/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160719.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, July 19, 2016, Vol. 20, No. 201 Headlines 2490 US 1: Hires Robert Altman as Attorney 5 STAR INVESTMENT: Trustee Hires Hazelton Properties as Managers 5 STAR INVESTMENT: Trustee Hires Tiffany Group as Broker A.J. & M.C. RAMOS: Plan to Pay Unsecured Creditors in Full ADVANCEPIERRE FOODS: Moody's Puts B2 CFR Under Review for Upgrade ADVANCEPIERRE FOODS: S&P Raises CCR to 'B+', Off Watch Negative AGAP LIFE: Names Bill Short as Chief Restructuring Officer ALBANY LLC: Can Use Cash Collateral Through Aug. 18 ALLIANCE MANAGEMENT: Hires Cooley & Offill as Attorney ALPHA NATURAL: Court Enters Formal Order on Plan Confirmation ALPHA NATURAL: Questions Linger on Future After Exit Plan Approval ALTERNATIVES LIVING: Hires Sher Garner as Special Counsel AMC ENTERTAINMENT: Fitch Puts 'B+' IDR on Watch Negative AMERICAN CONTAINER: Case Summary & 20 Largest Unsecured Creditors APEX TOOL: S&P Affirms 'B' CCR & Revises Outlook to Negative ARMCO METALS: Halts Operations, To Delist Common Shares From NYSE ASTROTURF LLC: Committee Taps Morris Manning as Legal Counsel ASTROTURF LLC: Taps Bejin Bieneman as Counsel in FieldTurf Case ASTROTURF LLC: Taps Manion Gaynor as Counsel in FieldTurf Case ASTROTURF LLC: Taps Wilmer Cutler as Patent Counsel ASTROTURF LLC: Wants to Hire Ordinary Course Professionals AVMED INC: A.M. Best Revises Issuer Credit Rating Outlook to Neg. BASIC FOOD GROUP: RICO Claims vs Ahne Law, et al., Dismissed BATAA/KIERLAND: 9th Cir. Grants Reversal of Attorneys' Fee Award BAYOU SHORES: 11th Cir. Flips Confirmation Order on Medicare Deals BEAZER HOMES: Moody's Affirms B3 Corporate Family Rating BEEKMAN LIQUORS: Hires Mehler & Buscemi as Special Counsel BLACKMAN COMMUNITY: Wants Exclusivity Period Extended to 180 Days BOART LONGYEAR: S&P Revises Outlook to Stable & Affirms 'CCC+' CCR BOWERS INVESTMENT: Court Converts Bankruptcy Case to Chap. 7 CAPE COD COMMERCIAL: Hires Appraisal Company as Appraiser CARLSTAR GROUP: Moody's Lowers CFR to B3, Outlook Stable CC LLC: Seeks to Hire Burr Forman as Special Counsel CENTRAL BEEF IND: Wants Exclusive Plan Filing Extended to Aug. 19 CENTURY CASUALTY: A.M. Best Withdraws B(Fair) Fin. Strength Rating COHERENT INC: S&P Assigns 'BB' CCR, Outlook Stable CONCO INC: Bankruptcy Court's Stock Sale Ruling Affirmed CORE RESOURCE: U.S. Trustee Forms 3-Member Committee COSHOCTON HOSPITAL: Asks Court to Approve $10M DIP Financing COSHOCTON HOSPITAL: Committee Taps Hahn Loeser as Co-Counsel COSHOCTON HOSPITAL: Committee Taps Sills Cummis as Legal Counsel COSHOCTON HOSPITAL: Has Until Aug. 15 to File Schedules COSHOCTON HOSPITAL: Hires McDonald Hopkins as Bankr. Counsel COSHOCTON HOSPITAL: Seeks Court Approval of Bidding Procedures COSHOCTON HOSPITAL: Taps Garden City as Notice & Claims Agent COVENANT CARE: Seeks to Hire Taps BKD LLP as Accountant CRIMSON INVESTMENT: Taps Michael D. O'Brien as Legal Counsel D & C ENTERPRISES: Hires Phillips & Thomas as Counsel D&C ENTERPRISES: Hires Phillips & Thomas as Counsel DAVID AND VERDA DICORTE: Hires Slomka as Counsel DAVID KING: Objection to Claim No. 21 Denied DEERFIELD REAL ESTATE: Taps Randolph Goodman as Broker DEL RESTAURANT: US Trustee Unable to Appoint Creditors' Committee DENTAL PLUS: Hires Margaret McClure as Attorney DEPAUL INDUSTRIES: Creditors' Panel Hires Cable Huston as Counsel DISPOSAL TEJAS: Hires Elliott as Tax and Regulatory Consultant DRAW ANOTHER CIRCLE: Committee Hires Lowenstein as Counsel DRAW ANOTHER CIRCLE: Committee Taps BDO USA as Financial Advisor DRAW ANOTHER CIRCLE: Hires FTI Consulting as Financial Advisor DREW TRANSPORTATION: W. Hinson Appointed as Chap. 11 Trustee E & L YOUNG ENTERPRISES: Hires Naegele as Bankruptcy Counsel EC ABATEMENT: U.S. Trustee Unable to Appoint Creditors' Committee ENERGY FUTURE: Contrarian Seeks Mediation on 2nd Amended Plan ENERGY FUTURE: Equify to Auction $2M of Miscellaneous Equipment ENERGY FUTURE: Fidelity Preparing to Bid for Oncor With Creditors ESSAR STEEL: KPS Capital Consortium Agreement Terminated FAIRWAY GROUP: S&P Withdraws 'D' Rating FEDERATION EMPLOYMENT: Seeks Continued Employment of Broker FINANCIAL RESOURCES: Hires Erik Planet as Accountant FIRST QUANTUM: Fitch Affirms 'B' IDR, Off CreditWatch Negative FREDERICK KEITEL: Plan to Pay Unsecured Creditors in Full FRESH & EASY: Selling Big Kahuna to Peach Systems for $25K FRYMIRE SERVICES: Case Summary & 20 Largest Unsecured Creditors GARDENS REGIONAL: Committee Hires Sills Cummis as Co-Counsel GARDENS REGIONAL: Creditors' Panel Hires Lobel as Co-Counsel GENERAL MOTORS: Avoids Some Claims in Faulty Ignition Switch Suits GENERAL PRODUCTS: Metal Technologies Appointed to Committee GREGORY REDFORD: Plan to Pay Unsecured Creditors in Full GRIZZLY LAND: Ch.11 Trustee Hires Cordes & Co as Accountant HAITHAM SADEQ: Skyline Square Condo Unit Sale for $310K Approved HANCOCK FABRICS: Has $9.3M Offer for Lee County Property HANCOCK FABRICS: Selling Class Action Settlement Fund for $210K HEALTH INSURANCE: A.M. Best Cuts Fin. Strength Rating to 'B(fair)' HESS COMMERCIAL: Wants Exclusivity Period Extended to Aug. 10 HOLSTED MARKETING: Hires Harris as Accountants HORSEHEAD HOLDING: 2nd Amended Plan Filed; Disc. Statement Okayed HORSEHEAD HOLDING: Akin Gump Represents Ad Hoc Secured Noteholders HORSEHEAD HOLDING: Ashby Represents Ad Hoc Sec. Noteholder Panel INDUSTRIAL NOISE: Hires Miller as Real Estate Broker INDUSTRIAS VASSALLO: Court Dismisses Suit vs. Peter Vasquez Massa INTRALINKS INC: S&P Affirms 'B+' CCR & Revises Outlook to Negative INVERSIONES ARAXI: Hires Juan A. Ruiz Reyes as Accountant ITALIAN & FRENCH: Property Sale to Principal's Grandson Approved JEFFREY MORTENSON: Selling Mason County Parcels for $60K Each JOHN Q. HAMMONS: Hires Stinson Leonard as Bankruptcy Counsel JVJ PHARMACY: Taps CBIZ KA as Financial Advisors KATHERINE N. MONTGOMERY: Unsecured Creditors to Get 5% Under Plan KITCHEN BROTHERS: Court Junks Suit vs. First Tennesee Bank LEGEND INT'L: Liquidators Seek Chap. 11 Case Dismissal LEHMAN BROTHERS: Ruling Expunging FirstBank's Claim Affirmed LONESTAR RESOURCES: S&P Affirms Then Withdraws 'B-' CCR M SPACE HOLDINGS: Panel Hires Cooley LLP as Lead Counsel MAXUS ENERGY: Hires Drinker Biddle as Litigation Counsel MAXUS ENERGY: Hires McKool Smith as Counsel in Insurance Suit MAXUS ENERGY: Hires Prime Clerk as Administrative Agent MCNEILL PROPERTIES: Hires Ciardi as Counsel MCS GROUP: Moody's Hikes Corporate Family Rating to B2 MD AMERICA: S&P Raises CCR to 'B-', Outlook Stable MEDIWARE INFORMATION: S&P Withdraws 'B' Rating MICHAELS COMPANIES: Moody's Raises CFR to Ba2, Outlook Stable MIDWAY GOLD: Selling Ely Townhome to Richardson for $85K MOBIVITY HOLDINGS: Amends Form S-1 Resale Prospectus with SEC MOTORS LIQUIDATION: Lenders' Bid to Junk Avoidance Suit Denied NATIONAL GENERAL: A.M. Best Rates $200MM 7.5% Preferred Stock 'bb' NATIONWIDE PARTS: Case Summary & 10 Unsecured Creditors NETWORK CREATIVE: Case Summary & 20 Largest Unsecured Creditors NORTEL NETWORKS: Court Clarifies SNMP Infringement Ruling OLD COLD: Exclusive Plan Filing Period Extended to Oct. 25 ON QUE FOOD: Hires Blackman & Melville as Attorney P2 UPSTREAM: S&P Lowers CCR to 'B-' on Higher Leverage PARAGON OFFSHORE: "Nightmare" for Secured Creditors PAUL GREMILLION: Court Denies Approval of Settlement with Gemino PEAK WEB: Creditors' Panel Hires Ball Janik as Counsel PERMIAN RESOURCES: Apollo-Led Investors Said to Snap Up Assets POPEXPERT INC: Creditors' Panel Hires Pachulski Stang as Counsel POTLATCH CORP: S&P Assigns 'BB' Rating on Proposed $65.7MM Bonds PREFERRED CONCRETE: Hires Allocco Miller as Special Counsel PREMIUM TRANSPORTATION: Has Until Oct. 10 to Exclusively File Plan PUERTO RICO: Hires Public Financial Management as Adviser PUERTO RICO: Rubio, Pierluisi Among Appointees to Task Force RAHMANIA PROPERTIES: Plan Filing Deadline Moved to Aug. 23 RESOLUTE FOREST: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR REVLON CONSUMER: Moody's Lowers CFR to B1, Outlook Stable REVLON INC: S&P Affirms 'B+' CCR, Off CreditWatch Negative RIVER NORTH 414: Hires Goldstein & McClintock as Counsel ROOSTER ENERGY: Enters Into Second Amendment & Waiver Agreement ROWAN COS: S&P Lowers CCR to 'BB', Outlook Negative SANJECK LLP: Case Summary & 2 Unsecured Creditors SFX ENTERTAINMENT: Wants to Raise KERP Cap to $610K SOFINTEK INC: U.S. Trustee Appoints 3-Member Committee ST. JAMES NURSING: Time to Amend Disclosure Statement Extended STEPHCHRIS OF MISSOURI: Case Summary & 17 Top Unsecured Creditors STIFEL FINANCIAL: Fitch Affirms B+ Preferred Stock Rating SUNEDISON INC: Adviser Says Assets Now Worth Up to $1.5-Bil. SYNCARDIA SYSTEMS: U.S. Trustee Forms 3-Member Committee TAVERNA OUZO: Wants Plan Filing Deadline Moved to Nov. 14 TLB CONTRACTING: US Trustee Unable to Appoint Creditors' Panel TODD VOLKER: Settles With HHA, Selling 22% HHA Stake for $1.4M TOTAL HOCKEY: U.S. Trustee Forms 7-Member Committee TOWER PARK PROPERTIES: Court Junks FTIC's Appeal TOYS R US: Bond Swap Pays 12% to Buy Time for Turnaround TOZ-BEL LLC: Taps Bederson LLP as Special Insolvency Accountant TRACTOR COMPANY: BB&T's Bid for Summary Judgment Granted TRANSTAR HOLDING: Moody's Lowers PDR to Ca, Outlook Negative TRANSTAR HOLDING: S&P Lowers CCR to 'D' on Missed Interest Payment TRIANGLE USA: Taps Prime Clerk as Claims and Noticing Agent UNITED PLASTIC: Panel's Plea to Terminate Exclusivity Denied WHITING PETROLEUM: S&P Rates New Unsec. Convertible Notes 'B+' WTB 5 ENTERPRISES: Taps Cushman & Wakefield as Real Estate Agent WYNN AMERICA: S&P Assigns 'BB+' Rating on New $125MM Facility YBRANT MEDIA: Wants Plan Filing Deadline Moved to Sept. 12 [*] US Oil Services at Risk Despite Oil Bounce [^] Large Companies with Insolvent Balance Sheet ********* 2490 US 1: Hires Robert Altman as Attorney ------------------------------------------ 2490 US 1, LLC seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Robert Altman, P.A. as attorney to handle all legal work associated with this case. The Debtor will pay $375 per hour for work done in this Chapter 11 proceeding. Robert Altman received from the Debtor a retainer of $10,054 and $1,717 filing fee for Chapter 11 for a total of $11,771. The funds received have been placed in the law firm's trust account except for that portion of the amount paid which was earned for work performed prior to the filing. Robert Altman will bill the Debtor monthly and withdraw the billed amount from the trust account subject to review and disgorgement by the Bankruptcy Court. $2,775 was billed pre-petition leaving $7,279 in Trust. Mr. Altman assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Robert Altman can be reached at: Robert Altman, Esq. ROBERT ALTMAN, P.A. 5256 Silver Lake Drive Palatka, FL 32177 Tel: (386) 325-4691 Fax: (386) 325-9765 E-mail: robertaltman@bellsouth.net About 2490 US 1 2490 US 1, LLC fdba 2498 US 1, LLC, based in Palm Coast, Fla., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-02622) on July 11, 2016. Robert Altman, Esq., at Robert Altman, P.A., as bankruptcy counsel. In its petition, the Debtor's total assets is $1.36 million and $1.57 million in liabilities. The petition was signed by Sherry Arnett, president. 5 STAR INVESTMENT: Trustee Hires Hazelton Properties as Managers ---------------------------------------------------------------- Douglas R. Adelsperger, as Trustee of 5 Star Investment Group, LLC and its affiliates, asks the U.S. Bankruptcy Court for the Northern District of Indiana to employ Hazelton Properties, LLC as property managers for the bankruptcy estates. The Trustee requires Hazelton Properties to provide these services: (a) the financial management, accounting and administration of the properties, including rent collection, bill payment and accounting for, and reporting of, all revenue and expenses; and (b) management and maintenance support for the properties, including property inspections, handling tenant matters and supervision and coordination of maintenance staffing and vendor/contractor services. Hazelton Properties will be entitled to the following compensation structure: -- Management Fee: Hazelton Properties shall be entitled to a monthly management fee of 8% of the gross monthly rents collected for the properties. Additionally, Hazelton Properties shall be entitled to a monthly management fee of $150, per property, for those properties that are unoccupied/vacant. -- Lease Commission: Hazelton Properties shall be entitled to a lease commission of 50% of one month's rent for each property leased by Hazelton Properties during the term of the Agreement. -- Maintenance Fees: Hazelton Properties shall be entitled to, on a monthly basis, maintenance fees of $39.00 per hour, unless maintenance is required outside normal business hours or on holidays, at which Hazelton Properties will be entitled to charge one and one-half its normal hourly rate, or $58.50 per hour. E. Ali Nodjoumi of Hazelton Properties, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. About 5 Star Investment Group 5 Star Investment Group, LLC, and its 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code on Jan. 25, 2016 (Bankr. N.D. Ind. Lead Case No. 16-30078). 5 Star estimated its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The Debtor's counsel is Katherine C. O'Malley, Esq., at Cozen O'Connor, in Chicago, Illinois. The cases are assigned to Judge Harry C. Dees, Jr. On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter 11 trustee in each of the bankruptcy cases. On March 23, 2016, the Court entered an order consolidating the bankruptcy cases for purposes of administration only. 5 STAR INVESTMENT: Trustee Hires Tiffany Group as Broker -------------------------------------------------------- Douglas R. Adelsperger, as Trustee of 5 Star Investment Group, LLC and its debtor-affiliates, asks the U.S. Bankruptcy Court for the Northern District of Indiana to employ Tiffany Group Real Estate Advisors, LLC as broker for the bankruptcy estates. There are approximately 78 single family residences located in St. Joseph County (Indiana) and Elkhart County (Indiana) that are owned by the Debtors. In order for the Trustee to faithfully execute his duties as the duly appointed, qualified and acting Chapter 11 Trustee in these Bankruptcy Cases, the Trustee, on behalf of the Bankruptcy Estates, requires the assistance of a broker to market and sell the properties. The Trustee anticipates that the professional services to be rendered by Tiffany Group may include, but are not limited to, the marketing and sale of the properties, including presenting the properties to national and international investors active in the area. Tiffany Group will be employed for a period of one year for the exclusive marketing and sale of the properties; provided however, the Trustee, his counsel, the Committee and/or the Committee's counsel shall not be prohibited from discussing the potential sales of properties with interested buyers, including tenants occupying the properties. Tiffany Group will receive a commission as follows: (a) For sales to buyer, including sales to tenants occupying the properties, that were obtained solely through the efforts of the Tiffany Group, Tiffany Group shall be entitled to a total commission of 5.0% of the selling price; (b) For all sales to tenants occupying the properties that were obtained solely through the efforts of the Trustee, his counsel, the Committee and/or the Committee's counsel, Tiffany Group shall not be entitled to any commissions; and (c) For all sales to buyers that were obtained solely through the efforts of the Trustee, his counsel, the Committee and/or the Committee's counsel, Tiffany Group shall be entitled to a total commission of 4.0% of the selling price. Joseph L. Tiffany of Tiffany Group assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. About 5 Star Investment Group 5 Star Investment Group, LLC, and its 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code on Jan. 25, 2016 (Bankr. N.D. Ind. Lead Case No. 16-30078). 5 Star estimated its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The Debtor's counsel is Katherine C. O'Malley, Esq., at Cozen O'Connor, in Chicago, Illinois. The cases are assigned to Judge Harry C. Dees, Jr. On Feb. 29, 2016, Douglas R. Adelsperger was appointed as Chapter 11 trustee in each of the bankruptcy cases. On March 23, 2016, the Court entered an order consolidating the bankruptcy cases for purposes of administration only. A.J. & M.C. RAMOS: Plan to Pay Unsecured Creditors in Full ---------------------------------------------------------- A.J. & M.C. Ramos Partners, LTD. on July 12 filed with the U.S. Bankruptcy Court for the Southern District of Texas a Chapter 11 plan of reorganization, which proposes to pay general unsecured creditors in full. Under the restructuring plan, general unsecured creditors who are classified in Class 3 will receive a distribution of 100% of their claims 72 months after the plan takes effect. The plan will be funded from the proceeds of the sale of A.J. & M.C. Ramos' real estate located in Corpus Christi, Texas. A copy of the disclosure statement detailing the Chapter 11 plan is available for free at https://is.gd/mrR2HE About A.J. & M.C. Ramos A.J. & M.C. Ramos Partners, LTD. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Texas Case No. 15-20467) on November 30, 2015. The case is assigned to Judge David R. Jones. ADVANCEPIERRE FOODS: Moody's Puts B2 CFR Under Review for Upgrade ----------------------------------------------------------------- Moody's Investors Service placed AdvancePierre Foods, Inc.'s (NYSE: APFH) Corporate Family Rating of B2, Probability of Default rating of B2-PD and Senior Secured First Lien Term Loan rating of B2 under review for upgrade after the company announced the pricing of its initial public offering (IPO) and the intended use of the proceeds for debt repayment. Based on the announced terms contemplated in the latest S-1 filing dated July 5, 2016, APFH expects to receive approximately $209 million in net proceeds from the IPO, the majority of which will be used to pay down a portion of the company's $1.3 billion first lien term loan due June 2023. "The potential debt paydown from the IPO is expected to be significant and will improve AdvancePierre's leverage to below 4.5 times debt-to-EBITDA from the current 5.2 times. This could result in a one notch upgrade of AdvancePierre's Corporate Family Rating to B1," commented Moody's AVP -- Analyst Brian Silver. Moody's review will incorporate the outcome of the IPO, pro forma credit metrics for the twelve month period ended June 30, 2016, expectations for APFH's operating performance and financial policies post IPO. Ratings placed under review for upgrade: Corporate Family Rating, B2 Probability of Default Rating, B2-PD $1.3 Billion Senior Secured First Lien Term Loan B due 2023, B2 (LGD4) Outlook, Changed to Rating Under Review from Stable RATINGS RATIONALE The following analysis does not take into consideration the recent IPO of the company. AdvancePierre Foods, Inc.'s (APF) B2 Corporate Family Rating (CFR) is reflective of the company's elevated leverage profile, moderate interest coverage and relatively aggressive financial policies. Given the company's existing capital structure, APF's leverage as measured by Moody's adjusted debt-to-EBITDA (including capitalization of operating leases) was approximately 5.4 times during the twelve months ended April 2, 2016 (the LTM period), which is high considering its exposure to volatile raw material costs, seasonal working capital needs, and competition from other protein suppliers. APF has recently experienced significant top-line growth and material profitability improvements that we expect will continue, albeit at a more moderate pace going forward. This will drive additional deleveraging and continue to reduce reliance on the company's ABL over the next twelve months. The B2 CFR acknowledges APF's benefits from its healthy size and scale, good diversity of product offerings and sales channels, moderate degree of customer concentration, and its ability to pass-through a significant portion of its raw material costs through a dynamic pricing model. Also factored into the rating is the company's recent success in maintaining pricing initiatives and rationalization of SKUs towards higher margin products. The principal methodology used in these ratings was Global Packaged Goods published in June 2013. AdvancePierre Foods, Inc., headquartered in Cincinnati, OH, is a producer and marketer of value-added protein and hand-held convenience items serving the foodservice, retail and convenience and vending store channels. Key products include packaged sandwiches, fully-cooked burgers, Philly steaks, stuffed chicken breasts and country fried chicken. Oaktree Capital Management LP (Oaktree) has owned the company since Pierre Foods, Inc. emerged from bankruptcy in 2008. Net sales for the twelve months ending April 2, 2016, were approximately $1.58 billion. ADVANCEPIERRE FOODS: S&P Raises CCR to 'B+', Off Watch Negative --------------------------------------------------------------- S&P Global Ratings raised its corporate credit rating on Cincinnati, Ohio-based AdvancePierre Foods Inc. to 'B+' from 'B' and removed all ratings from CreditWatch with positive implications, where S&P placed them on May 18, 2016. The outlook is stable. At the same time, S&P raised the issue-level rating on the company's $1.3 billion first-lien term loan maturing July 2023 to 'B+' from 'B'. The recovery rating is '4', indicating S&P's expectation for average recovery (30% to 40%, at the upper end of the range) in the event of a payment default. S&P withdrew ratings on the company's first- and second-lien facilities maturing 2017 and 2020 (2020 second-lien was never issued as originally proposed). "The upgrade reflects the company's significant reduction in leverage, reducing debt/EBITDA from more than 5.0x when it recently refinanced its facilities in May 2016 to below 4.5x pro forma for the anticipated debt repayment from today's IPO," said credit analyst Jessica Paige. "The debt paydown demonstrates management's intention to deleverage the company and maintain debt to EBITDA well below 5x, thus warranting an improved financial risk profile and higher rating. Based on our expectation for continued EBITDA margin improvement and fairly low maintenance capital expenditure requirements of about $35 million annually, and no dividends or share repurchases, we expect the company will generate annual free cash flow of more than $100 million, which should allow the company to fund future dividends of about $45 million annually while reducing leverage to closer to 4x over then next year." The outlook is stable, reflecting the expectation that leverage will decline below 4.5x in fiscal year-end 2016 from the debt pay down from IPO proceeds as well as from improved operating margin from better pricing, cost cuts, and muted meat commodity costs. In addition, S&P believes cash flows will be used primarily for dividend and possible future investments, and to a lesser extent for debt repayment. S&P could downgrade the company if operating performance deteriorates possibly because of the loss of a key customer, the inability to pass along price increases, or commodity meat inflation resulting in leverage well above 5x. Debt to EBITDA could also exceed 5x if the company adopts more aggressive financial policies, possibly including large dividend payouts or large debt-financed acquisitions. S&P could upgrade AdvancePierre if the company reduces its financial sponsor ownership to below 40% and commits to sustaining debt-to-EBITDA below 4x. S&P believes this is not likely to occur without future secondary equity offering further reducing Oaktree's ownership. In addition, S&P believes the company would have to sustain EBITDA margin near 15% and apply a portion of its anticipated discretionary cash flow to debt repayment to sustain debt to EBITDA below 4x. AGAP LIFE: Names Bill Short as Chief Restructuring Officer ---------------------------------------------------------- AGAP Life Offerings, LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Bill Short as chief restructuring officer and financial consultant for the Debtors as of July 11, 2016. The Debtors require Mr. Short to provide financial advisory services as CRO, which include: -- preparation of amendments to schedules and the statement of financial affairs and monthly operating reports to support the Chapter 11 case administration; -- review and assess cash flow forecasting and projection processes, and the monitoring of actual cash flow versus projections; -- prepare updated cash flow projections as needed to be filed with the court; -- assist in preparing and assembling information for exhibits to motions for relief that may be filed with the court; -- provide testimony in bankruptcy court hearings as required; -- administer post-petition banking facilities; -- review ongoing strategic initiatives and assess financial and liquidity impact; -- negotiate/communicate with lenders, creditors and stakeholders during the bankruptcy proceeding; -- coordinate sales of assets, as may be required; -- direct operations with management including oversight and approval of disbursements, and approval of all contracts and administrative services; -- preparation of periodic progress reports and review financial results with stakeholders and lenders; -- engage personnel and professionals as may be required for orderly administration of bankruptcy case and the Company; and -- such other duties as mutually agreed upon or otherwise approved by the Court. For purposes of performing the Services, the CRO shall be given full and complete access to the Debtor's premises, books, records, and computer systems, and the CRO will take steps where he deems necessary to document and establish procedures and routines in order to assure uninterrupted and accurate reporting to stakeholders. Additionally, the CRO expects to get assistance from Jeffrey and Charles Madden, the Managers of AGAP in the performance of his services as CRO. The hourly compensation to be paid to Mr. Short shall be as follows: Bill Short $175 A retainer of $5,000 will be payable upon approval of this Application by the Bankruptcy Court and will be applied to billings for services provided under the Engagement Agreement and as approved by the Bankruptcy Court. Mr. Short will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Short, also a partner of SeatonHill Partners, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Mr. Short can be reached at: Bill Short 5646 Milton Street, Suite 716 Dallas, TX 75225 Tel: (214) 213-4622 E-mail: bill.short@flash.net About AGAP Life Offerings, LLC AGAP Life Offerings, LLC, based in Frisco, Tex., filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 16-40520) on March 24, 2016. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, as bankruptcy counsel. In its petition, the Debtor estimated $500,000 to $1 million in both assets and liabilities. The petition was signed by Charles D. Madden, manager. ALBANY LLC: Can Use Cash Collateral Through Aug. 18 --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois authorized Albany LLC to use the cash collateral of Associated Bank, N.A, until August 18, 2016. The Debtor owns a two-story, mixed-use building with five first floor commercial spaces and five residential apartments on the second floor, located at 1769-1779 W. Greenleaf, Chicago, Illinois. Associated Bank alleged that the Debtor owes it $789,429.77, plus fees and costs. The Debtor granted Associated Bank security interests in the Property, as well as rents, revenues, income, profits and proceeds generated from the Property. The Debtor related that without continued use of cash collateral, it does not have sufficient available sources of working capital and financing to operate the Property in the ordinary course of business, or operate its business and maintain its property in accordance with state and federal law. Under the terms of a Fifth Interim Order, the Court authorized the Debtor to use cash collateral in accordance with the approved monthly Budget. The Budget provides for total expenses in the amount of $8,680. The Court directed the Debtor to make monthly additional adequate protection payments to Associated Bank in the amount of $4,197.74, starting March 10, 2016. A status hearing on the Debtor's use of cash collateral is scheduled on August 18, 2016 at 10:30 a.m. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/7a1L3N About Albany LLC. Albany LLC filed a bankruptcy petition (Bankr. N.D. Ill. Case No. 16-02426) on January 27, 2016. The case is assigned to Judge Carol A. Doyle. The Debtor is represented by O. Allan Fridman, Esq. At the time of the filing, the Debtor estimated its assets and liabilities at less than $1 million. ALLIANCE MANAGEMENT: Hires Cooley & Offill as Attorney ------------------------------------------------------ Alliance Management Services, LLC seeks authorization from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Cooley & Offill as attorney. The Debtor requires Cooley & Offill to: a. give the Debtor-in-Possession legal advice with respect to its powers and duties as Debtor-in-Possession and the conduct of the Debtor's business affairs; b. prepare on behalf of the Debtor-in Possession all pleadings, reports, and other legal documents; c. assist the Debtor-in-Possession with the formulation of plan of reorganization; and d. render other legal services which may be required from time to time by the Debtor-in-Possession, including claims litigation. Jesse E. Offill of Cooley & Offill will be paid at $200 per hour. The Debtor tendered a retainer totaling $5,000 to Cooley & Offill. Cooley & Offill will also be reimbursed for reasonable out-of-pocket expenses incurred. Jesse E. Offill of Cooley & Offill, assured the Court that the firm does not represent any interest adverse to the Debtor and its estate. Cooley & Offill may be reached at: Jesse E. Offill, Esq. Cooley & Offill 1412 Frederica Street Owensboro, KY 42301 Phone: (270)685-5586 E-mail: jesse.offill@gmail.com About Alliance Management Services,LLC Alliance Management Services,LLC filed a Chapter 11 bankruptcy petition (Bankr. W.D. Ky. Case No. 16-31239) on April 15, 2016. The Hon. Joan A. Lloyd presides over the case. Cooley & Offill represents the Debtor as counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Ray Ragland, member. ALPHA NATURAL: Court Enters Formal Order on Plan Confirmation ------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued a formal order confirming Alpha Natural Resources' Second Amended Joint Plan of Reorganization. According to documents filed with the Court, "On the Effective Date, the Debtors and NewCo shall consummate the NewCo Asset Sale in accordance with sections 363, 365 and 1123 of the Bankruptcy Code, the Confirmation Order and the terms of the Stalking Horse APA. The Stalking Horse APA is being revised to remove the PLR Assets; restructure the NewCo Asset Sale as a tax-free reorganization, as contemplated by the terms of the Stalking Horse APA. On the Effective Date, all shares of Reorganized ANR Common Stock issued pursuant to the Plan shall be distributed to holders of Allowed Category 2 General Unsecured Claims in accordance with Sections II.B.7 and II.B.8 of the Plan. The Reorganized ANR Common Stock, when issued as provided in the Plan, will be duly authorized, validly issued and, if applicable, fully paid and non-assessable. In accordance with the terms and conditions of the Global Settlement Term Sheet, the Debtors, in consultation with the Creditors' Committee, shall use reasonable best efforts to structure the Reorganized ANR Common Stock so that such shares are tradable; provided that the costs to the Debtors and Reorganized ANR of doing so will be considered as to whether such efforts are 'reasonable'. Consistent with the Restructuring Transactions, the NewCo Equity shall be issued by NewCo on or prior to the Effective Date. On the Effective Date and consistent with the Restructuring Transactions: (a) NewCo Common Stock and NewCo Warrants shall be distributed to holders of (i) Allowed Secured Second Lien Noteholder Claims pursuant to Section II.B.3 of the Plan and (ii) Allowed Category General Unsecured Claims pursuant to Sections II.B.7 and II.B.8 of the Plan; and (b) NewCo Preferred Interests shall be distributed to holders of Allowed Secured Second Lien Noteholder Claims pursuant to Section II.B.3 of the Plan." About Alpha Natural Resources Headquartered in Bristol, Virginia, Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of August 2015, Alpha had 8,000 full time employees across many different states, with UMWA representing 1,000 of the employees. Alpha Natural Resources, Inc. and its affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Lead Case No. 15-33896) on Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June 30, 2015. The petitions were signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the cases. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson, Esq., at Jones Day serve as the Debtors' general counsel. Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 4 appointed seven creditors of Alpha Natural Resources Inc. to serve on the official committee of unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq., and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. * * * Alpha Natural Resources, Inc. on March 8, 2016, disclosed that it has filed a proposed Chapter 11 Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Virginia. Together with the motion seeking approval of a marketing process for Alpha's core operating assets, these filings provide for the sale of Alpha's assets, detail a path toward the resolution of all creditor claims, and anticipate the emergence of a streamlined and sustainable reorganized company able to satisfy its environmental obligations on an ongoing basis. By selling certain assets as a going concern and restructuring the company's remaining assets into a reorganized Alpha, the company is able to provide maximum recovery to its creditors, while preserving jobs and putting itself in the best position to meet its reclamation obligations. ALPHA NATURAL: Questions Linger on Future After Exit Plan Approval ------------------------------------------------------------------ Heather Richards, writing for Casper Star Tribune, reported that when a federal judge approved Alpha Natural Resources' bankruptcy exit plan, regulators, industry leaders and environmentalists breathed a collective sigh of relief, but while the plan will keep two large coal mines operating and set the stage for a stricter approach to self-bonding, the long-term outlook for Alpha is murkier. According to the report, as the first company to reach a restructuring agreement with regulators and the courts, Alpha is expected to set a precedent for the other companies. Environmentalist hope Alpha's plan will change the state's approach to environmental bonding, the report said. State regulators want pragmatic deals that preserve Wyoming jobs, the report added. However, in a bearish market with hesitant lenders and federal oversight, widespread uncertainty remains about the viability of Alpha's financial plan post-bankruptcy, the report pointed out. About Alpha Natural Resources Headquartered in Bristol, Virginia, Alpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of August 2015, Alpha had 8,000 full time employees across many different states, with UMWA representing 1,000 of the employees. Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896) and its affiliates filed separate Chapter 11 bankruptcy petitions on Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June 30, 2015. The petitions were signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the cases. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson, Esq., at Jones Day serve as the Debtors' general counsel. Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 4 appointed seven creditors of Alpha Natural Resources Inc. to serve on the official committee of unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq., and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. * * * Alpha Natural Resources, Inc. on March 8, 2016, disclosed that it has filed a proposed Chapter 11 Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Virginia. Together with the motion seeking approval of a marketing process for Alpha's core operating assets, these filings provide for the sale of Alpha's assets, detail a path toward the resolution of all creditor claims, and anticipate the emergence of a streamlined and sustainable reorganized company able to satisfy its environmental obligations on an ongoing basis. By selling certain assets as a going concern and restructuring the company's remaining assets into a reorganized Alpha, the company is able to provide maximum recovery to its creditors, while preserving jobs and putting itself in the best position to meet its reclamation obligations. The Troubled Company Reporter, on July 14, 2016, citing BankruptcyData.com reported that in a corporate release, Alpha Natural Resources announced that, contingent upon the finalization of certain definitive documentation and the entry of a formal U.S. Bankruptcy Court confirmation order, the Court has indicated that it will confirm the Company's Second Amended Joint Plan of Reorganization. ALTERNATIVES LIVING: Hires Sher Garner as Special Counsel --------------------------------------------------------- Alternatives Living, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Sher Garner Cahill Richter Klein & Hilbert, L.L.C. as special counsel to the Debtor. Alternatives Living requires Sher Garner to provide specialized legal advice sought by the Debtor on an ongoing forward basis. Sher Garner will be paid at these hourly rates: Matthew M. Coman $400 Senior Attorneys $400 Junior Attorneys $350 Senior Associates $300 Junior Associates $250 Paralegals $125 Sher Garner will be paid a retainer in the amount of $5,000, which shall secure payment of fees and costs. The retainer will be replenished once it falls below $1,500. Sher Garner will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Sher Garner can be reached at: Matthew M. Coman, Esq. SHER GARNER CAHILL RICHTER KLEIN & HILBERT, L.L.C. 909 Poydras Street, Suite 2800 New Orleans, LA 70112 Tel: (504) 299-2100 Fax: (504) 299-2300 About Alternatives Living Alternatives Living, Inc., based in New Orleans, Louisiana, filed for Chapter 11 bankruptcy (Bankr. E.D. La. Case No. 15-12308) on Sept. 9, 2015. The Hon. Elizabeth W. Magner presides over the case. Leo D. Congeni, Esq., at Congeni Law Firm, LLC, serves as the Debtor's counsel. Alternatives Living estimated assets in the range $500,000 to $1 million; and $1 million to $10 million in debt. The petition was signed by Rickey Roberson, the CFO. AMC ENTERTAINMENT: Fitch Puts 'B+' IDR on Watch Negative -------------------------------------------------------- Fitch Ratings has placed AMC Entertainment Holdings, Inc.'s Long-Term Issuer Default Rating (LT IDR) of 'B+' and related debt issue ratings on Rating Watch Negative. Fitch's actions follow AMC's announcements that it has entered into a definitive agreement to acquire European movie exhibitor Odeon & UCI Cinemas Group in a transaction valued at approximately US$1.2 billion or GBP921 million. Approximately US$2 billion of debt is affected by Fitch's rating action. The Rating Watch Negative reflects uncertainty surrounding the ultimate resolution of the pending Carmike acquisition and its potential impact on AMC's capital structure and the execution risks surrounding entering the European markets. Resolution of the Rating Watch will be predicated on Fitch's review of the strategic benefits of the acquisition balanced against the execution risks related to company's ability to successfully leverage its domestic strategy in the new European markets. In addition, Fitch will assess AMC's financial policy, the funding strategy of both proposed acquisitions and its impact on AMC's credit profile as well as the company's ability and commitment to reduce leverage following the close of the acquisitions. Fitch believes the acquisition is consistent with the company's strategy to add theatre assets that are complementary to its portfolio and establish a global footprint. Although AMC will be able to leverage its premium amenities and reseating initiatives, it remains to be seen whether this strategy will resonate well in overseas markets. AMC will acquire Odeon & UCI Cinemas Group, the largest theatre exhibitor in Europe, for a total consideration of $1.2 billion consisting of a mix of cash (approximately $488 million) and equity (approximately $163 million) as well as the assumption of Odeon & UCI's net indebtedness of approximately $529 million. Odeon & UCI will be a wholly-owned subsidiary of AMC and AMC intends to refinance Odeon & UCI's debt upon closing. The acquisition will be financed with incremental debt of $1.2 billion and equity issuance and is expected to close during the fourth quarter of 2016 (4Q16) subject to receipt of antitrust approval by the European Commission. Fitch calculates unadjusted leverage pro forma for the acquisition of Odeon & UCI at 5.0x and unadjusted leverage pro forma for the acquisitions of Odeon & UCI and Carmike at 5.5x as of March 31, 2016. Fitch expects unadjusted leverage to be maintained at or below 4.5x in the 12-18 months following the acquisition to maintain the 'B+' rating. AMC's target net leverage of 4.0x signals a more aggressive financial policy that may be outside Fitch's threshold for a 'B+' rating. KEY RATING DRIVERS AMC has demonstrated traction in key strategic initiatives, as can be seen in its improving admission revenue per attendee, concession revenue per attendee, and concession gross profit per attendee. Fitch calculates March 31, 2016 latest 12 months (LTM) EBITDA margins of 16.9% (excludes National Cinemedia distribution), an improvement from 13.6% at Sept. 27, 2012. Fitch recognizes that AMC's continued expansion into premium food offerings will pressure high concession margins; however, growth in the top line should grow absolute gross profit dollars in this segment. AMC Entertainment Holdings Inc. (AMCH) instituted a quarterly dividend of $19.6 million ($78 million for the full year), with the first dividend paid in 2Q14.) For the LTM period, AMCH paid $78.6 million in dividends. In conjunction with elevated capital expenditures relative to historical periods, the dividend will pressure FCF. Fitch has modeled capital expenditure spending of approximately $255 million to $275 million in 2016 and 2017. As a result, Fitch expects FCF will range from zero to positive $50 million over the next two years. LTM FCF at March 31, 2016, was $69 million. Fitch believes that AMC has sufficient liquidity to fund capital initiatives, make small theater-circuit acquisitions, and cover its term loan amortization. Liquidity is supported by cash balances of $108 million and availability of $75 million on its secured revolver as of March 31, 2016. AMC's ratings reflect Fitch's belief that movie exhibition will continue to be a key promotion window for the movie studios' biggest/most profitable releases. According to Box Office Mojo, 2015's box office delivered positive growth of 7.4% and record-setting box office revenues of $11.1 billion. Industry fundamentals benefited from a strong slate, which recorded attendance growth of 4.1% and a 3.2% increase in average ticket price. As 2015 was a record year, it will pose a tough comparison in 2016. Similar to past years, the 2016 film slate features many high-profile tentpole films that have a strong likelihood of box office success, some of which have already proven to be domestic and international successes including 'Deadpool,' 'Captain America: Civil War' and 'Zootopia.' The releases of 'Finding Dory,' 'Star Trek Beyond,' 'Suicide Squad,' 'Fantastic Beasts and Where to Find Them,' and 'Rogue One: A Star Wars Story' headline a strong film slate for the remainder of 2016. Fitch believes the film slate will support flat- to low-single-digit industrywide box office revenue growth. Fitch believes the investments made by AMC and its peers to improve the patron's experience are prudent. While capital expenditure may be elevated in the near term and high concession margins may be pressured over the long term, Fitch believes exhibitors will benefit from delivering an improved value proposition to their patrons and that the premium food services/offerings will grow absolute levels of revenue and EBITDA. In addition, AMC and its peers rely on the quality, quantity, and timing of movie product, all factors out of management's control. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for AMC Entertainment include: -- Flat- to low-single-digit admissions revenue growth; low- single-digit growth in average ticket price; -- EBITDA margin expansion; -- Capital expenditures are expected to remain elevated in the near term as AMC continues to invest in recliner re-seats and F&B offerings. Fitch expects capex of $255 million- $270 million (net of landlord contributions) during 2016; -- Pro forma unadjusted gross leverage above 4.5x during 2017. RATING SENSITIVITIES Positive Trigger: Fitch weighs the prospective challenges facing AMC and its industry peers heavily when considering the long-term credit rating. Significant improvements in the operating environment (sustainable increases in attendance from continued success of operating initiatives) driving FCF/adjusted debt above 2% and adjusted leverage below 4.5x on a sustainable basis could have a positive effect on the rating. In strong box office years, metrics may be strong in order to provide a cushion for weaker box office years. Negative Trigger: Negative rating actions are more likely to coincide with the company's inability to reduce adjusted leverage below 6.0x (4.5x on an unadjusted basis) in the 12-18 months following the acquisition of Odeon & UCI, or the adoption of a more aggressive financial policy, and/or rent-adjusted interest coverage declines below 1.5x-1.75x. In addition, meaningful, operational deterioration that may include sustained declines in attendance and/or per guest concession spending or other change in capital allocation that delays the company's planned leverage reduction may also pressure the ratings. LIQUIDITY AMC's liquidity is supported by $108 million of cash on hand (as of March 2016) and $75 million availability on its revolving credit facility, which is sufficient to cover minimal amortization payments on its term loan. FULL LIST OF RATING ACTIONS Fitch has placed these ratings on Rating Watch Negative: AMC Entertainment Holdings, Inc. -- Long-Term IDR 'B+'; -- Senior secured credit facilities 'BB+/RR1'; -- Senior subordinated notes 'B-/RR6'. AMERICAN CONTAINER: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: American Container, Inc. P.O. Box 862 Olive Branch, MS 38654 Case No.: 16-26399 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Western District of Tennessee (Memphis) Judge: Hon. Paulette J. Delk Debtor's Counsel: Russell W. Savory, Esq. BEARD & SAVORY, PLLC 119 South Main Street, Suite 500 Memphis, TN 38103 Tel: (901) 523-1110 E-mail: russ@bsavory.com Total Assets: $2.55 million Total Liabilities: $4.30 million The petition was signed by Steve Harris, president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/tnwb16-26399.pdf APEX TOOL: S&P Affirms 'B' CCR & Revises Outlook to Negative ------------------------------------------------------------ S&P Global Ratings said it revised its rating outlook on Apex Tool Group LLC to negative from stable and affirmed its 'B' corporate credit rating on the company. At the same time, S&P affirmed its 'B' issue-level rating on the company's $1.01 billion senior secured credit facilities (consisting of a $175 million revolving credit facility and an $835 million term loan), with a '3' recovery rating, indicating our expectation for meaningful (50%-70%, upper half of range) recovery in the event of a default. S&P also affirmed the 'B-' issue-level rating on Apex's $450 million 7% senior notes, with a '5' recovery rating, indicating S&P's expectation for modest (10%-30%, lower half of range) recovery. "The negative outlook reflects the risk that Apex could fail to reduce debt leverage below 8x over the next several quarters, which would be reflective of a lower rating," said S&P Global Ratings credit analyst Kimberly Garen. "While we expect credit measures will improve to below 7x in 2016, we expect the company will remain highly leveraged, with debt to EBITDA of greater than 5x and FFO to debt of below 12%." A downgrade is likely within the next 12 months if Apex has weaker-than-expected end-market demand, fails to improve EBITDA margins above 2015 levels, or loses one of its major customers, such that total leverage remains above 8x, or if liquidity materially lessens. This could occur if 2016 sales growth is flat with no improvement in EBITDA margins. In addition, S&P's rating incorporates the potential for credit measures to weaken even further given financial sponsor ownership considerations. An upgrade is unlikely within the next 12 months given S&P's expectation that leverage will remain high and that the company is owned by a private equity firm. S&P could raise its rating on Apex if the company's sales and EBITDA grow more quickly than S&P expects, with the resulting cash used to reduce debt, resulting in debt leverage sustained well below 5x and FFO to debt above 12% and if S&P gained confidence that the company's owner is committed to maintaining a more conservative financial risk profile. ARMCO METALS: Halts Operations, To Delist Common Shares From NYSE ----------------------------------------------------------------- Armco Metals Holdings, Inc. (the "Company" or "Armco") has provided formal notification to the NYSE MKT that it is voluntarily delisting its common stock from the Exchange and will transfer trading of its common stock to the OTCBB/Pink Sheets. As disclosed in the Company's Current Report on Form 8-K filed on July 12, 2016, the Company has chosen to delist as it no longer satisfies minimum Exchange listing requirements. In addition, due to action by creditors and the PRC government, Armco has ceased all active operations except trading operation, is not able to satisfy all its obligations in the ordinary course, and expects to fully impair substantially all of its assets as part of its review of its financial position and circumstances. About Armco Metals Holdings Armco Metals Holdings, Inc. -- http://www.armcometals.com/-- is engaged in the sale and distribution of metal ore and non-ferrous metals, wood, and barley throughout China and is in the recycling business in China. Armco Metals' customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a global group of suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. Armco Metals' product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet, recycled scrap metals, raw wood and barley. ASTROTURF LLC: Committee Taps Morris Manning as Legal Counsel ------------------------------------------------------------- The official committee of unsecured creditors of AstroTurf, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Morris, Manning & Martin, LLP as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the committee with respect to its rights, duties and powers; (b) assist the committee in its consultations with the Debtor; (c) assist the committee in analyzing the claims of creditors and the Debtor's capital structure, and in negotiating with holders of claims and equity interests; (d) advise the committee as to its communications with and duties to the body of general unsecured creditors; (e) represent the committee at all hearings and other proceedings; (f) prepare pleadings and motions, and conduct examinations; (g) investigate, analyze and take actions in connection with the Debtor's proposed disposition of assets and debtor- in-possession financing; and (h) investigate, analyze and take actions, if required, to recover assets of the estate. The firm's professionals and their hourly rates are: Frank W. DeBorde Partner $450 Lisa Wolgast Partner $395 David Cranshaw Partner $450 John Fry Partner $495 Robert Reardon Partner $485 Chad Sharkey Of Counsel $295 John Northup Associate $295 David Mayo Associate $295 Ben Warlick Associate $350 Mr. DeBorde disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank W. DeBorde, Esq. Morris, Manning & Martin, LLP 3343 Peachtree Road, N.E. 1600 Atlanta Financial Center Atlanta, Georgia 30326 Phone: 404-233-7000 800-849-0970 Fax: 404-365-9532 About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. ASTROTURF LLC: Taps Bejin Bieneman as Counsel in FieldTurf Case --------------------------------------------------------------- AstroTurf, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Bejin Bieneman PLC. The Debtor tapped the firm to serve as its special counsel in connection with pre-trial matters related to a civil case for patent infringement brought by FieldTurf USA, Inc. and FieldTurf Tarkett, Inc. The Debtor is a defendant to the case. The firm's professionals and their hourly rates are: Partners $310 - $450 Counsel $275 - $400 Associates $160 - $325 Paraprofessionals $120 Thomas Bejin, Esq., at Bejin Bieneman, disclosed in a court filing that the firm does not hold or represent any interest adverse to the Debtor. The firm can be reached through: Thomas Bejin, Esq. Bejin Bieneman PLC 300 River Place, Suite 1650 Detroit, MI 48207 Phone: 313-528-4882 Fax: 313-528-6923 Email: info@b2iplaw.com About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. ASTROTURF LLC: Taps Manion Gaynor as Counsel in FieldTurf Case -------------------------------------------------------------- AstroTurf, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Manion Gaynor & Manning LLP as its special counsel. The Debtor tapped the firm to serve as lead trial counsel in the trial of a civil case for patent infringement brought by FieldTurf USA, Inc. and FieldTurf Tarkett, Inc. The Debtor is a defendant to the case. The firm's professionals and their hourly rates are: Partners $475 - $650 Counsel $350 - $425 Associates $275 - $375 Paraprofessionals $125 Martin Gaynor, III, Esq., a partner at Manion Gaynor, will have the primary responsibility for overseeing all work for the Debtor. He will receive $475 per hour. In a court filing, Mr. Gaynor disclosed that the firm does not hold or represent any interest adverse to the Debtor. The firm can be reached through: Martin F. Gaynor III, Esq. Manion Gaynor & Manning LLP 125 High Street, 6th Floor Oliver Street Tower Boston, MA 02110 Direct: 617-670-8800 Fax: 617-670-8801 Email: mgaynor@mgmlaw.com About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. ASTROTURF LLC: Taps Wilmer Cutler as Patent Counsel --------------------------------------------------- AstroTurf, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Wilmer Cutler Pickering Hale and Dorr LLP as special counsel. The firm will advise and represent the Debtor in connection with post-trial briefing and any appeal related to a civil action for patent infringement brought by FieldTurf USA, Inc. and FieldTurf Tarkett, Inc. The Debtor is a defendant to the case. The firm's professionals and their hourly rates are: Partners $800 - $1,605 Counsel $810 - $970 Associates $440 - $840 Paraprofessionals $130 - $555 Seth Waxman, Esq., a partner at Wilmer Cutler, disclosed in a court filing that the firm does not hold or represent any interest adverse to the Debtor. The firm can be reached through: Seth P. Waxman, Esq. Wilmer Cutler Pickering Hale and Dorr LLP 1875 Pennsylvania Avenue, NW Washington, DC 20006 Phone: +1 202-663-6000 Fax: +1 202-663-6363 About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. ASTROTURF LLC: Wants to Hire Ordinary Course Professionals ---------------------------------------------------------- AstroTurf, LLC., asks the U.S. Bankruptcy Court for the Northern District of Georgia for permission to employ and compensate professionals for specific services rendered in the ordinary course of business. The Debtor desires to employ the Ordinary Course Professionals to render services to its estate similar to those services they provided prior to the Petition Date. These services include services regarding (i) routine litigation, (ii) tax matters, (iii) intellectual property, (iv) accounting, and (x) and other corporate matters. The Debtor submits that, in light of the costs associated with the preparation of employment applications for professionals who will receive relatively small fees, it would be impractical, inefficient, and unnecessarily costly for the Debtor to submit individual applications and proposed retention orders for each professional. Furthermore, it would not be practical for the Debtor's general bankruptcy counsel to handle all of the Debtor's legal matters. The Debtor proposes that it be permitted to pay each Ordinary Course Professional, without prior application to the Court by such professional, all of the fees and disbursements owed to such Ordinary Course Professional, upon the submission to and approval by the Debtor of an appropriate invoice setting forth in reasonable detail the nature of the services rendered and disbursements actually incurred; provided, however, that if any Ordinary Course Professional's fees and disbursements exceed $30,000 in a particular month, then the payment to such Ordinary Course Professional for any amount in excess of $30,000 per month shall be subject to the prior approval of the Court in accordance with Sections 330 and 331 of the Bankruptcy Code. The proposed ordinary course retention and payment procedures set forth herein will not apply to those professionals for whom the Debtor has filed separate applications for approval of employment. The relief requested will save the Debtor the expense of separately applying for the employment of each professional. AstroTurf, LLC is represented by: Paul K. Ferdinands, Esq. Mark. M. Maloney, Esq. Jeffrey R. Dutson, Esq. Karyn D. Heavenrich, Esq. KING & SPALDING LLP 1180 Peachtree Street Atlanta, GA 30309-3521 Tel: (404) 572-4600 Fax: (404) 572-5131 E-mail: pferdinands@kslaw.com mmaloney@kslaw.com jdutson@kslaw.com kheavenrich@kslaw.com About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. AVMED INC: A.M. Best Revises Issuer Credit Rating Outlook to Neg. ----------------------------------------------------------------- A.M. Best has revised the outlook for the issuer credit rating (ICR) to negative from stable and affirmed the financial strength rating (FSR) of B (Fair) and the ICR of "bb+" of AvMed, Inc. (AvMed) (Miami, FL). The outlook for the FSR remains stable. The revised outlook reflects further deterioration in AvMed's absolute capital and a corresponding decrease in its risk-adjusted capital for year-end 2015. These reductions were driven by a $6 million net loss from growth and higher utilization of Individual & Family Plan membership (off-Exchange), which selected the richest (low cost sharing) platinum and gold plans, in addition to a decrease in unrealized capital gains due to the downturn in the energy investment sector, and an increase in non-admitted assets due to planned technology enhancements. Additionally, the company expects a continued operating loss and a decline in absolute capital for 2016. AvMed's management is currently implementing several initiatives to restore profitability, including: filed premium rate increases for its Individual & Family Plan and small group businesses for 2017; an action plan to reduce its operating cost structure; revenue maximization steps for the ACA Risk Adjustment and Medicare Advantage programs; a shift toward value-based provider contracts; and a continued emphasis on managing those members driving the majority of its medical costs. Future positive rating action may occur if AvMed reports a sustained trend of profitable operating results and a trend of improved risk-adjusted capital. Future negative rating actions could occur if operating losses continue or risk-adjusted capital declines further. BASIC FOOD GROUP: RICO Claims vs Ahne Law, et al., Dismissed ------------------------------------------------------------ In the adversary proceeding captioned Jae Ho Lee, Soyoun Park and Basic Food Groups, LLC, Plaintiffs, v. Ahne Law, P.C., Samuel Ahne, Noah Bank, Edwin Shin, Cheol Min Kim, and Aspen Market Place Corp., Defendants, Adv. Pro. No. 15-01119 (JLG) (Bankr. S.D.N.Y.), Judge James L. Garrity, Jr., of the United States Bankruptcy Court for the Southern District of New York granted the defendants motion to dismiss the claims under the Racketeer Influenced and Corrupt Organizations Act for failure to state a claim pursuant to Fed. R. Civ. P. 12(b)(6) and 9(b). Jae Ho Lee, his wife, Soyoun Park, and Basic Food Groups LLC brought the action against Noah Bank, Edward Shin, Ahne Law, P.C, Samuel Ahne, Cheol Min Kim, and Aspen Market Place Corporation. Their Second Amended Complaint alleged seven causes of action, consisting of (a) two claims under RICO: (i) violation of 18 U.S.C. section 1962(c) (against all defendants) and (ii) conspiracy to violate 18 U.S.C. section 1962(c) (against all defendants); and (b) five state law claims: (i) breach of fiduciary duty (against Samuel Ahne and Ahne P.C.); (ii) declaratory judgment (against all defendants); (iii) breach of agreement and implied covenant of good faith and fair dealing (against all defendants); (iv) fraud in the inducement (against Kim and Aspen); and (v) fraud in the inducement (against Shin and Noah). Judge Garrity dismissed the RICO claims without leave to replead. A full-text copy of Judge Garrity's July 1, 2016 memorandum decision is available at https://is.gd/3M9ml8 from Leagle.com. The bankruptcy case is In re: Basic Food Group, LLC, Chapter 11, Debtor, Case No. 15-10892 (JLG) (Bankr. S.D.N.Y.). Jae Ho Lee is represented by: Adam Garcia, Esq. Sung Jang, Esq. Michael S. Kimm, Esq. Thomas W. Park, Esq. KIMM LAW FIRM 333 Sylvan Avenue, Suite 106 Englewood Cliffs, NJ 07632 Tel: (201)569-2880 Fax: (201)569-2881 Email: adam.garcia@kimmlaw.com Basic Food Groups, LLC is represented by: Cheol I. Kim, Esq. SULLIVAN, PAPAIN, BLOCK, MCGRATH & CANNA 8 Grand Cove Way Edgewater, NJ 07020-7220 Tel: (917)647-6634 -- and -- Rosemarie E. Matera, Esq. KURTZMAN MATERA, PC 664 Chestnut Ridge Road Spring Valley, NY 10977 Tel: (845) 352-8800 Fax: (845) 352-8865 Email: law@kmpclaw.com Samuel Ahne is represented by: Samuel Ahne, Esq. 1220 Broadway #502 New York, NY 10001 Tel: (212)594-1035 Email: samuelahne@gmail.com -- and -- Robert James Basil, Esq. THE BASIL LAW GROUP, P.C. 1270 Broadway, Suite 305 New York, NY 10001-3215 Tel: (917)512-3066 Email: robertjbasil@rjbasil.com Noah Bank is represented by: Jerry J. Kim, Esq. 1270 Broadway Room 305 New York, NY 10001 Tel: (212)736-3116 Edward Shin is represented by: Robert Ho Yo, Esq. ROBERT YU LLC 158 Linwood Plz Ste 211 Fort Lee, NJ 07024-3704 Tel: (201)338-7112 BATAA/KIERLAND: 9th Cir. Grants Reversal of Attorneys' Fee Award ---------------------------------------------------------------- The United States Court of Appeals for the Ninth Circuit affirmed the district court's reversal of the grant of attorneys' fees to appellants Bataa/Kierland, LLC, Kierland I's related entity, Bataa/Kierland II, LLC, and Bankers Trust Company. JPMCC 2007-CIBC 19 East Greenway, LLC, brought an adversary proceeding against the bankruptcy debtor, Bataa/Kierland, LLC, as well as Kierland I's related entity, Bataa/Kierland II, LLC, and Bankers Trust Company, a secured creditor of Kierland II. The adversary proceeding involved a dispute over a parking easement affecting the property of Kierland I and Kierland II, which owns the lot adjacent to Kierland I's. Kierland I and Kierland II are both owed by the same corporate entity, Bataa Oil, a closed corporation whose sole shareholders at the relevant time were David and Anne Calvin. JPMCC, a secured creditor of Kierland I possessing a lien against Kierland I's property, sought a declaratory judgment that the easement between Kierland I and Kierland II extended to a parking garage on Kierland II's property, thus giving Kierland I access to the garage and consequently protecting the value of JPMCC's security interest in Kierland I's property. Rather than resolve the issue in the adversary proceeding, the bankruptcy court addressed it in its consideration of Kierland I's proposed reorganization plan in the related Chapter 11 case. In that case, the bankruptcy court confirmed Kierland I's proposed plan and held that the easement did not extend to the garage on Kierland II's property without payment of additional compensation to Kierland II. Based on this holding, the bankruptcy court subsequently granted summary judgment for Appellants in the adversary proceeding. Alleging that they were the successful parties in the adversary proceeding in which JPMCC sought a declaratory judgment, Appellants then successfully applied for attorneys' fees under the Arizona fee-shifting statute, Ariz. Rev. Stat. Ann. Section 12-341.01, which awards fees to the "successful party" in an action arising out of a contract. The appeals case is JPMCC 2007-CIBC 19 EAST GREENWAY, LLC, Plaintiff-Appellee, v. MAUREEN GAUGHAN, CHAPTER 11 TRUSTEE OF BATAA/KIERLAND LLC, Debtor-Appellant, BATAA/KIERLAND II, LLC; BANKERS TRUST COMPANY, Defendants-Appellants, No. 14-16419 (9th Cir.), relating to In re: BATAA/KIERLAND, LLC, Debtor. A full-text copy of the Ninth Circuit's July 8, 2016 memorandum is available at https://is.gd/GpEeMo from Leagle.com. About Bataa/Kierland Bataa/Kierland, LLC, owns and operates a Class "A" office building known as Kierland Corporate Center located at 7047 E. Greenway Parkway, Scottsdale, Arizona. It filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 11-05850) on March 9, 2011. The Debtor estimated its assets and debts at $10 million to $50 million. The Debtor is represented by: Philip R. Rudd, Esq. SACKS TIERNEY P.A. 4250 N. Drinkwater Blvd., 4th Floor Scottsdale, AZ 85251-3693 E-mail: Rudd@SacksTierney.com The Debtor filed an amended chapter 11 plan in Sept. 2011, the plan was confirmed by the bankruptcy court in July 2012, but the confirmation order was overturned in Sept. 2014 by the U.S. District Court. BAYOU SHORES: 11th Cir. Flips Confirmation Order on Medicare Deals ------------------------------------------------------------------ The United States Court of Appeals for the Eleventh Circuit affirmed the district court's order, which upheld the Department of Health and Human Services Secretary's jurisdictional challenge and reversed the confirmation order with respect to the assumption of Bayou Shores SNF, LLC's Medicare and Medicaid provider agreements. The appeals case is FLORIDA AGENCY FOR HEALTH CARE ADMINISTRATION, UNITED STATES OF AMERICA, on behalf of the Secretary of the United States Department of Health and Human Services, Plaintiffs-Appellees, v. BAYOU SHORES SNF, LLC, Defendant-Appellant, No. 15-13731 (11th Cir.), relating to In Re: BAYOU SHORES SNF, LLC, Debtor. A full-text copy of the Eleventh Circuit's July 11, 2016 ruling is available at https://is.gd/c9i8Kr from Leagle.com. Bayou Shores SNF LLC is represented by: Tiffany D. Payne, Esq. Elizabeth A. Green, Esq. SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, FL 32801-3432 Tel: (407)649-4000 Fax: (407)841-0168 Email: tpayne@bakerlaw.com egreene@bakerlaw.com -- and -- Jeffrey T. Kuntz, Esq. Frank Terzo, Esq. 401 East Las Olas Blvd., Suite 1000 Fort Lauderdale, FL 33301 Tel: (954)761-8111 Fax: (954)761-8112 Email: jeffrey.kuntz@gray-robinson.com frank.terzo@gray-robinson.com Agency for Health Care Administration is represented by: Andrew Taylor Sheeran, Esq. 790 Penllyn Blue Bell Pike, Suite 303 Blue Bell, PA 19422-1658 Tel: (215)542-2105 Fax: (215)542-2143 -- and -- Leslei Gayle Street, Esq. 2727 Mahan Dr, Bldg 3 Tallahassee, FL 32308-5407 Tel: (850)412-3686 -- and -- Roberta Josephina Bodnar, Esq. 35 SE 1st Ave Ste 300 Ocala, FL 34471-2177 Tel: (352)547-3600 -- and -- Stuart F. Williams, Esq. -- and -- Jeffrey A. Clair, Esq. 16 Court St., Suite 2901 Brooklyn, NY 11241 Tel: (718)596-4466 Fax: (718)210-4802 United States of America is represented by: Roberta Josephina Bodnar, Esq. 35 SE 1st Ave Ste 300 Ocala, FL 34471-2177 Tel: (352)547-3600 -- and -- Arthur Lee Bentley, III Esq. U.S. Attorney's Office 400 North Tampa Street, Suite 3200 Tampa, FL 33602 -- and -- Christopher J. Emden, Esq. -- and -- Colleen D. Murphy-Davis, Esq. Middle District of Florida Tampa, FL 33602 Tel: (813)274-6000 Fax: (813)274-6103 -- and -- Sean Flynn, Esq. -- and -- Jeffrey A. Clair, Esq. 16 Court St., Suite 2901 Brooklyn, NY 11241 Tel: (718)596-4466 Fax: (718)210-4802 About Bayou Shores Bayou Shores SNF LLC, c/o Rehabilitation Center of St. Petersburg, filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 14-09521) on Aug. 15, 2014, in Tampa. Elizabeth A Green, Esq., at Baker & Hostetler LLP, serves as the Debtor's counsel. In its petition, the Debtor estimated assets and liabilities of $1 million to $10 million. The petition was signed by Tzvi Bogomilsky, managing member. The Troubled Company Reporter, on Jan. 13, 2015, reported that the Rehabilitation Center of St. Petersburg nursing home has emerged from bankruptcy -- despite protests from Medicare officials -- after a bankruptcy judge agreed it fixed record-keeping and patient care problems. BEAZER HOMES: Moody's Affirms B3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service upgraded Beazer Homes USA, Inc.'s Speculative-Grade Liquidity ("SGL") rating to SGL-2 from SGL-3 and changed the ratings outlook to positive. Concurrently, the company's B3 Corporate Family Rating and B3-PD Probability of Default Rating were affirmed. The upgrade of the SGL rating reflects Beazer's improved liquidity profile driven by projected positive free cash flow generation and no sizeable maturities over the next 12 months. The change in the ratings outlook is driven by Moody's expectation that Beazer will continue to aggressively focus on rightsizing its balance sheet and maintain a disciplined and debt-holder friendly financial policy. The positive ratings outlook reflects the company's conservative, debt-holder friendly financial policy as reflected in its plan to significantly reduce debt over the next 12-18 months. Adjusted homebuilding debt to capitalization, that as of March 31, 2016 stood at 70%, is anticipated to decline below 65% by the end of the company's fiscal 2017 that ends on September 30, 2017 and from there trend toward 60%. As a result of balance sheet debt reduction and expected increase in profitability, homebuilding interest coverage (defined as homebuilding EBIT to interest incurred) will continue to improve such that it should exceed 1.8x in FY 2017 versus its current level of 1.1x. Furthermore, the positive outlook and the upgrade of the SGL rating to SGL-2 from SGL-3 recognizes that Beazer is one of the first homebuilders to turn free cash flow positive because of its focus on cost management and margin improvement. 20 out of 27, or 74%, of the rated homebuilders are still free cash flow negative as of (or close to) 3/31/2016. Beazer's free cash flow generation is anticipated to continue and will be driven primarily by funds from operations (FFO) as the company has room to expand its gross margin and some room to improve its SG&A as a percentage of sales. For the Corporate Family Rating to be upgraded to B2 from B3, Beazer needs to demonstrate consistent positive financial performance and lower its balance sheet debt within the next 12 months. Moody's took the following rating actions on Beazer Homes USA, Inc.: Speculative-Grade Liquidity Rating, upgraded to SGL-2 from SGL-3; Outlook changed to positive from stable; Corporate Family Rating, affirmed at B3; Probability of Default Rating, affirmed at B3-PD; $140 million (face value) senior secured term loan, affirmed at Ba3 (LGD2); $300 million (face value) 6.625% senior secured notes, affirmed at Ba3 (LGD2); $325 million (face value) 5.75% senior unsecured notes, affirmed at Caa1 (LGD5); $200 million (face value) 7.25% senior unsecured notes, affirmed at Caa1 (LGD5); $200 million (face value) 7.5% senior unsecured notes, affirmed at Caa1 (LGD5); $250 million (face value) 9.125% senior unsecured notes, affirmed at Caa1 (LGD5). RATINGS RATIONALE The B3 Corporate Family Rating (CFR) considers Beazer's historically high homebuilding debt to capitalization ratio (70% at March 31, 2016), weak homebuilding interest coverage (1.1x for TTM ended March 31, 2016), and lower gross margins (17.2% for TTM ended March 31, 2016) when compared to many of its peers. Moody's expects gross margins will remain under pressure in fiscal 2016 relative to the prior year due to higher restart costs from the activation of land previously held for development. Also, in order to successfully refinance its 2016 maturity, Beazer increased speculative home sales, which are generally associated with lower margins. However, pressures on margins are expected to subside in 2017 and 2018 as speculative home sales decrease and the newly activated land parcels begin to generate more normalized margins, bringing gross margin above 17.5%. Moody's said, "However, the B3 CFR and positive outlook take into consideration the expected improvement in the aforementioned homebuilding credit metrics as Beazer executes on its plan to aggressively reduce debt and achieves its 2B-10 plan goals. Moody's expects that Beazer will pay down over $200 million in debt through the end of fiscal 2018 through mandatory amortization of its term loan and voluntary purchases of its senior notes. As a result, by the end of 2018 homebuilding debt to book capitalization will be below 62% and homebuilding EBIT interest coverage will surpass 2.0x. Additionally, the B3 CFR considers Beazer's nationally diversified geographic footprint and large size. As part of the ongoing fulfillment of its 2B-10 plan, we project Beazer to exceed $2 billion in annualized revenues in the next 18 months. The CFR is further supported by the continued recovery in the housing market." The Speculative-Grade Liquidity (SGL) Rating of SGL-2 reflects Beazer's good liquidity profile and takes into consideration internal liquidity, external liquidity, covenant compliance, and alternate liquidity. Internal liquidity is supported by $135 million of cash on hand at March 31, 2016 and Moody's expectation that the company will generate over $200 million of positive free cash flow in 2016. External liquidity is bolstered by a $145 million secured revolving credit facility due in January of 2018 that had no advances outstanding and $116 million of availability at March 31, 2016 after considering letters of credit. The company is subject to several covenants as part of its credit facility, but Moody's expects the company to maintain comfortable headroom under each in 2016. While some of Beazer's debt is secured, its inventory of approximately $1.8 billion at March 31, 2016 indicates that alternative sources of liquidity are available through land sales. The positive rating outlook reflects Moody's expectation that Beazer's key credit metrics will improve over the next 12 to 18 months as it aggressively continues to reduce debt and executes on its 2B-10 plan. For the Corporate Family Rating to be upgraded to B2 from B3, Beazer needs to demonstrate consistent positive financial performance and lower its debt over the next 12 months. The ratings could be upgraded if Beazer's homebuilding debt to capitalization ratio trends towards 60% on a projected basis and its homebuilding interest coverage (defined as homebuilding EBIT to interest incurred) trends towards 2.0x on a projected basis while maintaining good liquidity and continuing to be profitable. The ratings could be downgraded if Beazer's homebuilding debt to capitalization exceeds 70% for an extended period of time and homebuilding interest coverage (defined as homebuilding EBIT to interest incurred) declines below 1.0x. The ratings could also be downgraded if liquidity deteriorates. Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. has a presence in 15 states across three geographic regions and targets entry-level, move-up and retirement-oriented home buyers. Total revenues and consolidated net income from continuing operations for the last twelve month period ended March 31, 2016 were approximately $1.8 billion and $365 million, respectively. BEEKMAN LIQUORS: Hires Mehler & Buscemi as Special Counsel ---------------------------------------------------------- Beekman Liquors, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Mehler & Buscemi as special counsel, nunc pro tunc to June 17, 2016 The Debtor seeks to retain Mehler & Buscemi as special counsel because of Martin Mehler's extensive experience in representing clients in matters involving the New York State Liquor Authority. The Debtor intends to sell its business, and the sale of a liquor store will require the counsel of an attorney experienced in transactions involving SLA regulations. Mr. Mehler will work only on matters that are necessary to facilitate the sale of the Debtor's business with regard to SLA compliance. Mr. Mehler has agreed to be retained by the Debtor with no retainer fee to be paid "upront". Mr. Mehler's billing rate is $500 per hour. Mr. Mehler will also be reimbursed for reasonable out-of-pocket expenses incurred. Martin P. Mehler, partner of Mehler & Buscemi, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Mehler & Buscemi can be reached at: Martin P. Mehler, Esq. MEHLER & BUSCEMI 305 Broadway, Suite 1102 New York, NY 10007 Tel: (212) 962-0204 About Beekman Liquors Beekman Liquors, Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of New York (Manhattan) (Case No. 16-11370) on May 13, 2016. The petition was signed by David Frieser, president. The case is assigned to Judge Martin Glenn. The Debtor estimated assets of $500,000 to $1 million and debts of $1 million to $10 million. BLACKMAN COMMUNITY: Wants Exclusivity Period Extended to 180 Days ----------------------------------------------------------------- Blackman Community Water System, Inc., asks the U.S. Bankruptcy Court for the Northern District of Florida to extend the exclusivity period to 180 days after the date an order is entered on the Debtor's request. The counsel for the Debtor and the counsel for the United States Department of Agriculture/Rural Development, the Debtor's largest creditor, have been in communication regarding refinancing options for the Debtor; however, the discussion are ongoing. The Counsel for the Debtor has been advised that a new attorney will be making his appearance on behalf of USDA/Rural and further communications regarding the Debtor should be directed to new counsel; accordingly, additional time for refinance discussions will be necessary. Since the Debtor is a community water system served by a voluntary Board of Directors some of whom have other full-time jobs, additional time is necessary for the voluntary Board members to have adequate opportunities to meet and discuss reorganization and refinancing opportunities. The Counsel can be reached at: Ashley B. Rogers, Esq. Chesser & Barr, P.A. 398 N. Main Street, Suite B Crestview, FL 32536 Tel: (850) 683-9945 Fax: (850) 398-6911 About Blackman Community On Jan. 15, 2016, Blackman Community Water System Inc. filed a Chapter 11 petition (Case No. 16-30031) in the U.S. Bankruptcy Court for the Northern District of Florida (Pensacola). The petition was signed by Randall Ward, president. The Debtor has tapped Chesser & Barr P.A. as its legal counsel. The Debtor estimated assets of $5.32 million and debts of $1.96 million. BOART LONGYEAR: S&P Revises Outlook to Stable & Affirms 'CCC+' CCR ------------------------------------------------------------------ S&P Global Ratings said it revised its rating outlook on Boart Longyear Ltd. to stable from negative and affirmed its 'CCC+' corporate credit rating on the company. S&P also affirmed its 'B' issue-level rating on the company's senior secured notes due 2018, with a recovery rating of '1', indicating S&P's expectation for very high (90% to 100%) recovery in the event of payment default. At the same time, S&P affirmed its 'CCC+' issue-level rating on the company's senior unsecured notes due 2021, with a recovery rating of '4', indicating S&P's expectation for average (lower half of the 30% to 50% range) recovery in the event of payment default. "The stable outlook reflects our view that Boart Longyear's EBITDA will remain low, about $20 million to $30 million in 2016, increasing to $35 million to $45 million in 2017, and its leverage very high, above 30x in 2016, decreasing to about 20x in 2017, because stubbornly weak prices for many metals have depressed investment by mining companies," said S&P Global Ratings credit analyst Patricia Mendonca. "It also reflects our view that the company will maintain adequate liquidity over this period." S&P could lower its ratings if conditions worsen and the company experiences significant cash burn over the next 12 months, finding itself in the position of having to fund operating losses and debt services with available cash and ABL borrowings. As a result, S&P would likely consider liquidity to be less than adequate, which would weigh negatively on the rating and outlook. An upgrade is unlikely over the next 12 months given S&P's expectation that although metal prices have been improving since the beginning of the year, it will take the mining companies an additional six to 12 months to start committing capital to exploration and development projects. S&P could raise its ratings, though, if leverage comes down to below 10x and EBITDA interest coverage is at least 1.25x for a sustained period. BOWERS INVESTMENT: Court Converts Bankruptcy Case to Chap. 7 ------------------------------------------------------------ Judge Gary Spraker of the United States Bankruptcy Court for the District of Alaska found cause exists under 11 U.S.C. section 1112(b)(4)(A), (D) and (F) to convert the chapter 11 case captioned In re: BOWERS INVESTMENT COMPANY, LLC, Chapter 11, Debtor, Case No. F16-00136-GS (Bankr. D. Alaska), to one under chapter 7 of the Bankruptcy Code. A full-text copy of Judge Spraker's July 7, 2016 memorandum is available at https://is.gd/ybruJl from Leagle.com. Bowers Investment Company, LLC is represented by: H. Frank Cahill LAW OFFICES OF H. FRANK CAHILL 880 N Street, Suite 203 Anchorage, AK 99501 Tel: (907)222-4905 Fax: (907)274-8201 Office of the U.S. Trustee, U.S. Trustee, is represented by: Thomas A. Buford, III, Esq. OFFICE OF THE UNITED STATES TRUSTEE 700 Stewart Street, Suite 5103 Seattle, WA 98101 Tel: (206)553-2000 Fax: (206)553-2566 CAPE COD COMMERCIAL: Hires Appraisal Company as Appraiser --------------------------------------------------------- Cape Cod Commercial Linen Service, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Mike Sutton and Appraisal Company of Cape Cod, Inc., as real estate appraiser. Cape Cod Commercial requires Appraisal Company to obtain a valuation of the Attucks Facility located at 880 Attucks Lane, Hyannis, MA, to be used in connection with preparing the Chapter 11 Plan and Disclosure Statement. Appraisal Company will be paid at a one-time flat rate fee of $4,000.00. Appraisal Company will be paid $2,000.00 up front, and the remaining $2,000.00 upon delivery of the appraisal report. Mike Sutton, member of Appraisal Company, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Appraisal Company can be reached at: Mike Sutton APPRAISAL COMPANY OF CAPE COD, INC. 170 Route 6A Orleans, MA 02653 Tel: (508) 255-8822 E-mail: mikesutton@capecodappraiser.com About Cape Cod Commercial Cape Cod Commercial Linen Service, Inc., based in Hyannis, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-11811) on May 13, 2016. Hon. Joan N. Feeney presides over the case. David B. Madoff, Esq., and Steffani Pelton Nicholson, Esq., at Madoff & Khoury LLP, serves as counsel to Cape Code Commercial. The Debtor's financial advisor is Bruce A. Erickson of B. Erickson Group, LLC. In its petition, the Debtor listed total assets of $1.24 million and liabilities of $4.62 million. The petition was signed by Jeffrey Ehart, president. This Is It, LLC, based in Hyannis, Mass., filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-11813) on May 13, 2016. Hon. Joan N. Feeney presides over the case. This Is It tapped David B. Madoff, Esq., and Steffani Pelton Nicholson, Esq., at Madoff & Khoury LLP, as bankruptcy counsel. In its petition, This Is It listed $2.20 million in assets and $3.05 million in liabilities. The petition was signed by Jeffrey Ehart, president/manager. This Is It and CCCLS have asked the Court to have their Chapter 11 cases jointly administered. CARLSTAR GROUP: Moody's Lowers CFR to B3, Outlook Stable -------------------------------------------------------- Moody's Investors Service downgraded Carlstar Group LLC's Corporate Family Rating to B3 from B1 and Probability of Default Rating (PDR) to B3-PD from B1-PD. Concurrently, Moody's downgraded the senior secured notes rating to Caa1 from B2. The rating outlook is stable. The rating downgrade reflects Moody's expectation that earnings will significantly deteriorate through 2016 and that Moody's adjusted debt to EBITDA will increase to around 9 times by year end 2016. Moody's believes operating performance will remain challenged as the company works through an inventory glut and demand in key end markets, like Agriculture, remains weak. Despite very high leverage and weak interest expense coverage, Carlstar's good liquidity profile gives Moody's some comfort. The company's inventory reduction plan should result in solid near term free cash flow, which further supports liquidity provided by cash of $57 million at March 31, 2016, full availability under the $100 million ABL revolver and a favorable maturity profile. Ratings Downgraded: Corporate Family Rating, Downgraded to B3 from B1 Probability of Default Rating, Downgraded to B3-PD from B1-PD $250 Million Senior Secured Notes due 2019, Downgraded to Caa1 (LGD4) from B2 (LGD4) Outlook Action: Outlook, Revised to Stable from Negative RATINGS RATIONALE Carlstar's B3 Corporate Family Rating reflects the company's significant earnings pressure and very high leverage. Furthermore, the rating is limited by the company's sole focus on specialty tires and wheels, exposure to deeply cyclical end markets, regional concentration in North America, and meaningful exposure to volatile raw material cost inputs. However, the rating is supported by the company's strong brand reputation, favorable end market diversification and good liquidity profile. Moody's expects that when the company's end markets improve, the company's credit metrics will rapidly strengthen to a level more appropriate for the B3 rating. The stable outlook reflects Moody's belief that Carlstar's high leverage and significant end market pressures are somewhat offset by the company's good liquidity profile, as there is sufficient ability to meet all capital needs in the forecast period. For a rating upgrade, Moody's would need to see material revenue and earnings growth. Specifically, debt to EBITDA would have to be sustained below 6 times and EBITA to interest expense above 1 time. The ratings will be downgraded if earnings deteriorate beyond Moody's current expectations or if free cash flow is negative for a prolonged period. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Carlstar is a leading global supplier of specialty tires and wheels for non-automotive applications (tires and wheels for riding lawn mowers, golf carts, farm equipment, boat/cargo/utility trailers, ATV's, etc.). The company had revenue of $584 million for the twelve months ended March 31, 2016. Carlstar is privately owned by American Industrial Partners. CC LLC: Seeks to Hire Burr Forman as Special Counsel ---------------------------------------------------- CC LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Burr Forman, LLP as its special counsel. The firm will assist the Debtor in formulating a condominium reversion or termination plan, and in seeking confirmation of a plan of reorganization. Jesse Graham Jr., Esq., at Burr Forman, disclosed in a court filing that the firm does not represent any interest adverse to the Debtor's estate. The firm can be reached through: Jesse E. Graham Jr., Esq. Burr Forman, LLP One Tampa City Center, Suite 3200 201 North Franklin Street Tampa, FL 33602 Phone: (813) 221-2626 Fax: (813) 221-7335 The Debtor can be reached through its counsel: Bernard J. Morse, Esq. Mary A. Joyner, Esq. Morse Law Firm, P.A. P.O. Box 6537 Brandon, FL 33508 Telephone: (813) 341-8400 Facsimile: (813) 463-1807 Email: bmorse@morselawyers.com Email: mjoyner@morselawyers.com About CC LLC CC, LLC, doing business as Baymont Inn Suites, Orlando, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 12-03886) on March 16, 2012. The petition was signed by Kenneth W. Franklin, Jr., managing member. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $10 million to $50 million. CENTRAL BEEF IND: Wants Exclusive Plan Filing Extended to Aug. 19 ----------------------------------------------------------------- Central Beef Ind., LLC, et al., ask the U.S. Bankruptcy Court for the Middle District of Florida to extend by 30 days to Aug. 19, 2016, the Debtors' exclusive period to file a plan of reorganization. The Debtors also request that the Court extend the 180-day period until the conclusion of the hearing on confirmation. The Debtors submit that allowing an additional 30 days to complete and finalize the Plan will not prejudice creditors and will continue to facilitate greater confidence in the terms of proposed creditor treatment to be set forth in the Plan of Reorganization. Although the Debtors have diligently been working toward formulation of their Plan, which is expected to contemplate a sale of substantially all of their remaining tangible assets and business operations, the Debtors require up to an additional 30 days to complete and finalize the Plan as they contemporaneously finalize a sale contract. Although the Debtors expect to file the Plan well in advance of the expiration of the 30-day extension, out of an abundance of caution the Debtors request an extension of the Plan Deadline to Aug. 19. After the Petition Date, the Debtors' management and advisers devoted substantial time and effort dealing with initial issues in the Chapter 11 filing. The Debtors' management and advisers have diligently been working to locate a purchaser for the Debtors' assets. The nature of the Debtors' business has required a lengthy due diligence process for prospective buyers. The Debtors believe that they are in the final stages of finalizing a sale contract. The Debtors expect to file a motion to sell the their assets pursuant to Section 363 of the U.S. Bankruptcy Code, along with a Chapter 11 liquidating plan, prior to the extended deadline requested of Aug. The Debtor's counsel can be reached at: Harley E. Riedel, Esq. Matthew B. Hale, Esq. Stichter Riedel Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, Florida 33602 Tel: (813) 229-0144 Fax: (813) 229-1811 E-mail: hriedel@srbp.com mhale@srbp.com About Central Beef Central Beef Ind., LLC, 5C of Central Florida, LLLP and CBI Management/Administration, LLC, engaged in the business of purchasing cattle and beef production, each filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case Nos. 16-02366, 16-02368 and 16-02370, respectively) on March 21, 2016. Ida Raye Chernin signed the petitions as manager. Stichter, Riedel, Blain & Poster, P.A., represents the Debtors as counsel. Judge Catherine Peek McEwen has been assigned the cases. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Debtors' cases. CENTURY CASUALTY: A.M. Best Withdraws B(Fair) Fin. Strength Rating ------------------------------------------------------------------ A.M. Best has affirmed the financial strength rating (FSR) of B (Fair) and the issuer credit rating (ICR) of "bb+" of Century Casualty Company (Century Casualty) (Alpharetta, GA). The outlook for the FSR remains stable, while the outlook for the ICR remains negative. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process. The ratings reflect deterioration of Century Casualty's underwriting results, with underwriting and operating losses reported in 2013 through 2015. The weakness in underwriting performance has primarily stemmed from hotel/motel and convenience store accounts written in 2013 and 2014, as well as management's decision to strengthen case reserves on several accounts within the discontinued 40% quota share with Occidental Fire & Casualty Company of North Carolina (Occidental). Century Casualty currently participates in a 15% quota share with Occidental, effective Sept. 1, 2014. As a result of the operating losses, Century Casualty's policyholders' surplus has declined in recent years. Still, Century Casualty maintains adequate risk-adjusted capitalization driven by low underwriting leverage and a conservative investment portfolio. The negative outlook for the ICR reflects A.M. Best's expectation of moderate underwriting losses in the near term and challenges the company faces to improve underwriting results. COHERENT INC: S&P Assigns 'BB' CCR, Outlook Stable -------------------------------------------------- S&P Global Ratings Services assigned its 'BB' corporate credit rating to Santa Clara, Calif.-based Coherent Inc. The outlook is stable. At the same time, S&P assigned a 'BB' issue-level rating and '3' recovery rating to the company's proposed $100 million senior secured revolving credit facility due 2021 and $750 million senior secured term loan due 2023. The '3' recovery rating on the term loan indicates S&P's expectation for meaningful (50% to 70%; higher end of the range) recovery of principal in the event of payment default. "The corporate credit rating on Coherent is based on our view of such factors as the company's position as a diversified provider of laser solutions, with improved scale after the Rofin acquisition, as well as growth opportunities in OLED displays and fiber lasers," said S&P Global Ratings credit analyst Minesh Shilotri. The stable outlook incorporates S&P's view that Coherent will successfully integrate the Rofin acquisition and deliver consistent operating performance while generating free cash flow of around $80 million or better annually. CONCO INC: Bankruptcy Court's Stock Sale Ruling Affirmed -------------------------------------------------------- Judge Joseph H. McKinley of the United States District Court for the Western District of Kentucky, Louisville Division, affirmed the February 18, 2016 decision of the bankruptcy court and denied the appellants' motion to expedite the appeal in the case captioned TOM HARPER, SANDRA KRUMMA, PEGGY SUE LEAKE, SAMUEL ZANE LEAKE, JON SOUDER, CONCO ACQUIREMENT LLC, and DELFASCO LLC, Appellants, v. CONCO ESOP TRUSTEES, OVERSIGHT COMMITTEE, THE ARMY, and CONCO, INC., Appellees, Civil Action No. 3:16-CV-00125-JHM (W.D. Ky.). The appeal concerns the memorandum-opinion and order issued on February 18, 2016 by the United States Bankruptcy Court for the Western District of Kentucky in the Chapter 11 bankruptcy case In re Conco, Inc., No. 12-34933-jal (Bankr. W.D. Ky.), in which the bankruptcy court interpreted Appellee-Debtor Conco Inc.'s confirmed plan to prohibit the sale of the ESOP-held Conco stock from being sold or transferred until January 1, 2019 and enjoined any such sale until that time. A full-text copy of Judge McKinley's July 7, 2016 memorandum opinion and order is available at https://is.gd/cWIxMI from Leagle.com. Tom Harper, Sandra Krumma, Peggy Sue Leake, Samuel Zane Leake, Jon Souder are represented by: Casey L. Hinkle, Esq. David S. Kaplan, Esq. KAPLAN & PARTNERS, LLP 710 West Main Street, 4th Floor Louisville, KY 40202 Tel: (502)416-1630 Email: chinkle@kplouisville.com dkaplan@kplouisville.com -- and -- David S. Preminger, Esq. KELLER ROHRBACK LLP 1140 Avenue of the Americas, Ninth Floor New York, NY 10036 Tel: (646)380-6690 Fax: (646)380-6692 Email: dpreminger@kellerrohrback.com Conco Acquirement LLC, Delfasco LLC is represented by: Cory J. Skolnick, Esq. Edward M. King, Esq. John S. Egan, Esq. FROST BROWNN TODD LLC 400 West Market Street, Suite 3200 Louisville, KY 40202-3363 Tel: (502)589-5400 Fax: (502)581-1087 -- and -- Gilbert Backenroth, Esq. Jeffrey Zawadzki, Esq. HAHN & HESSEN LLP 488 Madison Avenue New York, NY 10022 Tel: (212)478-7200 Fax: (212)478-7400 Email: gbackenroth@hahnhessen.com jzawadzki@hahnhessen.com Conco ESOP Trustees is represented by: Lea Pauley Goff, Esq. P. Douglas Barr, Esq. STOLL KEENON OGDEN PLLC 300 West Vine Street, Suite 2100 Lexington, KY 40507-1801 Tel: (859)231-3000 Fax: (859)253-1093 Oversight Committee is represented by: Claude R. Bowles, Jr., Esq. James R. Irving, Esq. John W. Ames, Esq. BINGHAM GREENEBAUM DOLL LLP 3500 National City Tower 101 South Fifth Street Louisville, KY 40202 Tel: (502)589-4200 Email: cbowles@bgdlegal.com jirving@bgdlegal.com james@bgdlegal.com The Army is represented by: Elizabeth H. Parks, Esq. U.S. ATTORNEY OFFICE 717 W Broadway Louisville, KY 40202-2215 Tel: (502)582-5911 Conco Inc is represented by: Glenn A. Cohen, Esq. Keith J. Larson, Esq. Neil Charles Bordy, Esq. SEILLER WATERMAN LLC 2200 Meidinger Tower 462 S. 4th Street Louisville, KY 40202 Tel: (502) 584-7400 E-mail: bordy@derbycitylaw.com CORE RESOURCE: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------- The Office of the U.S. Trustee on July 15 appointed three creditors of Core Resources Management, Inc. to serve on the official committee of unsecured creditors. The committee members are: (1) Mary Ann Kestner 325 Ladera Street, Unit 1 Santa Barbara, CA 93101 Phone: (805) 729-4646 Fax: none Email: maryannkestner@yahoo.com (2) Anita J. Harlan 501 South Roanoke Mesa, AZ 85206 Phone: (319) 671-0614 Fax: none Email: jimharlan7@gmail.com (3) John Leggart 4039 East Sunnyside Drive Phoenix, AZ 85028 Phone: (602) 705-9440 Fax: none Email: jrlegg@aol.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Core Resources Core Resources Management, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-06712) on June 13, 2016. The petition was signed by Dennis Miller, chief operating officer. The case is assigned to Judge Brenda K. Martin. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. COSHOCTON HOSPITAL: Asks Court to Approve $10M DIP Financing ------------------------------------------------------------ Coshocton County Memorial Hospital Association is asking permission from the Bankruptcy Court to obtain debtor-in-possession financing from Prime Healthcare Foundation, Inc., as lender, and use cash collateral of JPMorgan Chase Bank, N.A., TFG-Ohio, L.P., The Home Loan Savings Bank and Amerisource Bergen Corporation, their pre-petition secured lenders. In a motion filed with the Court, Sean D. Malloy, Esq., McDonald Hopkins LLC, one of the Debtor's attorneys, said "The Debtor's ability to secure financing pursuant to the DIP Loan Agreement is critical to the Debtor's road to recovery." He continued, "It will provide ample liquidity to fund the hospital through a sale process and is reasonable both in cost and in protections offered to the Debtor's constituents." On June 30, 2016, the Debtor and Prime Healthcare Foundation, Inc. and Prime Healthcare Foundation-Coshocton have entered into an Asset Sale Agreement pursuant to which Prime Healthcare has agreed to purchase substantially all of the assets of the Debtor as the stalking horse bidder. Before the sale may close, however, the proposed financing offered by the DIP Lender will give the Debtor adequate financing and flexibility to properly undertake the restructuring of its business and seek the best strategic partner through a court supervised Chapter 11 sale process. The DIP Loan Agreement contemplates the DIP Lender making multi-draw term loans to the Debtor up to $10,000,000. The initial draw will be in an amount of $5,500,000 which will be to repay outstanding secured debts of the Pre-Petition Lenders (excluding Amerisource) and approved amounts as set forth in a budget prepared by the Debtor to cover 30 days of operations. The DIP Loan bears a non-default interest rate of 8.0% per annum. During a continuing event of default, the interest rate is 10.0% per annum. The DIP Lender has required that the Debtor grant it liens and superpriority claims. Those liens and superpriority claims will be subject to the Carve-Out, which includes professional fees that are accrued and unpaid through the time of any event of default, up to $50,000 in professional fees accruing after notice of an event of default, and amounts payable to the United States Trustee. The Debtor has agreed, subject to Court approval, to pay up to a $200,000 fee for the DIP Loan, plus certain reasonable costs and expenses to the DIP Lender, including without limitation and as necessary, fees and expenses of the professionals retained by the DIP Lender, as provided for in the DIP Loan Documents, without the necessity of filing retention applications or fee applications. As a condition of the ASA, and subject to approval by the Court, the Debtor and Prime Healthcare Management, Inc., an affiliate of the Stalking Horse Bidder, have also entered into a Consulting Services Agreement dated June 30, 2016, under which PHM will provide operational and financial healthcare consulting services to help facilitate the potential transition of the Debtor to the successful bidder at the auction and sale, whether or not the successful bidder is the Stalking Horse Bidder. About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COSHOCTON HOSPITAL: Committee Taps Hahn Loeser as Co-Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Coshocton County Memorial Hospital Association seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Hahn Loeser & Parks LLP. Hahn Loeser will serve as co-counsel with Sills Cummis & Gross, P.C., another firm tapped by the committee to serve as its legal counsel in connection with the Debtor's Chapter 11 case. The services to be provided by the firm include: (a) consult with the trustee or Debtor concerning the administration of the case; (b) investigate the acts, conduct, assets, liabilities and financial condition of the Debtor, the operation of its business, and any other matter relevant to the case or to the formulation of a Chapter 11 plan; (c) participate in the formulation of a plan; and (d) request the appointment of a trustee or examiner. The hourly rates charged by Hahn Loeser professionals and paraprofessionals who are anticipated to render most of the services are: Daniel A. DeMarco Partners $560 Arthur L. Cobb Partners $515 Rocco I. Debitetto Partners $395 Daniel T. Pesciotta Associates $260 Colleen M. Beitel Paraprofessional $240 In a court filing, Mr. DeMarco disclosed that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. DeMarco, Esq. Rocco I. Debitetto, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, Ohio 44114 Telephone: (216) 621-0150 Facsimile: (216) 241-2824 Email: dademarco@hahnlaw.com Email: ridebitetto@hahnlaw.com About Coshocton County Memorial Hospital Coshocton County Memorial Hospital Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ohio Case No. 16-51552) on June 30, 2016. The petition was signed by Lorri Wildi, chief executive officer. The case is assigned to Judge Alan M. Koschik. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. COSHOCTON HOSPITAL: Committee Taps Sills Cummis as Legal Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Coshocton County Memorial Hospital Association seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Sills Cummis & Gross P.C. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) provide legal advice regarding the committee's rights, powers and duties; (b) prepare legal papers; (c) represent the committee in all matters arising in the case, including any dispute or issue with the Debtor or other third parties; (d) assist the committee in its investigation and analysis of the Debtor, its capital structure, and issues related to the case; and (e) represent the committee in all aspects of any sale and bankruptcy plan confirmation proceedings. The firm's hourly rates currently range from $400 to $740 for members; $375 to $725 for of counsel; $295 to $495 for associates; and $100 to $295 for paralegals. Sills Cummis, however, has agreed that the blended hourly rate for the aggregate fees payable to the firm in this case will not exceed $475. Andrew Sherman, Esq., at Sills Cummis, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew H. Sherman, Esq. Sills Cummis & Gross P.C. The Legal Center One Riverfront Plaza Newark, NJ 07102 Phone:(973) 643-7000 Fax:(973) 643-6500 Email: sillsmail@sillscummis.com About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COSHOCTON HOSPITAL: Has Until Aug. 15 to File Schedules ------------------------------------------------------- Coshocton County Memorial Hospital Association sought and obtained an order from the Bankruptcy Court extending the Debtor's deadline to file its Schedules and Statements through Aug. 15, 2016. Pursuant to Section 521 of the Bankruptcy Code and Bankruptcy Rules 1007(b) and (c), a debtor is required to file with the Court within 14 days of the Petition Date (a) a schedule of assets and liabilities, (b) a statement of financial affairs, (c) a schedule of current income and expenditures, (d) a statement of executory contracts and unexpired leases, and (e) a list of equity security holders. The Debtor estimates that it has more than 1,200 creditors and other interested parties. Given the size and complexity of its business and the fact that certain prepetition invoices have not yet been received and entered into the Debtor's financial systems, the Debtor said it has not had the opportunity to gather the necessary information to prepare and file its respective Schedules and Statements. "While the Debtor has commenced the task of gathering the necessary information to prepare and finalize the Schedules and Statements, the Debtor believes that the 14-day automatic extension of time to file such Schedules and Statements provided by Bankruptcy Rule 1007(c) is not sufficient to permit completion of the Schedules and Statements," according to Sean D. Malloy, Esq., at McDonald Hopkins LLC, one of the Debtor's counsel. About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COSHOCTON HOSPITAL: Hires McDonald Hopkins as Bankr. Counsel ------------------------------------------------------------ Coshocton County Memorial Hospital Association filed an application with the Bankruptcy Court seeking authority to employ McDonald Hopkins as its counsel, nunc pro tunc to the Petition Date. McDonald Hopkins will, among other tasks: (i) monitor the Debtor's Chapter 11 case; (ii) advise the Debtor of its obligations and duties as a debtor-in-possession; (iii) execute the Debtor's decisions by filing with the Court motions, objections, and other relevant documents; (iv) appear before the Court on all matters in this case relevant to the interests of the Debtor; (v) assist the Debtor in the administration of the Chapter 11 case; and (vi) take other actions as are necessary to protect the rights of the Debtor's estate. Subject to the Court's approval, McDonald Hopkins will charge the Debtor for legal services on an hourly basis in accordance with the firm's ordinary and customary hourly rates. The current hourly rates charged by McDonald Hopkins for professionals and paraprofessionals are as follows: Billing Category Range ---------------- --------- Members $365-$750 Of Counsel $310-$725 Associates $210-$410 Paralegals $180-$275 Law Clerks $40-$150 Sean D. Malloy ($585/hour rate), a member; Michael J. Kaczka ($425/hour rate), a member; and Maria G. Carr ($250/hour rate), an associate, are expected to have the primary responsibility for providing services to the Debtor. During the one year prior to the Petition Date, the Debtor paid McDonald Hopkins a total of $742,773. Those funds were used to pay for, among other things, services performed by McDonald Hopkins in evaluating restructuring options, pursuing potential out-of-court alternatives, and in contemplation and preparation of the Debtor's bankruptcy case. Prior to the filing of its Chapter 11 case, the Debtor provided to McDonald Hopkins a retainer in the aggregate amount of approximately $400,000 (this amount is included in total amount above which McDonald Hopkins has received to date). As of the Petition Date, approximately $43,135 of the retainer remains unapplied. McDonald Hopkins intends to hold the Retainer until further application of such retainer is approved by the Court. It is McDonald Hopkins' policy to charge its clients in all areas of practice for identifiable, non-overhead expenses incurred in connection with the client's case that would not have been incurred except for representation of that particular client. To the best of the Debtor's knowledge, McDonald Hopkins is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code. About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COSHOCTON HOSPITAL: Seeks Court Approval of Bidding Procedures -------------------------------------------------------------- Coshocton County Memorial Hospital Association asks the Bankruptcy Court to approve bidding procedures for the sale of substantially all of its assets. Recognizing both the hospitals' financial situation and the challenge of remaining an independent community hospital, in 2015, the Debtor hired SOLIC Capital Advisors, LLC and SOLIC Capital, LLC as financial advisor and investment banker to assist with operational improvements and evaluate strategic alternatives and financing options. The Debtor and Prime Healthcare Foundation, Inc. and Prime Healthcare Foundation-Coshocton, LLC, as stalking horse bidder, entered into an Asset Sale Agreement on June 30, 2016. The Stalking Horse ASA remains subject to higher or better offers and is conditioned upon approval of the Bankruptcy Court. The Stalking Horse Bid also allows the Debtor to continue its commitment to the local Coshocton community as a non-profit hospital that can serve the residents' healthcare needs. As part of the ASA, the Stalking Horse Bidder has agreed to maintain all material services and keep the hospital open as a full service acute hospital. Also, the Stalking Horse Bidder agreed to invest at least $1 million over the next two years in physician recruitment and at least $25 million over the next five years in capital improvements, information technology, infrastructure improvements or working capital at the Debtor's facilities. As part of the Debtor's preparation for a future sale, the Debtor and Prime Healthcare Management, Inc., an affiliate of the Stalking Horse Bidder, have also entered into a Consulting Services Agreement to provide operational and financial healthcare consulting services to help facilitate the potential transition of the Debtor to the Stalking Horse Bidder or the ultimate Successful Bidder, subject to approval by this Court. The Debtor anticipates that the Consulting Agreement will help ease the transition from the Debtor to ultimate purchaser of the Debtor's assets, whether or not such purchaser is the Successful Bidder is the Stalking Horse Bidder. The purchase price for the Assets under the Stalking Horse ASA is $10,000,000, plus cure costs for executory contracts or unexpired leases to be assumed and assigned, plus the amount of accrued and unpaid fees under the Consulting Agreement as of the closing date. The Stalking Horse ASA provides payment to the Stalking Horse Bidder of a break-up fee in an amount equal to $350,000 and an expense reimbursement of up to $150,000 for the Stalking Horse Bidder's reasonable and documented out-of-pocket expenses incurred in connection with the asset sale agreement, consulting services, and the arrangement of financing. Certain executory contracts and unexpired leases will be assumed by the Debtor and assigned to the Stalking Horse Bidder, with the payment of all cure costs by the Stalking Horse Bidder in accordance with the terms of the Stalking Horse ASA. After the approval of the Bidding Procedures, SOLIC will conduct a postpetition marketing process to qualify any additional buyers and sell the assets to the highest or best bidder through a Court-approved auction process as set forth in the Bidding Procedures. Proposed Bid Procedures In general, the Bidding Procedures provide: a. The initial overbid will be a minimum cash purchase price of $10,500,000 plus Cure Costs relating to any executory contracts and unexpired leases that are to be assumed and assigned plus fees payable under the Consulting Agreement. b. Bids must be accompanied by a $1,050,000 cash deposit. c. Bids must be received on or before Sept. 19, 2016, at 4:00 p.m. (prevailing Eastern Time). d. To be a Qualified Bid, an offer must be: (a) definitive and binding, not subject to due diligence or any conditions other than Court approval; (b) accompanied by evidence of financial wherewithal of the proposed buyer acceptable to the Debtor in its sole discretion; (c) accompanied by a deposit of immediately available funds of 10% of the proposed cash purchase price; and (d) accompanied by a proposed asset purchase agreement that is a mark-up against the Stalking Horse APA. e. Bid increments will be $100,000. f. An auction of all qualified bidders will be conducted by the Debtor on Sept. 22, 2016, at 10:00 a.m., at the Cleveland law offices of McDonald Hopkins LLC, 600 Superior Ave., E., Suite 2100, Cleveland, Ohio 44114. g. The Auction will continue until the Debtor determines, subject to Bankruptcy Court approval, that it has received the highest or best offer for the Assets and the next highest and best Qualified Bid for such Assets as the next highest and best offer for such assets. h. The Debtor will have wide discretion to conduct the Auction in a manner designed to maximize value of the Assets. i. The Court will conduct a hearing to approve the highest or best offer received at the Auction on a date convenient to the Court, which the Debtor proposes to be Sept. 27, 2016. "The Bidding Procedures are designed to provide an organized process for the receipt and review of bids from potential purchasers with an ability to close on the sale of the assets and to maximize value to the Debtor's estate. The requirement of a deposit and evidence of financial wherewithal is designed to confirm that auction participants are bona fide bidders with the ability and desire to consummate any proposed transaction," said Sean D. Malloy, Esq., McDonald Hopkins LLC, one of the Debtor's attorneys. About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COSHOCTON HOSPITAL: Taps Garden City as Notice & Claims Agent ------------------------------------------------------------- Coshocton County Memorial Hospital Association seeks permission from the Bankruptcy Court to employ Garden City Group, LLC as its notice, claims, and balloting agent, nunc pro tunc to the Petition Date. The Debtor believes that retaining Garden City Group to perform those services is the most effective and efficient manner of noticing creditors and parties-in-interest of the filing of the Chapter 11 cases and other developments including the transmission, reception, docketing, and maintenance of any proofs of claim filed in connection with the Chapter 11 case. Garden City Group's hourly billing rates are as follows: Discounted Title Hourly Rates ----- ------------ Administrative, Mailroom $30-$45 and Claims Control Project Administrators $70-$85 Project Supervisors $95-$110 Graphic Support & Technology Staff $100-$150 Project Managers $125-$150 Senior Project Managers, Directors and above $190 The Debtor intends to compensate Garden City Group in accordance with the terms and conditions set forth in the Administration Agreement, upon Garden City Group's submission to the Debtor of invoices summarizing in reasonable detail the services rendered and expenses incurred in connection with services provided by Garden City Group. Prior to the Petition Date, the Debtor provided Garden City Group with a retainer of $70,000. Garden City Group will first apply the retainer to all prepetition invoices. Thereafter, it will have the retainer replenished to the original retainer amount and hold the retainer during this Chapter 11 case as security for the payment of fees and expenses incurred under the Administration Agreement. As part of the overall compensation to Garden City Group under the terms of the Administration Agreement, the Debtor has agreed to certain indemnification and contribution obligations. To the best of the Debtor's knowledge, Garden City Group neither holds nor represents any interest materially adverse to its estate in connection with any matter on which it would be employed. About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-51552) on June 30, 2016. The case is pending before Judge Alan M. Koschik. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. Garden City Group, LLC, is the Debtor's notice, claims and balloting agent. On July 8, 2016, the U.S. Trustee for Region 9 appointed four creditors of Coshocton County Memorial Hospital Association to serve on the official committee of unsecured creditors. COVENANT CARE: Seeks to Hire Taps BKD LLP as Accountant ------------------------------------------------------- Covenant Care Centers, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire BKD, LLP as its accountant. The Debtor tapped the firm to prepare income tax returns for 2015. BKD will receive a flat fee of $15,000 for its services. Jon Unroe, a partner at BKD, disclosed in a court filing that the firm does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Jon Unroe BKD, LLP 2800 Post Oak Boulevard, Suite 3200 Houston, TX 77056-6167 Phone: 713-499-4600 Fax: 713-499-4699 The Debtor can be reached through its counsel: Weldon L. Moore, III Sussman & Moore, L.L.P. 4645 N. Central Expressway, Suite 300 Dallas, Texas 75205 Phone: 214-378-8270 Fax: 214-378-8290 Email: wmoore@csmlaw.net About Covenant Care Centers Covenant Care Centers, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Texas Case No. 14-35916) on December 9, 2014. The petition was signed by Ron Sanborn, manager. At the time of the filing, the Debtor estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. CRIMSON INVESTMENT: Taps Michael D. O'Brien as Legal Counsel ------------------------------------------------------------ Crimson Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Michael D. O'Brien & Associates P.C. The Debtor tapped the firm to serve as its legal counsel in connection with its Chapter 11 case. The services to be provided by the firm include seeking authorization for use of cash collateral, reviewing and evaluating the status and validity of secured claims, and assisting the Debtor in formulating a plan of reorganization. The firm's professionals and their hourly rates are: Michael D. O'Brien Partner $355 Theodore J. Piteo Associate Attorney $250 Hugo Zollman Senior Paralegal $170 Michael D. O'Brien does not have any interest adverse to the Debtor's estate, according to court filings. . The firm can be reached through: Michael D. O'Brien, Esq. Theodore J. Piteo, Esq. Michael D. O'Brien & Associates, P.C. 12909 SW 68th Pkwy, Suite 160 Portland, OR 97223 Phone: (503) 786-3800 About Crimson Investment Crimson Investment Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 16-32747) on July 14, 2016. The petition was signed by Tracey Baron, manager. The case is assigned to Judge Trish M. Brown. At the time of the filing, the Debtor disclosed $852,102 in assets and $1.4 million in liabilities. D & C ENTERPRISES: Hires Phillips & Thomas as Counsel ----------------------------------------------------- D & C Enterprises P.C. seeks authorization from the U.S. Bankruptcy Court for the Western District of Missouri to employ Phillips & Thomas LLC as counsel. The services to be rendered include providing the customary services needed in representing a Chapter 11 debtor in possession. The complex nature of this case meant that significant time was -- and will continue to be -- spent in sorting out the various mortgage, vendor and supplier issues, veterinary issues, proposed plan options issues, and related reorganization issues. These issues and problems have included: analysis of adequate profit and loss statements for the veterinary business, analysis of gross receipts, insurance obligations, outstanding contracts, reconstruction of income and expense flows, and review of bank and other financial statements. Phillips & Thomas will be paid at an hourly rate of: George J. Thomas $300 Phillips & Thomas will also be reimbursed for reasonable out-of-pocket expenses incurred. For entry into this case, the firm has received an amount of $15,000. George J. Thomas, member of Phillips & Thomas, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Phillips & Thomas can be reached at: George J. Thomas, Esq. PHILLIPS & THOMAS LLC 5200 W. 94th Ter., Ste. 200 Prairie Village, KS 66207 Tel: (913) 385-9900 D & C Enterprises, P.C. runs a veterinary services business located at 1102 E 23rd St. in Independence, Mo. The company is also known as the Cedar Ridge Animal Hospital, and is located on the premises of the building in which it operates. Both businesses are owned by the veterinarian, Dr. Cassie Cure. On July 11, 2016, D & C Enterprises, P.C. sought Chapter 11 protection (Bankr. W.D. Mo. Case No. 16-41803). George J. Thomas, Esq., at Phillips & Thomas LLC, serves as counsel to the Debtor. No trustee, examiner, or statutory committee has been appointed in the Chapter 11 case. At the time of the filing, the Debtor disclosed $35,100 in assets and $1.06 million in debts. D&C ENTERPRISES: Hires Phillips & Thomas as Counsel --------------------------------------------------- D&C Enterprises P.C., seeks authority from the U.S. Bankruptcy Court for the Western District of Missouri to employ Phillips & Thomas LLC as counsel to the Debtor. D&C Enterprises requires Phillips & Thomas to represent the Debtor in the bankruptcy case and provide the customary services needed in representing a Chapter 11 debtor-in-possession. The services include sorting out the various mortgage, vendor and supplier issues, veterinary issues, proposed plan options issues, and related reorganization issues. The issues and problems have included: analysis of adequate profit and loss statements for the veterinary business, analysis of gross receipts, insurance obligations, outstanding contracts, reconstruction of income and expense flows, and review of bank and other financial statements. D&C Enterprises will be paid at these hourly rates: George J. Thomas $300 Phillips & Thomas will be paid an amount of $15,000 for the services rendered. Phillips & Thomas will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Phillips & Thomas can be reached at: George J. Thomas, Esq. Phillips & Thomas LLC 5200 W 94th Terr Ste 200 Prairie Village KS 66207 Tel: (913) 385 9900 Email: geojthomas@gmail.com About D & C Enterprises D & C Enterprises, P.C. Runs a veterinary services business located at 1102 E 23rd St. in Independence, Mo. The company is also known as the Cedar Ridge Animal Hospital, and is located on the premises of the building in which it operates. Both businesses are owned by the veterinarian, Dr. Cassie Cure. On July 11, 2016, D & C Enterprises, P.C. sought Chapter 11 protection (Bankr. W.D. Mo. Case No. 16-41803). George J. Thomas, Esq., at Phillips & Thomas LLC, serves as counsel to the Debtor. No trustee, examiner, or statutory committee has been appointed in the Chapter 11 case. At the time of the filing, the Debtor disclosed $35,100 in assets and $1.06 million in debts. DAVID AND VERDA DICORTE: Hires Slomka as Counsel ------------------------------------------------ David and Verda Dicorte Revocable Trust seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Slomka Law Firm PC as bankruptcy counsel to the Debtor. The David and Verda Dicorte Trust requires Slomka to: (a) prepare pleadings and applications; (b) conduct examinations and hearings and file all relevant responses; (c) advise Debtor of its rights, duties and obligations as a debtor-in- possession; (d) consult with Debtor and represent Debtor with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal advice and assistance; and (f) take any and all other action incident to the proper preservation and administration of Debtor's estate and business. Slomka will be paid at these hourly rates: Attorneys $300 Legal Assistants $150 Slomka will be paid a retainer in the amount of $10,000. On July 12, 2016, after the filing of the petition, Karen Yore, the trustee of the Debtor trust, was able to deliver a total of $10,000 to Slomka's trust account, payable from her personal funds. Slomka has deposited the entire post-petition retainer amount into its trust account. Slomka will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard P. Slomka, attorney of the law firm Slomka Law Firm PC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Slomka can be reached at: Howard P. Slomka, Esq. SLOMKA LAW FIRM PC 1069 Spring Street NW #200 Atlanta, GA 30309 Tel: (678) 732-0001 (telephone) E-mail: howie@slomkalawfirm.com About David and Verda DiCorte The David and Verda DiCorte Revocable Trust filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 16-60447) on June 15, 2016. The petition was filed pro se. DAVID KING: Objection to Claim No. 21 Denied -------------------------------------------- Judge Stephani W. Humrickhouse of the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, denied debtor David W. King's objection to the claim filed by Edward W. Brantley, to the extent the objection was based on Brantley's purported assignment of that claim to a third party, First Mount Vernon Industrial Association (FMV). King had asserted that Claim No. 21 filed by Brantley in the unsecured amount of $5,000,000, should be denied because the claim was allegedly assigned to FMV pursuant to an Agreement for Consulting Services. Judge Humrickhouse, however, found that the claim arising from the consulting agreement was not effectively assigned to FMV and thus Brantley may assert such claim, once proven, in the case. The bankruptcy case is IN RE: DAVID W. KING, Debtor, Case No. 14-06010-5-swh (Bankr. E.D.N.C.). A full-text copy of Judge Humrickhouse's June 30, 2016 order is available at https://is.gd/ZmbuSx from Leagle.com. David W. King, Jr. is represented by: William H. Kroll, Esq. STUBBS & PERDUE, P.A. 9208 Falls of Neuse Rd., Suite 201 Raleigh, NC 27615 Tel: (252)633-2700 Email: wkroll@stubbsperdue.com -- and -- Trawick H Stubbs, Jr., Esq. STUBBS & PERDUE, P.A. 310 Craven Street New Bern, NC 28560 Tel: (252)633-2700 Email: tstubbs@stubbsperdue.com DEERFIELD REAL ESTATE: Taps Randolph Goodman as Broker ------------------------------------------------------ Deerfield Real Estate Development, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Randolph Goodman of Corporate Digs, Inc. The Debtor proposes to hire a real estate broker in connection with the sale of its real property located at 3401 Deer Creek Country Club Boulevard, Deerfield Beach, Florida. The property consists of two rental units and is currently at 50% occupancy. Mr. Goodman will receive 6% of the gross sale price of the property for his services. In a court filing, Mr. Goodman disclosed that he and his firm do not hold or represent any interest adverse to the Debtor's estate. Mr. Goodman's contact information is: Randolph Goodman Corporate Digs, Inc. One Boca Place 2255 Glades Road, Suite 324A Boca Raton, FL 33431 About Deerfield Real Estate Headquartered in Lake Park, Florida, Deerfield Real Estate Development, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 16-16611) on May 6, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Kent R. LaFleur, manager. Judge Erik P. Kimball presides over the case. David K Markarian, Esq., at Markarian Frank & Hayes, serves as the Debtor's bankruptcy counsel. DEL RESTAURANT: US Trustee Unable to Appoint Creditors' Committee ----------------------------------------------------------------- The U.S. Trustee for the Eastern District of New York is unable to appoint a committee of unsecured creditors in the Chapter 11 bankruptcy case of Del Restaurant Corp. Del Restaurant Corp. Filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-72807) on June 24, 2016. Robert J. Spence, Esq., at Spence Law Office, P.C., serves as the Debtor's bankruptcy counsel. DENTAL PLUS: Hires Margaret McClure as Attorney ----------------------------------------------- Dental Plus, LLC files an ex-part application with the U.S. Bankruptcy Court for the Southern District of Texas to employ Margaret M. McClure as attorney. The Debtor requires Ms. McClure to give legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and management of its property to perform all legal services to the debtor-in-possession which may be necessary herein. Margaret M. McClure charges an hourly fee of $400 per hour for attorney time and $150 per hour for paralegal time for services of this nature. Ms. McClure will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. McClure received a $20,000 retainer. Ms. McClure assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Ms. McClure can be reached at: Margaret Maxwell McClure, Esq. LAW OFFICE OF MARGARET M. MCCLURE 909 Fannin, Suite 3810 Houston, TX 77010 Tel: (713) 659-1333 Fax: (713) 658-0334 E-mail: margaret@mmmcclurelaw.com About Dental Plus Dental Plus, LLC, based in Houston, Tex., filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 16-33482) on July 11, 2016. The Hon. Jeff Bohm presides over the case. Margaret Maxwell McClure, Esq., as bankruptcy counsel. In its petition, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Ronald J. Moon, managing member. DEPAUL INDUSTRIES: Creditors' Panel Hires Cable Huston as Counsel ----------------------------------------------------------------- The Unsecured Creditors Committee of DePaul Industries and DePaul Services, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Oregon to employ Cable Huston LLP as counsel to the Committee. The Committee requires Cable Huston to: A. advise and consult with Debtor concerning questions arising in the conduct of the administration of the estate and concerning Debtor's rights and remedies with regard to the estate's assets and the claims of secured, priority and unsecured creditors and other parties in interest; B. appear for, prosecute, defend and represent Debtor's interest in proceedings arising in or related to this case; C. assist the Debtors in the evaluation of any proposed Disclosure Statement or Plan of Reorganization; D. consult with and advise Debtor in connection with the operation of, or the termination of the operation of, the business of the debtor-in-possession; and E. assist in the preparation of such pleadings, motions, notices and orders as are required. Cable Huston will be paid at these hourly rates: Laura J. Walker Partner $365 Chad Stokes Partner $340 Donald Koehler Of Counsel $325 Gretchen Barnes Partner (Real Estate) $340 Jon Cavanagh Partner (Tax Matters) $325 Nicole Watson Associate $250 Tina Dent Paralegal $135 Tina Granados Paralegal $135 Cable Huston will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtors' knowledge, the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cable Huston can be reached at: Laura J. Walker, Esq. CABLE HUSTON LLP 1001 SW 5 th Avenue, Suite 2000 Portland, OR 97204-1136 Tel: (503) 224-3092 Fax: (503) 224-3176 E-mail address: lwalker@cablehuston.com About DePaul Industries DePaul Industries is a non-profit corporation based in Portland, Ore., founded in 1971 with a mission of providing employment opportunities for people with disabilities. DePaul Services, Inc., was formed in 2004 as a separate Oregon non-profit corporation to segregate DPI's work for governmental entities from its non-governmental work. DePaul lost a major $1 million spice packaging customer in 2015. DPI and DSI filed chapter 11 petitions (Bankr. D. Ore. Case Nos. 16-32293 and 16-32294) on June 10, 2016, and are represented by Jeffrey C. Misley, Esq., and Thomas W. Stilley, Esq., at Sussman Shank LLP in Portland. At the time of the filing, the Debtors estimated their assets and liabilities at less than $10 million. Gail Brehm Geiger, acting U.S. trustee for Region 18, on June 22 appointed five creditors in the jointly administered Chapter 11 cases of DePaul Industries and DePaul Services, Inc., to serve on the official committee of unsecured creditors. DISPOSAL TEJAS: Hires Elliott as Tax and Regulatory Consultant -------------------------------------------------------------- Disposal Tejas, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Albert C. Elliott as tax and regulatory consultant to the Debtor. Disposal Tejas requires Elliott to prepare or assist with the preparation of the Debtor's 2014 and 2015 federal income tax returns and state franchise tax returns, to bring the Debtor in compliance with its administrative and regulatory requirements. Elliott will be paid at these hourly rates: Albert C. Elliott $195 Elliott will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge, Albert C. Elliott is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Elliott can be reached at: Albert C. Elliott 213 E Main St Sonora, TX 76950 About Disposal Tejas Disposal Tejas, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Texas Case No. 16-60064) on June 6, 2016. The petition was signed by Francisco J. McGee, manager. The case is assigned to Judge Robert L. Jones. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. DRAW ANOTHER CIRCLE: Committee Hires Lowenstein as Counsel ---------------------------------------------------------- The Official Committee of Unsecured Creditors of Draw Another Circle, LLC, et al., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain Lowenstein Sandler LLP as counsel to the Committee, effective as of June 21, 2016. The Committee requires Lowenstein to: a. provide legal advice as necessary with respect to the Committee's powers and duties as an official committee appointed under section 1102 of the Bankruptcy Code; b. assist the Committee in negotiating favorable terms for unsecured creditors with respect to any proposed asset purchase agreements for the sale of any of the Debtors' assets; c. provide legal advice as necessary with respect to any disclosure statement or plan filed in the Chapter 11 Cases, and with respect to the process for approving or disapproving any such disclosure statement or confirming (or denying confirmation of) any such plan, as appropriate; d. prepare on behalf of the Committee, as necessary, applications, motions, complaints, answers, orders, agreements, memoranda of law, and other legal papers, including, without limitation, the preparation and defense of retention and fee applications for the Committee's professionals and proposed professionals, including Lowenstein Sandler; e. appear in Court to present necessary motions, applications, and pleadings, and otherwise protect the interests of those unsecured creditors who are represented by the Committee; f. review the Debtors' schedules and statements; g. advise the Committee as to the implications of the Debtors' activities and motions before this Court; h. provide the Committee with legal advice in relation to the Chapter 11 Cases generally; and i. perform such other legal services as may be required and that are in the best interests of the Committee, the estates, and creditors. Lowenstein will be paid at these hourly rates: Partners $550-$1,100 Senior Counsel and Counsel (generally 6 or more year's experience) $390 - $695 Associates (generally less than 6 year's experience) $285 - $595 Paralegals and Assistants $110 - $290 Lowenstein will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes, through September 30, 2016. Bruce Buechler, partner of the law firm of Lowenstein Sandler LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Lowenstein can be reached at: Bruce Buechler, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue, Roseland, NJ 07068. Tel: (973) 597-2308 Fax: (937) 597-2309 E-mail: bbuechler@lowenstein.com About Draw Another Circle Draw Another Circle, LLC and four of its subsidiaries, namely, Hastings Entertainment, Inc., MovieStop, LLC, SP Images, Inc., and Hastings Internet, Inc. filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11452) on June 13, 2016. As of the bankruptcy filing, Hastings operated 123 entertainment superstores, averaging approximately 24,000 square feet, principally in medium-sized markets located in 19 states, primarily in the Northwestern, Midwestern, and Southeastern United States, and had over 3,500 employees. As of the Petition Date, Atlanta-based MovieStop operated 39 destination locations in 10 states, primarily along the Eastern United States Coast. Headquartered in Franklin, Massachusetts, SP Images, Inc., is a distributor of sports and entertainment products and apparel. Hastings, MovieStop and SPI are each wholly-owned subsidiaries of DAC. Cooley LLP and Whiteford Taylor Preston, LLP serve as counsel to the Debtors. They tapped FTI Consulting as financial advisor, and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on June 21 appointed seven creditors of Draw Another Circle, LLC, to serve on the official committee of unsecured creditors. DRAW ANOTHER CIRCLE: Committee Taps BDO USA as Financial Advisor ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Draw Another Circle, LLC, et al., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain BDO USA, LLP as financial advisor to the Committee, effective as of June 24, 2016. The Committee requires BDO USA to: a. analyze the financial operations of the Debtors pre- and post-petition, as necessary; b. analyze the financial ramifications of any proposed transactions for which the Debtors seek Bankruptcy Court approval including, but not limited to, post-petition financing, sale of all or a portion of the Debtors' assets, retention of management and/or employee incentive and severance plans; c. conduct any requested financial analysis including verifying the material assets and liabilities of the Debtors, as necessary, and their values; d. assist the Committee in its review of monthly statements of operations submitted by the Debtors; e. perform claims analysis for the Committee; f. assist the Committee in its evaluation of cash flow and/or other projections prepared by the Debtors; g. scrutinize cash disbursements on an on-going basis for the period subsequent to the commencement of the Chapter 11 Cases; h. perform forensic investigating services, as requested by the Committee and counsel, regarding pre-petition activities of the Debtors in order to identify potential causes of action, including investigating intercompany transfers, improvements in position, and fraudulent transfers; i. analyze transactions with insiders, related and/or affiliated companies; j. analyze transactions with the Debtors' financing institutions; k. attend meetings of creditors and conference calls with representatives of the creditor groups and their counsel; l. prepare certain valuation analyses of the Debtors' businesses and assets using various professionally accepted methodologies; m. prepare alternative business projections relating to the valuation of the Debtors' business enterprise, as needed; n. monitor the Debtors' sales process, assist the Committee in evaluating sales proposals and alternatives, and attend any auction(s) of the Debtors' assets; o. evaluate financing proposals and alternatives proposed by the Debtors for debtor-in-possession financing, use of cash collateral, exit financing and capital-raising supporting any plan of reorganization; p. assist the Committee in its review of the financial aspects of a plan of reorganization or liquidation submitted by the Debtors and perform any related analyses, specifically including liquidation analyses and feasibility analyses and evaluate best exit strategy; q. assist counsel in preparing for any depositions and testimony, as well as prepare for and provide expert testimony at depositions and court hearings, as requested; r. assist counsel in evaluating any tax issues that may arise if necessary; and s. perform other necessary services as the Committee or the Committee's counsel may request from time to time with respect to the financial, business and economic issues that may arise. BDO USA will be paid at these hourly rates: Partners/Managing Directors $475-$795 per hour Directors/Sr. Managers $375-$550 per hour Managers/Vice Presidents $325-$460 per hour Paraprofessionals $200-$350 per hour Staff $150-$225 per hour BDO USA has agreed with the Committee that BDO USA's fees from its retention date through August 31, 2016 will be capped at $145,000 plus expenses and the monthly fees thereafter will be capped at $45,000 per month plus expenses. BDO USA will also be reimbursed for reasonable out-of-pocket expenses incurred. David E. Berliner, partner in the firm of BDO Consulting, a Division of BDO USA, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. BDO USA can be reached at: David E. Berliner BDO USA, LLP 100 Park Avenue New York, NY 10017 Tel: (212) 885-8000 Fax: (212) 697-1299 E-mail: dberliner@bdo.com About Draw Another Circle Draw Another Circle, LLC and four of its subsidiaries, namely, Hastings Entertainment, Inc., MovieStop, LLC, SP Images, Inc., and Hastings Internet, Inc. filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11452) on June 13, 2016. As of the bankruptcy filing, Hastings operated 123 entertainment superstores, averaging approximately 24,000 square feet, principally in medium-sized markets located in 19 states, primarily in the Northwestern, Midwestern, and Southeastern United States, and had over 3,500 employees. As of the Petition Date, Atlanta-based MovieStop operated 39 destination locations in 10 states, primarily along the Eastern United States Coast. Headquartered in Franklin, Massachusetts, SP Images, Inc., is a distributor of sports and entertainment products and apparel. Hastings, MovieStop and SPI are each wholly-owned subsidiaries of DAC. Cooley LLP and Whiteford Taylor Preston, LLP serve as counsel to the Debtors. They tapped FTI Consulting as financial advisor, and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on June 21 appointed seven creditors of Draw Another Circle, LLC, to serve on the official committee of unsecured creditors. DRAW ANOTHER CIRCLE: Hires FTI Consulting as Financial Advisor -------------------------------------------------------------- Draw Another Circle, LLC, et al., seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ FTI Consulting, Inc. as financial advisor to the Debtors, nunc pro tunc to June 13, 2016. Draw Another Circle requires FTI Consulting to: -- assist the Debtors in the preparation of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; -- assist the Debtors with information and analyses required pursuant to the Debtors' Debtor-In-Possession ("DIP") financing including, but not limited to, preparation for hearings regarding the use of cash collateral and DIP financing; -- assist the identification and implementation of short-term cash management procedures; -- advise assistance in connection with the development and implementation of key employee retention and other critical employee benefit programs; -- assist and advice to the Debtors with respect to the identification of core business assets and the disposition of assets or liquidation of unprofitable operations; -- assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; -- assist regarding the valuation of the present level of operations and identification of areas of potential cost savings, including overhead and operating expense reductions and efficiency improvements; -- assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; -- attend at meetings and assistance in discussions with potential investors, banks and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; -- analyze creditor claims by type, entity and individual claim, including assistance with development of databases, as necessary, to track such claims; -- assist in the preparation of information and analysis necessary for the confirmation of a plan in these chapter 11 proceedings; -- assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; -- litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as required by the Debtors; -- assist related to communication with case constituencies (i.e. vendors, employees, customers, etc.); and -- render such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. FTI Consulting will be paid at these hourly rates: Senior Managing Directors $825-995 Directors/Senior Directors/Managing Directors $615-795 Consultants/Senior Consultants $325-570 Administrative/Paraprofessionals $130-260 FTI Consulting will be paid a retainer in the amount of $2,206.70. The retainer will not be segregated by FTI Consulting in a separate account and will be held until the end of the case and applied to FTI Consulting's finally approved fees in the bankruptcy proceedings. FTI Consulting will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael A. Tucker, senior managing director at FTI Consulting, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. FTI Consulting can be reached at: Michael A. Tucker FTI CONSULTING, INC. Two North Central Avenue, # 1200 One Renaissance Square Phoenix, AX 85004-4563 Tel: (602) 744 7100 Fax: (602) 744 7110 E-mail: michael.tucker@fticonsulting.com About Draw Another Circle Draw Another Circle, LLC and four of its subsidiaries, namely, Hastings Entertainment, Inc., MovieStop, LLC, SP Images, Inc., and Hastings Internet, Inc. filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11452) on June 13, 2016. As of the bankruptcy filing, Hastings operated 123 entertainment superstores, averaging approximately 24,000 square feet, principally in medium-sized markets located in 19 states, primarily in the Northwestern, Midwestern, and Southeastern United States, and had over 3,500 employees. As of the Petition Date, Atlanta-based MovieStop operated 39 destination locations in 10 states, primarily along the Eastern United States Coast. Headquartered in Franklin, Massachusetts, SP Images, Inc., is a distributor of sports and entertainment products and apparel. Hastings, MovieStop and SPI are each wholly-owned subsidiaries of DAC. Cooley LLP and Whiteford Taylor Preston, LLP serve as counsel to the Debtors. They tapped FTI Consulting as financial advisor, and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on June 21 appointed seven creditors of Draw Another Circle, LLC, to serve on the official committee of unsecured creditors. DREW TRANSPORTATION: W. Hinson Appointed as Chap. 11 Trustee ------------------------------------------------------------ Judge Joseph N. Callaway of the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, found that cause exists and it is in the best interest of the creditors and estate of Drew Transportation Services, Inc., to appoint a chapter 11 trustee pursuant to 11 U.S.C. sections 1104(a)(1) and (2). On June 14, 2016, the Bankruptcy Administrator filed an Emergency Motion to Appoint a Chapter 11 Trustee or in the Alternative an Order Converting the Case to a Chapter 7 Proceeding. Judge Callaway denied the motion to dismiss, allowed the Emergency Motion in part and appointed Mr. Walter Hinson, Esq. as the chapter 11 trustee in the case, declining to convert the case to a proceeding under chapter 7. The bankruptcy case is captioned IN RE: DREW TRANSPORTATION SERVICES, INC., Debtor, Case No. 16-02609-5-JNC (Bankr. E.D.N.C.). A full-text copy of Judge Callaway's July 7, 2016 memorandum opinion is available at https://is.gd/6JrO9v from Leagle.com. Drew Transportation Services, Inc. is represented by: Travis Sasser, Esq. 2000 Regency Parkway, Suite 230 Cary, NC 27518 Tel: (919)319-7400 Fax: (919)657-7400 Email: tsasser@carybklaw.com E & L YOUNG ENTERPRISES: Hires Naegele as Bankruptcy Counsel ------------------------------------------------------------ E & L Young Enterprises, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ C. Alex Naegele, a Professional Law Corporation as general bankruptcy counsel to the Debtor. E & L Young Enterprises requires Naegele to: a. assist, advise, and represent the Debtor in interactions with creditors and interested parties and their attorneys and agents as is necessary during the pendency of the Chapter 11 case; b. assist, advise, and represent the Debtor in reviewing claims and where necessary objecting to claims; c. assist, advise and represent the Debtor in any issues associated with the acts, conduct, assets, liabilities, and financial condition of the Debtor, and any other matters relevant to the case or to the formulation of the plan or reorganization or liquidation; d. assist, advise, and represent the Debtor in the negotiation, formulation, preparation and submission of any plan of reorganization and disclosure statement; e. assist, advise and represent the Debtor in the performance of its duties and the exercise of its powers under the Bankruptcy Code and the Bankruptcy Rules and in the performance of such other services as are in the interest of the Debtor; f. appear at all bankruptcy court hearings, U.S. Trustee meetings and meeting of creditors on behalf of the Debtor; g. prepare monthly operating reports and other tax and accounting work; h. assist, advise, and represent the Debtor on litigation matters, as necessary to the reorganization of the Debtor; and i. provide such other necessary advice and services as the Debtor may require in connection with this case. Naegele will be paid at these hourly rates: C. Alex Naegele $250 Paralegal $50 Naegele will be paid a retainer in the amount of $10,000 which included payment of the $1,717 filing fee, of which Naegele has drawn down the sum of $3,967 to cover all fees and expenses incurred on behalf of the Debtor prior to the filing of the petition on June 28, 2016. Naegele will also be reimbursed for reasonable out-of-pocket expenses incurred. C. Alex Naegele, member of the law firm C. Alex Naegele a Professional Law Corporation, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Naegele can be reached at: C. Alex Naegele, Esq. C. ALEX NAEGELE, A PROFESSIONAL LAW CORPORATION 95 South Market Street, Suite 300 San Jose, CA 95113 Tel: (408) 995-3224 Fax: (408) 890-4645 Email: alex@canlawcorp.com About E&L Young Enterprises E&L Young Enterprises, Inc. is a tile and granite installer and contractor, based in San Leandro, Calif. It filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 16-41784) on June 28, 2016. The Debtor is represented by Charles Alex Naegele, Esq. EC ABATEMENT: U.S. Trustee Unable to Appoint Creditors' Committee ----------------------------------------------------------------- The U.S. Trustee for the Eastern District of New York is unable to appoint a committee of unsecured creditors in the Chapter 11 bankruptcy case of EC Abatement Inc. EC Abatement Inc. filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-72505) on June 6, 2016. ENERGY FUTURE: Contrarian Seeks Mediation on 2nd Amended Plan ------------------------------------------------------------- BankruptcyData.com reported that Contrarian Capital Management filed with the U.S. Bankruptcy Court a motion for entry of an order directing Energy Future Holdings (EFH) parties to mediate certain issues related to the Second Amended Joint Plan of Reorganization. The motion explains, "The T-Side confirmation hearing approaches, the disputed issues dividing the E-Side and T-Side estates have not been resolved. As highlighted at the hearing to consider the T-Side Disclosure Statement, the T-Side plan seeks to use valuable assets owned by EFH for no consideration. These assets include EFH's tax attributes and shared services to be provided by EFH. Although Contrarian and Fidelity Management and Research Co. have attempted to start a settlement dialogue -- at the purported invitation of the TCEH First Lien group -- there have not been any meaningful settlement negotiations to date. Thus, to avoid the time, expense and delay of a hotly contested plan confirmation hearing; Contrarian respectfully submits that the Court should compel the parties to mediate their outstanding disputes. If the mediation process for these disputes proves as successful as previous mediation efforts in these cases, the Court may save significant time and resources." About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of only of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. * * * In December 2015, the Bankruptcy Court confirmed the Debtors' Sixth Amended Joint Plan of Reorganization. In May 2016, certain first lien creditors of TCEH delivered a Plan Support Termination Notice to the Debtors and the other parties to the Plan Support Agreement, notifying the parties of the occurrence of a Plan Support Termination Event. The delivery of the Plan Support Termination Notice caused the Confirmed Plan to become null and void. Following the occurrence of the Plan Support Termination Event as well as the termination of a roughly $20 billion deal to sell the Debtors' stake in Oncor Electric Delivery Co., the Debtors filed the Plan of Reorganization and the Disclosure Statement with the Bankruptcy Court on May 1, 2016. On May 11, they filed an amended joint plan of reorganization and a related disclosure statement. In June 2016, Judge Sontchi approved the disclosure statement explaining Energy Future Holdings Corp., et al.'s second amended joint plan of reorganization of the TCEH Debtors and the EFH Shared Services Debtors, and scheduled the hearing to confirm the Plan to start at 10:00 a.m. (prevailing Eastern Time) on August 17, 2016. ENERGY FUTURE: Equify to Auction $2M of Miscellaneous Equipment --------------------------------------------------------------- Energy Future Holdings Corp. and its affiliates' attorneys on July 6, 2016, filed with the U.S. Bankruptcy Court for the District of Delaware a notice disclosing that the Debtors are selling certain surplus, obsolete, non-core, unused, or burdensome assets ("De Minimis Assets"). Specifically, debtor Luminant Mining Company LLC intends to sell these miscellaneous equipment: * Large Mining Equipment: dozers, front end loaders, water trucks, end dumps, coal haulers, excavators, etc. * Support Equipment: pickup trucks, services trucks, etc. * Office Furniture: desks, chairs, filing cabinets, partitions, etc. * Tools: standard mechanics’ tools and tool boxes * Shop Equipment: welding equipment, jack stands, etc. * Warehouse Items: hydraulic hoses, nuts and bolts, etc. The Miscellaneous Equipment will be sold individually to a variety of unknown parties via auction. The auctioneer will be Equify Auctions, LLC. The proceeds Luminant receives will be subject to 8% commission to be paid to the Auctioneer. The value of the Miscellaneous Equipment is estimated at a range of approximately $1.6 million to $2.3 million -- less commission paid to the Auctioneer -- totaling approximately $1.47 million to $2.1 million. Any objection to the proposed sale must be submitted within 10 calendar days by mail or facsimile to counsel for the Debtors: Attn: Natasha Hwangpo KIRKLAND & ELLIS LLP 601 Lexington Avenue New York, New York 10022, Facsimile: (212) 446-4900 If a written objection is filed with the Court by the objection deadline, the Debtors may only sell the De Minimis Assets upon submission of a consensual form of order resolving the objection as between the party and the Debtors, or upon further order of the Court approving the sale or transfer of such De Minimis Assets. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. ENERGY FUTURE: Fidelity Preparing to Bid for Oncor With Creditors ----------------------------------------------------------------- Jessica Dinapoli, writing for Reuters, reported that Fidelity Investments is working on preparing a bid with other creditors of Energy Future Holdings Corp to acquire through Energy Future's bankruptcy the company's crown jewel, Oncor, according to people familiar with the matter. According to the report, Energy Future has been in bankruptcy for over two years. Plans for Oncor, a utility serving Texas that is prized for its steady cash flow, have come together and then collapsed over that time, partly because of financing and regulatory issues. Fidelity would have been one of the owners of Oncor had an earlier plan panned out, the report related. Now, the mutual fund giant, seeking to protect its original investment in Energy Future, joins a crowded field of bidders for the power distribution company, the report further related. NextEra Energy Inc is thought to be the lead bidder, according to people familiar with the matter, and Warren Buffet's Berkshire Hathaway Inc has also ramped up its interest in Oncor, the report cited the people as saying. Creditors have estimated Oncor's value at $19 billion, the report noted. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of only of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. * * * In December 2015, the Bankruptcy Court confirmed the Debtors' Sixth Amended Joint Plan of Reorganization. In May 2016, certain first lien creditors of TCEH delivered a Plan Support Termination Notice to the Debtors and the other parties to the Plan Support Agreement, notifying the parties of the occurrence of a Plan Support Termination Event. The delivery of the Plan Support Termination Notice caused the Confirmed Plan to become null and void. Following the occurrence of the Plan Support Termination Event as well as the termination of a roughly $20 billion deal to sell the Debtors' stake in Oncor Electric Delivery Co., the Debtors filed the Plan of Reorganization and the Disclosure Statement with the Bankruptcy Court on May 1, 2016. On May 11, they filed an amended joint plan of reorganization and a related disclosure statement. In June 2016, Judge Sontchi approved the disclosure statement explaining Energy Future Holdings Corp., et al.'s second amended joint plan of reorganization of the TCEH Debtors and the EFH Shared Services Debtors, and scheduled the hearing to confirm the Plan to start at 10:00 a.m. (prevailing Eastern Time) on August 17, 2016. ESSAR STEEL: KPS Capital Consortium Agreement Terminated -------------------------------------------------------- Essar Steel Algoma Inc. has received notice from the Term Lenders that the Consortium Agreement between KPS Capital Partners LP and certain Term Lenders has been terminated. The Term Lenders have indicated that they remain committed to a going-concern outcome for Algoma and all of its stakeholders, and to closing the transaction contemplated by the Asset Purchase Agreement as soon as possible. As a result of this development Algoma is seeking an adjournment of the motion for approval of the Asset Purchase Agreement. Essar Steel Algoma CEO Kalyan Ghosh commented on the development, "While it is unfortunate that KPS has withdrawn from the consortium, I am pleased that the Term Lenders remain committed to closing the transaction. Algoma will seek to work with its stakeholders to achieve the optimal outcome for the future of Algoma, its employees, pensioners and the customers we serve." About Essar Steel Headquartered in Sault Ste. Marie, Ontario, Canada, ESA is an integrated steel producer. Approximately 80% to 85% of ESA's sales are sheet products with plate products accounting for the balance. For the 12 months ending December 31, 2013, ESA generated revenues of C$1.8 billion. Robert J. Sandoval filed a petition under Chapter 15 of the U.S. Bankruptcy Code for Essar Steel Algoma Inc., and its debtor affiliates on July 16, 2014, following the companies' initiation of a reorganization under Canada's Companies' Creditors Arrangement Act. The lead case is Essar Steel Algoma Inc., Case No. 14-11730 (D. Del.). Essar Steel operates one of Canada's largest integrated steel manufacturing facilities. The Chapter 15 case is assigned to Judge Brendan Linehan Shannon. The Chapter 15 Petitioner's Counsel is Daniel J. DeFranceschi, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. FAIRWAY GROUP: S&P Withdraws 'D' Rating --------------------------------------- S&P Global Ratings withdrew its ratings on New York City-based Fairway Group Holdings Corp. as S&P no longer perform surveillance on the company following its emergence from bankruptcy protection on July 3, 2016. S&P previously lowered all ratings to 'D' in May 2016, when the company filed a prepackaged Chapter 11 agreement in order to restructure. FEDERATION EMPLOYMENT: Seeks Continued Employment of Broker ----------------------------------------------------------- Federation Employment and Guidance Service, Inc., dba FEGS, filed a supplemental application to the U.S. Bankruptcy Court for the Eastern District of New York for the continued retention of Cushman & Wakefield Realty of the Bronx, LLC, as real estate broker, nunc pro tunc to January 1, 2016. The Debtor said Cushman & Wakefield is entitled to a commission for the work performed under the parties' Broker Agreement, from January 1, 2016 forward, with respect to the sale of the Properties, either because of Cushman & Wakefield's continued engagement or on account of Cushman & Wakefield providing the Debtor with a list of interested purchasers after the expiration of the Broker Agreement and with a contract of sale executed within 180 days of such expiration, as set forth in the Broker Agreement. The services to be provided by Cushman & Wakefield remain unchanged and are further described in the Broker Agreement, but include: (a) marketing the Properties using such advertising, solicitation of outside brokers, and other promotional and marketing activities as may be necessary and agreed upon with the Debtor; (b) analyzing offers and proposals from potential purchasers and offering recommendations to the Debtor in connection with any proposed transaction involving the Properties; (c) assistance with negotiations regarding any potential transaction involving the Properties; and (d) assistance with the consummation of any transactions involving the Properties. As previously approved by the Court and more detailed in the Broker Agreement, upon the sale of the Properties, Cushman & Wakefield will be paid a commission which will be computed as follows for each of the Properties: Rate Gross Sales Price ---- ----------------- 5.4% of $0 - $5,000,000 Plus 2.7% of $5,000,001 - $20,000,000 Plus 1.8% of $20,000,001 - $50,000,000 Plus 0.9% above $50,000,000 To the best of the Debtor's knowledge, Cushman & Wakefield is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. 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 disclosed $86,697,814 in assets and $45,572,524 in liabilities as of the Chapter 11 filing. 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 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. FINANCIAL RESOURCES: Hires Erik Planet as Accountant ---------------------------------------------------- Financial Resources of America, Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida to employ Erik Planet of Erik's EZ Tax Service, Inc. as accountant. The Debtor requires Erik Planet to: (a) advise the Debtor related to its reporting requirements and prepare the monthly operating reports as required; (b) take all necessary action and precaution to protect and preserve the Debtor's estate; (c) prepare, on the Debtor's behalf, all tax returns, business financial management reports, and monthly operating reports necessary to the administration of the estate; and (d) perform all other necessary accounting services and providing all other necessary financial and tax advice to the Debtor in connection with the Chapter 11 case. The rates for Erik's EZ Tax Service, Inc. are $50-$400. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Planet assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The firm can be reached at: Erik Planet ERIK'S EZ TAX SERVICE, INC. 2611 SW Cameo Blvd. Port Saint Lucie, FL 34953 About Financial Resources of America, Inc. Financial Resources of America, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-17275) on May 20, 2016. David L. Merrill, Esq., at Merrill PA, serves as bankruptcy counsel to the Debtor. FIRST QUANTUM: Fitch Affirms 'B' IDR, Off CreditWatch Negative -------------------------------------------------------------- Fitch Ratings has affirmed Canada-based First Quantum Minerals Ltd's (FQM) Long-Term Issuer Default Rating and senior unsecured ratings at 'B'. Simultaneously all ratings have been removed from Rating Watch Negative (RWN) and a Stable Outlook has been assigned to the Long-Term IDR. The Recovery Rating applicable to FQM's senior unsecured issues is 'RR4'. The removal of RWN follows the completed sale of FQM's Kevitsa mine for USD712 mil. in cash and the agreement of a new USD1.8 bil. core banking facility. The ratings were originally placed on RWN in January 2016 pending further information regarding the company's targeted USD1bn asset sales programme and the outcome of covenant negotiations with FQM's bank. The new bank facility includes an extended amortization schedule and less restrictive covenant levels. KEY RATING DRIVERS Credit Metrics Remain Elevated Fitch expects FQM's FFO adjusted gross leverage to peak at around 7.0x in 2016. This is high for the current ratings and reflects a combination of factors, including the cyclical downturn in copper prices, past delays in the ramp-up of the new Sentinel mine and Kansanshi smelter in Zambia, and ongoing spending on the development of the Cobre Panama mine. However, after 2016 we see a trend of declining leverage metrics, to 5.5x for end-2017 and 4.0x for end-2018. This trend primarily reflects higher absolute EBITDA from the ramp-up of projects completed in the past year (the Kansanshi smelter and Sentinel mine), together with modest copper prices increases. Liquidity Now Adequate Over the three years to end-2018 Fitch projects that FQM will have aggregate negative free cash flow (FCF) of around USD1.5 bil. and scheduled debt repayments of USD886 mil., which primarily reflect the ongoing development of Cobre Panama (scheduled to commence production by end-2018). Following the recent refinancing Fitch now views the company's liquidity as adequate, reflecting a combination of: (i) reported cash (USD894 mil. as of end-June 2016), (ii) USD592 mil. of committed undrawn facilities (maturing in 2019), (iii) USD628 mil. available to drawn down under the USD1 bil. precious metals streaming agreement with Franco Nevada Corp, and (iv) approximately USD485m from Korea Panama Mining Corp for its share of development costs for Cobre Panama. Additionally FQM is negotiating a project finance facility of up to USD2.5 bil. in respect of Cobre Panama, which the company expects to finalize towards end-1H17 (Fitch has not, however, included this facility in our base rating case). Large Project Pipeline In recent years FQM has been working through a large project pipeline, including the construction of the new Kansanshi copper smelter and Sentinel mine in Zambia, as well as the Cobre Panama mine in Panama. FQM management has taken steps to reduce 2016 capex to around USD1 bil., largely through the reduction/deferral of USD940m of capex at Cobre Panama. However, Fitch still expects capex to average USD1.2 bil. per year in 2017 and 2018, resulting in negative FCF over this period. Fitch expects absolute debt levels to peak at around USD6.5 bil. in 2016 and remain above USD6bn over the period to 2018. Large Zambian Operational Exposure Assets in Zambia contributed over 45% of group revenues and 38% of EBITDA in 2015 and this share is expected by Fitch to increase in the short-term as the Kansanshi smelter and Sentinel mine reach full output. In Fitch's opinion, the business environment for miners operating in Zambia has become more uncertain over the past two years. This includes with respect to dealings with the government (enactment of new legislation for the mining sector) as well as some operational considerations (eg. power shortages). Recently, however, FQM has reported that the availability of power supply from Zesco has stabilized. In February 2016, the Outlook on Zambia's Long-Term Foreign Currency IDR of 'B' was revised to Negative from Stable. This action reflected a combination of falling copper revenue and slowing growth which has led to persistent and large fiscal deficits and a doubling of gross general government debt since 2012. Fitch expects GDP growth to slow to around 3.7% in 2016, compared with the 2010-2014 average of 7%, due to weaker copper prices and production and a power supply deficit. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for FQM include: -- Fitch's copper price assumptions: USD4,800/t in 2016, USD5,200/t in 2017, USD6,000/t in 2018 and USD6,500/t thereafter -- Volumes as per management guidance -- Total capex (including third party contribution to the Cobre Panama) of approximately USD1 bil. in 2016 and USD1.2 bil. in 2017, decreasing to USD1.1 bil. in 2018 and USD0.8 bil. in 2019 -- Additional cash inflows from the ENRC promissory notes, the Franco-Nevada streaming facility and the KPMC contribution as currently planned RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- FFO gross leverage below 4.0x -- Return to positive FCF generation Negative: Future developments that may individually or collectively lead to negative rating action include: -- FFO gross leverage failing to fall towards 5.0x by 2018 -- Significant problems or delays at key development projects, delaying the expected improvement in EBITDA generation and credit metrics -- Measures taken by the Zambian government materially adversely affecting cash flow generation or the operating environment FREDERICK KEITEL: Plan to Pay Unsecured Creditors in Full --------------------------------------------------------- Frederick Keitel, III, on July 12 filed with the U.S. Bankruptcy Court for the Southern District of Florida a Chapter 11 plan of reorganization, which proposes to pay unsecured creditors in full. Under the restructuring plan, unsecured creditors who are classified in Class 6 will be paid in full over a period of 24 months. Mr. Keitel will pay $5,342 per month until all creditors are paid. The total amount of Class 6 unsecured claims is $128,231, according to court filings. A copy of the disclosure statement detailing the Chapter 11 plan is available for free at https://is.gd/ozq1Fa Mr. Keitel can be reached through his counsel: Brian K. McMahon, Esq. Brian K. McMahon, P.A. 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 Email: briankmcmahon@gmail.com About Frederick Keitel Frederick J. Keitel, III sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 15-21654) on June 29, 2015. Mr. Keitel owns various interests in companies that own commercial real estate. At the time of the filing of his case, Mr. Keitel's companies and their assets were valued at over $20 million. FRESH & EASY: Selling Big Kahuna to Peach Systems for $25K ---------------------------------------------------------- Fresh & Easy, LLC's attorneys on July 8, 2016, filed with the U.S. Bankruptcy Court for the District of Delaware a notice disclosing that the Debtor is selling its miscellaneous assets consisting of the trademark "The Big Kahuna" and certain related images and designs to Peach Systems, Inc., d/b/a Specialty Cellars for $25,000. If no objections are received by the Debtor by July 12, 2016 at 5:00 p.m., then the Debtor may proceed with the proposed sale in accordance with the terms of the Court's Dec. 3, 2015 order approving the sale of miscellaneous assets. About Fresh & Easy Fresh & Easy, LLC, a chain of grocery stores in the Southwest United States, filed a Chapter 11 bankruptcy petition (Bankr. D. Del., Case No. 15-12220) on Oct. 30, 2015. The petition was signed by Peter McPhee, the chief financial officer. The Debtor estimated assets of $10 million to $50 million and liabilities of at least $100 million. Judge Christopher S. Sontchi is assigned to the case. The Debtor has engaged Cole Schotz P.C. as counsel, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent, DJM Realty Services, LLC, and CBRE Group, Inc., as real estate consultants and FTI Consulting, Inc., as restructuring advisors. * * * The Debtor has undertaken the process of liquidating the estate's assets located at its retail locations and distribution center with the assistance of Hilco Merchant Resources, LLC, and Industrial Assets Corp., respectively, has engaged DJM Realty Services, LLC, and CBRE, Inc., to market its leasehold interests, and has recently engaged Hilco Streambank to assist with the disposition of its intellectual property. As part of the claims process, a bar date of Feb. 19, 2016, was established by the Court for creditor claims. FRYMIRE SERVICES: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Frymire Services, Inc. 2818 Satsuma Drive. Dallas, TX 75229 Case No.: 16-32814 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Hon. Stacey G. Jernigan Debtor's Counsel: Bryan Christopher Assink, Esq. CURTIS CASTILLO, P.C. 901 Main St., Ste. 6515 Dallas, TX 75202 Tel: (214) 752-2222 Fax: (214) 752-0709 E-mail: bassink@curtislaw.net - and - Mark A. Castillo, Esq. CURTIS CASTILLO, P.C. 901 Main Street, Suite 6515 Dallas, TX 75202 Tel: (214) 752-2222 Fax: (214) 752-0709 E-mail: mcastillo@curtislaw.net - and - Joshua Lee Shepherd, Esq. CURTIS CASTILLO, P.C. 901 Main St., Ste. 6515 Dallas, TX 75202 Tel: (214) 752-2222 Fax: (214) 752-0709 E-mail: jshepherd@curtislaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by George R. Frymire, president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-32814.pdf GARDENS REGIONAL: Committee Hires Sills Cummis as Co-Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Gardens Regional Hospital and Medical Center, Inc. dba Gardens Regional Hospital and Medical Center, seeks authorization from the U.S. Bankruptcy Court for the Central District of California to retain Sills Cummis & Gross P.C. as co-counsel to the Committee. The Committee requires Sills to: 1. provide legal advice regarding the Committee's rights, powers, and duties in this case; 2. prepare all necessary applications, answers, responses, objections, orders, reports, and other legal papers; 3. represent the Committee in any and all matters arising in This case, including any dispute or issue with the Debtor or other third parties; 4. assist the Committee in its investigation and analysis of The Debtor, its capital structure, and issues arising in or related to this case, including but not limited to the review and analysis of all pleadings, claims, and bankruptcy plans that might be filed in this case, and any negotiations or litigation that may arise out of or in connection with such matters, the Debtor's operations, the Debtor's financial affairs, and any proposed disposition of the Debtor's assets; 5. represent the Committee in all aspects of any sale and bankruptcy plan confirmation proceedings; and 6. perform any and all other legal services for the Committee That may be necessary or desirable in this case. Sills will be paid at these hourly rates: Andrew H. Sherman $525 Boris I. Mankovetskiy $475 Lucas F. Hammonds $350 Members $400-$740 Of Counsel $375-$725 Associates $295-$495 Paralegals $100 to $295 According to the Committee, the interim payment of fees to its co-counsel, Sills Cummis and Lobel Weiland Golden Friedman LLP, will be capped at a combined $50,000 per month, with payment of any allowed fees in excess of $50,000 per month deferred until confirmation of a plan in this case, dismissal of this case, or approval of a trustee's final report in this case if the case is converted to a case under Chapter 7 of the Bankruptcy Code. The monthly cap shall be subject to "roll forward" and "roll backward" application -- i.e., cap space from months in which the cap is not reached will be applied to amounts in excess of the cap in months in which the cap is exceeded regardless of whether the months in which the cap is exceeded precede or follow the months in which the cap is not met. For example, if the fees for one month are $60,000 and the next month's fees are $40,000, Lobel Weiland can apply the $10,000 in unused cap space from the $40,000 month to the $10,000 overage from the $60,000 month. Sills will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrew H. Sherman, member of Sills Cummis & Gross P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Sills can be reached at: Andrew H. Sherman, Esq. Boris I. Mankovetskiy, Esq. Lucas F. Hammonds, Esq. SILLS CUMMIS & GROSS P.C. One Riverfront Plaza Newark, NJ 07102 Telephone: (973) 643-7000 Facsimile: (973) 643-6500 E-mail: asherman@sillscummis.com bmankovetskiy@sillscummis.com lhammonds@sillscummis.com About Gardens Regional Gardens Regional Hospital and Medical Center, Inc., fka Tri-City Regional Medical Center, leases a 137- bed, acute care hospital doing business at 21530 South Pioneer Boulevard, Hawaiian Gardens, Los Angeles, California. The Debtor provides a full range of inpatient and outpatient services, including, but not limited to, medical acute care, general surgical services, bariatric surgery services (for weight loss), spine surgery services, orthopedic and sports medicine and joint replacement services, wound care and pain management services, physical therapy, respiratory therapy, outpatient ambulatory services, diagnostic services, radiology and inpatient/outpatient imaging services, laboratory and pathology services, geriatric services, and community wellness and education programs. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 16-17463) on June 6, 2016, estimating its assets at between $1 million and $10 million, and liabilities at between $10 million and $50 million. The petition was signed by Brian Walton, chairman of the Board. Judge Ernest M. Robles presides over the case. Samuel R Maizel, Esq., and John A Moe, Esq., at Dentons US LLP serves as the Debtor's bankruptcy counsel. GARDENS REGIONAL: Creditors' Panel Hires Lobel as Co-Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Gardens Regional Hospital and Medical Center, Inc. dba Gardens Regional Hospital and Medical Center, seek authorization from the U.S. Bankruptcy Court for the Central District of California to retain Lobel Weiland Golden Friedman LLP as co-counsel to the Committee. The Committee requires Lobel to: 1. advise the Committee concerning the rights and remedies of creditors and of the Committee in regards to the Debtor's assets; 2. represent the Committee in any proceeding or hearing, including, without limitation, lien avoidance, preference avoidance, and fraudulent conveyance litigation, in the Bankruptcy Court, and in any action where the rights of the estate or creditors may be litigated or affected; 3. assist the Committee in reviewing the sale of assets and any plans of reorganization filed by the Debtor or other interested party and assisting the Committee in its analysis of any plans; 4. facilitate communication between the Committee and the Debtor; 5. assist the Committee with formulating a plan of reorganization, if appropriate; and 6. represent the Committee at hearings in connection with disclosure statements and plan confirmation. Lobel will be paid at these hourly rates: Jeffrey I. Golden $450 Christopher J. Green $350 Jeffrey I. Golden $450 Interim payment of Sills Cummis & Gross P.C.'s and Lobel's fees for their services as co-counsel for the Committee will be capped at a combined $50,000 per month, with payment of any allowed fees in excess of $50,000 per month deferred until confirmation of a plan in this case, dismissal of this case, or approval of a trustee's final report in this case if the case is converted to a case under Chapter 7 of the Bankruptcy Code. The monthly cap shall be subject to "roll forward" and "roll backward" application -- i.e., cap space from months in which the cap is not reached will be applied to amounts in excess of the cap in months in which the cap is exceeded regardless of whether the months in which the cap is exceeded precede or follow the months in which the cap is not met. For example, if the fees for one month are $60,000 and the next month's fees are $40,000, Lobel can apply the $10,000 in unused cap space from the $40,000 month to the $10,000 overage from the $60,000 month. Lobel will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey I. Golden, member of Lobel Weiland Golden Friedman LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Lobel can be reached at: Jeffrey I. Golden, Esq. Christopher J. Green, Esq. LOBEL WEILAND GOLDEN FRIEDMAN LLP 650 Town Center Drive, Suite 950 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 E-mail: jgolden@lwgfllp.com cgreen@lwgfllp.com About Gardens Regional Gardens Regional Hospital and Medical Center, Inc., fka Tri-City Regional Medical Center, leases a 137- bed, acute care hospital doing business at 21530 South Pioneer Boulevard, Hawaiian Gardens, Los Angeles, California. The Debtor provides a full range of inpatient and outpatient services, including, but not limited to, medical acute care, general surgical services, bariatric surgery services (for weight loss), spine surgery services, orthopedic and sports medicine and joint replacement services, wound care and pain management services, physical therapy, respiratory therapy, outpatient ambulatory services, diagnostic services, radiology and inpatient/outpatient imaging services, laboratory and pathology services, geriatric services, and community wellness and education programs. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 16-17463) on June 6, 2016, estimating its assets at between $1 million and $10 million, and liabilities at between $10 million and $50 million. The petition was signed by Brian Walton, chairman of the Board. Judge Ernest M. Robles presides over the case. Samuel R Maizel, Esq., and John A Moe, Esq., at Dentons US LLP serves as the Debtor's bankruptcy counsel. GENERAL MOTORS: Avoids Some Claims in Faulty Ignition Switch Suits ------------------------------------------------------------------ Erik Larson, writing for Bloomberg News, reported that a federal judge dismissed a swathe of customer claims in the nationwide litigation over General Motors Co.'s deadly ignition switch defect that triggered the recall of millions of vehicles two years ago. According to the report, the July 15 ruling by a Manhattan federal judge comes two days after an appeals court dealt GM a blow by reviving hundreds of related cases that had been blocked by the carmaker's 2009 trip through bankruptcy court. GM's shifting fortunes in the case come as the Detroit-based company prepares for a third test trial over the flaw, set to start in September, the report related. GM won the first two, the report noted. U.S. District Judge Jesse Furman, who has been managing hundreds of consolidated cases and is overseeing a series of test trials, targeted one of the plaintiffs' key claims -- that customers deserve financial compensation due to the reduction in resale value of the vehicles caused by damage to GM's reputation and brand, the report further related. The lawyers have argued those claims are worth as much as $10 billion, though GM disputes that figure, the report said. "The court finds that that novel theory of damages is unsound in light of persuasive precedent interpreting consumer protection law," the report cited Judge Furman as saying. Judge Furman also rejected plaintiffs' allegations under the Racketeer Influenced and Corrupt Organizations Act, saying the claims of a coverup "fail to allege the existence of an 'enterprise' within the meaning" of the statute, the report further related. The case is In re General Motors LLC Ignition Switch Litigation, 14-MD-2543, U.S. District Court, Southern District of New York (Manhattan). About General Motors With its global headquarters in Detroit, Michigan, General Motors -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908. General Motors Co. was formed to acquire the operations of General Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old GM's bankruptcy filing. The U.S. government provided financing. The deal was closed July 10, 2009, and Old GM changed its name to Motors Liquidation Co. Old GM -- General Motors Corporation -- 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. The Debtors tapped Weil, Gotshal & Manges LLP Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel; and Morgan Stanley, Evercore Partners and the Blackstone Group LLP as financial advisor. 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 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. * * * The Troubled Company Reporter, on Aug. 29, 2014, reported that Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of General Motors Company (GM) and its General Motors Holdings LLC (GM Holdings) subsidiary at 'BB+'. In addition, Fitch has affirmed GM Holdings' secured revolving credit facility rating at 'BBB-' and GM's senior unsecured notes rating at 'BB+'. The Rating Outlook for GM and GM Holdings is Positive. GENERAL PRODUCTS: Metal Technologies Appointed to Committee ----------------------------------------------------------- The Office of the U.S. Trustee on July 15 appointed Metal Technologies of Indiana, Inc., to serve on the official committee of unsecured creditors of General Products Corp. The bankruptcy watchdog had earlier appointed RCM Industries Inc., Bremen Castings Inc., Haggard & Stocking Associates Inc., General Aluminum Mfg. Co., and Great Lakes Die Cast Corp., court filings show. Metal Technologies can be reached through: Jeffrey L. Turner Metal Technologies of Indiana, Inc. 1401 S. Grandstaff Drive Auburn, IN 46706 Phone: 260-920-2115 Fax: 260-925-4737 Email: jturner@metal-techonolgies.com About General Products General Products Corporation and General Products Mexico, LLC, both based in Livonia, MI, filed a Chapter 11 petition (Bankr. E.D. Mich. Case Nos. 16-49267 and 16-49269) on June 27, 2016. The Hon. Thomas J. Tucker (16-49267) and Walter Shapero (16-49269) preside over the case. Rachel L. Hillegonds, Esq. and John T. Piggins, Esq., at Miller Johnson, as bankruptcy counsel. In its petition, General Products Corporation estimated $50 million to $50 million in both assets and liabilities. General Products Mexico estimated $50,000 to $50 million in both assets and liabilities. The petition was signed by Andrew Masullo, president and chief executive officer. GREGORY REDFORD: Plan to Pay Unsecured Creditors in Full -------------------------------------------------------- Gregory and Nevis Gail Redford on July 12 filed with the U.S. Bankruptcy Court for the Western District of Kentucky a Chapter 11 plan of reorganization, which proposes to pay unsecured creditors in full. Under the restructuring plan, unsecured creditors who are classified in Class 7 will be paid in full, without interest, over a period of 60 months commencing six months following the effective date of the plan. The Redfords will pay $1,085 per month to the unsecured creditors, who assert a total of $54,996 in claims. A copy of the disclosure statement detailing the Chapter 11 plan is available for free at https://is.gd/TS8mzR The Debtors can be reached through their counsel: David M. Cantor, Esq. Seiller Waterman LLC Meidinger Tower, 22nd Floor 462 S. Fourth Street Louisville, Kentucky 40202 Telephone: (502) 584-7400 Facsimile: (502) 583-2100 Email: cantor@derbycitylaw.com About The Redfords Gregory Redford and Nevis Gail Redford are individuals residing in Adair County, Kentucky. The Debtors do business as Old Craftsman Furniture and Cabinet Shop, a furniture and cabinet making business in Columbia. Gregory Redford and Nevis Gail Redford filed a joint Chapter 11 petition (Bankr. W.D. Ky. Case No. 15-10824) on Aug. 18, 2015, represented by David M. Cantor, Esq., at Seiller Waterman LLC. No trustee or committee of any kind has been appointed in connection with this Chapter 11 case. GRIZZLY LAND: Ch.11 Trustee Hires Cordes & Co as Accountant ----------------------------------------------------------- Edward B. Cordes, the Chapter 11 trustee for Grizzly Land, LLC, asks for permission from the U.S. Bankruptcy Court for the District of Colorado to employ Cordes & Company to provide accounting and related services to the Trustee, nunc pro tunc to June 2, 2016. The professional services rendered or to be rendered in the future by Cordes & Co. for the Trustee are essential and generally include assisting the Trustee with the following: (a) complying with his obligations with respect to financial and accounting record-keeping and disclosure; (b) performing accounting-related tasks and functions for the Trustee and the estate; (c) providing forensic accounting services and related analytical tasks regarding the nature and extent of the Debtor's assets, liabilities, and financial transactions; and (d) other necessary services related to the foregoing. Cordes & Company will be paid at these hourly rates: Edward B. Cordes $385 Robert Neirynck $235 Beverly Blank $125 Other Support Staff $70-$125 Cordes & Company will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Neirynck, director and senior project manager of Cordes & Company, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cordes & Company can be reached at: Robert Neirynck CORDES & COMPANY 5299 DTC Blvd., Suite 815 Greenwood Village, CO 80111 Tel: (303) 721-8755 About Grizzly Land Grizzly Land LLC sought Chapter 11 protection (Bankr. D. Col. Case No. 16-11757) in Denver on March 1, 2016. Judge Thomas B. McNamara is assigned to the case. The petition was signed by Kirk A. Shiner, DVM, manager. The Debtor estimated $10 million to $50 million in assets and debt. Lee M. Kutner, Esq., at Kutner Brinen Garber, P.C., serves as counsel to the Debtor. HAITHAM SADEQ: Skyline Square Condo Unit Sale for $310K Approved ---------------------------------------------------------------- Judge Robert G. Mayer of the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, authorized debtors Haitham Sadeq and Rola Sabbagh to sell real property located at 5501 Seminary Road, Unit 405S, and Parking Space #PS90/G-2, Falls Church, Fairfax County, Virginia to Chong Soh for $310,000. The Debtors are the owners of Condominium Unit 405-S in the Skyline Square Condominium with the exclusive right to use the limited common element parking space identified as Number G2-90. Zafar Mian is substituted as the real estate agent for the Debtor is to be compensated pursuant to the contract and the commission agreement with the Debtor, and to share his commission with the real estate broker for the buyer. From the proceeds of the sale, the settlement agent will pay the first lien securing Bank United of approximately $19,500; the lis pendens in favor of Messrs. Khan and Nida in the sum of $86,400; real estate commission of $17,050, all other reasonable, necessary and customary settlement fees, with the balance of the proceeds to be deposited in the debtor-in-possession account. Haitham Sadeq and Ola Sabbagh filed a voluntary petition under chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 14-13504) on Sept. 22, 2014. Bennett A. Brown, at the Law Office of Bennett A. Brown, serves as the Debtors' counsel. HANCOCK FABRICS: Has $9.3M Offer for Lee County Property -------------------------------------------------------- Hancock Fabrics, Inc., and its affiliates ask the U.S. Bankruptcy Court for the District of Delaware to authorize the private sale of a certain real property located at One Fashion Way, Baldwyn, Lee County, MS, along with all of the improvements located thereon and a certain personal property located therein to Southern Motion, Inc., for $9,300,000. A hearing for the Motion is set for July 28, 2016 at 10:00 a.m. (ET). The objection deadline is on July 21, 2016 at 4:00 p.m. (ET). The Property has been used as the Debtor's corporate headquarters, warehouse and distribution facility since it was acquired by Hancock Fabrics in 1992. The Debtors are efficiently and effectively winding down their retail and headquarters operations and, given this wind-down, the Property and the Personal Property no longer serve any purpose to the bankruptcy estates. The Property and Personal Property constitute collateral for the Debtors' obligations under its postpetition DIP credit facility. The Debtors have also stipulated that the Property and the Personal Property constitutes collateral of its prepetition Secured Notes due 2017. Hancock Fabrics has agreed with its creditors to sell the Property by Aug. 30, 2016. Hancock Fabrics engaged real estate consultant A&G Realty LLC ("A&G") to list the Property for sale and market it to potential real estate purchasers in the event a going concern sale did not come to fruition. The services agreement between A&G and Hancock Fabrics expressly provides that A&G was to receive no compensation in the event that the Property was sold as part of a going concern transaction. As a result of A&G's efforts, the Debtors received two qualified offers for the Property, the highest of which was received from the Buyer. The Purchase and Sale Agreement, dated as of July 7, 2016, contains, among others, these salient terms: a) Legal Description and Address of Property: That certain property, with improvements thereon, located in Lee County, Mississippi at 1 Fashion Way, Baldwyn, Mississippi 38824. b) Purchase Price: $9,300,000 c) Earnest Money Deposit and Closing: The Purchase Price will be paid in the following increments: (i) Buyer will deposit $465,000, cash, with the Escrow Agent within three business days of the Effective Date; and (ii) Buyer will deliver $8,835,000, cash, subject to adjustment in accordance with the terms of the Purchase & Sale Agreement, at the Closing. d) Closing: No later than Aug. 10, 2016 e) Sale Free and Clear: Property will be transferred to the Buyer free and clear of all liens, claims, encumbrances, and interests of any kind or nature to the fullest extent permitted by Section 363 of the Bankruptcy Code. Attorneys for the Debtors: Rachel L. Biblo Mark D. Collins Michael J. Merchant Brett M. Haywood RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 - and - Stephen H. Warren Karen Rinehart O'MELVENY & MYERS LLP 400 South Hope Street Los Angeles, CA 90071-2899 Telephone: (213) 430-6000 Facsimile: (213) 430-6407 Jennifer Taylor Two Embarcadero Center, 28th Floor San Francisco, CA 94111 Telephone: (415) 984-8900 Facsimile: (415) 984-8701 About Hancock Fabrics Hancock Fabrics, Inc., is a specialty fabric retailer operating stores under the name "Hancock Fabrics". Hancock has 4,500 full-time and part time employees. The Baldwyn, Mississippi-based company is one of the largest fabric retailers in the United States, operating 260 stores in 37 states as of October 31, 2015 and an internet store under the domain name http://www.hancockfabrics.com/ Hancock Fabrics, Inc., and six of its affiliates, retailer of fabric, sewing and accessories, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb. 2, 2016. Dennis Lyons, the senior vice president and chief administrative officer, signed the petitions. Judge Brendan Linehan Shannon is assigned to the jointly administered cases. The Debtors have engaged O'Melveny & Myers LLP as general counsel, Richards, Layton & Finger, P.A., as local counsel, Clear Thinking Group LLC as financial advisor, Retail Consulting Services, Inc. d/b/a Real Estate Advisors as real estate advisors and Kurtzman Carson Consultants, LLC as claims and noticing agent. The Debtors disclosed total assets of $151.4 million and total debts of $182.1 million. The Debtors owe its trade vendors approximately $21.2 million as of Jan. 31, 2016. On Feb. 11, 2016, the U.S. Trustee appointed an Official Committee of Unsecured Creditors. HANCOCK FABRICS: Selling Class Action Settlement Fund for $210K --------------------------------------------------------------- Hancock Fabrics, Inc., and its affiliates ask the U.S. Bankruptcy Court for the District of Delaware to authorize the sale of the right to payment to which the Debtors may be entitled pursuant to the Class Action Interchange Litigation to Class Action Capital Recovery Fund I LP for $209,970. A hearing for the Motion is set for July 28, 2016 at 10:00 a.m. (ET). The objection deadline is on July 21, 2016 at 4:00 p.m. (ET). In June of 2005, the first of more than 40 class complaints was filed commencing the Class Action Interchange Litigation in the U.S. District Court for the Eastern District of New York("E.D.N.Y. Court") by various retailers and trade associations ("Plaintiffs") against Visa U.S.A. Inc. and MasterCard International, Inc. ("Defendants"). The Plaintiffs allege, among other things, that the Defendants conspired to unlawfully fix the price of "interchange fees" and other fees charged to merchants for transactions processed over the Visa and MasterCard networks. On Dec. 13, 2013, the E.D.N.Y. Court entered an order ("Settlement Order") granting approval of the settlement, which, among other things, established a $6.05 billion settlement fund, reduced by 25% to account for merchants who excluded themselves from the settlement ("Settlement Fund"). The Debtors and other merchants who paid interchange fees to the Defendants between Jan. 1, 2004 and Nov. 28, 2012 may be eligible to receive a payment from the Settlement Fund. If the Plaintiffs are ultimately successful, the Debtors may be entitled to a pro rata monetary recovery ("Asset") from the Settlement Fund. The Settlement Order, among other orders entered in the Class Action Interchange Litigation, has been appealed to the U.S. Court of Appeals for the Second Circuit and remains pending. Although the E.D.N.Y. Court approved the Settlement, the ultimate value of the Asset and the timing of distribution are unknown. The Debtors, the Committee, and their respective advisors determined that soliciting bids from certain parties that specialize in the purchase and sale of claims in the Class Action Interchange Litigation would reduce the costs and expenses attendant to the sale and serve to maximize value. The Debtors have determined that the final bid submitted by the Purchaser constitutes the highest and best offer for the Asset. It is the Debtors' sound business judgment that, based on the value to be realized by the sale of the Asset and the fact that the proposed sale is the result of good-faith, arms'-length negotiations between the Debtors and the Purchaser, the proposed sale of the Asset to the Purchaser is in the best interest of the Debtors, their estates and creditors. Attorneys for the Debtors: Rachel L. Biblo Mark D. Collins Michael J. Merchant Brett M. Haywood RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 - and - Stephen H. Warren Karen Rinehart O'MELVENY & MYERS LLP 400 South Hope Street Los Angeles, CA 90071-2899 Telephone: (213) 430-6000 Facsimile: (213) 430-6407 Jennifer Taylor Two Embarcadero Center, 28th Floor San Francisco, CA 94111 Telephone: (415) 984-8900 Facsimile: (415) 984-8701 About Hancock Fabrics Hancock Fabrics, Inc., is a specialty fabric retailer operating stores under the name "Hancock Fabrics". Hancock has 4,500 full-time and part time employees. The Baldwyn, Mississippi-based company is one of the largest fabric retailers in the United States, operating 260 stores in 37 states as of October 31, 2015 and an internet store under the domain name http://www.hancockfabrics.com/ Hancock Fabrics, Inc., and six of its affiliates, retailer of fabric, sewing and accessories, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb. 2, 2016. Dennis Lyons, the senior vice president and chief administrative officer, signed the petitions. Judge Brendan Linehan Shannon is assigned to the jointly administered cases. The Debtors have engaged O'Melveny & Myers LLP as general counsel, Richards, Layton & Finger, P.A., as local counsel, Clear Thinking Group LLC as financial advisor, Retail Consulting Services, Inc. d/b/a Real Estate Advisors as real estate advisors and Kurtzman Carson Consultants, LLC as claims and noticing agent. The Debtors disclosed total assets of $151.4 million and total debts of $182.1 million. The Debtors owe its trade vendors approximately $21.2 million as of Jan. 31, 2016. On Feb. 11, 2016, the U.S. Trustee appointed an Official Committee of Unsecured Creditors. HEALTH INSURANCE: A.M. Best Cuts Fin. Strength Rating to 'B(fair)' ------------------------------------------------------------------ A.M. Best has removed from under review with negative implications and downgraded the financial strength ratings to B (Fair) from B+ (Good) and the issuer credit ratings to "bb+" from "bbb-" of the Health Insurance Plan of Greater New York (HIP), HIP Insurance Company of New York, Group Health Incorporated (GHI) and ConnectiCare, Inc. (ConnectiCare) (Farmington, CT). Each rating has been assigned a stable outlook. All companies are subsidiaries of EmblemHealth, Inc. and domiciled in New York, NY, unless otherwise specified. The downgrade reflects the sizeable decrease in risk-adjusted capital in 2014 at HIP, the lead operating company, as well as operating and net losses in 2015 that adversely impacted capital. All insurance entities within the organization are subsidiaries of HIP. Due to substantial operating losses over the past two years, HIP's capital position has declined significantly. Additionally, HIP's capital has also been negatively impacted by unrealized losses from the decline in valuation of its subsidiaries due to their unfavorable operating results. Underwriting losses for the organization were predominantly reported by HIP and GHI, which are the organization's core-operating entities for its New York business. Furthermore, these losses were driven mainly by the organization's health maintenance organization (HMO) and Medicare Advantage products, which had previously been the organization's main earnings driver. EmblemHealth is working to reduce its medical expenditures through initiatives that address both unit cost and utilization. To that end, the organization is working to develop products for its New York City health insurance operations with its multi-specialty physician group partner, AdvantageCare Physicians (ACPNY). ACPNY's physicians and specialists operate through locations across New York City and Long Island. ACPNY provides quality, cost efficient care, which can benefit the members of HIP and GHI while improving operating results. EmblemHealth also has historically had a high administrative expense ratio compared with peer companies. The company has embarked on multiple initiatives to create operational efficiencies and reduce administrative costs. Operating losses across the organization have shown considerable moderation in 2015 and into the first quarter of 2016 with further improvement projected for the rest of the year. Nevertheless, a return to profitability and organic capital growth is not expected to resume in the current year. EmblemHealth continues to hold a solid share of its core market and is growing enrollment in Connecticut. Through HIP and GHI, the organization holds a solid market share in the Greater New York City area, which includes the City of New York account. Furthermore, ConnectiCare and its subsidiaries have reported material enrollment gains over the past two years driven by individual and Medicare Advantage membership gains. HESS COMMERCIAL: Wants Exclusivity Period Extended to Aug. 10 ------------------------------------------------------------- Hess Commercial Printing, Inc., asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend exclusivity period by 30 days or until Aug. 10, 2016, in order to further examine and analyze certain tax liabilities, as well as to better gauge historical performance based upon an update of the Debtor’s books and records. The Debtor in a small business case has the exclusive right to file a Plan of Reorganization for a period of 180 days after the date of the entry of the order for relief, or in this case until June 13, 2016. The Court entered an order extending the exclusive period during which the Debtor may file a Plan until July 13, 2016. In addition, the bar date for all claims does not pass until Aug. 10, 2016. In an effort to know the scope of all claims before filing a plan, an extension of time would be appropriate. Moreover, the Debtor entered into an agreed scheduling order with the U.S. Trustee, which ordered that the Debtor will file a plan by Aug. 10, 2016. Accordingly, the Debtor requests an extension of time for approximately 30 days, or until Aug. 10, 2016, to file a plan. The Debtor's counsel can be reached at: QUINN BUSECK LEEMHUIS TOOHEY & KROTO, INC. Michael P. Kruszewski, Esq. E-mail: mkruszewski@quinnfirm.com 2222 West Grandview Boulevard Erie, Pennsylvania 16506 Tel: (814) 833-2222 Fax: (814)833-6753 Hess Commercial Printing, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn., Case No. 16-20470) on Feb. 12, 2016. The Debtor is represented by Michael P. Kruszewski, Esq., at Quinn Law Firm. HOLSTED MARKETING: Hires Harris as Accountants ---------------------------------------------- Holsted Marketing, Inc., d/b/a Holsted Jewelers, seeks authorization from the U.S. Bankruptcy Court for the Southern District of New York to employ Leonard Harris, CPA as accountants for the Debtor. The Debtor requires Harris to: a. prepare the monthly operating reports; b. prepare the state, federal and local tax returns; c. review the Debtor's accounting systems and procedures; d. assist the Debtor and its counsel in their investigation of the Debtor's financial affairs, including determining whether the Debtor's estate holds claims against third parties under the Bankruptcy Code and other applicable law; e. assist the Debtor with respect to other matters in connection with the Debtor's case. Harris will be paid at these hourly rates: Leonard Harris $350 Senior Accountants $225 Semi-Senior Accountants $185 Junior Accountants $135 Paraprofessionals $95 Harris will also be reimbursed for reasonable out-of-pocket expenses incurred. Leonard Harris, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Harris may be reached at: Leonard Harris, CPA 100 Merrick Road, Suite LL-1W Rockville Centre, NY 11570 Phone: 516-594-4521 About Holsted Marketing Founded in 1971, Holsted Marketing is a New York-based multichannel direct-marketing company, and has supplied fashion jewelry and accessories to millions of customers in the United States, Canada and the United Kingdom. Holsted filed its second chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-11683) on June 8, 2016. The Company's bankruptcy counsel is SilvermanAcampora, LLP, in Jericho, N.Y. The Office of the U.S. Trustee appointed three creditors of Holsted Marketing, Inc., to serve on the official committee of unsecured creditors. HORSEHEAD HOLDING: 2nd Amended Plan Filed; Disc. Statement Okayed ----------------------------------------------------------------- BankruptcyData.com reported that Horsehead Holding filed with the U.S. Bankruptcy Court a Second Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "If confirmed and consummated, the Plan will eliminate more than $400 million in debt from the Debtors' balance sheet. To effectuate the Plan, the Debtors will, pursuant to the UPA, receive $160 million and permit Eligible Holders to commit to purchase up to an additional $100 million on post-effective Date basis and consequently participate in the Additional Capital Commitment. On the effective date, Reorganized Horsehead shall issue New Common Equity to: (a) holders of secured notes claims and unsecured notes claims and the applicable Plan Sponsors, pursuant to the plan and the UPA. The Reorganized Debtors shall fund distributions and satisfy applicable Allowed Claims under the Plan with (a) Cash on hand, including cash from operations, (b) the mew common equity, (c) cash proceeds from the purchase of new common equity pursuant to the UPA, the (d) warrants and € the First American Payment." The Debtors also filed with the Court revised Disclosure Statement Exhibits that include the following: Exhibit B: Debtors' financial projections and assumptions and Exhibit F: unit purchase and support agreement. The Court subsequently approved the Disclosure Statement and scheduled an Aug. 30, 2016 hearing to consider the Second Amended Joint Plan of Reorganization, with objections due by Aug. 19, 2016, according to the report. About Horsehead Holding Corp. Horsehead Holding Corp. is the parent company of Horsehead Corporation, a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust; The International Metals Reclamation Company, LLC, a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa., has seven facilities throughout the U.S. and Canada. The Debtors currently employ approximately 730 full-time individuals. Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal Products, LLC, The International Metals Reclamation Company, LLC, and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The Petition was signed by Robert D. Scherich as vice president and chief financial officer. Judge Christopher S. Sontchi is assigned to the case. The Debtors have engaged Kirkland & Ellis LLP as general counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management Advisors, LLC, as financial advisor, Lazard Middle Market LLC as investment banker, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent and Aird & Berlis LLP as Canadian counsel. The Debtors disclosed total assets of $1 billion and total liabilities of $544.6 million. As of the Petition Date, the Debtors' consolidated long-term debt obligations totaled approximately $420.7 million. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Horsehead Holding Corp. to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP serves as counsel to the Committee, while Drinker Biddle & Reath LLP serves as co-counsel. The Unsecured Creditors Committee is represented by Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross, Esq., at Lowenstein Sandler LLP. The U.S. Trustee's office appointed Aquamarine Capital and six others to serve on Horsehead Holding Corp.'s committee of equity security holders. Richard Gitlin of Gitlin & Company LLC serves as fee examiner in the Debtors' cases. Godfrey & Kahn, S.C., is legal counsel to the fee examiner. HORSEHEAD HOLDING: Akin Gump Represents Ad Hoc Secured Noteholders ------------------------------------------------------------------ Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, holders of (i) 10.50% senior secured notes due 2017 issued by Horsehead Holding Corp., (ii) 9.00% senior notes due 2017 issued by Horsehead Holding Corp. and (iii) 3.80% convertible senior Notes due 2017 issued by Horsehead Holding Corp., certain of which holders are also the lenders under the Debtors' senior secured superpriority debtor-in-possession financing facility, submitted with the U.S. Bankruptcy Court for the District of Delaware an amended verified statement. The Ad Hoc Secured Noteholder Committee engaged Akin Gump Strauss Hauer & Feld LLP on Jan. 13, 2016, to represent it in connection with a potential restructuring of the Debtors. As of the date of this Second Amended Verified Statement, Akin Gump represents only the Ad Hoc Secured Noteholder Committee. Akin Gump does not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. Akin Gump does not represent the Ad Hoc Secured Noteholder Committee as a committee and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Akin Gump. In addition, the Ad Hoc Secured Noteholder Committee does not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. The members of the Ad Hoc Secured Noteholder Committee either hold claims or manage accounts that hold claims against the Debtors' estates. A list of the names, addresses and the nature and amount of all disclosable economic interests held in relation to the Debtors as of the date of this Second Amended Verified Statement by each member of the Ad Hoc Secured Noteholder Committee is available for free at: http://bankrupt.com/misc/HORSEHEADHOLDING_rule2019B.pdf The Co-Counsel for the Ad Hoc Secured Noteholder Committee can be reached at: ASHBY & GEDDES, P.A. William P. Bowden, Esq. Gregory A. Taylor, Esq. Karen B. Skomorucha Owens, Esq. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, Delaware 19899 Tel: (302) 654-1888 Fax: (302) 654-2067 E-mail: wbowden@ashby-geddes.com gtaylor@ashby-geddes.com kowens@ashby-geddes.com -- and -- AKIN GUMP STRAUSS HAUER & FELD LLP Michael S. Stamer, Esq. Meredith A. Lahaie, Esq. Sara L. Brauner, Esq. One Bryant Park New York, New York 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 E-mail: mstamer@akingump.com mlahaie@akingump.com sbrauner@akingump.com About Horsehead Holding Corp. Horsehead Holding Corp. is the parent company of Horsehead Corporation, a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust; The International Metals Reclamation Company, LLC, a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa., has seven facilities throughout the U.S. and Canada. The Debtors currently employ approximately 730 full-time individuals. Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal Products, LLC, The International Metals Reclamation Company, LLC, and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The Petition was signed by Robert D. Scherich as vice president and chief financial officer. Judge Christopher S. Sontchi is assigned to the case. The Debtors have engaged Kirkland & Ellis LLP as general counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management Advisors, LLC, as financial advisor, Lazard Middle Market LLC as investment banker, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent and Aird & Berlis LLP as Canadian counsel. The Debtors disclosed total assets of $1 billion and total liabilities of $544.6 million. As of the Petition Date, the Debtors' consolidated long-term debt obligations totaled approximately $420.7 million. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Horsehead Holding Corp. to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP serves as counsel to the Committee, while Drinker Biddle & Reath LLP serves as co-counsel. The Unsecured Creditors Committee is represented by Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross, Esq., at Lowenstein Sandler LLP. The U.S. Trustee's office appointed Aquamarine Capital and six others to serve on Horsehead Holding Corp.'s committee of equity security holders. HORSEHEAD HOLDING: Ashby Represents Ad Hoc Sec. Noteholder Panel ---------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, Ashby & Geddes, P.A., as Delaware co-counsel to (a) those holders of (i) 10.50% Senior Secured Notes due 2017 issued by Horsehead Holding Corp., (ii) 9.00% Senior Notes due 2017 issued by Horsehead Holding Corp., and (iii) 3.80% Convertible Senior Notes due 2017 issued by Horsehead Holding Corp., certain of which holders are also the lenders under the Debtors' senior secured superpriority debtor-in-possession financing facility, and (b) Greywolf Capital Management LP, on behalf of certain managed funds and (c) Cantor Fitzgerald Securities, as administrative agent under the DIP Facility, submitted with the U.S. Bankruptcy Court for the District of Delaware a second amended verified statement. The Ad Hoc Secured Noteholder Committee retained Ashby & Geddes on Jan. 26, 2016, to represent them in connection with a potential restructuring of the Debtors. On Feb. 2, 2016, Cantor retained Ashby & Geddes to represent it in connection with the Debtors' bankruptcy cases. Greywolf retained Ashby & Geddes to represent it in connection with the Chapter 11 Cases on Feb. 24, 2016. As of the date of this Second Amended Verified Statement, Ashby & Geddes has been engaged as Delaware counsel to only the Ad Hoc Secured Noteholder Committee, Greywolf, and Cantor and does not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. Ashby & Geddes does not represent the Ad Hoc Secured Noteholder Committee, Greywolf, or Cantor, either individually or collectively, as a committee and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Ashby & Geddes. In addition, the Ad Hoc Secured Noteholder Committee, Greywolf, and Cantor do not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. The members of the Ad Hoc Secured Noteholder Committee either hold claims or manage accounts that hold claims against the Debtors' estates. A list of the names, addresses and the nature and amount of all disclosable economic interests held in relation to the Debtors as of July 12, 2016, by each member of the Ad Hoc Secured Noteholder Committee is available for free at: http://bankrupt.com/misc/HORSEHEADHOLDING_rule2019.pdf The Co-Counsel for the Ad Hoc Secured Noteholder Committee, Greywolf Capital Management LP and Cantor Fitzgerald Securities, as DIP agent, can be reached at: ASHBY & GEDDES, P.A. William P. Bowden, Esq. Gregory A. Taylor, Esq. Karen B. Skomorucha Owens, Esq. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, Delaware 19899-1150 Tel: (302) 654-1888 Fax: (302) 654-2067 E-mail: wbowden@ashby-geddes.com gtaylor@ashby-geddes.com kowens@ashby-geddes.com About Horsehead Holding Corp. Horsehead Holding Corp. is the parent company of Horsehead Corporation, a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust; The International Metals Reclamation Company, LLC, a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa., has seven facilities throughout the U.S. and Canada. The Debtors currently employ approximately 730 full-time individuals. Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal Products, LLC, The International Metals Reclamation Company, LLC, and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The Petition was signed by Robert D. Scherich as vice president and chief financial officer. Judge Christopher S. Sontchi is assigned to the case. The Debtors have engaged Kirkland & Ellis LLP as general counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management Advisors, LLC, as financial advisor, Lazard Middle Market LLC as investment banker, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent and Aird & Berlis LLP as Canadian counsel. The Debtors disclosed total assets of $1 billion and total liabilities of $544.6 million. As of the Petition Date, the Debtors' consolidated long-term debt obligations totaled approximately $420.7 million. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Horsehead Holding Corp. to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP serves as counsel to the Committee, while Drinker Biddle & Reath LLP serves as co-counsel. The Unsecured Creditors Committee is represented by Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross, Esq., at Lowenstein Sandler LLP. The U.S. Trustee's office appointed Aquamarine Capital and six others to serve on Horsehead Holding Corp.'s committee of equity security holders. INDUSTRIAL NOISE: Hires Miller as Real Estate Broker ---------------------------------------------------- Industrial Noise Control Corp., seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Henry S. Miller Brokerage, LLC as real estate broker to the Debtor. Industrial Noise requires Miller to broker the sale of the Debtor's property located at 630 S. Jupiter Road, Garland, Texas 75421, with approx. 4.2 acres of land, approx. 35,000 sq. ft. enclosed, 50,000 sq. ft. Under Roof. Miller will be paid a commission of 6% of the sales price of the property. Dan Spika, member of Henry S. Miller Brokerage, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Miller can be reached at: Dan Spika HENRY S. MILLER BROKERAGE, LLC 14001 Dallas Parkway, 11th Floor Dallas, TX 75240 Tel: (972) 386-1478 About Industrial Noise Industrial Noise Control Corp., based in Garland, TX, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-31399) on April 4, 2016. The Hon. Stacey G. Jernigan presides over the case. Joyce W. Lindauer, Esq. at Joyce W. Lindauer, Attorney at Law, as bankruptcy counsel. In its petition, the Debtor estimated under $10,000,000 in both assets and liabilities. The petition was signed by Bill Badgett, president. INDUSTRIAS VASSALLO: Court Dismisses Suit vs. Peter Vasquez Massa ----------------------------------------------------------------- Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico dismissed the adversary proceeding captioned VASSALLO INTERNATIONAL GROUP, INC. Plaintiff, v. PETER VAZQUEZ MASSA, et. al. Defendant(s), Adversary No. 16-00137 (Bankr. D.P.R.). Vassallo International Group, Inc., filed before the bankruptcy court an emergency motion requesting the court to stay the proceedings pending before the Puerto Rico Court of First Instance, Ponce part in cases JPE 2015-0383(605) and JPE2015-0467(605). The urgency of the request stemmed from the fact that the state court has scheduled a trial on the merits in the said cases to commence on July 6, 2016. VIGI requested the stay in order to allow the bankruptcy court to entertain the adversary complaint filed on June 30, 2016. Judge Tester, however, concluded that the bankruptcy court lacks jurisdiction to hear the complaint. All other pending motion related to the adversary proceeding were also denied as moot. A full-text copy of Judge Tester's July 5, 2016 opinion and order is available at https://is.gd/N9kMMh from Leagle.com. The bankruptcy case is IN RE: INDUSTRIAS VASSALLO INC., Chapter 11, Debtor(s), Case No. 08-07752 (Bankr. D.P.R.). VASSALLO INTERNATIONAL GROUP, INC. is represented by: Daniel Molina Lopez, Esq. TOTTI & RODRIGUEZ DIAZ LAW OFFICES Union Plaza Building, Suite 1200 416 Ponce de Leon Avenue San Juan, PR 00918 Tel: (787)753-7910 Fax: (787)764-9480 Email: dml@trdlaw.com INTRALINKS INC: S&P Affirms 'B+' CCR & Revises Outlook to Negative ------------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed all its ratings on IntraLinks Inc., including its 'B+' corporate credit rating. "The outlook revision is based on our view that potential volatility in the M&A markets may lead to a contraction in corporate actions," said S&P Global Ratings credit analyst Geoffrey Wilson. "This may in turn translate into fewer deal rooms being opened and prevent the company from operating to budget, leading to negative free operating cash flow in 2016," Mr. Wilson added. INVERSIONES ARAXI: Hires Juan A. Ruiz Reyes as Accountant --------------------------------------------------------- Inversiones Araxi Group, Corp and Buena Vista Platation, Corp seek permission from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Mr. Juan A. Ruiz Reyes as accountant for the Debtor. The Debtor will rely on Mr. Juan A. Ruiz Reyes for general accounting and financial counseling services in connection with, but not limited, to this bankruptcy petition. The Debtor has agreed to pay Mr. Juan A. Ruiz Reyes at a rate of $1,590 per hour. The Debtor has agreed with Mr. Juan A. Ruiz Reyes to pay in advance the amount of $2,000 retainer fee, which is deemed a down payment for the services to be rendered. Mr. Juan A. Ruiz Reyes will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Juan A. Ruiz Reyes assured the Court that the he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Mr. Juan A. Ruiz Reyes may be reached at: Mr. Juan A. Ruiz Reyes Urb. Los Laureles 26 Los Robles St. Cayey, PR 00736 Tel: 787-738-0850 E-mail: ruizreyesjuan@yahoo.com Based in Salinas, Puerto Rico, Inversiones Araxi Group Corp., dba Motel The Rose, filed a Chapter 11 petition (Bankr. D. P.R. Case No. 16-02428) on March 31, 2016. The Hon. Edward A Godoy presides over the case. Gerardo L. Santiago Puig, Esq., at GSP LAW, P.S.C., serves as counsel to the Debtor. In its petition, the Debtor estimated under $50,000 in assets, and $1 million to $10 million in liabilities. The petition was signed by Luis J. Perez Delgado, president. ITALIAN & FRENCH: Property Sale to Principal's Grandson Approved ---------------------------------------------------------------- Judge Richard E. Fehling of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania authorized Italian & French Pastry Shop, Inc. to sell the real estate and associated personal property located at 221 S. 5th St., Reading, County, Pennsylvania to Michael Bruno in accordance with the terms of the Agreement of Sale dated June 8, 2016. The sale is free and clear of all liens. The Debtor is ordered to distribute the proceeds, after payment of ordinary and necessary costs of sale, such as transfer taxes, deed preparation fees, notary fees, outstanding real estate and school taxes, to the Berks County Tax Claim Bureau, the Internal Revenue Service and/or the Commonwealth of PA, Dept. of Revenue, as their interests appear of record, in accordance with the laws of the Commonwealth of Pennsylvania as they relate to lien priority. All liens on the property will be paid in full. About Italian & French Pastry Shop Italian & French Pastry Shop, Inc., sought Chapter 11 protection (Bankr. E.D. Penn. Case No. 16-11085) on Feb. 19, 2016. The Debtor estimated less than $500,000 in assets and debt. The petition was signed by Michelangelo Bruno, president of the Company. John A. DiGiamberardino, Esq., at Case & DiGiamberardino, P.C., serves as the Debtor's counsel. JEFFREY MORTENSON: Selling Mason County Parcels for $60K Each ------------------------------------------------------------- Jeffrey and Dawn Mortenson ask the U.S. Bankruptcy Court for the Western District of Washington at Tacoma to authorize: (1) the sale of real property located at 371 West Partridge Drive, Mason County, Olympia, WA, APN: 31932-43-90151, to Kyle and Janette Grindle and/or assigns for approximately $60,000; and (2) the sale of real property located at 373 West Partridge Drive, Mason County, WA, APN: 31932-43-90152, to James Parkhurst and Jill Jamison and/or Assigns for approximately $60,000. A hearing for the Motion is set for Aug. 11, 2016 at 9:00 a.m. The response deadline is Aug. 4, 2016. The Real Estate Purchase and Sale Agreement for Vacant Land contains, among others, these relevant terms: a) Any property taxes due and owing Mason County for each lot will be paid in full through closing at escrow. The property will not be transferred free and clear of real property tax liens related to tax years 2016 not yet due and owing. b) Reasonable and necessary closing costs for each lot, including excise tax, recording fees, title insurance, will be paid in full through escrow at closing. c) James Lehew has a 50% ownership interest in both 371 and 373 West Partridge Drive, Olympia, WA 98502 and will therefore receive 50% of the net sale proceeds, after payment of property taxes and closing costs, for each lot through escrow at closing. d) The balance of the net sales proceeds, after all above disbursements have been made, will be paid directly to the trust account of Noel P. Shillito through escrow at closing. Upon confirmation of a Chapter 11 Plan, the funds will then be turned over to the Plan Administrator. e) The Debtors will vest in said buyers the full fee simple ownership at closing. f) The sale of both parcels will be free and clear of the ownership interest of all record owners, their predecessors and/or successors in interest including any unrecorded equitable or legal interests in the property. Unless paid at closing and satisfied thereby, or Avoided Pursuant to Court Order, each lien or encumbrance will attach to the proceeds, after payment of costs of sale and the like. The Debtors propose payment of the closing costs, including excise taxes, property taxes and real estate commissions, through closing at escrow. The Debtors are represented by: Noel P. Shillito LAW OFFICE OF NOEL SHILLITO 1919 North Pearl Street #C-2 Tacoma, WA 98406 Telephone: (253) 572-4388 The bankruptcy case is In re Jeffrey Allan Mortenson and Dawn Marie Mortenson (Bankr. W.D. Wash. Case No. 15-40137). JOHN Q. HAMMONS: Hires Stinson Leonard as Bankruptcy Counsel ------------------------------------------------------------ John Q. Hammons Fall 2006, LLC and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Kansas to employ Stinson Leonard Street LLP as lead counsel The Debtors require Stinson Leonard Street to: a. advise the Debtors of their rights, powers and duties as debtors and debtors in possession continuing to operate and manage their respective businesses and properties under chapter 11 of the Bankruptcy Code; b. prepare of behalf of the Debtors all necessary and appropriate applications, motions, proposed orders other pleadings, notices, schedules and other documents, and review all financial and other reports to be filed in these chapter 11 cases; c. advise the Debtors concerning, and prepare responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in theses chapter 11 case and appear of behalf of the Debtors in any hearings or other proceedings relating to those matters; d. review the nature and validity of any liens asserted against the Debtors' property and advise the Debtors concerning the enforceability of such liens; e. advise the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; f. advise and assist the Debtors in connection with certain asset disposition, to the extent required by the Debtors; g. advise and assist the Debtors with respect to certain employment-related issues, to the extent required by the Debtors; h. advise and assist the Debtors with respect to certain issues relating to environmental law and government regulations, to the extent required by the Debtors; i. advise and assist the Debtors in negotiations with the Debtors' debt holders and other stakeholders; j. advise the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections; k. advise the Debtors in connection with the formulation, negotiation and promulgation of any plan or plans of reorganization, and related transactional documents; l. assist the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estates; m. advise and assist the Debtors in connection with any offers to provide debtor-in-possession financing and/or exit financing; n. commence and conduct certain litigation that is necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' chapter 11 estate or otherwise further the goal of completing the Debtors' successful reorganization; o. provide other services for the Debtors to the extent requested by the Debtors; and p. perform all other necessary and appropriate legal services in connection with these chapter 11 cases for or on behalf of the Debtors. Stinson Leonard Street will be paid at these hourly rates: Partners/Counsel $305-$730 Associates $250-$435 Paralegals $135-$285 Stinson Leonard Street will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark A. Shaiken, partner of the firm of Stinson Leonard Street LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Stinson Leonard Street may be reached at: Mark A. Shaiken, Esq. Mark Carder, Esq. Stinson Leonard Street LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816)842-8600 Facsimile: (816)691-3495 E-mail: mark.shaiken@stinson.com mark.carder@stinson.com About John Q. Hammons Hotels & Resorts Springfield, Mo.-based John Q. Hammons Hotels & Resorts (JQH) -- http://www.jqhhotels.com/ --is a private, independent owner and manager of hotels in the United States, representing brands such as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG, Chateau on the Lake Resort / Spa & Convention Center, and Plaza Hotels Collection. It has portfolio of 35 hotels representing approximately 8,500 guest rooms/suites in 16 states. John Q. Hammons Hotels & Resorts on June 27, 2016, disclosed that the family of companies, the Revocable Trust of John Q. Hammons, and their related affiliates, have filed voluntary petitions (Bankr. D. Kan. Case No. 16-21139 to Case No. 16-21208) to restructure under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court of the District of Kansas at Kansas City. The Debtors are represented by Mark A. Shaiken, Esq., Mark S. Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard Street LLP, in Kansas City, Missouri. The Debtors' conflict counsel is Victor F Weber, Esq., at Merrick Baker and Strauss PC, in Kansas City, Missouri. At the time of filing, the Debtors had $100 million to $500 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Greggory D Groves, vice president. JVJ PHARMACY: Taps CBIZ KA as Financial Advisors ------------------------------------------------ JVJ Pharmacy, Inc., dba University Chemists, seeks authorization from the Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York to employ CBIZ KA Consulting Services, LLC as financial advisors. The Debtor seeks to engage the services of CBIZ KA to perform financial consulting and accounting services for the Debtor subject to the approval of the Court. CBIZ KA will be paid at these hourly rates: Directors and Executive Directors $295-$350 Managers and Senior Managers $250-$295 Supervisors and Staff $200-$250 CBIZ KA will also be reimbursed for reasonable out-of-pocket expenses incurred. Esther Duval, managing director of CBIZ NY, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. CBIZ KA can be reached at: CBIZ KA CONSULTING SERVICES, LLC 50 Millstone Rd #230 Hightstown, NJ 08520 Tel: (609) 918-0990 Headquartered in New York, New York, JVJ Pharmacy Inc. dba University Chemists filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10508) on March 3, 2016, listing $6.88 million in total assets and $5.61 million in total liabilities. The petition was signed by James F. Zambri, president. Judge Stuart M. Bernstein presides over the case. Avrum J. Rosen, Esq., at The Law Offices of Avrum J. Rose, PLLC, serves as the Debtor's bankruptcy counsel. KATHERINE N. MONTGOMERY: Unsecured Creditors to Get 5% Under Plan ----------------------------------------------------------------- Katherine Montgomery on July 11 filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Chapter 11 plan of reorganization under which general unsecured creditors will get 5% of their claims. Under the restructuring plan, Ms. Montgomery will pay general unsecured creditors in Class 4 beginning 60 days after the court approves the plan. A monthly payment of $59 will be divided among Class 4 creditors until 5% of each claim is paid. Ms. Montgomery's normal cash flow will be the sole source of funds to pay her creditors, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/8ykIpV Ms. Montgomery can be reached through her counsel: Sparkman, Shepard & Morris, P.C. P.O. Box 19045 Huntsville, AL 35804 Tel: (256) 512-9924 Fax: (256) 512-9837 About Katherine Montgomery Katherine N. Montgomery, a medical doctor in Madison County, Alabama, sought protection under Chapter 13 of the Bankruptcy Code on October 29, 2015. The case was converted to a Chapter 11 case (Bankr. N. D. Ala. Case No. 15-82936) on January 15, 2016. KITCHEN BROTHERS: Court Junks Suit vs. First Tennesee Bank ---------------------------------------------------------- Judge Neil P. Olack of the United States Bankruptcy Court for the Southern District of Mississippi dismissed in its entirety the adversary proceeding captioned KITCHENS BROTHERS MANUFACTURING COMPANY Plaintiff. v. FIRST TENNESSE BANK NATIONAL ASSOCIATION, Defendant, ADV. PROC. No. 16-00008-NPO (Bankr. S.D. Miss.). First Tennessee Bank National Association filed the motion to dismiss the debtor's complaint on March 23, 2016, arguing that the plaintiff, Kitchen Brothers Manufacturing Company failed to state a claim upon which relief can be granted. Judge Olack also denied the amended objection to claim filed by Kitchen Brothers on December 30, 2015, as a contested matter in the bankruptcy case, which is consolidated into the adversary proceeding. The bankruptcy case is IN RE: KITCHENS BROTHERS MANUFACTURING COMPANY, Chapter 11, Debtor, CASE No. 13-01710-NPO (Bankr. S.D. Miss.). A full-text copy of Judge Olack's July 5, 2016 memorandum opinion and order is available at https://is.gd/iytPJs from Leagle.com. Kitchens Brothers Manufacturing Company is represented by: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157-8784 Tel: (601)965-9741 Fax: (601)427-0050 First Tennessee National Bank Association is represented by: Raymond Spencer Clift, III, Esq. BAKER DONELSON BEARMAN CALDWELL & BERKOW First Tennessee Building 165 Madison Avenue, Suite 2000 Memphis, TN 38103 Tel: (901)526-2000 Fax: (901)577-2303 Email: sclift@bakerdonelson.com LEGEND INT'L: Liquidators Seek Chap. 11 Case Dismissal ------------------------------------------------------ BankruptcyData.com reported that Legend International Holdings' Court-appointed liquidators filed with the U.S. Bankruptcy a motion to dismiss the Chapter 11 case. The motion explains, "In the past week, the Court of Appeal and the Supreme Court of Victoria have each issued orders affirming the Liquidators' appointment, clarifying that they are the only parties empowered to act on behalf of the Debtor (in Liquidation). The Liquidators now seek dismissal in order to avoid unnecessary expense and distraction as they administer the Debtor (in Liquidation)'s estate in Australia. Insolvency proceedings are ongoing in Australia, and this chapter 11 case is not necessary to obtain a just and equitable solution. In fact, Australian insolvency law is well-developed and the Liquidators can pursue a wide array of in- and out-of-court options to maximize return to creditors, ranging from reorganization to liquidation. The Australian Courts have also demonstrated that they are able to quickly and efficiently address issues that arise while the Debtor (in Liquidation) is in insolvency proceedings. Finally, it is not clear that this Court's jurisdiction was sought to protect the interests of the Debtor and its creditors but rather to 'prevent the winding up.'" The Court scheduled a July 20, 2016 hearing to consider the dismissal motion, according to the report. About Legend International Holdings Headquared in Melbourne, Victoria, phosphate company Legend International Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11131) on May 8, 2016, listing $7.24 million in total assets as of April 30, 2016, and $13.2 million in total debts as of April 30, 2016. The petition was signed by Joseph Gutnick, chairman of the Board/President & CEO. Steven K. Kortanek, Esq., at Drinker Biddle & Reath LLP serves as the Debtor's bankruptcy counsel. Leib Lerner, Esq. at Alston & Bird LLP acts as co-counsel and Drinker Biddle & Reath LLP acts as Delaware co-counsel. LEHMAN BROTHERS: Ruling Expunging FirstBank's Claim Affirmed ------------------------------------------------------------ Judge Jed S. Rakoff of the United States District Court for the Southern District of New York affirmed the decision of the United States Bankruptcy Court for the Southern District of New York, which granted the motion of James W. Giddens, Trustee for the SIPA Liquidation of Lehman Brothers Inc., to expunge FirstBank Puerto Rico's claim, and denied FirstBank's motion for summary judgment. FirstBank's claim sought treatment as a "customer" within the meaning of the Securities Investor Protection Act and recovery of certain securities or, in the alternative, the market value of these securities. Judge Rakoff held that, "FirstBank's argument, however, is unavailing. First, the entrustment requirement for "customer" status under SIPA did not, by any means, originate with Car-Val. See, e.g., Baroff, 497 F.2d at 283; Sec. Inv'r Prot. Corp. v. Executive Sec. Corp., 556 F.2d 98, 99 (2d Cir. 1977) (per curiam); In re New Times Sec. Servs., Inc., 463 F.3d 125, 128 (2d Cir. 2006); In re Madoff, 654 F.3d at 235-36. Second, Car-Val did not restrict its analysis of "customer" status under SIPA -- including the crucial components of entrustment and "indicia of a fiduciary relationship" -- to any particular species of repurchase transactions, or indeed, to any specific kind of transaction. Car-Val's analysis, applied to the context of the instant case, mandates the conclusion that FirstBank was not a "customer" of LBI within the meaning of SIPA and is therefore not entitled to make a SIPA claim." The case is In re: LEHMAN BROTHERS INC. FIRSTBANK PUERTO RICO Appellant, v. JAMES W. GIDDENS, as Trustee for the SIPA Liquidation of Lehman Brothers Inc., Appellee, No. 16 Civ. 00069 (S.D.N.Y.). A full-text copy of Judge Rakoff's July 7, 2016 opinion and order is available at https://is.gd/WHAx8z from Leagle.com. Firstbank Puerto Rico is represented by: Robert T. Honeywell, Esq. Brian David Koosed, Esq. K&L GATES LLP 599 Lexington Avenue New York, NY 10022-6030 Tel: (212)536-3900 Fax: (212)536-3901 Email: robert.honeywell@klgates.com brian.koosed@klgates.com James W. Giddens is represented by: James Benedict Kobak, Jr., Esq. Jeffrey Steven Margolin, Esq. Meaghan Christina Gragg, Esq. Sarah Loomis Cave, Esq. Anson Barrett Frelinghuysen, Esq. HUGHES HUBBARD & REED LLP One Battery Park Plaza New York, NY 10004-1482 Tel: (212)837-6000 Fax: (212)422-4726 Email: james.kobak@hugheshubbard.com jeff.margolin@hugheshubbard.com meaghan.gragg@hugheshubbard.com sarah.cave@hugheshubbard.com anson.frelinghuysen@hugheshubbard.com About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. * * * In October 2015, Lehman made its eighth distribution to creditors, bringing Lehman's total distributions to unsecured creditors to approximately $105.4 billion including (1) $77.2 billion of payments on account of third-party claims, which includes non-controlled affiliate claims and (2) $28.2 billion of payments among the Lehman Debtors and their controlled affiliates. As of September 2015, the trustee in charge of LBI has returned around $7.65 billion to the defunct brokerage's unsecured creditors, a recovery of about 35 cents on the dollar. LONESTAR RESOURCES: S&P Affirms Then Withdraws 'B-' CCR ------------------------------------------------------- S&P Global Ratings affirmed its 'B-' corporate credit rating on exploration & production company Lonestar Resources America Inc. At the same time, S&P affirmed its 'CCC+' issue-level ratings on the company's senior unsecured debt. The recovery rating remains '5', indicating S&P's expectation of average (10% to 30%, upper half of the range) recovery in the event of a payment default. S&P then withdrew the corporate credit and debt ratings at the company's request. M SPACE HOLDINGS: Panel Hires Cooley LLP as Lead Counsel -------------------------------------------------------- The Official Committee of Unsecured Creditors of M Space Holdings, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Utah to retain Cooley LLP as lead counsel. The Committee requires Cooley LLP to: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtor to the Committee; (c) analyze and initiate, litigate, and resolve any relevant challenges to the liens of the Debtor's pre-petition lenders; (d) assess and assist in the efforts to sell assets of the Debtor in a manner that maximizes value for creditors; (e) analyze any proposed Chapter 11 plan; (f) review and investigate prepetition transactions in which the Debtor and/or its insiders were involved; (g) confer with the Debtor's management, counsel and financial advisors; (h) review the Debtor's schedules, statements of financial affairs and business plan; (i) advise the Committee as to the ramifications regarding all of the Debtor's activities and motions before this Court; (j) file appropriate pleadings on behalf of the Committee; (k) review and analyze the Debtor's asset liquidator's work product and report to the Committee; (l) provide the Committee with legal advice in relation to the Chapter 11 cases; (m) prepare various applications and memoranda of law submitted to the Court for consideration; and (n) perform such other legal services for the Committee as may be necessary or proper in these proceedings. Currently, Cooley LLP's normal hourly rates for attorneys and other members of its professional staff range from $135 to $1,160. Cooley LLP agreed to discount its hourly rates for attorneys, including partners, to $400 to $600, and the blended hourly rate for attorneys will not exceed $485. The primary attorneys anticipated to be staffed on this matter are Ali M.M. Mojdehi, Janet D. Gertz and Allison M. Rego. The paraprofessionals who are anticipated to be staffed on this matter are Mollie Canby and Andrea Behrend. The current rate for paralegal Mollie Canby is $225, and for Andrea Behrend is $205. Cooley LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Ali M.M. Mojdehi, partner of Cooley LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cooley LLP can be reached at: Ali M.M. Mojdehi, Esq. Janet D. Gertz, Esq. Allison M. Rego, Esq. COOLEY LLP 4401 Eastgate Mall San Diego, CA 92121 Tel: (858) 550-6000 Fax: (858) 550-6420 E-mail: amojdehi@cooley.com jgertz@cooley.com arego@cooley.com About M Space Holdings M Space Holdings, LLC, is a provider of turnkey complex modular space solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Utah (Salt Lake City) (Case No. 16-24384) on May 19, 2016. The petition was signed by Jeffrey Deutschendorf, chief executive officer and president. The case is assigned to Judge Joel T. Marker. The Debtor's asset Liquidator is Gordon Brothers Commercial & Industrial, LLC. The Debtor estimated both assets and liabilities in the range of $50 million to $100 million. MAXUS ENERGY: Hires Drinker Biddle as Litigation Counsel -------------------------------------------------------- Maxus Energy Corporation and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Drinker Biddle & Reath LLP as special counsel. Drinker Biddle has been the Debtors' counsel with respect to (a) the Passaic River Litigation since 2005, (b) the Personal Injury Litigation since 2014, and (c) the Regulatory Matters since 1989. Thus, Drinker Biddle was actively providing the Debtors with advice relating to the Special Purposes well before the commencement of these chapter 11 cases. Drinker Biddle also is familiar with the Debtors' business, operations, and capital structure. The Debtors request to employ Drinker Biddle as their special counsel during these chapter 11 cases in connection with the Passaic River Litigation, the Personal Injury Litigation, and the Regulatory Matters. Drinker Biddle will be paid at these hourly rates: Partners $530-$754 Counsel/Associates $275-$473 Paraprofessionals $202-$301 Additionally, on June 15, 2016 and June 20, 2016, Drinker Biddle received retainers in the amount of $351,143 and $48,471, respectively, from the Debtors. Drinker Biddle will also be reimbursed for reasonable out-of-pocket expenses incurred. William L. Warren, partner of the firm of Drinker Biddle & Reath LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Drinker Biddle represented the Debtors during the 12-month period prior to the Petition Date. The billing rates and material terms of the prepetition engagement are the same as the rate as the rates and terms described in this declaration. Drinker Biddle's billing rates and material financial terms have not changed post-petition. -- the debtors and Drinker Biddle expect to develop a prospective budget and staffing plan to comply with the United States Trustee's request for information and additional disclosures, and any other orders of the Court, recognizing that in the course of these chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and Drinker Biddle. -- Drinker Biddle understands that the Debtors are seeking to retain and employ Morrison & Foerster LLP as bankruptcy counsel and Young Conaway Stargatt & Taylor, LLP as local counsel, as well as a number of other professionals in connection with the prosecution of these chapter 11 cases. Drinker Biddle can be reached at: William L. Warren, Esq. Drinker Biddle & Reath LLP 105 College Road East P.O. Box 627 Princeton, NJ 08542-0627 Tel: (609)716-6603 Fax: (609)700-7000 About Maxus Energy Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed three creditors to serve on the official committee of unsecured creditors. MAXUS ENERGY: Hires McKool Smith as Counsel in Insurance Suit ------------------------------------------------------------- Maxus Energy Corporation and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ McKool Smith PC as special counsel. McKool Smith serves as the Debtors' litigation counsel in an action brought by certain historic insurance underwriters and companies, seeking a declaratory judgment against Maxus Energy Corporation. McKool Smith represented the Debtors in connection with the Insurance Litigation prior to the Petition Date, and has vast experience representing clients in these types of matters. The Debtors request McKool Smith as their special counsel in these chapter 11 cases in connection with the Insurance Litigation. McKool Smith will be paid at these hourly rates: Partners $650-$750 Counsel/Associates $350-$575 Paraprofessionals $250-$295 McKool Smith will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael John Miguel, principal in the firm of McKool Smith PC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Michael John Miguel joined McKool Smith as a Principal in May 2016, but have personally been lead counsel for the Debtors in the Insurance Litigation since 2016. The billing rates and material terms of the prepetition engagement are the same as the rate as the rates and terms described in this declaration. -- the debtors and McKool Smith expect to develop a prospective budget and staffing plan to comply with the United States Trustee's request for information and additional disclosures, and any other orders of the Court, recognizing that in the course of these chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and McKool Smith. McKool Smith understands that the Debtors are seeking to retain and employ Morrison & Foerster LLP as bankruptcy counsel and Young Conaway Stargatt & Taylor, LLP as local counsel, as well as a number of other professionals in connection with the prosecution of these chapter 11 cases. McKool Smith can be reached at: Michael John Miguel, Esq. McKool Smith PC One California Plaza 300 South Grand Ave., Suite 2900 Los Angeles, CA 90071 Tel: (213)694-1200 Fax: (213)694-1234 About Maxus Energy Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed three creditors to serve on the official committee of unsecured creditors. MAXUS ENERGY: Hires Prime Clerk as Administrative Agent ------------------------------------------------------- Maxus Energy Corporation and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Prime Clerk as Administrative Agent. The Debtors require Prime Clerk to: a. assist with the preparation and amendment, if any, of the Debtors' schedules of assets and liabilities and statements of financial affairs, and gather data in conjunction therewith; b. provide a confidential data room; c. assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; d. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; e. manage and coordinate any distributions pursuant to a chapter 11 plan; and f. provide other processing, solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the section 156(c) Order, as may be requested from time to time by the Debtors, the Court or the Office of the Clerk of the Court. The fees Prime Clerk will charge in connection with providing services to the Debtors are set forth in the Engagement Agreement. The Debtors respectfully submit that Prime Clerk's rates are competitive and comparable to the rates its competitors charge for similar services. The Debtors believe that Prime Clerk's rates are more than reasonable given the quality of Prime Clerk's services and its professionals' bankruptcy expertise. Prime Clerk will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael J. Frishberg, Co-President and Chief Operating Officer of Prime Clerk LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Prime Clerk may be reached at: Michael J. Frishberg 830 Third Avenue, 9th Floor New York, NY 10022 Tel: 212 257 5450 E-mail: mfrishberg@primeclerk.com About Maxus Energy Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed three creditors to serve on the official committee of unsecured creditors. MCNEILL PROPERTIES: Hires Ciardi as Counsel ------------------------------------------- McNeill Properties V, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Ciardi Ciardi & Astin as counsel to the Debtor. McNeill Properties requires Ciardi to: (a) give the Debtor legal advice with respect to its power and duties as Debtors-in-Possession; (b) prepare on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers; and (c) perform all other legal services for the Debtor which may be necessary. Ciardi will be paid at these hourly rates: Albert A. Ciardi, III $485 Nicole M. Nigrelli $445 Daniel E. Siedman $250 Stephanie Frizlen, Paralegal $120 Ciardi was retained December 2015 and received $4,802 from the Debtor in April 2016 for March billing. On July 12, 2016, Ciardi received $27,000 with $6,000 applied to current June billing leaving a retainer of $21,000. The unpaid prepetition balance from April 2016 of $1,200 was written off. Ciardi will also be reimbursed for reasonable out-of-pocket expenses incurred. Albert A. Ciardi, III, partner of the law firm Ciardi Ciardi & Astin, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Ciardi can be reached at: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Tel: (215) 557-3550 Fax: (215) 557-3551 Email: aciardi@ciardilaw.com About McNeill Properties V, LLC. McNeill Group, Inc. and McNeill Properties V, LLC filed chapter 1 petitions (Bankr. E.D. Pa. Case Nos. 16-14943 and 16-14944) on July 12, 2016. The petitions were signed by Edward J. McNeill, Jr., president. The Debtors are represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944). The Debtors each estimated assets and liabilities of $10 million to $50 million at the time of the filing. MCS GROUP: Moody's Hikes Corporate Family Rating to B2 ------------------------------------------------------ Moody's Investors Service upgraded MCS Group Sub-holdings LLC's Corporate Family rating to B2 from B3, the Probability of Default rating ("PDR") to B3-PD from Caa1-PD and the senior secured to B2 from B3. The ratings outlook remains stable. -- Issuer: MCS GROUP SUB-HOLDINGS, LLC. Upgrades: -- Corporate Family Rating, Upgraded to B2 from B3 -- Probability of Default Rating, Upgraded to B3-PD from Caa1-PD -- Senior Secured, Upgraded to B2 (LGD3) from B3 (LGD3) Outlook: -- Outlook, Remains Stable RATINGS RATIONALE The upgrade of the CFR to B2 from B3 reflects MCS's improved credit metrics and a good liquidity profile. Ongoing residential mortgage foreclosure delays, especially in states with a judicial foreclosure process, provide support as MCS revenues are a function of both the number of delinquent mortgage loans as well as the length of time a mortgage loan remains delinquent. Yet over a longer term, Moody's anticipates revenues from the core preservation services business will be pressured as the number of delinquent mortgage loans declines. Acquisitions and new customer wins are expected to continue to diversify revenue sources. Liquidity from anticipated free cash flow, over $30 million of cash and an unused $20 million revolver is considered good. Annual debt repayment requirements of over $25 million per year, Moody's expectations for further acquisitions and private equity sponsor ownership pressure the ratings. The rating is tempered by the high business risk, evidenced by the company's concentrated customer base and exposure to declining rates of mortgage loan delinquencies, balanced by moderately high financial leverage. The stable rating outlook reflects Moody's anticipation of low organic revenue growth, debt to EBITDA below 4.5 times and at least $40 million of free cash flow. Due to the concentrated customer base, near term ratings upside is limited. If revenue sources become more diversified and Moody's comes to expect at least 5% annual revenue growth while credit metrics and liquidity remain solid, a ratings upgrade is possible. A downgrade is possible if Moody's expects revenue declines, debt to EBITDA to remain above 5 times or if liquidity deteriorates. A debt-funded acquisition or shareholder-return strategy could also lead to lower ratings. MCS provides property inspection, appraisal and preservation services on behalf of lenders and loan servicers for homes with defaulted mortgage loans. MCS is controlled by affiliates of TDR Capital. Moody's expects 2016 revenues of about $400 million. MD AMERICA: S&P Raises CCR to 'B-', Outlook Stable -------------------------------------------------- S&P Global Ratings raised its corporate credit rating on Fort-Worth, Texas-based MD America Energy LLC to 'B-' from 'SD' (selective default). The outlook is stable. S&P also withdrew its issue-level and recovery ratings on the company's term loan. "The rating actions follow MDAE's full, early redemption of its term loan due 2019 with proceeds from equity contributions from its parent company Meidu Energy Corp., a public energy entity traded on the Shanghai Stock Exchange," said S&P Global Ratings credit analyst Christine Besset. The ratings on MDAE reflect S&P's assessment of the company's vulnerable business risk, intermediate financial risk, and negative financial policy. These assessments reflect S&P's view of MDAE's very small reserve base and production levels, limited geographic diversity, and the likelihood of re-leveraging given the company's intention to expand its asset base. The stable outlook reflects S&P's expectation that MDAE will maintain adequate liquidity and FFO to debt above 30% on average over the next three years, while growing its reserve and production base. S&P could lower the rating if FFO to debt fell below 20% for a sustained period. Such a scenario would be most likely be due to debt-financed acquisitions, weaker-than-expected commodity prices or higher-than-expected capital spending. S&P considers an upgrade unlikely over the next 12 months given the company's size and scale of production and reserves. However, S&P could raise the rating if the company can significantly increase it scale, while maintaining adequate liquidity, and FFO to debt above 30%. MEDIWARE INFORMATION: S&P Withdraws 'B' Rating ---------------------------------------------- S&P Global Ratings withdrew its 'B' issue-level rating on Lenexa, Kan.-based Mediware Information Systems Inc. at the issuer's request. S&P will maintain the 'B' corporate credit rating on the holding company, Project Ruby Parent Corp. MICHAELS COMPANIES: Moody's Raises CFR to Ba2, Outlook Stable ------------------------------------------------------------- Moody's Investors Service upgraded Michaels Companies, Inc. Corporate Family Rating to Ba2 from Ba3 and Probability of Default Rating to Ba2-PD from Ba3-PD. Concurrently, the rating on Michaels Stores, Inc.'s 5.875% subordinated notes due 2020 was upgraded to B1 from B2. The company's senior secured term loan due 2020 was affirmed at Ba2. Michaels' Speculative Grade Liquidity Rating was also affirmed at SGL-1. The rating outlook is stable. "The upgrade reflects Michaels' consistently solid operating performance, ample cash flow generation, and very good liquidity," said Moody's Vice President, Christina Boni. The stable outlook represents our expectation that the company will maintain healthy operating margins relative to its specialty retail peers by continuing to drive positive same store sales, thus leveraging fixed costs. Upgrades: Issuer: Michaels Companies, Inc. (The) Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD Corporate Family Rating, Upgraded to Ba2 from Ba3 Issuer: Michaels Stores, Inc. Senior Subordinated Regular Bond/Debenture, Upgraded to B1(LGD5) from B2(LGD5) Outlook Actions: Issuer: Michaels Companies, Inc. (The) Outlook, Changed To Stable From Positive Issuer: Michaels Stores, Inc. Outlook, Changed To No Outlook From Positive Affirmations: Issuer: Michaels Companies, Inc. (The) Speculative Grade Liquidity Rating, Affirmed SGL-1 Issuer: Michaels Stores, Inc. Senior Secured Bank Credit Facility, Affirmed Ba2(LGD3) RATINGS RATIONALE Michaels' Ba2 Corporate Family Rating reflects the company's scale and strong market position in the highly fragmented arts and craft segments of retail. Michael's has a demonstrated track record of driving growth while maintaining strong operating margins that have averaged in the mid-teens over the past five years. The rating is also supported by the relative stability of the arts and craft segment industry. Moody's recognizes, though, Michaels participates in some categories that are more sensitive to economic conditions, such as seasonal decor and custom framing. Liquidity is very good, reflective of strong positive free cash flow generation, no near dated debt maturities, and access to a sizable $850 million asset-based revolver to support seasonal working capital requirements. Michaels' ratings are constrained by financial sponsors Blackstone Group and Bain Capital Partners controlling interest in the company. Despite our view that Bain and Blackstone have thus far applied prudent financial policies and continue to reduce their ownership position, the sponsors could consider re-leveraging the company. The stable outlook reflects Moody's opinion that Michaels will be able to maintain solid credit metrics despite the seasonality of the business and highly fragmented market segment. There is also an expectation for measured growth and ongoing conservative financial policies. An upgrade would require Michaels to maintain profitable growth with operating margins in the mid-teens. It would also require the company to show evidence that its controlling owners, Blackstone and Bain, support financial policies which allow the company to maintain credit metrics consistent with a higher rating over the medium term. Quantitatively and upgrade would require debt to EBITDA below 3.0 times and EBIT to interest expense above 4.25 times. Rating could be downgraded should Michaels' financial policies become more aggressive. A ratings downgrade could also occur if Michaels' operating performance deteriorate or debt levels increase such that debt to EBITDA is sustained above 4.0 times or EBIT to interest expense fall below 3.0 times. The principal methodology used in these ratings was Retail Industry published in October 2015. Michaels Companies, Inc., is the largest dedicated arts and crafts specialty retailer in North America. The company operates 1,352 stores in 49 states and Canada under store brands Michaels (1,204), Aaron Brothers (115), and Pat Catan's (33). The company primarily sells general and children's crafts, home decor and seasonal items, framing and scrapbooking products. Total sales approached $5.0 billion as of April 30, 2016. Michaels Companies, Inc. (ticker "MIK"), is publicly traded, but remains 51% owned by affiliates of Bain Capital Partners, LLC and The Blackstone Group, L.P., who acquired Michaels in 2006. MIDWAY GOLD: Selling Ely Townhome to Richardson for $85K -------------------------------------------------------- Midway Gold Realty, LLC, and its affiliates ask the U.S. Bankruptcy Court for the District of Colorado to approve a Residential Purchase Agreement for the sale of real property to William Richardson and/or a nominee for $85,000, and authorize the payment of a broker's commission. On the Petition Date, MGR owned, among other assets, real property more commonly known as 401 Clark Street, Ely, Nevada 89301 and further identified by Assessor's Parcel Number 001-291-08. The Property is a single-family townhome that was previously used to house Debtors' employees. MGR entered into an Exclusive Right to Sell Listing Agreement with Klaas Realty LLC to sell the Property which provides a 6% commission for sale of the Property. The commission will be split 50/50 between the buyer's broker and the seller's broker. Klaas Realty listed and actively marketed the Property. As a result of its efforts, on or about June 27, 2016, MGR entered into the Agreement with the Buyer for the sale of the Property. The basic terms and conditions of the Agreement are summarized as follows: a. The Buyer agrees to pay the purchase price of $85,000 for the Property; b. The Buyer will pay a $1,000 earnest money deposit, which has been paid. c. The parties agree to close the transaction on or before July 22, 2016; d. MGR agrees to pay for the owner's title policy and the parties agree to divide 50/50 the escrow fees, the real property transfer tax and miscellaneous recording fees; e. The parties agree to prorate sewer use fees and real property taxes; f. The Property is being sold in "as is, where is" condition; g. MGR has no liability to correct any defects and/or requirements disclosed by inspection reports, appraisals and/or certifications; and h. The Agreement is subject to Bankruptcy Court approval. Attorneys for the Debtors: Stephen D. Lerner SQUIRE PATTON BOGGS (US) LLP 221 E. Fourth Street, Suite 2900 Cincinnati, OH 45202 Telephone: (513) 361-1200 Facsimile: (513) 361-1201 E-mail: Stephen.lerner@squirepb.com - and - Nava Hazan SQUIRE PATTON BOGGS (US) LLP 30 Rockefeller Plaza, 23rd Floor New York, NY 10112 Telephone: (212) 872-9800 Facsimile: (212) 872-9815 E-mail: Nava.hazan@squirepb.com - and - Aaron J. Conrardy Harvey Sender SENDER WASSERMAN WADSWORTH, P.C. 1660 Lincoln Street, Suite 2200 Denver, Colorado 80264 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 (fax) E-mail: hsender@sww-legal.com aconrardy@sww-legal.com About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MOBIVITY HOLDINGS: Amends Form S-1 Resale Prospectus with SEC ------------------------------------------------------------- Mobivity Holdings Corp. filed an amended Form S-1 registration statement with the Securities and Exchange Commission relating to shares of common stock of the Company that may be offered for sale for the account of certain selling stockholders. The selling stockholders may offer and sell from time to time up to 27,459,898 shares of the Company's common stock, which amount includes 8,551,168 shares to be issued to the selling stockholders only if and when they exercise warrants held by them. The Company amended the Registration Statement to delay its effective date. The shares owned by the selling stockholders may be sold in the over-the-counter market, or otherwise, at prices and terms then prevailing or at prices related to the then-current market price, or in negotiated transactions. Although the Company will incur expenses in connection with the registration of the common stock, the Company will not receive any of the proceeds from the sale of the shares of common stock by the selling stockholders. The Company will receive gross proceeds of up to $10,217,433 from the exercise of the warrants, if and when they are exercised. The Company's common stock is quoted on the OTC Markets under the symbol "MFON". The last reported sale price of the Company's common stock as reported by the OTC Markets on July 14, 2016, was $0.84 per share. A full-text copy of the Form S-1/A is available for free at: https://is.gd/OybVLS About Mobivity Holdings Mobivity Holdings Corp. was incorporated as Ares Ventures Corporation in Nevada in 2008. On Nov. 2, 2010, the Company acquired CommerceTel, Inc., which was wholly-owned by CommerceTel Canada Corporation, in a reverse merger. Pursuant to the Merger, all of the issued and outstanding shares of CommerceTel, Inc., common stock were converted, at an exchange ratio of 0.7268-for-1, into an aggregate of 10,000,000 shares of the Company's common stock, and CommerceTel, Inc., became a wholly owned subsidiary of the Company. In connection with the Merger, the Company changed its corporate name to CommerceTel Corporation on Oct. 5, 2010. In connection with the Company's acquisition of assets from Mobivity, LLC, the Company changed its corporate name to Mobivity Holdings Corp. and its operating company to Mobivity, Inc, on Aug. 23, 2012. Mobivity reported a net loss of $6.13 million on $4.61 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.44 million on $4 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Mobivity had $8.57 million in total assets, $2.03 million in total liabilities and $6.54 million in total stockholders' equity. MOTORS LIQUIDATION: Lenders' Bid to Junk Avoidance Suit Denied -------------------------------------------------------------- In the adversary proceeding captioned MOTORS LIQUIDATION COMPANY AVOIDANCE ACTION TRUST, by and through the Wilmington Trust Company, solely in its capacity as Trust Administrator and Trustee, Plaintiff, v. JPMORGAN CHASE BANK, N.A., et al., Defendants, Adversary Proceeding Case No. 09-00504 (MG) (Bankr. S.D.N.Y.), Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York denied all of the following motions: 1. The joint motion of certain Term Loan Investor Defendants to dismiss the Plaintiff's Amended Complaint (the Term Loan Investors' Motion; 2. The motion of Ad Hoc Group of Term Lenders to (1) vacate certain prior orders of the Court; and (2) dismiss the adversary proceeding; 3. The motion of Defendant Continental Casualty Company to dismiss the Plaintiff's Amended Complaint; 4. The motion of Term Loan Lenders for judgment on the pleadings; and 5. The Moving Term Loan Lenders' Motion for judgment on the pleadings. A full-text copy of Judge Glenn's June 30, 2016 memorandum opinion and order is available at https://is.gd/P8v1h2 from Leagle.com. The bankruptcy case is In re: MOTORS LIQUIDATION COMPANY, f/k/a GENERAL MOTORS CORPORATION, et al., Chapter 11, Debtors, Case No. 09-50026 (MG), (Jointly Administered) (Bankr. S.D.N.Y.). Motors Liquidation Company Avoidance Action Trust, by and through the Wilmington Trust Company, solely in its capacity as Trust Administrator and Trustee, Plaintiff, represented by Neil S. Binder -- nbinder@binderschwartz.com -- Binder & Schwartz LLP, Lindsay A. Bush -- lbush@binderschwartz.com -- Binder & Schwartz LLP, Eric Fisher -- efisher@binderschwartz.com -- Binder & Schwartz LLP, Lauren K. Handelsman -- lhandelsman@binderschwartz.com -- Binder & Schwartz LLP, Tessa Brianne Harvey -- tharvey@binderschwartz.com -- Binder & Schwartz LLP, Michael M Hodgson -- mhodgson@binderschwartz.com -- Binder & Schwartz LLP, Evan J. Zucker -- ezucker@blankrome.com -- Blank Rome LLP. JPMorgan Chase Bank, N.A., individually and as Administrative Agent for various lenders party to the Term Loan Agreement described herein, Defendant, represented by John M. Callagy -- jcallagy@kelleydrye.com -- Kelley Drye & Warren, LLP, Emil A. Kleinhaus -- eakleinhaus@wlrk.com -- Wachtell, Lipton, Rosen & Katz, Martin Krolewski -- mkrolewski@kelleydrye.com -- Kelley Drye & Warren, LLP, Harold S. Novikoff -- hsnovikoff@wlrk.com -- Wachtell, Lipton, Rosen & Katz, Christopher Lee Wilson -- clwilson@wlrk.com -- Wachtell, Lipton, Rosen & Katz, Marc Wolinsky -- mwolinsky@wlrk.com -- Wachtell, Lipton, Rosen & Katz. Alticor Inc, Defendant, represented by Joseph H. Lemkin, Stark & Stark, Emily S. Rucker, Warner Norcross & Judd LLP, Gordon J. Toering, Warner Norcross & Judd LLP. Arrowgrass Master Fund Ltd, Defendant, represented by Elliot Moskowitz, Davis Polk & Wardwell LLP. Atrium IV, Defendant, represented by Bruce Bennett, Jones Day. Blackrock Corporate High Yield Fund, Inc., Defendant, represented byAndrew K. Glenn, Kasowitz, Benson, Torres & Friedman LLP. Canadian Imperial Bank of Commerce, Defendant, represented by Oscar N. Pinkas, Dentons US LLP. DE-SEI Instl Inv TR-Hi Yld BD, Defendant, represented by Denis Dice, Marshall Dennehey Warner Coleman & Goggin, Richard David Lane, Marshall Dennehey Warner Coleman & Goggin, Joel Wertman, Marshall Dennehey Warner Coleman & Goggin. Foothill CLO I, Ltd., Defendant, represented by Mark T. Power, Hahn & Hessen LLP. Highland Credit Opportunities CDO, Ltd., Defendant, represented by Jill B. Bienstock, Cole Schotz P.C., Gary H. Leibowitz, Cole Schotz P.C.. Ohio Police & Fire Pension, Defendant, represented by Daniel R. Swetnam, Ice Miller LLP. Reams - City of Oakland Police, Defendant, represented by Noah M. Schubert, Schubert Jonckheer & Kolbe, LLP. State of Connecticut, Defendant, represented by Elizabeth Austin, Pullman & Comley, LLC. TCW IL St Brd of Inv, Defendant, represented by Andrew J. Entwistle, Entwistle & Cappucci LLP. Wells Cap Mgmt, Defendant, represented by Jordan E. Stern, Becker, Glynn, Muffly, Chassin & Hosinski LLP. City of Oakland Police & Fire Retirement System, Defendant, represented byColin T Bowen, City of Oakland Office of the City Attorney, Otis McGee, Jr., City of Oakland Office of the City Attorney, Barbara J. Parker, Office of the City Attorney City of Oakland, Kathryn Y Schubert, Schubert Jonckheer & Kolbe, LLP, Selia M Warren, City of Oakland Office of the City Attorney. Continental Casualty Company, Defendant, represented by Daniel Mills Hinkle, Elenius Frost & Walsh, William P Lalor, Elenius Frost & Walsh, Paul Sheldon, Elenius Frost & Walsh. Phoenix Edge Series Fund Phoenix Multi Sector Short Term Bond Series, Defendant, represented by Brendan M. Scott, Klestadt Winters Jureller Southard & Stevens, LLP. Fairview Funding LLC, Defendant, represented by Donald F. Campbell, Jr., Giordano Halleran & Ciesla, PC. Indiana University, Defendant, represented by Michael M. Krauss, Faegre Baker Daniels LLP. Ivy Fund Inc.-High Income Fund, Defendant, represented by Matthew Allen Alvis, K&L Gates LLP, Robert Honeywell, K&L Gates LLP, Joseph Clark Wylie, II, K&L Gates LLP. Kynikos Opportunity Fund II LP, Defendant, represented by Stewart D Aaron, Arnold & Porter, LLP. Morgan Stanley Senior Funding Inc., Defendant, represented by Bevin M. Brennan, DLA Piper LLP, Kevin D. Finger, DLA Piper LLP. Reams City of Montgomery Alabama Employees Retirement System, Defendant, represented by Edward F. Haber, Shapiro Haber & Urmy LLP. State of Indiana Major Moves, Defendant, represented by Heather M. Crockett, Office of the Attorney General, Maricel E.V. Skiles, Office of the Indiana Attorney General. The Ad Hoc Group of Term Lenders, The Ad Hoc Group of Term Lenders, Defendant, represented by Marc T.G. Dworsky, Munger, Tolles & Olson, LLP,Benjamin Rosenblum, Jones Day. PNC Bank, National Association, Defendant, represented by John Lucian, Blank Rome LLP, Stanley B. Tarr, Blank Rome LLP. GCG, LLC, Claims and Noticing Agent, represented by Angela Ferrante, Garden City Group, LLC. Term Loan Lenders, Cross-Claimant, represented by Erin L Burke, Jones Day, George M Garvey, Munger Tolles & Olson, Matthew A Macdonald, Munger, Tolles & Olson. Ad Hoc Group of Term Lenders, Cross-Claimant, represented by Bradley Schneider, Munger, Tolles & Olson, LLP. 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. As of June 30, 2015, Motors Liquidation had $860 million in total assets, $74 million in total liabilities and $786 million in net assets in liquidation. NATIONAL GENERAL: A.M. Best Rates $200MM 7.5% Preferred Stock 'bb' ------------------------------------------------------------------ A.M. Best has assigned an issue rating of "bb" to the recently issued $200 million 7.50% non-cumulative perpetual preferred stock of National General Holdings Corp. (NGHC) [NASDAQ: NGHC] (headquartered in New York, NY). The outlook assigned to the rating is stable. All remaining ratings of NGHC and its subsidiaries are unchanged. The proceeds from the issuance will be used for general corporate purposes, including strategic acquisitions and support of current and future policy writings. With the issuance of the preferred shares, NGHC's adjusted debt-to-total capital and adjusted debt-to-tangible capital measures remain within A.M. Best's guidelines for the current rating level, as does its interest coverage ratio. NATIONWIDE PARTS: Case Summary & 10 Unsecured Creditors ------------------------------------------------------- Debtor: Nationwide Parts & Hardware Inc 1330 W Industrial Ave Ste 108 Boynton Beach, FL 33426 Case No.: 16-19878 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Paul G. Hyman, Jr. Debtor's Counsel: Mary Jo Rivero, Esq. MARY JO RIVERO, P.A. 1806 N Flamingo Rd #355 Pembroke Pines, FL 33028 Tel: (954) 704-9332 Fax: (954) 704-2388 E-mail: ecf@maryjorivero.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher E. Ortiz, president. A copy of the Debtor's list of 10 unsecured creditors is available for free at http://bankrupt.com/misc/flsb16-19878.pdf NETWORK CREATIVE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Network Creative Group, LLC dba BlueHighways TV 1242 Old Hillsboro Rd Franklin, TN 37069-9129 Case No.: 16-05024 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Middle District of Tennessee (Nashville) Judge: Hon. Marian F Harrison Debtor's Counsel: David W Houston, IV, Esq. BURR & FORMAN LLP 511 Union Street, Suite 2300 Nashville, TN 37219 Tel: 615-724-3215 Fax: 615-724-3290 E-mail: dhouston@burr.com Estimated Assets: Not Indicated Estimated Liabilities: Not Indicated The petition was signed by Alan McLaughlin, COO. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/tnmb16-05024.pdf NORTEL NETWORKS: Court Clarifies SNMP Infringement Ruling ---------------------------------------------------------- Judge Kevin Gross of the United States Bankruptcy Court for the District of Delaware has issued clarifications to its February 8, 2016 ruling on the parties cross-motions for summary judgment in the adversary proceeding captioned SNMP Research International, Inc., and SNMP Research, Inc., Plaintiffs, v. Nortel Networks Inc., et al., and Avaya Inc., Defendants, Adv. No. 11-53454(KG) (Bankr. D. Del.). Judge Gross clarified that there is no question that Nortel Networks Inc. infringed by transferring SNMP's software to purchasers in the Business Line Sales, because the software was embedded in the product. The judge, however, said that it remains a question of fact if Nortel profited from the infringement. The bankruptcy case is In re: Nortel Networks Inc., et al., Chapter 11, Debtors, No. 09-10138(KG) (Jointly Administered) (Bankr. D. Del.). A full-text copy of Judge Gross' July 7, 2016 memorandum opinion is available at https://is.gd/wr9PSQ from Leagle.com. SNMP Research International, Inc. is represented by: Nicholas J. Brannick, Esq. Norman L. Pernick, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Tel: (302)652-3131 Fax: (302)652-3117 Email: nbrannick@coleschotz.com npernick@coleschotz.com -- and -- Gilbert D. Dean, Esq. 410 COLE SCHOTZ P.C. 300 East Lombard Street, Suite 1450 Baltimore, MD 21202 Tel: (410)230-0660 Fax: (410)230-0667 Email: ddean@coleschotz.com -- and -- John L. Wood, Esq. EGERTON, MCAFEE, ARMISTEAD & DAVIS, P.C. 900 S. Gay Street Riverview Tower 14th Floor Knoxville, TN 37902 Tel: (865)546-0500 Fax: (865)525-5293 Email: jwood@emlaw.com Nortel Networks Inc. is represented by: Derek C. Abbott, Esq. Andrew R. Remming, Esq. Tamara K. Minott, Esq. MORRIS, NICHOLS, ARSHT & TUNNEL 1201 North Market Street, 16th Floor Wilmington, DE 19899-1347 Tel: (302)658-9200 Fax: (302)658-3989 Email: dabbott@mnat.com aremming@mnat.com tminott@mnat.com -- and -- David H Herrington, Esq. Jennifer M. Palmer, Esq. Lisa M. Schweitzer, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, NY 10006 Tel: (212)225-2000 Email: dherrington@cgsh.com jpalmer@cgsh.com lschweitzer@cgsh.com Avaya Inc. is represented by: Elihu Ezekiel Allinson, III, Esq. William A. Hazeltine, Esq. William D. Sullivan, Esq. SULLIVAN HAZELTINE ALLINSON LLC 901 North Market Street, Suite 1300 Wilmington, DE 19801 Tel: (302)428-8191 Fax: (302)428-8095 Email: zallinson@sha-llc.com whazeltine@sha-llc.com bsullivan@sha-llc.com -- and -- Michael Joseph Custer, Esq. PEPPER HAMILTON LLP Hercules Plaza, Suite 5100 1313 Market Street Wilmington, DE 19899-1709 Tel: (302)777-6500 Fax: (302)421-8390 Email: custerm@pepperlaw.com -- and -- Tor Frederick, Esq. Paul R. Gupta, Esq. Clifford R. Michel, Esq. ORRICK HERRINGTON & SUTCLIFFE LLP -- and -- Joshua Krumholz, Esq. John J. Monaghan, Esq. HOLLAND & KNIGHT LLP 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel: (617)523-2700 Fax: (617)523-6850 Email: joshua@krumholz@hklaw.com john.monaghan@hklaw.com -- and -- Barbra Rachel Parlin, Esq. HOLLAND & KNIGHT LLP 31 West 52nd Street New York, NY 10019 Tel: (212)513-3200 Fax: (212)385-9010 Email: barbra.parlin@hklaw.com James L. Garrity, Jr. is represented by: Colm F. Connolly, Esq. MORGAN, LEWIS & BROCKIUS LLP 1007 N. Orange St., Ste. 501 Wilmington, DE 19801 Tel: (302)574-3000 Fax: (302)574-3001 Email: colm.connolly@morganlewis.com About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. The question of how to divide $7.3 billion raised in the international bankruptcy of Nortel Networks Corp. was answered on May 12, 2015, by two judges, one in the U.S. and one in Canada. According to The Wall Street Journal, Justice Frank Newbould of the Ontario Superior Court of Justice in Toronto and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the outcome: a modified pro rata split of the money. OLD COLD: Exclusive Plan Filing Period Extended to Oct. 25 ---------------------------------------------------------- The Hon. J. Michael Deasy of the U.S. Bankruptcy Court for the District of New Hampshire has extended, at the behest of Old Cold, LLC, the exclusive period for the Debtor to file a Chapter 11 plan through Oct. 25, 2016, and the period for the Debtor to solicit acceptances of the plan through Dec. 24, 2016. As reported by the Troubled Company Reporter on June 17, 2016, the Debtor sought the extension, believing that an expeditious restructuring is crucial to preserving the value of its businesses and is in the best interests of the estate and all its stakeholders. The Debtor sought a sale of its assets and now seeks to wind down its remaining assets. The Debtor expects to file certain objections to claims and seek the approval of a plan of liquidation in due course. Further the outcomes of the pending appeals will greatly impact the Debtor's ability to reorganize. Currently oral argument in both appeals is scheduled for July 18, 2016, before the Bankruptcy Appellate Panel. Accordingly, no decision will be rendered prior to the current Exclusive Periods. Based in Portsmouth, New Hampshire, Old Cold, LLC, is a material innovation company, with the front-facing brands of Coolcore and Dr. Cool. Coolcore, the global leader in chemical-free cooling fabrics, has partnerships to develop fabrics for consumer brands throughout the world. Dr. Cool is a consumer goods brand based on the foundation of chemical-free cooling products. Old Cold filed for Chapter 11 bankruptcy protection (Bankr. D. N.H. Case No. 15-11400) on Sept. 1, 2015. ON QUE FOOD: Hires Blackman & Melville as Attorney -------------------------------------------------- On Que Food Service Group LLC dba Jakes Wayback Burgers seeks authorization from the U.S. Bankruptcy Court for the Eastern District of New York to employ Blackman & Melville, P.C. as attorney. The proposed arrangement for compensation, including hourly rates, if applicable is for legal work $300 per hour work with regards to the case. Blackman & Melville will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor has been charged and quoted a retainer fee in the amount of $15,000. Nigel E. Blackman, member of Blackman & Melville, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Blackman & Melville can be reached at: Nigel E. Blackman, Esq. BLACKMAN & MELVILLE, P.C 11 Broadway, Suite 615 New York, NY 10004 Tel: (718) 576-1646 On Que Food Service LLC, a Jakes Wayback Burgers franchisee, filed a chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-41930) on May 3, 2016, estimating its assets and debts at less than $1 million. Nigel E. Blackman, Esq., at Blackman & Melville, PC, in Lawrenceville, Ga., represents the Debtor. P2 UPSTREAM: S&P Lowers CCR to 'B-' on Higher Leverage ------------------------------------------------------ S&P Global Ratings said it lowered its corporate credit rating on Houston-based P2 Upstream Acquisition to 'B-' from B. The outlook is negative. S&P also lowered its issue-level ratings on the company's first-lien credit facilities to 'B' from 'B+'. The recovery ratings remain '2', indicating S&P's expectation for substantial (70% to 90%; upper half of the range) recovery in the event of a payment default. Additionally, S&P lowered its issue-level ratings on the company's second-lien term loan to 'CCC' from 'CCC+'. The recovery rating on the second-lien term loan remains '6', indicating S&P's expectation for negligible (0% to 10%) recovery in the event of a ayment default. "The downgrade reflects the substantial declines in capital spending among P2's customer base because of continued weakness in the O&G market, resulting in increased leverage to about 8x as of March 31, 2016, up from the high 6x-area year over year," said S&P Global Ratings credit analyst Andrew Yee. Based on S&P's expectation that U.S. E&P companies will cut capital spending by about 40% in 2016 after an already significant 35% year-over-year spending reduction in 2015, S&P projects P2's total revenues will be down by about 12% to 15% and profitability will be under pressure by fiscal year-end Sept. 30, 2016, such that leverage increases to the mid- to high-8x-area. Free operating cash flow (FOCF) was about $10 million for the 12 months ended March 31, 2016, the same as the year-ago period. S&P expects FOCF to weaken over the next 12 months but continue to stay positive. The negative outlook on P2 reflects S&P's expectation for continued declines in license sales and renewals, which could result in lower profitability and lower free operating cash flow. PARAGON OFFSHORE: "Nightmare" for Secured Creditors --------------------------------------------------- John E. Morris, writing for Bloomberg Brief, reported that some of Paragon Offshore's lenders may end up with a worse deal than junior creditors when the Texas-based drill rig operator completes its restructuring, according to Bloomberg Intelligence senior credit analyst Philip Brendel. This, according to Mr. Brendel, highlights the need for creditors to get liens on cash and robust covenants. "The recent journey of secured term-loan lenders in Paragon Offshore may seem like their worst nightmare," Mr. Brendel said in a June 27 report. "Not only are lenders of the $642 million term loan marking their debt at 26 cents on the dollar, they may also see pari passu lenders and even junior creditors receive cash distributions and recoveries higher than where their paper trades." According to the report, Paragon term-loan lenders, advised by Kaye Scholer and FTI, objected to the company's reorganization plan at a hearing in Delaware that ended June 20. The key in Paragon's case is that neither its revolver nor its term loan -- which are pari passu -- had a lien on cash, the report related. Instead they were secured by first liens on most other assets, the report said. Paragon took advantage of that in September, drawing $332 million on the revolver, the report added. Now it plans to give $510 million of cash to unsecured creditors and revolver lenders but none to the term lenders, the report further related. About Paragon Offshore Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a global provider of offshore drilling rigs. Paragon's operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semisubmersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales and its ordinary shares have been trading on the over-the-counter markets under the trading symbol "PGNPF" since December 18, 2015. Paragon Offshore Plc, et al., filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016, after reaching a deal with lenders on a reorganization plan that would eliminate $1.1 billion in debt. The petitions were signed by Randall D. Stilley as authorized representative. Judge Christopher S. Sontchi is assigned to the cases. The Debtors reported total assets of $2.47 billion and total debts of $2.96 billion as of Sept. 30, 2015. The Debtors have engaged Weil, Gotshal & Manges LLP as general counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard Freres & Co. LLC as financial advisor, Alixpartners, LLP as restructuring advisor, and Kurtzman Carson Consultants as claims and noticing agent. PAUL GREMILLION: Court Denies Approval of Settlement with Gemino ---------------------------------------------------------------- Judge Elizabeth W. Magner of the United States Bankruptcy Court for the Eastern District of Louisiana denied Paul Gremillion, Sr.'s motion for an order approving a settlement agreement and compromise with Gemino Healthcare Finance, LLC. Judge Wagner held that "while the Affidavit, executed on October 19, 2015, does represent that the 'material terms' of a settlement have been confirmed, it does not represent that those terms have been reduced to writing. Gemino also filed the Affidavit within the forty-five day period for payment. For these reasons, the Court does not find that the representations contained in the Pennsylvania Complaint or Affidavit were misleading or contrary to Gemino's present position." The case is IN RE: PAUL GREMILLION, SR., SECTION A, Chapter 11, DEBTOR, Case No. 15-13063 (Bankr. E.D. La.). A full-text copy of Judge Magner's July 7, 2016 order and reasons is available at https://is.gd/NqvYUj from Leagle.com. Paul Gremillion, Sr. is represented by: John C. Anderson, Esq. ANDERSON & DANIELS, LLC Baton Rouge, LA 70884 Tel: (225)292-8176 Fax: (225)706-1413 Email: jca@andersonfirm.net Office of the U.S. Trustee, U.S. Trustee, is represented by: Amanda Burnette George, Esq. OFFICE OF THE U.S. TRUSTEE 400 Poydras Street, Suite 2110 New Orleans, LA 70130 Tel: (504)589-4018 Fax: (504)589-4096 PEAK WEB: Creditors' Panel Hires Ball Janik as Counsel ------------------------------------------------------ The Official Committee of Unsecured Creditors of Peak Web LLC seeks authorization from the U.S. Bankruptcy Court for the District of Oregon to retain Ball Janik LLP as counsel to the Committee. The Committee requires Ball Janik to: (a) assist the Committee in the investigation of the financial affairs of the Debtor; (b) assist the Committee in evaluating and negotiating any proposed sale of all or substantially all of the Debtor's assets, by auction or otherwise; (c) assist the Committee in evaluating alternatives to the sale of the Debtor's assets, including the feasibility of proposing and confirming a plan of reorganization; (d) prepare all necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports, and other papers required in this case; and (e) represent the Committee in all other aspects of this Chapter 11 case. Ball Janik will be paid at these hourly rates: Brad T. Summers, Partner $525 Naomi Johnson, Associate $300 Stuart Wylen, Paralegal $200 Ball Janik will also be reimbursed for reasonable out-of-pocket expenses incurred. Brad T. Summers, partner of Ball Janik, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Ball Janik can be reached at: Brad T. Summers, Esq. BALL JANIK LLP 101 SW Main Street, Ste 1100 Portland, OR 97204 Tel: (503) 228-2525 Fax: (503) 295-1058 E-mail: tsummers@balljanik.com About Peak Web Headquartered in Oregon, Peak Web, LLC dba Peak Hosting, is a managed-service company that provides the servers, storage, network, datacenter, and staff for some of the largest online businesses. Peak's operations and engineering teams currently support 26 customers in industries spanning online and mobile gaming, finance, real estate, consulting, and big data companies. Peak has 50% of its data center pre-built and ready for new customers. This equates to about 100 racks of space, which can accommodate approximately 2,000 additional servers for the expansion of new and existing customers. Peak Web sought creditor protection in the U.S. Bankruptcy Court for the District of Oregon (Bankr. D. Ore. Case No. 16-32311) on June 13, 2016. The petition was signed by Jeffrey E. Papen as CEO. The Debtor estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtor has engaged Tonkon Torp LLP as counsel, Cascade Capital Group, LLC as consultant and Susman Godfrey LLP and Ropers Majeski Kohn Bentley PC as its litigation counsel. The case is assigned to Judge Peter C McKittrick. PERMIAN RESOURCES: Apollo-Led Investors Said to Snap Up Assets -------------------------------------------------------------- David Carey, writing for Bloomberg Brief, reported that distressed-debt investors including Leon Black's Apollo Global Management LLC have snapped up much of the debt of Permian Resources, with an eye to potentially capturing control of the oil and gas producer started in 2014 by the late Aubrey McClendon, people familiar with the matter said. Apollo and EIG Global Energy Partners, a Washington-based firm, paid fire-sale prices for the debt starting in 2015 after oil prices plunged, while amassing more than half of Permian Resources' $1.6 billion face value of unsecured bonds, according to the people, who asked not to be named because the information is private, the report said. WL Ross & Co., led by distressed investor Wilbur Ross, is a third major holder of the unsecured bonds, which makes up just over half the company’s $3 billion of debt, the people said, according to the report. All three firms pursue distress-for-control plays, which involve accumulating stakes in troubled companies' debt with the objective of wresting control through a debt-for-equity swap, either in an out-of-court restructuring or in a bankruptcy reorganization, the report related. The Bloomberg report said the Wall Street Journal also reported the firms had invested in the oil and gas producer’s debt in a bid to take control. That outcome may be in the cards for Permian Resources, Carin Dehne-Kiley, an analyst at S&P Global Ratings, said in a phone interview, the report related. "The debt load is not sustainable," she said. According to Bloomberg, Oklahoma City-based Permian Resources, formerly named American Energy-Permian Basin, is widely seen as having among the best assets of a half dozen oil-and-gas acquisition vehicles that McClendon set up during his brief tenure at American Energy Partners. AEP is the deal boutique he founded in 2013 after being ousted as chief executive officer of Chesapeake Energy Corp., the nation's second-largest natural gas producer, the report related. McClendon, who died in a car crash in March, got most of his equity funding from Energy & Minerals Group, the Houston-based private equity firm that currently controls Permian Resources, but the bulk of the money for his deals came from debt, a bent for borrowing that now plagues, in addition to McClendon's startups, scores of oil and gas producers that binged on loans in heady days when oil prices were high, the report further related. * * * The Troubled Company Reporter on May 27, 2016, reported that S&P Global Ratings raised its corporate credit rating on Oklahoma-City-based oil and gas exploration and production company Permian Resources LLC (formerly American Energy Permian Basin LLC) and parent company Permian Resources Holdings LLC (formerly American Energy Permian Holdings LLC) to 'CCC' from 'SD'. POPEXPERT INC: Creditors' Panel Hires Pachulski Stang as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of PopExpert, Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of California to retain Pachulski Stang Ziehl & Jones LLP as counsel, effective May 17, 2016. The Committee requires Pachulski Stang to: (a) assist, advise, and represent the Committee in its consultations with the Debtor and other creditor constituencies or parties in interest regarding the administration of this case; (b) assist, advise, and represent the Committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, other asset dispositions, financing arrangements and cash collateral stipulations or proceedings; (c) assist, advise, and represent the Committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under unexpired leases and executory contracts; (d) assist, advise, and represent the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtor, the operation of the Debtor's business and the desirability of the continuance of any portion of the business, and any other matters relevant to this case or to the formulation of a plan; (e) assist, advise, and represent the Committee in its participation in the negotiation, formulation and drafting of a plan of reorganization; (f) provide advice to the Committee on the issues concerning the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; (g) assist, advise, and represent the Committee in the performance of all of its duties and powers under the Bankruptcy Code and the Bankruptcy Rules and in the performance of such other services as are in the interests of those represented by the Committee; and (h) assist, advise, and represent the Committee in the evaluation of claims and any litigation matters. Pachulski Stang will be paid at these hourly rates: John D. Fiero $825 Paralegal $325 Pachulski Stang will also be reimbursed for reasonable out-of-pocket expenses incurred. John D. Fiero, partner of Pachulski Stang, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Pachulski Stang can be reached at: John D. Fiero, Esq. PACHULSKI STANG ZIEHL & JONES LLP 150 California Street, 15th Floor San Francisco, CA 94111-4500 Tel: (415) 263-7000 E-mail: jfiero@pszjlaw.com About PopExpert PopExpert, Inc., nka Old PXPRT Inc., develops and operates a number of internet platforms that provide on demand access to lifelong learning. Its platforms enable customers to learn from top experts around topics that help customers improve at life, work and play. On popexpert.com individuals can connect with experts for live and one-to-one video lessons in several subject areas. The subject areas generally involve topics of emotional intelligence or emotional quotient (EQ), such as meditation, nutrition, relationships, productivity, career mentoring, language, music, and style. The experience on the PopExpert Web site -- http://www.popexpert.com/-- allows users to book and pay for lessons, and video chat, all from their accounts, as well as to sign up for on demand online workshops in various topics. PopExpert, Inc., sought protection under Chapter 11 of the Bankruptcy Code in the Northern District of California (San Francisco) (Case No. 16-30390) on April 12, 2016. The petition was signed by Ingrid Sanders, chief executive officer. The case is assigned to Judge Hannah L. Blumenstiel. The Debtor is represented by Ori Katz, Esq., at Sheppard, Mullin, Richter & Hampton. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. POTLATCH CORP: S&P Assigns 'BB' Rating on Proposed $65.7MM Bonds ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Potlatch Corp.'s proposed $65.7 million senior unsecured revenue bond obligation, to be issued by Nez Perce County, Idaho. Potlatch will use proceeds of the new bond issue to refinance its existing pollution revenue bonds series 1996 (obligor: Potlatch Corp.) in the amount of about $65.7 million. The new revenue bonds will mature and be due and payable on Oct. 1, 2024, the same maturity date as the bonds they are replacing. The '3' recovery rating on the new bonds indicates that investors could expect meaningful (50%-70%; higher end of the range) recovery in the event of a default. Potlatch Corp. (BB/Positive) is a timber real estate investment trust (REIT) that owns approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota, and Mississippi. The company derives much of its income from the sale of timber, investments in real estate, and manufacture of wood products. Ratings List Potlatch Corp. Corporate Credit Rating BB/Positive/-- New Rating Potlatch Corp.* $65.7 mil sr unsecd rev bonds BB Recovery Rating 3H *Issuer: Nez Perce County, Idaho. PREFERRED CONCRETE: Hires Allocco Miller as Special Counsel ----------------------------------------------------------- Preferred Concrete & Excavating Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Todd A. Miller and Allocco, Miller and Cahili, P.C. as special counsel. The Debtor requires Allocco Miller to: (a) provide legal advice to and representation of the Debtor with respect to the union matter; and (b) perform all legal work required by the Debtor relating to the post petition union matters. Allocco Miller will be paid at these hourly rates: Todd A. Miller $350 Kathleen M. Cahill $225 Megan M. Moore $225 Allocco Miller will also be reimbursed for reasonable out-of-pocket expenses incurred. As of the petition date, Allocco Miller is owed $7,650 from the Debtor and is not holding any funds on retainer. Todd A. Miller, principal partner of Allocco Miller, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Allocco Miller can be reached at: Todd A. Miller, Esq. ALLOCCO, MILLER AND CAHILL, P.C. 20 N. Wacker Drive, Suite 3517 Chicago, IL 60606 Tel: (312) 675-4325 Fax: (312) 675-4326 E-mail: tam@alloccomiller.com Preferred Concrete & Excavating, Inc., is a union concrete contractor engaged in concrete in construction in Northern Illinois and surrounding areas for the past 14 years. The Debtor has approximately 10 employees. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 16-81114) on May 4, 2016. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman serves as the Debtor's bankruptcy counsel. PREMIUM TRANSPORTATION: Has Until Oct. 10 to Exclusively File Plan ------------------------------------------------------------------ The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware has extended, at the behest of Premium Transportation Services, Inc., the period during which the Debtor has the exclusive right to file a Chapter 11 plan by 90 days through and including Oct. 10, 2016, and the period during which the Debtor has the exclusive right to solicit acceptances of the plan through and including Dec. 8, 2016. As reported by the Troubled Company Reporter on June 30, 2016, the Exclusive Period to file a plan terminated on July 11, 2016, and the Exclusive Period to solicit acceptances of the Plan is set to expire on Sept. 9, 2016. About Premium Transportation Premium Transportation Services, Inc., sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Delaware) (Case No. 16-10629) on March 13, 2016. The Debtor is a logistics provider with expertise in distributing imports. The Debtor is represented by Robert J. Dehney, Esq., and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell, LLP. The petition was signed by Sam Joumblat, CFO. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million. Andrew Vara, acting U.S. trustee for Region 3, originally appointed five members to the official committee of unsecured creditors of Premium Transportation Services Inc. On April 5, the U.S. Trustee said one member -- TEC of California Inc. -- has resigned. The remaining committee members are The Claro Group, LLC, Flexi Van Leasing Inc., QED Software LLC d/b/a Trinium Technologies, and Juan Umana. The Committee retained Province, Inc., as Financial Advisor. * * * Premium Transportation Services, Inc., filed a first amended plan of reorganization and accompanying disclosure statement to, among other things, modify the estimated recovery of creditors and estimated amount of claims. Under the First Amended Plan, holders of Class 6 - General Unsecured Claims will recover an estimated 2.5% to 7% of their total allowed claims, which amount to $7,000,000 to $20,000,000. Holders of Class 5 - Trade Claims will recover an estimated 62% to 80% of their total allowed claims, which amount to $900,000 to $1,200,000. PUERTO RICO: Hires Public Financial Management as Adviser --------------------------------------------------------- Michelle Kaske, writing for Bloomberg Brief, reported that Puerto Rico hired Public Financial Management Inc. to serve as the commonwealth's adviser on capital financing transactions. Terms of the agreement weren't disclosed, according to the report. The Philadelphia-based firm will assist the island and its various utilities and agencies on pricing and execution of borrowings through June 2017, the Puerto Rico Fiscal Agency and Financial Advisory Authority said in a statement, the report related. The authority serves as the commonwealth's fiscal agent after Governor Alejandro Garcia Padilla in April placed the Government Development Bank in an emergency period as the bank's liquidity diminished, the report further related. PFM served as a financial adviser to the GDB from July 2014 through June 30, 2016, the report said, citing Puerto Rico's Office of the Comptroller. Two contracts for that period total $1.3 million, according to the documents, the report said. PUERTO RICO: Rubio, Pierluisi Among Appointees to Task Force ------------------------------------------------------------ Ryan Rainey, writing for Morning Consult, reported that Sens. Orrin Hatch (Utah) and Marco Rubio (Fla.) will be Senate Republicans' representatives on a bicameral task force charged with coming up with methods to help Puerto Rico emerge from its debt crisis. According to the report, Rep. Nydia Velazquez (D-N.Y.) and Puerto Rico's non-voting representative in Congress, Pedro Pierluisi, will represent House Democrats. Senate Majority Leader Mitch McConnell (R-Ky.) on July 15 appointed the two senators to the task force, which is separate from the fiscal oversight board established by the recently passed law to address the island's debt crisis, the report related. Hatch is chairman of the Senate Finance Committee, and Rubio has been an outspoken advocate for a solution to the island's crisis, the report said. His home state, Florida, has one of the largest populations of people of Puerto Rican origin in the country, the report further related. Velazquez, whom House Minority Leader Nancy Pelosi (Calif.) appointed on July 14, was born in Puerto Rico and represents a district in New York City with approximately 105,000 residents of Puerto Rican origin, the report noted, citing Census Bureau data. Senate Minority Leader Harry Reid announced his appointment of Sens. Bill Nelson (Fla.) and Robert Menendez (N.J.) to the task force, the report added. The report recalled that President Obama on June 30 signed into law the Puerto Rico Oversight, Management and Economic Stability Act, also known as PROMESA. The congressional task force it established is required to complete a report on the causes and possible solutions to the crisis by the end of 2017, the report said. RAHMANIA PROPERTIES: Plan Filing Deadline Moved to Aug. 23 ---------------------------------------------------------- The Hon. Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern District of New York has extended, at the behest of Rahmania Properties LLC, the time within which the Debtor has the exclusive right to file a plan of reorganization and to solicit acceptances with respect thereto for 120 days through and including Aug. 23, 2016, and Oct. 21, 2016, respectively. As reported by the Troubled Company Reporter on April 28, 2016, the focus of the Debtor's bankruptcy is on resolving two issues that will impact the Debtor's reorganization. The first is a resolution of the Debtor's primary secured claim held by 74th Street Funding Inc. The Debtor's second issue is to resolve the litigation pending against Mohammed M. Rahman, who commenced litigation seeking to assert a constructive trust on the Debtor's Property and a 50% ownership interest in the Debtor. The Debtor submits that resolving 74th Street's claim and resolving the Action are sufficient obstacles that need to be resolved before the Debtor is in a position to propose a confirmable plan of reorganization. The Debtor is working diligently to resolve both outstanding issues. Once these issues are resolved, the Debtor will still need to evaluate its business operations and then negotiate with its other creditors and review all claims submitted by the bar date set by the Debtor and approved by the Court on Jan. 7, 2016. Rahmania Properties LLC, owns and operates a mixed-use property located at 40-32/34/36 74th Street, Queens, New York. Rahmania Properties filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 15-43971) on August 28, 2015, listing $6.8 million in assets and $3.3 million in liabilities. The petition was signed by Mohammed A. Rahman, president. Hon. Elizabeth S. Stong presides over the case. The Debtor is represented by Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C. RESOLUTE FOREST: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR ---------------------------------------------------------------- S&P Global Ratings said it revised its outlook on Resolute Forest Products Inc. to negative from stable and affirmed its 'BB-' long term corporate credit rating on the company. At the same time, S&P Global Ratings affirmed its 'BB-' issue-level rating on the company's US$600 million senior unsecured notes. The '4' recovery rating (30%-50%; in the lower half of the range) recovery in default on the debt is unchanged. "The outlook revision reflects weaker-than-expected core credit measures Resolute generated over the past year, and our expectation that its leverage will remain high for the rating over the next 12 months," said S&P Global Ratings credit analyst Alessio Di Francesco. S&P also factors into its outlook revision the uncertainty related to softwood lumber trade negotiations between Canada and the U.S., which could further pressure earnings and cash flow beyond S&P's expectations. S&P's base-case scenario assumes that a new trade agreement will not be reached by the Oct. 12, 2016 deadline and that the U.S. Department of Commerce will impose countervailing and anti-dumping duties of about 20% on Resolute's lumber shipments to the U.S. starting in second-quarter 2017. S&P recognizes this assumption is highly speculative at this time and the actual outcome of these trade negotiations could have a positive or negative impact on S&P's forecasted credit measures. "We assess Resolute's business risk profile as weak, reflecting our view of the company's large exposure to the declining North American newsprint and commercial printing paper markets due to electronic substitution (about 45% of 2015 EBITDA). In our opinion, Resolute also benefits from large scale when compared with its peers due to its positions as the largest newsprint producer in the world, accounting for about 10% of global capacity; the third-largest market pulp producer in North America (behind Georgia Pacific LLC and Weyerhaeuser Co. Ltd.); the largest volume producer of wood products east of the Rockies; and the largest North American producer of uncoated mechanical paper. We believe the company also benefits from vertical integration of its pulp and paper production, which contributes to a low cost profile when compared with other newsprint and specialty paper producers. We also believe the company's expansion into tissue production provides it with an opportunity to improve operating efficiency and cash flow stability by further integrating its pulp production," S&P said. The negative outlook on Resolute reflects S&P's view that adjusted debt-to-EBITDA will be more than 5x in 2016, which it considers high for the rating. The outlook also reflects S&P's view of the company's volatile credit measures and uncertain softwood lumber trade negotiations between Canada and the U.S., the outcome of which could contribute to credit measures that are weaker than S&P expect. S&P could downgrade the company within the next 12 months if it expects Resolute to sustain adjusted debt-to-EBITDA above 5x beyond 2017. This could occur from persistent weakness in realized prices combined with tariffs on U.S. softwood lumber imports that lead to earnings and cash flow below S&P's expectations. S&P could also downgrade the company if liquidity deteriorates to adequate. S&P could revise the outlook to stable within the next 12 months if it believes the prospects for Resolute to sustain adjusted debt-to-EBITDA below 5x beyond 2017 improve while maintaining strong liquidity. This could occur if credit measures improve in line with S&P's's expectations and we get more visibility on the potential impact of softwood lumber trade negations between Canada and the U.S. REVLON CONSUMER: Moody's Lowers CFR to B1, Outlook Stable --------------------------------------------------------- Moody's Investors Service, Inc. downgraded Revlon Consumer Products Corporation's Corporate Family Rating to B1 from Ba3, Probability of Default Rating (PDR) to B1-PD from Ba3-PD, senior secured credit facility rating to Ba3 from Ba2 and senior unsecured debt instrument rating to B3 from B2. Moody's affirmed the company's Speculative Grade Liquidity rating at SGL-1. The rating outlook is stable. This rating action concludes the rating review for downgrade that was initiated on June 17, 2016, following the company's announcement that it had entered into an agreement to acquire Elizabeth Arden ("Arden", Caa1) in a transaction valued at approximately $870 million that would be financed primarily with new debt. The transaction is expected to close during the second half of 2016, subject to customary regulatory and closing conditions. Moody's also assigned a Ba3 rating to Revlon's proposed $1.8 billion seven-year senior secured term loan. Proceeds from the proposed term loan, and from a proposed $400 million five-year asset-based revolving credit ("ABL") facility that will not be rated by Moody's, will be used to partly fund the acquisition of Arden, refinance existing Revlon debt and provide liquidity. A $400 million issuance of senior unsecured debt also is planned as part of the transaction financing. The downgrades primarily reflect the high financial leverage that will result from Revlon's Arden acquisition, along with high execution risks and anticipated earnings volatility related to the company's aggressive plan to extract approximately $140 million of cost synergies. In recent years, Arden has experienced severe erosion in earnings and cash flow due to competitive pressures, inefficient distribution and a scaled-back innovation pipeline. The company is in the midst of restructuring its operations to restore growth and improve its operating performance. "We believe that most of the planned cost synergies, which are significantly weighted toward head-count reductions, are near-term achievable," commented Moody's consumer products analyst, Brian Weddington. "However, given that Arden's operations have not fully stabilized, we anticipate that Revlon will face challenges along the way that could affect sales performance and raise the cost and the time to implement some of the more complex cost synergies," added Weddington. RATINGS RATIONALE Revlon's B1 Corporate Family Rating primarily reflects the high financial leverage that will result from the Arden acquisition, along with high risks related to the integration of the still challenged business and achieving aggressive cost savings. The rating is supported by Revlon's relatively stable operating performance and its strong portfolio of global beauty brands. In addition, we expect that over time, the company's profile will benefit from the addition of Arden, which will provide greater scale, diversification into the fragrance segment, and access to important international channels, especially in Asia/Pacific regions. The rating also reflects high exposure to acquisition event risk related to the controlling stake held by the Ron Perelman-owned investment firm MacAndrews and Forbes. These ratings were downgraded: Revlon Consumer Products Corporation: Corporate Family Rating to B1 from Ba3; Probability of Default Rating to B1-PD from Ba3-PD; Senior secured rating to Ba3 (LGD3) from Ba2 (LGD3); Senior unsecured rating to B3 (LGD5) from B2 (LGD5). Rating affirmed: Speculative Grade Liquidity Rating at SGL-1. Rating assigned: Proposed $1.8 billion senior secured term loan at Ba3 (LGD3). The outlook is stable. To fund the $870 million acquisition of Elizabeth Arden, Revlon is entering into a proposed $2.2 billion credit agreement consisting of a $1.8 billion senior secured term loan B and a $400 million ABL facility. Revlon also plans to issue $400 million of unsecured debt as part of the acquisition financing. The new debt proceeds also will be used to refinance Revlon's existing credit facility, which consists of a $175 million ABL expiring in 2018 and two tranches of outstanding term loans totaling approximately $1.3 billion maturing in 2017 and 2019. Closing leverage will be above 7.0 times debt/EBITDA, not including approximately $140 million of cost savings that the company plans to achieve over the next five years. Moody's assumes that the company will be able to achieve most of the cost savings within the first 24 months, but incorporates in the rating considerable execution risk to achieve the total amount of targeted savings. The one-notch higher Ba3 senior secured debt rating than the B1 Corporate Family Rating assumes that all existing debt instruments at Revlon will be retired at closing except for the 5.75% senior unsecured notes due 2021 (B3). The notching also assumes that the company successfully issues $400 million of additional unsecured debt to fund the deal, which Moody's expects would be assigned a B3 rating. However, if the final capital structure is materially different from Moody's expectation, the debt instrument ratings could be affected. The stable outlook reflects Moody's expectation that Revlon will achieve at least half of the projected cost savings within the first 24 months of closing and reduce debt/EBITDA below 6.0 times by the end of fiscal 2017. Revlon's ratings could be downgraded if the company's operating performance deteriorates or integration challenges are likely to cause debt to EBITDA to be sustained above 6.5 times. An upgrade is not likely in the near term given the significant challenges relating to the integration and stabilization of the acquired Elizabeth Arden business that include, among other things, realization of about $140 million in expected synergies. Over the long-term, Revlon's ratings could be upgraded if debt/EBITDA is reduced and sustained below 5.0 times, EBIT margin is sustained above 10%, and the company maintains a strong liquidity profile. The principal methodology used in these ratings was Global Packaged Goods published in June 2013. Revlon, headquartered in New York, NY, is a worldwide cosmetics, hair color, hair care, men's grooming products, beauty tools, fragrance, and personal care products company. The company is a wholly-owned subsidiary of publicly-traded Revlon, Inc., which is majority-owned by MacAndrews & Forbes (M&F). M&F is wholly-owned by Ronald O. Revlon's pro forma net sales for the 12 months ended March 2016 were approximately $2.9 billion. REVLON INC: S&P Affirms 'B+' CCR, Off CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings affirmed its 'B+' corporate credit rating on U.S.-based Revlon Consumer Products Corp. (RCPC) and removed the rating from CreditWatch negative where S&P placed it on June 17, 2016, following the company's announcement of its plans to acquire Elizabeth Arden. At the same time S&P assigned its 'B+' corporate credit rating to Revlon Inc., the parent company of RCPC. The outlook is negative. Concurrently, S&P assigned its 'B+' issue-level rating to the company's proposed $1.8 billion term loan B maturing in 2023. The recovery rating is '3', indicating S&P's expectation for meaningful recovery in the event of default at the higher end of the 50% to 70% range. S&P do not rate the company's proposed $400 million asset-based lending (ABL) revolving facility due 2021. RCPC is the borrower under these debt instruments. S&P raised its issue level rating on the company's existing $500 million senior unsecured notes to 'B+' from 'B' and revised the recovery on the notes to '4' from '5'. The '4' recovery rating indicates S&P's expectation for average recovery, at the lower end of the 30% to 50% range. The company plans to use proceeds from the term loan, along with $100 million borrowings under its new $400 million revolver to fund the acquisition of Elizabeth Arden, refinance its existing term loans, and repay existing Elizabeth Arden debt. "Our rating on Revlon reflects our belief that the acquisition of Elizabeth Arden will add new product categories to its portfolio, increase the number of channels it competes, as well as enhance its scale and geographic footprint. We base the negative outlook on our expectation that Revlon's leverage pro forma for the acquisition of Elizabeth Arden will increase to about 6x at end of fiscal 2016," said credit analyst Mariola Borysiak. "This is above our previous expectation for debt leverage remaining below 5.5x. The negative outlook also incorporates our view that leverage could remain in the high 5.0x area if Revlon incurs difficulty integrating Elizabeth Arden, which has had whose operating performance has been weak since 2014." S&P's negative rating outlook reflects the deterioration of credit measures that will result from the proposed acquisition and the risk that Revlon may not improve metrics to levels that support the rating, which could occur if the anticipated growth and synergies fail to materialize. A lower rating could result if S&P expects the company's debt to EBITDA ratio will remain elevated in the high-5x area at the end of 2017. A positive rating action (revision of the outlook back to stable) would be predicated on S&P's belief that the company successfully integrates Elizabeth Arden and at least maintains recently stabilized performance at this brand, while achieving modest growth at Revlon. Based on this scenario, S&P would expect the company to reduce debt leverage toward 5x within a year from closing of the acquisition. S&P calculates that about 12% EBITDA improvement from its projected pro forma levels at 2016 and modest debt reduction would result in debt leverage decreasing below 5.5x at the end of fiscal 2017. RIVER NORTH 414: Hires Goldstein & McClintock as Counsel -------------------------------------------------------- River North 414 LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Goldstein & McClintock LLLP as counsel, nunc pro tunc to May 24, 2016. The Debtor requires Goldstein & McClintock to: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses; (b) attend meetings and negotiating with representatives of creditors and other parties in interest; (c) take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning all litigation in which the Debtors are involved, including objections to claims filed against their estates; (d) prepare all motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtors' estates and their Chapter 11 Cases; (e) take any necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of the Debtors' plan of reorganization; (f) represent the Debtors in connection with obtaining the use of cash collateral and postpetition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court, any appellate courts, and the U.S. Trustee and protecting the interests of the Debtors' estates before those courts and the United States Trustee; and (i) perform all other necessary legal services to the Debtors in connection with the Chapter 11 Cases, including, without limitation, (i) the analysis of the Debtors' leases and executory contracts and the assumption, rejection, or assignment thereof, (ii) the analysis of the validity of liens against the Debtors, and (iii) advice on corporate, litigation, and other matters. Goldstein & McClintock will be paid at these hourly rates: Thomas R. Fawkes, partner $425 Brian J. Jackiw, partner $325 Sean P. Williams, associate $285 Senior Professionals $725 Associates $195 Legal Assistants and Law Clerks $105-$225 Goldstein & McClintock will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the Petition Date, Goldstein & McClintock received an advance payment retainer from Jesse Boyle (an individual who is an insider, claimant, and owner of both Debtors, and who the Debtors may have claims against) in the amount of $5,000. In addition, Goldstein & McClintock received an advance payment retainer in the amount of $40,000 from Premium Themes, Inc. prior to the Petition Date. G&M has applied such retainers to its fees and expenses accrued prior to the Petition Date. Thomas R. Fawkes, partner of Goldstein & McClintock, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Goldstein & McClintock can be reached at: Thomas R. Fawkes, Esq. GOLDSTEIN & MCCLINTOCK LLLP 208 South LaSalle Street, Suite 1750 Chicago, IL 60604 Tel: (312) 337-7700 Fax: (312) 216-0734 E-mail: tomf@restructuringshop.com About River North 414 River North 414 LLC and Premium Themes, Inc., based in Chicago, Illinois., filed a Chapter 11 petition (Bankr. N.D Ill. Case Nos. 16-17324 and 16-17325) on May 24, 2016. The Hon. Janet S. Baer presides over the case. Thomas R. Fawkes, Esq., at Goldstein & McClintock, as bankruptcy counsel. In its petition, the Debtors estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petitions were signed by Jesse T. Boyle, authorized officer. ROOSTER ENERGY: Enters Into Second Amendment & Waiver Agreement --------------------------------------------------------------- Rooster Energy Ltd. (COQ) on July 18, 2016, disclosed that effective June 30, 2016, it entered into a Second Amendment and Waiver to the Amended and Restated Note Purchase Agreement (the "Second Amendment") pursuant to which it issued senior secured notes in the amount of US$60 million (the "Notes") due on June 25, 2018. The Notes are secured by a first priority security interest, lien and mortgage on all of the assets of the Company. Pursuant to the Second Amendment, the EBITDA and leverage ratio covenants of the credit facility are waived for the fiscal quarter ending September 30, 2016, and the asset coverage ratio covenant is waived for the fiscal quarter ending December 31, 2016. The scheduled loan amortization has been waived for the remainder of fiscal year 2016, and replaced with a requirement for principal repayments summing to no less than $7,532,000 for the six months ending December 31, 2016. The Notes will continue to bear interest at a rate equal to Libor + 11.5% per annum (minimum of 13.0%) with interest payments due monthly; the Notes will also continue to bear additional interest for the term of the term of the waiver period at the rate of eight percent (8.0%) per annum that shall be payable in kind. Lastly, the Company has agreed to enter into fixed price commodity swap agreements covering 50% of its estimated proved developed producing natural gas production for a 24 month period, thru August 2018. The Company also disclosed that it has entered into a new decommissioning contract in the Gulf of Mexico. Total revenues under the "lump sum" contract will be approximately $22 million when the work is completed. The work is scheduled to commence in August, 2016. Robert P. Murphy, Chief Executive Officer, commented, "the Second Amendment demonstrates our lenders' confidence in the Company's ability to implement its unique strategy during this low commodity price environment. This new contract reflects the demand for creative business solutions for decommissioning oil and gas fields and will provide a beneficial source of revenue in 2016. Additionally, the Company continues to evaluate new business opportunities from both the production and decommissioning arenas during this unique, but challenging, time in our industry." If the Company is unable to restructure the financial and performance covenants of the credit facility or extend the term of the waiver on or before the end of the fiscal quarter ending December 31, 2016, then the Company may be in default of one or more of the covenants and in that event the holders of the Notes may exercise their remedies against the Company. No assurances can be given that the Company will be able to reach agreement with the holders of the Notes on the consequences of any possible default at that time and in that event the Company may not be able to continue as a going concern. About Rooster Energy Ltd. Rooster Energy Ltd. -- http://www.roosterenergyltd.com/-- is a Houston, Texas, based vertically integrated oil and gas exploration production company combined with a well service intervention/plugging and abandonment subsidiary focused in the shallow waters of the U.S. Gulf of Mexico. Its primary oil and gas assets consist of producing oil and gas wells located on US federal and state oil and gas leases and service company assets consisting of rigless well plugging and abandonment/intervention units. ROWAN COS: S&P Lowers CCR to 'BB', Outlook Negative --------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Rowan Cos. Inc. to 'BB' from 'BBB-'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's senior unsecured debt to 'BB' from 'BBB-'. S&P has assigned a '4' recovery to this debt, reflecting its expectation of meaningful (30% to 50%, lower half of the range) recovery to creditors in the event of a payment default. "The downgrade reflects our revised forecast that Rowan's leverage will exceed our expectations for a 'BBB-' rating in 2017 and 2018," said S&P Global Ratings credit analyst Carin Dehne-Kiley. Although the company has taken steps to respond to the market downturn, such as reducing operating costs, reducing capital spending, entering into "blend and extend" agreements for some of its contracted rigs, and buying back debt at a slight discount, S&P believes demand for offshore contract drilling services will remain depressed until at least 2018 and that the market is oversupplied with rigs. Therefore, S&P has reduced its dayrate and utilization assumptions for Rowan's fleet of 27 high-specification and premium jack-ups and four ultra-deepwater drillships in 2017 and 2018, resulting in funds from operations (FFO) to debt falling below our previous downgrade trigger of 20%. S&P believes demand for offshore contract drilling services will eventually recover, due to the importance of offshore production to integrated and national oil companies. The negative rating outlook on Rowan reflects S&P's expectation that the company's credit measures could fall and remain below levels S&P views as appropriate for the rating, due to challenging industry conditions. S&P projects that FFO/debt will be close to 20% in 2016, dropping to below 12% next year as utilization and dayrates decline. S&P would consider a downgrade if the company's FFO/debt remained below 12% without a clear path to improvement. This would most likely occur if the company were unable to re-contract its jack-ups in 2018. S&P could revise the outlook to stable if it expected FFO/debt to remain above 12% for a sustained period, which would most likely occur in conjunction with an offshore drilling recovery. SANJECK LLP: Case Summary & 2 Unsecured Creditors ------------------------------------------------- Debtor: Sanjeck LLP 2601 Gus Thomasson Road, Suite 100 Mesquite, TX 75150 Case No.: 16-32818 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Hon. Stacey G. Jernigan Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 E-mail: joyce@joycelindauer.com Total Assets: $1.66 million Total Liabilities: $1.29 million The petition was signed by Joel Nwoke, limited partner. A copy of the Debtor's list of two unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-32818.pdf SFX ENTERTAINMENT: Wants to Raise KERP Cap to $610K --------------------------------------------------- BankruptcyData.com reported that SFX Entertainment filed with the U.S. Bankruptcy Court a motion to supplement its key employee retention plan (KERP). The motion explains, "The Court previously approved the RemainCo KEIP/KERP Motion, the KERP portion of which contained a $450,000 total cap on payments to KERP Participants. Since that time, certain participants in the KERP have departed, the Debtors have identified certain additional employees whom the Debtors wish to retain (in light of, inter alia, additional duties undertaken by such employees as a result of the aforementioned attrition), and the Debtors' Beatport business unit that was held for sale is now anticipated to remain as a part of the Debtors' ongoing businesses. The Debtors therefore seek to increase the Approved KERP Cap by $159,753 to $609,753 and add twenty-three (23) new RemainCo KERP Participants." The Debtors also filed a separate motion to file under seal portions of its motion to supplement the Company's KERP. The Debtors explain, "The public disclosure of these portions of the Revised RemainCo KERP could have a detrimental impact on employee morale and create unnecessary distractions among the employees of the Debtors' businesses, as they would be privy to salary information and projected bonuses, resulting in potential infighting, de-motivation, or attempts to further negotiate additional payments from the Debtors." The Court scheduled an Aug. 4, 2016 hearing to consider both motions, according to the report. About SFX Entertainment SFX Entertainment, Inc., and 43 of its affiliates, a global producer of live events and digital entertainment content focused exclusively on the electronic music culture and other world-class festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016. The petitions were signed by Michael Katzenstein as chief restructuring officer. The Debtors disclosed total assets of $662 million and total debt of $490 million. Judge Mary F. Walrath is assigned to the case. Greenberg Traurig, LLP serves as the Debtors' counsel. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. The Debtor hired FTI Consulting Inc. to provide crisis and turnaround management services. An Official Committee of Unsecured Creditors has retained Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie, Inc., as financial advisor. SOFINTEK INC: U.S. Trustee Appoints 3-Member Committee ------------------------------------------------------ The Office of the U.S. Trustee on July 15 appointed three creditors of Sofintek Inc. to serve on the official committee of unsecured creditors. The committee members are: (1) Reaction Co. Randy G. Sager E-mail: rgsager@ite.net (2) Daniel J. Berman Daniel J. Berman E-mail: djberman@pacific-lawyers.com (3) Michael K. Stephenson Michael K. Stephenson E-mail: mikestephenson@q.com Sofintek Inc., d.b.a. Skydrenaline Zone, filed a Chapter 11 bankruptcy petition (Bankr. D. Guam Case No. 1:16-bk-00072) on June 24, 2016. Mark Williams, Esq., at The Law Office of Mark. E. Williams, P.C., serves as the Debtor's bankruptcy counsel. ST. JAMES NURSING: Time to Amend Disclosure Statement Extended -------------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan, Southern Division, required the debtors to amend the disclosure statement in the case captioned In re: ST. JAMES NURSING AND PHYSICAL REHABILITATION CENTER, INC., et al., Chapter 11 Debtors, Case No. 16-42333 (Bankr. E.D. Mich.). The debtors were ordered to file an amended combined plan and disclosure statement no later than July 8, 2016. A full-text copy of Judge Tucker's July 6, 2016 order is available at https://is.gd/L4Cfuq from Leagle.com. About St. James Nursing St. James Nursing & Physical Rehabilitation Center Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Eastern District of Michigan (Detroit) (Case No. 16-42333) on February 22, 2016. The petition was signed by Bradley Mali, president. The Debtor is represented by Michael E. Baum, Esq., at Schafer and Weiner, PLLC. The case is assigned to Judge Phillip J. Shefferly. The Debtor estimated assets of $0 to $50,000 and debts of $1 million to $10 million. STEPHCHRIS OF MISSOURI: Case Summary & 17 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: StephChris of Missouri, LLC 14 Park Place Swansea, IL 62226 Case No.: 16-45026 Chapter 11 Petition Date: July 15, 2016 Court: United States Bankruptcy Court Eastern District of Missouri (St. Louis) Judge: Hon. Kathy A. Surratt-States Debtor's Counsel: Thomas A. DeWoskin, Esq. DANNA MCKITRICK, PC 7701 Forsyth, Suite 800 St. Louis, MO 63105 Tel: (314) 726-1000 E-mail: edmoecf@dmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian D. Brown, managing member. A copy of the Debtor's list of 17 unsecured creditors is available for free at http://bankrupt.com/misc/moeb16-45026.pdf STIFEL FINANCIAL: Fitch Affirms B+ Preferred Stock Rating --------------------------------------------------------- Fitch Ratings has affirmed Stifel Financial Corporation's Viability Rating (VR) of 'bbb', its Long- and Short-Term Issuer Default Ratings (IDRs) of 'BBB/F2' and its senior unsecured debt rating of 'BBB'. The Rating Outlook has been maintained at Stable. KEY RATING DRIVERS VR and IDRS The affirmation of Stifel's ratings reflects the firm's conservative business profile, well-established franchise with diverse revenue sources, significant deposit funding and solid capital levels. Rating constraints include the sensitivity of the business model to overall market conditions, potential integration issues given the firm's acquisitive growth strategy and a loan portfolio that has grown rapidly and has yet to fully season. Key man risk, particularly as it relates to strategic decision making for the firm, and high compensation ratios are also rating constraints. In Fitch's view, Stifel's wealth management business has demonstrated fairly stable revenues and margins, helping to offset potential earnings volatility in the company's institutional segment. Wealth management, which represents over half of the firm's net revenues, has exhibited steady growth over several cycles. The business has grown both organically and through numerous acquisitions, including the firm's 2015 acquisition of Barclays' Wealth and Investment Management, Americas which added approximately $20 billion in client assets and $2 billion in assets to Stifel's balance sheet. While the firm has continued its acquisitive growth strategy, it has a demonstrated track record of successfully integrating its acquisitions profitably without operational issues. The recent Barclays acquisition brought Stifel's total assets to greater than $10 billion, which is a threshold for increased regulatory requirements. That said, Fitch believes that Stifel has built a robust infrastructure along with enterprise risk management capabilities that should support these additional risk management and stress testing requirements. Nevertheless, Fitch believes the firm remains potentially vulnerable to integration, retention and execution risks related to recent and future material acquisitions. Additionally, Fitch also believes the firm's CEO presents key-man risk, though this is somewhat mitigated by the firm's ability to retain key management personnel from prior acquisitions. Wealth management revenues could be negatively impacted by new Department of Labor rules which are expected to impose fiduciary standards on a host of wealth management products including brokerage IRAs. A shift in the compensation framework to a fee-based model (from commission-based) could cause wealth managers to lose certain smaller accounts under which the fee-based model is prohibitively expensive. However, in Stifel's case, the potential negative impact on the firm's overall performance is expected to be manageable, as brokerage IRA accounts represented only 15% of Stifel's client assets as of March 31, 2016, and higher fees on retained accounts could mitigate lost revenue from client asset outflows. Further clarity on the impact to the industry is expected over the coming months as market participants continue to evaluate to the rule and adjust their business practices accordingly. Despite increased costs related to regulatory compliance and acquisitions, profitability remains good. Similar to peers, Stifel's earnings are subject to some variability given its sensitivity to market conditions, particularly domestic equity and fixed income markets. Despite this sensitivity, the business has been consistently profitable over several cycles while many larger peers experienced significant losses in the aftermath of the credit crisis. Stifel's compensation ratio tends to average in the mid-60% range, which is consistent with mid-tier securities firms, though higher than bulge-bracket firms. Stifel continues to incur frequent one-time non-GAAP expenses in reported earnings due to its acquisitions. As a result, Fitch views some of these 'non-recurring' charges as more ongoing in nature given the firm's acquisitive strategy. To the extent that the firm's acquisition activity slows, Fitch expects that returns could improve as a result of lower costs and increased accretive benefits related to acquisitions. Stifel Bank, which operates under the global wealth management segment, continued its rapid growth, with total assets increasing to $8.3 billion as of March 31, 2016, up 57% from $5.3 billion the year prior. Stifel Bank grew both its investment portfolio and loan portfolio, retaining an approximately 50/50 mix between loans and securities. This mix, as well as the large proportion of securities-based lending, at approximately one-third of loans, help to offset the bank's rapid loan growth. The ratings also consider the firm's current and expected capitalization levels. Fitch views Stifel's current capitalization as robust and believes there is some room for modestly higher leverage at the current rating level. However, Fitch would expect Stifel's long-term capitalization to remain more conservative than peers because of its growth-oriented acquisition strategy. As of March 31, 2016, Stifel reported a tier one common capital ratio of 21.3%, down from 28.3% the year prior, but still higher than peers. Leverage at the broker-dealer subsidiaries is also conservative. SENIOR UNSECURED DEBT The senior unsecured debt rating is equalized with Stifel's Long-Term IDR reflecting that existing notes are senior unsecured obligations of the company that rank equally in payment priority with all existing and future unsubordinated unsecured indebtedness of Stifel. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Stifel's preferred stock issuance is expected to be rated five notches lower than Stifel's Viability Rating (VR) of 'bbb', in accordance with Fitch's 'Global Bank Rating Criteria' dated March 20, 2015. The preferred stock rating includes two notches for loss severity given these securities' deep subordination in the capital structure, and three notches for non-performance given that the coupon of the securities is non-cumulative and fully discretionary. SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating (SR) of '5' reflects Fitch's view that external support cannot be relied upon. The Support Rating Floor (SRF) of 'No Floor' reflects Fitch's view that there is no reasonable assumption that sovereign support will be forthcoming to Stifel. RATING SENSITIVITIES VR, IDR AND SENIOR UNSECURED DEBT The Stable Outlook reflects Fitch's view of limited rating momentum over the Outlook horizon, particularly given an expectation for future declines in capitalization levels and the potential for some normalization in asset quality. These challenges are expected to be counterbalanced by Stifel's growing business and earnings diversity and Fitch's view of the company's moderate risk appetite. Longer-term, upward rating momentum could be influenced by moderated growth and/or acquisitions, acquisitions that are limited in their balance sheet intensity, continued profitability with successful integration of current and future acquisitions, and loan performance that is superior or at least consistent with peers through the cycle. Reduced key-man risk associated with Stifel's CEO would also be viewed positively. Per Fitch's Global Non-Bank Financial Institution Rating Criteria dated April 28, 2015, securities firms are typically not rated higher than 'BBB+' absent globally dominant franchises with significant business diversity. Stifel's ratings could be downgraded if the firm shows an increased appetite for more balance sheet-intensive acquisitions, either in terms of risker acquisition targets or more aggressive funding (i.e. issuance of new debt). Additional ratings pressure could result from material, rapid deterioration in capitalization, either for the overall firm or at the subsidiary level, particularly if such reduction is not accompanied by a commensurate reduction in Stifel's growth profile. Finally, to the extent that Stifel's acquisitions result in significant integration issues with any recent or future acquisitions, or result in any large-scale management departures, this could lead to a negative ratings action. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Stifel's preferred stock rating is sensitive to changes in Stifel's VR or change to Fitch's notching of preferred stock instruments. SUPPORT RATING AND SUPPORT RATING FLOOR The SR and SRF are sensitive to changes in Fitch's assumptions as to the propensity or ability of the U.S. government to extend extraordinary support in the case of need. Fitch has affirmed these ratings: Stifel Financial Corporation -- Long-term IDR at 'BBB'; -- Short-term IDR at 'F2'; -- Senior unsecured debt at 'BBB'; -- Preferred stock at 'B+(EXP)'; -- Viability Rating at 'bbb'; -- Support at '5'; -- Support Floor at 'NF'. The Rating Outlook has been maintained at Stable. SUNEDISON INC: Adviser Says Assets Now Worth Up to $1.5-Bil. ------------------------------------------------------------ Tiffany Kary and Brian Eckhouse, writing for Bloomberg Brief, reported that SunEdison Inc.'s assets in bankruptcy are now worth $1 billion to $1.5 billion, based in part on recent offers to buy some of its solar and wind farms, a company financial adviser testified. According to the report, Homer Parkhill of Rothschild Inc., which is counseling the renewable-energy giant on the sale process following its April Chapter 11 filing, offered the new valuation in Manhattan federal court. The estimate replaces a figure of $850 million that Parkhill put forward in June, the report said. The latest price tag also factors in recent rises in the shares of SunEdison's two yieldcos, Parkhill said, the report related. The company holds controlling stakes in both yieldcos, which were set up to buy energy projects that SunEdison develops, the report added. "There have been over 100 indications of interest across the portfolio of projects and platforms" that are up for sale, Parkhill said, the report further related. Bids aren't yet binding. U.S. Bankruptcy Judge Stuart Bernstein is being asked to consider whether enough money would be left to repay shareholders after the company deals with an estimated $4 billion to $5 billion in debt, the report said. About SunEdison, Inc. SunEdison, Inc., (OTC PINK: SUNEQ) is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a global leader in the development, manufacture and sale of silicon wafers to the semiconductor industry. On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos. 16-10991 to 16-11017). Martin H. Truong signed the petitions as senior vice president, general counsel and secretary. The Debtors disclosed total assets of $20.71 billion and total debts of $16.14 billion as of Sept. 30, 2015. The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild Inc. as investment banker and financial advisor, McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors and Prime Clerk LLC as claims and noticing agent. The Debtors employed PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as their auditor and tax consultant. An official committee of unsecured creditors has been appointed in the case. The committee tapped Weil, Gotshal & Manges LLP as its general bankruptcy counsel and Morrison & Foerster LLP as special counsel. SYNCARDIA SYSTEMS: U.S. Trustee Forms 3-Member Committee -------------------------------------------------------- The Office of the U.S. Trustee on July 14 appointed three creditors of SynCardia Systems, Inc., to serve on the official committee of unsecured creditors. The committee members are: (1) RR Donnelley & Sons Attn: Dan Pevonka 4101 Winfield RD Warrenville, IL 60555 Tel: (630) 322-6931 Fax: (630) 322-6034 (2) Roth Capital Partners LLC Attn: Richard Platt, Esq. 888 San Clemente Drive Newport Beach, CA 92660 Tel: (949) 720-5725 Fax: (949( 720-7247 (3) Air Squared MFG, Inc. Attn: Gary Mansdorfer 510 Burbank Street Broomfield, CO 80020 Tel: (303) 466-2669 Fax: (303) 466-4425 About SynCardia Systems SynCardia Systems, Inc., a medical technology company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 16-11599) on July 1, 2016. The petition was signed by Stephen Marotta, chief restructuring officer. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. The Debtor filed for bankruptcy protection months after a failed launch of an initial public offering of its common stock which resulted in a liquidity shortfall. SynCardia, a privately-held company with global headquarters and manufacturing in Tucson, Arizona, is focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart, or TAH-t, an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure. TAVERNA OUZO: Wants Plan Filing Deadline Moved to Nov. 14 --------------------------------------------------------- Taverna Ouzo Group, Inc., asks the U.S. Bankruptcy Court for the District of New Jersey to extend the period for the Debtor to file a disclosure statement and plan of reorganization, and solicit acceptances of the Plan, through and including Nov. 14, 2016. A hearing on the Debtor's request is set for Aug. 8, 2016. Objections must be filed by Aug. 1, 2016. By court order, dated April 15, 2016, the time within which the Debtor had to file a Plan or Reorganization was extended to Aug. 14, 2016. The Debtor seeks an additional extension within which to file a disclosure statement, plan of reorganization and solicit acceptances thereto, beyond the time frame established in 11 U.S.C. Section 1121 (e), through and including Nov. 14, 2016. Since the Filing Date, the Debtor has primarily focused on stabilizing its business operations, reducing overhead, reviewing and evaluating its executory contracts and unexpired leases, and examining the various options for a plan of reorganization to ensure that maximizing value for the benefit of creditors are pursued. Anastasios Stefanopoulos, President of the Debtor, believes that the Debtor has made significant operating changes that have allowed it, and will allow it in the future, to operate on a balanced budget, and believes that it can submit a Plan that is feasible and in the best interest of the Debtor's creditors and that the Debtor can successfully operate as a reorganized entity going forward. Since the filing of the petition, progress has been made by the Debtor in moving forward with its organizational efforts. The Debtor has reduced unnecessary costs and overhead and has rejected certain leases which were no longer needed by the Debtor, thereby further reducing its overhead. The Debtor remains current in its post-petition obligations, and all monthly reports and payments to the Office of the U.S. Trustee are current. Presently, the Debtor is in the process of securing post-petition financing, which will allow the Debtor to purchase the leasehold building the restaurant operates from and the to fund a plan of reorganization. The Debtor's counsel can be reached at: LAW FIRM OF BRIAN W. HOFMEISTER, LLC 691 State Highway 33 Trenton, New Jersey 08619 Tel: (609) 890-1500 Fax: (609) 890-6961 E-mail: bwh@hofmeisterfirm.com Taverna Ouzo Group, Inc., is a restaurant located at 146 Applegarth Road, Monroe Township, New Jersey 08831. It filed a Chapter 11 petition (Bankr. D.N.J. Case No. 15-21509) on June 19, 2015, and is represented by Brian W. Hofmeister, Esq. -- bwh@hofmeisterfirm.com -- at the Law Firm of Brian W. Hofmeister, LLC. TLB CONTRACTING: US Trustee Unable to Appoint Creditors' Panel -------------------------------------------------------------- The U.S. Trustee for the Northern District of New York is unable to appoint a committee of unsecured creditors in the Chapter 11 bankruptcy case of TLB Contracting LLC. About TLB Contracting TLB Contracting LLC, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y. Case No. 16-60895) on June 24, 2016. The Hon. Diane Davis presides over the case. Nolan & Heller, LLP, serves as counsel to the Debtor. The Debtor estimated $1.29 million in assets and $2.07 million in liabilities. The petition was signed by Corey Boshart, managing member. TODD VOLKER: Settles With HHA, Selling 22% HHA Stake for $1.4M -------------------------------------------------------------- Todd A. and Kimberly J. Volker ask the U.S. Bankruptcy Court for the District of Kansas, Kansas City Division, to authorize the compromise, integrated sale of their 22 percent stake in HHA Holding Company ("HHA") to HHA for $1,400,000, as part of a global settlement with HHA. At the current time, several ongoing issues exist: a. Disposition of one of Debtor's primary assets – the HHA Stock; b. Adjudication of HHA's proof of claim related to its damages from the rejection of the Buy-Sell Agreement and the pending summary judgment motion related to same; c. Payment of the IRS Secured Tax Claim; and d. Payment of the other allowed claims ("Case Issues"). The Debtors have reached certain agreements that will resolve all of the Case Issues. As a part of the compromise of various disputes between the Debtors and the HHA Parties, the Debtors have specifically agreed to sell the HHA Stock to the HHA ("HHA Stock Sale"). The main terms of the HHA Stock Sale are as follows: a. Transferred Assets: In exchange for a cash payment of $1,400,000, Debtors will transfer, free and clear of all liens, claims and encumbrances, all of Debtor Todd Volker's right, title, and interest in or to stock (and any other ownership interests in) HHA or its affiliates ("HHA Stock") to HHA. b. Cash Proceeds and Liens: The HHA Stock Sale will be free and clear of all liens, claims, and encumbrances, including, without limitation, the tax lien related to the IRS Secured Tax Claim currently attached to the HHA Stock ("IRS Tax Lien"). The IRS Tax Lien will attach to the proceeds of the HHA Stock Sale. c. Closing: Closing will occur within three business days of the entry of Sale and Global Resolution Order approving the Global Resolution Motion. For closing, HHA will remit $1,400,000 to the trust account of counsel for the Debtors, Lentz Clark Deines PA ("LCD"). The date on which the Cash Payment is transmitted to LCD shall be the "Effective Date" of the HHA Stock Sale and Agreement. After the closing of the HHA Stock Sale, LCD will be authorized and directed to immediately make the disbursements contemplated herein, and after said disbursements have been made LCD will submit an order for case dismissal. d. Integration with Settlement and Compromise: the HHA Stock Sale is integrated with the settlement and Compromise. Debtors have also reached a settlement and compromise with the HHA Parties. The main terms of the settlement and compromise ("Compromise") are as follows: a. HHA's Claims: HHA holds two claims in the Debtors' bankruptcy case: Claim Number 3 and Claim Number 5. Claim Number 3 is liquidated. Claim Number 5 is unliquidated and is the subject of a pending summary judgment motion. On the Effective Date of the Agreement, Claims Number 3 and 5 will be deemed fully satisfied, paid, fully resolved and shall not receive any payment or distribution. b. Malicious Prosecution Suit: Debtor Todd Volker is the plaintiff in a malicious prosecution suit against, inter alia, Michael R. Morgan, Deborah M. Hamilton as personal representative of the estate of Carl Jungers, Sr., Carl Jungers, Jr., and Bore-Flex Industries, Inc., pending in the United States District Court for the Western District of Missouri, Case No. 6:15-cv-03420 ("MP Suit"). The MP Suit against only defendants Michael R. Morgan, Deborah M. Hamilton as personal representative of the estate of Carl Jungers, Sr., Carl Jungers, Jr., and Bore-Flex Industries, Inc., ("Released Defendants") is satisfied, resolved, settled, fully discharged and shall be dismissed with prejudice as to Released Defendants no later than three business days after the Effective Date. c. Board of Directors Position: To the extent debtor Todd Volker currently holds or maintains rights related to a seat or seats on the Board of Directors of HHA, Todd Volker will resign such position(s) and relinquish any related rights effective as of the Effective Date. d. Mutual Releases: On the Effective Date, except for (i) claims, rights, and interests Debtor Todd Volker has in connection with litigation captioned, "Bert Bridges, et al. v. Bore-Flex Industries, Inc., et al.," ending in the Circuit Court of Greene County Missouri, Case No. 1531-CC00042, and currently on appeal in the Missouri Court of Appeals, Southern District, Appeal No. SD34444 ("Bore-Flex Suit") and (ii) the obligations set forth in the Agreement, Debtors Todd and Kim Volker and each of their predecessors, successors, employees, attorneys, insurers, agents, representatives and assigns, past, present, or future ("Volker Releasees"), release and forever discharge the HHA Parties, Bore-Flex, and each of their respective predecessors, successors, parents, subsidiaries, affiliates, officers, directors, employees, attorneys (but not Bore-Flex's attorneys with respect to the MP Suit), insurers, agents, representatives and assigns, past, present or future ("HHA Releasees"), from any and all claims, losses, liabilities, obligations, suits, debts, liens, contracts, agreements, promises, demands and damages, of any nature whatsoever, known or unknown, suspected or unsuspected, fixed or contingent, that any of the Volker Releasees ever had, now has, or hereafter may have against the HHA Releasees, including, without limitation, those arising out of or related to the MP Suit. e. Withdrawal of Prior Sale Motion and Exclusivity. The Debtors will withdraw their previously filed Motion for Approval of Sale, Auction and Bid Procedures, and the Debtors will deal with the Purchaser on an exclusive basis and shall not engage in any further efforts to sell the HHA Stock to any other party. From the Cash Proceeds, the Debtors propose to make the following distributions to allowed creditors from the trust account of Lentz Clark Deines PA: a. Proof of Claim #1 - Internal Revenue Service ("IRS") secured claim: $551,525.34 (or such other amount as reconciled with the IRS to adjust to current amount due on the Effective Date) ("IRS Secured Tax Claim"). b. Proof of Claim #2 - Bank of America claim: $0 (claim and mortgage were voluntary released by Bank of America as part of national settlement with governmental agencies of mortgage practices). c. Proof of Claim #3 - HHA: $0 (claim satisfied by settlement) d. Proof of Claim #4 - Bore-Flex: $0 (claim previously withdrawn) e. Proof of Claim #5 - HHA: $0 (claim satisfied by settlement) f. Proof of Claim #6 - KDOR: $0 (claim amended on 7/5/16 to reflect $0 balance) g. Proof of Claim #7 - Wells Fargo: $0 (long term mortgage debt; Debtors will refinance after bankruptcy case dismissed) h. Proof of Claim #8: $0 (claim previously withdrawn) i. Proof of Claim #9 - IRS estate estimated claim: $0 (bankruptcy estate tax returns for 2013 and 2014 will be filed and show $0 tax due; 2015 return is on extension, so estate tax return will not be done until underlying return is completed). j. Proof of Claim #10 - Synchrony Bank: $98.96 k. Schedule F claim – MDOR: $4,283.96 l. Schedule F claim – CapOne: $9,725.39 m. Schedule F claim – CapOne: $780.00 n. Schedule F claim – CECRB/JCP: $18.00 o. Schedule F claim – KS Counselors: $3,800 p. Schedule F claim – Mcydsnb: $218.00 q. Administrative claim: Robert Bjerg: $37,500 r. Administrative claims: Lentz Clark Deines PA and other admin claims: est. $150,000 (Debtor proposes to make payments directly without the requirement of formal fee applications) s. United States Trustee Quarterly Fees: est. $650 The Debtors believe that the proposed compromises and sale will produce a value that is fair and reasonable for the bankruptcy estates. The Debtors further request for the dismissal of the Debtors' bankruptcy case. Todd A. Volker and Kimberly J Volker filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Kan. Case No. 13-20370) on Feb. 22, 2013. Counsel for the Debtors: Jeffrey A. Deines LENTZ CLARK DEINES PA 9260 Glenwood Overland Park, KS 66212 Telephone: (913) 648-0600 Facsimile: (913) 648-0664 E-mail: jdeines@lcdlaw.com TOTAL HOCKEY: U.S. Trustee Forms 7-Member Committee --------------------------------------------------- The Office of the U.S. Trustee on July 15 appointed seven creditors of Total Hockey, Inc., to serve on the official committee of unsecured creditors. The committee members are: (1) Reebok-CCM Hockey U.S., Inc. Attn: Tony Palmieri – Credit 3400 Raymond-Lasnier Montreal, Quebec H4R 3L3 514-461-8192 Phone 514-461-8021 Fax (2) Warrior Sports, Inc. Attn: Amy Cerulli 32125 Hollingsworth Ave. Warren, MI 48092 617-746-2285 Phone 617-746-6285 Fax (3) John R. Boh 9407 Dolton Way Highlands Ranch, CO 80126 303-725-1596 Phone (4) Mike Vaughn Custom Sports, Inc. Attn: Michael Vaughn 550 S. Glaspie Oxford, MI 48371 248-969-8956 Phone 248-969-8990 Fax (5) True Temper Sports, Inc. Attn: Sherry McClure, Credit Mgr. 8275 Tournament Dr. Memphis, TN 38125 901-746-2029 Phone 901-746-2161 Fax (6) Cardinal Transportation Solutions Attn: Rick Clarkston 6209 Mid Rivers Mall Dr., Ste. 210 St. Charles, MO 63304 636-447-4099 Phone 636-447-5890 Fax (7) Cratex Container Corporation Attn: Michael Reynoso 4224 Rider Trail North Earth City, MO 63045 314-291-7777 Phone 314-291-0045 Fax Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Total Hockey Headquartered in Maryland Heights, Missouri, Total Hockey, Inc., Player's Bench Corporation and Hipcheck, LLC sell lacrosse and hockey equipment in 32 retail store locations and three distribution centers in 12 states including Chicago, Minneapolis, Detroit, and Philadelphia. The Debtors were formed in in 1999 as a spin off from a local general sporting goods company. The Debtors operate e-commerce sites at http://www.totalhockey.com/, http://www.goalie.totalhockey.com/,and http://www.lacrosse.totalhockey.com/ In 2015, the Debtors generated 27% of their total sales, or approximately $17 million, through e-commerce. Each of the Debtors filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 16-44815) on July 6, 2016, estimating assets in the range of $10 million to $50 million and liabilities of up to $100 million. The petition was signed by Lee A. Diercks as chief restructuring officer. The Debtors have hired Polsinelli PC as bankruptcy counsel, Spencer Fane LLP as conflicts counsel, Clear Thinking Group LLC as investment banker and Rust Consulting/Omni Bankruptcy as claims and noticing agent. TOWER PARK PROPERTIES: Court Junks FTIC's Appeal ------------------------------------------------ In the case captioned In re: Tower Park Properties, Case No. CV 13-1518-GHK (C.D. Cal.), Judge George H. King of the United States District Court for the Central District of California dismissed Fiduciary Trust International of California's appeal for lack of appellate standing. FTIC appealed the bankruptcy court's order approving a settlement agreement that makes various changes to Tower Park Property, LLC's confirmed Chapter 11 plan of reorganization. FTIC argued that the settlement modified the plan in violation of 11 U.S.C. section 1127. Judge King, however, concluded that FTIC does not have standing to prosecute the appeal. A full-text copy of Judge King's July 1, 2016 memorandum decision is available at https://is.gd/l7e64C from Leagle.com. In re Tower Park Properties LLC is represented by: Dean A. Ziehl, Esq. Jeremy V. Richards, Esq. PACHULSKI STANG ZIEHL AND JONES LLP 10100 Santa Monica Blvd, 13th Floor Los Angeles, CA 90067-4003 Email: dziehl@pszjlaw.com jrichards@pszjlaw.com Fiduciary Trust International of California is represented by: Justin E. Rawlins, Esq. Rolf S. Woolner, Esq. William Robert Shafton, Esq. WINSTON AND STRAWN LLP 333 S. Grand Avenue, 38th Floor Los Angeles, CA 90071-1543 Tel: (213)615-1700 Fax: (213)615-1750 Email: jrawlins@winston.com rwoolner@winston.com wshafton@winston.com -- and -- Richard Denis Cleary, Esq. RICHARD D CLEARY LAW OFFICES 350 South Grand Avenue, Suite 3150 Los Angeles, CA 90071 Tel: (213)785-6850 Fax: (213)833-7812 TOYS R US: Bond Swap Pays 12% to Buy Time for Turnaround -------------------------------------------------------- Emma Orr, writing for Bloomberg Brief, reported that Toys "R" Us Inc., beset by rivals and burdened by debt tied to its 2005 leveraged buyout, pushed ahead with a bond swap offering a 12 percent interest rate that could buy time for the retailer's turnaround plan. According to the report, holders can exchange outstanding notes due in 2017 that pay 10.375 percent and 2018 paying 7.375 percent for senior secured notes at the new interest rate that mature in 2021, the Wayne, New Jersey-based company said in a statement. Toys "R" Us will also pay as much as $150 million in cash for the 2017 notes, the report related. Toys "R" Us is devoting cash to upgrade its stores, e-commerce and the shopping experience, the report further related. It's looking for ways to win back customers from discounters including Wal-Mart Stores Inc. and Target Corp. that attract a steady stream of shoppers with groceries and other basics, as well as online vendors such as Amazon.com Inc., the report said. The company said in June that it would refinance 89 percent of its existing notes, and that a third party had plans to buy as much as $50 million in new financing, the report recalled. "This is the first step in a process to get the maturity profile into a place where it's no longer an obstacle, so that they can focus on operations," Noel Hebert, a Bloomberg Intelligence credit analyst, said in an interview. "Twelve percent and much closer proximity to a lot of the international operations -- I'd say that's a pretty good exchange for the bondholders, given where they were six months ago." * * * The Troubled Company Reporter, on June 20, 2016, reported that Fitch Ratings has affirmed the Issuer Default Rating (IDRs) for Toys 'R' Us, Inc. (Toys, or the Holdco), Toys 'R' Us - Delaware, Inc., Toys 'R' Us Property Co. II, LLC, and Toys 'R' Us Property Co. I, LLC, post the company's announcement of plans to refinance up to 83% of the $850 million of Holdco notes due in 2017 and 2018. S&P Global Ratings affirmed its ratings on Toys "R" Us Inc. including the 'B-' corporate credit rating. The outlook is stable. Moody's Investors Service stated that if the exchange offer announced by Toys "R" Us, Inc. on June 14, 2016 proceeds as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default. As a result, the Probability of Default rating is downgraded to Caa3-PD from B3-PD. "We view Toys' proposed exchange as opportunistic and driven by a confluence of factors, and believe it enhances liquidity as it takes two meaningful maturities off the table for the next five years," stated Moody's Vice President Charlie O'Shea. "The company's B3 corporate family rating is unaffected, and it is our expectation that if this exchange closes as outlined in the 8K filed yesterday, the PDR will return to the B3-PD rating level shortly thereafter." TOZ-BEL LLC: Taps Bederson LLP as Special Insolvency Accountant --------------------------------------------------------------- Toz-Bel, LLC, dba Rossy's Garden Restaurant, asks for permission from the U.S. Bankruptcy Court for the District of New Jersey to employ Bederson LLP as special insolvency accountant. The Debtor requires Bederson LLP to prepare monthly operating reports and maintain the Debtor's books and records. Bederson LLP will be paid at these hourly rates: Partners $315 to $515 Managers $320 Supervisors $260 Senior Accountants $250 Semi Sr. Accountants $210 Staff Accountants $175 Para Professionals $160 Bederson LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew Schwartz, member of Bederson LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Bederson LLP can be reached at: Matthew Schwartz BEDERSON LLP 347 Mt. Pleasant Avenue West Orange, NJ 07052 Tel: (973) 736-3333 Fax: (973) 736-9219 E-mail: Matthew.schwartz@bederson.com Toz-Bel, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 16-15415) on March 22, 2016. The Debtor is represented by Anthony Sodono III, Esq. of the firm Trenk, DiPasquale, Della Fera & Sodono, PC. TRACTOR COMPANY: BB&T's Bid for Summary Judgment Granted -------------------------------------------------------- Judge Irene C. Berger of the United States District Court for the Southern District of West Virginia, Beckley Division, granted Branch Banking and Trust Company's motion for summary judgment against the defendants in the case captioned BRANCH BANKING AND TRUST COMPANY, Plaintiff, v. THE TRACTOR COMPANY, INC., et al., Defendants, Civil Action No. 5:14-cv-25740 (S.D.W. Va.). Judge Berger granted the motion as to the plaintiff's claims for breach of contract against the defendants, Joe D. Ison and William Connolly. BB&T, a citizen of North Carolina, initiated the action with the filing of a Complaint September 12, 2014. Therein, BB&T asserted claims for breach of contract under West Virginia law against the Defendants, The Tractor Company, Inc., a West Virginia corporation, Joe D. Ison, a citizen of West Virginia, and William Connolly, a citizen of West Virginia. BB&T alleged that TTC defaulted on several promissory notes, and that Mr. Ison and Mr. Connolly defaulted on several guaranty agreements, wherein each agreed to ensure the prompt payments of all debts incurred by TTC. BB&T sought to recover actual and compensatory damages, together with costs and expenses, including attorney's fees and court costs. A full-text copy of Judge Berger's July 7, 2016 memorandum opinion and order is available at https://is.gd/Y9wpAq from Leagle.com. Branch Banking and Trust Company is represented by: Angela D. Herdman, Esq. David A. Bosak, Esq. SPILMAN THOMAS & BATTLE Spilman Center 300 Kanawha Boulevard, East (25301) Charleston, WV 25321-0273 Tel: (304)340-3800 Fax: (304)340-3801 Email: aherdman@spilmanlaw.com The Tractor Company, Inc., William E. Connolly, individually, are represented by: Christopher S. Smith, Esq. Nicola D. Smith HOYER HOYER & SMITH 22 Capitol Street Charleston, WV 25301 Tel: (304)344-9821 Fax: (304)344-9519 Email: chris@hhsmlaw.com nickyhhsmlaw@gmail.com -- and -- James R. Cooney, Esq. Robert O Lampl, Esq. ROBERT O LAMPL LAW OFFICE 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: 412-392-0330 Fax: 412-392-0335 Email: rol@lampllaw.com Joe D. Ison is represented by: Christopher S. Smith, Esq. Nicola D. Smith HOYER HOYER & SMITH 22 Capitol Street Charleston, WV 25301 Tel: (304)344-9821 Fax: (304)344-9519 Email: chris@hhsmlaw.com nickyhhsmlaw@gmail.com -- and -- James R. Sheatsley, Esq. GORMAN SHEATSLEY & COMPANY 343 Prince St. Beckley, WV 25801-4515 Tel: (304)252-5321 -- and -- James R. Cooney, Esq. Robert O Lampl, Esq. ROBERT O LAMPL LAW OFFICE 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: 412-392-0330 Fax: 412-392-0335 Email: rol@lampllaw.com TRANSTAR HOLDING: Moody's Lowers PDR to Ca, Outlook Negative ------------------------------------------------------------ Moody's Investors Service downgraded Transtar Holding Company's Probability of Default Rating to D-PD (PDR) to reflect interest payments defaults on its first and second lien bank debt. Concurrently, Moody's also downgraded the company's Corporate Family Rating (CFR) to Ca from B3, the ratings on the first lien revolver and term loan to Caa3 from B2 and the rating on the second lien term loan rating to C from Caa2. The ratings outlook is negative. This action concludes the review for downgrade initiated on April 29, 2016. RATINGS RATIONALE Moody's has confirmed that Transtar did not make the interest payments due June 30, 2016, on its first and second lien credit facilities. Moody's deems a default to have occurred when an interest payment is not made by the end of a grace period. The first lien and second lien credit agreements provides a grace period of five business day, both of which have expired. The Corporate Family Rating of Ca reflects Moody's view of an average recovery for lenders in default. Transtar's ratings could be lowered if Moody's expectation of recovery deteriorates. The ratings could be upgraded following a restructuring if a material amount of debt is eliminated and liquidity improves, resulting in a more sustainable capital structure. The negative outlook reflects Moody's expectation that operating performance will continue to weaken over the next 12 months and that free cash flow will remain negative. The outlook also addresses Moody's concern that recovery prospects could weaken if operating performance does not improve. Moody's took these rating actions on Transtar Holding Company: Corporate Family Rating, Downgraded to Ca from B3 Probability of Default Rating, Downgraded to D-PD from B3-PD $50 Million Senior Secured First Lien Revolving Credit Facility due 2017, Downgraded to Caa3 (LGD3) from B2 (LGD3) $370 Million Senior Secured First Lien Term Loan due 2018, Downgraded to Caa3 (LGD3) from B2 (LGD3) $170 Million Senior Secured Second Lien Term Loan due 2019, Downgraded to C (LGD5) from Caa2 (LGD5) Outlook, Revised to Negative from Rating Under Review Transtar Holding Company is a distributor of automotive aftermarket driveline replacement parts, kits and components sold to the transmission repair and remanufacturing market. The company also supplies autobody refinishing products to professional aftermarket automotive refinishers and autobody repair shops. Net revenue for the twelve month period ended Sept. 30, 2015, was more than $550 million. The company has been majority-owned by affiliates of Friedman Fleischer & Lowe, LLC ("FFL") since 2010. The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. TRANSTAR HOLDING: S&P Lowers CCR to 'D' on Missed Interest Payment ------------------------------------------------------------------ S&P Global Ratings said that it has lowered all of its ratings on Cleveland-based Transtar Holding Co., including S&P's 'CCC+' corporate credit rating, to 'D'. "Transtar missed the last interest payment on its term loan and we expect that it will enter into a comprehensive debt restructuring support agreement, which may involve capital infusions from its existing lenders and sponsors, following the recent expiration of its forbearance agreement," said S&P Global credit analyst Nishit Madlani. In S&P's understanding, the company is currently in the process of negotiating the terms of the debt reorganization and restructuring with its lenders. TRIANGLE USA: Taps Prime Clerk as Claims and Noticing Agent ----------------------------------------------------------- Triangle USA Petroleum Corporation and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Prime Clerk LLC as claims and noticing agent, nunc pro tunc to the June 29, 2016 petition date. The Debtors require Prime Clerk to: (a) prepare and serve required notices and documents in the Chapter 11 Cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and/or the Court, including (i) notice of the commencement of the Chapter 11 Cases and the initial meeting of creditors under Bankruptcy Code section 341(a), (ii) notice of any claims bar date, (iii) notices of transfers of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtors' plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan and (vii) all other notices, orders, pleadings, publications and other documents as the Debtors or Court may deem necessary or appropriate for an orderly administration of the Chapter 11 Cases; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties in interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update and make said lists available upon request by a party-in-interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven business days of service which includes (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed with their addresses, (iii) the manner of service and (iv) the date served; (g) process all proofs of claim received, including those received by the Clerk, check said processing for accuracy and maintain the original proofs of claim in a secure area; (h) maintain the official claims register for each Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim, (vi) the applicable Debtor and (vii) any disposition of the claim; (i) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (j) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (k) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Prime Clerk, not less than weekly; (l) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Registers for the Clerk's review; (m) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the claims register and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; (n) identify and correct any incomplete or incorrect addresses in any mailing or service lists; (o) assist in the dissemination of information to the public and respond to requests for administrative information regarding the Chapter 11 Cases as directed by the Debtors or the Court, including through the use of a case website and/or call center; (p) monitor the Court's docket in the Chapter 11 Cases and, when filings are made in error or containing errors, alert the filing party of such error and work with them to correct any such error; (q) if the Chapter 11 Cases are converted to cases under chapter 7 of the Bankruptcy Code, contact the Clerk's office within three days of notice to Prime Clerk of entry of the order converting the cases; (r) thirty days prior to the close of the Chapter 11 Cases, to the extent practicable, request that the Debtors submit to the Court a proposed order dismissing Prime Clerk as Claims and Noticing Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of the Chapter 11 Cases; (s) within seven days of notice to Prime Clerk of entry of an order closing the Chapter 11 Cases, provide to the Court the final version of the Claims Registers as of the date immediately before the close of the Chapter 11 Cases; and (t) at the close of the Chapter 11 Cases, (i) box and transport all original documents, in proper format, as provided by the Clerk's office, to (A) the Philadelphia Federal Records Center, 14700 Townsend Road, Philadelphia, PA 19154 or (B) any other location requested by the Clerk's office and (ii) docket a completed SF-135 Form indicating the accession and location numbers of the archived claims. Prime Clerk will be paid at these hourly rates: Analyst $30-$50 Technology Consultant $65-$95 Consultant/Senior Consultant $70-$170 Director $170-$195 Solicitation Consultant $195 Director of Solicitation $220 Prime Clerk will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the Petition Date, the Debtors provided Prime Clerk a retainer in the amount of $25,000. Michael J. Frishberg, co-president and chief operating officer of Prime Clerk, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Prime Clerk can be reached at: Shai Waisman PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel: (212) 257-5450 E-mail: swaisman@primeclerk.com About Triangle USA Triangle USA Petroleum Corporation is an independent exploration and production company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. TUSA is a wholly owned subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM nor its affiliated company, RockPile Energy Services, LLC, is included in TUSA's Chapter 11 filing. Triangle USA Petroleum Corporation and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on June 29, 2016. The cases are pending before the Honorable Mary F. Walrath, and the Debtors have requested that their cases be jointly administered under Case No. 16-11566. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP as counsel, AP Services, LLC, as financial advisor, PJT Partners Inc. as investment banker and Prime Clerk LLC as claims & noticing agent. In its petition, TUSA estimated assets in the range of $500 million to $1 billion and liabilities of up to $1 billion. UNITED PLASTIC: Panel's Plea to Terminate Exclusivity Denied ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Alabama has entered an order denying the request of the Official Committee of Unsecured Creditors of United Plastic Recycling Inc. to deem the exclusivity period of terminated. The Unsecured Creditors' Committee seeks a determination that exclusivity has terminated, notwithstanding the fact that the Debtor has timely filed a plan within the extended period of exclusivity. The Unsecured Creditors do not appear to have a competing plan; therefore, the issue is not ripe. As reported by the Troubled Company Reporter on July 18, 2016, the Committee filed with the Court a supplement to its motion to deem the Debtor's exclusivity period terminated. The Debtors' response to the Committee's motion indicates their belief that the exclusivity period provided in their favor by 11 U.S.C. Section 1121 is, in fact, already terminated, either by operation of law or applicable court order, along with their acquiescence to the treatment of the Exclusivity Period as such. United Plastic Recycling, Inc. (Bankr. M.D. Ala. Case No. 15-32928) and affiliate United Lands, LLC (Bankr. M.D. Ala. Case No. 15-32926) filed separate Chapter 11 bankruptcy petitions on Oct. 16, 2015. The United Plastic petition was signed by John A. Bonham, Jr., president. Judge Dwight H. Williams Jr. Presides over United Lands' case, while Judge William R. Sawyer presides over United Plastic's case. James L. Day, Esq., at Memory & Day serves as the Debtors' bankruptcy counsel. United Plastic estimated its assets at up to $50,000, and its liabilities at between $10 million and $50 million. United Lands estimated its assets at up to $50,000and its liabilities at up $50,000. A list of United Plastic Recycling's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/almb15-32928.pdf WHITING PETROLEUM: S&P Rates New Unsec. Convertible Notes 'B+' -------------------------------------------------------------- S&P Global Ratings said that it assigned its 'B+' issue-level rating and '3' recovery rating to Denver-based oil and gas exploration and production company Whiting Petroleum Corp.'s new senior unsecured convertible notes maturing in 2019, 2020, 2021, and 2023. S&P assigned the new senior subordinated convertible notes maturing in 2018 a 'B-' and '6' recovery rating, indicating negligible (0%-10%) recovery in the event of a default. The '3' recovery rating on the senior unsecured convertible notes reflects S&P's expectation of meaningful (50% to 70%, lower end of the range) recovery to creditors in the event of a payment default. The company exchanged its convertible notes for $1.092 billion of Whiting's unsecured and subordinated bonds with similar coupon rates and maturities. The convertible notes will mandatorily convert to equity upon Whiting's stock price meeting certain thresholds. At the same time, S&P raised the issue-level rating on Whiting's remaining senior unsecured notes to 'B+' from 'B' and revised the recovery rating on these notes to '3' from '5'. The revised recovery rating reflects S&P's expectation of meaningful (50% to 70%, lower end of the range) recovery to creditors in the event of default and incorporates Whiting's reduced commitment amount on its reserve-based loan facility (to $2.5 billion from $3.5 billion), as well as a $468 million reduction in unsecured debt following an earlier exchange for convertible notes and subsequent conversion to equity. The issue-level and recovery ratings on the company's senior secured debt of 'BB' and '1', respectively, and senior subordinated notes of 'B-' and '6', respectively, are unchanged. The '1' recovery rating indicates very high (90%-100%) recovery to creditors in the event of default. S&P's 'B+' corporate credit rating and negative outlook on Whiting are unchanged. The rating reflects S&P's assessment of the company's satisfactory business risk profile, highly leveraged financial risk profile, and adequate liquidity. RECOVERY ANALYSIS -- S&P has assigned a 'B+' issue-level rating and '3' recovery rating to Whiting's new senior unsecured convertible notes maturing in 2019, 2020, 2021, and 2023. -- S&P has assigned a 'B-' issue-level rating and '6' recovery rating to Whiting's new senior subordinated convertible notes maturing in 2018. -- S&P has raised its issue-level rating on Whiting's senior unsecured debt to 'B+' from 'B' and revised the recovery rating on this debt to '3' from '5'. -- S&P's 'BB' issue-level rating and '1' recovery rating on Whiting's secured credit facility maturing in 2019 and S&P's 'B-' issue-level rating and '6' recovery rating on the company's senior subordinated notes due 2018 are unchanged. -- S&P Global Ratings' simulated default for Whiting assumes a sustained period of low commodity prices, consistent with the conditions of past defaults in this sector. -- S&P bases its valuation for Whiting's reserves on a company- provided year-end 2015 PV10 report, using S&P's recovery price deck assumptions of $50/bbl for West Texas Intermediate crude oil and $3 per mmBtu for Henry Hub natural gas. -- S&P's recovery analysis for Whiting assumes its senior secured reserve-based loan facility will have $2.5 billion of principal outstanding prior to default. Simulated Default Assumptions -- Simulated year of default: 2020 Simplified Waterfall -- Net enterprise value (after 7% bankruptcy administrative costs): $4.6 billion -- Senior secured claims: $2.6 billion -- Recovery expectations: 90% to 100% -- Total value available to unsecured claims: $2.0 billion -- Senior unsecured claims: $4.0 billion -- Recovery expectations: 50% to 70% (lower half of the range) -- Total value available to subordinated claims: nil -- Senior subordinated claims: $300 million -- Recovery expectations: 0% to 10% Note: All debt amounts include six months of prepetition interest. RATINGS LIST Whiting Petroleum Corp. Corporate credit rating B+/Negative/-- New Ratings Whiting Petroleum Corp. $1.092 Bil Notes Sr unsecd due 2019, 2020, 2021, 2023 B+ Recovery rating 3L Subordinated due 2018 B- Recovery rating 6 Issue-Level Rating Raised; Recovery Rating Revised To From Whiting Petroleum Corp. Sr unsecd notes B+ B Recovery rating 3L 5 Ratings Unchanged Whiting Oil and Gas Corp. Sr secd debt BB Recovery rating 1 Whiting Oil and Gas Corp. Subordinated debt B- Recovery rating 6 WTB 5 ENTERPRISES: Taps Cushman & Wakefield as Real Estate Agent ---------------------------------------------------------------- Wtb 5 Enterprises, LLC, asks for permission from the U.S. Bankruptcy Court for the District of Arizona to employ Eric Wichterman of Cushman & Wakefield as real estate agent to list its property. On the Petition Date, the Debtor owned the property located at 11321, 11323, 11325, and 11327 W. Bell Road, Surprise, Arizona ("Property"). The professional services which Mr. Wichterman will provide include, but are not limited to, the following: (a) representing the Debtor as its agent; (b) providing consulting services and sales assistance to the Debtor regarding the sale of the Property; (c) providing leasing services for available units at the Property; and (d) providing such other realty services as may be required from time-to-time. The Debtor is informed and believes that if the Property is sold, the total commission offered is 6% of the total sale price. The Debtor is further informed and believes that if Cushman & Wakefield secures tenants for any of the Debtor’s available units, the total commission will be 5% (7.5% if there is a co-broke) of the total full service gross rent consideration for the first 5 years or any fraction thereof, plus 2.5% (3.75% if there is a co-broke) of the total rent consideration for the remaining term. In the event the lease is structured as triple-net (net of operating expenses) rates above shall be increased by 1%. If Cushman & Wakefield secures a tenant on a month to month basis for any of the Debtor's available units, the fee is one average month’s rental with a minimum fee of $1,000. The Debtor assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cushman & Wakefield can be reached at: Eric Wichterman CUSHMAN & WAKEFIELD 2375 East Camelback Road, Suite 300 Phoenix, AZ 85016 Tel: (602) 224-4471 E-mail: eric.wichterman@cushwake.com Wtb 5 Enterprises, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-04074) on April 15, 2016. The petition was filed pro se. WYNN AMERICA: S&P Assigns 'BB+' Rating on New $125MM Facility ------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to Wynn America LLC's new $125 million delayed draw senior secured term loan facility II. (Wynn America is an indirect wholly owned subsidiary of Las Vegas-based gaming operator Wynn Resorts Ltd.) The '2' recovery rating indicates S&P's expectation for substantial (70% to 90%; lower half of the range) recovery for lenders in the event of a default. While the '2' recovery rating on the company's senior secured debt is unchanged, S&P's recovery expectation has shifted to the lower half of the range from the upper half given the $125 million increase in senior secured debt. In addition to increasing the overall size of the senior secured credit facility, Wynn extended the available borrowing period for the remaining amounts available under the delayed draw term loan facilities to Dec. 31, 2016 given delays in the construction timeline for its Wynn Boston Harbor Resort in Everett, Massachusetts resulting from various legal and permitting challenges. RECOVERY ANALYSIS Key analytical factors -- S&P's issue-level and recovery ratings on Wynn America's senior secured debt are 'BB+' and '2', respectively. -- S&P's simulated default scenario contemplates a payment default in 2020, reflecting a prolonged economic downturn, greater competitive pressures, and an inability to generate sufficient customer traffic at the Massachusetts casino, resulting in an ability to refinance its credit facility, which matures in November 2020. -- S&P assumes $150 million of EBITDA at emergence, which represents about a 7.5% return on total investment. -- S&P assumes the $375 million revolving credit facility is fully drawn at default. -- S&P considers Wynn's assets to be among the highest quality in the gaming sector and use a 7x multiple to value the Massachusetts casino. Simulated default assumptions -- Year of default: 2020 -- EBITDA at emergence: $150 mil. -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $998 mil. -------------- -- Secured debt: $1.28 bil. -- Recovery expectation: 70%-90% (lower half of the range) Note: All debt amounts include six months of prepetition interest. RATINGS LIST Wynn Resorts Ltd. Wynn America LLC Corporate Credit Rating BB/Negative/-- New Rating Wynn America LLC $125 mil. delayed draw term loan II Senior Secured BB+ Recovery Rating 2L YBRANT MEDIA: Wants Plan Filing Deadline Moved to Sept. 12 ---------------------------------------------------------- Ybrant Media Acquisition, Inc., asks the U.S. Bankruptcy Court for the Southern District of New York to extend the exclusive periods within which it may file a plan of reorganization and solicit acceptances thereto through and including Sept. 12, 2016, and Nov. 11, 2016. The Debtor's exclusive period to file plan of reorganization expires on July 12, 2016. The Debtor and Daum Global Holdings Corp. have agreed to the terms of a settlement, which will enable the Debtor to emerge from Chapter 11 and implement its business plan, a process that was interrupted as a consequence of the litigation with Daum Global. The business plan envisions the Debtor as a platform for the acquisition and management of other similar internet and media-related businesses in order to capture the profit that can be realized through maximizing the economies of scale and synergy of multiple businesses. The settlement agreement will enable the Debtor to file a consensual plan of reorganization by mid-September. Debtor has reached an agreement with Daum Global concerning the payment of its $37 million claim and is seeking an extension of exclusivity in order to permit it to memorialize an agreement and file a plan of reorganization. A hearing on the request is set for Aug. 4, 2016, at 10:30 a.m. The Debtor's counsel can be reached at: ROSEN & ASSOCIATES, P.C. Nancy L. Kourland, Esq. 747 Third Avenue New York, NY 10017-2803 Tel: (212) 223-1100 E-mail: info@rosencpagroup.com About Ybrant Media Ybrant Media Acquisition, Inc., was incorporated in 2007 and is a wholly-owned subsidiary of Ybrant Digital Limited, a global digital marketing company organized under the laws of India, whose shares are publicly traded on the Bombay Stock Exchange and the National Stock Exchange of India. The Debtor was created for the purpose of purchasing and managing the assets of Internet and media-related businesses. Ybrant Media filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-10597) on March 14, 2016. The petition was signed by Suresh K. Reddy as chief executive officer. The Debtor estimated assets in the range of $10 million to $50 million and liabilities of up to $50 million. Rosen & Associates, P.C. serves as the Debtor's counsel. [*] US Oil Services at Risk Despite Oil Bounce ---------------------------------------------- Emma Orr, writing for Bloomberg Brief, reported that high-yield energy equipment and services issuers left behind in the oil rally look vulnerable if they lack contracts and need to raise funds. Smaller offshore-focused issuers with nearby maturities could be at risk of default, the report said, citing Spencer Cutter, credit analyst at Bloomberg Intelligence. Drilling and services companies were hit by a "double whammy," Cutter said in a July 13 interview, the report related. After being battered by plunging crude prices, many drillers also had to make periodic payments on rig contracts signed with shipbuilders when oil was much higher, according to the report. Demand for companies that service the rigs has also dropped, the report said. "You have a bunch of new rigs coming online that you have to pay for and you don't have anywhere to put them," Cutter told Bloomberg. "They're kind of getting squeezed, and what can they do?" The report pointed out that drill contractor Ocean Rig's 6.5 percent of Oct. 2017 was the worst performer in the high-yield drilling and services sector in the second quarter, dropping 19 percent, according to BI. Service provider GulfMark Offshore's 6.375 percent notes due 2022 fell 12 percent in the period, the report said. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ABT CN 104.99 (41.33) (39.70) ABSOLUTE SOFTWRE ALSWF US 104.99 (41.33) (39.70) ABSOLUTE SOFTWRE ABT2EUR EU 104.99 (41.33) (39.70) ABSOLUTE SOFTWRE OU1 GR 104.99 (41.33) (39.70) ADV MICRO DEVICE AMDCHF EU 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD TH 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD TE 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD GR 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD QT 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD* MM 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD US 2,981.00 (503.00) 898.00 ADV MICRO DEVICE AMD SW 2,981.00 (503.00) 898.00 ADVANCED EMISSIO ADES US 41.58 (20.06) (22.31) ADVENT SOFTWARE ADVS US 424.83 (50.06) (110.80) AERIE PHARMACEUT 0P0 GR 139.20 (0.16) 104.65 AERIE PHARMACEUT AERI US 139.20 (0.16) 104.65 AERIE PHARMACEUT AERIEUR EU 139.20 (0.16) 104.65 AEROJET ROCKETDY GCY TH 1,988.00 (124.00) 132.70 AEROJET ROCKETDY AJRDEUR EU 1,988.00 (124.00) 132.70 AEROJET ROCKETDY GCY GR 1,988.00 (124.00) 132.70 AEROJET ROCKETDY AJRD US 1,988.00 (124.00) 132.70 AIR CANADA ADH2 TH 13,503.00 (732.00) (256.00) AIR CANADA AC CN 13,503.00 (732.00) (256.00) AIR CANADA ACDVF US 13,503.00 (732.00) (256.00) AIR CANADA ADH2 GR 13,503.00 (732.00) (256.00) AIR CANADA ACEUR EU 13,503.00 (732.00) (256.00) AK STEEL HLDG AK2 TH 3,987.30 (611.60) 750.70 AK STEEL HLDG AKS US 3,987.30 (611.60) 750.70 AK STEEL HLDG AKS* MM 3,987.30 (611.60) 750.70 AK STEEL HLDG AK2 GR 3,987.30 (611.60) 750.70 AMER RESTAUR-LP ICTPU US 33.54 (4.03) (6.17) AMYLIN PHARMACEU AMLN US 1,998.74 (42.36) 262.95 ANGIE'S LIST INC ANGIEUR EU 182.36 (3.48) (27.79) ANGIE'S LIST INC ANGI US 182.36 (3.48) (27.79) ANGIE'S LIST INC 8AL TH 182.36 (3.48) (27.79) ANGIE'S LIST INC 8AL GR 182.36 (3.48) (27.79) ARCH COAL INC ACIIQ* MM 4,855.41 (1,449.13) 913.72 ARGOS THERAPEUTI ARGS US 42.75 (20.17) 0.89 ARIAD PHARM ARIA US 502.55 (154.01) 84.18 ARIAD PHARM ARIA SW 502.55 (154.01) 84.18 ARIAD PHARM APS GR 502.55 (154.01) 84.18 ARIAD PHARM ARIACHF EU 502.55 (154.01) 84.18 ARIAD PHARM ARIAEUR EU 502.55 (154.01) 84.18 ARIAD PHARM APS QT 502.55 (154.01) 84.18 ARIAD PHARM APS TH 502.55 (154.01) 84.18 ARRAY BIOPHARMA ARRYEUR EU 196.18 (14.80) 128.05 ARRAY BIOPHARMA AR2 TH 196.18 (14.80) 128.05 ARRAY BIOPHARMA AR2 GR 196.18 (14.80) 128.05 ARRAY BIOPHARMA ARRY US 196.18 (14.80) 128.05 ASPEN TECHNOLOGY AST GR 439.43 (35.46) (21.31) ASPEN TECHNOLOGY AZPNEUR EU 439.43 (35.46) (21.31) ASPEN TECHNOLOGY AZPN US 439.43 (35.46) (21.31) AUTOZONE INC AZ5 GR 8,464.10 (1,863.28) (422.10) AUTOZONE INC AZ5 TH 8,464.10 (1,863.28) (422.10) AUTOZONE INC AZOEUR EU 8,464.10 (1,863.28) (422.10) AUTOZONE INC AZO US 8,464.10 (1,863.28) (422.10) AVID TECHNOLOGY AVID US 311.76 (303.60) (75.21) AVID TECHNOLOGY AVD GR 311.76 (303.60) (75.21) AVINTIV SPECIALT POLGA US 1,991.44 (3.91) 322.12 AVON - BDR AVON34 BZ 3,629.10 (435.70) 604.60 AVON PRODUCTS AVP* MM 3,629.10 (435.70) 604.60 AVON PRODUCTS AVP CI 3,629.10 (435.70) 604.60 AVON PRODUCTS AVP TH 3,629.10 (435.70) 604.60 AVON PRODUCTS AVP GR 3,629.10 (435.70) 604.60 AVON PRODUCTS AVP US 3,629.10 (435.70) 604.60 BARRACUDA NETWOR CUDA US 430.71 (19.26) (28.83) BARRACUDA NETWOR 7BM GR 430.71 (19.26) (28.83) BARRACUDA NETWOR CUDAEUR EU 430.71 (19.26) (28.83) BARRACUDA NETWOR 7BM QT 430.71 (19.26) (28.83) BENEFITFOCUS INC BTF GR 135.97 (26.67) 9.59 BENEFITFOCUS INC BNFT US 135.97 (26.67) 9.59 BLUE BIRD CORP 1291067D US 279.36 (119.16) (10.17) BLUE BIRD CORP BLBD US 279.36 (119.16) (10.17) BOMBARDIER INC-B BBDBN MM 23,667.00 (3,442.00) 1,342.00 BOMBARDIER-B OLD BBDYB BB 23,667.00 (3,442.00) 1,342.00 BOMBARDIER-B W/I BBD/W CN 23,667.00 (3,442.00) 1,342.00 BRINKER INTL EAT US 1,489.19 (243.66) (225.57) BRINKER INTL EAT2EUR EU 1,489.19 (243.66) (225.57) BRINKER INTL BKJ GR 1,489.19 (243.66) (225.57) BUFFALO COAL COR BUC SJ 48.11 (17.94) 0.28 BURLINGTON STORE BUI GR 2,605.90 (105.24) 106.58 BURLINGTON STORE BURL US 2,605.90 (105.24) 106.58 CABLEVISION SY-A CVC US 6,732.39 (4,832.88) (257.15) CABLEVISION SY-A CVCEUR EU 6,732.39 (4,832.88) (257.15) CABLEVISION SY-A CVY GR 6,732.39 (4,832.88) (257.15) CABLEVISION SY-A CVY TH 6,732.39 (4,832.88) (257.15) CABLEVISION-W/I CVC-W US 6,732.39 (4,832.88) (257.15) CABLEVISION-W/I 8441293Q US 6,732.39 (4,832.88) (257.15) CALIFORNIA RESOU CRC US 6,662.00 (952.00) (207.00) CALIFORNIA RESOU 1CL TH 6,662.00 (952.00) (207.00) CALIFORNIA RESOU 1CLB QT 6,662.00 (952.00) (207.00) CALIFORNIA RESOU CRCEUR EU 6,662.00 (952.00) (207.00) CALIFORNIA RESOU 1CLB GR 6,662.00 (952.00) (207.00) CAMBIUM LEARNING ABCD US 131.80 (73.99) (58.30) CARBONITE INC CARB US 132.67 (4.78) (46.03) CARBONITE INC 4CB GR 132.67 (4.78) (46.03) CASELLA WASTE WA3 GR 620.41 (28.52) 0.35 CASELLA WASTE CWST US 620.41 (28.52) 0.35 CEB INC FC9 GR 1,299.62 (23.26) (201.96) CEB INC CEB US 1,299.62 (23.26) (201.96) CEDAR FAIR LP 7CF GR 2,003.76 (41.81) (100.69) CEDAR FAIR LP FUN US 2,003.76 (41.81) (100.69) CENTENNIAL COMM CYCL US 1,480.90 (925.89) (52.08) CF CORP CFCOU US 0.58 (0.06) (0.06) CHARTER COMMUN-A CHTR US 40,524.00 (219.00) (313.00) CHARTER COMMUN-A CHTR1EUR EU 40,524.00 (219.00) (313.00) CHOICE HOTELS CZH GR 787.26 (385.86) 117.79 CHOICE HOTELS CHH US 787.26 (385.86) 117.79 CINCINNATI BELL CIB GR 1,444.60 (291.60) (64.20) CINCINNATI BELL CBB US 1,444.60 (291.60) (64.20) CLEAR CHANNEL-A CCO US 5,739.38 (940.42) 692.72 CLEAR CHANNEL-A C7C GR 5,739.38 (940.42) 692.72 CLIFFS NATURAL R CLF* MM 1,886.30 (1,696.70) 352.20 CLIFFS NATURAL R CLF2EUR EU 1,886.30 (1,696.70) 352.20 CLIFFS NATURAL R CVA TH 1,886.30 (1,696.70) 352.20 CLIFFS NATURAL R CVA QT 1,886.30 (1,696.70) 352.20 CLIFFS NATURAL R CVA GR 1,886.30 (1,696.70) 352.20 CLIFFS NATURAL R CLF US 1,886.30 (1,696.70) 352.20 COGENT COMMUNICA CCOI US 665.10 (18.38) 168.48 COGENT COMMUNICA OGM1 GR 665.10 (18.38) 168.48 COHERUS BIOSCIEN 8C5 GR 226.24 (66.88) 118.66 COHERUS BIOSCIEN CHRSEUR EU 226.24 (66.88) 118.66 COHERUS BIOSCIEN 8C5 TH 226.24 (66.88) 118.66 COHERUS BIOSCIEN CHRS US 226.24 (66.88) 118.66 COLGATE-BDR COLG34 BZ 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CPA QT 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CPA TH 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CPA GR 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CL* MM 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CLEUR EU 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CLCHF EU 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CL SW 12,448.00 (73.00) 27.00 COLGATE-PALMOLIV CL US 12,448.00 (73.00) 27.00 COMMUNICATION CSAL US 2,517.91 (1,288.91) - COMMUNICATION 8XC GR 2,517.91 (1,288.91) - CPI CARD GROUP I PMTS US 279.96 (82.25) 63.97 CPI CARD GROUP I PNT CN 279.96 (82.25) 63.97 CPI CARD GROUP I CPB GR 279.96 (82.25) 63.97 CRIUS ENERGY TRU CRIUF US 306.50 (49.05) (85.80) CRIUS ENERGY TRU KWH-U CN 306.50 (49.05) (85.80) CVR NITROGEN LP RNF US 241.37 (166.27) 12.04 CYAN INC CYNI US 112.13 (18.37) 56.86 CYAN INC YCN GR 112.13 (18.37) 56.86 DELEK LOGISTICS DKL US 379.20 (10.98) 22.10 DELEK LOGISTICS D6L GR 379.20 (10.98) 22.10 DENNY'S CORP DENN US 288.84 (57.43) (48.89) DENNY'S CORP DE8 GR 288.84 (57.43) (48.89) DIRECTV DTV CI 25,321.00 (3,463.00) 1,360.00 DIRECTV DTVEUR EU 25,321.00 (3,463.00) 1,360.00 DIRECTV DTV US 25,321.00 (3,463.00) 1,360.00 DOMINO'S PIZZA EZV GR 820.76 (1,730.28) 292.76 DOMINO'S PIZZA EZV TH 820.76 (1,730.28) 292.76 DOMINO'S PIZZA DPZ US 820.76 (1,730.28) 292.76 DPL INC DPL US 3,202.90 (16.90) (466.20) DUN & BRADSTREET DB5 TH 2,176.00 (1,106.30) (94.40) DUN & BRADSTREET DNB US 2,176.00 (1,106.30) (94.40) DUN & BRADSTREET DNB1EUR EU 2,176.00 (1,106.30) (94.40) DUN & BRADSTREET DB5 GR 2,176.00 (1,106.30) (94.40) DUNKIN' BRANDS G DNKN US 3,093.93 (234.59) 117.25 DUNKIN' BRANDS G 2DB QT 3,093.93 (234.59) 117.25 DUNKIN' BRANDS G 2DB GR 3,093.93 (234.59) 117.25 DUNKIN' BRANDS G DNKNEUR EU 3,093.93 (234.59) 117.25 DUNKIN' BRANDS G 2DB TH 3,093.93 (234.59) 117.25 DURATA THERAPEUT DTA GR 82.12 (16.08) 11.68 DURATA THERAPEUT DRTX US 82.12 (16.08) 11.68 DURATA THERAPEUT DRTXEUR EU 82.12 (16.08) 11.68 EASTMAN KODAK CO KODN GR 2,066.00 (48.00) 861.00 EASTMAN KODAK CO KODK US 2,066.00 (48.00) 861.00 EDGEN GROUP INC EDG US 883.85 (0.80) 409.18 ENERGIZER HOLDIN EGG GR 1,584.40 (10.20) 643.20 ENERGIZER HOLDIN ENR-WEUR EU 1,584.40 (10.20) 643.20 ENERGIZER HOLDIN ENR US 1,584.40 (10.20) 643.20 EPL OIL & GAS IN EPL US 463.56 (1,080.48) (1,301.74) EPL OIL & GAS IN EPA1 GR 463.56 (1,080.48) (1,301.74) ERIN ENERGY CORP ERN SJ 359.60 (137.39) (338.33) EXELIXIS INC EXEL US 492.53 (155.95) 238.40 EXELIXIS INC EX9 GR 492.53 (155.95) 238.40 EXELIXIS INC EXELEUR EU 492.53 (155.95) 238.40 EXELIXIS INC EX9 TH 492.53 (155.95) 238.40 EXELIXIS INC EX9 QT 492.53 (155.95) 238.40 FAIRMOUNT SANTRO FMSAEUR EU 1,315.97 (73.64) 171.78 FAIRMOUNT SANTRO FMSA US 1,315.97 (73.64) 171.78 FAIRMOUNT SANTRO FM1 GR 1,315.97 (73.64) 171.78 FAIRPOINT COMMUN FONN GR 1,291.00 (17.02) (1.19) FAIRPOINT COMMUN FRP US 1,291.00 (17.02) (1.19) FIFTH STREET ASS FSAM US 161.03 (11.64) - FREESCALE SEMICO 1FS GR 3,159.00 (3,079.00) 1,264.00 FREESCALE SEMICO FSLEUR EU 3,159.00 (3,079.00) 1,264.00 FREESCALE SEMICO 1FS TH 3,159.00 (3,079.00) 1,264.00 FREESCALE SEMICO 1FS QT 3,159.00 (3,079.00) 1,264.00 FREESCALE SEMICO FSL US 3,159.00 (3,079.00) 1,264.00 GAMCO INVESTO-A GBL US 115.93 (248.20) - GAMING AND LEISU GLPI US 2,436.23 (258.82) (98.66) GAMING AND LEISU 2GL GR 2,436.23 (258.82) (98.66) GARDA WRLD -CL A GW CN 1,792.96 (360.93) 107.43 GARTNER INC IT* MM 2,211.51 (112.67) (111.95) GARTNER INC GGRA GR 2,211.51 (112.67) (111.95) GARTNER INC IT US 2,211.51 (112.67) (111.95) GCP APPLIED TECH 43G GR 985.60 (182.10) 219.80 GCP APPLIED TECH GCP US 985.60 (182.10) 219.80 GENTIVA HEALTH GHT GR 1,225.23 (285.20) 130.02 GENTIVA HEALTH GTIV US 1,225.23 (285.20) 130.02 GLG PARTNERS INC GLG US 400.02 (285.63) 156.94 GLG PARTNERS-UTS GLG/U US 400.02 (285.63) 156.94 GOLD RESERVE INC GOD GR 23.98 (20.50) 9.97 GOLD RESERVE INC GRZ CN 23.98 (20.50) 9.97 GOLD RESERVE INC GDRZF US 23.98 (20.50) 9.97 GRAHAM PACKAGING GRM US 2,947.54 (520.85) 298.45 GYMBOREE CORP/TH GYMB US 1,162.60 (309.18) 28.71 HCA HOLDINGS INC 2BH TH 32,776.00 (5,999.00) 3,803.00 HCA HOLDINGS INC 2BH GR 32,776.00 (5,999.00) 3,803.00 HCA HOLDINGS INC HCAEUR EU 32,776.00 (5,999.00) 3,803.00 HCA HOLDINGS INC HCA US 32,776.00 (5,999.00) 3,803.00 HECKMANN CORP-U HEK/U US 460.11 (65.12) (465.38) HEWLETT-PACKA-WI HPQ-W US 25,523.00 (4,786.00) (1,477.00) HOVNANIAN-A-WI HOV-W US 2,518.63 (152.32) 1,519.60 HP COMPANY-BDR HPQB34 BZ 25,523.00 (4,786.00) (1,477.00) HP INC HPQ CI 25,523.00 (4,786.00) (1,477.00) HP INC HWP QT 25,523.00 (4,786.00) (1,477.00) HP INC 7HP GR 25,523.00 (4,786.00) (1,477.00) HP INC HPQ TE 25,523.00 (4,786.00) (1,477.00) HP INC HPQ US 25,523.00 (4,786.00) (1,477.00) HP INC HPQ SW 25,523.00 (4,786.00) (1,477.00) HP INC 7HP TH 25,523.00 (4,786.00) (1,477.00) HP INC HPQCHF EU 25,523.00 (4,786.00) (1,477.00) HP INC HPQ* MM 25,523.00 (4,786.00) (1,477.00) HUGHES TELEMATIC HUTCU US 110.19 (101.63) (113.82) IDEXX LABS IX1 TH 1,478.65 (73.79) (69.66) IDEXX LABS IX1 GR 1,478.65 (73.79) (69.66) IDEXX LABS IDXX US 1,478.65 (73.79) (69.66) INFOR ACQUISIT-A IAC/A CN 233.03 (1.62) 1.97 INFOR ACQUISITIO IAC-U CN 233.03 (1.62) 1.97 INFOR US INC LWSN US 6,048.50 (796.80) (226.40) INNOVIVA INC HVE GR 387.83 (361.97) 186.08 INNOVIVA INC INVA US 387.83 (361.97) 186.08 INTERNATIONAL WI ITWG US 325.06 (11.47) 95.43 INTERUPS INC ITUP US 0.04 (0.29) (0.29) INVENTIV HEALTH VTIV US 2,127.79 (782.98) 121.10 IPCS INC IPCS US 559.20 (33.02) 72.11 ISRAMCO INC ISRL US 144.89 (2.80) 12.47 ISRAMCO INC ISRLEUR EU 144.89 (2.80) 12.47 ISRAMCO INC IRM GR 144.89 (2.80) 12.47 ISTA PHARMACEUTI ISTA US 124.74 (64.84) 2.15 J CREW GROUP INC JCG US 1,477.27 (776.68) 91.38 JACK IN THE BOX JBX GR 1,301.46 (190.62) (83.75) JACK IN THE BOX JACK1EUR EU 1,301.46 (190.62) (83.75) JACK IN THE BOX JACK US 1,301.46 (190.62) (83.75) JUST ENERGY GROU JE CN 1,247.44 (651.09) (118.72) JUST ENERGY GROU JE US 1,247.44 (651.09) (118.72) JUST ENERGY GROU 1JE GR 1,247.44 (651.09) (118.72) KOPPERS HOLDINGS KO9 GR 1,129.70 (4.30) 173.50 KOPPERS HOLDINGS KOP US 1,129.70 (4.30) 173.50 L BRANDS INC LTD QT 7,426.00 (1,086.00) 1,386.00 L BRANDS INC LTD TH 7,426.00 (1,086.00) 1,386.00 L BRANDS INC LTD GR 7,426.00 (1,086.00) 1,386.00 L BRANDS INC LBEUR EU 7,426.00 (1,086.00) 1,386.00 L BRANDS INC LB US 7,426.00 (1,086.00) 1,386.00 L BRANDS INC LB* MM 7,426.00 (1,086.00) 1,386.00 LANDCADIA HOLDIN LCAHU US 0.33 (0.00) (0.33) LANTHEUS HOLDING LNTH US 249.26 (174.22) 68.56 LAREDO PETROLEUM 8LP GR 1,637.16 (45.72) 124.78 LAREDO PETROLEUM LPI US 1,637.16 (45.72) 124.78 LAREDO PETROLEUM LPI1EUR EU 1,637.16 (45.72) 124.78 LEAP WIRELESS LWI GR 4,662.89 (125.14) 346.94 LEAP WIRELESS LWI TH 4,662.89 (125.14) 346.94 LEAP WIRELESS LEAP US 4,662.89 (125.14) 346.94 LENNOX INTL INC LII US 1,861.00 (73.30) 318.40 LENNOX INTL INC LXI GR 1,861.00 (73.30) 318.40 LORILLARD INC LLV TH 4,154.00 (2,134.00) 1,135.00 LORILLARD INC LO US 4,154.00 (2,134.00) 1,135.00 LORILLARD INC LLV GR 4,154.00 (2,134.00) 1,135.00 MADISON-A/NEW-WI MSGN-W US 799.54 (1,167.08) 134.88 MAJESCOR RESOURC MJXEUR EU 0.08 (0.02) (0.02) MANITOWOC FOOD MFS US 1,822.90 (125.70) 2.50 MANITOWOC FOOD 6M6 GR 1,822.90 (125.70) 2.50 MANITOWOC FOOD MFS1EUR EU 1,822.90 (125.70) 2.50 MANNKIND CORP MNKD IT 93.27 (373.46) (205.07) MARRIOTT INTL-A MAQ GR 6,121.00 (3,667.00) (1,823.00) MARRIOTT INTL-A MAQ TH 6,121.00 (3,667.00) (1,823.00) MARRIOTT INTL-A MAR US 6,121.00 (3,667.00) (1,823.00) MDC COMM-W/I MDZ/W CN 1,571.55 (454.21) (274.04) MDC PARTNERS-A MDZ/A CN 1,571.55 (454.21) (274.04) MDC PARTNERS-A MDCA US 1,571.55 (454.21) (274.04) MDC PARTNERS-A MDCAEUR EU 1,571.55 (454.21) (274.04) MDC PARTNERS-EXC MDZ/N CN 1,571.55 (454.21) (274.04) MEAD JOHNSON MJN US 4,016.80 (592.40) 1,392.10 MEAD JOHNSON 0MJA GR 4,016.80 (592.40) 1,392.10 MEAD JOHNSON MJNEUR EU 4,016.80 (592.40) 1,392.10 MEAD JOHNSON 0MJA TH 4,016.80 (592.40) 1,392.10 MEDLEY MANAGE-A MDLY US 112.01 (24.54) 44.69 MERITOR INC MTOR US 2,093.00 (601.00) 146.00 MERITOR INC AID1 GR 2,093.00 (601.00) 146.00 MERITOR INC MTOREUR EU 2,093.00 (601.00) 146.00 MERRIMACK PHARMA MP6 GR 192.93 (217.14) 63.32 MERRIMACK PHARMA MACK US 192.93 (217.14) 63.32 MICHAELS COS INC MIM GR 1,938.68 (1,683.36) 551.65 MICHAELS COS INC MIK US 1,938.68 (1,683.36) 551.65 MIDSTATES PETROL MPO1EUR EU 782.84 (1,504.51) (1,920.40) MONEYGRAM INTERN MGI US 4,280.00 (224.30) (16.80) MOODY'S CORP MCO US 5,114.90 (351.50) 1,933.40 MOODY'S CORP DUT TH 5,114.90 (351.50) 1,933.40 MOODY'S CORP DUT QT 5,114.90 (351.50) 1,933.40 MOODY'S CORP DUT GR 5,114.90 (351.50) 1,933.40 MOODY'S CORP MCOEUR EU 5,114.90 (351.50) 1,933.40 MOTOROLA SOLUTIO MTLA TH 9,049.00 (137.00) 1,969.00 MOTOROLA SOLUTIO MSI US 9,049.00 (137.00) 1,969.00 MOTOROLA SOLUTIO MTLA QT 9,049.00 (137.00) 1,969.00 MOTOROLA SOLUTIO MOT TE 9,049.00 (137.00) 1,969.00 MOTOROLA SOLUTIO MTLA GR 9,049.00 (137.00) 1,969.00 MPG OFFICE TRUST 1052394D US 1,280.03 (437.27) - MSG NETWORKS- A MSGNEUR EU 799.54 (1,167.08) 134.88 MSG NETWORKS- A MSGN US 799.54 (1,167.08) 134.88 MSG NETWORKS- A 1M4 TH 799.54 (1,167.08) 134.88 MSG NETWORKS- A 1M4 GR 799.54 (1,167.08) 134.88 NATHANS FAMOUS NATH US 71.55 (72.34) 49.78 NATHANS FAMOUS NFA GR 71.55 (72.34) 49.78 NATIONAL CINEMED NCMI US 1,037.60 (173.30) 92.50 NATIONAL CINEMED XWM GR 1,037.60 (173.30) 92.50 NAVIDEA BIOPHARM NAVB IT 12.28 (57.16) (47.06) NAVISTAR INTL IHR TH 6,188.00 (5,121.00) 510.00 NAVISTAR INTL NAV US 6,188.00 (5,121.00) 510.00 NAVISTAR INTL IHR GR 6,188.00 (5,121.00) 510.00 NEFF CORP-CL A NEFF US 672.28 (169.37) 0.39 NEKTAR THERAPEUT ITH GR 491.88 (0.28) 278.90 NEKTAR THERAPEUT NKTR US 491.88 (0.28) 278.90 NEW ENG RLTY-LP NEN US 193.83 (31.21) - NORTHERN OIL AND NOG US 573.19 (322.51) (7.67) NORTHERN OIL AND 4LT GR 573.19 (322.51) (7.67) NTELOS HOLDINGS NTLS US 611.10 (39.94) 104.88 OCH-ZIFF CAPIT-A OZM US 1,255.31 (183.67) - OCH-ZIFF CAPIT-A 35OA GR 1,255.31 (183.67) - OMEROS CORP OMER US 35.97 (40.74) 6.80 OMEROS CORP 3O8 TH 35.97 (40.74) 6.80 OMEROS CORP 3O8 GR 35.97 (40.74) 6.80 OMEROS CORP OMEREUR EU 35.97 (40.74) 6.80 OMTHERA PHARMACE OMTH US 18.35 (8.51) (11.99) ONCOMED PHARMACE O0M GR 204.93 (19.81) 149.94 ONCOMED PHARMACE OMED US 204.93 (19.81) 149.94 PALM INC PALM US 1,007.24 (6.18) 141.72 PAVMED INC PAVMU US 0.78 (0.06) (0.52) PBF LOGISTICS LP 11P GR 433.58 (180.66) 40.63 PBF LOGISTICS LP PBFX US 433.58 (180.66) 40.63 PENN NATL GAMING PN1 GR 5,128.69 (649.10) (189.85) PENN NATL GAMING PENN US 5,128.69 (649.10) (189.85) PHILIP MORRIS IN PM FP 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PM US 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PM1CHF EU 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN 4I1 QT 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PMI EB 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN 4I1 GR 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PMI SW 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN 4I1 TH 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PM1EUR EU 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PM1 TE 34,621.00 (10,894.00) 1,837.00 PHILIP MORRIS IN PMI1 IX 34,621.00 (10,894.00) 1,837.00 PLAYBOY ENTERP-A PLA/A US 165.83 (54.43) (16.90) PLAYBOY ENTERP-B PLA US 165.83 (54.43) (16.90) PLY GEM HOLDINGS PGEM US 1,210.85 (101.00) 239.95 PLY GEM HOLDINGS PG6 GR 1,210.85 (101.00) 239.95 POLYMER GROUP-B POLGB US 1,991.44 (3.91) 322.12 PROTECTION ONE PONE US 562.85 (61.78) (7.57) QUALITY DISTRIBU QDZ GR 412.99 (22.94) 102.85 QUALITY DISTRIBU QLTY US 412.99 (22.94) 102.85 QUINTILES TRANSN QTS GR 3,982.94 (205.94) 859.02 QUINTILES TRANSN Q US 3,982.94 (205.94) 859.02 RADIO ONE INC-A ROIA US 1,342.79 (63.94) 134.38 RADIO ONE-CL D ROIAK US 1,342.79 (63.94) 134.38 REATA PHARMACE-A 2R3 GR 64.59 (273.01) 4.39 REATA PHARMACE-A RETA US 64.59 (273.01) 4.39 REGAL ENTERTAI-A RETA GR 2,591.30 (873.60) (83.40) REGAL ENTERTAI-A RGC US 2,591.30 (873.60) (83.40) REGAL ENTERTAI-A RGC* MM 2,591.30 (873.60) (83.40) RENAISSANCE LEA RLRN US 57.05 (28.16) (31.37) RENTECH NITROGEN 2RN GR 241.37 (166.27) 12.04 RENTPATH LLC PRM US 208.02 (91.65) 3.63 REVLON INC-A RVL1 GR 1,887.70 (573.30) 308.50 REVLON INC-A REV US 1,887.70 (573.30) 308.50 RLJ ACQUISITI-UT RLJAU US 135.79 (13.53) 20.56 ROUNDY'S INC RNDY US 1,095.67 (92.66) 59.67 ROUNDY'S INC 4R1 GR 1,095.67 (92.66) 59.67 RURAL/METRO CORP RURL US 303.74 (92.10) 72.41 RYERSON HOLDING 7RY TH 1,582.80 (118.70) 625.00 RYERSON HOLDING 7RY GR 1,582.80 (118.70) 625.00 RYERSON HOLDING RYI US 1,582.80 (118.70) 625.00 SALLY BEAUTY HOL SBH US 2,069.35 (341.43) 643.38 SALLY BEAUTY HOL S7V GR 2,069.35 (341.43) 643.38 SANCHEZ ENERGY C 13S TH 1,421.20 (523.12) 401.73 SANCHEZ ENERGY C 13S GR 1,421.20 (523.12) 401.73 SANCHEZ ENERGY C SN US 1,421.20 (523.12) 401.73 SANCHEZ ENERGY C SN* MM 1,421.20 (523.12) 401.73 SBA COMM CORP-A SBJ TH 7,371.64 (1,630.56) 49.48 SBA COMM CORP-A SBAC US 7,371.64 (1,630.56) 49.48 SBA COMM CORP-A SBJ GR 7,371.64 (1,630.56) 49.48 SBA COMM CORP-A SBACEUR EU 7,371.64 (1,630.56) 49.48 SCIENTIFIC GAM-A TJW GR 7,690.70 (1,583.90) 516.30 SCIENTIFIC GAM-A SGMS US 7,690.70 (1,583.90) 516.30 SEARS HOLDINGS SEE QT 11,175.00 (2,360.00) 1,526.00 SEARS HOLDINGS SHLD US 11,175.00 (2,360.00) 1,526.00 SEARS HOLDINGS SEE GR 11,175.00 (2,360.00) 1,526.00 SEARS HOLDINGS SEE TH 11,175.00 (2,360.00) 1,526.00 SILVER SPRING NE SSNI US 465.63 (45.87) (20.01) SILVER SPRING NE 9SI TH 465.63 (45.87) (20.01) SILVER SPRING NE 9SI GR 465.63 (45.87) (20.01) SILVER SPRING NE SSNIEUR EU 465.63 (45.87) (20.01) SIRIUS XM CANADA XSR CN 291.53 (139.81) (175.51) SIRIUS XM CANADA SIICF US 291.53 (139.81) (175.51) SIRIUS XM HOLDIN RDO GR 7,928.24 (563.94) (1,942.31) SIRIUS XM HOLDIN SIRI US 7,928.24 (563.94) (1,942.31) SIRIUS XM HOLDIN RDO QT 7,928.24 (563.94) (1,942.31) SIRIUS XM HOLDIN RDO TH 7,928.24 (563.94) (1,942.31) SONIC CORP SO4 GR 679.67 (58.46) 98.67 SONIC CORP SONC US 679.67 (58.46) 98.67 SONIC CORP SONCEUR EU 679.67 (58.46) 98.67 SPORTSMAN'S WARE SPWH US 338.79 (2.35) 84.47 SPORTSMAN'S WARE 06S GR 338.79 (2.35) 84.47 SUPERVALU INC SJ1 GR 4,370.00 (433.00) 63.00 SUPERVALU INC SJ1 TH 4,370.00 (433.00) 63.00 SUPERVALU INC SVU US 4,370.00 (433.00) 63.00 SUPERVALU INC SVU* MM 4,370.00 (433.00) 63.00 SWIFT ENERGY CO SWTF US 433.27 (960.12) (376.70) SYNERGY PHARMACE SGYP US 88.39 (6.50) 68.25 SYNERGY PHARMACE SGYPEUR EU 88.39 (6.50) 68.25 SYNERGY PHARMACE S90 GR 88.39 (6.50) 68.25 TAILORED BRANDS TLRD US 2,276.82 (90.23) 717.65 TAILORED BRANDS TLRD* MM 2,276.82 (90.23) 717.65 TAILORED BRANDS WRMA GR 2,276.82 (90.23) 717.65 TRANSDIGM GROUP TDGCHF EU 8,359.47 (961.82) 1,082.00 TRANSDIGM GROUP TDG SW 8,359.47 (961.82) 1,082.00 TRANSDIGM GROUP TDGEUR EU 8,359.47 (961.82) 1,082.00 TRANSDIGM GROUP T7D GR 8,359.47 (961.82) 1,082.00 TRANSDIGM GROUP TDG US 8,359.47 (961.82) 1,082.00 TRANSDIGM GROUP T7D QT 8,359.47 (961.82) 1,082.00 TURNING POINT BR TPB US 241.54 (79.23) 44.78 UNISYS CORP UIS1 SW 2,265.10 (1,354.30) 261.50 UNISYS CORP UISCHF EU 2,265.10 (1,354.30) 261.50 UNISYS CORP USY1 GR 2,265.10 (1,354.30) 261.50 UNISYS CORP UISEUR EU 2,265.10 (1,354.30) 261.50 UNISYS CORP UIS US 2,265.10 (1,354.30) 261.50 UNISYS CORP USY1 TH 2,265.10 (1,354.30) 261.50 VECTOR GROUP LTD VGR GR 1,228.79 (153.86) 335.33 VECTOR GROUP LTD VGR US 1,228.79 (153.86) 335.33 VECTOR GROUP LTD VGR QT 1,228.79 (153.86) 335.33 VENOCO INC VQ US 295.28 (483.71) (509.84) VERISIGN INC VRS GR 2,323.67 (1,108.02) 464.34 VERISIGN INC VRS TH 2,323.67 (1,108.02) 464.34 VERISIGN INC VRSN US 2,323.67 (1,108.02) 464.34 VERIZON TELEMATI HUTC US 110.19 (101.63) (113.82) VIEWRAY INC VRAY US 39.07 (19.76) (0.58) VIRGIN MOBILE-A VM US 307.41 (244.23) (138.28) WEIGHT WATCHERS WW6 TH 1,290.48 (1,296.90) (173.65) WEIGHT WATCHERS WW6 GR 1,290.48 (1,296.90) (173.65) WEIGHT WATCHERS WTWEUR EU 1,290.48 (1,296.90) (173.65) WEIGHT WATCHERS WTW US 1,290.48 (1,296.90) (173.65) WEST CORP WT2 GR 3,522.70 (536.21) 231.23 WEST CORP WSTC US 3,522.70 (536.21) 231.23 WESTERN REFINING WNRL US 487.33 (73.69) 13.88 WESTERN REFINING WR2 GR 487.33 (73.69) 13.88 WESTMORELAND COA WLB US 1,770.69 (550.08) (32.21) WESTMORELAND COA WME GR 1,770.69 (550.08) (32.21) WINGSTOP INC WING US 116.61 (4.77) 1.97 WINGSTOP INC EWG GR 116.61 (4.77) 1.97 WINMARK CORP WINA US 42.82 (21.93) 13.63 WINMARK CORP GBZ GR 42.82 (21.93) 13.63 YRC WORLDWIDE IN YRCW US 1,863.80 (392.70) 178.10 YRC WORLDWIDE IN YEL1 TH 1,863.80 (392.70) 178.10 YRC WORLDWIDE IN YRCWEUR EU 1,863.80 (392.70) 178.10 YRC WORLDWIDE IN YEL1 GR 1,863.80 (392.70) 178.10 YUM! BRANDS INC YUM US 8,184.00 (331.00) (400.00) YUM! BRANDS INC YUM SW 8,184.00 (331.00) (400.00) YUM! BRANDS INC YUMCHF EU 8,184.00 (331.00) (400.00) YUM! BRANDS INC YUMEUR EU 8,184.00 (331.00) (400.00) YUM! BRANDS INC TGR GR 8,184.00 (331.00) (400.00) YUM! BRANDS INC TGR TH 8,184.00 (331.00) (400.00) ********* 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 2016. 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 ***