 and a net loss of $30.9 million in 2012. As of June 30, 2015, the Company had $41.4 million in total assets, $32.2 million in total liabilities and $9.22 million in total shareholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. Also, the Company has disclosed alternative methods of testing the carrying value of its vessels for purposes of testing for impairment during the year ended December 31, 2014. These conditions among others raise substantial doubt about the Company's ability to continue as a going concern. FTE NETWORKS: Announces Initial Settlement Date for Tender Offer ---------------------------------------------------------------- FTE Networks, Inc., announced an initial settlement date of Nov. 12, 2015, for its cash tender offer to purchase 80% to 100% of its outstanding Senior Secured Promissory Notes. As of Nov. 12, 2015, the company has received 97% participation in the Offer. The Offer will remain until 11:59 p.m., New York City time, on Dec. 4, 2015, unless extended or earlier terminated. Details of the Offer On Nov. 4, 2015, the Company commenced the Offer to purchase for cash, upon the terms and subject to the conditions set forth in the offer to purchase and the related letter of transmittal, up to an aggregate of $3,514,511.88 principal amount, but not less than an aggregate of $2,811,609.51 principal amount of the Notes. These amounts represent approximately 100% and 80% of the aggregate principal amount of the outstanding Notes, respectively. As of the time of this press release, an aggregate of $3,420,022.32 principal amount of the Notes, or approximately 97% of the outstanding Notes, have been tendered. There is no established trading market for the Notes. Holders who tendered their Notes prior to the Initial Settlement Date, and whose Notes have been accepted for purchase by the Company, will receive the tender offer consideration of $400 per $1,000 principal amount of the Notes, as well as the premium consideration of $100 per $1,000 principal amount of the Notes, on the Initial Settlement Date. Holders who tender their Notes on or subsequent to the Initial Settlement Date and prior to the expiration of the Offer, and whose Notes are accepted for purchase by the Company, will receive the Tender Offer Consideration (and the Premium Consideration if the Notes are tendered prior to 11:59 p.m., New York City time, on Nov. 19, 2015) on the final settlement date, which is expected to be the next business day following expiration of the Offer. About FTE Networks, Inc. FTE Networks, formerly known as Beacon Enterprise Solutions Group, Inc., is a vertically integrated company with an international footprint. Since its inception, FTE Networks has steadily advanced its management, operational and technical capabilities to become a leading provider of services to the telecommunications and wireless sector with a focus on turnkey solutions. FTE Networks provides a comprehensive array of services centered on quality, efficiency and customer service. As of June 30, 2015, the Company had $4.10 million in total assets, $13.64 million in total liabilities and a $9.53 million total stockholders' deficiency. Bankruptcy Warning "[W]e have not achieved a sufficient level of revenues to support our business and development activities and have suffered substantial recurring losses from operations since our inception, which conditions raise substantial doubt that we will be able to continue operations as a going concern. "Management's plans are to continue to raise additional funds through the sales of debt or equity securities. Currently in process, management's plans are to increase liquidity and enhance capital resources by attempting to complete negotiations for a $6 million asset-based line of credit which is in the final phases of the approval process and completion of refinancing $3.5 million of senior secured notes which will generate an approximate $1.45 million of availability to be used for expansion of the business. However, there is no assurance that additional financing, including the aforementioned transactions, will be available when needed or that management will be able to obtain and close financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables and reduce overhead until sufficient additional capital is raised to support further operations, which would have a material adverse effect on the Company's business, financial condition and results of operations, and ultimately we could be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code," the Company stated in its quarterly report for the period ended June 30, 2015. GENESYS RESEARCH: Trustee Has Deal With Former Employee ------------------------------------------------------- Harold B. Murphy, Chapter 11 Trustee of the bankruptcy estate of GeneSys Research Institute, Inc., asks the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to approve a stipulation that he had entered into with Christine E. Briggs, PhD., the Debtor's former employee. Ms. Briggs is a research scientist and member of the Center of Cancer Systems Biology ("CCSB"), formerly a major component of the Debtor. Debtor GeneSys Research Institute, Inc. had previously filed a motion ("Turnover Motion"), seeking the turnover of a certain laptop and certain paper files used or created by Ms. Briggs during the course of her employment by the Debtor. Ms. Briggs, objected to the Turnover Motion, contending that she had already given Attorney Adrienne Walker a portable drive containing electronic copies of the entirety of her files from the CCSB during her Sept. 20, 2015 deposition. Ms. Briggs contended that the originals of the files are still on her former desktop work computer at GRI and were already in the possession of the estate. She further contended that she has no property, information, files or documents of any kind belonging to GRI or information pertaining to any property of GRI. Ms. Briggs relates that she was loaned a 2009 Mac laptop by CCSB for offsite work-related activities by CCSB in 2012, when CCSB was a Steward entity, and that the said laptop remains on loan from the CCSB to her, an active member of the research faculty at the CCSB. Mr. Murphy tells the Court that on Oct. 21, 2015, prior to the evidentiary hearing set by the Court on Nov. 16, 2015, Ms. Briggs visited his office and allowed him to copy the hardrive of the Laptop and turned the files over to him. He further tells the Court that no substantive dispute remains between the Trustee and Ms. Briggs regarding the Turnover Motion and that they wish to resolve their differences without further expense and delay. Mr. Murphy relates that he had entered into a stipulation with Ms. Briggs, which provides that the Turnover Motion will be deemed withdrawn upon approval of the stipulation by the Bankruptcy Court, as Ms. Briggs has already provided the information requested by the Turnover Motion to the Trustee. GeneSys Research Institute is represented by: Nina M. Parker, Esq. PARKER & ASSOCIATES 10 Converse Plance Winchester, MA 01890 Telephone: (781)729-0005 E-mail: nparker@ninaparker.com Harold B. Murphy, Chapter 11 Trustee, is represented by: Christopher M. Condon, Esq. MURPHY & KING One Beacon Street Boston, MA 02108 Telephone: (617)423-0400 Facsimile: (617)556-8985 Email: ccondon@murphyking.com About GeneSys Research GeneSys Research Institute, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Mass Case No. 15-12794) on July 14, 2015. The petition was signed by Robert Stemple, clerk and treasurer. Parker & Associates serves as the Debtor's counsel. The Debtor estimated assets of $10 million to $50 million and liabilities of at least $1 million. The case is assigned to Judge Joan N. Feeney. GUIDED THERAPEUTICS: Incurs $2.73-Mil. Net Loss in Third Quarter ---------------------------------------------------------------- Guided Therapeutics, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $2.73 million on $8,000 of contract and grant revenue for the three months ended Sept. 30, 2015, compared to a net loss attributable to common stockholders of $3.01 million on $22,000 of contract and grant revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $7.01 million on $33,000 of contract and grant revenue compared to a net loss attributable to common stockholders of $6.81 million on $52,000 of contrat and grant revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $2.76 million in total assets, $6.25 million in total liabilities and a total stockholders' deficit of $3.48 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/1ntk4V About Guided Therapeutics Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP) -- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett's Esophagus using the LightTouch technology platform. For the year ended Dec. 31, 2014, the Company reported a net loss attributable to common stockholders of $10.03 million on $65,000 of contract and grant revenue compared to a net loss attributable to common stockholders of $10.39 million on $820,000 of contract and grant revenue in 2013. GUIDED THERAPEUTICS: Stockholders OK Hike of Authorized Shares -------------------------------------------------------------- Guided Therapeutics, Inc., held a special meeting of stockholders on Nov. 11, 2015, at its office in Norcross, Georgia. At the meeting, the stockholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of its common stock to a total of 1,000,000,000 shares. The stockholders also approved an amendment to the Company's Certificate of Incorporation to effect a reverse stock split, in a ratio to be determined by the Company's board of directors ranging from 1-for-10 to 1-for-100, of all issued and outstanding shares of the Company's common stock, at a time in the three years following such approval to be determined by the board. About Guided Therapeutics Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP) -- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett's Esophagus using the LightTouch technology platform. For the year ended Dec. 31, 2014, the Company reported a net loss attributable to common stockholders of $10.03 million on $65,000 of contract and grant revenue compared to a net loss attributable to common stockholders of $10.39 million on $820,000 of contract and grant revenue in 2013. As of Sept. 30, 2015, the Company had $2.76 million in total assets, $6.25 million in total liabilities and a total stockhoders' deficit of $3.48 million. GUNBOAT INTERNATIONAL: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------------------- Gunboat International, Ltd., filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.C. Case No. 15-06271) on Nov. 18, 2015, estimating assets between $1 million and $10 million and liabilities at between $10 million and $50 million. The petition was signed by Peter Johnstone, president. Citing Mr. Johnstone, Scuttlebutt.com relates that the decision followed a two year period of adverse business circumstances. The report quoted Mr. Johnstone as saying, "In a period of non-stop accolades and introduction of several terrific new models, Gunboat has been quietly struggling behind the scenes for nearly two years. It has been a perfect storm of adverse business circumstances, mistakes, and disputes. A brief summary from my viewpoint/opinion: -- The Chinese built Gunboat 60 series cost Gunboat a fortune to sort out. The Chinese builder has fought its contractual obligations to manage, support, pay and reimburse for the completion, rework and warranty costs. Gunboat felt an obligation to its customers and spent millions out of pocket, which proved to be a huge strain on our resources, focus and productivity; -- The G4 capsize in April, and the recent photo boat collision on a magazine boat test in Annapolis have thwarted sales of this series to date. The investment was made. The return is in the future; -- The abandonment of RAINMAKER by her owner and crew certainly was not helpful to a new series. The Gunboat 55 is a great boat, and it will take time for that word to get out; and -- The ramp up of production in North Carolina took longer and cost more." Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., and Trawick H Stubbs, Jr., Esq., at Stubbs & Perdue, PA, serves as the Company's bankruptcy counsel. Headquartered in Wanchese, North Carolina, Gunboat International, Ltd. -- fdba Pure Yachting, Ltd, and Gunboat Company -- is a provider of high performance, luxury catamarans. H. KREVIT AND COMPANY: Hires Joseph Vitale as Corporate Counsel --------------------------------------------------------------- H. Krevit and Company, Incorporated, et al., ask the Bankruptcy Court to approve their retention of Joseph A. Vitale as their corporate counsel. The Debtors relate Vitale has served as their general corporate counsel for many years and his knowledge and expertise is necessary to effectuate their plan through this chapter 11 cases. The Debtors desire to employ Vitale on an hourly basis at a discounted hourly rate of $275 and to reimburse him for his post-petition expenses. Vitale has been paid a retainer of $15,000 for services to be rendered in connection with this Chapter 11 case. Vitale represents it has no interest adverse to the Debtors or the estate in matters upon which he is to be engaged. About H. Krevit and Company New Haven, Connecticut.-based H. Krevit and Company, Incorporated and three of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to 15-31907) on Nov. 19, 2015. The petition was signed by Thomas S. Ross as president. Rogin Nassau LLC represents the Debtors as counsel. Judge Julie A. Manning has been assigned the case. The Debtors are manufacturers and distributor of various inorganic chemicals, including sodium hypochlorite (bleach), hydrochloric acid, and sodium hydroxide (caustic soda). H. KREVIT AND COMPANY: Seeks Joint Administration of Cases ---------------------------------------------------------- H. Krevit and Company, Incorporated, GreenChlor, Inc., GCTR Realty, LLC and HKC Trucking, LLC ask the Bankruptcy Court to jointly administer their Chapter 11 cases. The Debtors relate that joint administration of their estates will be less expensive and more efficient than separate administration because common administrative issues and motions will predominate. They maintain that joint administration will not impair the substantive rights of creditors. Barry S. Feigenbaum, Esq., at Rogin Nassau LLC, counsel for the Debtors, tells the Court that: -- each of the Debtors is jointly and severally liable on the same debt to their primary secured lender; -- each of the Debtors' books and records are maintained by the same accounting staff and have in the past reported their financial condition on audited consolidated financial statements; -- the Debtors share the same team of management, lawyers, investment bankers and accountants; -- the Debtors operate as a consolidated business enterprise to manufacture, distribute and sell inorganic chemicals; and -- virtually all of the issues pertaining to one of the Debtors pertain to all of them. About H. Krevit and Company New Haven, Connecticut.-based H. Krevit and Company, Incorporated and three of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to 15-31907) on Nov. 19, 2015. The petition was signed by Thomas S. Ross as president. Rogin Nassau LLC represents the Debtors as counsel. Judge Julie A. Manning has been assigned the case. The Debtors are manufacturers and distributor of various inorganic chemicals, including sodium hypochlorite (bleach), hydrochloric acid, and sodium hydroxide (caustic soda). H. KREVIT AND COMPANY: Taps TNCP LLC as Financial Advisors ---------------------------------------------------------- H. Krevit and Company, Incorporated, et al., seek permission from the Bankruptcy Court to employ TNCP, LLC, a wholly owned subsidiary of TrueNorth Capital Partners LLC, as their financial advisors to provide advice and assistance in: (i) the sale of substantially all of the assets of their business; (ii) securing financing; and (iii) such other services as the as the Debtors and TrueNorth will from time to time reasonably agree upon. TrueNorth is a financial advisory firm which provides assistance to clients in need of financial restructuring advisory services, business and strategic plan development, risk assessment, placement of debt and equity capital, and general business due diligence. The Debtors relate TrueNorth has provided financial advisory services to them since July 16, 2015, and is familiar with their business and industry. In particular, TrueNorth conducted a comprehensive search for a party to purchase the Debtors or otherwise invest in them. This effort led to the purchase of the Debtors' outstanding senior secured debt by AJM Industries LLC. Frederick Rossetti and Jeffrey Gaynor are both managing directors of TrueNorth and will be primarily responsible for providing the services. According to the Debtors, Mr. Rossetti and Mr. Gaynor and TrueNorth represent no interest adverse to their estate. To the Debtors' knowledge, Mr. Rossetti, Mr. Gaynor and TrueNorth are "disinterested persons" as that term is defined under Section 101(14) of the Bankruptcy Code. About H. Krevit and Company New Haven, Connecticut.-based H. Krevit and Company, Incorporated and three of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to 15-31907) on Nov. 19, 2015. The petition was signed by Thomas S. Ross as president. Rogin Nassau LLC represents the Debtors as counsel. Judge Julie A. Manning has been assigned the case. The Debtors are manufacturers and distributor of various inorganic chemicals, including sodium hypochlorite (bleach), hydrochloric acid, and sodium hydroxide (caustic soda). H. KREVIT AND COMPANY: Wants Dec. 15 Deadline to File Schedules --------------------------------------------------------------- H. Krevit and Company, Incorporated, et al., ask the Bankruptcy Court to extend their deadline to file their schedules of assets and liabilities and statements of financial affairs to Dec. 15, 2015. The Debtors maintain that due to the size of the estates and their limited accounting staffs, they will require more time to prepare their Schedules and Statements. About H. Krevit and Company New Haven, Connecticut.-based H. Krevit and Company, Incorporated and three of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to 15-31907) on Nov. 19, 2015. The petition was signed by Thomas S. Ross as president. Rogin Nassau LLC represents the Debtors as counsel. Judge Julie A. Manning has been assigned the case. The Debtors are manufacturers and distributor of various inorganic chemicals, including sodium hypochlorite (bleach), hydrochloric acid, and sodium hydroxide (caustic soda). HD SUPPLY: Presented at Robert W. Baird Conference -------------------------------------------------- HD Supply, Inc. gave a presentation at the Robert W. Baird & Co. 2015 Industrial Conference on Nov. 11, 2015. A copy of the slides used at the presentation is available for free at: http://is.gd/nTPhag About HD Supply HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the largest North American wholesale distributors supporting residential and non-residential construction and to a lesser extent electrical consumption and repair and remodeling. HDS also provides maintenance, repair and operations services. Its businesses are organized around three segments: Infrastructure and Energy; Maintenance, Repair & Improvement; and, Specialty Construction. HDS operates through approximately 800 locations throughout the U.S. and Canada serving contractors, government entities, maintenance professionals, home builders and professional businesses. As of May 3, 2015, HD Supply had $6.3 billion in total assets, $6.8 billion in total liabilities and a $498 million total stockholders' deficit. * * * As reported by the TCR on Aug. 5, 2015, Moody's Investors Service upgraded HD Supply, Inc.'s Corporate Family Rating to B2 from B3 and revised its rating outlook to positive from stable, since key debt credit metrics are becoming more supportive of higher ratings. The upgrade of HDS's Corporate Family Rating to B2 from B3 and the change in rating outlook to positive from stable results from Moody's expectations for key debt credit metrics becoming more supportive of higher ratings, due to solid operating performance and lower levels of balance sheet debt. The TCR reported in August 2015 that Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Atlanta-based industrial distributor HD Supply Inc. to 'B+' from 'B'. "The upgrade reflects the company's consistently good operating performance over the past 12 months, which has caused its leverage to fall below 6x as of May 3, 2015," said Standard & Poor's credit analyst Svetlana Olsha. HEALTHWAREHOUSE.COM INC: Melrose OKs Increase of Sr. Notes to $1M ----------------------------------------------------------------- Healthwarehouse.com is a party to a Loan and Security Agreement, dated as of March 28, 2013, as amended on March 9, 2015, and Sept. 8, 2015, with Melrose Capital Advisors, LLC. Under the terms of the Loan Agreement, the Company borrowed an aggregate of $750,000 from the Lender. The Loan is evidenced by a promissory note in the face amount of $750,000, as amended. The principal amount and all unpaid accrued interest on the Senior Note is payable on Nov. 1, 2015, or earlier in the event of default or a sale or liquidation of the Company. The Company granted the Lender a first priority security interest in all of the Company's assets, in order to secure the Company's obligation to repay the Loan, including a Deposit Account Control Agreement, dated as of Aug. 18, 2014, and a Deposit Account Control Agreement dated as of Oct. 22, 2015, which grants the Lender a security interest in certain bank accounts of the Company. Upon the occurrence of an event of default, the Lender has the right to impose interest at a rate equal to five percent per annum above the otherwise applicable interest rate. The repayment of the Loan may be accelerated prior to the maturity date upon certain specified events of default, including failure to pay, bankruptcy, breach of covenant, and breach of representations and warranties. On Nov. 11, 2015, the Company and the Lender entered into a Loan Extension Agreement and an Amended and Restate Promissory Note, both effective Nov. 1, 2015, pursuant to which the Lender agreed to increase the face amount of the Senior Note to $1,000,000 and to extend the maturity date of the Senior Note to Dec. 31, 2015. In consideration of the Lender increasing the face amount and extending the maturity date of the Senior Note, the Company granted the Lender a five-year warrant to purchase 250,000 shares of common stock of the Company at an exercise price of $0.12 per share and agreed to decrease the exercise price from $0.35 to $0.12 on 375,000 warrants previously issued to the Lender. The Warrant contains customary anti-dilution provisions. About HealthWarehouse.com HealthWarehouse.com, Inc., headquartered in Florence, Kentucky, is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare e-commerce company that sells brand name and generic prescription drugs as well as over-the-counter medical products. Healthwarehouse.com reported a net loss attributable to common stockholders of $2.08 million on $6.12 million of net sales for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $7.3 million on $10.23 million of net sales in 2013. As of June 30, 2015, the Company had $1.2 million in total assets, $4.7 million in total liabilities and a $3.5 million total stockholders' deficiency. Marcum 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 significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Bankruptcy Warning "The Company recognizes it will need to raise additional capital in order to fund operations, meet its payment obligations and execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments, attempt to negotiate the preferred stock redemption and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If the Company is unable to obtain financing on a timely basis, the Company could be forced to sell its assets, discontinue its operation and /or seek reorganization under the U.S. bankruptcy code," the Company stated in its quarterly report for the period ended June 30, 2015. HI-CRUSH PARTNERS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR ----------------------------------------------------------------- Standard & Poor's Ratings Services said it revised its rating outlook on Hi-Crush Partners L.P. to negative from stable. S&P also affirmed its 'B+' corporate credit rating on the company. At the same time, S&P affirmed its 'BB-' issue-level rating on the company's senior secured credit facilities. S&P's recovery rating on the senior secured debt remains '2', indicating its expectation for substantial (70% to 90%; upper half of the range) recovery in the event of a payment default. "The negative rating outlook reflects our view that Hi-Crush's EBITDA and cash flows will trend lower, placing further pressure on the company's credit measures and liquidity position over the next 12 months as a result of lower demand and weaker pricing for frac sand," said Standard & Poor's credit analyst Ryan Gilmore. S&P could lower the rating if it no longer deemed liquidity to be adequate or if debt to EBITDA exceeded 5x. This could occur if Hi-Crush breached a covenant governing its revolving credit facility or if pricing for frac sand remained stagnant or weakened from current levels and 2016 EBITDA fell below $55 million. It is unlikely that S&P would raise the rating in the next 12 months given the current weakness in Hi-Crush's operating environment. However, a positive rating action would most likely result from an improved business risk profile assessment. This could take the form of a growing track record demonstrating the partnership's ability to fulfill and increase customer contracts, the successful integration of acquisitions, and consistent profitability levels while controlling increases in leverage. HOUGHTON MIFFLIN: Fitch Affirms 'B+' Issuer Default Ratings ----------------------------------------------------------- Fitch Ratings has affirmed the 'B+' Issuer Default Ratings (IDRs) of Houghton Mifflin Harcourt Publishers Inc. (HMH) and its subsidiaries. Fitch has also affirmed HMH's senior secured term loan at 'BB+/RR1'. The Rating Outlook is Stable. KEY RATING DRIVERS Fitch's rating has consistently incorporated the belief that HMH's capital structure was not permanent and that leverage would increase to fund acquisitions and/or shareholder returns. Recent actions by the company confirm Fitch's expectations. In May 2015, HMH upsized their existing term loan to $800 million to fund the acquisition of Scholastic's Educational Technology and Services business (EdTech) and a $300 million incremental share repurchase program. Concurrent with reporting its results for the third quarter ended Sept. 30, 2015, HMH announced that its board approved an additional $500 million in share repurchases, increasing the program total to $1 billion through the end of 2018 (as of Sept. 30, 2015, approximately $760 million would have been available). The company simultaneously announced that it would issue $250 million of debt, although they did not provide details regarding timing. Pro forma for the EdTech acquisition and related debt issuance only, total Fitch-calculated leverage at Sept. 30, 2015 was 4.5x using total debt to EBITDA and 3.3x using Funds From Operations (FFO) Adjusted Leverage. Fitch focuses on FFO Adjusted Leverage to measure Total Leverage given the increase in revenue recognition timing differences arising from digital revenue growth. As a result of GAAP treatment of digital revenues, a growing portion of total annual revenues are deferred over an adoption's term. Although digital cash receipts in a given year may eventually match revenues recognized in that year, Fitch does not expect that to occur within the rating horizon. HMH continues to be a leader in the K-12 educational material and services sector, capturing 40% of its Association of American Publishers' addressable market. Fitch believes investments made in digital products and services will position HMH to take a meaningful share of the rebound in the K-12 educational market. Fitch expects HMH will be able to, at a minimum, maintain its market share. HMH has significant financial flexibility to invest in digital content and new business initiatives. These investments into international markets and adjacent K-12 educational material markets may provide diversity away from highly cyclical state and local budgets. The Recovery Rating reflects a restructuring scenario, assuming going-concern EBITDA of $250 million resulting in an adjusted, distressed enterprise valuation of $1.5 billion using a 6x multiple. Given the strong recovery prospects, the $250 million asset-backed credit facility and $800 million senior secured term loan were notched up to 'BB+/RR1'. The $250 million going-concern EBITDA is adjusted to include changes in deferred revenues to account for the growing importance of digital revenues. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for HMH include: -- 2015 estimate is pro forma for the Ed Tech acquisition; -- Mid-single digit revenue growth for 2016, 2017 and 2018; -- Margin improvement driven by continued growth in higher margin digital revenues; -- $250 million of debt issuance in 2016; -- $250 million of annual share buybacks. RATING SENSITIVITIES Positive rating actions may be considered if a clear financial policy commensurate with a higher rating is communicated, which could include a leverage target and/or strategy around shareholder policy in terms of dividends and share buybacks. Also, long-term, meaningful diversification into international markets and into new business initiatives could lead to positive rating actions. In addition, HMH demonstrating that it can consistently generate positive Fitch-calculated free cash flow (FCF) in excess of Fitch's expectations may drive positive rating momentum. A negative rating action would occur if the company exceeds 4.5x FFO adjusted leverage, which would be outside a level expected for a B+ rating. The company's recent comments regarding increased shareholder returns and new debt issuance could exacerbate this scenario. Although HMH could present a credible plan for returning total leverage to a level more acceptable for the rating, this scenario is not expected given that the company has not provided a total leverage target at this time. An additional negative rating action driver would occur if HMH begins experiencing significant erosion in market share. LIQUIDITY As of Sept. 30, 2015, the company had solid liquidity consisting of $377 million in cash and $146 million in short-term investments and $203 million of availability under its $250 million asset-backed revolver, due 2017. HMH's liquidity position and overall financial flexibility is supported by FCF, which amounted to approximately $182 million for the LTM period ended Sept. 30, 2015. Fitch expects pro forma FCF to range from $175 million to $250 million during the ratings horizon. Maturities are manageable with $8 million of annual amortization under an $800 million secured term loan that matures in 2021. Fitch expects HMH to continue to deploy cash towards organic growth, share repurchases, and acquisitions in digital and adjacent K-12 educational material markets. Fitch believes HMH has sufficient liquidity to fund these actions over the next three years within the context of the current rating. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Houghton Mifflin Harcourt Publishers Inc. -- Long-term IDR at 'B+'; -- Senior secured asset-backed revolver at 'BB+/RR1'; -- Senior secured term loan at 'BB+/RR1'. Houghton Mifflin Harcourt Publishing Company -- Long-term IDR at 'B+'. HMH Publishers LLC -- Long-term IDR at 'B+'. The Rating Outlook is Stable. IMH FINANCIAL: Incurs $7.1 Million Net Loss in Third Quarter ------------------------------------------------------------ IMH Financial Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common shareholders of $7.12 million on $6.11 million of total revenue for the three months ended Sept. 30, 2015, compared to a net loss attributable to common shareholders of $23.4 million on $7.99 million of total revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common shareholders of $7.13 million on $25.0 million of total revenue compared to a net loss attributable to common shareholders of $27.9 million on $23.5 million of total revenue for the same period last year. As of Sept. 30, 2015, the Company had $209 million in total assets, $122 million in total liabilities, $29.04 million in redeemable convertible preferred stock, and $57.7 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/hzIvw8 About IMH Financial Scottsdale, Ariz.-based IMH Financial Corporation was formed from the conversion of IMH Secured Loan Fund, LLC, or the Fund, a Delaware limited liability company, on June 18, 2010. The conversion was effected following a consent solicitation process pursuant to which approval was obtained from a majority of the members of the Fund to effect the Conversion Transactions and involved (i) the conversion of the Fund from a Delaware limited liability company into a Delaware corporation named IMH Financial Corporation, and (ii) the acquisition by the Company of all of the outstanding shares of the manager of the Fund Investors Mortgage Holdings Inc., or the Manager, as well as all of the outstanding membership interests of a related entity, IMH Holdings LLC, or Holdings on June 18, 2010. IMH Financial reported a net loss attributable to common shareholders of $39.5 million in 2014, a net loss attributable to common shareholders of $26.2 million in 2013 and a net loss attributable to common shareholders of $32.2 million in 2012. IMH FINANCIAL: Outside Directors Invest in Company Subsidiary ------------------------------------------------------------- Three outside directors of IMH Financial Corporation, Leigh Feuerstein, Andrew Fishleder and Jay Wolf, each, either individually or through affiliated entities, entered into subscription agreements to purchase Class B limited liability company interests in one of the Company's subsidiaries. The JV Subsidiary is a member of a joint venture with a national real estate and land development company, which joint venture was formed for the purpose of acquiring and developing approximately 127 acres of land near Park City, Utah. As of Nov. 10, 2015, the Company has raised a total of $1.65 million through the issuance of Class B Interests in the JV Subsidiary. Of that amount, $0.4 million is from personal investments made by Messrs. Feuerstein, Fishleder and Wolf, directly or through affiliated entities. Mr. Wolf is also the managing member of an entity that purchased $1.15 million in Class B Interests (including the $0.25 million personal investment by Mr. Wolf and $0.9 million invested by unrelated third parties). Each of the investments by Messrs. Feuerstein, Fishleder and Wolf were approved as fair to, and in the interests of, the Company by a special committee of the Company's board of directors, which committee was comprised solely of non-management and non-investing directors. The JV Subsidiary intends to raise up to an additional $0.35 million from the sale of Class B Interests to non-affiliated parties. About IMH Financial Scottsdale, Ariz.-based IMH Financial Corporation was formed from the conversion of IMH Secured Loan Fund, LLC, or the Fund, a Delaware limited liability company, on June 18, 2010. The conversion was effected following a consent solicitation process pursuant to which approval was obtained from a majority of the members of the Fund to effect the Conversion Transactions and involved (i) the conversion of the Fund from a Delaware limited liability company into a Delaware corporation named IMH Financial Corporation, and (ii) the acquisition by the Company of all of the outstanding shares of the manager of the Fund Investors Mortgage Holdings Inc., or the Manager, as well as all of the outstanding membership interests of a related entity, IMH Holdings LLC, or Holdings on June 18, 2010. IMH Financial reported a net loss attributable to common shareholders of $39.5 million in 2014, a net loss attributable to common shareholders of $26.2 million in 2013 and a net loss attributable to common shareholders of $32.2 million in 2012. As of Sept. 30, 2015, the Company had $208.56 million in total assets, $121.78 million in total liabilities, $29.04 million in redeemable convertible preferred stock, and $57.73 million in total stockholders' equity. IMH FINANCIAL: Repays $28.8 Million Loans ----------------------------------------- IMH Financial Corporation disclosed with the Securities and Exchange Commission that on Oct. 27, 2015, it fully repaid two loans totaling $28.8 million which were obtained in February 2015 and originally scheduled to mature in February 2017. The REO Loans were secured by a) first liens on certain operating and non-operating real estate assets owned by affiliates of the Company, b) pledges by certain Company affiliates of their interests in certain mortgage loan documents evidencing payment obligations owed to such affiliates and c) the Company's membership interest in its multifamily development joint venture in Minnesota. The repayment of the REO Loans was made utilizing proceeds from the restricted collateral account required under the REO Loans. The Company did not incur any material termination penalties as a result of this prepayment. About IMH Financial Scottsdale, Ariz.-based IMH Financial Corporation was formed from the conversion of IMH Secured Loan Fund, LLC, or the Fund, a Delaware limited liability company, on June 18, 2010. The conversion was effected following a consent solicitation process pursuant to which approval was obtained from a majority of the members of the Fund to effect the Conversion Transactions and involved (i) the conversion of the Fund from a Delaware limited liability company into a Delaware corporation named IMH Financial Corporation, and (ii) the acquisition by the Company of all of the outstanding shares of the manager of the Fund Investors Mortgage Holdings Inc., or the Manager, as well as all of the outstanding membership interests of a related entity, IMH Holdings LLC, or Holdings on June 18, 2010. IMH Financial reported a net loss attributable to common shareholders of $39.5 million in 2014, a net loss attributable to common shareholders of $26.2 million in 2013 and a net loss attributable to common shareholders of $32.2 million in 2012. As of Sept. 30, 2015, the Company had $208.56 million in total assets, $121.78 million in total liabilities, $29.04 million in redeemable convertible preferred stock, and $57.73 million in total stockholders' equity. KATE SPADE: S&P Revises Outlook to Positive & Affirms 'B+' CCR -------------------------------------------------------------- Standard & Poor's Ratings Services said that it revised its rating outlook on New York-based handbag, apparel, and accessory retailer Kate Spade & Co. to positive from stable. At the same time, S&P affirmed its 'B+' corporate credit rating on the company. S&P also affirmed its 'B+' issue-level rating on the company's senior secured term loan due 2021. The '3' recovery rating is unchanged, indicating S&P's expectation for meaningful recovery (50%-70%; upper half of the range) of principal in the event of a payment default. "The rating actions reflect Kate Spade's strong operating momentum over the first nine months of 2015 and our expectation that this growth will continue over the next 12 months, resulting in improved credit metrics," said Standard & Poor's credit analyst Mathew Christy. Kate Spade's performance results have benefited from expansion both domestically and internationally, with same-store sales and new store growth across geographies. The company has expanded on its core strength in hand bags to become more of a lifestyle brand with products in many merchandising categories. The product expansion resulted from the development of in-house apparel and accessory merchandise, as well as licensing deals that have extended the brand into products such as home furnishings, household goods, and other products. S&P expects these trends to continue and believe that the company's initiatives in e-commerce, product availability, customer engagement, and marketing will help drive continued growth. "Our corporate credit rating on Kate Spade reflects the company's relatively narrow product and geographic focus in the highly competitive but expanding affordable luxury accessory and apparel industry. Following its divestiture of the Lucky Brands and Juicy Couture brands in 2014 and the wind down of the Kate Spade Saturday and Jack Spade brands earlier in 2015, we expect the company's scale to remain good, though somewhat reduced, with estimated annual revenue in excess of $1 billion. Although the company will rely more heavily on its key brand, Kate Spade, we believe the well-known brand name still possesses good growth and profitability potential, evidenced by the strong growth in comparable sales, new store expansion in recent quarters, and the expansion of the brand via licensing agreements," S&P said. The positive rating outlook reflects Kate Spade's strong operating momentum and meaningful same-store sales growth -- a trend S&P expects to continue over the next several quarters. S&P also believes that continued profit growth will lead to an improvement in the company's credit metrics over the next 12 months. "We could revise the outlook to stable if the company's operating momentum and comparable revenue growth trends slow considerably, resulting in little improvement in credit metrics," said Mr. Christy. This could occur if Kate Spade's initiatives fail to drive expected growth and a slowdown in the retail industry leads to an increase in discounting for the company's retail and wholesale operations. Under this scenario, sales growth would slow to a low- to mid-single-digit percent rate and EBITDA margins would remain generally flat, resulting in adjusted leverage that remains in the mid-4x area. S&P could raise the rating if the company's strong positive operating trends continue and S&P believes it can sustain FFO to debt at or above 20% and adjusted leverage of 4x or below, which would likely result in S&P's reassessment of the company's financial risk profile. This could occur if Kate Spade's initiatives to enhance customer engagement and a further expansion as a lifestyle brand leads to continued growth in comparable revenue and further improvement in margins. Under this scenario, revenue would likely increase to more than $1.3 billion and adjusted EBITDA margins would improve to more than 15%. LANNETT CO: S&P Affirms 'B+' CCR, Outlook Stable ------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Philadelphia-based Lannett Co. Inc. The outlook is stable. At the same time, S&P raised its issue-level rating on the company's proposed senior secured credit facility to 'BB-' from 'B+'. The credit facility consists of a $275 million senior secured term loan A due 2020, $635 million senior secured term loan B due 2022, and a $125 million revolving credit facility due 2020. S&P revised the recovery rating on this debt to '2' from '3'. The '2' recovery rating reflects S&P's expectation of substantial (70% to 90%, at the higher end of the range) recovery in the event of payment default. S&P also assigned a 'B-' issue-level rating to the company's $250 million senior unsecured notes. The recovery rating on this debt is '6', reflecting S&P's expectation of negligible (0% to 10%) recovery in the event of payment default. "The rating affirmation reflects our assessment that the proposed capital structure modification does not affect Lannett's financial risk or liquidity profiles," said Standard & Poor's credit analyst Maryna Kandrukhin. S&P projects the company will generate over $100 million in annual cash flow, sufficient to provide adequate liquidity sources and cover accelerated debt amortization payments. In addition, the rating affirmation reflects S&P's assessment that Lannett's financial and business risk profiles have not changed after Kremers Urban lost a key customer. While S&P expects the contract loss to constrain revenue and EBITDA, its current assessment of the company's financial risk profile already factors in leverage volatility stemming from the lower-margin Kremers Urban products, plus the potential for unsustainable price and volume increases typically associated with generic pharmaceutical products. Lannett Co. Inc. is a small generic pharmaceutical manufacturer. S&P's ratings reflect the company's relatively high business risk, illustrated by a narrow portfolio and reliance on an outside party for 25% of pro forma supply, along with significant integration risk for a first-time acquisition of this magnitude. These risks are only partly offset by high margins, good cash flows, and moderate leverage for the rating category. S&P's stable outlook reflects its belief that Lannett will generate mid-single-digit organic revenue growth and sustain leverage in the 3x to 4x range in fiscal 2016. The outlook also reflects our expectation that Lannett will generate at least $100 million of free cash flow. S&P could lower the rating if weaker-than-expected performance results in leverage increasing to 5x or more over the next 12 months. This would likely stem from issues integrating Kremers Urban or from organic revenue declines, possibly from an inability to increase prices or volumes of its existing products. In order for this to occur in fiscal 2016, revenues and gross margins would have to decline by at least 10 percentage points. "In our view, upside potential is limited over the next year and linked to an improvement in business risk. We could raise the rating if Lannett obtains greater scale, apart from the scale that we expect it will achieve with the Kremers Urban acquisition. We think it is unlikely that the company could achieve this while maintaining current debt protection measures. Separately, an improvement in credit measures is unlikely to result in a higher rating because we believe the company will need excess capacity to make diversifying acquisitions or to absorb possible price and volume fluctuations in its product portfolio," S&P said. LANNETT COMPANY: Moody's Lowers CFR to B2, Outlook Stable --------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating and Probability of Default Rating of Lannett Company, Inc. to B2 and B2-PD from B1 and B1-PD, respectively. Moody's also confirmed the B1 rating on the senior secured revolver and Term Loan B. Moody's assigned a B1 rating to the proposed Term Loan A and a Caa1 rating to the proposed $250 million unsecured notes offering. Moody's also affirmed the Speculative Grade Liquidity Rating of SGL-2. The outlook is stable. This concludes the rating review initiated on Nov. 5, 2015. The downgrade of the Corporate Family Rating incorporates Moody's expectation for higher initial leverage than previously anticipated. This follows the disclosure that Kremers Urban ("KU", which Lannett is in the process of acquiring) has lost a key customer. Revenues and EBITDA generated from sales of products to the customer were material, at $87 million and $45 million, respectively, for the 12 months ended June 30, 2015. While Lannett may be able to offset a portion of the customer loss through cost cuts, Moody's is concerned that significant reductions to operating expenses could adversely impact the company's ability to grow organically over the longer-term. The downgrade also reflects higher interest expense and mandatory debt amortization than Moody's previously anticipated given the revised transaction structure. Reduced cash flow expectations stemming from the loss of the KU customer, combined with higher debt service requirements will reduce the company's liquidity and ability to absorb potential operating setbacks in the future. Despite the downgrade of the Corporate Family Rating, Moody's confirmed the B1 rating on the senior secured credit facilities. The confirmation reflects changes in the proposed capital structure, which will now include $250 million of unsecured notes which provide first loss cushion to the secured debt. Issuer: Lannett Company, Inc. Ratings Downgraded: Probability of Default Rating to B2-PD from B1-PD Corporate Family Rating to B2 from B1 Ratings Confirmed: Senior Secured Bank Credit Facility at B1 (LGD3 changed from LGD4) Ratings Assigned: Senior Secured Term Loan A at B1 (LGD3) Senior unsecured notes at Caa1 (LGD6) Ratings Affirmed: Speculative Grade Liquidity Rating at SGL-2 The outlook is changed to Stable from Rating Under Review RATINGS RATIONALE The B2 Corporate Family Rating reflects Lannett's modest size -- despite materially increasing its revenue with the KU acquisition -- in the rapidly consolidating generic drug industry. The rating is also constrained by Lannett's rapid growth over the past several years which has been driven largely by opportunistic price increases. Moody's believes that, given significant recent scrutiny on generic drug prices, these types of price increases will be harder to achieve going forward. In addition, large price increases on generic products tend to draw more competitors into a market, potentially making Lannett's very high profit margins unsustainable. The rating also reflects the company's revenue concentration in a relatively limited number of drugs and Lannett's limited experience in acquiring and integrating companies of significant size. The ratings are supported by Lannett's leverage which -- despite the customer loss -- Moody's expects will be moderate, with debt/EBITDA around 4.0x. The ratings also incorporate Moody's expectation that the company will generate positive free cash flow. The rating is also supported by Moody's view that the company will use free cash flow to repay debt and will not pursue other large acquisitions in the next 12 to 18 months, although some smaller ($200 million) deals are likely. The stable outlook reflects Moody's view that the company's relatively moderate financial leverage will allow it to absorb potential operating set-backs that could occur as a result of new competitive entrants on key products or disruption from integration activities. Moody's could upgrade the ratings if Lannett successfully integrates KU and demonstrates the ability to generate sustained organic growth through new product launches, while sustaining adjusted debt to EBITDA below 4.0x. Moody's could downgrade the ratings if the company's revenue or profit margins deteriorate due to increased competition or other challenges on key products. Specifically if Moody's expects adjusted debt to EBITDA to be sustained above 5.0x, ratings could be downgraded. Further, a weakening of liquidity, or rising legal or regulatory risk could also lead to a downgrade. The principal methodology used in these ratings was Global Pharmaceutical Industry published in December 2012. Lannett Company Inc, headquartered in Philadelphia, PA is a generic drug manufacturer and distributor with capabilities in opioids and other difficult-to-manufacture products. Lannett is publicly traded on the NYSE and reported revenues of $420 million for the twelve months ended Sept. 30, 2015. LIME ENERGY: Posts $1.47 Million Net Income for Third Quarter ------------------------------------------------------------- Lime Energy Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income available to common stockholders of $1.47 million on $32.16 million of revenue for the three months ended Sept. 30, 2015, compared to a net loss available to common stockholders of $430,000 on $15.58 million of revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss available to common stockholders of $2.22 million on $82.40 million of revenue compared to a net loss available to common stockholders of $3.72 million on $41.45 million of revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $59.85 million in total assets, $42.50 million in total liabilities, $10.36 milion in contingently redeemable series C preferred stock and $6.97 million in total stockholders' equity. "We are proud of the company that we have built and, with consecutive quarters that demonstrate the improved performance that we had targeted for 2015, we believe that we are moving in the right direction," said Adam Procell, Lime Energy president & CEO. "The utility industry is undergoing disruptive change, and energy efficiency is poised to take its rightful place at the top of the list of clean energy solutions. We feel strongly that we have selected the right areas of focus and we like our leadership position in commercial building energy services. We will continue to innovate and build a company that will be relevant for the long term." A full-text copy of the Form 10-Q is available for free at: http://is.gd/33Dzzm About Lime Energy Headquartered in Huntersville, North Carolina, Lime Energy Co. -- http://www.lime-energy.com/-- is engaged in planning and delivering clean energy solutions that assist its clients in their energy efficiency and renewable energy goals. The Company's solutions include energy efficient lighting upgrades, energy efficient mechanical and electrical retrofit and upgrade services, water conservation, building weatherization, on-site generation and renewable energy project development and implementation. The Company provides energy solutions across a range of facilities, from high-rise office buildings, distribution facilities, manufacturing plants, retail sites, multi-tenant residential buildings, mixed use complexes, hospitals, colleges and universities, government sites to small, single tenant facilities. Lime Energy reported a net loss available to common stockholders of $5.6 million in 2014, a net loss available to common stockholders of $18.5 million in 2013 and a net loss of $31.8 million in 2012. LPATH INC: Incurs $2.22 Million Net Loss in Third Quarter --------------------------------------------------------- LPath, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $2.22 million on $18,069 of grant and royalty revenue for the three months ended Sept. 30, 2015, compared to a net loss of $3.16 million on $132,297 of grant and royalty revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $7.66 million on $45,033 of grant and royalty revenue compared to a net loss of $10.19 million on $448,380 of grant and royalty revenue for the same period last year. As of Sept. 30, 2015, the Company had $14.30 million in total assets, $2.12 million in total liabilities and $12.2 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/kSKRPQ About LPath San Diego, Calif.-based Lpath, Inc. is a biotechnology company focused on the discovery and development of lipidomic-based therapeutics, an emerging field of medical science whereby bioactive lipids are targeted to treat human diseases. LPath reported a net loss of $16.6 million in 2014, a net loss of $6.56 million in 2013 and a net loss of $2.75 million in 2012. MERITOR INC: S&P Revises Outlook to Positive & Affirms 'B+' CCR --------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its outlook on Troy, Mich.-based Meritor Inc. to positive from stable and affirmed all of its ratings on the company, including S&P's 'B+' corporate credit rating. "The outlook revision reflects that, despite some top-line headwinds caused by potentially lower commercial vehicle demand in some of the company's end markets and the negative translation effects of the stronger U.S. dollar, Meritor has continued to gradually improve its operating performance," said Standard & Poor's credit analyst Robyn Shapiro. "Through continued material cost reductions, lower labor costs, and improved pricing, we believe that Meritor will sustain or further improve its EBITDA margins while maintaining positive FOCF during fiscal-year 2016." The positive outlook on Meritor reflects that, despite some top-line headwinds due to potentially lower commercial vehicle demand in some of the company's end markets and negative currency translation effects from the strong U.S. dollar, Meritor has continued to gradually improve its operating performance and S&P believes that it will sustain or further improve its EBITDA margins while maintaining positive FOCF for fiscal-year 2016. S&P could raise its rating on Meritor over the next 12 months if the company's operating performance continues to strengthen, despite its flat or slightly lower revenues in fiscal-year 2016, (with EBITDA margins remaining above 9%) such that S&P revises its assessment of its business. For S&P to upgrade Meritor, S&P would also expect the company to maintain an adjusted debt-to-EBITDA metric in the 4x-5x range and a FOCF-to-debt ratio of 5%-10%. Although less likely, S&P could lower its rating on Meritor during the next 12 months if overall commercial truck and industrial demand declines meaningfully, negatively affecting Meritor's operating performance. For example, S&P could downgrade the company if its debt leverage increases above 5x or its FOCF-to-debt ratio falls below 5% and S&P do not expect that it will improve in the near term. This could occur if Meritor's gross margins decline below 14% in fiscal-year 2016. METLCAST INDUSTRIES: Case Summary & 4 Top Unsecured Creditors ------------------------------------------------------------- Debtor: Metlcast Industries LLC 401 East Avenue B Salina, KS 67402-1637 Case No.: 15-41190 Nature of Business: Manufactures cast iron and related casting metals Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court District of Kansas (Topeka) Judge: Hon. Janice Miller Karlin Debtor's Counsel: Justice B. King, Esq. FISHER, PATTERSON, SAYLER & SMITH, LLP 3550 S.W. Fifth Street P. O. Box 949 Topeka, KS 66601-0949 Tel: (785) 232-7761 Fax: 785-232-6604 Email: jking@fisherpatterson.com Total Assets: $4.67 million Total Liabilities: $8.86 million The petition was signed by Christopher B Stokes, managing member of Vestar Enterprises, LLC, sole member of Metlcast Industries, LLC. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/ksb15-41190.pdf METRO ROOFING: Case Summary & 17 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Metro Roofing, LLC dba A Southern Roofing Co. dba A Southern Roofing Company of Louisville dba A Southern Roofing Company of Kentucky dba A Southern Roofing of Louisville dba A Southern Roofing Company of Kentuckiana 9612 Taylorsville Road, Suite 200 Louisville, KY 40299-2758 Case No.: 15-33750 Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Western District of Kentucky (Louisville) Judge: Hon. Joan A. Lloyd Debtor's Counsel: Michael Rollin Wilson, Esq. WILSON & WILSON, ATTORNEYS AT LAW, PLLC 10355 Linn Station Rd. Louisville, KY 40223 Tel: (502) 899-4725 Email: Michael.Rollin.Wilson@hotmail.com Total Assets: $16,002 Total Liabilities: $1.07 million The petition was signed by Hila G. Barker, president. A list of the Debtor's 17 largest unsecured creditors is available for free at http://bankrupt.com/misc/kywb15-33750.pdf MF GLOBAL: Mediation Set for Disputes on Settlements ---------------------------------------------------- Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review, reported that creditors, investors and former officials of MF Global will restart mediation in hopes of reaching a multimillion-dollar settlement of litigation related to the brokerage's collapse. According to the report, the parties will meet today, Nov. 23, with Magistrate Judge James C. Francis and are "as close as we've ever been" to a broad settlement of litigation, a lawyer for MF Global 's estate told Judge Victor Marrero of the U.S. District Court in Manhattan during a hearing on Nov. 20. About MF Global New York-based MF Global -- http://www.mfglobal.com/-- was one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm also was one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058), after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. On Nov. 7, 2011, the United States Trustee appointed the statutory creditors' committee in the Debtors' cases. At the behest of the Statutory Creditor's Committee, the Court directed the U.S. Trustee to appoint a chapter 11 trustee. On Nov. 28, 2011, the Bankruptcy Court entered an order approving the appointment of Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC, as Chapter 11 trustee. On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and 11-15810). On Dec. 27, the Court entered an order installing Mr. Freeh as Chapter 11 Trustee of the New Debtors. On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr. Freeh also was installed as its Chapter 11 Trustee. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel; (ii) FTI Consulting Inc., as restructuring advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper Hamilton as special counsel. The Official Committee of Unsecured Creditors has retained Capstone Advisory Group LLC as financial advisor, while lawyers at Proskauer Rose LLP serve as counsel. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. In April 2013, the Bankruptcy Court approved MF Global Holdings' plan to liquidate its assets. Bloomberg News reported that the court-approved disclosure statement initially told creditors with $1.134 billion in unsecured claims against the parent holding company why they could expect a recovery of 13.4% to 39.1% from the plan. As a consequence of a settlement with JPMorgan, supplemental materials informed unsecured creditors their recovery was reduced to the range of 11.4% to 34.4%. Bank lenders will have the same recovery on their $1.174 billion claim against the holding company. As a consequence of the settlement, the predicted recovery became 18% to 41.5% for holders of $1.19 billion in unsecured claims against the finance subsidiary, one of the companies under the umbrella of the holding company trustee. Previously, the predicted recovery was 14.7% to 34% on bank lenders' claims against the finance subsidiary. MIG LLC: Has Until Dec. 30 to File Ch. 11 Plan ---------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware extended MIG, LLC, and ITC Cellular, LLC's exclusive period to file a Chapter 11 plan through and including Dec. 30, 2015, and their exclusive solicitation period through and including Feb. 28, 2016. According to Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, in Wilmington, Delaware, extension of the exclusive periods is needed for the Debtors to resolve the issues presented in the adversary proceeding they filed against Shenton Park Company, Inc., on Aug. 19, 2015. Mr. Meloro relates that in the Shenton Park Adversary Proceeding, the Debtors seek to protect their estates and prevent Shenton Park from taking actions to have a liquidator appointed over the Debtors' sole equity holder, Caucuscom Ventures L.P., and enjoining Shenton Park during the pendency of the Chapter 11 Cases from proceeding with prosecution of and requiring them to take all actions necessary to stay, adjourn, or otherwise withdraw the Application for Winding Up and Appointment of Liquidator filed by Shenton Park in the British Virgin Islands, Case Number BVIHCM 2015/0075, which apparently seeks the winding up and appointment of a liquidator over Caucuscom. MIG's ability to share in the governance of Magticom and to continue to have the rights afforded to them under the PSA and International Telcell LLC Agreement are critical to the Debtors' reorganization efforts, Mr. Meloro tells the Court. These rights may be substantially impaired if Shenton Park is permitted to proceed with the BVI Liquidator Action, Mr. Meloro says. The parties to the Shenton Park Adversary Proceeding have agreed on, and the Court has approved, a scheduling order, and discovery and briefing is underway. A hearing is scheduled before the Court on December 3, 2015 to determine whether a "change of control" has occurred and whether Shenton Park's BVI filing or appointment of a liquidator for Caucuscom violates or would violate the automatic stay or should be enjoined. Resolution of the issues presented in the Shenton Park Adversary Proceeding is critical to determining the Debtors' path forward in these Chapter 11 Cases, Mr. Meloro asserts. In addition, the pleadings that have been filed and will be filed by the Debtors and the Indenture Trustee in the Shenton Park Adversary Proceeding, detail the steps that the Debtors have taken and continue to take in these Chapter 11 Cases to stabilize their relationship with their joint venture partner and to work with their primary constituencies -- the Indenture Trustee and the holders of the Notes -- to find a consensual path to resolution of these Chapter 11 Cases. About MIG LLC Formerly operating under the name "Metromedia International Group, Inc.," MIG LLC -- http://www.migllc-group.com/-- owned and operated and sold dozens of companies in diverse industries, including entertainment, photo finishing, garden equipment and sporting goods, until the late 1990s. In 1997 and 1998, MIG consummated the sale of substantially all of its U.S.-based entertainment assets and began focusing on expanding into emerging communications and media businesses. By 2005, all of MIG's operating businesses were located in the Republic of Georgia and operated through its subsidiaries. MIG LLC and affiliate ITC Cellular, LLC, filed for Chapter 11 bankruptcy protection on June 30, 2014. The cases are currently jointly administered under Bankr. D. Del. Lead Case No. 14-11605. As of the bankruptcy filing, MIG's sole valuable asset, beyond its existing cash, is its indirect interest in Magticom Ltd. The cases are assigned to Judge Kevin Gross. MIG LLC disclosed $15.9 million in assets and $254 million in liabilities. Headquartered in Tbilisi, Georgia, Magticom is the leading mobile telephony operator in Georgia and is also the largest telephone operator in Georgia. Magticom serves 2.4 million subscribers with a network that covers 97% of the populated regions in Georgia. Magticom is owned by International Telcell Cellular, LLC, which is 46% owned by MIG unit ITC Cellular, 51% owned by Dr. George Jokhtaberidze, and 3% owned by Gemstone Management Ltd. Formerly known as MIG, Inc., MIG was a debtor in a previous case (Bankr. D. Del. Case NO. 09-12118). It obtained approval of its reorganization plan in November 2010. The Debtors have tapped Greenberg Traurig LLP as counsel, Fox Rothschild Inc. as financial advisor; Cousins Chipman and Brown, LLP as conflicts counsel; and Prime Clerk LLC as claims and notice agent and administrative advisor. The Debtors have retained Natalia Alexeeva as chief restructuring officer. A three-member panel has been appointed in these cases to serve as the official committee of unsecured creditors, consisting of Walter M. Grant, Paul N. Kiel, and Lawrence P. Klamon. MILESTONE SCIENTIFIC: Incurs $1.6 Million Net Loss in 3rd Quarter ----------------------------------------------------------------- Milestone Scientific Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.57 million on $2.45 million of net product sales for the three months ended Sept. 30, 2015, compared to a net loss of $358,000 on $2.53 million of net product sales for the same period last year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $4.12 million on $6.99 million of net product sales compared to a net loss of $333,000 on $7.66 million of net product sales for the same period in 2014. As of Sept. 30, 2015, the Company had $14.06 million in total assets, $2.13 million in total liabilities, all current and $11.9 million in total equity. As of Sept. 30, 2015, Milestone Scientific had cash and cash equivalents of $4.39 million and positive working capital of $11.1 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/UmHRgZ About Milestone Scientific Livingston, N.J.-based Milestone Scientific Inc. is engaged in pioneering proprietary, innovative, computer-controlled injection technologies and solutions for the medical and dental markets. The Company reported a net loss attributable to the Company of $1.7 million on $10.33 million of net product sales for the year ended Dec. 31, 2014, compared to net income attributable to the Company of $1.46 million on $10.01 million of net product sales for the year ended Dec. 31, 2013. MISSION NEW ENERGY: Posts $28.3 Million Profit for Fiscal 2015 -------------------------------------------------------------- Mission NewEnergy Limited filed with the Securities and Exchange Commission its annual report on Form 20-F disclosing profit of $28.4 million on $7.27 million of total revenue for the year ended June 30, 2015, compared to a loss of $1.09 million on $9.68 million of total revenue for the year ended June 30, 2014. As of June 30, 2015, the Company had $12.6 million in total assets, $5.85 million in total liabilities and $6.76 million in total equity. The Company said in the Annual Report it may not be able to continue as a going concern. "Although we incurred an operating profit for the year ended June 30, 2015 of A$28.3 million (2014: A$1.1 million loss), we have a history of net losses and there is a substantial doubt about our ability to continue as a going concern. The current year's profit is primarily as a result of a reversal of a previous impairment of a refinery to a value of A$27.6 million upon the sale of our 250,000 tpa refinery. Net cash generated by operating activities was A$0.39 million (2014: A$2.9 million used in operating activities). At balance date, the current assets less current liabilities were A$3.0 million (2014: A$3.7million) and the net assets were A$6.8 million (2014: A$11.4 million deficit). The previous year asset deficiency is primarily due to the previous impairment of our refinery assets and the convertible note that was due and payable in December 2018, which was paid off with proceeds from the sale of the refinery." A full-text copy of the Form 20-F is available for free at: http://is.gd/XQkOTm About Mission NewEnergy Based in Subiaco, Western Australia, Mission NewEnergy Limited is a producer of biodiesel that integrates sustainable biodiesel feedstock cultivation, biodiesel production and wholesale biodiesel distribution focused on the government mandated markets of the United States and Europe. The Company is not operating its biodiesel refining segment. The refineries are being held in care and maintenance either awaiting a return to positive operating conditions or the sale of assets. The Company has materially diminished its Jatropha contract farming operation and the company is now focused on divesting the remaining Indian assets. The Company intends to cease all Indian operations. MOTORS LIQUIDATION: Has $613-Mil. Net Assets in Liquidation ----------------------------------------------------------- Motors Liquidation Company GUC Trust filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing total assets of $806 million, total liabilities of $192.43 million and net assets in liquidation of $613 million. The GUC Trust's sources of liquidity are principally the funds it holds for the payment of liquidation and administrative costs, and to a significantly lesser degree, the earnings on such funds invested by it. In addition, as a result of the liquidation of all the GUC Trust's holdings of New GM Securities during the quarter ended Sept. 30, 2015, the GUC Trust holds Distributable Cash for distribution to GUC Trust beneficiaries. The GUC Trust holds such funds as cash and cash equivalents and also invests such funds in marketable securities, primarily U.S. Treasury bills, as permitted by the Plan and the GUC Trust Agreement. During the six months ended Sept. 30, 2015, the GUC Trust's holdings of cash and cash equivalents increased approximately $3.9 million from approximately $37.5 million to approximately $41.4 million. The increase was due primarily to the proceeds from the liquidation of all the GUC Trust's holdings of New GM Securities during the quarter that were largely subsequently invested in marketable securities. Additionally, cash dividends on holdings of New GM Common Stock of $4.1 million were received. Such increases were offset in part by cash paid for liquidation and administrative costs of $7.4 million and cash paid for Residual Wind-Down Claims of $3.4 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/MuycIe About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. MULTI PACKAGING SOLUTIONS: S&P Affirms 'B' CCR, Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services said that it has affirmed its 'B' corporate credit rating on Multi Packaging Solutions Ltd. (MPS). The outlook is stable. At the same time, S&P raised its issue-level rating on the company's unsecured notes to 'B' from 'B-' and revised its recovery rating on the notes to '4' from '5'. The '4' recovery rating indicates S&P's expectation for average (30%-50%; higher end of the range) recovery in the event of payment default. In addition, S&P affirmed its 'B+' issue-level rating on MPS' secured term loans. The '2' recovery rating on the loans is unchanged, indicating S&P's expectation for substantial (70%-90%; higher end of the range) recovery in the event of a payment default. "The affirmation reflects our view that MPS' credit measures will remain commensurate with our existing ratings on the company," said Standard & Poor's credit analyst James Siahaan. MPS' revenues increased by 16% during the first fiscal quarter ended Sept. 30, 2015, because of contributions from its acquired businesses, which were partially offset by foreign-exchange headwinds. The company has been able to expand its profit margins by implementing cost-optimization initiatives and realizing cost synergies from its acquisitions. These factors, along with some working capital-related improvements, helped MPS post strong cash flow from its operations ($33 million) during the first quarter. That strong performance led MPS to post a trailing-12-month funds from operations (FFO)-to-debt ratio of approximately 13% as of Sept. 30, 2015. The stable outlook on MPS reflects S&P's expectation for modest U.S. and European economic growth in 2016 and S&P's belief that the company's cost-reduction and plant-optimization initiatives, along with the contributions from its recent acquisitions, will promote stability in its EBITDA, free cash flow, and credit quality during the next year. S&P notes that despite the Oct. 27, 2015, IPO, roughly 75% of MPS' shares remain under the control of the company's equity sponsors Madison Dearborn Partners LLC and The Carlyle Group. Nonetheless, S&P assumes that MPS' management and private-equity owners will be supportive of the company's credit quality, and thus S&P has not factored any shareholder distributions or meaningful debt-funded acquisitions into its analysis. S&P sees MPS' diversity and competitive position as favorable compared with its peers' and believe that the company's post-IPO credit measures provide it with some flexibility at the current rating level. MPS' credit measures appear favorable at present, with an adjusted FFO-to-debt ratio of over 15% following the repayments it made on its term loan using the proceeds from the IPO. However, in order to consider upgrading the company, S&P would need to reassess MPS' financial policies, including its willingness to incur additional debt in order to fund acquisitions or dividends. If S&P deems that the company's management and ownership will likely maintain financial policies that are commensurate with a higher rating, namely keeping MPS' FFO-to-debt ratio consistently within the 12%-20% range, then S&P could consider an upgrade. While less likely, S&P could lower its ratings on MPS if its operating performance weakens significantly or if the company pursues a large, debt-funded acquisition or dividend recapitalization. If such a scenario causes the company's FFO-to-debt ratio to weaken below 9% without any prospect for a quick recovery, S&P could consider a downgrade. NATIONAL HOCKEY: Wins Partial Summary Judgment in Suit vs. Moyes ---------------------------------------------------------------- In an Order dated November 12, 2015, which is available at http://is.gd/8TAqJtfrom Leagle.com, Judge G. Murray Snow of the United States District Court for the District of Arizona accepted in part and rejected in part the Report and Recommendation of the United States Bankruptcy Judge Redfield T. Baum, which recommends that Jerry Moyes, et al.'s Cross Motions for Summary and Partial Summary Judgment be granted in part and denied in part and that National Hockey League's Motion be denied. The case is National Hockey League, Plaintiff, v. Jerry Moyes, et al., Defendants, NO. CV-10-01036-PHX-GMS (D. Ariz.). National Hockey League, Plaintiff, is represented by Bradley I Ruskin, Esq. -- bruskin@proskauer.com -- Proskauer Rose LLP, David Steve Mordkoff, Esq. -- dmordkoff@proskauer.com -- Proskauer Rose LLP, Scott Arthur Eggers, Esq. -- seggers@proskauer.com -- Proskauer Rose LLP, Alan A Meda, Esq. -- ameda@bcattorneys.com -- Burch & Cracchiolo PA & Martin J Bienenstock, Esq. -- mbienenstock@proskauer.com -- Proskauer LLP. Defendants are represented by Stephen D Susman, Esq. -- ssusman@susmangodfrey.com -- Susman Godfrey LLP, Teresa Marie Pilatowicz, Esq. -- Gordon Silver, Thomas J Salerno, Esq. -- Squire Sanders (US) LLP, Cynthia Christine Albracht-Crogan, Esq. -- ccrogan@ckdqlaw.com -- Cohen Kennedy Dowd & Quigley PC, John Neil Stuart, Esq. -- jstuart@ckdqlaw.com -- Cohen Kennedy Dowd & Quigley PC, Kalpana Srinivasan, Esq. -- ksrinivasan@susmangodfrey.com -- Susman Godfrey LLP, Laura Hartigan Kennedy, Esq. -- lkennedy@ckdqlaw.com -- Cohen Kennedy Dowd & Quigley PC, Oleg Elkhunovich, Esq. -- oelkhunovich@susmangodfrey.com -- Susman Godfrey LLP, Ronald Jay Cohen, Esq. -- rcohen@ckdqlaw.com -- Cohen Kennedy Dowd & Quigley PC & Shawn J Rabin, Esq. -- srabin@susmangodfrey.com -- Susman Godfrey LLP. NEPHROS INC: Reports 2015 Third Quarter Financial Results --------------------------------------------------------- Nephros, Inc., announced financial results for the three and nine months ended Sept. 30, 2015. "Our primary focus in the near term continues to be growth of our ultrafilter business," said Daron Evans, president and chief executive officer of Nephros. "Following significant progress in the first half the year, our hospital filter sales for the third quarter were adversely impacted by a distributor pause while we responded to the FDA warning letter we received at the end of May. The related issues have been resolved, and we expect the sales momentum to begin recovering in the fourth quarter and into the first quarter of 2016. We have added key personnel to the Nephros team and believe that we are well positioned to become a cash flow positive company in 2016." "In the hospital infection control market, our distribution partners have placed our FDA-cleared ultrafilters into over 80 new hospitals this year. The pace of placements has been increasing as our partners become more knowledgeable about our products as a component of a multi-barrier approach to water safety, as prescribed by ASHRAE 188-2015. We recently announced that we are seeking FDA clearance for our S100 Point of Use filter. Subject to FDA clearance, we believe the S100 will add an emergency response solution to our portfolio for outbreaks of Legionella, Pseudomonas and other water borne pathogens." "In the dialysis ultrafiltration market, we launched the Nephros Challenge near the end of the third quarter with the goal of increasing awareness of the importance of water quality in dialysis and of the contribution of Nephros ultrafilters to meeting objectives. Additionally, we plan to add an endotoxin filter product line in 2016 to expand our dialysis offering. The early response to the Challenge has been positive; however, we do not expect the initiative to materially add to revenue within 2015 because of the long sales cycle in dialysis." "In addition to the hospital and dialysis markets for ultrafilters, we have been working with distributors and potential customers to evaluate the performance of our products in other market segments. In 2016, we intend to target two or more additional market segments where our ultrafilters can provide an economically and functionally attractive solution." "In HDF, we continue to work with the Renal Research Institute to learn how to optimally integrate our system into dialysis operations. We have initiated our OLpur H2H 2.0 project and expect to refine timelines for the project over the coming months." Tender Offer Update As announced on Sept. 30, 2015, Lambda Investors LLC exercised its outstanding Class D Warrant. Nephros received approximately $1.76 million from such exercise and has eliminated the Class D Warrant liability from its balance sheet. The Company intends to initiate tender offers to the holders of all of its remaining warrants pursuant to which it will offer such holders the right to exercise their respective warrants at a 50% discount to their current exercise prices, which range from $0.40 to $0.85 per share. The Company plans to initiate the tender offer to the holders of its 2011 Warrants this month, and plans to initiate the tender offer to the holders of its 2015 Warrants at a later date. Financial Performance for the Third Quarter Ended September 30, 2015 Total revenue for the quarter ended Sept. 30, 2015, was approximately $320,000 compared to approximately $491,000 for the third quarter of 2014. Product revenue decreased by approximately $24,000 primarily due to decreases in the dialysis filter market that were offset by increases in the hospital filter market. License and royalty revenue decreased by approximately $147,000 primarily due to a change in the amortization of the Bellco license fee in 2015 versus the third quarter in 2014 after entering into the First Amendment to the Bellco License Agreement. Total operating expenses for the quarter ended Sept. 30, 2015, were approximately $1,253,000 compared to approximately $997,000 for the third quarter of 2014. Increases came from additional sales and marketing expenses, increased regulatory expenses related to our response to the May 2015 FDA warning letter, increased product development expenses, and additional personnel. The loss from operations for the quarter ended Sept. 30, 2015, was approximately $1,087,000, compared to a loss from operations of approximately $681,000 in the third quarter 2014. As of Sept. 30, 2015, Nephros had cash and cash equivalents of approximately $1,813,000. A full-text copy of the press release is available at: http://is.gd/OJFJpZ About Nephros River Edge, N.J.-based Nephros, Inc., is a commercial stage medical device company that develops and sells high performance liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. Nephros reported a net loss of $7.37 million on $1.74 million of total net revenues for the year ended Dec. 31, 2014, compared to net income of $1.32 million on $1.74 million of total net revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $3.4 million in total assets, $9.3 million in total liabilities and a stockholders' deficit of $5.9 million. Withum Smith+Brown PC, in Morristown, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred negative cash flow from operations and recurring net losses since inception. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. NEW DAWN ASSISTED: 8 Affiliates' Chapter 11 Case Summary -------------------------------------------------------- Affiliates of New Dawn Assisted Living Operating Company, LLC No. 24 filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- 10700 Three Chopt Road, LLC 15-14868 10601 Barbara Lane Henrico, VA 23233 1807 Jamestown Road, LLC 15-14869 1807 Jamestown Road Williamsburg, VA 23185 New Dawn of Colorado Springs, LLC 15-14870 New Dawn Assisted Living Real Estate 15-14872 Company, LLC No. 2 7235 Limon Drive Ft. Collins, CO 82525 New Dawn Assisted Living Operating 15-14874 Company, LLC No. 5 12820 W. Beardsley Sun City West, AZ 85375 New Dawn Assisted Living Real Estate 15-14875 Company, LLC No. 5 12820 W. Beardsley Sun City West, AZ 85375 New Dawn Assisted Living Operating 15-14878 Company, LLC No. 6 4145 Briargate Parkway Colorado Springs, CO 80920 New Dawn Assisted Living Operating 15-14880 Company, LLC No. 2 7235 Limon Drive Ft. Collins, Co 82525 Type of Business: Health Care Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Eddward P. Ballinger Jr. (15-14868) Hon. Paul Sala (15-14869 and 15-14880) Hon. Brenda K. Martin (15-14872 and 15-14878) Hon. Daniel P. Collins (15-14874) Hon. Scott H. Gan (15-14875) Debtors' Counsel: Sean P. O'Brien, Esq. GUST ROSENFELD P.L.C. One East Washington, Suite 1600 Phoenix, AZ 85004-2553 Tel: 602-257-7460 Fax: 602-254-4878 Email: spobrien@gustlaw.com Estimated Assets: $10 million to $50 million Estimated Debts: $1 million to $10 million The petition was signed by Dennis R. Haydon, manager, 10700 Three Chopt Road, LLC. The Debtors did not include a list of their largest unsecured creditors when they filed the petitions. NNN MET CENTER: Reports $23.5MM Secured Claim Against Property -------------------------------------------------------------- NNN Met Center 15 39 LLC filed with the U.S. Bankruptcy Court for the Northern District of California an amended schedule A - real property to disclose that it owns an undivided 2.500% interest as Tenant-in-Common in commercial real property commonly known as Met Center 15, 7301 Metro Center Dr., Austin, Texas 78744. The Debtor said the current value of its fee simple interest as TIC in the property is $28,630,000. The Current Value is per the most recent Apprasial Report, as is, as of Dec. 11, 2014. The Debtor believes the Current Value to be higher, and a new Appraisal Report has been ordered. The Debtor also said there's a secured claim against its Interest in the property. The amount of the secured claim is $23,538,261. A full-text copy of the amended schedule is available for free at http://is.gd/BbMhiE About NNN Met NNN Met Center 15 39 and 32 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. N.D. Calif. Lead Case No. 15-42359) on July 31, 2015. Alan Sparks signed the petitions as manager and responsible individual. NNN Met Center 15 39, LLC, disclosed total assets of $32,003,866 and total liabilities of $28,143,523 as of the Petition Date. Judge William J. Lafferty presides over the cases. The Law Offices of Darvy Mack Cohan represents the Debtors as counsel. Elkington Shepherd LLP serves as their local counsel. On Aug. 12, 2015, the Court, in its amended order approved the joint administration of the cases. Creditors have until Oct. 30, 2015, to file proofs of claim against the Debtors. NO PLACE LIKE HOME: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: No Place Like Home, Inc. 354 New Byhalia Road Collierville, TN 38017 Case No.: 15-31133 Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Western District of Tennessee (Memphis) Judge: Hon. David S. Kennedy Debtor's Counsel: E. Franklin Childress, Jr., Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 165 Madison Avenue, Suite 2000 Memphis, TN 38103 Tel: (901) 577-2147 Fax: (901) 577-0845 Email: fchildress@bakerdonelson.com - and - M. Ruthie Hagan, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 165 Madison Avenue, Suite 2000 Memphis, TN 38103 Tel: 901-577-8214 Fax: 901.577.0863 Email: rhagan@bakerdonelson.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Flood, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/tnwb15-31133.pdf OLGA'S KITCHEN: Team Schostak & Cosmo Hospitality Vying for Assets ------------------------------------------------------------------ Olga's Kitchen Inc. has received two competing bidders for the Company and its 27 locations, JC Reindl and Brent Snavely at Detroit Free Press report. According to Free Press, Team Schostak Family Restaurants and Cosmo Hospitality are vying to win the Company in a bankruptcy court's auction. The report says that the leading bid so far is Cosmo's $8.55 million offer. Olga's Kitchen Inc. is headquartered in Troy, Michigan, and is best known for its Mediterranean-inspired pita wraps, curly fries and quirky offerings, such as an orange creme cooler. The Company filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 15-49008) on June 11, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Robert Solomon, principal. Judge Walter Shapero presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney, serves as the Company's bankruptcy counsel. OW BUNKER: NuStar Wants Cases Converted to Ch. 7 ------------------------------------------------ NuStar Energy Services, Inc., NuStar Supply & Trading LLC, and NuStar Terminals Marine Services N.V., request that the U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, convert the Chapter 11 cases of O.W. Bunker Holding North America, Inc., et al., to cases under Chapter 7 of the Bankruptcy Code. NuStar asserts that the bankruptcy cases should be converted to cases under Chapter 7 as the Debtors have no operating business. Almost a year has passed since the November 13, 2014 Chapter 11 filings, professional expenses exceed $5.0 million, and two employees of the Debtors are still being paid, NuStar points out. The Debtors have engaged in wasteful venue litigation while failing to prosecute critical lien avoidance claims, NuStar further asserts. NuStar further points out that one of the Debtor reports only $21,281 in unrestricted cash and has approximately $10 million in disputed administrative claims, while another Debtor reports only $1,192,990 in unrestricted cash and has approximately $11 million in disputed administrative claims. Settlement negotiations have proven unsuccessful and no plan is confirmable, NuStar tells the Court. NuStar is represented by: Eric Henzy, Esq. REID AND RIEGE, P.C. One Financial Plaza, 21st Floor Hartford, CT 06103 Telephone: (860) 240-1081 Telecopier: (860) 240-1002 Email: ehenzy@rrlawpc.com -- and -- Michael M. Parker Steve A. Peirce NORTON ROSE FULBRIGHT US LLP 300 Convent Street, Suite 2100 San Antonio, Texas 78205 Telephone: (210) 224-5575 Facsimile: (210) 270-7205 Email: michael.parker@nortonrosefulbright.com steve.peirce@nortonrosefulbright.com About O.W. Bunker OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, 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.ne fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, 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. PATRIOT COAL: Peabody Wrangle Over Choice of Benefit Battlefield ---------------------------------------------------------------- Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review, reported that Peabody Energy Corp. says it is entitled to make its case in St. Louis for shaking off a pledge to guarantee funding of retiree benefits for former workers of Patriot Coal Corp ., which wrapped up its affairs in a Virginia bankruptcy court. According to the report, the tug-of-war over venue is the latest development in a running fight between Patriot and its former parent, Peabody, over a settlement that was part of Patriot's 2012 bankruptcy case, which was conducted mostly in St. Louis. About Patriot Coal Patriot Coal Corporation is a producer and marketer of coal in the United States. Patriot and its subsidiaries control 1.4 billion tons of proven and probable coal reserves -- including owned and leased assets in the Central Appalachia basin (in West Virginia and Ohio) and Southern Illinois basin (in Kentucky and Illinois) and their operations consist of eight active mining complexes in West Virginia. Patriot Coal first sought Chapter 11 protection on July 9, 2012, and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan from the U.S. Bankruptcy Court for the Eastern District of Missouri. The plan turned over most of the ownership of the company to bondholders that include New York hedge fund Knighthead Capital Management LLC. The linchpins of the plan were a global settlement among the Debtors, the United Mine Workers of America, and two third parties -- Peabody Energy Corporation and Arch Coal, Inc. -- and a commitment by a consortium of creditors, led by Knighthead, to backstop two rights offerings that funded the plan. Patriot Coal Corporation and its subsidiaries commenced new Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond, Virginia, on May 12, 2015. The cases are assigned to Judge Keith L. Phillips. Patriot Coal estimated more than $1 billion in assets and debt. The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock L.L.P., as co-counsel; Centerview Partners LLC as investment bankers; Alvarez & Marsal North America, LLC, as restructuring advisors; and Prime Clerk LLC, as claims and administrative agent. The U.S. trustee overseeing the Chapter 11 case of Patriot Coal Corp. appointed seven creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Morrison & Foerster LLP as its counsel, and Tavenner & Beran, PLC, as its local counsel. Jefferies LLC serves as its investment banker. * * * The Debtors on Oct. 9, 2015, won confirmation of their Chapter 11 Plan. On Oct. 26, 2015, the effective date of the Plan occurred. The Plan contemplates the sale of most of the assets to Blackhawk Mining LLC and the remaining assets to Virginia Conservation Legacy Fund. The Debtors named Eugene I. Davis as the liquidating trustee. PHOENIX COYOTES: Court Says Ex-Owner Can Pay Fees from Bankruptcy ----------------------------------------------------------------- Jeff Zalesin at Bankruptcy Law360 reported that former Phoenix Coyotes owner Jerry Moyes owes the NHL attorneys' fees and other damages stemming from the team's bankruptcy, although the league cannot demand repayment of operating losses it suffered after buying the Coyotes out of bankruptcy, an Arizona federal judge ruled on Nov. 12, 2015. U.S. District Judge G. Murray Snow said the NHL can recover some of its attorneys' fees, debts the Coyotes once owed to unsecured creditors, and amounts owed to former Coyotes coach and hockey legend Wayne Gretzky. About the Phoenix Coyotes The Phoenix Coyotes -- http://www.PhoenixCoyotes.com-- are one of 30 teams that play in the National Hockey League. The Coyotes are based in Glendale, Arizona and play their home games at Jobing.com Arena. The Coyotes have qualified for the playoffs for the past three years and in 2011-12, the team won the Pacific Division title and reached the Western Conference Final for the first time in franchise history. On the ice, the Coyotes are led by Captain Shane Doan, goaltender Mike Smith and standout defensemen Keith Yandle and Oliver Ekman-Larsson. Off the ice, the club is a model of consistency under the guidance of President & COO Mike Nealy, General Manager Don Maloney (2009-10 GM of the Year), and Head Coach Dave Tippett (2009-10 Jack Adams Award winner as the NHL's top coach). About Coyotes Hockey Dewey Ranch Hockey LLC, Arena Management Group, LLC, Coyotes Holdings, LLC, and Coyotes Hockey, LLC -- owners and affiliates of the Phoenix Coyotes team of the National Hockey League -- filed for Chapter 11 protection (Bankr. D. Ariz. Case No. 09-09488) on May 5, 2009. The Debtors were represented by Squire, Sanders & Dempsey, LLP, in Phoenix, and estimated their assets and debts to be between $100 million and $500 million. In the third quarter of 2009, Judge Redfield T. Baum approved the sale of the Phoenix Coyotes to the National Hockey League, which acquired the team to quash a plan by Research-In-Motion founder Jim Balsillie to move the team to Ontario, Canada. Coyotes Hockey was sent to Chapter 11 to effectuate a sale by owner Jerry Moyes to Mr. Balsillie. The NHL acquired the team for $140 million in October 2009 and said it wants to sell the team for $170 million. The city of Glendale, Arizona, owns Jobing.com Arena, where the team plays. In September 2010, the Bankruptcy Court rejected a motion to impose a trustee or convert the case to a Chapter 7 liquidation. PHYSICAL PROPERTY: Incurs HK$186,000 Net Loss in Third Quarter -------------------------------------------------------------- Physical Property Holdings Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss and total comprehensive loss of HK$186,000 on HK$254,000 of total operating revenues for the three months ended Sept. 30, 2015, compared to a net loss and total comprehensive loss of HK$169,000 on HK$265,000 of total operating revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss and total comprehensive loss of HK$556,000 on HK$776,000 of total operating revenues compared to a net loss and total comprehensive loss of HK$598,000 on HK$785,000 of total operating revenues for the same period a year ago. As of Sept. 30, 2015, the Company had HK$9.31 million in total assets, HK$12.20 million in total liabilities, all current, and a HK$2.88 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/bGzPP0 Physical Property Holdings Inc. Physical Property Holdings Inc., incorporated on Sept. 21, 1988, is engaged in the real estate business. The Company is involved in buying, investing in, and selling, renovating and renting real estate, exclusively in the Hong Kong Special Administrative Region (SAR) of the People's Republic of China. The Company holds around five residential apartments in Hong Kong. The Company's subsidiaries include Ableforce International Limited and its wholly owned subsidiary Good Partner Limited. Physical Property disclosed a net loss and comprehensive loss of HK$820,000 on HK$1.05 million of rental revenue for the year ended Dec. 31, 2014, compared with a net loss and comprehensive loss of HK$459,000 on HK$1.05 million of rental revenue for the year ended Dec. 31, 2013. Mazars CPA Limited, in Hong Kong, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company had a negative working capital as of Dec. 31, 2014, and incurred loss for the year then ended, which raised substantial doubt about its ability to continue as a going concern. PLASTIC2OIL INC: Posts $850,000 Net Loss for Third Quarter ---------------------------------------------------------- Plastic2Oil, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $849,918 on $0 of total sales for the three months ended Sept. 30, 2015, compared to a net loss of $1.41 million on $42,641 of total sales for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $2.94 million on $10,397 of total sales compared to a net loss of $4.18 million on $67,714 million of total sales for the same period during the prior year. As of Sept. 30, 2015, the Company had $6.37 million in total assets, $9.97 million in total liabilities and a $3.59 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/ZgB178 About Plastic2Oil Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's Plastic2Oil (P2O) is a process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. It is also focused on the creation of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business. The Company's fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6 Fuel is heavy fuel used in industrial boilers and ships. No. 2 Fuel is a mid-range fuel known as furnace oil or diesel. Naphtha is a light fuel that is used as a cut feedstock for ethanol or as white gasoline in high and regular grade road certified fuels. Plastic2Oil reported a net loss attributable to common shareholders of $8.51 million on $59,000 of sales for the year ended Dec. 31, 2014, compared to a net loss attributable to common shareholders of $16.8 million on $693,000 of sales for the year ended Dec. 31, 2013. MNP LLP, in Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced negative cash flows from operations since inception and has accumulated a significant deficit which raises substantial doubt about its ability to continue as a going concern. PORTER BANCORP: Files Third Quarter Form 10-Q --------------------------------------------- Porter Bancorp, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common shareholders of $1.03 million on $9.17 million of interest income for the three months ended Sept. 30, 2015, compared to a net loss attributable to common shareholders of $1.47 million on $9.81 million of interest income for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common shareholders of $2.27 million on $27.54 million of interest income compared to a net loss attributable to common shareholders of $8.80 million on $29.87 million of interest income for the same period last year. As of Sept. 30, 2015, the Company had $951.48 million in total assets, $917.67 million in total liabilities and $33.80 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/bJYiGg About Porter Bancorp Porter Bancorp, Inc., is a bank holding company headquartered in Louisville, Kentucky. Through its wholly-owned subsidiary PBI Bank, the Company operates 18 full-service banking offices in 12 counties in Kentucky. Porter Bancorp reported a net loss of $11.2 million in 2014, a net loss of $1.58 million in 2013 and a net loss of $32.93 million in 2012. Crowe Horwath, LLP, in Louisville, Kentucky, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has incurred substantial losses in 2014, 2013 and 2012, largely as a result of asset impairments resulting from the re-evaluation of fair value and ongoing operating expenses related to the high volume of other real estate owned and non-performing loans. In addition, the Company's bank subsidiary is not in compliance with a regulatory enforcement order issued by its primary federal regulator requiring, among other things, increased minimum regulatory capital ratios as well as being involved in various legal proceedings in which the Company disputes material factual allegations against the Company. Additional losses, adverse outcomes from legal proceedings or the continued inability to comply with the regulatory enforcement order may result in additional adverse regulatory action. These events raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. POSITIVEID CORP: Incurs $125,000 Net Loss in Third Quarter ---------------------------------------------------------- PositiveID Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $125,000 on $2.50 million of revenue for the three months ended Sept. 30, 2015, compared to a net loss attributable to common stockholders of $1.61 million on $325,000 of revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $6.96 million on $2.68 million of revenue compared to a net loss attributable to common stockholders of $5.53 million on $745,000 of revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $1.04 million in total assets, $10.86 million in total liabilities and a $9.82 million total stockholders' deficit. As of Sept. 30, 2015, cash and cash equivalents totaled $319,000 compared to cash and cash equivalents of $145,000 at Dec. 31, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/3bmbGB About PositiveID Delray Beach, Fla.-based PositiveID Corporation has historically developed, marketed and sold RFID systems used for the identification of people in the healthcare market. Beginning in early 2011, the Company has focused its strategy on the growth of its HealthID business, including the continued development of its GlucoChip, its Easy Check breath glucose detection device, its iglucose wireless communication system, and potential strategic acquisition opportunities of businesses that are complementary to its HealthID business. PositiveID reported a net loss attributable to common stockholders of $8.22 million on $945,000 of revenue for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $13.33 million on $0 of revenue for the year ended Dec. 31, 2013. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm noted that the Company reported a net loss, and used cash for operating activities of approximately $8.61 million and $2.57 million respectively, in 2014. At Dec. 31, 2014, the Company had a working capital deficiency, stockholders' deficit and accumulated deficit of approximately $8.076 million, $8.45 million and $133 million, respectively. PRECISION ENGINEERED: S&P Withdraws 'B+' Corporate Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it has withdrawn its 'B+' corporate credit rating on Attleboro, Mass.-based component manufacturer Precision Engineered Products LLC At the same time, S&P withdrew its 'BB-' issue-level and '2' recovery ratings on the company's senior secured credit facilities due 2016. "The withdrawal follows the completion of Johnson City, Tenn.-based metal bearing and precision metal components manufacturer NN Inc.'s acquisition of Precision Engineered Products LLC," said Standard & Poor's credit analyst Sarah Wyeth. Precision Engineered Products' outstanding bank debt was repaid at the close of the transaction. The company requested that S&P withdraw its ratings following the sale as all outstanding obligations have been satisfied. PRECISION OPTICS: Incurs $382,000 Net Loss in First Quarter ----------------------------------------------------------- Precision Optics Corporation, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $382,000 on $858,000 of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $296,000 on $830,000 of revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $1.72 million in total assets, $1.33 million in total liabilities, all current, and $385,000 in total stockholders' equity. "We have traditionally funded working capital needs through product sales, management of working capital components of our business, and by cash received from public and private offerings of our common stock, warrants to purchase shares of our common stock or convertible notes. We have incurred quarter to quarter operating losses during our efforts to develop current products including Microprecision optical elements, micro medical camera assemblies and 3D endoscopes. Our management expects that such operating losses will continue until sales increase to breakeven and profitable levels. Our management also believes that the opportunities represented by these products have the potential to generate sales increases to achieve breakeven and profitable results," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/OxTrLb About Precision Optics Headquartered in Gardner, Massachusetts, Precision Optics Corporation, Inc., has been a developer and manufacturer of advanced optical instruments since 1982. The Company designs and produces high-quality micro-optics, medical instruments and other advanced optical systems. The Company's medical instrumentation line includes laparoscopes, arthroscopes and endocouplers and a world-class product line of 3-D endoscopes for use in minimally invasive surgical procedures. Precision Optics reported a net loss of $1.17 million on $3.91 million of revenues for the year ended June 30, 2015, compared to a net loss of $1.16 million on $3.65 million of revenues for the year ended June 30, 2014. Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has suffered recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. PRESSURE BIOSCIENCES: Chief Financial Officer Resigns ----------------------------------------------------- By letter dated Nov. 6, 2015, Pressure Biosciences, Inc.'s Chief Financial Officer, Richard P. Thomley, announced his decision to resign from his position, and to return to retirement. The resignation was effective immediately. Such resignation was not due to a disagreement with the Company on any matter relating to the Company's operations, policies or practice, according to a Form 8-K report filed with the Securities and Exchange Commission. The Company's Chief Executive Officer, Richard T. Schumacher, will be the acting Chief Financial Officer until the Company finds a replacement for Mr. Thomley. About Pressure Biosciences Pressure BioSciences, Inc., headquartered in South Easton, Massachusetts, holds 14 United States and 10 foreign patents covering multiple applications of pressure cycling technology in the life sciences field. Pressure Biosciences reported a net loss applicable to common shareholders of $6.25 million on $1.37 million of revenue for the year ended Dec. 31, 2014, compared to a net loss applicable to common shareholders of $5.24 million on $1.5 million of total revenue for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $2.21 million in total assets, $6.70 million in total liabilities and a total stockholders' deficit of $4.49 million. Marcum LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company has had recurring net losses and continues to experience negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. PRESSURE BIOSCIENCES: Incurs $656,000 Net Loss in Third Quarter --------------------------------------------------------------- Pressure Biosciences, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss applicable to common shareholders of $656,217 on $580,334 of total revenue for the three months ended Sept. 30, 2015, compared to a net loss applicable to common shareholders of $1 million on $372,545 of total revenue for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss applicable to common shareholders of $3.45 million on $1.43 million of total revenue compared to a net loss applicable to common shareholders of $4.80 million on $1.08 million of total revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $2.21 million in total assets, $6.70 million in total liabilities and a total stockholders' deficit of $4.49 million. Liquidity and Financial Condition "We have experienced negative cash flows from operations with respect to our pressure cycling technology business since our inception. As of September 30, 2015, we did not have adequate working capital resources to satisfy our current liabilities and as a result, we have substantial doubt regarding our ability to continue as a going concern. We have been successful in raising cash through debt and equity offerings in the past and as described in Note 8, we completed several subscriptions of a $5 million PIPE through and subsequent to September 30, 2015. We have efforts in place to continue to raise cash through debt and equity offerings. "We will need substantial additional capital to fund our operations in future periods. In the event that we are unable to obtain financing on acceptable terms, or at all, we will likely be required to cease our operations, pursue a plan to sell our operating assets, or otherwise modify our business strategy, which could materially harm our future business prospects," the Company states in the quarterly report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/fH6gxU About Pressure Biosciences Pressure BioSciences, Inc., headquartered in South Easton, Massachusetts, holds 14 United States and 10 foreign patents covering multiple applications of pressure cycling technology in the life sciences field. Pressure Biosciences reported a net loss applicable to common shareholders of $6.25 million on $1.37 million of revenue for the year ended Dec. 31, 2014, compared to a net loss applicable to common shareholders of $5.24 million on $1.5 million of total revenue for the year ended Dec. 31, 2013. Marcum LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company has had recurring net losses and continues to experience negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. PUTNAM ENERGY: Dec. 2 Hearing on Bid to Convert Ch. 11 Case ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois continued until Dec. 2, 2015, at 11:00 a.m., to consider the U.S. Trustee's motion to dismiss or convert the Chapter 11 case of Putnam Energy, L.L.C., to one under Chapter 7 of the Bankruptcy Code. The Debtor has consented to the United Trustee's motion to convert or dismiss its case. Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. PUTNAM ENERGY: Hearing on Cash Collateral Use Continued to Dec. 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois continued until Dec. 2, 2015, at 11:00 a.m., to consider the motion Putnam Energy, L.L.C.'s use of cash collateral. As reported by The Troubled Company Reporter on Nov. 2, 2015, the Court has authorized the use of cash collateral until Nov. 12, 2015. The Court also authorized the Debtor to pay monthly provisional and partial adequate protection of $9,900 to Bridgeview Bank Group. As reported by the TCR on May 13, 2015, Bridgeview Bank Group has a judgment against Putnam Energy in the sum of $1,763,622 as of April 16, 2014, which accrues interest at the statutory rate of 9% per annum plus attorneys' fees and costs. Bridgeview Bank Group asserts a security interest in all of the property of Putnam Energy's estate. As adequate protection from any diminution in value of the lender's collateral, the company granted the lender replacement liens and a superpriority claim. About Putnam Energy Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. QUEST SOLUTION: Posts $697,000 Net Income for Third Quarter ----------------------------------------------------------- Quest Solution, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $697,000 on $16.7 million of total revenues for the three months ended Sept. 30, 2015, compared to net income of $62,800 on $9.08 million of total revenues for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $10,100 on $40.9 million of total revenues compared to net income of $47,000 on $26.1 million of total revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $38.3 million in total assets, $36.0 million in total liabilities and $2.32 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/GtjI8K About Quest Solution Quest Solution (formerly known as Amerigo Energy, Inc.) is a national mobility systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions. The Company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services. The highly tenured team of professionals simplifies the integration process and delivers proven problem solving solutions backed by numerous customer references. Motorola, Intermec, Honeywell, Panasonic, AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest Solution uses in its systems. Quest Solution reported net income of $302,000 on $37.3 million of total revenues for the year ended Dec. 31, 2014, compared with a net loss of $1.12 million on $4,069 of total revenues for the year ended Dec. 31, 2013. * * * This concludes the Troubled Company Reporter's coverage of Quest Solution until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. QUIKSILVER INC: Unsecured Creditors to Recover 2.7% Under Plan -------------------------------------------------------------- Quiksilver, Inc., et al., filed with U.S. Bankruptcy Court for the District of Delaware a first amended disclosure statement explaining their First Amended Joint Chapter 11 Plan of Reorganization to reflect comments from parties-in-interest and provide additional information. The Disclosure Statement provides that on the effective date, Reorganized Quiksilver will issue new common stock to be distributed as follows: (a) first, 19% to holders of Allowed Secured Notes Claims; (b) second, up to 77% to Rights Offering Participants; and (c) third, 4% to the Backstop Parties. As of the Effective Date, the anticipated value of the New Quiksilver Common Stock will be approximately $276 million. If the Euro Notes Exchange Offer is not consummated, then the value of the New Quiksilver Common Stock as of the effective date will be approximately $221 million. Stock will be distributed as follows: (a) first, 25% to holders of Allowed Secured Notes Claims; (b) second, up to 70% to Exit Rights Offering Participants under the Exit Rights Offering; and (c) third, 5% to the Backstop Parties under the Backstop Commitment Letter. The Reorganized Debtors' debt at emergence will comprise of the following: (i) the Exit Facility of up to $120 million, (ii) an estimated EUR50 million of Euro Notes, and (iii) $48 million of European lines of credit and other borrowing facilities. At emergence, the Reorganized Debtors anticipate having liquidity of approximately $43 million due to a combination of cash-on-hand and availability under the Exit Facility. Holders of Class 4 - Secured Notes Claims are expected to recover 18.4-19.4%. Holders of Class 5-A - Unsecured Notes Claims are expected to recover 2.7%, while holders of Class 5-B General Unsecured Claims are expected to recover 2.7%. A full-text copy of the First Amended Disclosure Statement dated Nov. 17 is available at http://bankrupt.com/misc/QSIds1117.pdf About Quiksilver Inc. Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept. 9, 2015. Andrew Bruenjes signed the petition as chief financial officer. The Debtors disclosed total assets of $337 million and total debts of $826 million. Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors' legal advisor, FTI Consulting, Inc. as their restructuring advisor, and Peter J. Solomon Company as their investment banker. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. The U.S. trustee overseeing the Chapter 11 cases of Quiksilver Inc. and its affiliates appointed seven members to the official committee of unsecured creditors. QUIRKY INC: Judge Approves Sale of Wink Assets to Flextronics ------------------------------------------------------------- An affiliate of Quirky Inc. received court approval to sell its assets to Flextronics International USA Inc. The order, issued by U.S. Bankruptcy Judge Martin Glenn, allowed smart-home products company Wink Inc. to sell its assets, including its intellectual property, to Flextronics for $15 million. Flextronics will also assume certain liabilities of the company under the deal, according to court filings. The assets were supposed to be sold in an auction on Nov. 2, with Flextronics' offer serving as the stalking horse bid. Wink canceled the auction after it failed to draw competing bids. The sale previously drew objection from General Electric Co., which opposed the proposed assignment of its contracts to Flextronics and the sale of software that it claims is no longer owned by Wink. The objection has already been resolved, court filings show. Meanwhile, Wink resolved the official committee of unsecured creditors' informal objection by inserting provisions, one of which allows the group to seek relief from the bankruptcy court in case of a dispute regarding payment of so-called cure amounts. A copy of the sale order is available without charge at http://is.gd/rgT70C About Quirky, Inc. Headquartered in New York City, Quirky designs and develops various products ranging from electronics, home and garden, kitchen and organization and sells those products through big box retailers like Target and Home Depot and online through its Web site. The Company sold over 150 different products and a total of 4 million units, generating over $50 million in revenue from its retail and consulting businesses in 2014. Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 15-12596) on Sept. 22, 2015, with a deal to sell their assets related to the Wink business line as a going concern to Flextronics International USA Inc., for $15 million, absent higher and better offers. The petitions were signed by Charles Kwalwasser, the chief administrative officer. Judge Martin Glenn is assigned to the jointly administered cases. Quirky estimated assets in the range of $10 million to $50 million and liabilities of at least $50 million. The Debtors have engaged Cooley LLP as counsel, Klestadt Winters Jureller Southard & Stevens LLP as conflicts counsel, Centerview Partners LLC as investment bankers, FTI Consulting, Inc., as financial advisors, Rust Consulting/Omni Bankruptcy as claims and noticing agent and Hilco IP Services LLC dba Hilco Streambank as intellectual property disposition consultant to Quirky, Inc. The U.S. Trustee for Region 2 appointed five members to the Official Committee of Unsecured Creditors. RCB BANK: Moody's Raises Deposit Ratings to B3, Outlook Stable -------------------------------------------------------------- Moody's Investors Service has upgraded RCB Bank Ltd's deposit ratings to B3 from Caa1. The upgrade of the deposit ratings is driven solely by the upgrade of the bank's baseline credit assessment (BCA) to b3 from caa1. While RCB Bank remains highly reliant on its largest shareholder, the Russian government-owned Bank VTB, JSC (long-term foreign currency deposit rating: Ba2 negative, BCA:b1), to generate business volumes, the reduction of Bank VTB's ownership in 2014 lead Moody's to no longer incorporate affiliate support uplift in RCB Bank's ratings. The outlook on the long term deposit ratings is stable. The rating agency has also upgraded RCB Bank's Counterparty Risk Assessment (CR Assessment) to B1(cr) from B3(cr). The upgrade of RCB Bank's BCA to b3 reflects Moody's expectation of a gradual strengthening of the bank's modest standalone franchise outside the VTB Group, supporting its earnings diversification, combined with low problem loans and solid capitalization. The BCA is restricted by the high concentration in the bank's funding and loan book. RATINGS RATIONALE Small, developing standalone franchise, but linkage to Bank VTB remains strong. Loans originated and guaranteed by its largest shareholder, Bank VTB, dominate RCB Bank's loan book. These loans accounted for around 70% of total loans as of June 2015. However, RCB Bank has been gradually developing its standalone franchise. The bank targets an expansion both in its operations with foreign customers based in Cyprus and to a lesser extent with Cypriot customers. Bank VTB reduced the volume of business with RCB Bank during 2013 and early 2014 following the financial crisis in Cyprus. Bank VTB's involvement in RCB Bank was further reduced following the dilution of Bank VTB's ownership of RCB Bank in November 2014 to 46% from 60% previously. Although further material disengagement by Bank VTB poses downside risks to RCB Bank's business, Moody's assigns a low probability of this risk materialising over the next two to three years, and in 2015 Bank VTB increased its business volumes with RCB Bank again. Low NPLs and a strong solvency position Although RCB Bank's asset base is vulnerable because of the ongoing recession in Russia, the main operating environment of its clients, Moody's expects the bank to maintain its strong solvency position stemming from high capital buffers and a low NPL ratio. As of June 2015, the bank's Tier 1 capital ratio stood at 20.95%, while the ratio of NPLs to gross loans was a low 0.64% as of Dec. 2014. Credit risk in RCB Bank's loan book is relatively contained owing to the fact that the bulk of its loans are collateralized by cash. High concentration levels RCB Bank has high concentration levels on its balance sheet. The sum of the bank's 20 largest loans is significant relative to the bank's capital, though the related credit risk is largely mitigated by guarantees from Bank VTB and cash collateral. In the part of the loan book that is generated by RCB Bank itself, concentration is significantly lower. Though liquidity risk is partly mitigated by the large portion of funding that is placed with the bank as security against loans, concentration levels are also high in RCB Bank's funding. Funding from Bank VTB accounted for 70% of liabilities and 91% of interbank funding as of June 2015, while in addition there is relatively high concentration in RCB Bank's small deposit base. UPGRADE OF THE DEPOSIT RATINGS TO B3 Despite RCB Bank's high reliance on Bank VTB, Moody's does not incorporate affiliate support uplift in RCB Bank's deposit ratings reflecting Bank VTB's reduced ownership in RCB Bank. RCB Bank, similar to other banks in the Eurozone, is subject to the Bank Resolution and Recovery Directive (BRRD), under which a framework is now in place setting out the explicit inclusion of burden-sharing with unsecured creditors as a means of reducing the public cost of bank resolutions. As a result, in accordance with its methodology, Moody's applies its Advanced Loss Given Failure (LGF) analysis, considering the risks faced by the different debt and deposit classes across the liability structure should the bank enter resolution. Moody's LGF analysis indicates a preliminary rating assessment of RCB Bank's rated deposits of B3, based on the bank's liability structure, adjusted to reflect RCB Bank's deposit composition. RCB Bank's deposits are predominately from corporate entities and the rating agency has reflected this in its assumed portion of junior deposits, for which Moody's assumes a higher loss absorption. UPGRADE OF THE CR ASSESSMENT TO B1(CR) The upgrade of RCB Bank's CR Assessment to B1(cr) is driven by the upgrade of its BCA to b3 and the raising of the deposit ceiling for Cyprus to Baa1 from B3 in November 2015 which was driven by the full removal of capital controls earlier in the year. RCB Bank's B1(cr)/NP(cr) CR Assessment is positioned two notches above the bank's Adjusted BCA of b3. This is based on the cushion against default provided to the senior obligations, represented by subordinated instruments amounting to 14% of Tangible Banking Assets. WHAT COULD CHANGE THE RATING UP/DOWN Positive pressure could be exerted on RCB Bank's ratings if the bank further strengthens its franchise, whether with Bank VTB or outside the VTB group, without increasing its risk appetite or worsening its financial profile. Downward pressure on RCB Bank's ratings could develop following a deterioration in its financial profile or a weakening in its franchise value, potentially signaled by VTB's further disengagement. List of Affected Ratings Upgrades: LT Bank Deposits (Foreign Currency and Local Currency), Upgraded to B3 Stable from Caa1 Stable Baseline Credit Assessment, Upgraded to b3 from caa1 Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B1(cr) from B3(cr) Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Bank Deposits (Foreign Currency and Local Currency), Affirmed NP Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Banks published in March 2015. REICHHOLD HOLDINGS: Plan Goes to Jan. 13 Confirmation Hearing ------------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware on Nov. 19, 2015, approved the disclosure statement explaining Reichhold Holdings US, Inc., et al.'s Second Amended Plan of Liquidation and scheduled the hearing to consider confirmation of the Plan for Jan. 13, 2016, at 2:00 p.m. (Eastern Time). Prior to the Disclosure Statement hearing, the Debtors amended the Disclosure Statement to, among other things, provide that the "Liquidating Trust Funding Amount" is estimated to be $19 million. Distributions under the Plan to each Holder of an Insured Claim will be limited to Distributions as the Holder of an Allowed General Unsecured Claim for the following amounts: (a) the applicable self-insured retention under the relevant policy and (b) the amount by which a Claimholder's Claim exceeds the total coverage available from the relevant insurance policies of the Debtors. The Plan gives less than 5% recovery to holders of general unsecured claims. Under the Plan, Class 3 - General Unsecured Claims, which are estimated to range from $384,972,000 to $459,972,000, are impaired and will receive pro rata share of the liquidating interests. An integral component of the purchase price for substantially all of the Debtors' assets was ensuring that the Debtors had sufficient funds to wind down their estates. Accordingly, the Stalking Horse Purchaser agreed to fund the Seller's closing and wind down expenses as follows: (X) an amount estimated in good faith by the Debtors, but in no event in excess, in the aggregate, of $6,770,000 for (i) the wind down of the Debtors' bankruptcy estates, (ii) amounts to pay taxes, (iii) fees payable to the U.S. Trustee, (vi) accrued and unpaid professionals, consulting and investment banking fees, (v) insurance premiums, and (vi) other postpetition and unpaid operating expenses; and (Y) the amount which will in no event exceed $1,636,000 to be spent for environmental-related liabilities. The Official Committee of Unsecured Creditors filed a statement with the Court saying it supports the Plan. The deadline for filing and serving objections to confirmation of the Plan is Jan. 6. A full-text copy of the Disclosure Statement dated Nov. 17, 2015, is available at http://bankrupt.com/misc/RHds1117.pdf About Reichhold Holdings Founded in 1927, Reichhold, with its world headquarters and technology center in Durham, North Carolina, is one of the world's largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold -- http://www.Reichhold.com/-- has manufacturing operations throughout North America, Latin America, the Middle East, Europe and Asia. As of June 30, 2014, the Reichhold companies had consolidated assets of $538 million and liabilities of $631 million. Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S. affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-12237) on Sept. 30, 2014. Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and CDG Group LLC (financial advisor) are representing Reichhold, Inc. Latham & Watkins LLP (legal advisor) and Moelis & Company (investment banker) are serving Reichhold Industries, Inc. Logan & Company is the company's claims and noticing agent. The cases are assigned to Judge Mary F. Walrath. The U.S. Trustee for Region 3 appointed seven creditors of Reichhold Holdings US, Inc. to serve on the official committee of unsecured creditors. On April 1, 2015, the U.S. Trustee named three non-union retirees of Debtors to serve as the official Non-Union Retiree Committee. Each of the Retiree Committee members is receiving retiree welfare benefits from one or more of the Debtors. On April 2, 2015, Reichhold disclosed that the purchase of most of the assets of the U.S. business was completed. This transaction, approved by the Delaware Bankruptcy Court on January 12, 2015, allows Reichhold's U.S. businesses to successfully emerge from bankruptcy and re-join the rest of the global Reichhold organization. Concurrent with this purchase, Reichhold completed a debt-for-equity exchange with a group of investors led by Black Diamond Capital Management LLC and including J.P. Morgan Investment Management, Inc., Third Avenue Management LLC, and Simplon Partners LP. RELATIVITY MEDIA: Files Ch 11 Plan, Aims Bankruptcy Exit in 2016 ---------------------------------------------------------------- Matt Donnelly at The Wrap reports that Relativity Media filed on Nov. 18, 2015, a reorganization plan with the U.S. Bankruptcy Court, hoping to emerge from Chapter 11 bankruptcy by January 2016. The report says that the Court will hold a hearing on Dec. 16, 2015. The Wrap relates that the Plan is aimed at reducing the Company's debt to below $60 million, raising $100 million in new equity, and releasing up to seven of the Company's orphaned movies within 18 months after the planned Chapter 11 emergence. The report quoted a Relativity spokesperson as saying, "Upon emergence in late January, the Company's $35 million DIP loan will be paid in full, its debt load will be reduced to $60 million or less, and it expects to receive up to $100 million in new equity. Additionally, Relativity plans to release seven films funded in part by a new $250 million Ultimates/P&A facility. As is often the case in complex Chapter 11 cases, the plan may evolve as the parties refine negotiations." According to The Wrap, the $100 million in capital comes from a pact with investor Jim Cantelupe of Summit Trail Advisors, with funds to be escrowed by the end of 2015. The Wrap states that under the Plan, unsecured creditors will get roughly $4 million in cash payments and "the opportunity to share with the company in future recoveries." James Rainey at Variety.com reports that among challenges that still confront the Company is the raising of necessary capital to persuade Bankruptcy Judge Michael Wiles that the Company can go ahead as a viable concern. The report says that while the Company suggested prior to its bankruptcy filing that it had identified financial saviors, including VII Peaks Capital of the San Francisco Bay Area, the capital infusions proved to be much smaller than touted and not almost enough to save the Company. According to Gregg Kilday at The Hollywood Reporter, the Plan also calls for the release of seven films that have already completed principal photography over the next 18 months. If the Plan is rejected, "there can be no assurance that the Chapter 11 cases will continue rather than be converted to Chapter 7 liquidation cases, or that any alternative plan of reorganization would be on terms as favorable to Holders of Claims as the terms of the Plan," David Lieberman and Dominic Patten at Deadline.com relate, citing the Company. About Relativity Relativity -- http://relativitymedia.com/-- is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, television, sports, digital and music. More than just a collection of entertainment-related businesses, Relativity is a content engine with the ability to leverage each of these business units, independently and together, to create content across all mediums, giving consumers what they want, when they want it. Relativity Studios, the Company's largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity's films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter. Relativity Media LLC and its affiliates, including Relativity Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989). The case is assigned to Judge Michael E. Wiles. The Debtors are represented by Craig A. Wolfe, Esq., Malani J. Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq., Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in New York. Brian Kushner of FTI Consulting, Inc., serves as chief restructuring officer and crisis and turnaround manager. Luke Schaeffer of FTI Consulting, Inc., serves as deputy CRO. Blackstone Advisory Partners L.P. serves as the Debtors' investment banker. The team is led by Timothy Coleman, Senior Managing Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice President, and Joseph Goldschmid, Associate. The Debtors' noticing and claims agent is Donlin, Recano & Company, Inc. * * * An investor group composed of Anchorage Capital Group, L.L.C., Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct. 21 completed its purchase of the assets of Relativity Television. Macquarie Investments US Inc. withdrew its motion for adequate protection or relief from the automatic stay after the Debtors opted to only sell their TV business instead of substantially all assets. After selling their TV business, the Debtors say that they intend to formulate a plan to restructure their business around their remaining assets, including the Debtors' motion picture assets. RESTORGENEX CORP: Incurs $13.2 Million Net Loss in Third Quarter ---------------------------------------------------------------- Restorgenex Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $13.2 million on $0 of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $3.44 million on $0 of revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $20.7 million on $0 of revenues compared to a net loss of $9.28 million on $0 of revenues for the same period a year ago. As of Sept. 30, 2015, the Company had $23.37 million in total assets, $4.30 million in total liabilities and $19.06 million in total stockholders' equity. As of Sept. 30, 2015, cash and cash equivalents totaled approximately $14.6 million, which the Company believes is sufficient to fund its operations into the second half of 2016. The Company has no debt. A full-text copy of the Form 10-Q is available for free at: http://is.gd/0u9q0C About RestorGenex RestorGenex Corporation operates as a biopharmaceutical company. It focuses on dermatology, ocular disease, and women's health areas. The company was formerly known as Stratus Media Group, Inc., and changed its name to RestorGenex Corporation in March 2014. RestorGenex Corporation is based in Los Angeles, California. Restorgenex reported a net loss of $14.4 million in 2014, a net loss of $2.46 million in 2013 and a net loss of $6.85 million in 2012. RICEBRAN TECHNOLOGIES: Incurs $1.57-Mil. Net Loss in 3rd Quarter ---------------------------------------------------------------- RiceBran Technologies filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.57 million on $8.91 million of revenues for the three months ended Sept. 30, 2015, compared to a net loss of $4.92 million on $10.41 million of revenues for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $9.17 million on $29.98 million of revenues compared to a net loss of $23.4 million on $29.4 million of revenues for the same period during the prior year. As of Sept. 30, 2015, the Company had $35.5 million in total assets, $27.2 million in total liabilities, $195,000 in temporary equity and $8.14 million in total equity attributable to the Company's shareholders. A full-text copy of the Form 10-Q is available for free at: http://is.gd/DsnXNm About RiceBran Scottsdale, Ariz.-based RiceBran Technologies, a California corporation, is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. Ricebran incurred a net loss of $26.6 million in 2014 following a net loss of $17.6 million in 2013. Marcum, LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has suffered recurring losses from operations resulting in an accumulated deficit of $242.5 million at Dec. 31, 2014. This factor among other things, raises substantial doubt about its ability to continue as a going concern. SABINE OIL: Has Until Dec. 16 to File Chapter 11 Plan ----------------------------------------------------- The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York, in a bridge order, extended Sabine Oil & Gas Corporation, et al.'s exclusive periods to file a Chapter 11 plan and solicit acceptances for the plan until Dec. 16, 2015. The hearing on the exclusivity extensions will be held on Dec. 16, at 10:00 a.m. Objections, if any, are due Dec. 2, at 4:00 p.m. The Debtors requested that the Court extend their exclusive periods to file a chapter 11 plan until March 11, 2016, and solicit acceptances for that plan until May 10. The Debtors explained that the ongoing discovery and related investigations coupled with the pending adversary proceeding represent important contingencies that require resolution before a plan of reorganization that provides the best recoveries for the Debtors' creditors and presents the best results for a successful reorganization can be finalized. About Sabine Oil & Gas Sabine Oil & Gas Corp. is an independent energy company engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the U.S. The Company's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle, and the North Louisiana Haynesville. The Company operates, or has joint working interests in, approximately 2,100 oil and gas production sites (approximately 1,800 operating and approximately 315 non-operating) and has approximately 165 full-time employees. Sabine Oil and its affiliated entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15, 2015. The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as counsel; Lazard Freres & Co. LLC, as investment banker and Prime Clerk LLC as notice, claims and balloting agent. The Debtors also tapped Zolfo Cooper Management, LLC, to provide Jonathan A. Mitchell as CRO and other additional personnel. The U.S. Trustee for Region 2 appointed five creditors to serve on the official committee of unsecured creditors. The Committee is represented by Mark R. Somerstein, Esq., Keith H. Wofford, Esq., and D. Ross Martin, Esq., at Ropes & Gray LLP as their counsel. The Committee is also hiring Blackstone Advisory Partners L.P. as investment banker; and Berkeley Research Group, LLC as financial advisor. SABINE OIL: Nov. 24 Hearing on Performance Award Program Approval ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will convene a hearing on Nov. 24, 2015, at 2:00 p.m., to consider Sabine Oil & Gas Corporation, et al.'s motion for approval of the performance award program. On Aug. 21, 2015, the Debtors sought approval of two distinct employee incentive plans: (a) the performance award program and (b) the fixed bonus award program. On Sept. 10, 2015, the Court approved, without objection, the fixed bonus award program, which provides fixed cash bonuses to the Debtors' non-officer employees. At the Debtors' unopposed request, the Court adjourned the motion as it relates to the performance award program, to provide the debtors and other interested parties additional time to discuss the plan. In this relation, the Debtors supplemented their motion to approve the performance award program. The Debtors note that as a result of meeting with creditor groups, the Official Committee of Unsecured Creditors, and the U.S. Trustee, several modifications were made including a new capital efficiency performance metric. The Performance Award Program The performance award program provides nine members of the Debtors' management team with the opportunity to earn semi-annual incentive-based cash awards if the Debtors achieve pre-established financial and operational milestones. Employee Status Participant Estimated Estimated Estimated --------------- Count Semi-Annual Annual Maximum ----------- Target Target Value Value Value --------- ---------- --------- Tier 1 4 $2,224,042 $4,448,084 $6,672,126 Insiders Tier 2 Non-Insiders 5 $781,564 $1,563,127 $2,344,691 ---------------- Total 9 $3,005,606 $6,011,211 $9,016,817 The Debtors noted that they depend on their leadership team to oversee their highly-skilled workforce and to make decisions that drive the financial and operational performance of the business. About Sabine Oil & Gas Sabine Oil & Gas Corp. is an independent energy company engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the U.S. The Company's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle, and the North Louisiana Haynesville. The Company operates, or has joint working interests in, approximately 2,100 oil and gas production sites (approximately 1,800 operating and approximately 315 non-operating) and has approximately 165 full-time employees. Sabine Oil and its affiliated entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15, 2015. The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as counsel; Lazard Freres & Co. LLC, as investment banker and Prime Clerk LLC as notice, claims and balloting agent. The Debtors also tapped Zolfo Cooper Management, LLC, to provide Jonathan A. Mitchell as CRO and other additional personnel. The U.S. Trustee for Region 2 appointed five creditors to serve on the official committee of unsecured creditors. The Committee is represented by Mark R. Somerstein, Esq., Keith H. Wofford, Esq., and D. Ross Martin, Esq., at Ropes & Gray LLP as their counsel. The Committee is also hiring Blackstone Advisory Partners L.P. as investment banker; and Berkeley Research Group, LLC as financial advisor. SABLE NATURAL: Incurs $547,000 Net Loss in Third Quarter -------------------------------------------------------- Sable Natural Resources Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $547,000 on $150,000 of total revenues for the three months ended Sept. 30, 2015, compared to a net loss of $756,000 on $141,000 of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $3.28 million on $681,700 of total revenues compared to a net loss of $1.36 million on $582,000 of total revenues for the same period in 2014. As of Sept. 30, 2015, the Company had $14.82 million in total assets, $20.5 million in total liabilities, $1.23 million in preferred stock, series A convertible, and a $6.95 million total stockholders' deficit. Liquidity and Capital Resources "Our working capital needs have historically been satisfied through operations, equity and debt investments from private investors, loans with financial institutions, and through the sale of assets. Historically, our primary use of cash has been to pay for acquisitions and investments, service our debt, and for general working capital requirements. As of September 30, 2015, we have cash and cash equivalents totaling $113,302, and negative working capital of $(14,673,098). We do not currently generate sufficient cash flow from operations, and so we are continuing to raise additional capital through equity and/or debt financings to support and expand our drilling activities until such time as we can fully implement our plan of future operations and generate sufficient cash flow. We are currently in default on substantially all of our debt obligations, and our operating subsidiary has filed for Chapter 11 bankruptcy seeking ways to restructure the Company to satisfy our creditors," the Company states in the report. A full-text copy of the Form 10-Q is available for free at: http://is.gd/1hAWcV About Sable Natural Sable Natural Resources Corporation is an energy holding company with principal operations centralized in its wholly-owned subsidiary, Sable Operating Company, Inc. Sable was formerly known as NYTEX Energy Holdings, Inc. and Sable Operating was formerly known as NYTEX Petroleum Inc. Sable Operating is a development stage exploration and production company engaged in the acquisition, development, and production of liquids rich natural gas and oil reserves from low-risk, high rate-of-return wells in the Fort Worth Basin of Texas. On Dec. 31, 2014, the Company's estimated proved reserves were 669.12 MBOE, of which 100% were proved developed. The Company's portfolio of proved developed natural gas and oil reserves is weighted in favor of liquids rich natural gas, with the Company's proved reserves consisting of 15% oil, 38% natural gas liquids and 47% natural gas. Also, on Dec. 31, 2014, the Company's probable reserves were 565 MBOE consisting of 17% oil, 2% NGL, and 81% natural gas, and the Company's possible reserves were 1,231 MBOE consisting of 19% oil, 2% NGL, and 79% natural gas. Sable Natural reported a net loss of $4.62 million on $912,000 of total revenues for the year ended Dec. 31, 2014, compared with a net loss of $2.67 million on $930,000 of total revenues for the year ended Dec. 31, 2013. Whitley Penn LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company will need additional working capital to fund operations. This condition raises substantial doubt about the Company's ability to continue as a going concern. STANDARD REGISTER: Court Confirms Ch. 11 Liquidation Plan --------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware on Nov. 19, 2015, issued a findings of fact, conclusions of law, and order confirming the Second Amended Chapter 11 Plan of Liquidation for SRC Liquidation Company, f/k/a The Standard Register Company, and its debtor affiliates. Assets of Standard Register and its affiliates were sold to Taylor Corp., a privately held company. According to the disclosure statement, the proceeds from the sale were used to pay Standard Register's debtor-in-possession financing, claims of the first lien term lenders, and a portion of the claims of the second lien term lenders. The company also used the proceeds to fund the $5 million GUC cash payment. Taylor also assumed certain limited obligations and advanced $15.076 million for payment of claims related to the wind-down of the companies and their Chapter 11 cases. Standard Register used a portion of that amount to loan $600,000 to the GUC Trust. The liquidation plan proposes to pay 1% of the allowed claims of general unsecured creditors. Christina Pullo, the senior director of solicitation of Prime Clerk LLC, filed a declaration informing the Court that an overwhelming majority of holders of claims entitled to vote on the Plan voted to accept the Plan. Specifically, Ms. Pullo said 100% of holders of Class 3 - Senior Lien Secured Claim voted to accept the Plan, while 92.89% of holders of Class 4 - General Unsecured Claims voted to accept the Plan. Prior to the Confirmation Hearing, the Debtors filed a Modified Second Amended Plan to reflect certain technical modifications. A blacklined copy of the Amended Plan dated Nov. 18 is available at http://bankrupt.com/misc/SRCplan1118.pdf The Debtors also filed Plan Supplement containing, among other things, the Form of Final Decree Closing Certain Cases and Amending Caption of Remaining Case. A full-text copy of the Plan Supplement dated Nov. 17 is available at http://bankrupt.com/misc/SRCplansupp1117.pdf About Standard Register Standard Register 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. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. SUNTECH AMERICA: Files Chapter 11 Liquidation Plan -------------------------------------------------- Suntech America, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware a combined disclosure statement and Chapter 11 plan of liquidation, which serve as the culmination of extensive negotiations between the Debtors, the Official Committee of Unsecured Creditors, The Solyndra Residual Trust and Wuxi Suntech Power Co., Ltd./Suntech Power Asia Pacific. Solyndra asserts a $1.5 billion Claim against the Debtors, and Wuxi asserts Claims against the Debtors in the aggregate amount of more than $145 million. The Debtors have agreed to settle the Wuxi and Solyndra Claims and agreed that the Claims will be Allowed in the amounts of $216,265,149 and $144,176,766, respectively, and Solyndra and Wuxi will receive a total Distribution of $10,312,500, plus 60% of the total value of any Additional Assets. A full-text copy of the Plan and Disclosure Statement, dated Nov. 17, 2015, is available at http://bankrupt.com/misc/SUNTECHplan1117.pdf About Suntech America Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and 15-10056) on Jan. 12, 2015. Judge Christopher S. Sontchi presides over the case. Mark D. Collins, Esq., Paul Noble Heath, Esq., William A. Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel. Upshot Services LLC is the Debtors' claims and noticing agent. The Debtors estimated their assets at between $100 million and $500 million, and their debts at between $100 million and $500 million. Headquartered in San Francisco, California, Suntech America, aka Suntech Power, an affiliate of Wuxi, China-based Suntech Power Holdings Corp., was the main operating subsidiary of the Suntech Group in the Americas and its primary business purpose was acting as an intermediary for marketing, selling and distributing Suntech Group manufactured products. SYNOVUS FINANCIAL: Fitch Corrects Nov. 18 Press Release ------------------------------------------------------- Fitch Ratings issued a correction to a release on Synovus Financial Corp. published Nov. 18, 2015. It corrects the long-term IDR and Viability Rating for Synovus Bank provided in the ratings list of the original release. The corrected press release is as follows: Fitch Ratings has upgraded Synovus Financial Corp.'s (SNV) and its principal subsidiary Synovus Bank's long-term Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+' and Viability Ratings (VRs) to 'bbb-' from 'bb+'. At the same time, Fitch has upgraded the companies' short-term IDRs (IDRs) to 'F3' from 'B'. The Rating Outlook has been revised to Stable from Positive. KEY RATING DRIVERS VR, IDR, AND SENIOR DEBT The action reflects SNV's improvements in asset quality, stable operating performance, along with the maintenance of strong regulatory capital ratios and the company's solid franchise in Georgia such that, in Fitch's view, its risk profile is more in line with other investment grade banks. The Rating Outlook has been revised to Stable from Positive indicating that further rating movement upward in the near to medium term is unlikely. Asset quality, a ratings driver that Fitch had placed higher emphasis on for SNV, has continued its strong improvement over the last year and is more in-line with investment grade banks. Fitch calculates SNV's nonperforming assets (NPAs) at 2.10% at 3Q'15, an improvement of 145bps year-over-year. Over the same time period, the dollar volume of NPAs has dropped another 42% as management has remained successful in working out of problem loans (nonaccrual as well as accruing troubled debt restructures) and disbursing foreclosed property. Furthermore, nonperforming loan (NPL) inflows have normalized considerably, averaging just $28 million per quarter over the last five quarters which has also played a role in reducing NPAs over time. The reduction in NPAs has not come at the cost of significantly higher credit costs evidenced by year-to-date (YTD) net charge-offs (NCOs) of 15bps vs. 40bps through the first nine months of 2014. Fitch's view that asset quality as a whole has improved such that it has converged with investment-grade peers is reflected in today's rating action. Moreover, while further asset quality improvement is likely over time, SNV's level of asset class concentration in commercial real estate and geographic concentration within the state of Georgia are seen as rating constraints in the medium to long term. SNV's operating performance, another key ratings driver Fitch had identified in the past as a high influence factor on the company's overall rating, has remained in-line with other investment grade peer banks. SNV has been able to generate reasonable returns over recent periods, primarily due to lower credit-related costs (provisions, litigations costs, OREO expenses and, etc.) as well as improved operating efficiencies and a steady level of fee revenue. Through 3Q15, the company generated a return on average assets (ROA) of 80bps, a reasonable improvement over SNV's 72bps ROA through 3Q'14 and 61bps through 3Q13. Assuming a marginal increase in interest rates into 2016, Fitch believes SNV's ROA could modestly improve given its disclosed asset sensitive balance sheet. However, Fitch expects operating performance to remain below that of higher rated peers over the near to medium term due to SNV's relatively higher cost structure and a greater reliance on spread revenue Fitch views SNV's capital as adequate relative to both its risk profile and rating. SNV reports one of the highest tangible common equity (TCE) ratios among its peer group and a strong estimated, fully phased-in Basel III common equity tier 1 (CET1) ratio of 10% well above the 7% requirement. The bank has now increased its quarterly dividend two years in a row due to the above mentioned earnings improvement and announced a $300 million share buyback program to be completed over the remainder of 2015 and all of 2016. This comes on the heels of a $250 million buyback program executed over the last four quarters. These actions are in line with Fitch's expectations given SNV's continued improvement in its financial condition. Fitch expects that SNV will continue to distribute some of this capital to shareholders; however, these distributions will be constrained by regulatory and internal stress testing, and as such, Fitch expects SNV's capital ratios will likely stay elevated over the near term. Fitch also observes that SNV has over $200 million in a disallowed deferred tax asset (DTA) that will continue to accrete into CET1 going forward, providing additional support to regulatory capital ratios and capital distributions. Finally, incorporated into the rating action is Fitch's view that management has successfully executed on rehabilitating SNV's financial profile and strengthened risk oversight while maintaining the bank's solid Southeastern U.S. franchise. SNV continues to have strong market presence, particularly in rural markets of southwest Georgia and eastern Alabama. Fitch believes this could have a net positive impact to funding costs and to the company's bottom line over time if it is able to successfully lag deposit pricing in those more isolated markets where it has dominant market share in a rising rate environment. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES SNV's subordinated debt is notched one level below its VR of 'bbb-' for loss severity. SNV's preferred stock is notched five levels below its VR, two times for loss severity and three times for non-performance. These ratings are in accordance with Fitch's criteria and assessment of the instruments non-performance and loss severity risk profiles. LONG-AND-SHORT-TERM DEPOSIT RATINGS The uninsured deposit ratings of SNV are rated one notch higher than SNV's IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. HOLDING COMPANY SNV's IDR and VR are equalized with those of its operating company (Synovus Bank), reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. Ratings are also equalized reflecting the very close correlation between holding company and subsidiary failure and default probabilities. SUPPORT RATING AND SUPPORT RATING FLOOR SNV has a Support Rating of '5' and Support Rating Floor of 'NF'. In Fitch's view, SNV is not systemically important and therefore, the probability of support is unlikely. IDRs and VRs do not incorporate any support. RATING SENSITIVITIES VR, IDS, AND SENIOR DEBT With today's action, further upward movement of the company's ratings are considered limited in the near to medium term. Fitch expects earnings and asset quality to improve over the rating time horizon. This expectation is incorporated into today's rating action. Fitch could take adverse rating action should earnings and asset quality improvement not come to fruition as expected evidenced by flat-to-deteriorating ROA or reversal in AQ trends. The ratings action also incorporates Fitch's expectation that SNV will begin to more seriously seek merger and acquisition (M&A) opportunities in order to build out its franchise and potentially gain further operating efficiencies. Fitch expects SNV's M&A activity to be absorbed effectively, reasonable in size, in geography and within the bank's core competencies. To the extent that Fitch observes SNV partaking in M&A activity that does not fit these attributes and/or results in earnings and capital metrics that are not commensurate with its rating level, Fitch could take negative rating action. Moreover, should wholesale funding revert back to the level it was leading up to the 2007-2009 financial crisis, negative rating action is likely. Over the long-term, SNV could see upward rating movement given the bank's solid franchise in its primary operating markets. Improvement in SNV's ratings over the long term would be predicated on the maintenance of sound risk appetite leading to asset quality metrics more in-line with higher rated peers as well as earnings performance (both by level and revenue mix) improving to above peer averages. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for SNV and its operating companies' subordinated debt and preferred stock are sensitive to any change to SNV's VR. LONG-AND-SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings are sensitive to any change to SNV's long- and short-term IDR. HOLDING COMPANY Should SNV's holding company begin to exhibit signs of weakness, demonstrate trouble accessing the capital markets, or have inadequate cash flow coverage to meet near-term obligations, there is the potential that Fitch could notch the holding company IDR and VR from the ratings of the operating companies. SUPPORT RATING AND SUPPORT RATING FLOOR Since SNV's Support and Support Rating Floors are '5' and 'NF', respectively, there is limited likelihood that these ratings will change over the foreseeable future. FULL LIST OF RATING ACTIONS Fitch has upgraded these ratings: Synovus Financial Corp. -- Long-term IDR to 'BBB-' from 'BB+'; Outlook Stable -- Short-term IDR to 'F3' from 'B'; -- Viability Rating to 'bbb-' from 'bb+'; -- Senior unsecured to 'BBB-' from 'BB+'; -- Subordinated debt at to 'BB+' from 'BB'. Synovus Bank -- Long-term IDR to 'BBB-' from 'BB+'; -- Short-term IDR to 'F3' from 'B'; -- Viability Rating to 'bbb-' from 'bb+'; -- Long-term deposits to 'BBB' from 'BBB-'. Fitch has affirmed these ratings: Synovus Financial Corp. -- Preferred Stock at 'B'; -- Support at '5'; -- Support Floor at 'NF'. Synovus Bank -- Support at '5'; -- Support Floor at 'NF'; -- Short-term deposits at 'F3'. TELKONET INC: Posts $269,000 Net Income for Third Quarter --------------------------------------------------------- Telkonet, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $269,000 on $4.05 million of total net revenue for the three months ended Sept. 30, 2015, compared to net income of $383,000 on $4.08 million of total net revenue for the same period a year ago. For the nine months ended Sept. 30, 2015, the Company reported net income of $48,900 on $11.4 million of total net revenue compared to a net loss of $176,000 on $11.06 million of total net revenue for the same period during the prior year. As of Sept. 30, 2015, the Company had $11.5 million in total assets, $5.35 million in total liabilities and $6.12 million in total stockholders' equity. Jason Tienor, Telkonet's CEO commented, "Our gross profit increased 21%, Adjusted EBITDA has nearly doubled growing 99%, and we are profitable on a GAAP net income basis on moderate revenue growth for the year to date period after recovering from a slow first quarter. A deliberate focus to increase product sales of our EcoSmart energy management platform, which has higher gross margins than our HSIA products, has contributed to continued improvement in these profit metrics." Mr. Tienor continued, "While we're pleased with our steadily improving profit metrics, our goal is to grow top line revenue faster and there have been a number of key indicators in the quarter and during the year that demonstrate our commitment and progress towards sales acceleration, which will result in further multiplying our earnings results. First, we've increased investments in R&D to launch new products including the EcoTouch next generation wireless thermostat. Furthermore, we've augmented our sales organization, adding a director of sales and marketing, two channel account managers and an account executive for direct sales. Additionally, during the third quarter we partnered with Deutsche Asset & Wealth Management to design, implement and fund energy savings upgrades for commercial properties, focusing on buildings 100,000 square feet or larger with annual utility bills of $500,000 or more and offering a 100% savings guarantee, because of the ROI EcoSmart can deliver. Just last quarter, we partnered with Samsung to release and deploy the fully integrated Smart Hospitality Room, and with several large ESCO partners, to market and promote our EcoSmart platform throughout their hospitality sales channel. Through these new product launches, new sales hires and new partnerships, we are well positioned for sustainable, rapid, profitable growth moving forward." A full-text copy of the Form 10-Q is available for free at: http://is.gd/klaho9 About Telkonet Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology company that develops and manufactures proprietary energy efficiency and smart grid networking technology. Telkonet reported a net loss attributable to common stockholders of $95,400 in 2014 following a net loss attributable to common stockholders of $4.9 million in 2013. BDO USA, LLP, in Milwaukee, Wisconsin, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has a history of losses from operations, a working capital deficiency, and an accumulated deficit of $121,906,017 that raise substantial doubt about its ability to continue as a going concern. TERRAFORM GLOBAL: S&P Affirms 'B' CCR & Revises Outlook to Neg. --------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'B' corporate credit rating and 'B+' senior secured issue rating on Terraform Private LLC and S&P's 'B+' corporate credit rating, 'BB' senior secured rating, and 'B+' senior unsecured rating on Terraform Global Inc. At the same time, S&P revised the outlooks to negative. All recovery ratings are unchanged on both companies. S&P revised the outlooks on Private and Global due to a downward assessment of SunEdison's group credit profile. SunEdison's key credit measures and balance-sheet strength are below S&P's previous expectations. S&P views Global and Private as insulated subsidiaries of SunEdison, so S&P has linked the ratings. In S&P's view, SunEdison has substantial control over both entities. SunEdison owns a substantial portion of Global's common stock and 100% of the incentive distribution rights. SunEdison also owns all of Private's common stock and 100% of the common voting rights. "At the same time, however, we believe the operating entities benefit from various structural protections, allowing the ratings to be higher than that of the parent company," said Standard & Poor's credit analyst Nora Pickens. Private's stand-alone credit profile remains 'b', reflecting S&P's assessment of its "weak" business risk profile and "highly leveraged" financial risk profile. S&P bases its analysis on the company's small size, exposure to wind resource volatility, and pronounced asset concentration. Private heavily depends on cash flow from two projects--Canadian Hills Wind LLC and Meadow Creek Power Co. LLC--which together account for about 90% of EBITDA. These weaknesses are only partially offset by Private's cash flow stability stemming from long–term, fee-based power purchase agreements with highly rated counterparties. Very high financial leverage at the holding company, modest debt service coverage at about 1.6x, and dependence on upstream dividends from assets with structurally senior project-level debt also weigh on the rating. "We assess Global's stand-alone credit profile remains 'b+', reflecting our assessment of its "weak" business risk profile and "significant" financial risk profile. Global's creditworthiness reflects its significant exposure to emerging market regulatory risk in the renewable power markets, management's limited experience operating in these jurisdictions, and an aggressive growth profile that entails execution risk. These weaknesses are only partially offset by good geographic and operational diversity; our expectation for stable cash flow generation from long-term, fee-based offtake contracts; and a moderate level of debt at the holding company. Moderate dependence on upstream dividends from assets with structurally senior project-level debt and the "yieldco" structure, which gives management strong incentive to pay out most available free cash flow to investors after maintenance capital spending, also weighs on the rating," S&P said. At the current rating level, Private's negative outlook reflects S&P's view of SunEdison's group credit profile. Apart from a reassessment of that profile, S&P could lower the ratings on Private if the company assumes significant merchant risk or wind production and turbine performance are below S&P's expectations, resulting in weak liquidity at the holding company level or EBITDA to interest coverage below 1.25x for a sustained period. S&P would revise the outlook on Private to stable if SunEdison's credit profile improves. At the current ratings, Global's negative outlook stems from S&P's view of SunEdison's group credit profile. Apart from reassessing the profile, S&P could lower the ratings on Global if underlying businesses perform well below expectations, the company begins to assume more significant merchant price risk, or if credit measures weaken such that debt to EBITDA rises above 4.5x. If SunEdison's credit profile improves, S&P would revise the outlook on Global to stable. TRANS ENERGY: Terminates Michael Guzzetta as Treasurer ------------------------------------------------------ Michael R. Guzzetta was terminated as treasurer of Trans Energy, Inc., a position he held since July 1, 2014, according to a Form 8-K report filed with the Securities and Exchange Commission. Mr. Guzzetta served as principal financial officer of the Company. The Company is presently evaluating its options with respect to the hiring of a chief financial officer. About Trans Energy St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG) -- http://www.transenergyinc.com/-- is an independent energy company engaged in the acquisition, exploration, development, exploitation and production of oil and natural gas. Its operations are presently focused in the State of West Virginia. Trans Energy reported a net loss of $12.5 million on $27.2 million of total operating revenues for the year ended Dec. 31, 2014, compared with a net loss of $17.7 million on $18.4 million of total operating revenues for the year ended Dec. 31, 2013. As of June 30, 2015, the Company had $103.39 million in total assets, $126.92 million in total liabilities and a total stockholders' deficit of $23.53 million. TUNICA-BILOXI GAMING: S&P Withdraws 'D' Issuer Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that it withdrew its ratings, including the 'D' issuer credit rating, on Tunica-Biloxi Gaming Authority (TBGA). S&P lowered its ratings on TBGA to 'D' in May 2015 when the Authority missed the May 15 interest payment on its 9% senior unsecured notes. TBGA did not repay the notes at maturity on Nov. 15, 2015, and S&P believes the Authority remains in restructuring discussions with its noteholders. UNI-PIXEL INC: May Issue 800,000 Shares Under 2011 Stock Plan ------------------------------------------------------------- Uni-Pixel, Inc., filed with the Securities and Exchange Commission a Form S-8 registration statement for the purpose of registering an additional 800,000 shares of common stock, par value $0.001 per share, of the Company, issuable pursuant to the Uni-Pixel 2011 Stock Incentive Plan, as amended. Initial shares of the Plan were registered pursuant to that Registration Statement on Form S-8, filed with the SEC on Sept. 15, 2011, the contents of which are hereby incorporated by reference. Additional shares of the Plan were registered pursuant to that Registration Statement on Form S-8, filed with the SEC on May 10, 2013. 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 Sept. 30, 2015, the Company had $26.0 million in total assets, $10.9 million in total liabilities and $15.04 million in total shareholders' equity. VERMILLION INC: Incurs $5.14 Million Net Loss in Third Quarter -------------------------------------------------------------- Vermillion, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $5.14 million on $330,000 of total revenue for the three months ended Sept. 30, 2015, compared to a net loss of $5.59 million on $323,000 of total revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $14.13 million on $1.81 million of total revenue compared to a net loss of $15.13 million on $952,000 of total revenue for the same period last year. As of Sept. 30, 2015, the Company had $25.38 million in total assets, $3.27 million in total liabilities and $22.11 million in total stockholders' equity. Valerie Palmieri, president and CEO of Vermillion, Inc., stated, "The third quarter marked a number of accomplishments and we are on track with our 2015 milestone plan. The submission of our second-generation OVA1 test, Overa, continues to progress with the FDA. On the commercial front in the US, we now have positive medical policy with CareFirst Blue Cross/Blue Shield, ASPiRA Labs new accounts grew, with 218 new accounts in Q3 versus 118 new accounts in Q2, and specimen collection kits released increased by 26%, Q3 versus Q2. Outside the US, we received the CE Mark for Overa from the European Union, facilitating our planned entry into international markets in 2016. We believe these are key indicators of growth and set the foundation for growth in 2016. Also, in terms of a new area we are expanding in 2016, a Direct to Women campaign, we emphasized wellness awareness with a well-received presentation at the Achieving Optimal Health Conference (AOHC)." As of Sept. 30, 2015, cash and equivalents totaled $24 million. This includes the net proceeds of approximately $17.5 million from Vermillion's July 2015 stock offering. Vermillion utilized $4.4 million in cash in the third quarter of 2015. The Company believes that its working capital position as of the date of the filing of this Quarterly Report on Form 10-Q will be sufficient to meet the Company's working capital needs for at least the next 12 months. A full-text copy of the Form 10-Q is available for free at: http://is.gd/lfPh7N 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. VERSO PAPER: May Sell 4 Mills Due to Drop in Coated Paper Demand ---------------------------------------------------------------- WSAU.com reports that Verso Corp. is considering selling four of its mills because demand for coated paper has dropped sharply due to foreign imports. KDAL610.com relates that the mills that the Company is considering to sell are the ones in: (i) Stevens Point, Wisconsin; (ii) Duluth, Minnesota; (iii) Jay, Maine; and (iv) Wickliffe, Kentucky. The report adds that the Kentucky mill is already idle. Simon Thompson at Recorder Press says that it's unknown if the potential sales would affect workers at the plant. WSAU.com recalls that the Company acquired the Stevens Point and Duluth mills when it purchased NewPage Holdings Inc. in January 2015. According to Recorder Press, the Company reported a boost in revenue with the NewPage acquisition. As reported by the Troubled Company Reporter on Nov. 17, 2015, Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review, reported that the Company said it may be forced to file for Chapter 11 bankruptcy protection, saying in a Nov. 16, regulatory filing that it hopes to raise funds through selling off assets but that there is "substantial doubt" about the Company's ability to continue as a going concern in the absence of a balance-sheet restructuring. Recorder Press quoted the Company as saying, "Our potential restructuring could occur in a consensual, out of court manner or through a court supervised Chapter 11 bankruptcy proceeding." Recorder Press notes that in less than two years, five paper mills have announced shutdown or worker layoffs. About Verso Verso is a North American producer of coated papers, including coated groundwood and coated freesheet, and specialty products. Verso is headquartered in Memphis, Tennessee, and owns three paper mills located in Maine and Michigan. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising. Additional information about Verso is available on its Web site at http://www.versopaper.com/ Verso Paper reported a net loss of $356 million on $1.29 billion of net sales for the year ended Dec. 31, 2014, compared with a net loss of $111 million on $1.38 billion of net sales in 2013. * * * The Troubled Company Reporter, on Aug. 25, 2015, reported that Moody's Investors Service says Verso Paper Holdings LLC's (B3, stable) announcement that it will shut down a pulp dryer and coated paper machine and indefinitely idle a paper mill will further strain the company's already weak liquidity position and adds further uncertainty in the company's ability to achieve its synergy target. However, the optimization of the remaining capacity at the Company's Androscoggin mill in Maine should led to a reduction in costs with the elimination of fixed charges and high cost peak power consumption. As reported by the TCR on July 3, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Verso Paper Holdings LLC and its parent Verso Paper Finance Holdings LLC to 'B-' from 'SD'. The TCR reported on Jan. 16, 2015, that Moody's Investors Service upgraded Verso Paper Holdings LLC's corporate family rating (CFR) to B3 from Caa3 and changed the probability of default rating (PDR) to B3-PD/LD from Caa3-PD. Verso's B3 CFR primarily reflects Moody's expectation that initial proforma leverage of about 9 times can be brought down to mid-6 times through synergy cost savings and cost improvements following the acquisition of NewPage, despite a continuing structural decline in demand for coated paper. VICTORY ENERGY: Signs LOI to Acquire Proved Producing Reserves -------------------------------------------------------------- Victory Energy Corporation announced it has entered into a letter of intent to acquire 181 net barrels of oil equivalent per day. The Company expects the acquisition to result in ~77.1% - 88.6% working interest in three producing wells and ~38.6% - 44.3% working interest in 1,370 net acres that are currently held by production. Upon closing, this acquisition is expected to increase total PV-10 proved producing reserves for Victory to more than $10 million. Transaction Highlights include: * PV-10 increase of $8.6 million (based on Q3 2015 Macquarie Tristone Energy Lender Price Survey for WTI oil and Henry Hub gas; a supporting third party report has been initiated) * Production of 181 BOEPD from 3 existing wellbores * 1,370 net acres currently held by production containing 4 additional proved undeveloped locations * Production from the Woodbine formation with future development opportunities in the Lower Eaglebine, Georgetown, Edwards and Glen Rose (Buda-Rose) formations. * Both vertical and horizontal drilling opportunities exist * Drilling and development of the first PUD locations are anticipated to begin late 2016 * LOI includes an option for the company to acquire up to a 50% proportionally reduced working interest in acreage acquisitions within a defined AMI. * The company will maintain exclusivity with the seller through the term of the LOI "With a successful completion of this transaction, Victory would grow daily consolidated production from 50 to ~230 BOEPD, a substantial growth which we feel comes at a very favorable value," stated Kenny Hill, Victory's CEO. "Additionally, we expect that our PV-10 reserves value would increase to over $10 million based upon today's prices and provide a significant increase to cash flow, supporting our continued pursuit of accretive acquisitions made available by the current commodity price environment. This transaction marks the first of several opportunities that we expect to pursue in the coming year. We look forward to continuing to leverage this generational pricing opportunity into growth pull forward and increased scale." The purchase price for the acquired interest is expected to be ~$7.8 million, of which ~$6.9 million is to be paid in cash, subject to customary adjustments. The remaining ~$900,000 of the purchase price is to be paid in shares of Victory common stock. The consummation of the acquisition is subject to the completion of a due diligence review of the properties, including a review of record title, and the negotiation and entry into definitive acquisition agreements. The acquisition is additionally subject to approval from certain third parties, Navitus Energy Group, Victory's other banking and financial relationships and approval and execution by Victory and the seller of definitive documentation. About Victory Energy Austin, Texas-based Victory Energy Corporation is engaged in the exploration, acquisition, development and exploitation of domestic oil and gas properties. Current operations are primarily located onshore in Texas, New Mexico and Oklahoma. Victory Energy reported a net loss of $4.22 million in 2014 following a net loss of $2.11 million in 2013. As of Sept. 30, 2015, the Company had $1.89 million in total assets, $4.13 million in total liabilities, and a $2.24 million total stockholders' deficit. Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has experienced recurring losses since its inception and has an accumulated deficit, which raise substantial doubt regarding the Company's ability to continue as a going concern. VUZIX CORP: Reports $2.81 Million Net Loss for Third Quarter ------------------------------------------------------------ Vuzix Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $2.81 million on $970,379 of total sales for the three months ended Sept. 30, 2015, compared to a net loss attributable to common stockholders of $3.30 million on $664,586 of total sales for the same period during the prior year. For the nine months ended Sept. 30, 2015, the Company reported a net loss attributable to common stockholders of $11.04 million on $2.20 million of total sales compared to a net loss attributable to common stockholders of $1.55 million on $2.18 million of total sales for the same period a year ago. As of Sept. 30, 2015, the Company had $22.13 million in total assets, $2.74 million in total liabilities and $19.38 million in total stockholders' equity. The Company had cash and cash equivalents of $16,072,222 as of Sept. 30, 2015, an increase of $15,987,255 from $84,967 as of Dec. 31, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/usgeqj 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 2014 was $7.87 million versus a net loss of $10.1 million in 2013. WAFERGEN BIO-SYSTEMS: Incurs $3.47-Mil. Net Loss in Third Quarter ----------------------------------------------------------------- WaferGen Bio-systems, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.47 million on $2.01 million of total revenue for the three months ended Sept. 30, 2015, compared to a net loss of $2.78 million on $1.25 million of total revenue for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported a net loss of $12.1 million on $4.76 million of total revenue compared to a net loss of $7.43 million on $4.38 million of total revenue for the same period a year ago. As of Sept. 30, 2015, the Company had $10.65 million in total assets, $7.66 million in total liabilities and $2.99 million in total stockholders' equity. A full-text copy of the Form 10-Q is available at: http://is.gd/mmYI58 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 Bio-systems reported a net loss of $10.7 million in 2014, a net loss of $16.3 million in 2013 and a net loss of $8.97 million in 2012. WHISKEY ONE: Members Seek Appointment of Chapter 11 Trustee ----------------------------------------------------------- Richard E. Polm, a member who has a 37.5% interest in Whiskey One Eight, LLC; and Polm Development Limited Partnership, ask the U.S. Bankruptcy Court for the District of Maryland to appoint a Chapter 11 trustee for the Debtor. According to the movants, cause exists because the Debtor and the Debtor's manager have numerous, irreconcilable conflicts of interests. The movants are represented by Robert B. Scarlett, Andrew M. Croll, and Scarlett, Croll & Myers, P.A. About Whiskey One Whiskey One Eight, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 15-19885) on July 15, 2015. Andrew Zois signed the petition as managing member. The Debtor disclosed total assets of $18,008,600 and total liabilities of $5,100,057 as of the Chapter 11 filing. Lawrence Joseph Yumkas, Esq., at Yumkas, Vedmar & Sweeney, LLC as the Debtor's counsel. Judge David E. Rice presides over the case. WHISKEY ONE: Opposes Bid for Declaration of "SARE" Status --------------------------------------------------------- Whiskey One Eight, LLC, opposes FAIRMD, LLC's motion for entry of an order of determination of single asset real estate status. The Debtor explains that it operates two businesses on its real property -- a real estate development business and landlord to an airport tenant. Additionally, the Debtor expects to earn income from litigation claims besides income from its property. Finally, the Debtor's real estate business is not incidental to its airport business. As previously reported by The Troubled Company Reporter, FAIRMD asked the U.S. Bankruptcy Court for the District of Maryland to declare that the real property owned by Whiskey One constitutes a "single asset real estate" and that the real property is subject to the provisions of Section 362(d)(3) of the Bankruptcy Code. The Debtor's property consists of a 50.94 acre parcel of real property commonly known as 520 Brock Bridge Road, in Laurel, Maryland. It is currently being leased to Red Plane Aviation, Inc., which operates a small airport on the Property. Red Plane pays rent to the Debtor, which is the Debtor's only income. Lisa Bittle Tancredi, Esq., at Gebhardt & Smith LLP, in Baltimore, Maryland, asserts that the Debtor's real property bears the hallmarks of single asset real estate. Ms. Tancredi relates that the Debtor owns approximately 51 contiguous acres of land purchased for the purpose of residential development. Ms. Tancredi further relates that currently, the only income generated by the property is derived from a lease with nominal rent. She contends that the Debtor conducts no substantial business on the property other than as a landlord and that to the extent that the Debtor is attempting to develop the property, such attempts are activities "incidental" to the business of operating the real property. Ms. Tancredi asserts that the Court should designate the Debtor's property as SARE so that the Debtor is subject to the provisions of Section 362(d)(3). About Whiskey One Whiskey One Eight, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 15-19885) on July 15, 2015. Andrew Zois signed the petition as managing member. The Debtor disclosed total assets of $18,008,600 and total liabilities of $5,100,057 as of the Chapter 11 filing. Lawrence Joseph Yumkas, Esq., at Yumkas, Vedmar & Sweeney, LLC as the Debtor's counsel. Judge David E. Rice presides over the case. WHISKEY ONE: Taps Thomas A. Weigand to Appraise Property -------------------------------------------------------- Whiskey One Eight, LLC, asks the U.S. Bankruptcy Court for the District of Maryland for permission to employ Thomas A. Weigand of Treffer Appraisal Group as appraiser. According to the Debtor, Mr. Weigand has already appraised its property in connection with litigation that has now been removed and is pending in the bankruptcy case. Mr. Weigand will estimate the present and future value of the Debtor's real property 520 Brock Bridge Road and, if necessary, to determine the market value and the highest and best use of the subject property in conformity with applicable standards, methodologies, and techniques employed by certified general real estate appraisers. The Debtor also requests that any claim by Mr. Weigand for compensation be treated as an administrative expense of the estate for his services provided postpetition at a fee of $275 per hour for preparation and deposition time and $275 per hour for trial testimony and court appearance. The prepetition balance of $9,900 owed by the Debtor to Mr. Weigand has been waived. Andrew Zois has agreed to pay this prepetition balance of $9,900 personally. To the best of the Debtor's knowledge, Mr. Weigand nor TAG hold or represent any interest adverse to the Debtor or the estate in the matters upon which they are engaged. About Whiskey One Whiskey One Eight, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 15-19885) on July 15, 2015. Andrew Zois signed the petition as managing member. The Debtor disclosed total assets of $18,008,600 and total liabilities of $5,100,057 as of the Chapter 11 filing. Lawrence Joseph Yumkas, Esq., at Yumkas, Vedmar & Sweeney, LLC as the Debtor's counsel. Judge David E. Rice presides over the case. WHISKEY ONE: Wants Until Feb. 10 to Propose Chapter 11 Plan ----------------------------------------------------------- Whiskey One Eight, LLC, asks the U.S. Bankruptcy Court for the District of Maryland to extend its exclusive periods to file plan of reorganization until Feb. 10, 2016, and solicit acceptances for that plan until April 10. The Debtor explains that it needed additional time to obtain debtor-in-possession financing to fund its development and bankruptcy expenses and effectively reorganize. About Whiskey One Whiskey One Eight, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 15-19885) on July 15, 2015. Andrew Zois signed the petition as managing member. The Debtor disclosed total assets of $18,008,600 and total liabilities of $5,100,057 as of the Chapter 11 filing. Lawrence Joseph Yumkas, Esq., at Yumkas, Vedmar & Sweeney, LLC as the Debtor's counsel. Judge David E. Rice presides over the case. ZERGA PHIN-KER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Zerga Phin-Ker LP 1500 S. Central Expressway, Suite 500 McKinney, TX 75070 Case No.: 15-42087 Chapter 11 Petition Date: November 20, 2015 Court: United States Bankruptcy Court Eastern District of Texas (Sherman) Judge: Hon. Brenda T. Rhoades Debtor's Counsel: Vickie L. Driver, Esq. Emily S. Chou, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP 2100 Ross Avenue, Suite 2000 Dallas, TX 75201 Tel: 214.722.7123 Fax: 214.722.7111 Email: Vickie.driver@lewisbrisbois.com emily.chou@lewisbrisbois.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Jerry Green, co-president. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Alliance Bus Group, Inc. Vendor $60,756 IPFS Corporation Vendor $31,434 HPA Design Group, Inc. Vendor $22,133 Inline Network Integration, LLC Vendor $12,532 P3 Consulting Vendor $12,000 Century Lawn Care Vendor $5,633 HIIG Service Company Vendor $3,402 Saddock & Co. PLLC Vendor $3,045 RealPage Vendor $2,419 AWA Architects Architect $2,377 Services Johnson Southwest Thurston, Owens Vendor $2,165 & Newman, LLC Network Communications Telecom Telephone $1,803 Services KZQX-KDOK Radio Vendor $1,800 Dalton Kaye Vendor $1,500 James M. Parkey, AIA Vendor $1,500 Longview News Journal Vendor $1,120 Xerox Corporation Vendor $662 EcolabPest Elim Div Vendor $497 Aero Photo Vendor $254 Longview Museum of Fine Arts Vendor $250 ZLOOP INC: Creditor Balks at Approval of Cash Collateral Access --------------------------------------------------------------- Kendall G. Mosing, the largest creditor in the Chapter 11 cases of Zloop, Inc., et al., filed a preliminary objection and reservation of rights regarding the motion for the use of cash collateral. Mr. Mosing complained that the cash collateral motion (i) is nothing more than a thinly veiled attempt to seek a declaratory judgment -- without first commencing an adversary proceeding -- that also ignores the complex litigation that is pending in another court regarding similar and related topics; (ii) seeks to abrogate or prejudice Mr. Mosing's rights to assert, in connection with any sale of the Debtors' assets, that he has a security interest in the assets being sold and the proceeds of any such sale and that any such proceeds should be escrowed pending a determination as to the extent of such interest. As reported by the Troubled Company Reporter on Sept. 1, 2015, the Debtors received an interim order authorizing the use of cash collateral. Stuart M. Brown, Esq., at DLA Piper LLP (US), explains that ZLOOP never executed or delivered to either Kendall Garrett Mosing or E Recycling Systems, LLC ("ERS") a grant of a security interest. Neither Mosing nor ERS is party to an account control agreement with ZLOOP and One Community Bank respecting Debtors' Bank Accounts. Accordingly, neither Mosing nor ERS holds a security interest in any of the Debtors' property, and even if such a security interest does exist, neither Mosing's nor ERS's alleged security interest is perfected. Out of an abundance of caution, however, the Debtors are seeking authorization to use Cash Collateral, to the extent Mosing or ERS asserts a secured interest in the Debtors' Cash Collateral, to ensure there are no unnecessary interruptions to the Debtors' operations that would cause immediate and irreparable harm to the Debtors and their entities. Mr. Brown asserts that because neither Mosing nor ERS holds a valid, enforceable, perfected and unavoidable security interest in the Debtor's cash collateral, neither is entitled to adequate protection. About ZLOOP, Inc. ZLOOP, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del.) on Aug. 9, 2015. The Court on Aug. 11, 2015, granted the joint administration of the Debtors' Chapter 11 cases, with the docket to be maintained at the docket for ZLOOP, Case No. 15-11660. ZLOOP operates a proprietary, state of the art, 100% landfill free eWaste recycling company headquartered in Hickory, North Carolina. The Debtors tapped DLA Piper LLP as counsel. As of the Petition Date, the Debtors' unaudited consolidated balance sheet reflect total assets of approximately $25 million, including the land and improvements, but excluding certain commodity inventories that are the output of eWaste recycling, and total liabilities of approximately $32 million. On Sept. 2, 2015, the U.S. trustee overseeing the Debtors' Chapter 11 cases appointed Recycling Equipment Inc., E Recycling Systems LLC and Carolina Metals Group to serve on the official committee of unsecured creditors. The committee is represented by Cole Schotz P.C. ZOHAR CDO 2003-1: Involuntary Chapter 11 Case Summary ----------------------------------------------------- Debtor-affiliates subject to separate involuntary Chapter 11 petitions: Alleged Debtor Case No. -------------- -------- Zohar CDO 2003-1, Corp. 15-23681 c/o The Corporation Trust Company 1209 Orange Street Wilmington, DE 19801 Zohar CDO 2003-1, Limited 15-23680 Zohar CDO 2003-1, LLC 15-23682 Involuntary Chapter 11 Petition Date: November 22, 2015 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Petitioner's Counsel: Jay M. Goffman, Esq. Mark A. McDermott, Esq. Shana A. Elberg, Esq. Christine A. Okike, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Four Time Square New York, NY 10036 Tel: (212) 735-3000 Fax: (212) 735-2000 Email: JGoffman@skadden.com mark.mcdermott@skadden.com shana.elberg@skadden.com christine.okike@skadden.com Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ Patriarch Partners XV, LLC Notes $286,446,141 One Broadway, 5th Floor New York, NY 10004 United States ZOHAR CDO 2003: Patriarch Files Involuntary Chapter 11 Petition --------------------------------------------------------------- Patriarch Partners, LLC on Nov. 22 disclosed that it has filed, through one of its affiliates, an involuntary Chapter 11 petition for Zohar CDO 2003-1, Limited. Patriarch is Zohar I's largest creditor, holding $286.5 million face amount of Zohar I notes. Patriarch has placed Zohar I into Chapter 11 in order to protect Zohar I and Patriarch from the efforts of MBIA Inc. and MBIA Insurance Corporation, another creditor of Zohar I, to obtain Zohar I's assets for itself. By filing the Chapter 11 case, Zohar I has obtained certain protection under the U.S. Bankruptcy Code. The filing will have no effect on the operations of the portfolio companies whose loans are held by Zohar I. This filing does not trigger any defaults on portfolio company loans. Moreover, neither Zohar II 2005-1, Limited, nor Zohar III, Limited, two additional investment funds managed by Patriarch and certain of its affiliates, are part of the filing. They will not be subject to any cross-defaults. Lynn Tilton, Chief Executive Officer of Patriarch said, "We did not make this decision to file Zohar I for Chapter 11 protection lightly and have done so only after numerous good faith attempts to accomplish a fair and transparent restructuring of Zohar I with MBIA outside of court. We believe the Chapter 11 process now presents the best way for Zohar I to restructure its finances while preserving the value of the portfolio companies it owns on behalf of its key stakeholders." Patriarch's business model is to invest, through managed investment funds, in loans issued to deeply distressed companies and to seek to turn those companies around. Zohar I is structured as a collateralized loan obligation and has issued notes to investors and made loans to the portfolio companies with the proceeds of the notes. Patriarch affiliates hold substantial equity stakes in many of these portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. Certain affiliates are also lenders to the Zohar I portfolio companies. Following the financial crisis of 2008, Patriarch recognized that Zohar I would require time beyond its stated maturity date of November 20, 2015, to create value and to pay off the notes. In light of this -- and as outlined in a lawsuit filed by Patriarch on November 2, 2015 -- Patriarch initiated discussions with MBIA, a monoline insurer that insured approximately $150 million in Zohar I notes, regarding an extension of the maturity date of Zohar I and an associated global restructuring of the Zohar funds. For over three years, Patriarch worked tirelessly and in good faith to achieve a plan for restructuring the Zohar funds that would be in the best interests of all constituencies, including MBIA and the Zohar noteholders. As part of these efforts, and as set forth in more detail in the November lawsuit, Patriarch spent more than $100 million to buy out a third-party noteholder in Zohar I that MBIA had indicated was an "impediment" to an extension of Zohar I and a global restructuring of the Zohar funds. Yet, even after Patriarch removed this "impediment," MBIA refused to consent to an extension of Zohar I -- which would have paved the way for a restructuring. Tilton continued: "Our decision to file Zohar I for bankruptcy and to seek court approval for a plan of reorganization that will pay MBIA in full, while maximizing value for Patriarch, only emerged when it became clear that MBIA had acted in bad faith throughout our discussions. A Chapter 11 filing is now the only course of action available that allows us to continue our efforts to turn around and build value at the portfolio companies, preserve their value on behalf of all of our stakeholders and protect the jobs of the tens of thousands of our portfolio companies' employees." Patriarch's restructuring counsel is Skadden, Arps, Slate, Meagher & Flom LLP and its financial advisor is Moelis & Co. The Chapter 11 petition was filed in the U.S. Bankruptcy Court for the Southern District of New York. About Patriarch Partners Patriarch Partners, LLC, together with certain of its affiliated entities -- http://www.patriarchpartners.com-- is an investment firm and holding company dedicated to saving American manufacturing jobs and American companies. Founded by Wall Street veteran Lynn Tilton in 2000, Patriarch, through affiliated investments funds, has had ownership in and restructured more than 240 companies with combined revenues in excess of $100 billion, representing more than 675,000 jobs. Tilton's platform is the largest woman-owned business in the country, managing 74 companies, including investments in Dura Automotive, Stila Cosmetics, Rand McNally, Spiegel Catalogs and MD Helicopters. [*] 2015 North American Exploration & Production Ch.11 Filings Rise ------------------------------------------------------------------- Lawyers in the Haynes and Boone, LLP Bankruptcy and Energy practices have released their first Oil Patch Bankruptcy Monitor, which details a rising tide of 2015 exploration and production company Chapter 11 filings totaling about $13 billion in cumulative secured and unsecured debt. The report contains a list of North American E&P filings, breaking them down by filing location and by amount of secured and unsecured debt by location. Texas leads North America in all filings with 16, while Delaware has been the venue with most bankruptcy filings by amount of debt with a total of $7.9 billion "So far this year, our firm has been engaged in more than three dozen energy industry out-of-court workouts or Chapter 11 bankruptcy cases," said Ian Peck, chair of the firm's Bankruptcy and Business Restructuring Section. "We expect our involvement will continue to expand as we advise clients in connection with additional energy restructuring matters that arise throughout the end of the year and into 2016." Added Buddy Clark, head of the Haynes and Boone Energy Practice Group: "Even though we have one of the largest restructuring practices in the U.S. with more than 30 bankruptcy lawyers overall, including 12 in Houston, we are expecting to increase these numbers by drawing from the firm's lawyers in other sections affected by the downturn, especially our energy and finance practice groups. Activity is ramping up rapidly." With the slump in commodity prices persisting into this fall, lawyers are closely following recent industry developments. Dozens of North American oil and gas producers have commenced Chapter 11 bankruptcy cases this year, including most recently, Escalara Resources Co., RAAM Global Energy Company, and Miller Energy Resources, Inc. Haynes and Boone plans on periodically updating the Monitor to help industry participants and clients keep pace with the dynamic changes in the energy industry. The release of the Monitor comes on the heels of the firm's highly cited spring and fall Borrowing Base Redeterminations Survey. The fall edition of the survey showed that, as a result of slumping oil prices, key players in oil and gas financing were predicting a decrease in the ability to borrow against reserves by an average of 39 percent. Another survey will be released in mid-January in advance of next spring's redetermination season. About Haynes and Boone Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Chicago, Denver, Washington, D.C., Mexico City and Shanghai, providing a full spectrum of legal services in technology, financial services, energy and private equity. With more than 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm was named the 2015 Best National Firm for Diversity in North America in the Americas Women in Business Law Awards. [*] Two Former Irell & Manella Partners Join Weiland Golden ----------------------------------------------------------- Daniel Langhorne at Bankruptcy Law360 reported that Weiland Golden LLP has shored up its bankruptcy boutique by adding two former Irell & Manella LLP partners to its letterhead, a move the firm believes will position it as leading bankruptcy practice in Orange County, California. New partners William N. Lobel and Alan J. Friedman not only bring decades of bankruptcy experience to the firm but also will contribute to the real estate and litigation practices at the renamed Lobel Weiland Golden Friedman LLP. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE OU1 GR 149.9 (13.1) (8.1) ABSOLUTE SOFTWRE ALSWF US 149.9 (13.1) (8.1) ABSOLUTE SOFTWRE ABT CN 149.9 (13.1) (8.1) ADV MICRO DEVICE AMD* MM 3,229.0 (336.0) 1,017.0 ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) AEROJET ROCKETDY AJRD US 1,957.4 (107.2) 96.3 AEROJET ROCKETDY GCY GR 1,957.4 (107.2) 96.3 AIR CANADA AC CN 12,755.0 (51.0) 531.0 AIR CANADA ACEUR EU 12,755.0 (51.0) 531.0 AIR CANADA ADH2 TH 12,755.0 (51.0) 531.0 AIR CANADA ADH2 GR 12,755.0 (51.0) 531.0 AIR CANADA ACDVF US 12,755.0 (51.0) 531.0 AK STEEL HLDG AKS* MM 4,250.3 (484.7) 792.0 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC ANGI US 173.2 (19.8) (33.1) ANGIE'S LIST INC 8AL TH 173.2 (19.8) (33.1) ANGIE'S LIST INC 8AL GR 173.2 (19.8) (33.1) ARCH COAL INC ACI* MM 5,848.0 (605.4) 824.1 ARIAD PHARM APS TH 576.1 (49.7) 213.9 ARIAD PHARM ARIAEUR EU 576.1 (49.7) 213.9 ARIAD PHARM APS GR 576.1 (49.7) 213.9 ARIAD PHARM ARIA US 576.1 (49.7) 213.9 ARIAD PHARM ARIA SW 576.1 (49.7) 213.9 ARIAD PHARM ARIACHF EU 576.1 (49.7) 213.9 ASPEN TECHNOLOGY AZPN US 266.8 (63.0) (44.1) ASPEN TECHNOLOGY AST GR 266.8 (63.0) (44.1) AUTOZONE INC AZ5 GR 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZOEUR EU 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZ5 QT 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZO US 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZ5 TH 8,102.3 (1,701.4) (742.6) AVID TECHNOLOGY AVID US 276.2 (338.1) (147.2) AVID TECHNOLOGY AVD GR 276.2 (338.1) (147.2) AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1 AVON - BDR AVON34 BZ 3,774.7 (768.4) 660.1 AVON PRODUCTS AVP* MM 3,774.7 (768.4) 660.1 AVON PRODUCTS AVP QT 3,774.7 (768.4) 660.1 AVON PRODUCTS AVP CI 3,774.7 (768.4) 660.1 BARRACUDA NETWOR 7BM GR 421.3 (26.4) 42.0 BARRACUDA NETWOR CUDA US 421.3 (26.4) 42.0 BARRACUDA NETWOR CUDAEUR EU 421.3 (26.4) 42.0 BENEFITFOCUS INC BTF GR 172.4 (8.7) 28.3 BENEFITFOCUS INC BNFT US 172.4 (8.7) 28.3 BERRY PLASTICS G BP0 GR 5,028.0 (53.0) 715.0 BERRY PLASTICS G BERY US 5,028.0 (53.0) 715.0 BLUE BIRD CORP 1291067D US 307.6 (133.8) 5.4 BLUE BIRD CORP BLBD US 307.6 (133.8) 5.4 BLUE BUFFALO PET BUFF US 459.5 (33.7) 258.1 BLUE BUFFALO PET B6B TH 459.5 (33.7) 258.1 BLUE BUFFALO PET B6B GR 459.5 (33.7) 258.1 BOMBARDIER INC-B BBDBN MM 23,863.0 (3,660.0) 1,076.0 BOMBARDIER-B OLD BBDYB BB 23,863.0 (3,660.0) 1,076.0 BOMBARDIER-B W/I BBD/W CN 23,863.0 (3,660.0) 1,076.0 BRINKER INTL BKJ GR 1,549.3 (108.1) (201.0) BRINKER INTL EAT US 1,549.3 (108.1) (201.0) BRP INC/CA-SUB V DOO CN 2,223.5 (31.1) 255.8 BRP INC/CA-SUB V BRPIF US 2,223.5 (31.1) 255.8 BRP INC/CA-SUB V B15A GR 2,223.5 (31.1) 255.8 BURLINGTON STORE BURL US 2,673.6 (40.6) 166.6 BURLINGTON STORE BUI GR 2,673.6 (40.6) 166.6 BURLINGTON STORE BURL* MM 2,673.6 (40.6) 166.6 CABLEVISION SY-A CVCEUR EU 6,745.7 (4,957.7) 39.4 CABLEVISION SY-A CVY TH 6,745.7 (4,957.7) 39.4 CABLEVISION SY-A CVC US 6,745.7 (4,957.7) 39.4 CABLEVISION SY-A CVY GR 6,745.7 (4,957.7) 39.4 CABLEVISION-W/I CVC-W US 6,745.7 (4,957.7) 39.4 CABLEVISION-W/I 8441293Q US 6,745.7 (4,957.7) 39.4 CAMBIUM LEARNING ABCD US 156.6 (75.1) (16.2) CASELLA WASTE WA3 GR 660.7 (15.6) 4.9 CASELLA WASTE CWST US 660.7 (15.6) 4.9 CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CHH US 712.8 (400.6) 168.4 CHOICE HOTELS CZH GR 712.8 (400.6) 168.4 CINCINNATI BELL CIB GR 1,460.2 (323.3) (38.6) CINCINNATI BELL CBB US 1,460.2 (323.3) (38.6) CLEAR CHANNEL-A C7C GR 6,133.3 (297.8) 433.3 CLEAR CHANNEL-A CCO US 6,133.3 (297.8) 433.3 CLIFFS NATURAL R CLF* MM 2,271.5 (1,759.5) 406.0 COMMUNICATION CSAL US 2,645.6 (969.3) - COMMUNICATION 8XC GR 2,645.6 (969.3) - CORIUM INTERNATI CORI US 59.3 (5.4) 31.2 CYAN INC YCN GR 112.1 (18.4) 56.9 CYAN INC CYNI US 112.1 (18.4) 56.9 DELEK LOGISTICS DKL US 361.8 (11.7) 8.2 DELEK LOGISTICS D6L GR 361.8 (11.7) 8.2 DENNY'S CORP DE8 GR 289.7 (7.5) (18.3) DENNY'S CORP DENN US 289.7 (7.5) (18.3) DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0 DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0 DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0 DOMINO'S PIZZA EZV GR 603.2 (1,255.9) 125.1 DOMINO'S PIZZA EZV TH 603.2 (1,255.9) 125.1 DOMINO'S PIZZA DPZ US 603.2 (1,255.9) 125.1 DUN & BRADSTREET DB5 GR 2,082.4 (1,146.5) (96.6) DUN & BRADSTREET DNB1EUR EU 2,082.4 (1,146.5) (96.6) DUN & BRADSTREET DNB US 2,082.4 (1,146.5) (96.6) DUNKIN' BRANDS G 2DB GR 3,348.1 (65.8) 285.7 DUNKIN' BRANDS G DNKN US 3,348.1 (65.8) 285.7 DUNKIN' BRANDS G 2DB TH 3,348.1 (65.8) 285.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGE THERAPEUTIC EU5 GR 58.5 (50.6) 47.1 EDGE THERAPEUTIC EDGE US 58.5 (50.6) 47.1 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 ENERGIZER HOLDIN ENR US 1,629.6 (60.1) 658.7 EOS PETRO INC EOPT US 1.2 (25.4) (26.6) EPL OIL & GAS IN EPA1 GR 1,496.3 (54.2) (253.5) EPL OIL & GAS IN EPL US 1,496.3 (54.2) (253.5) EXELIXIS INC EXEL US 363.2 (74.2) 151.4 EXELIXIS INC EX9 TH 363.2 (74.2) 151.4 EXELIXIS INC EX9 GR 363.2 (74.2) 151.4 EXELIXIS INC EXELEUR EU 363.2 (74.2) 151.4 FREESCALE SEMICO 1FS QT 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO FSL US 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO FSLEUR EU 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO 1FS GR 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO 1FS TH 3,159.0 (3,079.0) 1,264.0 GAMING AND LEISU 2GL GR 2,516.1 (236.6) (98.2) GAMING AND LEISU GLPI US 2,516.1 (236.6) (98.2) GARDA WRLD -CL A GW CN 1,531.1 (362.2) 56.2 GARTNER INC GGRA GR 2,091.5 (159.6) (173.7) GARTNER INC IT US 2,091.5 (159.6) (173.7) GENESIS HEALTHCA GEN US 6,121.4 (306.4) 223.8 GENESIS HEALTHCA SH11 GR 6,121.4 (306.4) 223.8 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GRZ CN 16.3 (28.8) (39.0) GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GYMBOREE CORP/TH GYMB US 1,243.7 (378.0) 32.7 HCA HOLDINGS INC 2BH TH 31,896.0 (5,812.0) 2,908.0 HCA HOLDINGS INC HCA US 31,896.0 (5,812.0) 2,908.0 HCA HOLDINGS INC HCAEUR EU 31,896.0 (5,812.0) 2,908.0 HCA HOLDINGS INC 2BH GR 31,896.0 (5,812.0) 2,908.0 HD SUPPLY HOLDIN HDS US 6,505.0 (393.0) 1,466.0 HD SUPPLY HOLDIN 5HD GR 6,505.0 (393.0) 1,466.0 HECKMANN CORP-U HEK/U US 582.6 (4.9) 50.0 HERBALIFE LTD HOO GR 2,421.5 (130.7) 461.6 HERBALIFE LTD HLFEUR EU 2,421.5 (130.7) 461.6 HERBALIFE LTD HLF US 2,421.5 (130.7) 461.6 HOVNANIAN-A-WI HOV-W US 2,549.3 (151.5) 1,595.3 HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IDEXX LABS IX1 GR 1,477.2 (38.8) 8.6 IDEXX LABS IDXX US 1,477.2 (38.8) 8.6 IDEXX LABS IX1 TH 1,477.2 (38.8) 8.6 IMMUNOMEDICS INC IMMU US 91.8 (18.9) 76.7 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INSTRUCTURE INC INST US 64.2 (15.3) (15.5) INTERNATIONAL WI ITWG US 345.4 (9.7) 99.8 INVENTIV HEALTH VTIV US 2,154.4 (613.8) 84.5 IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 JUST ENERGY GROU JE CN 1,281.8 (650.4) (48.0) JUST ENERGY GROU JE US 1,281.8 (650.4) (48.0) JUST ENERGY GROU 1JE GR 1,281.8 (650.4) (48.0) KEMPHARM INC KMPH US 61.4 (5.7) 52.8 KEMPHARM INC 1GD GR 61.4 (5.7) 52.8 L BRANDS INC LTD TH 7,968.8 (656.9) 1,835.9 L BRANDS INC LBEUR EU 7,968.8 (656.9) 1,835.9 L BRANDS INC LTD GR 7,968.8 (656.9) 1,835.9 L BRANDS INC LB US 7,968.8 (656.9) 1,835.9 L BRANDS INC LB* MM 7,968.8 (656.9) 1,835.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 MADISON-A/NEW-WI MSGN-W US 863.1 (1,246.3) 78.8 MAJESCOR RESOURC MJXEUR EU 0.0 (0.1) (0.1) MALIBU BOATS-A MBUU US 195.3 (8.5) 9.7 MALIBU BOATS-A M05 GR 195.3 (8.5) 9.7 MANNKIND CORP MNKD IT 278.0 (124.6) (196.1) MARRIOTT INTL-A MAQ TH 6,153.0 (3,589.0) (1,786.0) MARRIOTT INTL-A MAQ QT 6,153.0 (3,589.0) (1,786.0) MARRIOTT INTL-A MAR US 6,153.0 (3,589.0) (1,786.0) MARRIOTT INTL-A MAQ GR 6,153.0 (3,589.0) (1,786.0) MCBC HOLDINGS IN MCFT US 89.7 (42.3) (34.4) MCBC HOLDINGS IN 1SG GR 89.7 (42.3) (34.4) MDC COMM-W/I MDZ/W CN 1,617.2 (376.7) (326.5) MDC PARTNERS-A MD7A GR 1,617.2 (376.7) (326.5) MDC PARTNERS-A MDCA US 1,617.2 (376.7) (326.5) MDC PARTNERS-A MDZ/A CN 1,617.2 (376.7) (326.5) MDC PARTNERS-EXC MDZ/N CN 1,617.2 (376.7) (326.5) MERITOR INC MTOR US 2,195.0 (646.0) 174.0 MERITOR INC AID1 GR 2,195.0 (646.0) 174.0 MERRIMACK PHARMA MACK US 102.7 (140.7) (24.3) MERRIMACK PHARMA MP6 GR 102.7 (140.7) (24.3) MICHAELS COS INC MIM GR 1,864.0 (1,992.6) 501.0 MICHAELS COS INC MIK US 1,864.0 (1,992.6) 501.0 MIDSTATES PETROL MPO1EUR EU 1,298.1 (816.0) 96.2 MONEYGRAM INTERN MGI US 4,511.4 (244.2) (27.1) MOODY'S CORP DUT QT 4,772.9 (240.2) 1,811.9 MOODY'S CORP DUT TH 4,772.9 (240.2) 1,811.9 MOODY'S CORP MCOEUR EU 4,772.9 (240.2) 1,811.9 MOODY'S CORP DUT GR 4,772.9 (240.2) 1,811.9 MOODY'S CORP MCO US 4,772.9 (240.2) 1,811.9 MOTOROLA SOLUTIO MOT TE 8,086.0 (298.0) 2,758.0 MOTOROLA SOLUTIO MTLA TH 8,086.0 (298.0) 2,758.0 MOTOROLA SOLUTIO MTLA GR 8,086.0 (298.0) 2,758.0 MOTOROLA SOLUTIO MSI US 8,086.0 (298.0) 2,758.0 MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - MSG NETWORKS- A MSGN US 863.1 (1,246.3) 78.8 NATHANS FAMOUS NFA GR 81.9 (61.6) 60.8 NATHANS FAMOUS NATH US 81.9 (61.6) 60.8 NATIONAL CINEMED NCMI US 1,006.2 (228.3) 65.4 NATIONAL CINEMED XWM GR 1,006.2 (228.3) 65.4 NAVIDEA BIOPHARM NAVB IT 22.2 (44.6) 13.9 NAVISTAR INTL IHR TH 6,769.0 (4,809.0) 873.0 NAVISTAR INTL IHR GR 6,769.0 (4,809.0) 873.0 NAVISTAR INTL NAV US 6,769.0 (4,809.0) 873.0 NEFF CORP-CL A NEFF US 668.9 (187.7) 10.4 NEW ENG RLTY-LP NEN US 202.4 (30.1) - NORTHERN OIL AND 4LT GR 1,001.2 (28.3) 32.8 NORTHERN OIL AND NOG US 1,001.2 (28.3) 32.8 NORTHWEST BIO NBYA GR 64.2 (76.2) (95.3) NORTHWEST BIO NWBO US 64.2 (76.2) (95.3) NTELOS HOLDINGS NTLS US 668.4 (22.1) 150.8 OMEROS CORP OMEREUR EU 41.4 (9.0) 17.2 OMEROS CORP 3O8 TH 41.4 (9.0) 17.2 OMEROS CORP OMER US 41.4 (9.0) 17.2 OMEROS CORP 3O8 GR 41.4 (9.0) 17.2 OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) OUTERWALL INC OUTR US 1,266.8 (2.1) (7.0) OUTERWALL INC CS5 GR 1,266.8 (2.1) (7.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP 11P GR 432.7 (191.5) 27.8 PBF LOGISTICS LP PBFX US 432.7 (191.5) 27.8 PHILIP MORRIS IN 4I1 QT 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PMI1 IX 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PM US 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PM1CHF EU 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PMI EB 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PMI SW 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PM1 TE 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN 4I1 TH 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PM1EUR EU 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN PM FP 32,011.0 (12,226.0) 10.0 PHILIP MORRIS IN 4I1 GR 32,011.0 (12,226.0) 10.0 PLANET FITNESS-A PLNT US 701.1 (14.2) (1.2) PLANET FITNESS-A 3PL TH 701.1 (14.2) (1.2) PLANET FITNESS-A 3PL GR 701.1 (14.2) (1.2) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PGEM US 1,311.1 (80.8) 264.6 PLY GEM HOLDINGS PG6 GR 1,311.1 (80.8) 264.6 POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1 PROTALEX INC PRTX US 1.1 (13.5) 0.6 PROTECTION ONE PONE US 562.9 (61.8) (7.6) PUREBASE CORP PUBC US 0.4 (1.1) (1.4) PURETECH HEALTH PRTC LN - - - PURETECH HEALTH PRTCL EB - - - PURETECH HEALTH PRTCL PO - - - PURETECH HEALTH PRTCGBX EU - - - PURETECH HEALTH PRTCL IX - - - QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9 QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9 QUINTILES TRANSN Q US 4,033.7 (179.9) 996.2 QUINTILES TRANSN QTS GR 4,033.7 (179.9) 996.2 RAYONIER ADV RYQ GR 1,286.9 (17.0) 208.0 RAYONIER ADV RYAM US 1,286.9 (17.0) 208.0 REGAL ENTERTAI-A RGC US 2,409.1 (902.0) (133.8) REGAL ENTERTAI-A RGC* MM 2,409.1 (902.0) (133.8) REGAL ENTERTAI-A RETA GR 2,409.1 (902.0) (133.8) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTECH NITROGEN RNF US 328.0 (73.5) 43.7 RENTECH NITROGEN 2RN GR 328.0 (73.5) 43.7 RENTPATH LLC PRM US 208.0 (91.7) 3.6 REVLON INC-A REV US 1,924.5 (623.3) 334.4 REVLON INC-A RVL1 GR 1,924.5 (623.3) 334.4 ROUNDY'S INC 4R1 GR 1,095.7 (92.7) 59.7 ROUNDY'S INC RNDY US 1,095.7 (92.7) 59.7 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING 7RY GR 1,793.9 (119.1) 620.3 SALLY BEAUTY HOL S7V GR 2,094.4 (297.8) 695.4 SALLY BEAUTY HOL SBH US 2,094.4 (297.8) 695.4 SANCHEZ ENERGY C SN* MM 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C 13S GR 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C SN US 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C 13S TH 1,532.2 (473.6) 171.9 SBA COMM CORP-A SBJ TH 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBAC US 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBACEUR EU 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBJ GR 7,396.8 (1,697.7) 46.6 SCIENTIFIC GAM-A SGMS US 8,615.1 (980.8) 655.1 SCIENTIFIC GAM-A TJW GR 8,615.1 (980.8) 655.1 SEARS HOLDINGS SEE TH 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SHLD US 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SEE GR 13,186.0 (906.0) 2,092.0 SECTOR 5 INC SECT US 0.0 (0.0) (0.0) SILVER SPRING NE 9SI TH 529.8 (99.3) (31.1) SILVER SPRING NE 9SI GR 529.8 (99.3) (31.1) SILVER SPRING NE SSNI US 529.8 (99.3) (31.1) SIRIUS XM CANADA XSR CN 293.1 (143.4) (185.6) SIRIUS XM CANADA SIICF US 293.1 (143.4) (185.6) SOLAZYME INC S7Y TH 209.0 (19.5) 120.5 SOLAZYME INC SZYM US 209.0 (19.5) 120.5 SOLERA HOLDINGS SLH US 3,754.7 (10.8) 378.4 SOLERA HOLDINGS BXS GR 3,754.7 (10.8) 378.4 SPORTSMAN'S WARE SPWH US 325.9 (24.2) 81.4 SPORTSMAN'S WARE 06S GR 325.9 (24.2) 81.4 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUN BIOPHARMA IN SNBP US - - - SUPERVALU INC SJ1 TH 4,612.0 (511.0) (42.0) SUPERVALU INC SJ1 GR 4,612.0 (511.0) (42.0) SUPERVALU INC SVU* MM 4,612.0 (511.0) (42.0) SUPERVALU INC SVU US 4,612.0 (511.0) (42.0) SYNERGY PHARMACE SGYPEUR EU 144.0 (27.1) 123.4 SYNERGY PHARMACE S90 GR 144.0 (27.1) 123.4 SYNERGY PHARMACE SGYP US 144.0 (27.1) 123.4 THERAVANCE THRX US 437.6 (323.0) 212.5 THERAVANCE HVE GR 437.6 (323.0) 212.5 THRESHOLD PHARMA THLD US 64.0 (30.9) 38.0 THRESHOLD PHARMA NZW1 GR 64.0 (30.9) 38.0 TRANSDIGM GROUP T7D GR 8,427.0 (1,038.3) 1,173.7 TRANSDIGM GROUP TDG US 8,427.0 (1,038.3) 1,173.7 TRINET GROUP INC TNET US 1,609.6 (14.1) 54.4 TRINET GROUP INC TN3 GR 1,609.6 (14.1) 54.4 UNISYS CORP USY1 GR 2,097.9 (1,451.3) 124.7 UNISYS CORP USY1 TH 2,097.9 (1,451.3) 124.7 UNISYS CORP UISCHF EU 2,097.9 (1,451.3) 124.7 UNISYS CORP UIS1 SW 2,097.9 (1,451.3) 124.7 UNISYS CORP UISEUR EU 2,097.9 (1,451.3) 124.7 UNISYS CORP UIS US 2,097.9 (1,451.3) 124.7 VECTOR GROUP LTD VGR GR 1,398.8 (56.8) 457.4 VECTOR GROUP LTD VGR US 1,398.8 (56.8) 457.4 VENOCO INC VQ US 403.8 (354.3) 195.7 VERISIGN INC VRSN US 2,577.3 (1,031.4) (38.8) VERISIGN INC VRS GR 2,577.3 (1,031.4) (38.8) VERISIGN INC VRS TH 2,577.3 (1,031.4) (38.8) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) W&T OFFSHORE INC WTI US 1,600.0 (475.8) (136.4) W&T OFFSHORE INC UWV GR 1,600.0 (475.8) (136.4) WEIGHT WATCHERS WW6 GR 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WTWEUR EU 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WW6 TH 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WTW US 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WW6 QT 1,395.2 (1,337.7) (193.6) WEST CORP WT2 GR 3,556.9 (595.5) (6.6) WEST CORP WSTC US 3,556.9 (595.5) (6.6) WESTERN REFINING WR2 GR 412.0 (28.1) 66.3 WESTERN REFINING WNRL US 412.0 (28.1) 66.3 WINGSTOP INC EWG GR 117.2 (14.3) 3.6 WINGSTOP INC WING US 117.2 (14.3) 3.6 WINMARK CORP GBZ GR 46.8 (36.0) 11.1 WINMARK CORP WINA US 46.8 (36.0) 11.1 WYNN RESORTS LTD WYR TH 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNN* MM 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNN US 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNNCHF EU 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYR GR 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNN SW 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYR QT 9,981.2 (60.8) 1,234.7 XERIUM TECHNOLOG XRM US 570.2 (107.3) 71.1 XERIUM TECHNOLOG TXRN GR 570.2 (107.3) 71.1 YRC WORLDWIDE IN YRCW US 1,964.8 (427.3) 197.3 YRC WORLDWIDE IN YEL1 GR 1,964.8 (427.3) 197.3 YRC WORLDWIDE IN YEL1 TH 1,964.8 (427.3) 197.3 ********* 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 ***