TCR_Public/170505.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, May 5, 2017, Vol. 21, No. 124

                            Headlines

1011778 BC: Moody's Rates Proposed $1BB Senior Secured Notes 'Ba3'
101178 BC: S&P Assigns 'B+' Rating on New $1BB Sr. Secured Notes
8760 SERVICE: Case Summary & Largest Unsecured Creditors
ADVANCED MICRO: Q1 Revenue Increased 18 Percent Year-over-Year
ALPHA NURSING: Faces Patient Care Issues, PCO 1st Report Says

AMPLIPHI BIOSCIENCES: Amends 1.9-M Shares Prospectus with SEC
AMPLIPHI BIOSCIENCES: Will Provide Personalized Therapies
AMW MACHINE: Plan Outline Okayed, Plan Hearing on May 23
AP&E PROPERTIES: IRS Tries to Block Approval of Disclosures
ARCONIC INC: Names Eric Roegner President of Arconic Global

ATOPTECH INC: Reacts to Synopsys' Sale Procedures Objection
AVON PRODUCTS: Moody's Lowers CFR to B1 on New Transformation Plan
BALDWIN, LA: Audit Shows Going Concern Doubt
BASEBALL PROTECTIVE: Exclusive Plan Filing Extended to May 30
BC EQUITY: S&P Affirms 'B' CCR Amid 2 Acquisition Proposals

BENZIE LEASING: June 1 Hearing on D. Wolfe-Proposed Plan
BIOLARGO INC: Amends Resale Prospectus of 36.1 Million Shares
BON-TON STORES: $730-M ABL Facility Now Due to Mature April 2022
CALIFORNIA RESOURCES: Wants to Amend Certificate of Incorporation
CENTAUR LLC: US Supreme Court to Hear Safe Harbor Appeal

CENTRAL GROCERS: Files Voluntary Chapter 11 Bankruptcy Petition
CENTRAL LAUNDRY: Voluntary Chapter 11 Case Summary
CHARLES BRELAND: Bankr. Administrator Directed to Appoint Trustee
CHIEFTAIN SAND: Exclusive Plan Filing Period Moved to August 7
CIRCUS FURNITURE: DOJ Watchdog Seeks Ch. 11 Trustee Appointment

CONFIRMATRIX LABORATORY: Intends to File Chapter 11 Plan By June 2
CORE COMMUNICATIONS: Voluntary Chapter 11 Case Summary
COVERIS HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B' CCR
CRAPP FARMS: Case Summary & 20 Largest Unsecured Creditors
CRISTALEX INC: Wants June 7 as Exclusive Plan Filing Deadline

DENTON HARDWOODS: U.S. Trustee Unable to Appoint Committee
DEWEY & LEBOEUF: Jury Revisit Emails on 2nd Day of Fraud Retrial
DOLPHIN DIGITAL: Amends 2016 Form 10-K to Include Part III
EIA TROPICAL: Needs Until May 29 to Renegotiate Lease, File Plan
ERIN ENERGY: Three Directors Will Retire from Board

FB COVENTRY: Seeks to Hire Peter Iascone as Legal Counsel
FOOTHILLS CONSULTING: HomeTrust Bank to Auction Property on May 9
FRESH & EASY: Court Confirms Joint Liquidating Plan
FRONTIER COMMUNICATIONS: Dividend Cut No Impact on Moody's B1 CFR
GARDEN FRESH: Seeks July 31 Exclusive Plan Filing Period Extension

GIGA-TRONICS INC: Obtains $1.5 Million Financing from PFG
GREAT AMERICAN VENDING: Hearing on Disclosures OK Set for May 31
GREENHUNTER RESOURCES: Plan Outline Okayed, Plan Hearing on June 6
GUITAR CENTER: S&P Lowers CCR to 'CCC+'; Outlook Negative
GULFMARK OFFSHORE: Obtains Forbearance Extensions Until May 12

HALT MEDICAL: Sale Procedures Approved, Break-Fee Reduced
HANSELL/MITZEL: Exclusive Plan Filing Deadline Moved to Sept. 10
HEALTHIER CHOICES: Disagrees with MBAF on Reportable Events
HELLENIC PROPERTY: Taps Ivey McClellan as Legal Counsel
HENSON MECHANICAL: Asks Court to Conditionally Approve Disclosures

HIGH COUNTRY FUSION: Taps Cosho Humphrey as Legal Counsel
HODGE'S CHAPEL: Exit Plan Sets Aside $9K for Unsecured Creditors
HOMCO REALTY: First Creditors Meeting Set for May 15 in Quebec
HOOPER HOLMES: Amends 2016 Annual Report to Add Disclosures
HOOPER HOLMES: Files Form 25 Delisting Notice

HOPEWELL-PILOT: Voluntary Chapter 11 Case Summary
INMOBILIARIA HMMA: Case Summary & 4 Unsecured Creditors
INTERLEUKIN GENETICS: Amends 2016 Form 10-K to Add Part III
JEWELRY BY JENNIFER: Plan Outline Conditionally Approved
LADERA PARENT: To Sell Property to Fund Chapter 11 Plan

LAKE NAOMI REAL ESTATE: Plan and Disclosures Due July 25
LEGENDS COLLISION: Exclusive Plan Filing Period Extended to June 16
LES CHEVEUX: Plan Outline Okayed, Plan Hearing on May 22
LTI HOLDINGS: S&P Lowers CCR to 'B-' Amid Aavid Transaction
MADISON SQUARE TAVERN: 150 West to Buy Restaurant Under New Plan

MANITOWOC CRANES: PPL Group to Auction Manufacturing Equipment
MASTROIANNI BROS: Plan Outline Okayed, Plan Hearing on May 31
MENCO PACIFIC: Plan Outline Okayed, Plan Hearing on July 27-28
MERANDA INC: Seeks June 29 Exclusive Plan Filing Period Extension
MERRIMACK PHARMACEUTICALS: Files First Amendment to 2016 10-K

MILK HOUSE: U.S. Trustee Unable to Appoint Committee
MILLAR WESTERN: Moody's Appends LD Designation to Caa1 PDR
MOUNTAIN DIVIDE: Exclusive Plan Filing Period Moved to June 12
NATIONAL AIR CARGO: DOJ Watchdog Seeks Trustee Appointment
NATIONAL LABEL: SSG Acted as Investment Banker in Asset Sale

NEVADA REGIONAL: S&P Lowers Rating to 'CCC' Amid Operating Losses
NGL ENERGY: S&P Lowers CCR to 'B+' on Increasing Leverage
NUVERRA ENVIRONMENTAL: Files for Chapter 11 With Prepack Plan
OPTIMA SPECIALTY: Unsecureds to Recoup 100% at 3% Under Plan
P & G FITTINGS: Plan Outline Okayed, Plan Hearing on June 8

PENNGOOD LLC: Court Confirms, Approves Plan & Disclosure Statement
PERMIAN RESOURCES: S&P Lowers CCR to 'SD' on Exchange Offer
PIONEER HEALTH: Management Plus Leaves Creditors' Committee
PREGIS LLC: Moody's Affirms B3 CFR on Sharp Packaging Acquisition
PROVEN PEST: U.S. Trustee Unable to Appoint Committee

PUERTO RICO: Declares Bankruptcy Under PROMESA
PUERTO RICO: Pending Litigation vs. Commonwealth & Oversight Board
PUERTO RICO: PROMESA Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: Sr. Bondholders Comment on AAFAF Plan of Adjustment
PUERTO RICO: Suit Filed by Assured Guaranty vs. Oversight Board

RANCHO PALOMITA: Plan Outline Okayed, Plan Hearing on June 13
RANGER FABRICATION: Seeks August 28 Plan Exclusivity Extension
REGENT UNIVERSITY: Moody's Affirms Ba2 Rating on $86MM Rev. Bonds
REPUBLIC AIRWAYS: Exits Chapter 11 Restructuring
RHINO GEAR: Plan Outline Okayed, Plan Hearing on May 16

ROOSTER ENERGY: Files Financial Results for Fiscal Year 2016
RUPARI HOLDING: Seeks Approval of $1.4 Million Under KEIP
SANDHILL ENTERPRISES: U.S. Trustee Unable to Appoint Committee
SCIENTIFIC GAMES: Reports $725-M Revenues for First Quarter
SECURITIES INVESTOR: Rothchild Balks at Madoff Trustee Claims

SEVEN GROUP: June 6 Plan Confirmation Hearing
SMITH HEALTH CARE: Court Terminates Services of PCO
SOTO REEFER: Plan Confirmation Hearing on Aug. 23
SOUTHEASTHEALTH: Fitch Affirms BB+ Rating on $89.3MM 2007 Rev Bonds
SQUARE INC: R. White Asks 9th Cir. to Revive Discrimination Suit

STOMPY BOT: Delays Filing of Annual Financial Statements
SYFOOD GROUP: Asks Court to Move Exclusive Plan Period to June 29
TANDOORI AT TRANSIT: Court Extends Plan Filing Period to May 15
TAPSTONE ENERGY: S&P Assigns 'B-' CCR, Outlook Positive
TEMPEST GROUP: Exclusive Plan Filing Deadline Moved to May 31

TOO FAST APPAREL: Plan Confirmation Hearing on May 25
TRANS-LUX CORP: Amends 2016 Form 10-K to Add Information
UGHS SENIOR LIVING: Proposes Chapter 11 Plan of Liquidation
UNILIFE CORP: Kahle Automation Objects to KERP & Other Motions
US DATAWORKS: Files Voluntary Chapter 11 Bankruptcy Petition

V & V SUPERMARKETS: Disclosure Statement Hearing on May 25
VERNAM BASIN: Foreclosure Auction Set for June 2
VITARGO GLOBAL SCIENCES: Taps Bolender Law as Insurance Counsel
WAVE SYSTEMS: Jive Signs Pact to Become Part of Aurea Family
WEATHERFORD INTERNATIONAL: Files Amendment 1 to $2B Prospectus

WEATHERFORD INTERNATIONAL: Reports $448 Million Net Loss for Q1
WINDMILL RESERVE: Proposes to Pay Claims from Sale Proceeds
YINGLI GREEN: Files Extension for 2016 Form 20-F Filing
[*] Carl Evander, Kevin Smith Join Renovo Capital
[*] Tomaskovic Named Top Restructuring & Turnaround Professional

[*] US Speculative-Grade Default Rate Turns Lower, Moody's Says
[*] Wolf Joins Freeborn's Bankruptcy, Restructuring Finance Group
[^] BOOK REVIEW: Transnational Mergers and Acquisitions

                            *********

1011778 BC: Moody's Rates Proposed $1BB Senior Secured Notes 'Ba3'
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 1011778 B.C.
Unlimited Liability Company, including the company's B1 Corporate
Family Rating (CFR), B1- PD Probability of Default Rating (PDR),
Ba3 first lien bank ratings and proposed $500 million add-on, Ba3
first lien note rating, and B3 second lien note rating. In
addition, Moody's assigned a Ba3 rating to the proposed $1.0
billion senior secured first lien notes. The company's SGL-1
Speculative Grade Liquidity Rating and Tim Hortons Inc.'s B2 senior
unsecured legacy notes rating were also affirmed. The ratings
outlook is stable.

Proceeds from the proposed $1.5 billion debt offerings will be used
to redeem all or a portion of the outstanding 9% cumulative class A
compounding preferred shares of Restaurant Brands International
Inc. Although not included in Moody's leverage calculation, this
high coupon preferred stock is redeemable at the company's option
beginning in December 2017 at a price of 109.9% of par value plus
accrued and unpaid dividends and unpaid make whole dividends or
approximately $3.3 billion. The proposed new first lien notes rank
pari passu with the existing notes and bank facility with regards
to payment, collateral and guarantees although Moody's does note
that certain covenants are less restrictive under the proposed new
indenture.

"The affirmation of the B1 CFR reflects Moody's view that despite
being a credit negative transaction given the increase in leverage
Moody's expects that debt reduction over and above required
amortization and improved earnings will bring leverage back down to
a level more representative of the B1 CFR over the next 12 to 18
months" Stated Bill Fahy, Moody's Senior Credit Officer. Pro forma
for the proposed transaction, debt to EBITDA will be around 6.0,
for the LTM period ending December 2016, inclusive of a full year
of the Popeyes' acquisition, versus Moody's downgrade trigger of
leverage sustained above 5.5 times.

Assignments:

Issuer: 1011778 B.C. Unltd Liability Co.

-- $1000m Senior Secured Notes, Assigned Ba3 (LGD3)

Affirmations:

Issuer: 1011778 B.C. Unltd Liability Co.

-- Probability of Default Rating, Affirmed B1-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-1

-- Corporate Family Rating, Affirmed B1

-- $500m Senior Secured Revolving Credit Facility, Affirmed
    Ba3(LGD3)

-- $1250m Senior Secured 1st Lien Global Notes, Affirmed
    Ba3(LGD3)

-- $2250m Senior Secured 2nd Lien Global Notes, Affirmed B3(LGD5)

-- $6200m Senior Secured Term Loan B, Affirmed Ba3(LGD3)

Issuer: Tim Hortons Inc.

-- $36.23m (CAD47.38m) Senior Unsecured Notes, Affirmed B2(LGD5)

-- $2.02m (CAD2.65m) Senior Unsecured Notes, Affirmed B2(LGD5)

-- $2.96m (CAD3.87m) Senior Unsecured Notes, Affirmed B2(LGD5)

RATING RATIONALE

The B1 CFR reflects 1011778 B.C.'s relatively high leverage, modest
cash flow metrics, aggressive financial policy and significant
remodeling requirements of its franchisees. Moody's also believes
that high levels of promotional activities by competitors and a
value focused consumer will continue to pressure operating
performance. However, the ratings also reflect the brand
recognition and meaningful scale of the combined company,
diversified day part and food offerings which boosts returns on
invested capital and profit margins, and very good liquidity.

The stable outlook reflects Moody's expectations that leverage will
improve over the next 12 to 18 to a level more representative of
the B1 CFR. The affirmation and stable outlook also take into
account the brand recognition and meaningful scale of the combined
company, diversified day part and food offerings and very good
liquidity.

Factors that could result in an upgrade include a sustained
strengthening of debt protection metrics with debt to EBITDA
migrating towards 4.5 times and EBITA coverage of interest moving
towards 3.0 times. A higher rating would also require maintaining
very good liquidity.

Factors that could result in a downgrade include an inability to
strengthen credit metrics with debt to EBITDA exceeding 5.5 times
or EBITA to interest approaching 2.0 times on a sustained basis. A
deterioration in liquidity for any reason could also result in a
downgrade.

1011778 B.C. Unlimited Liability Company, owns, operates and
franchises over 15,700 Burger King hamburger quick service
restaurants, more than 4,600 Tim Hortons restaurants and over 2,700
Popeyes restaurants. Annual revenues are around $4.4 billion,
although systemwide sales are over $24 billion. 3G Restaurant
Brands Holdings LP, owns approximately 43% of the combined voting
power with respect to RBI and is affiliated with private investment
firm 3G Capital Partners, Ltd.

The principal methodology used in these ratings was Restaurant
Industry published in September 2015.


101178 BC: S&P Assigns 'B+' Rating on New $1BB Sr. Secured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to Restaurant Brands International Inc.'s
subsidiaries 1011778 B.C. Unlimited Liability Co.'s and New Red
Finance Inc.'s proposed $1 billion senior secured notes due 2024.
The '3' recovery rating indicates S&P's expectation of meaningful
recovery, (50%-70%; rounded estimate: 50%) in the event of payment
default.  S&P's rating on the existing term loan B, including the
$500 million add on, remains 'B+' and the recovery rating remains
'3'.

The company intends to use the net proceeds from the proposed note
issuance together with other sources of liquidity, to redeem all or
a portion of RBI's outstanding 9.00% class A cumulative compounding
redeemable preferred shares, and for general corporate purposes.

The existing corporate credit rating and issue-level ratings
(including recovery ratings) are not affected by the proposed
financings.  As S&P treats the company's preferred shares as debt,
the proposed transaction is leverage-neutral and therefore does not
change the company's credit metrics.  S&P continues to expect
operating performance will remain stable and credit measures should
improve over the next 12-24 months primarily driven by profit
growth.  Pro forma for the company's acquisition of Popeyes
Louisiana Kitchen, we forecast leverage to be around 6x at fiscal
year-end 2017, resulting from continued restaurant growth and
generally flat same-store sales.

RATINGS LIST

Restaurant Brands International Inc.
Corporate credit rating                 B+/Stable/--

New Rating
1011778 B.C. Unlimited Liability Co.
New Red Finance Inc.
$1B senior secured notes due 2024        B+
  Recovery rating                         3(50%)


8760 SERVICE: Case Summary & Largest Unsecured Creditors
--------------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:

    Debtor                                       Case No.
    ------                                       --------
    Pelham Property, LLC                         17-20453
    1801 W Main Street
    Sedalia, MO 65301

    8760 Service Group, LLC                      17-20454
      dba 8760 Energy Services, LLC
    1803 W Main Street
    Sedalia, MO 65301

About the Debtor:     Founded in 2010, 8760 Service Group provides
                      maintenance, outage, and emergency repair
                      services for the power, manufacturing and
                      bio-fuel industries.  For more information,
                      please visit https://www.8760sg.com/

Chapter 11 Petition Date: May 1, 2017

Court: United States Bankruptcy Court
       Western District of Missouri (Jefferson City)

Judge: Hon. Dennis R. Dow

Debtors' Counsel: Victor F. Weber, Esq.
                  MERRICK, BAKER & STRAUSS, P.C.
                  1044 Main St., Ste. 500
                  Kansas City, MO 64111
                  Tel: 816-221-8855
                  Fax: 816-221-7886
                  E-mail: victor@merrickbakerstrauss.com
                         bruces@merrickbakerstrauss.com

                                     Estimated   Estimated
                                       Assets    Liabilities
                                     ----------  -----------
Pelham Property                        $0-$50K    $1M-$10M
8760 Service Group                    $1M-$10M   $10M-$50M

The petitions were signed by Stacey "Buck" Barnes, president.

A copy of Pelham Property's list of eight largest unsecured
creditors is available for free at
http://bankrupt.com/misc/mowb17-20453.pdf

A copy of 8760 Service Group's list of 20 largest unsecured
creditors is available for free at
http://bankrupt.com/misc/mowb17-20454.pdf


ADVANCED MICRO: Q1 Revenue Increased 18 Percent Year-over-Year
--------------------------------------------------------------
Advanced Micro Devices, Inc., announced revenue for the first
quarter of 2017 of $984 million, operating loss of $29 million and
net loss of $73 million, or $0.08 per share.  On a non-GAAP basis,
operating loss was $6 million, net loss was $38 million and loss
per share was $0.04.

"We achieved 18 percent year-over-year revenue growth driven by
strong demand for our high performance Ryzen CPUs as well as
graphics processors," said Dr. Lisa Su, AMD president and CEO.  "We
are positioned for solid revenue growth and margin expansion
opportunities across the business in the year ahead as we bring
innovation, performance and choice to an expanding set of
markets."

As of April 1, 2017, Advanced Micro had $3.29 billion in total
assets, $2.89 billion in total liabilities and $409 million in
total stockholders' equity.

Cash, cash equivalents and marketable securities were $943 million
at the end of the quarter, down $321 million from the end of the
prior quarter primarily due to the timing of sales and cash
collections, debt interest payments and increased inventory.

                       Q1 2017 Highlights

AMD launched its first high-performance x86 Ryzen desktop processor
based on the entirely new "Zen" core microarchitecture, bringing
leadership multi-core performance to PC gamers, creators, and
hardware enthusiasts worldwide.

   * AMD Ryzen 7: These 8-core, 16-thread processors bring
     innovation and choice back to the enthusiast PC market and
     include the world's highest performing, and lowest powered 8
     -core desktop PC processors.

   * AMD Ryzen 5: Mainstream processors designed to bring
     innovation to the high-volume, sub-$300 CPU market with a
     disruptive price-to-performance ratio for gamers and
     creators.

AMD shared new details about its upcoming server and high-end
graphics solutions:

   * Launching in Q2 2017, AMD's high-performance x86 server CPU,
     codenamed "Naples", exceeds today's top competitive offering
     on critical parameters, with 45 percent more cores, 60
     percent more input / output capacity (I/O), and 122 percent
     more memory bandwidth.  AMD also announced a collaboration
     with Microsoft to incorporate the cloud delivery features of
     "Naples" with Microsoft's "Project Olympus" server platform.

   * AMD's "Vega" GPU architecture is on track to launch in Q2,
     and has been designed from scratch to address the most data-
     and visually-intensive next-generation workloads with key
     architecture advancements including: a differentiated memory
     subsystem, next-generation geometry pipeline, new compute
     engine, and a new pixel engine.

AMD further strengthened its consumer and professional graphics
offerings with new hardware and software solutions for gamers and
creators:

   * Introduced the Radeon RX 500 series line of GPUs based on a
     refined, second-generation "Polaris" architecture to deliver
     an up to 57 percent performance improvement and higher clock
     speeds for modern games, smooth VR experiences, and the
     latest display technologies.  

   * Announced the Radeon Pro Duo, the first "Polaris"-
     architecture based dual-GPU graphics card, designed to excel
     at media and entertainment, broadcast, design, and
     manufacturing workflows.  Slated for availability in late May
     2017, the Radeon Pro Duo delivers up to 2 times faster  
     performance than the closest competing professional graphics
     card on select professional applications and increased VR
     performance over single GPU solutions by up to 50%.  

   * Demonstrated its continued focus on ensuring consumers and
     enterprise users have the software tools they need to get the

     most from their Radeon and Radeon Pro GPUs with regular
     updates to its Radeon Software Crimson ReLive Edition and
     Radeon Pro Software Enterprise Edition drivers, incorporating
     new features, performance and stability improvements.

AMD continued its close collaboration with game developers to help
them leverage the full potential of AMD compute and graphics
solutions and deliver breakthrough experiences for gamers.

   * AMD announced, in conjunction with game developers Stardock
     and Oxide Games, the completion of initial optimization of
    "Ashes of the Singularity" for AMD Ryzen desktop processors
     resulting in enhanced game play and an up to 30 percent
     increase in "Average Frames Per Second All Batches" in-game
     benchmark performance, placing the AMD Ryzen 7 1800X in elite
     performance levels for the game.

   * AMD and Bethesda Softworks formed a multi-title strategic
     partnership to rapidly advance game technology development,
     including harnessing the full potential of low-level APIs and
     maximizing the capabilities of the computing and graphics
     power of AMD's multicore Ryzen CPUs, Radeon GPUs, and AMD
     server solutions across Bethesda’s existing franchises.

   * AMD unveiled that its "Vega"-architecture based GPUs have
     been selected to power LiquidSky's cloud gaming platform,
     enabling gamers to enjoy the power of "Vega" from virtually
     anywhere, and affordably through LiquidSky's low-cost and
     free subscription models.

Microsoft disclosed new information about its AMD-based "Project
Scorpio" console.  The new premium game console is expected to be
available for holiday 2017 and will be powered by a
highly-customized AMD SoC.

                       Current Outlook

AMD's outlook statements are based on current expectations.  The
following statements are forward-looking, and actual results could
differ materially depending on market conditions and the factors
set forth under "Cautionary Statement" below.

For the second quarter of 2017, AMD expects revenue to increase
approximately 17 percent sequentially, plus or minus 3 percent. The
midpoint of guidance would result in second quarter 2017
revenue increasing approximately 12 percent year-over-year.  For
additional details regarding AMD's results and outlook please see
the CFO commentary posted at quarterlyearnings.amd.com.

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

                     https://is.gd/Hqlc14

                  About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc.,
(NASDAQ:AMD) is a global semiconductor company.  AMD --
http://www.amd.com/-- offers x86 microprocessors, as a standalone
central processing unit (CPU) or as incorporated into an
accelerated processing unit (APU), chipsets, and discrete graphics
processing units (GPUs) for the consumer, commercial and
professional graphics markets, and server and embedded CPUs, GPUs
and APUs, and semi-custom System-on-Chip (SoC) products and
technology for game consoles.

AMD incurred a net loss of $497 million for the year ended
Dec. 31, 2016, following a net loss of $660 million for the year
ended Dec. 26, 2015.

                       *     *     *

In March 2017, S&P Global Ratings said it raised its corporate
credit rating on Sunnyvale, Calif.-based Advanced Micro Devices to
'B-' from 'CCC+'.  "Our upgrade reflects our view of the Company's
capital structure as sustainable following a series of deleveraging
transactions, a return to revenue growth, and improving, if still
weak, profitability," said S&P Global Ratings credit analyst James
Thomas.

In March 2016, Fitch Ratings downgraded and withdrew the ratings
for AMD including the Long-term Issuer Default Rating (IDR) to
'CCC' from 'B-'.  Fitch has withdrawn AMD's ratings for commercial
reasons.  The downgrade reflects prospects for negative free cash
flow (FCF) over the intermediate term and the consequent liquidity
issues and refinancing risk that could develop as the 2019 and 2020
debt maturities approach.


ALPHA NURSING: Faces Patient Care Issues, PCO 1st Report Says
-------------------------------------------------------------
Thomas A. Mackey, Ph.D., the Patient Care Ombudsman for Alpha
Nursing & Therapy, LLC, filed a First Report on April 28, 2017.

Based on the Report, the Debtor has several significant quality and
safety issues related to patient care. The PCO recommended that if
the Court allows the Debtor to continue operations, the Debtor
should:

     (a) immediately add at least one RN/LVN to the clinical staff
regardless of patient issues;

     (b) engage a consultant with expertise in human resource
knowledge about home health care agency personnel issues and
utilize a staffing agency to hire nursing personnel;

     (c) update all policies and procedures to reflect current
standards of administration and patient care;

     (d) hire an outside agency to calibrate and maintain patient
care equipment; and

     (e) discard the out of date medications and supplies and
replace it with new, and establish an internal system to monitor
the expiration dates of the medications and supplies.

A full-text copy of the PCO Report is available for free at:

      http://bankrupt.com/misc/txwb17-50668-50.pdf

Alpha Nursing & Therapy, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Tex. Case No. 17-50668) on March 24, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Johnny W. Thomas, Esq.


AMPLIPHI BIOSCIENCES: Amends 1.9-M Shares Prospectus with SEC
-------------------------------------------------------------
AmpliPhi Biosciences Corporation filed with the Securities and
Exchange Commission an amended Form S-1 registration statement
relating to the offering of up to 1,886,793 shares of its common
stock and common warrants to purchase an aggregate of 1,886,793
shares of its common stock (and the shares of common stock that are
issuable from time to time upon exercise of the common warrants).

The Company is also offering to each purchaser whose purchase of
shares of common stock in this offering would otherwise result in
the purchaser, together with its affiliates and certain related
parties, beneficially owning more than 4.99% of its outstanding
common stock immediately following the consummation of this
offering, the opportunity to purchase, if the purchaser so chooses,
pre-funded warrants, in lieu of shares of common stock that would
otherwise result in the purchaser's beneficial ownership exceeding
4.99% of its outstanding common stock.  Each pre-funded warrant
will be exercisable for one share of the Company's common stock.
The purchase price of each pre-funded warrant will equal the price
per share at which the shares of common stock are being sold to the
public in this offering, minus $0.01, and the exercise price of
each pre-funded warrant will be $0.01 per share.  This offering
also relates to the shares of common stock issuable upon exercise
of any pre-funded warrants sold in this offering.  Each share of
common stock and pre-funded warrant is being sold together with a
common warrant to purchase one share of the Company's common stock,
at an exercise price of $     per share.  For each pre-funded
warrant the Company sells, the number of shares of common stock it
is offering will be decreased on a one-for-one basis.  Because the
Company will issue a common warrant for each share of its common
stock and for each pre-funded warrant to purchase one share of its
common stock sold in this offering, the number of common warrants
sold in this offering will not change as a result of a change in
the mix of the shares of our common stock and pre-funded warrants
sold.  The common warrants will be exercisable immediately and will
expire five years from the date of issuance.  The shares of common
stock and pre-funded warrants, and the accompanying common
warrants, can only be purchased together in this offering but will
be issued separately and will be immediately separable upon
issuance.

The Company's common stock is listed on the NYSE MKT under the
symbol "APHB."  On April 28, 2017, the last reported sale price of
the Company's common stock on the NYSE MKT was $2.65 per share. The
public offering price per share of common stock and any pre-funded
warrant and accompanying common warrant will be determined between
the Company and the underwriter at the time of pricing, and may be
at a discount to the current market price.  There is no established
public trading market for the pre-funded warrants or common
warrants, and the Company does not expect a market to develop.  In
addition, the Company does not intend to apply for a listing of the
pre-funded warrants or common warrants on any national securities
exchange.

A full-text copy of the Form S-1/A is available for free at:

                      https://is.gd/IqEyZf

                         About AmpliPhi

AmpliPhi Biosciences Corp. is a biotechnology company focused on
the discovery, development and commercialization of novel phage
therapeutics.  Its principal offices occupy approximately 1,000
square feet of leased office space pursuant to a month-to-month
sublease, located at 3579 Valley Centre Drive, Suite 100, San
Diego, California.  It also leases approximately 700 square feet of
lab space in Richmond, Virginia, approximately 5,000 square feet of
lab space in Brookvale, Australia, and approximately 6,000 square
feet of lab and office space in Ljubljana, Slovenia.

Ampliphi reported a net loss attributable to common stockholders of
$24.27 million for the year ended Dec. 31, 2016, compared to a net
loss attributable to common stockholders of $10.79 million for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, AmpliPhi had $18.19
million in total assets, $8.47 million in total liabilities and
$9.72 million in total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.


AMPLIPHI BIOSCIENCES: Will Provide Personalized Therapies
---------------------------------------------------------
AmpliPhi Biosciences Corporation announced a new strategic emphasis
on precisely targeted and personalized medicines designed to
address the surging global threat posed by bacteria that have
become resistant to antibiotics.  Under existing compassionate-use
guidelines, AmpliPhi expects to provide personalized phage
therapies to patients suffering from severe, multidrug-resistant
(MDR) infections who have failed prior therapies.  In addition to
offering hope to patients and families in dire need, the clinical
data from these compassionate-use cases are expected to support the
potential validation of the clinical utility of phage therapy and
inform discussions with the U.S. Food and Drug Administration (FDA)
on defining a potential path to market approval.

Bacteriophage are thought to be the most abundant and diverse life
form on Earth.  Members of this family of viruses have evolved to
fulfill one mission: to invade bacteria in order to replicate in a
process that destroys the bacterial host.  These natural-born
bacteria killers terminate their prey differently than conventional
antibiotic drugs, making them ideal natural elements in a new class
of therapeutics with the potential to safely and precisely destroy
even the most highly antibiotic-resistant bacteria.  Bacteriophages
also have shown synergistic effects when combined with traditional
antibiotic therapies as demonstrated in both clinical and
preclinical studies.

In the official minutes from a recent telephonic Type B meeting
with the FDA and in the context of discussing personalized
therapies, the FDA "stated that the clinical safety and
effectiveness data collected during development, including from
emergency case studies, could inform future discussions for
clinical development and ultimately, the regulatory pathway to
approval."  The FDA also "acknowledged that phage therapy is an
exciting approach to treatment of multidrug-resistant organisms and
expressed a commitment to addressing the unique regulatory
challenges that might arise during product development."

Personalized phage therapies will initially be made available in
Australia, where AmpliPhi plans to collaborate with leading
hospitals and key opinion leaders to identify and select eligible
patients.  This new emphasis on personalized medicine builds upon
AmpliPhi's prior successes using tailored bacteriophage therapies
under emergency INDs to treat individual patient battling
life-threatening, MDR bacterial pathogens who had exhausted their
treatment options.

As previously reported, in March 2016 AmpliPhi collaborated with
several academic institutions and a U.S. Navy laboratory to produce
a personalized bacteriophage therapy that successfully treated a
critically ill, comatose patient with an MDR Acinetobacter
baumannii (A. baumannii) infection.  Shortly after phage therapy
was initiated, the patient emerged from the coma and continued to
improve under an ongoing combination of phage and antibiotic
therapies until the infection was cleared. To date, the infection
has not returned.

Additionally, AmpliPhi's wholly owned subsidiary, Special Phage
Services, was instrumental in developing a personalized phage
therapy that eliminated an antibiotic-resistant Pseudomonas
aeruginosa (P. aeruginosa) infection in the bladder of a female
cancer patient.  The results of this case were published in a
manuscript in the Journal of Medical Microbiology in 2011.

Dr. Jonathan Iredell, Professor of Medicine and Microbiology at the
University of Sydney and Westmead Institute of Medical Research,
Director, Infectious Diseases, Westmead Hospital, who treated the
bladder cancer patient and is the corresponding author of the
manuscript, said, "Bacteriophage therapy holds high promise for
treating serious, resistant bacterial infections and for providing
much-needed new therapeutic options for patients.  I believe this
therapeutic modality needs to be rapidly explored in a clinical
setting to better understand its potential and make it available to
patients."

Starting with samples taken from infected patients, AmpliPhi
expects to be able to screen its bacteriophage libraries to craft
patient-tailored therapies.  Treatment of MDR Staphylococcus aureus
(S. aureus) or P. aeruginosa infections could start within as
little as a few days of receiving the infected patient samples
since AmpliPhi already has broadly active, clinical-trial ready
phage mixtures against these more common pathogens.  For other
pathogens, the Company expects in many cases to be able to develop
personalized bacteriophage therapies within approximately two weeks
of receiving the infected patient samples, as demonstrated in the
recent A. baumannii infection case.

AmpliPhi is also seeking opportunities to advance its chronic
rhinosinusitis (CRS) program (positioned for a Phase 2 trial) and
preclinical cystic fibrosis (CF) program through partnerships and
non-dilutive funding.

                       Financial Update

AmpliPhi had cash and cash equivalents of $2.2 million as of
March 31, 2017, and has made operational changes that are expected
to reduce its cash expenditures in 2017 and support its strategic
emphasis on precisely targeted personalized bacteriophage
therapies.  The Company has filed its Australian tax return and now
expects the receipt of a $1.8 million tax incentive payment early
in the third quarter of 2017, subject to review by the Australian
tax authority.

Meanwhile, the Company provided certain information with the SEC
for the purpose of updating certain aspects of its publicly
disclosed descriptions of its business and risk factors.  The SEC
filing is available for free at https://is.gd/pbzsh9

                       About AmpliPhi

AmpliPhi Biosciences Corp. is a biotechnology company focused on
the discovery, development and commercialization of novel phage
therapeutics.  Its principal offices occupy approximately 1,000
square feet of leased office space pursuant to a month-to-month
sublease, located at 3579 Valley Centre Drive, Suite 100, San
Diego, California.  It also leases approximately 700 square feet of
lab space in Richmond, Virginia, approximately 5,000 square feet of
lab space in Brookvale, Australia, and approximately 6,000 square
feet of lab and office space in Ljubljana, Slovenia.

Ampliphi reported a net loss attributable to common stockholders of
$24.27 million for the year ended Dec. 31, 2016, compared to a net
loss attributable to common stockholders of $10.79 million for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, AmpliPhi had $18.19
million in total assets, $8.47 million in total liabilities and
$9.72 million in total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.


AMW MACHINE: Plan Outline Okayed, Plan Hearing on May 23
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan will
consider approval of the Chapter 11 plan of reorganization of AMW
Machine Control, Inc., at a hearing on May 23.

The hearing will be held at 1:00 p.m., at Courtroom C, One Division
Ave., N., Grand Rapids, Michigan.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on April 13.

The order set a May 16 deadline for creditors to file their
objections and cast their votes accepting or rejecting the plan.

                        About AMW Machine

AMW Machine Control, Inc., based in Saranac, Michigan, filed for
Chapter 11 bankruptcy (Bankr. W.D. Mich. Case No. 16-02157) on
April 19, 2016.  The petition was signed by Mark A. Williams,
president.  In its petition, the Debtor estimated assets of less
than $50,000 and liabilities of $1 million to $10 million.  

Hon. John T. Gregg presides over the case.  The Debtor hired Todd
A. Almassian, Esq., at Keller & Almassian PLC, as bankruptcy
counsel; Walker, Fluke & Sheldon PLC as accountant; and Heed Law
Group PLLC and R.D. Brown, PLC as special counsel.


AP&E PROPERTIES: IRS Tries to Block Approval of Disclosures
-----------------------------------------------------------
The Internal Revenue Service filed with the U.S. Bankruptcy Court
for the Southern District of West Virginia an objection to AP&E
Properties LLC's disclosure statement dated March 10, 2017,
referring to the Debtor's plan of reorganization.

IRS says that it objects to the Disclosure Statement because the
Debtor has not filed its U.S. Return of Partnership Income, Form
1065, for 2010 through 2016.

"Until the Debtor files these returns, the Service cannot determine
the amount of its claim, if any, against the Debtor," the IRS
states.

                    About AP&E Properties LLC

AP&E Properties, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.W. Va. Case No. 16-50282) on Nov. 15,
2016.  The petition was signed by James Phillip Wills.  The Debtor
is represented by George L. Lemon, Esq., at Lemon Law Office.  

At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of less than $500,000.

An official committee of unsecured creditors has not yet been
appointed.

On March 10, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


ARCONIC INC: Names Eric Roegner President of Arconic Global
-----------------------------------------------------------
Arconic announced that Eric Roegner, chief operating officer of
Investment Castings, Arconic Titanium and Engineered Products and
president of Arconic Defense, has been named president of Arconic
Global Rolled Products, effective May 1, 2017.  Roegner continues
as president of Arconic Defense.  He succeeds Kay Meggers who is
leaving Arconic effective June 2 to become a faculty member at the
Gordon Ford College of Business at Western Kentucky University.

"Eric is the ideal leader to deliver on our strategic plan for the
Global Rolled Products segment," said David Hess, interim Arconic
chief executive officer.  "He is a highly qualified internal
candidate with a solid operational track record, including the
successful integration of RTI International Metals (RTI), which is
now the Arconic Titanium and Engineered Products business unit. His
strong customer relationships in the aerospace and defense sectors,
and deep technology and engineering background, will help drive
sustainable value for our customers and shareholders."

Roegner joined Arconic -- then Alcoa Inc. -- in 2006 and has 11
years of experience in the aerospace, defense, automotive and other
industrial markets, and 14 years of automotive and oil and gas
experience gained prior to joining Arconic.  Most recently, he led
the successful integration of RTI, including the post-acquisition
divestiture of RTI's Remmele Medical business.  RTI expanded the
Company's range of titanium offerings and added advanced
technologies, including additive manufacturing capabilities.  Under
Roegner's leadership, the RTI acquisition has outperformed
expectations and is more than two years ahead of the business case
in realizing synergies.  In his most recent role, Roegner oversaw
Arconic Power and Propulsion, a global leader in jet engine
components, and Arconic Titanium and Engineered Products, a
world-class producer of titanium products and an advanced
manufacturing leader.  He is co-inventor of the Ampliforge™
process, a hybrid technique that combines additive and advanced
manufacturing processes.

Roegner will report to interim CEO David Hess.  With this
appointment, the Company has streamlined its leadership structure
and Eric's prior position will be eliminated.

Roegner holds a bachelor's degree in mechanical and aerospace
engineering from Princeton University and an MBA from Case Western
Reserve University.  He currently serves on the Board of Governors
of the Aerospace Industries Association.

"Since joining Arconic in 2010, Kay has played a significant role
in positioning Arconic for long-term success, including leading the
transformation of the GRP business and pivoting the portfolio to a
higher margin product mix," said Hess.  "Under Kay's leadership,
GRP has been repositioned as an innovation-led partner to our
customers, including in the automotive market, and we thank him for
his contributions to Arconic."

Meggers led expansions in Iowa and Tennessee to capture growing
automotive demand for aluminum.  These expansions serve a growing
number of automotive manufacturers including Ford Motor Company,
General Motors and Toyota.  GRP also has invested to capture future
growth in aerospace, including through the recent investment in the
Very Thick Plate Stretcher in Davenport.  He spearheaded a range of
productivity improvements, resulting in approximately $200 million
in savings per year.

Following his departure from Arconic, Meggers will become the Hays
Watkins Executive in Residence in the Gordon Ford College of
Business, and a faculty member in the Department of Management and
in the Center for Leadership Excellence at Western Kentucky
University in Bowling Green, Kentucky.

                    About Arconic Inc.

Arconic Inc., formerly Alcoa Inc., is engaged in lightweight metals
engineering and manufacturing.

Arconic reported a net loss of $941 million for the year ended Dec.
31, 2016, following a net loss of $322 million for the year ended
Dec. 31, 2015.  As of Dec. 31, 2016, Arconic had $20.03 billion in
total assets, $14.89 billion in total liabilities and $5.14 billion
in total equity.

"For the 2016 annual period, Arconic adopted changes issued by the
FASB related to the evaluation of an entity's ability to continue
as a going concern.  Previously, under GAAP, continuation of a
reporting entity as a going concern was presumed as the basis for
preparing financial statements unless and until the entity's
liquidation becomes imminent.  Even if an entity's liquidation was
not imminent, there may have been conditions or events that raised
substantial doubt about the entity's ability to continue as a going
concern," as disclosed in the Company's Form 10-K report for the
year ended Dec. 31, 2016.


ATOPTECH INC: Reacts to Synopsys' Sale Procedures Objection
-----------------------------------------------------------
-- NOTE: PLS TAKE THIS OUT AFTER READING --
IMPT: THIS PENDING STORY FROM SHERYL SHOULD BE APPROVED BEFORE THIS
LAW360 STORY
--> ATOPTECH INC: Synopsys Wants Bidding Procedures Hearing
Adjourned


Vince Sullivan, writing for Bankruptcy Law360, reports that
ATopTech Inc., along with stalking horse bidder Avatar Integrated
Systems Inc., asserted that Synopsys Inc.'s move to force
disclosures about a proposed purchase agreement is another play to
derail the Debtor's sale process.

Synopsys is the debtor's largest unsecured creditor after winning a
$30 million infringement verdict against ATopTech in California
federal court in 2016, forcing the company into bankruptcy, Law360
cites.

According to Law360, Avatar accused Synopsys of seeking to gain an
advantage over other bidders by forcing the disclosure of internal
discussions among the debtor, the stalking horse and their
advisers.

Avatar is represented by Carl N. Kunz III of Morris James LLP and
Harvey S. Schochet, Erica Wilson and Andrew D. Patterson of Davis
Wright Tremaine LLP.

Synopsys is represented by Tamara K. Minott and Derek C. Abbott of
Morris Nichols Arsht & Tunnell LLP and Richard Wynne, Stacey L.
Corr-Irvine, Peter S. Saba, Patrick T. Michael and Krista S.
Schwartz of Jones Day.

                    About ATopTech, Inc.

ATopTech, Inc. -- http://www.atoptech.com/-- is in the business of
IC physical design.  ATopTech claims its technology offers the
fastest time to design closure focused on advanced technology
nodes.  The use of state-of-the-art multi-threading and distributed
processing technologies speeds up the design process, resulting in
unsurpassed project completion times.

ATopTech, Inc., sought Chapter 11 protection (Bankr. D. Del. Case
No. 17-10111(MFW)) on Jan. 13, 2017.  Claudia Chen, vice president,
finance, signed the petition.  

The Debtor estimated assets and liabilities of $10 million to $50
million.

Judge Mary F. Walrath is the case judge.

ATopTech has employed Dorsey & Whitney as bankruptcy counsel, and
Cowen and Company as its investment banker.  Wilson Sonsini
Goodrich & Rosati, Professional Corporation, serves as corporate
and transactional counsel to ATopTech.  Grant Thornton serves as
tax counsel; and Arnold & Porter serves as litigation counsel. Epiq
Bankruptcy serves as claims and notice agent.


AVON PRODUCTS: Moody's Lowers CFR to B1 on New Transformation Plan
------------------------------------------------------------------
Moody's Investors Service downgraded Avon Products, Inc.'s
Corporate Family Rating ("CFR") to B1 from Ba3, Probability of
Default Rating to B1-PD from Ba3-PD, and the senior unsecured
instrument rating to B3 from B1. At the same time Moody's affirmed
its Ba1 rating to Avon International Operations, Inc.'s $500
million senior secured notes. AIO is a wholly owned domestic
subsidiary of Avon Products Inc. Moody's also withdrew Avon's
Speculative Grade Liquidity Rating at SGL-2. The rating outlook is
stable.

The downgrade reflects Moody's uncertainty regarding Avon's success
in executing its new transformation plan and concerns that
challenging economic conditions in several of the company's key
regions will temper its ability to stabilize or grow revenues and
earnings over the next 12-18 months. The downgrade also reflects
the company's high exposure to potentially volatile emerging
markets. In addition, Moody's believes that financial leverage will
remain relatively high until Avon can execute its transformation
plan and reinvigorate growth. Specifically, debt to EBITDA leverage
will remain above 4.5 times in 2017 as the company incurs
restructuring costs in the short run, but will improve over time as
it implements plans to take out some $350 million in costs. While
restructuring will allow the cost base to become better aligned
with foreign revenue sources operationally, as a U.S.-reporting
company, Avon will remain exposed to foreign currency
fluctuations.

In addition, Avon's $400 million senior secured revolver (unrated)
expires in June 2020, and some of its senior unsecured notes are
due in 2019 and 2020. If Avon is unable to refinance the notes
maturing in 2019 and 2020 91 days before each of their respective
maturities, the revolver expiration will accelerate to 91 days
before each of the notes come due. For instance, the 2019 notes due
March 1, 2019 must be repaid or refinanced before November 30, 2018
or the revolver will expire on November 30, 2018.

The following ratings were downgraded:

Avon Products, Inc.:

Corporate Family Rating to B1 from Ba3

Probability of Default Rating to B1-PD from Ba3-PD

Senior unsecured rating to B3 (LGD5) from B1 (LGD5)

The following ratings were withdrawn:

Avon Products, Inc.:

Speculative Grade Liquidity Rating at SGL-2

The following ratings were affirmed:

Avon International Operations, Inc.

$500 million senior secured notes at Ba1 (LGD1 from LGD2)

Outlook action:

Avon Products, Inc.:

The outlook was revised to stable from negative.

RATINGS RATIONALE

Avon's B1 CFR reflects execution risks associated with its
transformation plans, currency volatility and Moody's expectation
that free cash flow will be modest over the next year as the
company absorbs costs associated with its restructuring plan. The
ratings also reflect Avon's focus on at times volatile emerging
markets. They also consider structural challenges associated with
the direct selling distribution model and declines in the active
representative base in some markets.

The ratings are supported by the strength and equity of Avon's
brands and good geographic diversification with a high
concentration of operations in broadly growing but potentially
volatile developing markets. The rating also reflects Avon's public
commitment to improve its operating performance and capital
structure through cost take-outs and debt repayment. Thus, Moody's
expects that debt to EBITDA will decline over time through a
combination of debt repayment and EBITDA growth.

The stable outlook reflects Moody's view that Avon faces the risk
of operating disruptions as it executes its transformation plan to
reinvigorate growth in the face of economic challenges in certain
key markets. In addition, Avon will continue to face the
fundamental risks of the direct selling business model. But these
risks are balanced by Moody's expectation that financial leverage
will improve over time due to debt repayment and earnings growth.

The ratings could be downgraded if Moody's comes to expect that
Avon's credit metrics will weaken as a result of deteriorating
operating performance, or major delays in the realization of cost
savings relative to the transformation plan. The ratings could also
be downgaded if Avon is unable to successfully refinance upcoming
maturities in a timely manner. Quantitatively, if debt to EBITDA is
not sustained below 5.5x Avon's ratings could be downgraded.

An upgrade would be dependent on Avon's ability to show good
business momentum, successful execution of its turnaround
initiatives and sustained organic growth across major markets. In
addition if the company is able to maintain debt to EBITDA of 4.5x
or below and generate good free cash flow, the ratings could be
upgraded.

The principal methodology used in these ratings was Global Packaged
Goods published in January 2017.

Avon is a global beauty product company and one of the largest
direct sellers through roughly 6 million active representatives.
Avon's products are available in 57 countries and include color
cosmetics, skin care, fragrance and personal care, fashion, and
home/other. Brands include Avon Color, ANEW, Skin-So-Soft, Advance
Techniques, and Smooth Minerals. Cerberus Capital Management L.P.,
through controlled affiliates, owns approximately 16.6% of the
company through its preferred stock investment. Avon generates
roughly $5.7 billion in annual revenues.


BALDWIN, LA: Audit Shows Going Concern Doubt
--------------------------------------------
According to a report by KATC.com, the most recent audit of the
finances of Baldwin, Louisiana, includes questions about the town's
ability to continue operations.

"The Town has fund balance deficiencies that raise substantial
doubt about its ability to continue as a going concern," an audit
by Kolder, Champagne, Slaven & Co. says, the report relates. "The
Town is unable to continue to meet its obligations as they become
due as a result of the fund balance deficiencies."

According to the report, the Town has come up with "plans" to try
to avoid shutting down, the audit states. Those plans include:

     -- The Town has deducted a half hour off the Town's workers'
schedules weekly, and overtime will be avoided when possible.

     -- Risk Management will be contacted to discuss the
possibility of writing off payables older than three years old. The
estimated potential savings is $300,000.

     -- The Town is currently in the process of reducing insurance
payments by eliminating coverage deemed less important. The
estimated savings is $5,569 annually.

     -- The Town is seeking funds from the St. Mary Parish Council
to assist monetarily with the Town's balance due for water
purchases. The estimated potential monetary assistance is $60,000
The Town will explore debt relief through bankruptcy courts and
debt consolidation.

     -- The Town is considering outsourcing police protection
through the St. Mary Parish Sheriffs Department.

     -- The Town is considering:

         * selling or leasing the Baldwin Community Center to
another governmental agency -- the estimated proceeds would be
$350,000;

         * selling the house in the park. The estimated proceeds
would be $150,000.

         * seeking bids for surplus police cars, garbage trucks,
and other items. The Town estimates that the proceeds would range
from $5,000 to $10,000.


BASEBALL PROTECTIVE: Exclusive Plan Filing Extended to May 30
-------------------------------------------------------------
The Hon. James P. Smith of the U.S. Bankruptcy Court for the Middle
District of Georgia has extended, at the behest of Baseball
Protective LLC, the Debtor's exclusive plan filing period and
exclusive solicitation period through and including May 30 and July
29, 2017, respectively.

As reported by the Troubled Company Reporter on April 4, 2017, the
Debtor asserted that a short extension of the Exclusive Periods
will provide time for more clarity on the amount of potential
claims and sales taxes liability and will permit it to more
accurately estimate the return to creditors under its Plan which
will be beneficial to its creditors and parties-in-interest.  The
deadline for filing proofs of claim in this case is April 5, 2017,
and on March 21, 2017, the Court entered its Order Granting
Debtor's Motion to Authorize Payment of Pre-Petition Sales Taxes
and Other Expenses from Tax Escrow Established Under Asset Purchase
Agreement between Debtor and Wilson Sporting Goods Co.

                     About Evoshield, LLC

An involuntary Chapter 11 petition (Bankr. M.D. Ga. Case
No. 16-31159) was commenced against EvoSheild, LLC, by petitioners
Matt Stover, KB3Interests, LLC, and Juanita Markwalter on Oct. 31,
2016.  The Petitioners hired McGuireWoods LLP and Crain Caton &
James, P.C., as counsel.

Headquartered in Bogart, Georgia, EvoShield LLC manufactures
protective sports gear for professional and college sports team.

The Debtor subsequently filed a consent to the bankruptcy petition.
On Dec. 1, 2016, an order of relief under Chapter
11 of the Bankruptcy Code was entered in the case with respect to
EvoShield.  The Debtor is operating as a debtor-in-possession
pursuant to 11 U.S.C. 1107 and 1108.

The Debtor tapped Lamberth, Cifelli, Ellis & Nason, P.A., as
counsel.  The Debtor also hired Asbury Law as special tax counsel.

Evoshield was acquired by Wilson Sporting Goods Co. in October
2016.  As of Nov. 17, 2016, Baseball Protective, LLC, operates as a
subsidiary of Wilson Sporting Goods Co.


BC EQUITY: S&P Affirms 'B' CCR Amid 2 Acquisition Proposals
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on San
Francisco-based BC Equity Ventures LLC (Bay Club).  The outlook is
stable.

S&P also affirmed its 'BB' issue-level rating and '1+' recovery
rating on the company's $20 million senior secured priority
revolving credit facility due 2021, and S&P's 'B' issue-level
rating and '3' recovery rating on the upsized $410 million senior
secured first-lien term loan due 2022.  The '1+' recovery rating
indicates S&P's expectation for full recovery (100%) recovery in
the event of a payment default.  The '3' recovery rating indicates
S&P's expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a payment default.

The company will use the proceeds from the proposed incremental
term loan, as well as the net proceeds from the SFTC sale, to
purchase two new assets in the Los Angeles market.  The company
expects the net proceeds from the SFTC sale will qualify under the
IRS Code section 1031 as a like-kind exchange.  The like-kind
exchange qualification will enable BC Equity Ventures to avoid
paying taxes on the gain on the sale of SFTC.

S&P is affirming the corporate credit rating despite modest
incremental leverage because the acquisition of two assets improves
S&P's view of the companies scale and diversity; however, not
enough to warrant a change in S&P's business risk assessment. To
fund the acquisitions, the company is seeking an amendment to
upsize its senior secured term loan from $350 million to
$410 million.  The security package collateralizing the senior
secured facility will include the acquired assets, and S&P has
adjusted its simulated default analysis and S&P's valuation
assumptions to reflect this change.  The issue-level ratings
affirmations reflect the incremental value in the security package
offsetting the incremental debt.

The rating on Bay Club primarily reflects its high level of
leverage and limited geographic diversity and scale.  However, the
company benefits from low attrition rates, a unique product
offering, good customer demographics, and moderate anticipated
profit volatility.

Bay Club is a membership-based hospitality company that operates a
small network of leisure clubs in California, comprising a wide
range of services and amenities, from fitness clubs and golf
courses to swimming pools and kids' camps.  The clubs are organized
in campuses, which are clusters of clubs in close proximity with
complementary amenities.  The campuses are located in the San
Francisco Bay Area, Los Angeles, San Jose, and San Diego.

S&P's assessment of Bay Club's business risk reflects limited scale
and geographic diversity, potentially exposing the company's
operating performance to changes in the regional economy over the
cycle. In addition, the portfolio contains a small number of clubs
and members compared with peers.  The small club base is a
potential competitive disadvantage, in S&P's view, compared with
other leisure clubs with larger geographic reach.  However, S&P
believes the company offers a high quality hospitality experience
to a high income consumer demographic, which S&P views favorably.
The company's clubs also exhibit low attrition rates compared with
most fitness club operators, which contribute to a predictable
stream of dues revenue and low overall profit volatility.  Despite
its participation in a leisure club segment that is adjacent to the
highly competitive and fragmented fitness club industry, S&P
believes Bay Club has a diverse offering of facilities and
amenities, which result in higher barriers to entry than fitness
clubs face.  The company also earns a relatively high percentage of
revenue from ancillary sources, such as family programs and
personal training and other services, which S&P believes
contributes to greater member loyalty and higher usage of
facilities.  Also, it is S&P's understanding from management that
the company's same-store revenue and EBITDA performance has a track
record of moderate variability over the economic cycle, despite the
small scale of the portfolio.

S&P's assessment of Bay Club's financial risk reflects high
leverage, with forecasted operating lease-adjusted debt to EBITDA
in the 6x area in 2017 and in the mid-5x area in 2018.  S&P's
assessment also incorporates the company's ownership by financial
sponsor York Capital Management.  S&P believes that financial
sponsors frequently extract cash or otherwise increase leverage
over time.

Under S&P's base-case scenario, it assumes these:

   -- U.S. GDP of 2.3% in 2017 and 2.4% in 2018;

   -- Consumer spending of 2.6% in 2017 and 2.5% in 2018;

   -- Revenue growth in the mid-single digits through 2018 mostly
      due to the new facilities, as well as steady dues increases
      and continued membership upgrades.  Ancillary revenues
      growth slightly higher than U.S. consumer spending, as Bay
      Club is well positioned to take advantage of purchasing
      trends among consumers in its high income demographic that
      favor experiences over tangible goods.

   -- Modest same store net membership growth in the low-single-
      digit percentages through 2018.

   -- EBITDA grows in the mid- to high-single digits in 2017 and
      due to modest membership growth, a continued positive mix
      shift to higher priced membership packages, and the addition

      of new facilities.

   -- Approximately $110 million in acquisition spending in 2017.
      No acquisition spending in 2018.

Based on these assumptions, S&P arrives at these credit measures:

   -- Operating lease adjusted debt to EBITDA in the 6x area at
      the end of 2017, and improving to the mid-5x area in 2018.

   -- EBITDA interest coverage in the mid-2x area through 2018.

   -- Funds from operations to debt in the low-teens percentage
      area through 2018.

Based on likely sources and uses of cash over the next 12 to 18
months, incorporating S&P's performance expectations and the
proposed transaction, Bay Club has an adequate liquidity profile.
S&P expects liquidity sources to exceed uses by at least 1.2x and
for net sources to remain positive, even if forecasted EBITDA
declined by 15%.  The proposed credit facilities have no financial
maintenance covenants.  S&P believes the company has sound
relationships with its banks, and that it would likely be able to
absorb high-impact, low-probability events with limited needs to
refinance.

Principal liquidity sources:

   -- Cash and cash equivalents of $11 million as of Oct. 31,
      2016.
   -- Availability under the $20 million revolver.
   -- Cash flow from operations of around $40 million in 2017 and
      $50 million in 2018.

Principal liquidity uses:

   -- Amortization of 1% under the upsized term loan.
   -- Expected acquisition spending of about $108 million in 2017.

      In S&P's current forecast, it do not expect any acquisitions

      in 2018.
   -- Capex of $10 million spending per year.

The stable outlook reflects S&P's expectation for continued good
operating performance from modest same store membership growth,
stable dues increases, and positive mix shift as existing members
upgrade to higher-tier memberships, which will enable the company
to reduce leverage to the mid-5-x area by the end of 2018.

S&P could lower the rating if operating performance is weaker than
anticipated or there is another leveraging event, resulting in
operating lease-adjusted debt to EBITDA sustained above 7x or
EBITDA coverage of interest sustained below 2x.

An upgrade is currently unlikely given the company's high level of
leverage and financial sponsor ownership, as S&P believes financial
sponsors frequently extract cash or otherwise increase leverage
over time.  However, S&P could consider raising the rating if it
believed that lease-adjusted debt to EBITDA would be sustained
below 5x.  S&P would also consider raising the rating if reported
EBITDA margin is sustained above the 30% level seen in past years,
or if realized profit volatility over the economic cycle is lower
than S&P has currently assumed.


BENZIE LEASING: June 1 Hearing on D. Wolfe-Proposed Plan
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan is
set to hold a hearing on June 1 to consider approval of the Chapter
11 plan of reorganization proposed by David Wolfe, an equity
security holder, for Benzie Leasing, LLC.

The hearing will be held at 11:00 a.m., at the U.S. Bankruptcy
Court, 3249 Racquet Club Drive, Traverse City, Michigan.

The court will also consider at the hearing the final approval of
the disclosure statement, which it conditionally approved on April
12.

The order set a May 25 deadline for creditors to file their
objections and cast their votes accepting or rejecting the plan.

                   About Benzie Leasing

Benzie Leasing, LLC -- d/b/a Xpress Lube of Benzonia, Bay Auto Wash
and Benzie Wash -- filed a chapter 11 petition (Bankr. W.D. Mich.
Case No. 16-00348) on Jan. 28, 2016.  David A. Wolfe, sole member
and manager, signed the petition.  The Debtor disclosed $817,220 in
assets and $1.27 million in debt at the time of the filing.  The
case is assigned to Judge James W. Boyd.  Michael P.
Corcoran, Esq., at Corcoran Law Office, is serving as counsel to
the Debtor.  

On March 31, 2017, David E. Wolfe, equity security holder, filed a
combined disclosure statement and Chapter 11 plan of
reorganization.  The disclosure statement was conditionally
approved by the court on April 12.


BIOLARGO INC: Amends Resale Prospectus of 36.1 Million Shares
-------------------------------------------------------------
Biolargo Inc. filed a second amendment to its Form S-1 registration
statement relating to the sale of up to 36,090,857 shares of its
common stock by persons who have purchased shares in a series of
private placements.

The shares offered under this prospectus by the selling
stockholders may be sold on the public market, in negotiated
transactions with a broker-dealer or market maker as principal or
agent, or in privately negotiated transactions not involving a
broker dealer.  The prices at which the selling stockholder may
sell the shares may be determined by the prevailing market price of
the shares at the time of sale, may be different than such
prevailing market prices or may be determined through negotiated
transactions with third parties.  The Company will not receive
proceeds from the sale of its shares by the selling stockholders.

Each selling stockholder may be considered an "underwriter" within
the meaning of the Securities Act of 1933, as amended.

Since Jan. 23, 2008, the Company's common stock has been quoted on
the OTC Markets "OTCQB" marketplace (formerly known as the "OTC
Bulletin Board") under the trading symbol "BLGO."  The selling
stockholders will sell up the shares at prices established on the
OTC Bulletin Board during the term of this offering, at prices
different than prevailing market prices or at privately negotiated
prices.

A full-text copy of the Form S-1/A is available for free at:

                      https://is.gd/Rlej0W

                          BioLargo

BioLargo, Inc., is a provider of platform technologies.  The
Company's products are used to eliminate contaminants that threaten
the water, health and quality of life.  Its technology has
commercial applications within several industries.  The Company
focuses on four areas: water treatment; industrial odor control
applications; commercial, household and personal care products
(CHAPP), and advanced wound care.  Its AOS Filter combines iodine,
water filter materials and electrolysis within a water filter
device.  It generates oxidation potential in order to oxidize and
breakdown or otherwise eliminate, soluble organic contaminant,
which are found in contaminated water.

Biolargo reported a net loss of $8.07 million on $281,106 of total
revenue for the year ended Dec. 31, 2016, compared with a net loss
of $5.07 million on $127,582 of total revenue for the year ended
Dec. 31, 2015.  As of Dec. 31, 2016, Biolargo had $2.11 million in
total assets, $2.88 million in total liabilities and a total
stockholders' deficit of $770,198.

Haskell & White LLP, in Irvine, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, citing that the Company has incurred
recurring losses, negative cash flows from operations and has
limited capital resources, and a net stockholders' deficit. These
matters raise substantial doubt about the Company's ability to
continue as a going concern.


BON-TON STORES: $730-M ABL Facility Now Due to Mature April 2022
----------------------------------------------------------------
The Bon-Ton Stores, Inc. has successfully completed the closing of
an extension of its $730 million ABL Tranche A credit facility in
advance of its December 2018 maturity date.  The Tranche A
revolving facility is now due to mature in April 2022.  Pricing and
all other terms of the ABL facility are essentially unchanged, and
the total commitment under the facility (Tranche A and Tranche A-1)
remains at $880 million.

Nancy Walsh, Bon-Ton's executive vice president, chief financial
officer, commented, "We are excited to have successfully completed
the extension of our ABL credit facility, securing our borrowing
capacity and extending our debt maturities.  We appreciate the
ongoing support of our existing bank group, and welcome our new
lenders to the ABL facility.  Over the last two years, we have
taken meaningful steps to improve our balance sheet by repaying and
refinancing debt.  We now have increased financial flexibility to
execute our long term strategic initiatives."

                 About The Bon-Ton Stores, Inc.

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 263 stores, which
includes nine furniture galleries and four clearance centers, in 25
states in the Northeast, Midwest and upper Great Plains under the
Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  The Bon-Ton Stores, Inc. is an active and
positive participant in the communities it serves.  For further
information, please visit http://investors.bonton.com.   

Bon-Ton Stores reported a net loss of $63.41 million on $2.60
billion of net sales for the fiscal year ended Jan. 28, 2017,
compared to a net loss of $57.05 million on $2.71 billion of net
sales for the fiscal year ended Jan. 30, 2016.  As of Jan. 28,
2017, Bon-Ton Stores had $1.50 billion in total assets, $1.52
billion in total liabilities and a total shareholders' deficit of
$22.78 million.

                          *     *     *

As reported in the TCR on Dec. 4, 2015, Moody's Investors Service
downgraded Bon-Ton Stores's Corporate Family Rating to 'Caa1' from
'B3'.  The company's Speculative Grade Liquidity rating was
affirmed at SGL-2.  The rating outlook is stable.  The downgrade
considers the continuing and persistent negative pressure on
Bon-Ton's revenue and EBITDA margins which has been accelerating
during the course of fiscal 2015.

As reported by the TCR on Aug. 22, 2016, S&P Global Ratings raised
its corporate credit rating on Bon-Ton Stores to 'CCC+' from 'CCC'.
The outlook remains negative.  "The upgrade reflects our view of
Bon-Ton's somewhat improved liquidity after refinancing its A-1 ABL
term loan tranche with an extended maturity to March 2021 and
enhanced liquidity from the additional $50 million in borrowing
capacity to address upcoming debt maturity in 2017.


CALIFORNIA RESOURCES: Wants to Amend Certificate of Incorporation
-----------------------------------------------------------------
In response to stakeholder feedback, the Board of Directors of
California Resources Corporation has determined to recommend for
approval at the 2018 annual meeting of stockholders an amendment to
the Corporation's certificate of incorporation to reduce the
current supermajority vote thresholds to a majority vote.  If
approved, the Board of Directors of the Corporation also intends to
approve related amendments to the corresponding provisions in the
Corporation's bylaws.  The proposal will be described in more
detail in the proxy materials to be furnished for that meeting, to
which stockholders should refer for more information.

The Board of Directors believes that the proposed amendment will
further align the Corporation's corporate governance with best
practices while having maintained corporate governance stability
during the Corporation's early years as a public company.  The
Corporation's temporary division of the Board of Directors into
three classes is already scheduled to cease automatically at the
2018 annual meeting.

                  About California Resources

California Resources Corporation is an independent oil and natural
gas exploration and production company operating properties
exclusively within the State of California.  The Company was
incorporated in Delaware as a wholly-owned subsidiary of Occidental
on April 23, 2014, and remained a wholly-owned subsidiary of
Occidental until the Spin-off.  On Nov. 30, 2014, Occidental
distributed shares of the Company's common stock on a pro rata
basis to Occidental stockholders and the Company became an
independent, publicly traded company, referred to in the annual
report as the Spin-off.  Occidental retained approximately 18.5% of
the Company's outstanding shares of common stock which it has
stated it intends to divest on March 24, 2016.

California Resources reported net income of $279 million on $1.54
billion of total revenues for the year ended Dec. 31, 2016,
compared to a net loss of $3.55 billion on $2.40 billion of total
revenue for the year ended Dec. 31, 2015.  As of Dec. 31, 2016,
California Resources had $6.35 billion in total assets, $6.91
billion in total liabilities and a total deficit of $557 million.

                        *    *    *

In September 2016, S&P Global Ratings raised its corporate credit
rating on California Resources to 'CCC+' from 'SD'.  "We raised
the corporate credit rating on CRC to reflect our reassessment of
its credit profile following the tender for its senior unsecured
notes," said S&P Global Ratings credit analyst Paul Harvey.  "The
rating reflects our expectation that debt leverage will remain at
what we consider unsustainable levels over the next 24 months
despite the net-debt reduction of about $625 million from the
tender," he added.

In August 2016, Moody's Investors Service downgraded California
Resources' Corporate Family Rating to 'Caa2' from 'Caa1' and
Probability of Default Rating to 'Caa2-PD' from 'Caa1-PD'.


CENTAUR LLC: US Supreme Court to Hear Safe Harbor Appeal
--------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that the U.S.
Supreme Court agreed Monday, May 1, 2017, to resolve a circuit
split over whether bankruptcy safe-harbor transfers to financial
institutions include those where the institutions didn't directly
benefit, taking up an appeal from a former racetrack and casino
shareholder seeking to avoid returning $16.5 million to the estate
of gambling operator Centaur LLC.

Law360 relates that Merit Management Group LP brought the instant
appeal to challenge the Seventh Circuit's ruling in July, where a
unanimous panel held that a Bankruptcy Code safe harbor provision
forcing trustees to honor transfers to securities and financial
institutions doesn't protect transfers that only move through those
institutions.

The appellate court ruled that FTI Consulting Inc., serving as
trustee in the Chapter 11 filing of Centaur, could recover money
paid out to an investor in a company taken over by one of Centaur's
affiliates, saying the section's "by or to (or for the benefit of)"
is ambiguous, Law360 relays. In a December petition, Merit said the
appeals court misinterpreted the statute's language.

Merit is represented by Brian C. Walsh, Jason J. DeJonker, Justin
A. Morgan, John Schoemehl and Leslie A. Bayles of Bryan Cave LLP.

FTI is represented by Barbara Whiten Balliette, William T. Reid IV,
Gregory Schwegmann and Josh Bruckerhoff of Reid Collins & Tsai
LLP.

The case is Merit Management Group LP v. FTI Consulting Inc., case
number 16-784, in the U.S. Supreme Court.

                      About Centaur LLC

Indianapolis, Indiana-based, Centaur, LLC, aka Centaur Indiana,
LLC -- http://www.centaurgaming.net/-- was involved in the   
development and operation of entertainment venues focused on horse
racing and gaming.  The Company and its affiliates filed for
Chapter 11 bankruptcy protection on March 6, 2010 (Bankr. D. Del.
Case No. 10-10799).  Jeffrey M. Schlerf, Esq., at Fox Rothschild
LLP, assists the Company in its restructuring effort.  The Company
disclosed assets of $584 million and debt of $681 million as of the
Petition Date.

Affiliates Centaur PA Land LP and Valley View Downs LP filed for
bankruptcy reorganization in October 2009 to keep alive a project
to develop a racetrack in Pennsylvania.  The filings were made
following the failure to make payments due in October on a
$382.5 million first-lien debt and a $192 million second-lien
credit.

All the companies are subsidiaries of closely held Centaur Inc.,
which isn't in bankruptcy.

Centaur LLC was authorized in August 2010 to sell the Fortune
Valley Hotel & Casino 40 miles west of Denver to Luna Gaming
Central City LLC for $7.5 million cash, plus a $2.5 million note.

The Debtor obtained approval of its reorganization plan at a
Feb. 18, 2011 confirmation hearing.  The Plan would slash the
casino operator's debt by two-thirds to $260 million.  The Plan,
as revised, is based on a settlement reached by the Debtors with
the Official Committee of Unsecured Creditors, the settlement was
entered among the Debtors, the Official Committee of Unsecured
Creditors, and Credit Suisse AG, Cayman Islands Branch, as
administrative agent and collateral agent for lenders that
provided first lien revolving credit and term loans prepetition.
Under the Plan, second-lien lenders are to split $3.4 million in
notes that pay in kind.  Unsecured creditors of Valley View Downs
now will receive the lesser of 50% paid in cash or a share of $1.5
million cash.  Other general unsecured creditors also will have the
lesser of half payment or sharing $650,000 in cash.

FTI Consulting, Inc., serves as Trustee to the Centaur LLC
Litigation Trust.


CENTRAL GROCERS: Files Voluntary Chapter 11 Bankruptcy Petition
---------------------------------------------------------------
Central Grocers, Inc. on May 4, 2017, disclosed that the Company
and all of its subsidiaries have voluntarily elected to file for
relief under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the District of Delaware.  The Company intends
to use this court-supervised process to conduct an orderly sale of
its Strack & Van Til stores as going concerns and anticipates
entering into a sale agreement with a stalking horse bidder in the
near future.  Central Grocers is also seeking to sell its
distribution center in Joliet as it winds down its wholesale
distribution operations.  The Company has been cooperating with its
lenders and expects to have access to sufficient liquidity to
continue operating its stores and winding down the distribution
center in an orderly fashion.

Strack & Van Til Stores Are Open for Business

All 22 Strack & Van Til, Town & Country Market and Ultra Foods
stores in Indiana and Illinois are open and serving customers.
Employees are receiving their pay in the ordinary course.  Strack &
Van Til intends to pay vendors in full for goods and services
provided on or after the filing date, May 4, 2017.

Jeff Strack, President and Chief Executive Officer of Strack & Van
Til, said, "Our stores are open, and we are as focused as ever on
supporting our customers and providing the legendary service that
we are known for.  As we move through this process, our priorities,
values and commitments to our customers and our communities will
not change. We thank our loyal customers for their continued
support, and we thank our employees for their hard work and
dedication."

Central Grocers Working Toward Sale of Stores and Distribution
Facility

Central Grocers is continuing to work toward implementing a sale of
the Strack & Van Til stores and a sale of its distribution center
in Joliet and certain other assets.  It is anticipated that any
such sale transactions will be conducted pursuant to a
court-supervised auction process under Section 363 of the U.S.
Bankruptcy Code.

Ken Nemeth, President and Chief Executive Officer of Central
Grocers, said, "In light of the increasingly difficult environment
for independent supermarkets and retailers, we have been working
tirelessly to achieve an outcome that is in the best interests of
our stakeholders.  We are using this court-supervised sale process
to provide us the time and flexibility to conduct an orderly sale
of the Strack & Van Til stores, while we work to sell the warehouse
in Joliet and wind down our wholesale distribution operations."

The Company has filed a number of customary motions seeking court
authorization to continue to support its operations during the
court-supervised process, including payment of employee wages and
benefits. In addition, the Company intends to file a motion shortly
in the U.S. Bankruptcy Court for the Northern District of Illinois
seeking to dismiss the involuntary bankruptcy case commenced
against Central Grocers in view of its voluntary Chapter 11
filing.

Weil, Gotshal & Manges LLP is serving as legal counsel to the
Company, Peter J. Solomon Company is serving as financial advisor,
and Conway MacKenzie is serving as the chief restructuring
officer.

                  About Strack & Van Til

Strack & Van Til is a grocery retailer focused on providing
high-quality products in a unique and inviting atmosphere with a
high level of customer service. The company currently operates 22
stores in Illinois and Indiana under the banner names Strack and
Van Til, Ultra Foods and Town & Country Market. SVT, LLC is an
equal opportunity employer. The company is owned by Central
Grocers, Inc.

                      About Central Grocers

Joliet, Illinois-based Central Grocers, Inc. --
http://www.central-grocers.com/-- is a supplier to independent
grocery stores in the Midwestern United States.  Formed in 1917,
Central Grocers is organized as a retail cooperative (co-op) owned
by the independent supermarket retailers that Central supplies.

Central Grocers is the 7th largest grocery cooperative in the
United States.  Central Grocers supplies over 400 stores in the
Chicago area with groceries, produce, fresh meat, service deli
items, frozen foods, ice cream and exclusively the Centrella Brand
distributor.  Sales have grown to $2.0 billion per year over the
past 94 years.


CENTRAL LAUNDRY: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:

     Debtor                                      Case No.
     ------                                      --------
     Central Laundry, Inc.                       17-13172
        dba Olympic Linen
     615 Industrial Park Drive
     Lansdowne, PA 19050

     Bellmawr Laundry LLC                        17-13189
        dba Liberty Laundry
     281 Benigno Road
     Bellmawr, NJ 08031

About Central Laundry: Central Laundry, Inc., doing business as
                       Olympic Linen, is duly organized, formed,
                       and existing under the laws of the
                       Commonwealth of Pennsylvania with its
                       current principal place of business and
                       executive offices located at 615 Industrial
                       Park Drive, Lansdowne, Pennsylvania.  The
                       Company's primary business involves    
                       operating a commercial laundry and linen
                       service for the restaurant and hospitality
                       industry.

                       Central Laundry previously filed for Ch. 11
                       bankruptcy protection (Bankr. E.D. Penn.
                       Case No. 16-10666) on Feb. 1, 2016,
                       estimating its assets and liabilities at up

                       to $50,000 each.  Paul J. Winterhalter,
                       Esq., at the Law Offices Of Paul J.
                       Winterhalter, P.C., serves as the Debtor's
                       bankruptcy counsel in the previous case.

Chapter 11 Petition Date: May 3, 2017

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Hon. Eric L. Frank

Debtors' Counsel: Aris J. Karalis
                  MASCHMEYER KARALIS P.C.
                  1900 Spruce Street
                  Philadelphia, PA 19103
                  Tel: (215) 546-4500
                  E-mail: akaralis@cmklaw.com

                                       Estimated    Estimated
                                         Assets    Liabilities
                                       ---------   -----------
Central Laundry, Inc.                  $1M-$10M     $1M-$10M
Bellmawr Laundry LLC                   $1M-$10M     $1M-$10M

The petitions were signed by George Rengepes, president and
member.

The Debtors did not file a list of their largest unsecured
creditors on the Petition Date.

Full-text copies of the petitions are available for free at:

           http://bankrupt.com/misc/paeb17-13172.pdf
           http://bankrupt.com/misc/paeb17-13189.pdf


CHARLES BRELAND: Bankr. Administrator Directed to Appoint Trustee
-----------------------------------------------------------------
Judge Jerry C. Oldshue, Jr., of the U.S. Bankruptcy Court for the
Southern District of Alabama entered an Order directing the
Bankruptcy Administrator to nominate a qualified person to serve as
the Chapter 11 Trustee for Charles K. Breland.

The Order was made under the Motion to Appoint a Chapter 11 Trustee
filed by Creditors Hudgens & Associates, LLC, and Equity Trust
Company, as Custodian for the Benefit of David E. Hudgens.

Further, the Court denied Creditor Levada EF Five, LLC's Motion to
Dismiss the bankruptcy case.

The Court noted that the Debtor's payments on pre-petition debts
are without Court approval; the payments to lawyers for
post-petition work are without Court approval; the engagement and
payment of substantial amounts of money to a "consultant" are
without Court approval; and the failure of the Debtor's 2015.3
Reports to include Grand Bay 10, LLC or any information regarding
Eigenkapital demonstrate substantial callousness toward the
bankruptcy process and are a breach of his fiduciary duties under
the bankruptcy code.

Charles K. Breland, Jr., filed a Chapter 11 petition (Bankr. S.D.
Ala. Case No. 16-02272) on July 8, 2016, and is represented by
Robert M. Galloway, Esq., at Galloway Wettermark Everest Rutens.


CHIEFTAIN SAND: Exclusive Plan Filing Period Moved to August 7
--------------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware extended the deadline by which Chieftain Sand and
Proppant, LLC and its affiliated Debtors have to file a plan and
solicit acceptances of a plan through August 7, 2017 and October 6,
2017, respectively.

The Troubled Company Reporter has previously reported that the
Debtors sought for exclusivity extension telling the Court that
since the filing of their cases, they (a) obtained entry of a final
DIP Order on January 31, 2017; (b) timely filed their schedules and
statements of financial affairs; (c) obtained entry of a bar date
order; and (d) ran a successful sale process that materially
increased the initial bid for substantially all of their assets by
over $30 million and resulted in entry of a sale order on March 27,
2017.  

Although most of the Debtors' contingencies are behind them,
certain additional matters still need to be addressed -- in
particular the closing on the sale. The Debtors anticipated closing
on the sale prior to the end of May 2017.

The Debtors asserted that the extension will give them reasonable
opportunity to complete the formulation and prosecution of a
chapter 11 plan and set all the Debtor entities on the same
timeline with regard to the Exclusivity Periods.

If the Exclusive Periods were to expire at this point, it would
potentially undercut the Debtors' ability to lead an organized and
cost-effective plan process, the Debtor said.

            About Chieftain Sand and Proppant, LLC

Chieftain Sand and Proppant, LLC, is a privately-owned producer of
hydraulic fracturing sand("Frac Sand"), a monocrystalline sand used
as a proppant (a solid material, typically sand, designed to keep
an induced hydraulic fracture open) to enhance oil and gas product
recovery in petroleum-rich unconventional shale deposits.  Frac
Sand is known as a "proppant" because it props the fractures open
by forming a network of pore spaces that allow petroleum fluids to
flow out of the rock and into the well.

Chieftain Sand and Proppant, LLC and affiliate Chieftain Sand and
Proppant Barron, LLC, sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 17-10064) on Jan. 9, 2017. Judge Kevin Gross presides
over the cases.

The Debtors hired Gibbons P.C. as counsel; Eisner Amper LLP as
financial advisor; Tudor Pickering Holt Co. as investment bankers;
and Donlin, Recano & Company, Inc., as claims and noticing agent.

                         *     *     *

On March 27, 2017, the Bankruptcy Court approved the sale of
substantially all of the assets of Chieftain Sand and Proppant, LLC
to Mammoth Energy Services, Inc., for $35.25 million. Mammoth
intends to finance the $35.25 million purchase price with cash on
hand and borrowings under its revolving credit facility.


CIRCUS FURNITURE: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
---------------------------------------------------------------
U.S. Trustee Ilene J. Lashinsky asks the U.S. Bankruptcy Court for
the District of Arizona to enter an order directing the appointment
of a Chapter 11 Trustee for Circus Furniture, LLC.

The U.S. Trustee tells the Court that James Gergets, the sole owner
of the Debtor, hid assets of the Debtor in undisclosed bank
accounts, filed fraudulent operating reports, and then, as of June
2016, stopped filing reports altogether.

In addition, the U.S. Trustee says that it seems as though Mr.
Gergets is either unavailable or no longer interested in fulfilling
the ongoing necessary requirements of a Chapter 11 Debtor.  It has
been almost one year since he last filed reports.  The U.S. Trustee
noted that since the liquidation sale has concluded, Mr. Gergets
has been increasingly difficult to reach. The Debtor has no other
employees, and Mr. Gergets is the sole member of the LLC. Although
the Debtor's counsel has filed a change of address form for
reaching the Debtor through Mr. Gergets, the letters that the U.S.
Trustee has sent to the updated address have been returned as
"undeliverable".

The U.S. Trustee asserts that appointment of a Chapter 11 trustee
is necessary because the Debtor does not appear to have an
authorized representative willing or able to act on its behalf in
completing the remaining obligations of the estate.

Circus Furniture, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Ariz. Case No. 15-13290) on October 16, 2015. The Debtor
is represented by:

          Charles R. Hyde, Esq.
          LAW OFFICES OF C.R. HYDE
          325 W. Franklin St., Suite 103
          Tucson, AZ 85701
          Tel: 520-270-1110
          Fax: 520-547-2475
          E-mail: crhyde@gmail.com


CONFIRMATRIX LABORATORY: Intends to File Chapter 11 Plan By June 2
------------------------------------------------------------------
Confirmatrix Laboratory, Inc. requests the U.S. Bankruptcy Court
for the Northern District of Georgia to further extend the
exclusive periods to file a plan and solicit acceptances to such
plan to June 2 and August 1, 2017, respectively.

The Debtor relates that since the Petition Date, it has been
restructuring its business to reduce and refocus the level and
nature of toxicology services it provides and to increase the blood
testing side of the business. This change is due to unanticipated
changes in the Medicare law relating to lab services
reimbursements. As such, the Debtor, with the Court's approval, has
been selling assets and equipment relate to the toxicology side of
its business, as part of this restructuring process.

The Debtor informs the Court that through these sales, it has
successfully satisfied in full SunTrust Equipment Finance & Leasing
Corp.'s claim -- which as of the Petition Date was approximately
$365,599 -- and has also reduced SunTrust Bank's $4,000,000 line of
credit principal claim in the case by approximately $1,700,000.

The Debtor also informs the Court that it has retained a collection
company, NYX Health Recovery Services, LLC to pursue accounts
receivable older than 120 days in order to further supplement its
revenue. The first payments on these aged receivables were
originally expected to start coming at the end of February and
beginning of March 2017. However, the receipt of payments on these
aged receivables has been pushed back by another 30 to 60 days due
to having to submit some of the insurance claims via paper forms,
as opposed to online submission, as well as having to resubmit some
of the insurance claims due to incorrect addresses. The first
recoveries are expected to come in April to May 2017.

Contemporaneously with the Exclusivity Motion, the Debtor has also
filed a motion to set a deadline for filing proofs of claim,
proposing a bar date before the expiration of the requested
extension. The Debtor asserts that it is important for the Company
to be able to determine the universe of claims that must be
addressed within its plan of reorganization.

The Debtor tells the Court that it has also been exploring the
option of selling its assets to a third party as a going concern
and is currently in discussions with two potential buyers. As such,
additional time is required to determine if these initiatives will
come to fruition.

Moreover, the Debtor submits that a very reasonable prospect exists
to allow the Debtor to develop and propose for confirmation a
viable restructuring plan considering the progress that the Debtor
made in this case, the groundwork laid with respect to the Debtor's
restructured operations, and the anticipated increased revenues
that will be generated from the changes recently put in effect.

                 About Confirmatrix Laboratory

Confirmatrix Laboratory, Inc. is a laboratory business focused on
toxicology and blood testing. The Debtor's principal place of
business is located at 1770 Cedars Road, Suite 200, Lawrenceville,
Gwinnett County, GA 30045.

Confirmatrix Laboratory, Inc., based in Lawrenceville, GA, filed a
Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-69934) on November
4, 2016.  The petition was signed by Ann B. Durham, CEO.  William
J. Boone, Esq., at James Bates Brannan Groover, LLP, serves as
bankruptcy counsel.  In its petition, the Debtor estimated $1
million to $10 million in both assets and liabilities.

The Debtor employed Marvin H. Willis and Smith & Howard, P.C. as
its accountant.


CORE COMMUNICATIONS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Core Communications Inc.
        209 West Street, Suite 302
        Annapolis, MD 21401

Case No.: 17-00258

Business Description: Core Communications --
                      http://www.coretel.net-- provides Carriers,
                      ISPs and ASPs with tailored
                      telecommunications services, leveraging
                      voice and data convergence.

Chapter 11 Petition Date: May 2, 2017

Court: United States Bankruptcy Court
       District of Columbia (Washington, D.C.)

Judge: Hon. S. Martin Teel, Jr.

Debtor's Counsel: Gregory P. Johnson, Esq.
                  OFFIT KURMAN, P.A.
                  4800 Montgomery Lane, 9th Floor
                  Bethesda, MD 20814
                  Tel: 240-507-1700
                  E-mail: gjohnson@offitkurman.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher Van de Verg, general
counsel.

The Debtor did not file a list of its 20 largest unsecured
creditors on the Petition Date.

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

          http://bankrupt.com/misc/dcb17-00258.pdf


COVERIS HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B' CCR
---------------------------------------------------------------
S&P Global Ratings revised its rating outlook on U.S.-based
packaging company, Coveris Holdings S.A. to negative from stable.

At the same time, S&P affirmed all its ratings on the company,
including the ratings agency's 'B' corporate credit rating.

The negative outlook reflects the potential for a lower rating over
the next year if the company's leverage is sustained above 7x and
the company doesn't generate positive free cash flow.  In 2016,
underperformance in Coveris' flexibles packaging segment and the
continued negative impact of the strong dollar (the company
generates roughly 58% of sales from Europe) resulted in S&P
Global-adjusted debt to EBITDA of 6.8x and negative free cash
generation of around $16 million.  In 2017, S&P expects the company
to maintain leverage under 7x and generate marginally positive free
cash flow, supported by the company's continued productivity
initiatives and lower levels of capital expenditures (capex).
Nonetheless, continued operating and foreign-exchange (FX) pressure
will leave the company with limited cushion for further operational
weakness.  Additionally, the company's revolver becomes current in
November 2017; S&P believes the company could be challenged to
address its maturity if leverage and free cash flow remain
pressured.

The outlook is negative.  While S&P expects Coveris to maintain
leverage below 7x and generate marginally positive free cash flow
over the next 12 months, continued pressure within its flexibles
business and FX headwinds will leave the company with little room
for additional operational weakness.

S&P could lower its ratings on Coveris if the company's operating
performance weakens more than S&P expects, its restructuring and
other exceptional costs remain elevated, or if it pursues a
debt-funded dividend distribution or acquisition.  Specifically,
S&P could lower its ratings if such a scenario caused the company's
debt to EBITDA to weaken to about 7x or more without the prospect
for a quick recovery.  S&P could also lower ratings if the
company's liquidity position becomes pressured by negative free
cash flow and/or the company doesn't proactively address the
near-term maturity of its revolver.

S&P could revise its outlook on Coveris to stable over the next
year if the company's operating performance -- particularly within
its flexibles business segment -- improves, resulting in leverage
improving toward 6.5x or below.  S&P would also require the company
to improve its free cash flow position and proactively take action
to improve its capital structure and debt maturity profile.


CRAPP FARMS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Crapp Farms Partnership
          dba Crapp Land
          dba Crapp Farms Trucking
          dba Crapp Excavating
        5761 Substation Road
        Lancaster, WI 53813

Case No.: 17-11601

Business Description: The Debtor is engaged in the feeder grains
                      business.

Chapter 11 Petition Date: May 3, 2017

Court: United States Bankruptcy Court
       Western District of Wisconsin (Madison)

Judge: Hon. Catherine J. Furay

Debtor's Counsel: Kristin J. Sederholm, Esq.
                  KREKELER STROTHER, S.C.
                  2901 West Beltline Highway, Suite 301
                  Madison, WI 53713
                  Tel: (608) 258-8555
                  Fax: (608) 258-8299
                  E-mail: ksederho@ks-lawfirm.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Darell C. Crap, partner.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Nutech Seed                         Farm related         $639,072
2321 North Loop Drive                 expense
Ames, IA 50010

Premier Cooperative                 Farm related         $511,660
501 West Main Street                purchases on
Mount Horeb, WI 53572                 account

Big Gain Wisconsin LLC              Farm related         $171,760
                                      expense

Wyffels Hybrids Inc.                Farm related         $148,720
                                      purchases

BMO Harris Equipment                Crapp Farms          $121,049
Finance Company                      Partnership

AGCO Finance LLC                    Crapp Farms          $108,910
                                     Partnership

Cougar Run                          Farm Related          $99,585
                                     purchases

AGCO Finance LLC                    Crapp Farms           $95,686
                                    Partnership

AGCO Finance LLC                    Crapp Farms           $95,686
                                     Partnership

CNH Industrial Capital America LLC  Crapp Farms           $85,459
                                     Partnership

CNH Industrial Capital America LLC  Crapp Farms           $85,459
                                     Partnership

CNH Productivity Plus               Farm related          $58,167
                                      purchases

John Deere Financial, fsb           Farm related          $52,088
                                     purchases

Stearns Bank N.A.                   Crapp Farms           $49,148
                                    Partnership

CNH Industrial Capital America LLC  Crap Farms            $44,905
                                    Partnership

CNH Industrial Capital America LLC  Crapp Farms           $44,905
                                    Partnership

CNH Industrial Capital America LLC  Crap Farms            $44,905
                                    Partnership

LTS                                 Farm related          $40,460  
                   
                                      expense

Stearns Bank N.A.                   Crapp Farms           $34,978
                                    Partnership

Focus Management Group                 Farm               $22,089
USA, Inc.                            Financial
                                       Fees


CRISTALEX INC: Wants June 7 as Exclusive Plan Filing Deadline
-------------------------------------------------------------
Cristalex, Inc., Felix V. Rolon Latorre, and Marta L. Pagan Batista
ask the U.S. Bankruptcy Court for the District of Puerto Rico to
further extend until June 7, 2017, the exclusivity period to submit
its disclosure statement and plan of reorganization.  The Debtors
also ask the Court to extend the deadline to procure the votes
under the plan for a term of 60 days after the order granting the
approval of the disclosure statement is entered.

On March 1, 2017, the Court extended the Exclusivity Period to May
3, 2017.

As reported by the Troubled Company Reporter on Feb. 14, 2017, the
Debtors asked for the May 3 deadline, saying that due to the need
of reconciling all timely filed claims and concluding negotiations
with creditors, the Debtors are not in a position at this juncture
to file its disclosure statement and plan of reorganization.

The Debtors assure the Court that they have moved forward in their
reorganization process and are in compliance with all of their
duties under the Bankruptcy Code and the Guidelines of the U.S.
Trustee.  The Debtors attended the Meetings of Creditors, which
were held and closed and appeared at the status conferences.

However, the Debtors are still in the process of restructuring its
operations and conducting negotiations with key creditors that are
necessary in order to propose the plan.  The Debtors say that it is
indispensable for them to be able to reconcile all claims in order
to propose a complete, viable and effective plan that account for
all claims.

                     About Cristalex, Inc.

Cristalex, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-06385) on Aug. 11, 2016.
The petition was signed by Marta Pagan Batista, president.  The
Debtor is represented by Myrna L. Ruiz-Olmo, Esq., at MRO Attorneys
at Law, LLC.  At the time of the filing, the Debtor estimated
assets at $100,001 to $500,000 and liabilities at $500,001 to $1
million.

The Debtor engaged Falcon-Sanchez & Associates, PSC, as accountant.


DENTON HARDWOODS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Denton Hardwoods, Inc., as of
May 2, according to a court docket.

                  About Denton Hardwoods, Inc.

Denton, North Carolina-based Denton Hardwoods, Inc., was started in
February 2001 as a lumber drying, grading and hardwood resale
business.  Over the years that followed, it was a profitable
business, and expanded its operations through facility growth and
product development.  Robert Conner is the sole insider of the
Debtor.  He is the president and a 100% shareholder of the Debtor.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
M.D.N.C. Case No. 15-11211) on Nov. 5, 2015, estimating its assets
and liabilities at between $100,001 and $500,000 each.  Phillip E.
Bolton, Esq., at Bolton Law Group serves as the Debtor's bankruptcy
counsel.  The petition was signed by Robert Gray Conner,
president.

Judge Lena Mansori James presides over the case.


DEWEY & LEBOEUF: Jury Revisit Emails on 2nd Day of Fraud Retrial
----------------------------------------------------------------
Jody Godoy of Bankruptcy Law360 reports that the jurors weighing
the New York fraud case against Dewey & LeBoeuf LLP former
executives Stephen DiCarmine and Joel Sanders asked to revisit
emails between the pair and rehear testimony from the state
cooperators on Wednesday, May 3, the second full day of
deliberations.

Law360 relates that the jurors also heard a read-back of testimony
by former Dewey Finance Director Frank Canellas and partner
relations employee David Rodriguez. The jurors, Law360 says,
specifically asked to rehear testimony regarding an adjustment that
classified $1.44 million in compensation for Dewey Chairman Steven
Davis as a repayment of his equity in the firm.

Mr. DiCarmine was Dewey's former executive director and Mr. Sanders
is the firm's chief financial officer.  They are being tried for
the second time on charges of defrauding the firm's financial
lenders.

Jurors were scheduled to continue deliberations on Thursday
morning, according to the report.

The prosecution is represented by Peirce Moser, David Drucker,
Sarah Sacks and Gregory Weiss of the Manhattan district attorney's
office.

Mr. Sanders is represented by Andrew Frisch, Jason Wright and Emily
Golub. DiCarmine is represented by Rita M. Glavin and David
Driscoll of Seward & Kissel LLP.

The case is New York v. DiCarmine et al., case number 00773/2014,
in the Supreme Court of the State of New York, County of New York.

                   About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations. The Firm had struggled with high debt and partner
defections. Dewey disclosed debt of $245 million and assets of
$193 million in its Chapter 11 filing late evening on May 29,
2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in
1929. In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down. The
partners of the separate partnership in England are in process of
winding down the business in London and Paris, and administration
proceedings in England were commenced May 28. All lawyers in the
Madrid and Brussels offices have departed. Nearly all of the
lawyers and staff of the Frankfurt office have departed, and the
remaining personnel are preparing for the closure. The firm's
office in Sao Paulo, Brazil, is being prepared for closure and the
liquidation of the firm's local affiliate. The partners of the firm
in the Johannesburg office, South Africa, are planning to wind down
the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million. The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case. Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy
Solutions LLC serves as claims and notice agent. The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP. JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors. The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners. The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel. The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March. The plan created
a trust to collect and distribute remaining assets. The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DOLPHIN DIGITAL: Amends 2016 Form 10-K to Include Part III
----------------------------------------------------------
Dolphin Digital Media, Inc. filed with the Securities and Exchange
Commission an amendment No. 1 to its Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2016, to include the information
required by Part III of Form 10-K.  The information required by
Items 10-14 of Part III is no longer being incorporated by
reference to the Proxy Statement as the Proxy Statement is not
expected to be filed with the SEC within 120 days of Dec. 31, 2016.


Part III of the Annual Report contains comprehensive disclosures
regarding the following:

ITEM 10. Directors, Executive Officers and Corporate Governance

ITEM 11. Executive Compensation

ITEM 12. Security Ownership of Certain Beneficial Owners and
         Management and Related Stockholder Matters

ITEM 13. Certain Relationships and Related Transactions, and
         Director Independence

ITEM 14. Principal Accountant Fees and Services

A full-text copy of the Form 10-K/A is available for free at:

                     https://is.gd/a1ZVzB

                    About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and high
quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of
the-art fingerprint identification technology, Dolphin Digital
Media, Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

Dolphin Digital reported a net loss of $37.19 million for the year
ended Dec. 31, 2016, following a net loss of $8.83 million for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, Dolphin Digital had
$14.20 million in total assets, $46.07 million in total liabilities
and a $31.87 million total stockholders' deficit.

BDO USA, LLP issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2016.
The Company, according to BDO USA, has suffered recurring losses
from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern.


EIA TROPICAL: Needs Until May 29 to Renegotiate Lease, File Plan
----------------------------------------------------------------
EIA Tropical LLC requests the U.S. Bankruptcy Court for the
District of Puerto Rico for a 30-day extension of the exclusive
period to file its Disclosure Statement and Chapter 11 Plan from
April 30, 2017 to May 29, 2017.

The Debtor informs the Court that it needs to renegotiate the lease
with its main creditor, Dorado Shopping Center Development, Inc.,
in order to lower its operating expenses. As such, the Debtor needs
an extension of time to prepare and file its Disclosure Statement
and Chapter 11 Plan.

                      About EIA Tropical, LLC

EIA Tropical, LLC, filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 16-05552) on July 12, 2016. The petition was signed by Edwin
Rosario-Rodriguez.  The Debtor is represented by Hector Eduardo
Pedrosa-Luna, Esq. at the Law Offices of Hector Eduardo Pedrosa
Luna.  At the time of filing, the Debtor had less than $50,000 in
estimated assets and $100,000 to $500,000 in estimated liabilities.


ERIN ENERGY: Three Directors Will Retire from Board
---------------------------------------------------
John Hofmeister, the chairman of Erin Energy Corporation's board of
directors, William J. Campbell and Ira Wayne McConnell have
informed the Company that they will not stand for re-election and
will be retiring from service as members of the Board effective as
of the date of the Company's 2017 annual stockholders' meeting. The
Company said that their decisions to retire from service as members
of the Board did not involve any disagreement with the Company, the
Company's management or the Board.

                      About Erin Energy

Houston, Texas-based Erin Energy Corporation is an independent oil
and gas exploration and production company focused on energy
resources in Africa.  The Company's strategy is to acquire and
develop high-potential exploration and production assets in Africa,
and to explore and develop those assets through strategic
partnerships with national oil companies, indigenous local partners
and other independent oil companies.  Erin Energy Corporation seeks
to build and operate a strategic portfolio of high-impact
exploration and near-term development projects with significant
production, reserves and resources growth potential.  The Company
has production and exploration projects offshore Nigeria, as well
as exploration licenses offshore Ghana, Kenya and Gambia, and
onshore Kenya.

Erin Energy reported a net loss attributable to the Company of
$142.40 million on $77.81 million of revenues for the year ended
Dec. 31, 2016, compared to a net loss attributable to the Company
of $430.93 million on $68.42 million of revenues for the year ended
Dec. 31, 2015.  As of Dec. 31, 2016, Erin Energy had $289.20
million in total assets, $513.82 million in total liabilities and a
total capital deficiency of $224.62 million.

Pannell Kerr Forster of Texas, P.C., in Houston, Texas, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company incurred net losses in each of the years ended Dec. 31,
2016, 2015 and 2014, and as of Dec. 31, 2016, the Company's current
liabilities exceeded its current assets by $264.4 million. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.


FB COVENTRY: Seeks to Hire Peter Iascone as Legal Counsel
---------------------------------------------------------
FB Coventry, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Rhode Island to hire legal counsel in connection
with its Chapter 11 case.

The Debtor proposes to hire Peter Iascone & Associates to, among
other things, give legal advice regarding its duties under the
Bankruptcy Code and assist in formulating a plan of
reorganization.

Iascone will charge an hourly rate of $300 for its services.  The
firm received a retainer in the amount of $5,000 from the Debtor.

Peter Iascone, Esq., disclosed in a court filing that he and other
members of his firm are "disinterested" and have no connection with
the Debtor or any of its creditors.

The firm can be reached through:

     Peter M. Iascone, Esq.
     Peter Iascone & Associates
     1 Richmond Square
     Providence, RI 02906-5139
     Phone: +1 401-831-4666

                      About FB Coventry LLC

FB Coventry, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.R.I. Case No. 17-10650) on April 24,
2017.


FOOTHILLS CONSULTING: HomeTrust Bank to Auction Property on May 9
-----------------------------------------------------------------
Dorinda Watford, Substitute Trustee, will conduct a foreclosure
auction of the real property owned by Foothills Consulting
Associates, LLC.

Foothills has been declared in default under a note evidenced by a
Commercial Deed of Trust in the maximum principal amount of
$289,683.00, payable to HomeTrust Bank.

The Substitute Trustee will offer for sale at the public entrance
of the Cleveland County Law Enforcement Center on Tuesday, May 9,
2017, at 10:00 a.m., and will sell to the highest bidder for cash,
the real property at:

"Being and lying in the Northwestern quadrant of the City of Shelby
East of and adjoining North Morgan Street, South of and adjoining
Hudson Street and being further described by metes and bounds as
BEGINNING at an iron pin set in the Southern edge of the 18.87 foot
right-of-way of Hudson Street, said beginning point lying North
29-39-57 West 400.39 feet from NCGS grid monument "Walts" and
running thence from the said beginning point South 04-52-56 West
100.03 feet to an iron pin set; thence North 86-31-56 West 15.00
feet to an iron pin set; thence South 03-28-04 West 15.00 feet to
an iron pin set in the Northeast corner of the property of James L.
Cummings (16H, 742); thence North with Cummings North line, North
86-31-56 West 220.00 feet to a point in the eastern edge of the
right-of-way of North Morgan Street; thence with the Eastern edge
of North Morgan Street, North 04-42-38 East 133.90 feet to an
existing iron pin at the intersection of the Eastern edge of Morgan
Street with the Southern edge of Hudson Street; thence with the
Southern edge of Hudson Street, South 86-31-56 East 235.00 feet to
the place of BEGINNING, containing 0.61 acres more or less
according to a plat prepared by Frank Ledford Professional Land
Surveyor, for Foothills Consulting dated June 1, 2005 an of record
with Foothills Consulting."

Third party purchasers must pay the excise tax, and the court costs
of Forty-Five Cents (45c) per One Hundred Dollars ($100.00)
pursuant to NCGS 7A-308(a)(1). A cash deposit (no personal checks)
of 5% of the purchase price, or $750.00, whichever is greater, will
be required at the time of the sale. Following the expiration of
the statutory upset bid period, all the remaining amounts are
immediately due and owing.

The property to be offered pursuant to this Notice of Sale is being
offered for sale, transfer and conveyance "AS IS WHERE IS." There
are no representations of warranty relating to the title or any
physical, environmental, health or safety conditions existing in,
on, at, or relating to the property being offered for sale.

An Order of possession of the property may be issued pursuant to
G.S. 45-21.29 in favor of the purchaser and against the party or
parties in possession by the Clerk of Superior Court of the county
in which the property is sold. Any person who occupies the property
pursuant to a rental agreement entered into or renewed on or after
October 1, 2007, may, after receiving the Notice of Sale, terminate
the rental agreement upon 10 days written notice to the landlord.
The notice shall also state that upon termination of a rental
agreement, the tenant is liable for rent due under the rental
agreement prorated to the effective date of the termination.

If the Trustee is unable to convey title to this property for any
reason, the sole remedy of purchaser is the return of the deposit.
Reasons of such inability to convey include, but are not limited
to, the filing of a bankruptcy petition prior to the confirmation
of the sale and reinstatement of the loan without the knowledge of
the trustee. If the validity of the sale is challenged by any
party, the trustee, in their sole discretion, if they believe the
challenge to have merit, may request the Court to declare the sale
to be void and return the deposit. The purchaser will have no
further remedy.

The Trustee may be reached at:

Dorinda Watford,
Substitute Trustee
43 Foxden Drive, #203
Fletcher, NC 28732
828-412-4030


FRESH & EASY: Court Confirms Joint Liquidating Plan
---------------------------------------------------
A U.S. bankruptcy judge on April 27 confirmed the joint Chapter 11
plan of liquidation proposed by Fresh & Easy LLC and its official
committee of unsecured creditors.

Judge Brendan Shannon of the U.S. Bankruptcy Court in Delaware gave
the thumbs-up to the plan after finding that it satisfies the
requirements for confirmation under the Bankruptcy Code.

In the same filing, Judge Shannon also approved the disclosure
statement, which explains the liquidating plan.

A copy of the confirmation order is available for free at:

                    https://is.gd/s15X8Z

Under Fresh & Easy's latest liquidating plan, creditors holding
Class 4 general unsecured claims will recover 14% to 26% of their
claims.  The company estimated the total amount of general
unsecured claims allowed by the court at $103 million to $115
million.

A liquidating trust will be established on the effective date of
the plan to, among other things, make distributions to holders of
claims.  Peter Kravitz of Province, Inc. will serve as the
liquidating trustee, according to the latest disclosure statement
filed on April 25.

A copy of the amended disclosure statement is available for free
at:

                    https://is.gd/qZelC7

                     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 CFO.  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 Norman L. Pernick, Esq., Kate J. Stickles,
Esq., and David W. Giattino, Esq., at 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 official committee of unsecured creditors hired Fox Rothschild
LLP and ASK LLP as counsel.

                       *     *     *

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.

On February 1, 2017, the Debtor and the unsecured creditors'
committee filed a joint Chapter 11 plan of liquidation and
disclosure statement.


FRONTIER COMMUNICATIONS: Dividend Cut No Impact on Moody's B1 CFR
-----------------------------------------------------------------
Moody's Investors Service said that Frontier Communications Corp.'s
announced reduction of its common dividend does not impact its B1
corporate family rating (CFR) or negative outlook. The dividend cut
will result in approximately $300 million in additional retained
cash annually, which the company has indicated it will use for debt
reduction. Although the dividend cut and proposed debt repayment
could be a positive development, Moody's estimates that Frontier is
likely to still consume cash in 2017 and will not reduce total debt
outstanding. Frontier's operating results remain very weak with
high churn and declining revenues. Moody's believes that the
dividend cut is overdue and does not go far enough to change the
trajectory of Frontier's creditworthiness, especially given its
challenging debt maturity profile that ramps dramatically in 2020.

Although Frontier forecasts positive free cash flow, its definition
excludes costs that it views as non-recurring. Including a full
view of cash flows, Moody's expects Frontier to consume cash in
2017 even with a lower dividend payment for the remaining three
quarters. In 2018, Moody's expects a modest improvement in cash
flow as integration costs roll off, synergy benefits accrue and a
full year of lower dividends help offset EBITDA pressure. Yet,
Moody's believes that Frontier is unlikely to have the ability to
repay debt with internally generated cash while continuing to
invest adequately into its network.

Frontier announced that it will pursue additional secured debt in
the second quarter to improve its liquidity and reduce upcoming
maturities. Based on the terms that govern its existing debt,
Moody's estimates that Frontier has approximately $3 billion of
incremental secured debt capacity.

Frontier's B1 CFR reflects its large scale of operations, its
predictable cash flows and extensive network assets. These factors
are offset by its declining revenues and margins, an aggressive
financial policy that includes a high dividend payout and frequent
debt-financed acquisitions. Additionally, the ratings are
constrained by the risk that the company may not have the
discipline to continue to adequately invest in network
modernization.

The negative outlook reflects the risk that Frontier may not be
able to reverse its unfavorable operating trends and that EBITDA
could continue to decline. Moody's could lower Frontier's ratings
if leverage is sustained above 4.75x (Moody's adjusted) or if free
cash flow is negative, on a sustained basis. Also, the ratings
could be lowered if the company's liquidity deteriorates, if it
engages in shareholder friendly activities or if capital spending
is reduced below the level required to sustain the company's market
position. Given the company's weak fundamentals and the negative
outlook, a ratings upgrade is unlikely at this point. Moody's could
stabilize Frontier's outlook if the company's operating performance
improves and it maintains or improves liquidity.


GARDEN FRESH: Seeks July 31 Exclusive Plan Filing Period Extension
------------------------------------------------------------------
Fresh-G Restaurant Intermediate Holding, LLC (f/k/a Garden Fresh
Restaurant Intermediate Holding, LLC) and its affiliated Debtors
ask the U.S. Bankruptcy Court for the District of Delaware to
further extend the exclusive periods for the filing of a chapter 11
plan and the solicitation of acceptances thereof through July 31,
2017 and September 28, 2017, respectively.

The Debtors relate that they have conducted a thorough marketing
process and under an Asset Purchase Agreement, GFRC Acquisition LLC
(n/k/a GFRC Holdings LLC) has been designated as the Stalking Horse
Bidder.  The Stalking Horse Bidder (along with Garden Fresh
Restaurants LLC and GFRC Promotions LLC, the Purchaser) has been
designated as the Successful Bidder since no Qualified Bids were
received prior to the Bid Deadline. Pursuant to the Purchase
Agreement, the Purchaser agreed, among other things, to acquire
substantially all of the Debtors' operating assets and assume
certain of the Debtors' liabilities in a sale transaction.

While the Debtors have successfully obtained approval of the Sale,
and now the Sale have closed, the Debtors need additional time as
they are still continuing to work with the Purchaser to assume and
assign to the Purchaser certain executory contracts and unexpired
leases related to the Purchased Assets, which have been and will be
assumed and assigned by the Purchaser in connection with the Sale.

The Debtors contend that since they have requested the Court to
extend the Exclusive Periods, they have expended considerable
effort closing the Sale and addressing various Sale related items,
specifically: (a) resolving the various objections filed to the
Sale; (b) retaining RAS Management Advisors, LLC to provide Timothy
D. Boates as Chief Restructuring Officer and additional personnel
on an as-needed basis; (c) setting a bar date for claims; (d)
assisting  the Purchaser with the assumption and assignment of
executory contracts and unexpired leases,  (e) rejecting certain
leases that the Purchaser does not wish assumed and assigned and
which provide no further economic benefit to the Debtors; and (f)
working with the Purchaser to reconcile Claims. Because of the
necessary priority placed upon attending to these demands, the
Debtors have not had sufficient time to adequately evaluate their
alternatives for a plan in these chapter 11 cases.

A hearing on the Debtors' Motion will be held on May 31, 2017 at
10:00 a.m. Objections are due on or before May 15.

              About Garden Fresh Restaurant
               Intermediate Holding, LLC.

Founded in 1978 and headquartered in San Diego, CA, Garden Fresh
owns of 123 Souplantation and Sweet Tomatoes restaurants across 15
states.  Garden Fresh has 5,500 employees, approximately 5,000 of
whom are employed on an hourly basis.

Fresh-G Restaurant Intermediate Holding, LLC f/k/a Garden Fresh
Restaurant Intermediate Holding, LLC, and its affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case Nos.16-12174 to 16-12178)
on Oct. 3, 2016.  The petitions were signed by John D. Morberg,
chief executive officer.

The Debtors have hired Morgan, Lewis & Bockius LLP as general
counsel; Young, Conaway, Stargatt & Taylor, LLP as local counsel;
Piper Jaffray Companies as financial advisor; and Epiq Bankruptcy
Solutions, LLC, as claims and noticing agent.

At the time of the filing, Garden Fresh Restaurant Intermediate
Holdings estimated assets and debts at $0 to $50,000.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on Oct. 13, 2016,
appointed five creditors of Garden Fresh Restaurant Intermediate
Holdings, LLC, et al., to serve on the official committee of
unsecured creditors.

The Debtor has changed its name to Fresh-G Restaurant Intermediate
Holding, LLC following the sale of assets.


GIGA-TRONICS INC: Obtains $1.5 Million Financing from PFG
---------------------------------------------------------
Giga-tronics Incorporated entered into a loan agreement with
Partners For Growth V, L.P. under which PFG made a term loan to
Giga-tronics in the principal amount of $1,500,000, with funding
occurring on April 28, 2017.
  
The loan has a two-year term, with interest only payments for the
term of the loan.  The principal amount of the loan plus any
accrued interest will be due upon maturity.  The loan will bear
interest at an aggregate per annum rate equal to 16% per annum,
fixed, which is comprised of cash interest reflecting a 9.5% per
annum rate and deferred interest reflecting a 6.5% per annum rate.
The Company will pay the cash interest monthly and will accrue
deferred interest on the unpaid principal balance.  The deferred
interest will be due and payable upon maturity.  In addition, the
Company will pay PFG a charge of up to $100,000 due and payable
upon maturity, $76,000 of which was earned on April 27, 2017, and
$24,000 of which is earned at the rate of $1,000 per month on the
first day of each month if the loan principal (of any amount) is
outstanding during any day of the prior month.  If the Company
meets or exceeds certain revenue and net income minimums in fiscal
2018, the amount could be reduced by 25 percent.  To stay in
compliance with the loan terms, the Company must meet certain
financial covenants associated with minimum quarterly revenues and
monthly minimum shareholders' equity.  The lender can accelerate
the maturity of the loan in case of a default.  The Company can
prepay the loan before maturity at any time without fee or
penalty.
  
In connection with its loan to the Company, PFG will receive up to
250,000 shares of common stock, 190,000 of which was earned on
April 27, 2017, and 60,000 of which is earned at the rate of 2,500
per month on the first day of each month if the loan principal (of
any amount) is outstanding during any day of the prior month.
  
The Company has pledged all its assets as collateral for the loan
made by PFG, including all its accounts, inventory, equipment,
deposit accounts, intellectual property and all other personal
property.

                     About Giga-Tronics

Headquartered in San Ramon, California, Giga-tronics Incorporated
includes the operations of the Giga-tronics Division and
Microsource Inc. (Microsource), a wholly owned subsidiary.
Giga-tronics Division designs, manufactures and markets the new
Advanced Signal Generator (ASG) for the electronic warfare market,
and switching systems that are used in automatic testing systems
primarily in aerospace, defense and telecommunications.

As of Dec. 24, 2016, Giga-tronics had $12.19 million in total
assets, $10.07 million in total liabilities and $2.12 million in
total shareholders' equity.

                 Future liquidity is uncertain
  
"We incurred net losses of $4.1 million in fiscal 2016, and $1.7
million in fiscal 2015.  These losses have contributed to an
accumulated deficit of $24.0 million as of March 26, 2016.
  
"Beginning in fiscal 2012, we invested substantially in the
research and development of our new product line, ASG.  We
anticipate long-term revenue growth and improved gross margins from
the ASG platform, but delays in completing it have contributed to
our losses.  We also experienced delays in the development of
features, orders, and shipments for the new ASG. These delays have
significantly contributed to a decrease in working capital from
$3.0 million at March 28, 2015, to $1.8 million at March 26, 2016.
The new Advanced Signal Generator product has now shipped to
several customers, but potential delays in the development of
features, longer than anticipated sales cycles, or the ability to
continue shipments in volume quantities, could significantly
contribute to additional future losses.  The losses in fiscal 2016
caused working capital restraints, resulting in delayed payments to
suppliers.

These matters raise substantial doubt as to our ability to continue
as a going concern," the Company stated in its annual report for
the year ended March 26, 2016.


GREAT AMERICAN VENDING: Hearing on Disclosures OK Set for May 31
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York will
hold on May 31, 2017, at 1:30 p.m. a hearing to consider the
approval of The Great American Vending Machine, Inc.'s amended
disclosure statement, referring to the Debtor's plan of
reorganization.

Objections to the Disclosure Statement must be filed by May 24,
2017.

On April 26, the Debtor filed a first amended disclosure statement,
referring to the Debtor's first amended plan of reorganization.

Under the Plan, Class II consists of Allowed Secured Claim of
Lawrence H. Krasnow and Dianne R. Krasnow, Trustee of the Dianne
Krasnow Trust Dated Feb. 13, 1995.

As of the Petition Date, the Debtor was indebted to the Trust in
the amount of $182,630.43.  As security for payment of its Class II
Claim the Trust will retain its security interest in the
Reorganized Debtor's assets with the same validity, priority, and
extent as existed prior to the Petition Date.  Upon Agreement with
the Trust and pursuant to Section 506(a) of the Bankruptcy Code,
the Trust will have an Allowed Secured Claim of $182,630.43.  In
full and final satisfaction of its Allowed Secured Claim the Trust
will be paid in equal monthly installments of principal and
interest at 3.75% per annum for a period of 240 months starting on
the Effective Date of the Plan.  The estimated monthly payment to
Class II is $1,082.79 per month.  This class is impaired by the
Plan.

The Plan will be funded by the post-petition operations of the
Reorganized Debtor.

A copy of the First Amended Disclosure Statement is available at:

          http://bankrupt.com/misc/nyeb16-71519-112.pdf

As reported by the Troubled Company Reporter on Feb. 2, 2017, the
Debtor's disclosure statement dated Jan. 30, 2017, provides that
holders of Class VII Allowed General Unsecured Claims --
approximately $3,553,579.59 -- will receive an approximate 5%
distribution payable in equal quarterly installments over five
years commencing on the Effective Date.

            About The Great American Vending Machine

The Great American Vending Machine Company, Inc., is a New York
corporation, with its principal place of business located at 206
Wind Watch Drive, Hauppauge, New York 11788.  It owns and operates
a bulk vending machine company selling gum and novelty toys through
the use of coin operated vending machines and buying and selling
bulk vending machines primarily in New York but also in other
states including New Jersey, Connecticut, Massachusetts,
Pennsylvania and Delaware.  

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 16-71519) on April 7, 2016.  The petition was
signed by Stephen A. Siegel, president.  The Debtor is represented
by Anthony F. Giuliano, Esq., at Pryor & Mandelup.  The Debtor
estimated assets at $100,001 to $500,000 and liabilities at
$500,001 to $1 million at the time of the filing.

The Debtor hired Scott Stone, Esq., at the Law Offices of Scott
Stone PLLC as special counsel.


GREENHUNTER RESOURCES: Plan Outline Okayed, Plan Hearing on June 6
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas is set
to hold a hearing on June 6 to consider approval of the Chapter 11
plan of liquidation of GreenHunter Resources, Inc.

The hearing will be held at 1:30 p.m. (prevailing Central Time), at
the Eldon B. Mahon U.S. Courthouse, Room 204, 501 W. 10th Street,
Fort Worth, Texas.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on April 25.

The order set a May 30 deadline for creditors to file their
objections and cast their votes accepting or rejecting the
liquidating plan.

The plan provides for the establishment of a liquidating trust that
will pursue certain litigation, and will collect and liquidate
certain assets, including the company's receivables.

Under the plan, each holder of a Class 6 unsecured claim will
receive its pro rata share of cash distributed by the liquidating
trust after payment in full of administrative claims and claims in
Classes 1 to 5.

                  About Greenhunter Resources

GreenHunter Resources, Inc., and 12 of its affiliates, providers of
water management services, each filed a Chapter 11 petition (Bankr.
N.D. Tex. Lead Case No. 16-40956) on March 1, 2016.  Kirk J.
Trosclair, the executive vice president and chief operating
officer, signed the petitions.  Judge Russell F. Nelms has been
assigned the case.

The Debtors disclosed total assets of $36.29 million and total debt
of $29.05 million.  The Debtors have about $6 million in unsecured
debt.

Singer & Levick, P.C., serves as the Debtors' counsel.

On March 13, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of liquidation.


GUITAR CENTER: S&P Lowers CCR to 'CCC+'; Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Westlake
Village, Calif.-based Guitar Center Holdings Inc. to 'CCC+' from
'B-'.  The outlook is negative.

In conjunction with the lower corporate credit rating, S&P lowered
its issue-level rating on the company's $375 million asset-based
lending (ABL) revolver to 'B' from 'B+'.  The '1' recovery rating
remains unchanged, indicating S&P's expectation of very high
(90%-100%; rounded estimate: 95%) recovery in the event of a
payment default.  Concurrently, S&P lowered the issue-level rating
on the company's $615 million 6.5% senior secured notes due April
15, 2019, to 'CCC+' from 'B-'.  The '3' recovery rating is
unchanged, indicating S&P's expectation of meaningful (50%-70%;
rounded estimate: 65%) recovery for lenders in the event of a
payment default.

S&P also lowered the issue-level rating on the company's
$325 million 9.625% senior unsecured notes due April 15, 2020 to
'CCC-' from 'CCC'.  The recovery rating on this debt instrument
remains unchanged at '6' recovery rating indicates S&P's
expectation for negligible (0%-10%; rounded estimate: 0%) recovery
in the event of default.

"The downgrade reflects our view that strategic operating
initiatives will be insufficient to meaningfully improve revenue
and profits ahead of looming sizable debt maturities in early 2019,
especially in light of a challenging retail environment that we
expect to continue," said credit analyst Samantha Stone. "Still, we
think the company will maintain access to and availability under
its ABL revolver, providing adequate liquidity for operating needs,
particularly for seasonal working capital requirements over the
next 12 months and affording the company some time to execute on
planned operational improvements."

The negative outlook on Guitar Center reflects S&P's expectation
for modest improvement in operating performance primarily from some
margin enhancement after operating execution challenges in 2016,
but credit metrics will remain weak and the capital structure is
unsustainable over the next 24 months.

S&P could lower the ratings if operating trends do not improve or
liquidity deteriorates, including the possibility of violating the
springing covenant.  S&P would also take a negative rating action
if it determines the company will likely complete a debt distressed
exchange offer or redemption over the next 12 months or the company
does not refinance or extend the maturity on its revolver prior to
April 2018.

While less likely over the next 12 months, S&P could consider
revising the outlook to stable or raising the rating if the
performance at the Guitar Center stores substantially improves, S&P
expects it will be sustained, and S&P believes the company has
credible plans to refinance its upcoming debt maturities.


GULFMARK OFFSHORE: Obtains Forbearance Extensions Until May 12
--------------------------------------------------------------
As previously reported on April 14, 2017, GulfMark Offshore, Inc.
entered into a Forbearance Agreement by and among the Company and
certain beneficial owners and/or investment advisors or managers of
discretionary accounts for the holders or beneficial owners of in
excess of 50% of the aggregate outstanding principal amount of the
Company's 6.375% senior notes due 2022, issued pursuant to the
Indenture, dated as of March 12, 2012, between the Company and U.S.
Bank National Association, a national banking association, as
trustee.  On April 28, 2017, the Company entered into the First
Amendment to Forbearance Agreement which extends the forbearance
period under the Senior Notes Forbearance Agreement to the earliest
to occur of 11:59 p.m. (New York City time) on May 12, 2017, and
certain specified early termination events.

                 RBS Support Agreement Extension

As previously reported, on March 14, 2017, the Company entered into
a support agreement with The Royal Bank of Scotland plc, as agent
for the lenders, relating to that certain Multicurrency Facility
Agreement dated as of Sept. 26, 2014.  Pursuant to the RBS Support
Agreement, the Agent agreed to waive the defaults and events of
default specified in the RBS Support Agreement and to forbear from
exercising any rights or remedies under the RBS Facility Agreement
as a result of any such defaults and events of default specified in
the RBS Support Agreement until the earlier of April 14, 2017, and
the occurrence any of the early termination events specified in the
Support Agreement.  On April 14, 2017, the Company entered into an
extension agreement with the Agent that extended the forbearance
period until the earlier of April 28, 2017, and the occurrence of
any of the specified early termination events.  On April 28, 2017,
the Company entered into a second extension agreement with the
Agent that extends the forbearance period until the earlier of May
12, 2017, and the occurrence of any of the specified early
termination events.

               DNB Support Agreement Extension

As previously reported, on April 14, 2017, the Company entered into
a support agreement relating to that certain NOK 600,000,000
Secured Revolving Credit Facility Agreement dated Dec. 27, 2012,
with DNB Bank ASA, as lead arranger and lender. Pursuant to the DNB
Support Agreement, the Norwegian Lender agreed to abstain from
exercising any rights or remedies under the NOK Facility Agreement
as a result of such defaults or events of default specified in the
DNB Support Agreement until the earlier of April 28, 2017, or the
occurrence of any of the early termination events as described in
the DNB Support Agreement.  On April 28, 2017, the Company entered
into a support letter extension which extends the support period
until the earlier of May 12, 2017, or the occurrence of any of the
early termination events as described in the DNB Support
Agreement.

"The Company is continuing to engage in negotiations and
discussions with holders of the Company's indebtedness regarding
the terms of a financial restructuring.  There can be no assurance,
however, that the Company will be able to negotiate acceptable
terms of a restructuring with its creditors or reach an agreement
with respect to such a restructuring," the Company said in a press
release.

                    About Gulfmark Offshore

GulfMark Offshore, Inc., a Delaware corporation, was incorporated
in 1996.  The Company provides offshore marine support and
transportation services primarily to companies involved in the
offshore exploration and production of oil and natural gas.  The
Company's vessels transport materials, supplies and personnel to
offshore facilities, and also move and position drilling and
production facilities.  The majority of the Company's operations
are conducted in the North Sea, offshore Southeast Asia and
offshore the Americas.  The Company currently operates a fleet of
73 owned or managed offshore supply vessels, or OSVs, in the
following regions: 30 vessels in the North Sea, 13 vessels offshore
Southeast Asia, and 30 vessels offshore the Americas.  The
Company's fleet is one of the world's youngest, largest and most
geographically balanced, high specification OSV fleets.  The
Company's owned vessels have an average age of approximately nine
years.

GulfMark incurred a net loss of $202.97 million in 2016 following a
net loss of $215.23 million in 2015.  The Company's balance sheet
at Dec. 31, 2016, showed $1.05 billion in total assets, $604.3
million in total liabilities and $449.6 million in total
stockholders' equity.

KPMG LLP, in Houston, Texas, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2016, noting that the Company expects to be in
violation of certain of their financial covenants which will result
in the Company's debt becoming subject to acceleration, which raise
substantial doubt about its ability to continue as a going
concern.

                       *     *     *

In March 2017, S&P Global Ratings lowered its corporate credit
rating on U.S.-based offshore service provider GulfMark Offshore to
'D' from 'CCC-'.  "Gulfmark has entered into a 30-day-grace period
to make the March 15 interest payment on its 6.375% senior
unsecured notes due 2022," said S&P Global Ratings credit analyst
Kevin Kwok.  "The 'D' corporate credit and issue-level ratings
reflect our expectation that company will not make the interest
payment within the 30-day-grace period, and will instead seek a
debt restructuring," he added.

In March 2017, Moody's Investors Service downgraded GulfMark's
Corporate Family Rating (CFR) to 'Ca' from 'Caa3', Probability of
Default Rating (PDR) to 'Ca-PD' from 'Caa3-PD', and senior
unsecured notes to 'C' from 'Ca.


HALT MEDICAL: Sale Procedures Approved, Break-Fee Reduced
---------------------------------------------------------
Vince Sullivan, writing for Bankruptcy Law360, reports that Halt
Medical Inc. received Bankruptcy Court approval of bid procedures
outlining a Chapter 11 auction process that include $400,000 in
deal protections for its stalking horse bidder.

To address an objection lodged by the U.S. Trustee, the Debtor told
the Court that it agreed to reduce the amount of the bid
protections by $100,000, Law360 reveals.

The stalking horse bidder, a consortium of third-party investors
led by Murray Enterprises and S3 Ventures, is also providing $4.16
million in debtor-in-possession financing and will seek to credit
bid against any secured note debt it acquires through a note tender
offer period opened prior to Halt's bankruptcy filing, Law360 adds.


The DIP lender and stalking horse bidder is represented by Adam
Landis and Kerri Mumford of Landis Rath & Cobb LLP.

The U.S. trustee is represented by Richard Schepacarter.

                    About Halt Medical Inc.

Halt Medical, Inc., sought bankruptcy protection (Bankr. D. Del.,
Case No. 17-10810) on April 12, 2017. Kimberly Bridges-Rodriguez,
president and CEO, signed the petition. Judge Laurie S.
Silverstein presides over the case. At the time of the filing, the
Debtor estimated $1 million to $10 million in assets and $100
million to $500 million in liabilities.

The Debtor is represented by Steven K. Kortanek, Patricia A.
Jackson and Joseph N. Argentina Jr. of Drinker Biddle & Reath LLP,
and Robert L. Eisenbach III and Michael Klein of Cooley LLP.
Canaccord Genuity Inc. serves as investment banker, and Donlin,
Recano & Company, Inc., as claims and noticing agent.

The U.S. Trustee has been unable to form an official unsecured
creditors committee in the case.


HANSELL/MITZEL: Exclusive Plan Filing Deadline Moved to Sept. 10
----------------------------------------------------------------
The Hon. Timothy W. Dore of the U.S. Bankruptcy Court for the
Western District of Washington has extended the exclusive periods
for Hansell/Mitzel LLC to file plan of reorganization and solicit
acceptances for that plan through Sept. 10 and Nov. 10, 2017,
respectively.

As reported by the Troubled Company Reporter on April 24, 2017, the
Debtor sought the extension, saying that it, in conjunction with
individual Debtors Patricia Burklund and Daniel Mitzel, is
currently drafting a joint disclosure statement and plan.  Creating
a plan that will satisfy each estate's creditors necessarily takes
time and concerted effort, the Debtor reminded the Court.  There
will be several interlocking issues addressed in the joint plan.
Moreover, Ms. Burklund and Mr. Mitzel did not file their individual
Chapter 11 case until February 2017.  The Burklund and Mitzel
estate is complex; working through the issues presented there will
require more time.

                     About Hansell Mitzel

Based in Mt. Vernon, Washington, Hansell/Mitzel LLC, which
conducts business under the names Hansell Mitzel Homes and Resort
Maintenance Services, filed a Chapter 11 petition (Bankr. W.D.
Wash. Case No. 16-16311) on Dec. 21, 2016.  In its petition, the
Debtor estimated $10 million to $50 million in both assets and
liabilities.  The petition was signed by Daniel R. Mitzel, managing
member.

The case is administratively consolidated with the Chapter 11 case
(Bankr. W.D. Wash. Case No. 17-10565) of Daniel Mitzel and Patricia
Burklund.

Judge Timothy W. Dore presides over the case.  Bush Kornfeld LLP
serves as the Debtor's bankruptcy counsel.


HEALTHIER CHOICES: Disagrees with MBAF on Reportable Events
-----------------------------------------------------------
Healthier Choices Management Corp. previously announced in a Form
8-K filed with the Securities and Exchange Commission that
Morrison, Brown, Argiz & Farra, LLC had been dismissed as the
Company's independent registered public accounting firm.

At the time of the filing of the Original 8-K, MBAF had not
provided the Company with the letter addressed to the SEC stating
whether or not MBAF agreed with the Company's statements in Item
4.01(a) of the Original 8-K.

In its letter, MBAF indicated that it did not agree to the
statement in the Original 8-K as to the absence of "reportable
events" as defined in Item 304(a)(1)(v) of Regulation S-K.  The
Company disagrees with MBAF's letter because it states that MBAF
had advised the Company that the combination of a number of
deficiencies in internal control over financial reporting
constitutes a material weakness in the Company's internal control
over financial reporting related to the overall maintenance of the
books and records in full accordance with United States generally
accepted accounting principles.  In fact, the Company said, MBAF
only advised the Company's Audit Committee and the Company in a
letter marked "Draft -- For Discussion Purposes Only -- Subject to
Review and Revision" about certain deficiencies that MBAF had
identified, which Draft Letter was presented by MBAF to the
Company's Audit Committee in a meeting held on March 8, 2017. The
Company said that following MBAF's presentation of its Draft Letter
at this meeting, the Company performed its own analysis and
discussed with MBAF the issues it had raised, and concluded that
such issues did not constitute a material weakness in the Company's
internal control over financial reporting.  According to the
Company, MBAF did not deliver a final draft of the Draft Letter to
the Company's Audit Committee and did not otherwise advise the
Company about any concerns regarding deficiencies in internal
control over financial reporting (i) during its review of the
Company's Form 10-K for the year ended Dec. 31, 2016, or (ii) at
the time MBAF delivered its opinion on the Company's financial
statements contained therein.  Accordingly, the Company concluded
that MBAF agreed with the Company's position that the issues
previously raised by MBAF did not constitute a material weakness in
the Company's internal control over financial reporting.  The
Company has authorized MBAF to respond fully to any inquiries of
the Company's successor independent registered public accounting
firm concerning these issues.

                       About Healthier

Healthier Choices Management Corp., formerly Vapor Corp, is a
holding company focused on providing consumers with healthier daily
choices with respect to nutrition and other lifestyle alternatives.
One segment of the Company's business is a U.S. based retailer of
vaporizers and e-liquids.  The other segment is natural and organic
grocery operations in Ft. Myers, Florida.  Healthier Choices
Management Corp. sells direct to consumer via company-owned
brick-and-mortar retail locations operating under "The Vape Store"
and "Ada's Natural and Organic" brands.

Healthier Choices reported net income of $10.68 million for the
year ended Dec. 31, 2016, compared to a net income of $1.80 million
for the year ended Dec. 31, 2015.

As of Dec. 31, 2016, Healthier Choices had $17.23 million in total
assets, $14.77 million in total liabilities and $2.45 million in
total stockholders' equity.


HELLENIC PROPERTY: Taps Ivey McClellan as Legal Counsel
-------------------------------------------------------
Hellenic Property Ventures, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of North Carolina to hire
legal counsel.

The Debtor proposes to hire Ivey, McClellan, Gatton & Siegmund, LLP
to assist in administering its bankruptcy estate, examine financing
statements and other documents to determine their validity, and
provide other legal services related to its Chapter 11 case.

Ivey McClellan received a retainer in the amount of $20,000 on
April 26.  Samantha Brumbaugh, Esq., the attorney primarily
responsible for representing the Debtor, will charge $325 per
hour.

Ms. Brumbaugh disclosed in a court filing that she and other
members of the firm do not represent any interest adverse to the
Debtor or its bankruptcy estate.

The firm can be reached through:

     Samantha K. Brumbaugh, Esq.
     Ivey, McClellan, Gatton & Siegmund
     P.O. Box 3324
     Greensboro, NC 27402
     Phone: 336-274-4658
     Fax: 336-274-4540
     Email: skb@iveymcclellan.com
        
                About Hellenic Property Ventures

Based in Liberty, North Carolina, Hellenic Property Ventures, LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D.N.C. Case No. 17-10505) on April 27, 2017.  The case is
assigned to Judge Catharine R. Aron.

At the time of the filing, the Debtor estimated assets of less than
$100,000 and liabilities of less than $50,000.


HENSON MECHANICAL: Asks Court to Conditionally Approve Disclosures
------------------------------------------------------------------
Mechanical, Inc., d/b/a Ben Franklin Plumbing d/b/a One Hour
Heating and Air Conditioning filed a motion asking the U.S.
Bankruptcy Court to conditionally approve its small business
disclosure statement and schedule a hearing to consider its final
approval.

The Debtor also asked the court to approve the form and content of
Debtor's ballot, establish a deadline for filing objections to the
Disclosure Statement and Plan of Reorganization, establish a
deadline for casting ballots to accept or reject Plan of
Reorganization, and to the extent necessary, extend the deadline
for confirming Debtor's proposed Plan of Reorganization.

To the extent confirmation of the Plan cannot and/or does not occur
45 days after the filing of the Plan, the Debtor requests that the
Confirmation Deadline be extended by 60 additional days through and
including August 11, 2017.

                   About Henson Mechanical

Henson Mechanical, Inc., d/b/a Ben Franklin Plumbing d/b/a One
Hour
Heating and Air Conditioning, is a Georgia Corporation operating a
residential air conditioning and plumbing company, which corporate
offices are located in Monroe, GA.

Henson Mechanical, Inc., filed a Chapter 11 petition (Bankr. M.D.
Ga. Case No. 17-30011), on Jan. 3, 2017.  The petition was signed
by Steve Kitchens, CFO & VP.  The Debtor is represented by Cameron
M. McCord, Esq., at Jones & Walden, LLC. At the time of the
filing,
the Debtor estimated assets at $500,000 to $1 million and
liabilities at $1 million to $10 million.


HIGH COUNTRY FUSION: Taps Cosho Humphrey as Legal Counsel
---------------------------------------------------------
High Country Fusion Co., Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Idaho to hire legal counsel.

The Debtor proposes to hire Cosho Humphrey LLP to give legal advice
regarding its duties under the Bankruptcy Code, and provide other
legal services related to its Chapter 11 case.

Cosho Humphrey will charge an hourly rate of $275 for its services.
The firm received a retainer in the amount of $50,000.

Cosho Humphrey has no connection with the creditors or any other
party, according to court filings.

The firm can be reached through:

     Joseph M. Meier, Esq.
     Cosho Humphrey LLP
     1501 S. Tyrell Lane
     P.O. BOX 9518
     Tel: (208)344-7811
     Fax: (208)338-3290
     Email: jmeier@cosholaw.com

                 About High Country Fusion Co.

Based in Fairfield, Idaho, High Country Fusion Co., Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho
Case No. 17-40347) on April 26, 2017.  The case is assigned to
Judge Jim D. Pappas.

At the time of the filing, the Debtor estimated its assets and
debts at $1,000,001 to $10,000,000.


HODGE'S CHAPEL: Exit Plan Sets Aside $9K for Unsecured Creditors
----------------------------------------------------------------
Hodge's Chapel, LLC, will set aside $9,646.39 to pay the claims of
unsecured creditors, according to its latest disclosure statement,
which explains its proposed plan to exit Chapter 11 protection.

Under the plan, Hodge's Chapel will pay a total of $160.77 per
month pro rata to Class 7 unsecured creditors for a period of 60
months.  These unsecured creditors include the Alabama Department
of Revenue, Batesville Casket Company and the Internal Revenue
Service.

Hodge's Chapel projects a monthly income of $20,484.33 from the
operation of its business.  It projects a monthly net income of
$666.84 after disbursements to priority and secured creditors, and
payments of its expenses, according to its latest disclosure
statement filed with the U.S. Bankruptcy Court for the Southern
District of Alabama.

A copy of the first amended disclosure statement is available for
free at:

                        https://is.gd/qIYV0m

Hodge's Chapel is represented by:

     Robert M. Galloway, Esq.
     Galloway, Wettermark, Everest & Rutens, LLP
     P.O. Box 16629
     Mobile, AL 36616
     Phone: (251) 476-4493

                    About Hodge's Chapel LLC

Hodge's Chapel LLC, a funeral home in Mobile, Alabama, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Ala. Case No. 13-04034) on November 14, 2013.


HOMCO REALTY: First Creditors Meeting Set for May 15 in Quebec
--------------------------------------------------------------
The bankruptcies of Homco Realty Fund (52) Limited Partnership,
Homco Realty Fund (88) Limited Partnership, HII (52) GP Inc, HII
(88) GP Inc, Homburg Limited Partnership Inc. and Churchill Estates
Development Ltd. occurred on April 24, 2017.

The first meeting of creditors of the Debtors will commence on May
15, 2017 at 9:00 a.m., at the office of Deloitte Restructuring Inc.
located at 1190 Avenue Des Canadiens-de-Montreal (La Tour
Deloitte), Suite 500, Room 5-021, Montreal, Quebec.

Trustee of the Debtors is:

    Deloitte Restructuring Inc.
    1190 Avenue de Canadiens-de-Montreal, Suite 500
    Montreal, Quebec H3B 0M7
    Tel: (514) 393-7150
    Fax: (514) 390-4103


HOOPER HOLMES: Amends 2016 Annual Report to Add Disclosures
-----------------------------------------------------------
Hooper Holmes Inc. filed an Amendment No. 1 on Form 10-K/A to its
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016,
for the purpose of providing the information required by Items 10
through 14 of Part III of Form 10-K.  This information was
previously omitted from the Original Form 10-K in reliance on
General Instruction G(3) to Form 10-K, which permits the
above-referenced items to be incorporated in the Form 10-K by
reference from our definitive proxy statement if that statement is
filed no later than 120 days after the Company's fiscal year ended
Dec. 31, 2016.  Given the expected timing for the closing of the
proposed merger between Hooper Holmes and Provant Health Solutions,
announced on March 7, 2017, the Company filed the amendment to
include Part III information in its Form 10-K because it does not
intend to file a definitive proxy statement within 120 days of the
end of its fiscal year ended Dec. 31, 2016.

Part III of the Form 10-K provides the following disclosures:

Item 10: Directors, Executive Officers and Corporate Governance

Item 11: Executive Compensation

Item 12: Security Ownership of Certain Beneficial Owners and
         Management and Related Stockholder Matters

Item 13: Certain Relationships and Related Transactions, and
         Director Independence

Item 14: Principal Accountant Fees and Services

A full-text copy of the Form 10-K/A is available for free at:

                    https://is.gd/rJZzEV

                    About Hooper Holmes

Hooper Holmes, Inc., provides health risk assessment services and
wellness as well as health improvement services with its
acquisition of Accountable Health Solutions, Inc. (AHS).  The
Olathe, Kansas-based Company provides these services to individuals
as part of health and wellness programs offered through corporate
and government employers, and to clinical research organizations.

Hooper Holmes reported a net loss of $10.32 million on $34.27
million of revenues for the year ended Dec. 31, 2016, compared to a
net loss of $10.87 million on $32.11 million of revenues for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, Hooper Holmes had
$14.25 million in total assets, $17.11 million in total
liabilities, and a total stockholders' deficit of $2.86 million.

KPMG LLP, in Kansas City, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2016, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations and
other related liquidity concerns, which raises substantial doubt
about the Company's ability to continue as a going concern.


HOOPER HOLMES: Files Form 25 Delisting Notice
---------------------------------------------
Hooper Holmes, Inc. filed a Form 25 with the Securities and
Exchange Commission notifying the removal from listing or
registration of its common stock, par value $0.04 per share,
on the NYSE MKT LLC.

                    About Hooper Holmes

Hooper Holmes, Inc., provides health risk assessment services and
wellness as well as health improvement services with its
acquisition of Accountable Health Solutions, Inc. (AHS).  The
Olathe, Kansas-based Company provides these services to individuals
as part of health and wellness programs offered through corporate
and government employers, and to clinical research organizations.

Hooper Holmes reported a net loss of $10.32 million on $34.27
million of revenues for the year ended Dec. 31, 2016, compared to a
net loss of $10.87 million on $32.11 million of revenues for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, Hooper Holmes had
$14.25 million in total assets, $17.11 million in total
liabilities, and a total stockholders' deficit of $2.86 million.

KPMG LLP, in Kansas City, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2016, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations and
other related liquidity concerns, which raises substantial doubt
about the Company's ability to continue as a going concern.


HOPEWELL-PILOT: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Affiliated Debtors that filed separate Chapter 11 bankruptcy
petitions:

      Debtor                                      Case No.
      ------                                      --------
      Hopewell-Pilot Project, LLC                 17-32880
      1400 Post Oak Blvd, Ste 200
      Houston, TX 77056

      Title Rover, LLC                            17-32881
      1400 Post Oak Blvd, Ste 200
      Houston, TX 77056

Business Description: Headquartered in Houston, TX, the Debtors
                      are engaged in the general automotive repair
                      shops business.

Chapter 11 Petition Date: May 4, 2017

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. David R Jones (Case No. 17-32880)
       Hon. Karen K. Brown (Case No. 17-32881)

Debtors' Counsel: Reese W Baker, Esq.
                  BAKER & ASSOCIATES
                  5151 Katy Freeway, Ste 200
                  Houston, TX 77007
                  Tel: 713-869-9200
                  Fax: 713-869-9100
                  E-mail: courtdocs@bakerassociates.net

                                   Estimated      Estimated
                                     Assets      Liabilities
                                 (in millions)  (in millions)
                                  ----------   -----------
Hopewell-Pilot Project          $0.100 - $.500  $0.100-$0.500
Title Rover                     $1.000-$10.000  $0.100-$0.500

The petitions were signed by Mark Willis, president.

The Debtors did not file a list of their 20 largest unsecured
creditors on the Petition Date.

Full-text copies of the petitions are available for free at:

            http://bankrupt.com/misc/txsb17-32880.pdf
            http://bankrupt.com/misc/txsb17-32881.pdf


INMOBILIARIA HMMA: Case Summary & 4 Unsecured Creditors
-------------------------------------------------------
Debtor: Inmobiliaria HMMA Inc.
        RR4 Box 3529
        Bayamon, PR 00956

Case No.: 17-03150

Business Description: The Debtor is a single asset real estate (as
                      defined in 11 U.S.C. Section 101(51B)).  It
                      owns two rental properties in Bayamon, PR
                      valued at $340,000.

Chapter 11 Petition Date: May 3, 2017

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Jose Ramon Cintron, Esq.
                  LAW OFFICE OF JOSE R CINTRON ESQ
                  605 Calle Condado, Suite 602
                  San Juan, PR 00907
                  Tel: 787 725-4027
                  Fax: 787-725-1709
                  E-mail: jrcintron@prtc.net

Total Assets: $340,000

Total Liabilities: $1.73 million

The petition was signed by Manuel Henriquez Moreno, president.

A copy of the Debtor's list of four unsecured creditors is
available for free at:

        http://bankrupt.com/misc/prb17-03150.pdf




INTERLEUKIN GENETICS: Amends 2016 Form 10-K to Add Part III
-----------------------------------------------------------
Interleukin Genetics, Inc. filed an amendment No. 2 to its Annual
Report on Form 10-K for the year ended Dec. 31, 2016,
to include the disclosure required in Part III, Items 10, 11, 12,
13 and 14.  Part III of the Form 10-K discloses the following
information:

Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation  
Item 12. Security Ownership of Certain Beneficial Owners and
         Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and
         Director Independence  
Item 14. Principal Accountant Fees and Services  

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/FTLZr9

                        About Interleukin

Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized
health company that develops unique genetic tests to provide
information to better manage health and specific health risks.

Interleukin Genetics reported a net loss of $7.4 million on $2.5
million total revenue for the year ended Dec. 31, 2016, following a
net loss of $7.89 million on $1.44 million of total revenue in
2015, and a net loss of $6.33 million on $1.81 million of total
revenue in 2014.  As of Dec. 31, 2016, Interleukin Genetics had
$3.8 million in total assets, $6.7 million in total liabilities,
and a $2.8 million total stockholders' deficit.

Grant Thornton LLP issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2016.
It said, "The Company has incurred recurring losses and negative
cash flows from operations and as of December 31, 2016 the
Company's current liabilities exceeded its current assets.  These
conditions, among others, raise substantial doubt about the
Company's ability to continue as a going concern."


JEWELRY BY JENNIFER: Plan Outline Conditionally Approved
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
conditionally approved Jewelry by Jennifer LLC and Jennifer
Brownlee Keating's disclosure statement dated April 25, 2017,
referring to the Debtors' plan of reorganization dated April 25,
2017.

A hearing to consider the final approval of the Disclosure
Statement and confirmation of the Plan will be held on June 9,
2017, at 9:00 a.m.

Objections to the final approval of the Debtors' Disclosure
Statement and confirmation of the Plan must be filed by June 2,
2017, which is also the last day for filing written acceptances or
rejections of the Debtors' Plan.

                      About Jewelry by Jennifer

Jewelry by Jennifer LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 16-34238) on Oct. 31, 2016, disclosing
assets and liabilities of less than $500,000.  The petition was
signed by Jennifer Keating, president.  

On Jan. 31, 2017, Ms. Keating sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-30353).  The
cases are jointly administered under Case No. 16-34238.

Jewelry by Jennifer is represented by Joyce W. Lindauer Attorney,
PLLC.


LADERA PARENT: To Sell Property to Fund Chapter 11 Plan
-------------------------------------------------------
Ladera Parent LLC and Ladera, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of New York a joint disclosure
statement for their joint plan of reorganization, dated March 29,
2017, which provides for the sale of the Debtors' assets and the
payment to creditors on account of their claims from the sale
proceeds.

Class 4 under the plan consists of the Ladera unsecured claims.
The Holders of the Class 4 Ladera Unsecured Claims against Ladera
will receive, within 30 days of the Closing Date, their Pro Rata
Share of Available Cash when and as such distributions are made,
after payment in full to all senior Creditors' Claims. If Sale
Proceeds are sufficient, Allowed Unsecured Creditors shall receive
interest at the federal judgment rate.

Class 7 consists of the L.P. unsecured claims. Unsecured Claims
against Ladera will receive, within 30 days of the Closing Date,
Cash equal to their Pro Rata Share of the Available Cash when and
as such distributions are made after payment in full to all senior
Creditors' Claims. If Sale Proceeds are sufficient, Allowed
Unsecured Creditors shall receive interest at the federal judgment
rate.

In order to fund distributions under the Plan, the Debtors will
sell their property pursuant to the Bid Procedures Order to the
Successful Purchaser.

A full-text copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/nysb16-13382-55.pdf

                 About Ladera Parent LLC

Ladera Parent LLC, based in New York, NY, and Ladera, LLC filed
Chapter 11 petitions (Bankr. S.D.N.Y., Lead Case No. 16-13382) on
December 4, 2016.  The petitions were signed by Hans Futterman,
manager.

A. Mitchell Greene, Esq., at Robinson Brog Leinwand Greene
Genovese
& Gluck P.C., serves as bankruptcy counsel while Phillips Nizer
LLP
serves as special real estate & corporate counsel.

Ladera Parent listed $21 million in assets and $21.02 million in
liabilities while Ladera LLC listed $75 million in assets and
$45.75 million in liabilities.

No trustee, examiner or committee has been appointed in the case.


LAKE NAOMI REAL ESTATE: Plan and Disclosures Due July 25
--------------------------------------------------------
Judge K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida ordered Lake Naomi Real Estate, Inc., to file
their plan of reorganization and disclosure statement on or before
July 25, 2017.

The Disclosure Statement must, at the minimum, contain adequate
information pertaining to the Debtor in the following areas:

   (a) Pre- and post−petition financial performance;

   (b) Reasons for filing Chapter 11;

   (c) Steps taken by the Debtor since filing of the petition to
facilitate its reorganization;

   (d) Projections reflecting how the Plan will be feasibly
consummated;

   (e) A liquidation analysis; and

   (f) A discussion of the Federal tax consequences as described in
section 1125(a)(1) of the Bankruptcy Code.

                About Lake Naomi Real Estate

Lake Naomi Real Estate, Inc. filed a Chapter 11 petition (Bankr.
M.D. Fla. Case No. 17-02419) on March 24, 2017, listing under $1
million in both assets and liabilities, and is represented by
Buddy
D. Ford, Esq., at Buddy D. Ford, P.A.


LEGENDS COLLISION: Exclusive Plan Filing Period Extended to June 16
-------------------------------------------------------------------
The Hon. Brenda K. Martin of the U.S. Bankruptcy Court for the
District of Arizona extended, at the behest of Legends Collision,
LLC, the period in which the Debtor may exclusively file a Chapter
11 plan and disclosure statement through and including June 16,
2017.

As reported by the Troubled Company Reporter on May 2, 2017, the
Debtor sought the extension, saying that it has been attempting to
locate investors willing to infuse cash into its operations, which
is a long process.  The Debtor asserted that the prospects of
finalizing this transaction are quite good and should be
accomplished within the next 30 days.  The Debtor said that once
the transaction is finalized, the management structure of the
Debtor will change.  The Debtor also asserted that until a new
management takes over, a Disclosure Statement and Plan cannot be
formulated.

                     About Legends Collision

Legends Collision, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 16-12658) on Nov. 3,
2016. The petition was signed by Jonathan J. Conner, managing
member.  At the time of the filing, the Debtor disclosed $625,087
in assets and $1.74 million in liabilities.

The case is assigned to Judge Brenda K. Martin.

The Debtor is represented by Allan D. NewDelman, Esq. at Allan D.
NewDelman P.C.  The Debtor employed The Alt Key, PLLC as
accountant.

An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Legends Collision LLC as of
Dec. 28, according to a court docket.


LES CHEVEUX: Plan Outline Okayed, Plan Hearing on May 22
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia will
consider approval of the Chapter 11 plan of Les Cheveux Salon,
Inc., at a hearing on May 22.

The hearing will be held at 2:00 p.m., at the U.S. Bankruptcy
Court, Second Floor, 210 Church Avenue, Roanoke, Virginia.

The court on April 13 approved Les Cheveux's disclosure statement,
allowing it to start soliciting votes from creditors.  

The order set a May 15 deadline for creditors to file their
objections to the plan.  Creditors are required to file their
ballots accepting or rejecting the plan not later than two business
days prior to the hearing.

                        About Les Cheveux

Les Cheveux Salon, Inc., based in Roanoke, Virginia, filed a
Chapter 11 petition (Bankr. W.D. Va. Case No. Case No. 16-71058) on
Aug. 10, 2016.  The Hon. Paul M. Black presides over the case.
Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C.,
serves as bankruptcy counsel.

In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Sherman D. Argenbright, president.

No official committee of unsecured creditors has been appointed in
the case.

On January 31, 2017, the Debtor filed its Chapter 11 plan and
disclosure statement.


LTI HOLDINGS: S&P Lowers CCR to 'B-' Amid Aavid Transaction
-----------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Modesto,
Calif.-based diversified specialty component manufacturer LTI
Holdings Inc. (operating as Boyd Corp.) to 'B-' from 'B'.  The
outlook is stable.

LTI Holdings is raising over $500 million of new debt to fund its
acquisition of Aavid Purchaser Corp.

At the same time, S&P assigned its 'B-' issue-level rating and '3'
recovery rating to LTI's proposed $805 million first-lien term loan
facility (comprising a $730 million term loan and a
$75 million revolver).  The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery in a payment default scenario.

Additionally, S&P assigned its 'CCC+' issue-level rating and '5'
recovery rating to the company's proposed $285 million second-lien
term loan.  The '5' recovery rating indicates S&P's expectation for
modest (10%-30%; rounded estimate: 10%) recovery in the event of a
payment default.

The company plans to use the proceeds from this debt, along with an
equity contribution from its sponsor, to purchase Aavid Purchaser
Corp. and refinance its existing credit facilities. Additionally,
S&P is lowering its issue-level ratings on the existing first-lien
facility and second-lien term loan to 'B-' and 'CCC+' respectively
and plan to withdraw S&P's ratings on the company's existing debt
after the refinancing transaction has been completed.  The recovery
ratings on existing debt are unchanged.

"The downgrade reflects our belief that LTI's significant use of
debt to finance its acquisition of Aavid will materially increase
the company's leverage ratios despite the expected benefits from
the additional cash flow, operational synergies, and increased
scale," said S&P Global Ratings credit analyst Christopher Corey.

The stable outlook on LTI Holdings reflects S&P's expectation that
modest revenue growth and stable EBITDA margins will allow LTI to
improve its leverage below 7x (from over 9x) over the next 12-18
months following its acquisition of Aavid Purchaser Corp.


MADISON SQUARE TAVERN: 150 West to Buy Restaurant Under New Plan
----------------------------------------------------------------
Madison Square Tavern, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of New York an amended disclosure
statement referring to its amended plan of reorganization, dated
April 28, 2017.

The latest plan states that the Debtor has filed a liquidating Plan
to distribute the proceeds to be realized from a private sale of
the Debtor's restaurant known as "Madison Square Tavern" to 150
West 30th Street Restaurant LLC, a New York limited liability
company. The sale transaction includes a sale of the Debtor's
operating assets under Section 363(b) and (f) of the Bankruptcy
Code, together with the assumption and assignment of the Debtor's
underlying lease dated July 30, 2013, pursuant to Section 365 of
the Bankruptcy Code.

The Debtor's estate will receive a total purchase price of $750,000
in connection with the Sale. A global settlement has been reached
by all of the active stakeholders in the bankruptcy case concerning
a division of the purchase price based upon various discounted
pay-offs by all concerned as set forth in a stipulation executed by
Greater Hudson Bank, the Landlord, the Architect and Debtor's
counsel. The Global Settlement, as deemed modified by the Mechanic
Lien Settlement, will be approved as part of the confirmation
process.

A second settlement has also now been reached with the two most
significant remaining disputed mechanic lienors (Phase III Builders
Inc. and Culinary Depot Inc.) to resolve their claims as well.

In addition to the payment of $750,000 to the Debtor's estate for
distributions under the Plan (which includes a cash payment to GHB
of $192,500), the New Operator will also execute a promissory note
in the amount of $1,000,000 in favor of GHB to be paid over a
period of 10 years following the closing of the sale of the
Restaurant. There will be no distributions to Ed Dobres on account
of his equity interest in the Debtor, although Dobres has
personally paid to GHB on account of his personal guaranty over
$1,000,000 through a sale of his personal residence and liquidation
of life insurance.

The Amended Disclosure Statement is available at:

         http://bankrupt.com/misc/nysb16-10520-101.pdf

                 About Madison Square Tavern

Headquartered in New York, New York, Madison Square Tavern, Inc.,
operates a restaurant at 150 West 30th Street, New York, New York,

under a certain lease, dated July 30, 2013, with 150 Pin High LLC,

150 Habern LLC and 15 AB LLC as tenants in common.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 16-10520) on March 4, 2016, listing $2.27 million

in total assets and $4.32 million in total liabilities.  The
petition was signed by Edward Dobres, president.

Judge James L. Garrity, Jr., presides over the case.

Ted J. Donovan, Esq., and Kevin J. Nash, Esq., at Goldberg Weprin
Finkel Goldstein LLP serve as the Debtor's bankruptcy counsel.


MANITOWOC CRANES: PPL Group to Auction Manufacturing Equipment
--------------------------------------------------------------
After more than 100 years of operating as one of the leading
manufacturers of crawler-cranes, Manitowoc Cranes will be moving
its Wisconsin-based manufacturing to Shady Grove, Pennsylvania.
The move will make for a more efficient manufacturing footprint,
lower costs and increased profit margins for the company.  The
company will keep its corporate headquarters and the company's
product engineering and related support functions in Manitowoc,
WI.

PPL Group LLC, Myron Bowling Auctioneers and Cincinnati Industrial
Auctioneers have formed a joint venture to conduct a Live/Webcast
Auction for the manufacturing assets of The Manitowoc Company.  PPL
Group LLC, Myron Bowling and Cincinnati Industrial Auctioneers have
worked together on multiple successful auctions for more than
fifteen years, leveraging the unique experience of each firm.

"We're looking forward to a successful auction for Manitowoc
Cranes.  With more than 100 years of combined experience, we know
what it will take to successfully bring together the right buyers
with this premier company," said PPL Group's Executive Vice
President and Partner Joel Bersh.  "The simultaneous live and
online auction format is increasingly effective in matching serious
buyers with valuable assets."

The live and webcast auction will be conducted over two days,
Thursday May 18th and Friday, May 19th, starting at 10am CDT each
day.  Included in the auction will be: COMBILIFT SC3T Telescopic
Lift, MESSER CNC Burning Tables, CINCINNATI 175-Ton Press Brake,
PANGBORN 12-Head Rotoblast, BCP 6-Head Plate Blast, BANCRAFT
Welding Lathe, MONARCH Lathe, (2) BULLARD Turret Lathes, Gear
Machinery, CNC Turning Centers, Welding Robots, Large Capacity
Floor Type Boring Mills, Numerous Large Capacity Paint Booths and
Ovens, BAUMANN GS150 Side Loader, (10+) Forklifts up to 12,000-lbs.
and much more.  A detailed catalog of equipment is available online
at www.pplauctions.com.  Bidders must register prior to or the day
of the auction.  Online bids will be taken through
www.Bidspotter.com.

The company assets will be available for inspection one day prior
to the auction at 2401 S. 30th Street, Manitowoc, WI 54220. The
facility will be open from 9 am to 4 pm for inspection and review
of equipment.

PPL Group LLC is a leader in the industrial liquidation and auction
business for more than 40 years with a focus on complete plant
liquidations and auctions.  The company's vast experience and
expertise allow it to provide the best possible financial recovery
for its clients.  In the past five years, PPL has successfully
structured 300+ asset monetization transactions.  The company
provides asset management solutions for entire plants, production
lines, single assets and companies.  It also purchases distressed
companies with the right mix of tangible assets, accounts
receivable and inventory.  Whether large or small, privately held
or publicly traded -- companies want a high recovery value,
expertise, and professionalism in managing assets. PPL Group is a
progressive distressed asset management company that does all of
this and more.

Myron Bowling Auctioneers is considered to be one of the nation's
largest and most successful industrial auctioneering firms,
conducting approximately 80 auctions per year throughout the United
States, Canada and Mexico, serving publicly-held companies, the
United States Bankruptcy Court and other lending institutions and
turnaround management companies.  A founding member and former
director of the Industrial Auctioneers Association, Myron Bowling
is a member of the National Auctioneers Association, Machinery
Dealers National Association, and the Certified Auctioneers
Institute.

Cincinnati Industrial Auctioneers is a nationwide provider of asset
disposition, auction and appraisal services.  Over 40 years of
history has afforded the company a reputation that is second to
none in the industrial auction business, with thousands of
satisfied clients and customers.  Their name, as well as their
management, has remained a constant over the years.  Since their
founding in 1961, Cincinnati Industrial has sold hundreds of
millions of dollars in assets in the United States, Canada and
Mexico.

Manitowoc Company, Inc., founded in 1902, is a leading global
manufacturer of cranes and lift solutions that serve a broad and
diverse customer base around the world.  Manitowoc's products
include crawler cranes, tower cranes, and mobile cranes for the
heavy construction industry, which are complemented by
industry-leading aftermarket support services.  Manitowoc serves
various markets including infrastructure, residential and
commercial construction, petrochemical, industrial, power/utility
and military applications.


MASTROIANNI BROS: Plan Outline Okayed, Plan Hearing on May 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
will consider approval of the Chapter 11 plan of reorganization of
Mastroianni Bros. Inc. at a hearing on May 31.

The hearing will be held at 10:30 a.m., at the U.S. Courthouse, 445
Broadway, Suite 306, Albany, New York.

The court had earlier approved Mastroianni's disclosure statement,
allowing the company to start soliciting votes from creditors.  

The order set a May 22 deadline for creditors to cast their votes
accepting or rejecting the plan.  Objections must be filed no later
than seven days prior to the hearing.

                    About Mastroianni Bros.

Mastroianni Bros., Inc., doing business as Mastroianni Bakery,
sought Chapter 11 protection (Bankr. N.D.N.Y. Case No. 16-11536) on
Aug. 25, 2016.  The petition was signed by Nathaniel Daffner,
director.  The Debtor estimated assets and liabilities of less than
$1 million.  

The Debtor tapped Richard L. Weisz, Esq., at Hodgson Russ LLP as
counsel.  

On February 27, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.  The plan proposes to pay
unsecured creditors approximately 20% of their claims.


MENCO PACIFIC: Plan Outline Okayed, Plan Hearing on July 27-28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
will consider approval of the Chapter 11 plan of Menco Pacific,
Inc., at a hearing on July 27 and 28, starting at 9:30 a.m.

The court on April 25 approved the company's disclosure statement,
allowing it to start soliciting votes from creditors.  

The order set a June 1 deadline for creditors to file their
objections and cast their votes accepting or rejecting the plan.

                       About Menco Pacific

Menco Pacific, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 16-12791) on Sept. 26,
2016.  The petition was signed by Oscar Ruben Mendoza, president.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.

The case is assigned to Hon. Maureen Tighe.  The Debtor hired
Jeffrey S. Shinbrot, APLC as its bankruptcy counsel, and Kallman &
Thompson & Logan, LLP as its accountant.


MERANDA INC: Seeks June 29 Exclusive Plan Filing Period Extension
-----------------------------------------------------------------
Meranda, Inc. requests the U.S. Bankruptcy Court for the District
of Puerto Rico for a 60-day extension of the time to file its
Disclosure Statement and Chapter 11 Plan from April 30, 2017 to
June 29, 2017.

The Debtor informs the Court that it is currently in the process of
disputing certain amounts claimed by the Treasury Department,
specifically POC-9, a claim in the amount of $844,574, due to the
fact that the Debtor is a "Corporacion de Individuos" and as such
any income or loss gets reported in its owners tax returns. In
other words, the Debtor did not had any obligation to pay any
income tax to the Treasury Department.

As such, the Debtor needs additional time to resolve the Proof of
Claim with the Treasury Department.

                       About Meranda Inc.

Meranda, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-04239) on May 27, 2016.  The
Petition was signed by Miriam Mercedes Torres-Acevedo, president.
At the time of filing, the Debtor had $50,000 to $100,000 in
estimated assets and $100,000 to $500,000 in estimated liabilities.


The Debtor is represented by Hector Eduardo Pedrosa-Luna, Esq. at
The Law Offices of Hector Eduardo Pedrosa Luna.


MERRIMACK PHARMACEUTICALS: Files First Amendment to 2016 10-K
-------------------------------------------------------------
Merrimack Pharmaceuticals, Inc., filed an Amendment No. 1 on Form
10-K/A to its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2016, which was originally filed with the Securities and
Exchange Commission on March 1, 2017, solely to set forth
information required by Items 10, 11, 12, 13 and 14 of Part III of
Form 10-K.  Part III of the Annual Report discloses the following
information:

Item 10. Directors, Executive Officers and Corporate Governance

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners and       

         Management and Related Stockholder Matters

Item 13. Certain Relationships and Related Transactions, and     
         Director Independence

Item 14. Principal Accountant Fees and Services

A full-text copy of the Form 10-K/A is available for free at:

                   https://is.gd/hUDSjx

                       About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $153.5 million on $144.3 million
of total revenues for the year ended Dec. 31, 2016, compared to a
net loss of $147.8 million on $89.25 million of total revenues for
the year ended Dec. 31, 2015.  As of Dec. 31, 2016, Merrimack had
$81.48 million in total assets, $334.14 million in total
liabilities, and a total stockholders' deficit of $251.12 million.


MILK HOUSE: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of The Milk House, L.L.C., as of
May 2, according to a court docket.
         
Headquartered in Yadkinville, North Carolina, The Milk House,
L.L.C., is a single asset real estate.  The Debtor filed for
Chapter 11 bankruptcy protection (Bankr. M.D. N.C. Case No.
17-50460) on April 27, 2017, estimating its assets at between
$500,000 and $1 million and liabilities at between $1 million and
$10 million.  The petition was signed by Walter Shore, managing
member.  Contemporaneously, the Debtor's members Wiley Walter Shore
and Shelby Jean Matthews Shore also sought bankruptcy petition.

Judge Lena M. James presides over the case.

Thomas W. Waldrep, Jr., Esq., at Waldrep LLP serves as the Debtor's
bankruptcy counsel.


MILLAR WESTERN: Moody's Appends LD Designation to Caa1 PDR
----------------------------------------------------------
Moody's Investors Service appended a limited default (LD)
designation to Millar Western Forest Products Ltd's (Millar
Western) Probability of Default Rating (PDR), changing the PDR to
Caa1-PD/LD from Caa1-PD. All other ratings remain unchanged,
including the Caa2 rating on the senior unsecured notes due 2021
and the Caa1 corporate family rating. The rating outlook remains
negative.

RATING RATIONALE

The change in the PDR follows the company's announcement that it
has exchanged US$210 million of 8.5% senior notes due 2021 for new
9% senior secured notes due 2022 at about 62.5 cents on the dollar.
Moody's considers the transaction a distressed exchange, which is
an event of default under Moody's default definition. As noted
above, Moody's appended the Caa1-PD PDR with an "/LD" designation,
indicating a limited default, which Moody's will be removed after
one business day.

Moody's made the following changes:

Issuer: Millar Western Forest Products Ltd.

-- Probability of Default Rating, Changed to Caa1-PD/LD from
    Caa1-PD

The principal methodology used in this rating was Global Paper and
Forest Products Industry published in October 2013.

Millar Western is a privately-held producer of lumber and pulp,
headquartered in Edmonton, Alberta, Canada.


MOUNTAIN DIVIDE: Exclusive Plan Filing Period Moved to June 12
--------------------------------------------------------------
Judge Benjamin P. Hursh of the U.S. Bankruptcy Court for the
District of Montana extended the period within which Mountain
Divide, LLC may file a plan and disclosure statement and solicit
acceptance of the Plan until June 12, 2017 and August 12, 2017,
respectively.

The Troubled Company Reporter has previously reported that the
Debtor asked for exclusivity extension relating that on April 6 and
7, it has participated in a mediation with Wells Fargo, certain
lien creditors, and the Unsecured Creditors Committee, with the
Hon. Leif Clark as mediator in Billings, Montana. The mediation of
the respective parties' interests is ongoing but the Debtor
believes that it is likely that the constituent parties through the
mediator will continue to work together to seek a resolution
resulting in a settlement pursuant to which the Debtor fully
anticipates proposing a consensual Plan and Disclosure Statement.

Given the progress made at the mediation, the Debtor said it
requires additional time to negotiate with key constituents,
resolve the remaining issues, and file a plan and disclosure
statement.

                     About Mountain Divide

Headquartered in Cut Bank, Montana, Mountain Divide LLC owns oil
and gas properties. The company was incorporated in 2012.  

Mountain Divide, LLC filed a chapter 11 petition (Bankr. D. Mont.
Case No. 16-61015) on Oct. 14, 2016.  The petition was signed by
Patrick M. Montalban, manager.  The Debtor is represented by
Jeffery A. Hunnes, Esq., at Guthals, Hunnes & Reuss, P.C.  The case
is assigned to Judge Ralph B. Kirscher.  The Debtor estimated
assets at $1 million to $10 million and liabilities at $50 million
to $100 million at the time of the filing.

The Debtor hired Roberta Anner-Hughes, Esq. at Anner-Hughes Law
Firm as special counsel.

The official committee of unsecured creditors hired Worden Thane
P.C. as legal counsel.

                         *     *    *

On January 20, 2017, the Bankruptcy Court authorized the Debtor to
sell substantially all its assets to Future Acquisition Company,
LLC for $4 million.  FAC's subsequent assignee to the sale is
Future Acquisition North Dakota (FAND).  The sale transaction with
FAND closed on February 16, 2017.


NATIONAL AIR CARGO: DOJ Watchdog Seeks Trustee Appointment
----------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2, asks
the U.S. Bankruptcy Court for the Western District of New York to
enter an Order directing the appointment of a Chapter 11 Trustee
for National Air Cargo, Inc., or converting the case to one under
Chapter 7 of the Bankruptcy Code.

Global GTB LLC, a major creditor, asserts that there are several
grounds for the appointment of a Chapter 11 trustee.  Those grounds
include fraud, dishonesty, incompetence or gross mismanagement. In
addition, Global Motion highlights the Debtor's deteriorating
financial condition and post-petition losses. Thus, the apparent
administrative insolvency of the estate suggests that the
conversion of the case to Chapter 7 should be the preferred
alternative to the appointment of a Chapter 11 trustee.

                   About National Air Cargo

National Air Cargo, Inc. -- http://www.nationalaircargo.com/-- is
incorporated in the state of New York and operates out of Orchard
Park New York. The parent company is incorporated in the state of
Florida. National Air Cargo, Inc. provides transportation and
logistics solutions to get cargo quickly and safely to wherever it
needs to be.

The company filed for Chapter 11 bankruptcy protection (Bankr.
W.D.N.Y. Case No. 14-12414) on Oct. 17, 2014.  The petition was
signed by Brian T. Conaway, secretary, and VIP of Finance.

The Hon. Michael J. Kaplan presides over the case.  John A.
Mueller, Esq., and Raymond L. Fink, Esq., at Harter Secrest & Emery
LLP, serve as the company's bankruptcy counsel.  The company
estimated its assets and liabilities at $1 million to $10 million.


NATIONAL LABEL: SSG Acted as Investment Banker in Asset Sale
------------------------------------------------------------
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to
National Label Company and its affiliates in the sale of
substantially all of their assets to an affiliate of Resilience
Capital Partners ("Resilience").  The transaction closed in April
2017.

Headquartered in Lafayette Hill, Pennsylvania, NLC is an industry
leading printing and converting company that has operated
successfully since 1914.  The Company specializes in prime
decoration (labels, sleeves, sachets and coupons) for branded
consumer products primarily in the personal care, battery and
pharmaceutical end-markets.  NLC has manufacturing facilities in
Pennsylvania, Puerto Rico and Singapore and has established a
global footprint to better serve multinational customers.  NLC's
facilities are equipped with the latest production tools and its
products are on the forefront of technological innovation.

After several years of profitable operations, the Company began to
experience constrained liquidity stemming from its significant
capital investment, domestically and abroad.  SSG was retained as
NLC's exclusive investment banker in late December 2016 to conduct
a comprehensive marketing process and contact a broad universe of
buyers to achieve an optimal outcome for the Company and its
stakeholders.  The process attracted strong interest from both
strategic and financial parties with Resilience ultimately
partnering with LBC Credit Partners to purchase the Company's
assets and provide additional capital.  This transaction enabled
the Company to rationalize its balance sheet, preserve its key
customer relationships and facilitate its go-forward growth
strategy.

Headquartered in Cleveland, Ohio, Resilience invests in
niche-oriented manufacturing, value added distribution and business
service companies with sustainable market positions and a clear
path to cash flow improvement.  Resilience targets platform
businesses with $25 million to $250 million in revenues across a
broad range of industries where it can improve a company's
operations, competitive positioning and profitability.  Resilience
manages in excess of $625 million for its global investor base
which includes pension funds, insurance companies, foundations and
endowments, fund of funds and family offices.

Other professionals who worked on the transaction include:

    * Lawrence G. McMichael, Roger F. Wood, Peter C. Hughes, James
M. Matour, John W. Schmehl, Jared C. Leon, Erik L. Coccia,
Stephanie L. Searles and Elizabeth C. Roggio of Dilworth Paxson
LLP, counsel to the Company;

    * Richard Infantino, Vipul Adlakha, Tim Morahan, Lance Miller,
Nimi Alagba and Alexis D'Aversa of Deloitte, financial advisor to
the Company;

    * William H. Henrich of Getzler Henrich & Associates LLC,
independent board member for the Company;

    * Regina Stango Kelbon, Lawrence F. Flick II, Michael C.
Graziano, Erin O'Brien Harkiewicz and Gregory F. Vizza of Blank
Rome LLP, counsel to the senior lender;

    * Randall L. Klein, Danielle Juhle, Denise B. Caplan, Keith A.
Sigale, Prisca M. Kim and Ross J. Friedman of Goldberg Kohn Ltd.,
counsel to LBC Credit Partners; and

    * William R. Stewart Jr., Rachel L. Rawson, Thomas M. Wearsch,
John E. Mazey, L. Erin Preedy, Sarah E. Whiteman, Ari M. Friedman
and Mark D. Tupa Jr. of Jones Day, counsel to Resilience Capital
Partners.


NEVADA REGIONAL: S&P Lowers Rating to 'CCC' Amid Operating Losses
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating and underlying
rating (SPUR) on Nevada, Mo.'s series 2007 hospital refunding
revenue bonds, issued for Nevada Regional Medical Center (NRMC), to
'CCC' from 'B'.  The outlook is negative.

"The downgrade reflects our view of NRMC's persistent and widening
operating losses, material and sudden deterioration of unrestricted
reserves since fiscal year ended June 30, 2016, with an extremely
thin $1.6 million or 16 days' cash on hand, outstanding as of Feb.
28, 2017, and debt service coverage well below 1x coupled with a
limited annual revenue base of
$35 million," said S&P Global Ratings analyst Aamna Shah.

Furthermore, given the weak cash flow and very limited unrestricted
reserves, the 'CCC' rating reflects S&P's opinion that ongoing
ability to repay debt service is dependent on favorable, financial,
and economic conditions in light of the sizable drop in
unrestricted reserves since year end and the ongoing weak cash
flow.

S&P understands that the next debt service payment is due Oct. 1
per the series 2007 official statement and there is a funded debt
service reserve fund.

The negative outlook reflects the sudden and steep decline in
unrestricted reserves from year end and the ongoing weak financial
operations and cash flow as calculated by S&P Global Ratings. While
S&P understands that management is working through a variety of
initiatives to improve performance and volumes, S&P believes that
the extremely light financial profile creates vulnerability for
payment disruption if reserves continue to weaken and cash flow
remains pressured.


NGL ENERGY: S&P Lowers CCR to 'B+' on Increasing Leverage
---------------------------------------------------------
S&P Global Ratings said that it lowered the corporate credit and
senior unsecured debt ratings on NGL Energy Partners L.P. to 'B+'
from 'BB-'.  The outlook is negative.

The recovery rating on the senior unsecured debt remains '4',
indicating S&P's expectation for average (30%-50%; rounded
estimate: 30%) recovery if a payment default occurs.

At the same time, S&P lowered the issue-level rating on the secured
debt to 'BB' from 'BB+'.  The recovery rating remains '1'
reflecting S&P's expectation for very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default.

The rating action reflects S&P's expectation that adjusted debt
leverage will weaken and remain above 5.5x over the next 12-18
months.  NGL Energy recently lowered its EBITDA guidance for fiscal
year 2017 due to lower propane volumes sold during the warmer than
normal winter and lower cash flows in the crude logistics and
refined products business segments.  The partnership also lowered
its fiscal 2018 EBITDA guidance due to an expectation of lower
propane volumes and continued weakness in the crude marketing and
transportation operations.  As a result, the partnership deferred
its anticipated distribution growth for up to an additional three
quarters, which in S&P's view would free excess cash for debt
reduction.

The partnership's fair business risk profile reflects the improved
scale and largely (70%-75%) fee-based nature of the cash flow
profile.  Offsetting these strengths are its limited long-term
contracts compared with peers in the midstream sector.  The Grand
Mesa Pipeline is now operational, increasing the total percentage
of fee-based cash flows and cash flows backed by take-or-pay
agreements.  However, S&P recognizes the potential for volumetric
risk remains, as the majority of the pipeline's shippers are of
lower credit quality.

The negative outlook reflects forecast adjusted leverage above 5.5x
over the next 12-18 months due to S&P's expectation of lower cash
flows in the refined products and NGL logistics businesses.

S&P could lower the ratings if the partnership's liquidity
deteriorates or if it expects adjusted debt to EBITDA to be
sustained above 5x and a distribution coverage ratio consistently
below 1x.  This could occur if shippers on the Grand Mesa Pipeline
don't meet their contractual obligations or if there is further
operational underperformance in the refined products business
segment.

S&P could revise the outlook to stable if the partnership reduces
adjusted debt to EBITDA below 5x and if the percentage of fee-based
cash flows improves such that commodity price risk diminishes.


NUVERRA ENVIRONMENTAL: Files for Chapter 11 With Prepack Plan
-------------------------------------------------------------
Nuverra Environmental Solutions, Inc. on May 1, 2017, disclosed
that the Company and its subsidiaries (collectively, the "Nuverra
Parties") have filed voluntary petitions for reorganization under
chapter 11 of the United States Bankruptcy Code (the "Bankruptcy
Code") in the United States Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court"), pursuant to the terms of the
previously announced Restructuring Support Agreement (the "RSA")
between the Company and the holders of 100% of the existing term
loan debt (the "Term Loan") and approximately 86% of the Company's
12.5%/10.0% Senior Secured Second Lien Notes due 2021 (the "2021
Notes"), to restructure the Company's outstanding indebtedness
pursuant to a prepackaged plan of reorganization (the "Plan").  The
Company will continue to operate the business as
debtors-in-possession under the jurisdiction of the Bankruptcy
Court and expects to continue existing operations as normal
throughout the chapter 11 proceedings.  The Company's prepetition
secured asset-based lenders and secured Term Loan lenders have also
agreed, subject to the Bankruptcy Court's approval, to provide $44
million in debtor-in-possession financing during the restructuring
process to maintain operations.  Pursuant to the RSA, the Company
commenced a solicitation (the "Solicitation") of votes for the Plan
on April 28, 2017.

The Nuverra Parties filed various "first day" motions with the
Bankruptcy Court seeking approval of relief that allows the Nuverra
Parties to continue operations in the ordinary course of business,
including requesting Bankruptcy Court authority to continue paying
vendors and to continue providing employee wages, salaries and
benefits without interruption.  The Company expects to emerge from
the chapter 11 proceedings with significantly reduced debt.

Mark D. Johnsrud, the Company's Chief Executive Officer and
Chairman, commented, "We're pleased that the Company has
overwhelming support for the Plan from our Term Loan lenders and
2021 noteholders.  [Mon]day's filing is the start of a quick-moving
Bankruptcy Court process that will allow the Company to decrease
its debt burden by nearly $500 million to a supportable level.  We
appreciate the loyalty of our employees, customers and vendors and
are committed to continuing to meet customer needs without
interruption while providing excellent customer service. With a new
financial foundation, the Company will have the strength and
flexibility to be able to support its operations through the
downturn and beyond."

Key elements of the Plan include:

   -- $44 million of debtor-in-possession financing provided by the
lenders under the Company's asset-based lending facility and Term
Loan;

   -- Payment in full of all administrative expense claims,
priority tax claims, priority claims and asset-based lending
facility claims;

   -- Payment of undisputed customer and vendor obligations;
Conversion of $75 million in Term Loan claims into newly issued
common stock;

   -- Conversion of the 2021 Notes into newly issued common stock
and rights in the rights offering;

   -- Cancellation of the Company's 9.875% Senior Notes due 2018
and existing common stock;

   -- A rights offering provided to the holders of the 2021 Notes
and the 2018 Notes, in the aggregate, of $150 million of new common
stock of the reorganized Company; and

   -- Exit financing, to the extent necessary.

The Company's legal advisors include Shearman & Sterling LLP,
Squire Patton Boggs (US) LLP and Young Conaway Stargatt and Taylor
LLP.  The Company's financial advisor is Lazard Middle Market, LLC.
AP Services, LLC is serving as the Company's restructuring
advisor.

                        About Nuverra

Nuverra Environmental Solutions, Inc. (OTCQB: NESC) provides
environmental solutions to customers focused on the development and
ongoing production of oil and natural gas from shale formations.
The Scottsdale, Arizona-based Company operates in shale basins
where customer exploration and production activities are
predominantly focused on shale and natural gas.

Nuverra reported a net loss attributable to common shareholders of
$168.85 million for the year ended Dec. 31, 2016, following a net
loss attributable to common shareholders of $195.45 million for the
year ended Dec. 31, 2015.  As of Dec. 31, 2016, Nuverra had $342.60
million in total assets, $511.67 million in total liabilities and a
total shareholders' deficit of $169.06 million.

Hein & Associates LLP, in Denver, Colorado, issued a "going
concern" opinion on the consolidated financial statements for the
year ended Dec. 31, 2016, stating that the Company has incurred
recurring losses from operations and has limited cash resources,
which raises substantial doubt about the Company's ability to
continue as a going concern.


OPTIMA SPECIALTY: Unsecureds to Recoup 100% at 3% Under Plan
------------------------------------------------------------
Optima Specialty Steel, Inc., and its affiliates filed with the
U.S. Bankruptcy Court for the District of Delaware a disclosure
statement relating to their joint chapter 11 plan of
reorganization, dated April 28, 2017.

The Plan proposes to substantially deleverage the Debtors' balance
sheet in a manner that pays all creditors in full, maximizes the
value of the Debtors' business as a going concern, preserves the
jobs of employees, honors the claims of its pensioners, and
maintains the Debtors' relationships with its vendors, suppliers
and other constituencies.

Class 3-B under the plan consists of all general unsecured claims.
Each Holder of an Allowed Class 3-B Claim will be (a) Reinstated;
or (b) receive cash in an amount equal to 100% of the Allowed Class
3-B Claim, plus post-Petition Date interest (if any) for the period
between the Petition Date and the Effective Date at the Federal
judgment rate or other rate as minimally necessary to leave the
Allowed Class 3-B Claim Unimpaired or, alternatively, post-
Petition Date interest at 3% per annum accrued for the period
between the Petition Date and the Effective Date.

Distributions under the Plan, and the Reorganized Debtors'
operations post-Effective Date will be funded from the following
sources:

   (a) Exit Revolver Facility. On the Effective Date, the
Reorganized Debtors will enter into the Exit Revolver Facility, the
final form and substance of which will be acceptable to the
Reorganized Debtors and the Plan Sponsor.

   (b) Exit Term Loan Facility.  On the Effective Date, the
Reorganized Debtors will enter into the Exit Term Loan Facility,
the final form and substance of which will be acceptable to the
Reorganized Debtors and the Plan Sponsor.

   (c) Plan Sponsor Contribution.  On the Effective Date, the Plan
Sponsor will fulfill its funding obligations under the Plan Support
Agreement by contributing the Plan Sponsor Contribution to
Reorganized Optima as a contribution to capital in respect of the
Plan Sponsor's outstanding and Unimpaired Existing Optima Common
Stock. The Plan Sponsor Contribution will be used as needed to pay
Allowed DIP Claims, Allowed General Unsecured Claims, Allowed
Unsecured Notes Claims and other Allowed Claims against and
obligations of the Debtors payable under the Plan.

   (d) Other Plan Funding.  All Cash necessary for the Reorganized
Debtors to make payments required by the Plan will be obtained from
the Debtors' and Reorganized Debtors' Cash balances then on hand,
after giving effect to the transactions contemplated herein.

The Disclosure Statement is available at:

       http://bankrupt.com/misc/deb16-12789-635.pdf

                About Optima Specialty Steel

Optima Specialty Steel, Inc., and its affiliates filed separate
Chapter 11 bankruptcy petitions on Dec. 15, 2016: Optima Specialty
Steel, Inc. (Bankr. D. Del. 16-12789); Niagara LaSalle Corporation
(Bankr. D. Del. 16-12790); The Corey Steel Company (Bankr. D. Del.
16-12791); KES Acquisition Company (Bankr. D. Del. 16-12792); and
Michigan Seamless Tube LLC (Bankr. D. Del. 16-12793).  The
petitions were signed by Mordechai Korf, chief executive officer.
At the time of filing, the Debtor had assets and liabilities
estimated at $100 million to $500 million each.

Optima Specialty Steel and its affiliates are independent
manufacturers of specialty steel products.  Their manufacturing
facilities are located in the United States, and each of the
companies' operating units have operated in the steel industry for
more than 50 years.  At the time of the bankruptcy filing, the
Debtors collectively employ more than 900 people.

The Debtors engaged Greenberg Traurig, LLP, in Wilmington, DE,
as counsel; Ernst & Young LLP as accountant; Miller Buckfire &
Co.,
LLC and its affiliate Stifel, Nicolaus & Co., Inc. as investment
banker; and Garden City Group, LLC as claims and noticing agent.

On Jan. 4, 2017, the U.S. Trustee for Region 3 appointed a
7-member
official unsecured creditors committee in the Debtors' cases.  The
committee hired Squire Patton Boggs (US) LLP as its lead counsel;
Whiteford, Taylor & Preston LLC as its local Delaware counsel; and
FTI Consulting, Inc. as financial advisor.


P & G FITTINGS: Plan Outline Okayed, Plan Hearing on June 8
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
will consider approval of the Chapter 11 plan of reorganization of
P & G Fittings Inc. at a hearing on June 8.

The hearing will be held at 11:00 a.m., at the U.S. Steel Tower,
Courtroom A, 54th Floor, 600 Grant Street, Pittsburgh,
Pennsylvania.

The court on April 25 approved P & G's disclosure statement,
allowing the company to start soliciting votes from creditors.

The order set a June 1 deadline for creditors to file their
objections and cast their votes accepting or rejecting the plan.

The plan filed on March 3 proposes to pay secured tax claims of the
Internal Revenue Service in full with interest.  The amount owed to
the agency is $3,736.87.  Funding of the plan will be from the
income of P & G's business operations.

                      About P & G Fittings

P & G Fittings, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-23033) on August 17,
2016.  The petition was signed by Paul Marshall, president.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $50,000.

The Debtor is represented by Francis E. Corbett, Esq.

On March 3, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


PENNGOOD LLC: Court Confirms, Approves Plan & Disclosure Statement
------------------------------------------------------------------
Judge S. Martin Teel, Jr., of the U.S. Bankruptcy Court for the
District of Columbia approved the second amended disclosure
statement and confirmed the first amended plan of reorganization
filed by Penngood LLC on Feb. 24, 2017.

The provisions of the Plan are amended to reduce the distribution
to Class 3 creditors provided for under Article III from $318,402
to $304,708.20 (a reduction of $13,693.80).

The debtor will pay administrative rent to 1015 Owner in the amount
of $38,693.80 within seven days after the effective date of the
Plan, and the debtor will dismiss with prejudice the action pending
against 1015 Owner in the Superior Court for the District of
Columbia, and the debtor and 1015 owner will release all claims
each may presently have against the other.

The Troubled Company Reporter previously reported that Class 4
includes those creditors who have general unsecured claims against
the debtor. These creditors will receive a monthly pro rata
distribution over the following 60 months as follows: $2,500 each
month beginning Jan. 1 (or the first month after the effective date
of the plan, whichever is later) for the year 2017, $3,000 each
month for the year 2018, $3,666.67 each month for the year 2019,
$4,250 each month for the year 2020, and $5,000 each month for the
year 2021, ending on Dec. 31 (or the 60th month after the effective
date of the plan, whichever is later).

It is estimated that members of this class will receive an amount
under the proposed plan equal to approximately 13% of their claims,
assuming that Reach Media, T.V. One, and Aspire are the only
creditors who elect to be Class 3 claimants. In addition, should
the debtor recover damages from its lawsuit against its former
landlord, 1/2 of any net recovery received during the 60 months
from the effective date of the Plan, less the debtor's attorney's
fees and expenses, shall be paid to the members of Class 4. The
estimated dividend to this class given earlier does not include
this contingency.

A full-text copy of the Second Amended Disclosure Statement is
available at:

            http://bankrupt.com/misc/dcb16-00051-119.pdf  

                   About Penngood LLC

Headquartered in Washington, DC, Penngood LLC dba Penn Good and
Associates LLP derives its income primarily from government
contracts, or from work done for companies who are themselves
working on government contracts and has several promising
opportunities to acquire new accounts and to expand its business in
this area. It filed for Chapter 11 bankruptcy protection (Bankr.
D.C. Case No. 16-00051) on Feb. 15, 2016, listing $1.85 million in
total assets and $4.42 million in total liabilities. The petition
was signed by Clyde H. Penn Jr., owner.


PERMIAN RESOURCES: S&P Lowers CCR to 'SD' on Exchange Offer
-----------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Permian
Resources LLC to 'SD' (selective default) from 'CCC'.  At the same
time, S&P lowered its issue-level ratings on the company's
second-lien secured and unsecured debt to 'D' from 'CC'.

S&P also affirmed the 'B-' issue-level rating on the company's
first-lien secured debt.  The recovery rating on the first-lien
secured debt remains '1', indicating S&P's expectation of very high
(90%-100%; rounded estimate: 90%) recovery to creditors in the
event of payment default.

"The downgrade follows Permian Resources' announcement that it has
agreed to exchange approximately $325 million of principal amount
of the company's second-lien secured debt and unsecured debt for
equity interests," said S&P Global Ratings credit analyst Alexander
Vargas.  S&P views this transaction as distressed since the ranking
of the equity in the capital structure would be considered more
junior to the original debt.  Permian Resources also entered into a
series of definitive agreements with certain funds and other
investors that will provide the company with $744 million in equity
financing.


PIONEER HEALTH: Management Plus Leaves Creditors' Committee
-----------------------------------------------------------
Henry G. Hobbs, Jr., Acting U.S. Trustee for Region 5, on May 2
informed the U.S. Bankruptcy Court for the Southern District of
Mississippi that Management Plus, Inc., has resigned from the
Official Committee of Unsecured Creditors of Pioneer Health
Services, Inc., and its debtor affiliates.

The Troubled Company Reporter, on July 8, 2016, reported that the
U.S. Trustee added Management Plus, Inc., and ERx, LLC, to the
Committee, which previously consisted of McKesson Technologies
Inc., Scott Medical Imaging LLC, and Cardinal Health 200, LLC, and
Cardinal Health 414, LLC.

                  About Pioneer Health Services

Pioneer Health Services, Inc., and its debtor-affiliates, including
Medicomp Inc., filed Chapter 11 bankruptcy petitions (Bankr. S.D.
Miss. Lead Case No. 16-01119) on March 30, 2016.  Pioneer Health
Services of Early County, LLC, commenced a Chapter 11 case on April
8, 2016. The cases are administratively consolidated.  Joseph S.
McNulty III, president, signed the petitions.

The Debtors provide healthcare services to rural communities, and
own and manage rural critical access hospitals.

Judge Hon. Neil P. Olack presides over the Debtors' cases.

The Law Offices of Craig M. Geno PLLC serves as the Debtors'
counsel.  Mintz Levin Cohn Ferris Glovsky and Popeo, P.C., is
acting as special counsel to the Debtor.

Pioneer Health Services estimated $10 million to $50 million in
assets and liabilities.

Henry Hobbs, Jr., acting U.S. trustee for Region 5, on April 19,
2017, appointed three creditors of Pioneer Health Services to serve
on the official committee of unsecured creditors.  The Committee
retained Arnall Golden Gregory LLP as counsel, and GlassRatner
Advisory & Capital Group LLC as financial advisor.


PREGIS LLC: Moody's Affirms B3 CFR on Sharp Packaging Acquisition
-----------------------------------------------------------------
Moody's Investors Service affirmed Pregis LLC's B3 corporate family
rating, B3-PD probability of default rating as well as other
instrument ratings following the company's announcement that Pregis
has acquired Sussex, Wisconsin-based Sharp Packaging Systems for an
undisclosed amount. The acquisition enables Pregis to expand its
product portfolio of flexible packaging bagging systems and
materials and will be funded by a $87 million incremental first
lien term loan. The transaction closed on May 1, 2017. The ratings
outlook is stable.

Affirmations:

Issuer: Pregis LLC

-- Corporate Family Rating, Affirmed B3

-- Probability of Default Rating, Affirmed B3-PD

-- $50 million Senior Secured Revolving Credit Facility due 2019,

    Affirmed B3 (LGD3)

-- $440 million (Including $87m add-on) Senior Secured 1st Lien
    Term Loan B due 2021, Affirmed B3 (LGD3)

-- $55 million Senior Secured Regular Bond/Debenture (Local
    Currency), Affirmed Caa2 (LGD6)

Outlook Actions:

Issuer: Pregis LLC

-- Outlook, Remains Stable

The ratings are subject to the receipt and review of the final
documentation.

RATINGS RATIONALE

The affirmation of the B3 corporate family rating reflects the
increased leverage and interest expenses pro forma for the
acquisition, partly offset by the anticipated benefits from the
proposed acquisition as well as productivity initiatives. The
company is expected to use free cash flow for debt reduction.
Credit metrics are expected to improve over the next 12 to 18
months, but remain within the rating category.

The B3 corporate family rating reflects Pregis' modest scale,
limited geographic footprint and significant exposure to the
economically-sensitive protective packaging market. Protective
packaging materials, such as sheet foam and bubble wrap, account
for 70% of the company's revenue. Many of Pregis' protective
packaging products are commoditized with significant price
competition. The company does not have long-term contracts with
most of its customers and therefore does not have the protection of
raw material cost pass-through provisions. Pregis' sales are
concentrated in the relatively stable but mature and competitive
North American market.

The rating is supported by improved operating performance driven by
completed acquisitions, divestitures and cost-cutting initiatives
as well as continued growth in the higher margin packaging systems
segment. Pregis benefits from an installed base of packaging
equipment that utilizes the company's packaging materials. The
company provides the equipment for free and sells the packaging
material for use in the equipment. This "razor/razor blade" model
for the packaging systems business generates recurring revenues and
cash flows. Packaging material consumables associated with the
installed base of packaging equipment account for approximately 30%
of sales and have a better growth profile than the packaging
materials segment due to growth in e-commerce. Pregis also benefits
from some customer diversity (the top 10 customers account for
approximately 20% of sales) and significant market positions in
many of its products. The company is also expected to have adequate
liquidity.

Moody's could upgrade the rating if the company is able to
sustainably improve credit metrics within the context of a stable
operating and competitive environment and maintain good liquidity.
Specifically, ratings could be upgraded if debt to EBITDA declined
to below 5.5 times, funds from operations to debt maintained at
above 8.5% and improve EBITDA to interest expense coverage to over
3.0 times.

Moody's could downgrade the company's rating if credit metrics
weaken, liquidity deteriorates and/or the operating and competitive
environment worsens. Acquisitions entailing significant financial
or integration risk could also jeopardize the rating. Specifically,
the ratings or outlook could be downgraded if funds from operations
to debt is below 6%, debt to EBITDA rises above 6.0 times, and/or
EBITDA to interest expense falls below 2.0 times.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.

Pregis Ultimate Holding Corporation is a manufacturer of protective
packaging materials and equipment through its main operating
subsidiary Pregis LLC (Pregis). Deerfield, Illinois-based Pregis
produces sheet foam, bubble wrap, engineered foam, adhesive films
for automotive, consumer products, electronics, furniture,
housing/construction industries in its manufactured product
segment. Pregis also provides packaging equipment that uses its
packaging materials. Pregis has 17 manufacturing plants in North
America (including one in Mexico) and primarily focuses on the
North American market. The primary raw material is polyethylene
resin with approximately 5% of sales from paper products. Pregis
had pro forma sales of $530 million for the 12 months ended
December 31, 2016 including the proposed acquisition and the
majority of the company's sales are to distributors. The sponsor is
Olympus Partners.


PROVEN PEST: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Proven Pest Solutions, Inc., as
of May 2, according to a court docket.

                About Proven Pest Solutions Inc.

Proven Pest Solutions, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-54503) on March 8,
2017.  The petition was signed by Brandon Caldwell, president.

The case was initially assigned to Judge Paul W. Bonapfel.  On
March 13, 2017, Judge Bonapfel ordered the transfer of the case to
Judge W. Homer Drake in the Newnan Division.  The case was assigned
a new case number: 17-10564.

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.

Beth E. Rogers, Esq., and James F. Carroll, Esq., who have an
office in Atlanta, Georgia, serve as the Debtor's bankruptcy
counsel.


PUERTO RICO: Declares Bankruptcy Under PROMESA
----------------------------------------------
The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in the U.S. District Court in Puerto Rico
on May 3, 2017, and was made under Title III of last year's U.S.
Congressional rescue law known as the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").

Puerto Rico is barred from a traditional municipal bankruptcy
protection under Chapter 9 of the U.S. code.

                          PROMESA

On June 30, 2016, President Barack Obama signed PROMESA into law.
Starting immediately upon enactment, PROMESA imposed an automatic
stay on all litigation against Puerto Rico and its
instrumentalities, as well as any other judicial or administrative
actions or proceedings to enforce or collect claims against the
government.  This stay initially was effective until Feb. 15, 2017,
but was extended by the Oversight Board until May 1, 2017.

PROMESA also created the Oversight Board with the stated purpose of
"provid[ing] a method for a covered territory to achieve fiscal
responsibility and access to the capital markets" and established
Title III and Title VI to provide a restructuring process for
Puerto Rico given the prior absence of access to the Bankruptcy
Code.

                         $74 Billion Owed

The Commonwealth and its instrumentalities owe approximately $74
billion in the aggregate.  Of that amount, $13.3 billion is on
account of general obligation bonds issued by the Commonwealth and
another $4.5 billion reflects debt guaranteed by the Commonwealth,
all of which is backed by the Commonwealth's full faith and credit.
Further, there is approximately $17.6 billion of notes issued by
Puerto Rico Sales Tax Financing Corporation (COFINA) and backed by
a sales and use tax.  The amounts owed by other covered
entities are equally staggering: (i) Puerto Rico Electric Power
Authority (PREPA) has approximately $9 billion of debt; (ii) Puerto
Rico Highways and Transportation Authority (HTA) has approximately
$4.1 billion of debt; (iii) Puerto Rico Aqueduct and Sewer
Authority (PRASA) has approximately $4.6 billion of debt; (iv)
Government Development Bank (GDB) has approximately $4.1 billion of
debt; (v) Employees' Retirement System ("ERS") has approximately
$3.2 billion of debt; (vi) PR Infrastructure Finance Authority
("PRIFA") has approximately $2.2 billion of debt; (vii) Children's
Trust has approximately $1.5 billion of debt; and (viii) Puerto
Rico Public Finance Corporation ("PFC") has approximately $1.2
billion of debt.

The total public sector debt figure does not account for the $49
billion of pension liabilities, only approximately 1.57% of which
were funded as of June 30, 2015.

              Current State of Puerto Rican Economy

"In PROMESA, Congress recognizes the crisis in the Commonwealth and
its instrumentalities, and explains the fiscal emergency that
renders the Commonwealth unable to provide its citizens effective
services, while suffering the outmigration of residents and
businesses. Congress points to lack of financial transparency,
excessive borrowing, management inefficiencies, and a severe
economic decline as having created the crisis.  The fiscal distress
Congress declared is about to worsen exponentially due to the
elimination of approximately $850 million in Affordable Care Act
funds in fiscal year 2018 and increasing substantially
year-over-year, and the exhaustion of all public pension funding,
the shortfall of which could cost the Commonwealth approximately
$1.5 billion per year.  Negative economic growth has persisted for
nine of the last ten years along with population diminution
highlighted by exiting young doctors and other professionals.  From
current revenues, the Commonwealth and its instrumentalities cannot
satisfy their collective $74 billion debt burden and $49 billion
pension burden and pay their operating expenses.  Before Congress
enacted PROMESA, the Obama Administration and a dozen United States
Senators concluded Puerto Rico faced a "humanitarian crisis."
Furthermore, the Commonwealth, across different Administrations,
has declared a state of fiscal emergency and that it lacks
sufficient resources to protect the health, safety, and welfare of
the people of Puerto Rico.  And just last week, the Commonwealth
enacted the "Fiscal Plan Compliance Law," which declares that the
island faces a "fiscal and socioeconomic crisis without precedent"
in its history," Martin J. Bienenstock, Esq., at Proskauer Rose
LLP, serving as attorney for the Oversight Board, explains.

According to Mr. Biennestock, the numbers are staggeringly grim:

   * GNP Decline since 2007: from 2007–2016, Puerto Rico's Gross
National Product ("GNP") declined by over 14%,11 while total
employment in Puerto Rico fell from 1.25 million to fewer than 1
million;

   * Unemployment Rate: In October 2016, Puerto Rico's unemployment
rate was 12.1%, and only 987,606 persons were employed, down 23%
from 1,277,559 employed persons
in December 2006;

   * Labor Participation Rate: the labor participation rate has
plummeted to 40%, two-thirds of the level on the U.S. mainland;14

   * Drop in Economic Activity Index: the Economic Activity Index
composed of four factors (payroll employment, electric power
generation, cement sales, and gasoline consumption) fell from 160.0
to 124.1 between August 2005 and August 2016;

   * Population Decline: since 2007, Puerto Rico's population has
declined approximately 10% down to less than 3.41 million people in
2016;

   * Poverty and Unemployment: according to the U.S. Census
Bureau's 2015 community survey, 46.1% of Puerto Rico's residents
live below the federal poverty level compared to the national
average of 14.7%, and 36% of the residents of Detroit, whose
financial distress was viewed by many as uniquely devastating.
Puerto Rico's is more so.  For Puerto Rico children under age 5,
63.7% live under the federal poverty level, compared to the
national average of 22.8%. Median household income in Puerto Rico
was $18,626 in 2015, as compared to $56,515 in the United States,
and to $27,862 in Detroit in 2011; and

   * Public Debt as a Percentage of Income: Puerto Rico has
approximately $74 billion of bond debt and $48 billion of unfunded
pension liabilities.  As of 2012, Puerto Rico's public debt as a
percentage of aggregate income was 100.7%, as compared to 29% for
New York, which has the highest ratio of public debt to income in
the United States (the average is 16.8%).  

"Compounding matters is that these grim economic conditions will
continue to spur outmigration, which will in turn reduce production
and demand for goods and services and thus drive further economic
contraction.  A bleak spiral has begun," Mr. Bienenstock said in
the court filing.

All the while, Puerto Rico has been financing its fiscal deficits
by issuing debt.  The total public sector debt for Puerto Rico
stands at approximately $74 billion.  Total pension liabilities of
Puerto Rico's three principal retirement systems as of June 30,
2015 were $49.562 billion and were only approximately 1.57% funded
at such date.  These three main retirement systems are projected to
deplete their liquid assets between July and December of 2017. The
result is that Puerto Rico can no longer fully pay its debt and pay
for government services.  Nor can Puerto Rico refinance its
debt—it no longer has access to the capital markets. In short,
Puerto Rico's crisis has reached a breaking point.

               Puerto Rico And Its Instrumentalities

Governmental responsibilities assumed by the central government of
the Commonwealth are similar in nature to those of the various
state governments with their focus on the health, safety, and
welfare of its citizens (including, among others, education, public
health and welfare programs, and economic development). Unlike the
states, however, the central government also assumes responsibility
for local police and fire protection.

There are also many governmental and quasi-governmental functions
performed by public corporations created by the Legislative
Assembly with varying degrees of independence from the central
government. Public corporations may obtain revenues from rates
charged for services or products, but many also receive sizable
subsidies from the central government to fund operations. Most
public corporations are governed by boards whose members are
appointed by the Governor with the advice and consent of the Puerto
Rico Senate.

Some of the Commonwealth's principal public corporations are:

   * Puerto Rico Highways and Transportation Authority (HTA) --
created to assume responsibility for the construction and
maintenance of roads and highways and related transportation
facilities in Puerto Rico;

   * Puerto Rico Electric Power Authority (PREPA) -- supplies
substantially all the electricity consumed in the Commonwealth and
owns all transmission and distribution facilities and most of the
generating facilities that constitute Puerto Rico's electric power
system;

   * Puerto Rico Aqueduct and Sewer Authority (PRASA) -- owns and
operates Puerto Rico's public water supply and wastewater systems;

   * Government Development Bank (GDB) -- historically, served as
(i) fiscal agent, financial advisor, and reporting agent for the
Commonwealth, its instrumentalities, and municipalities, (ii) an
important source of financing for various Commonwealth entities,
and (iii) the principal depository of the funds of the Commonwealth
entities;

   * Puerto Rico Health Insurance Administration (PRHIA) -- created
to negotiate and contract for the provision of comprehensive health
insurance coverage for qualifying (generally low income) Puerto
Rico residents;

   * Puerto Rico Medical Services Administration (PRMSA) --
operates and administers certain centralized health services;

   * University of Puerto Rico (UPR) -- the only public university
in Puerto Rico;

   * Puerto Rico Integrated Transit Authority (PRITA) -- created to
integrate the mass transit services currently provided by HTA, MTA,
and MBA;

   * Puerto Rico and Municipal Island Maritime Transport Authority
(MTA) -- operates ferry services between the Municipalities of San
Juan and Cataño, and Fajardo, Vieques, and Culebra;

   * Metropolitan Bus Authority (MBA) -- operates bus and
paratransit services within Puerto Rico's metropolitan area;

   * Puerto Rico Public Buildings Authority (PBA) -- created to
design, construct, administer, and provide maintenance to office
buildings, courts, warehouses, schools, health care facilities,
welfare facilities, shops, and related facilities leased to the
Commonwealth or any of its departments, agencies,
instrumentalities, or municipalities;

   * Puerto Rico Ports Authority (PRPA) -- owns the major airport
and seaport facilities in Puerto Rico;

   * Puerto Rico Industrial Development Company (PRIDCO) --
created to promote economic development by stimulating the
formation of new local firms and encouraging firms in the United
States and foreign countries to establish and expand their
operations
in Puerto Rico;

   * Puerto Rico Tourism Company (PRTC) -- responsible for
stimulating, promoting, and regulating the development of Puerto
Rico's tourism industry;

   * Puerto Rico Infrastructure Financing Authority (PRIFA) --
created to provide financial, administrative, consulting,
technical, advisory, and other types of assistance to other
public corporations, governmental instrumentalities, political
subdivisions, and municipalities authorized to develop
infrastructure facilities and to establish alternate
means for financing those facilities;

   * Agricultural Enterprises Development Administration (ADEA) --
created to provide a wide array of services and incentives to the
agricultural sector;

   * Puerto Rico Housing Finance Authority (PRHFA) -- created to
provide public and private housing developers with interim and
permanent financing through mortgage loans for the construction,
improvement, operation, and maintenance of rental housing for low
and moderate-income families;

   * Puerto Rico Tourism Development Fund (TDF) -- created to
facilitate the development of Puerto Rico's hotel industry by
working with private-sector financial institutions in structuring
financings for new hotel projects and hospitality related
projects;

   * Puerto Rico Development Fund -- established to provide an
alternate source of financing to private enterprises;

   * Puerto Rico Public Finance Corporation (PFC) --  established
to provide agencies and instrumentalities of the Commonwealth with
alternate means of meeting their financing requirements;

   * State Insurance Fund (SIF) -- in charge of managing and
regulating the Commonwealth workers' insurance system that covers
occupational injuries, diseases, and deaths, to which all employers
must be subscribed under law; and

   * Puerto Rico Sales Tax Financing Corporation (COFINA) --
created, among other things, to raise money for the Commonwealth in
exchange for the Commonwealth's transfer to COFINA of certain sales
and use taxes.

                   Puerto Rico's Fiscal Crisis

The widespread impact of Puerto Rico's fiscal crisis and the crisis
itself can be traced to events occurring over the past century.
Flaws in Puerto Rico's governance and fiscal controls have combined
to create the financial problems the Commonwealth faces today.
Some of the major institutional problems that led to the widespread
impact or to the fiscal crisis are identified below:

   * A 1917 Law Authorizes Puerto Rico to Issue "Triple Tax Free"
Bonds -- in 1917, Congress passed the Jones-Shafroth Act (Pub. L.
64-368, 39 Stat. 951). Section 3 of the Act barred federal, state
and local governments from taxing any bonds issued by Puerto Rico
or its municipalities. 39 Stat. 951, 953 (codified as amended at
Sec. 48 U.S.C.  745).  The "triple tax free" status of Puerto
Rico's bonds caused them to become extremely attractive to U.S.
investors;

   * A New Constitution Loosens Balanced Budget Restrictions in
1952 -- the Puerto Rico Constitution, approved on July 25, 1952,
altered the balanced budget provision by encompassing non-revenue
resources, including federal assistance and funds obtained through
the sale of bonds. This amendment opened the door to recurring
operating deficits;

   * Public Debt Limits Were Revised to Near Irrelevance – when
it was originally enacted, the Puerto Rico Constitution contained a
debt limit measured by a percentage of property value.  In 1961,
the constitution was amended such that the debt limit was now
measured by a percentage of revenue.  Notably, this revision
allowed for additional debt to be issued that didn't count towards
the debt limit;

   * Repeal of Section 936 Tax Credits -- in 1996, certain federal
legislation phased out tax benefits (over a 10-year period) for
income earned by Puerto Rico-based subsidiaries of U.S.
corporations. Once these tax credits were eliminated, many
capital-intensive businesses chose to relocate elsewhere;

   * Massive Pension Liabilities -- the Commonwealth had recognized
that even after reforms to reduce future benefits, the Commonwealth
and other participating employers would still need to make
additional contributions to maintain sufficient system assets to
make benefits payments when due.  But, all three principal
retirement systems for public employees in Puerto Rico are severely
underfunded as the Commonwealth and other employers did not fund
their contributions;

   * Poor Reporting and Management of Financial Information -- (i)
comprehensive annual reports are completed months late, (ii) for
years, the Commonwealth's budget was based on extremely optimistic
revenue projections that overestimated revenue by 15% annually,
(iii) the Office of Budget Management had no power to implement
spending cuts, and (iv) Puerto Rico struggles with tax collection,
often accepting less money than is owed in exchange for quick
payment in order to meet near-term cash shortfalls;

   * Understatement of Government's True Deficit – the
government's accounting system, which relies on the Treasury's
General Fund accounts, greatly understates the government's true
deficit. In other words, the actual deficit facing the Commonwealth
is far greater than had previously been anticipated;

   * Collapse in Housing and Investment – a fall in housing
prices reduced the ability to borrow, which led to less
investment;

   * Recession on the U.S. Mainland – the Great Recession on the
U.S. mainland—Puerto Rico's largest trading partner and
investor—had a negative effect on the Commonwealth;

   * Bank Distress and Credit Crunch – with the drop in real
estate values, commercial bank assets have fallen by 30% since
2005, and the FDIC had to intervene to backstop several banks;

   * Low Employment and High Labor Costs – only 40% of the adult
population in Puerto Rico is employed or looking for work (as
opposed to 63% on the mainland);

   * Emigration and Population Loss – Puerto Rico's population
declined for the first time in 2006 and has continued to fall to
approximately 3.5 million people today.  The loss of approximately
1% of the population each year decreases potential growth as the
labor force and consumer demand shrink;

   * Energy Costs – energy costs are several times higher than on
the U.S. mainland.  PREPA produces and distributes electricity
using archaic oil-based facilities and technology;

   * Transport Costs – Puerto Rico's import costs are at least
double those of neighboring island countries because of the federal
Jones Act of 1920;44 and

   * Barriers to Competition and Business Activity – certain
local laws and regulations hamper business competition and
investment.

                         Fiscal Plan

To fulfill its mission of achieving for the Commonwealth fiscal
responsibility and market access, the Oversight Board evaluated the
macroeconomic framework underlying the fiscal plans proposed by the
Governor.

On Oct. 14, 2016, then-Governor Alejandro Garcia Padilla presented
the Oversight Board with a fiscal plan that contemplated a budget
deficit of $4.8 billion for fiscal year 2017, after the
implementation of austerity measures and revenue enhancements, and
before allocating money for debt service.  But the Oversight Board
declined to certify the Governor's October 2016 fiscal plan
because, among other things, the Oversight Board was not satisfied
that appropriate measures were taken to rein in expenses, impose
discipline on the budget, or grow revenue.

On Jan. 2, 2017, the administration of newly elected Governor
Rossello Nevares took office.  Less than two months later, on March
1, 2017, the Oversight Board confirmed receipt of a proposed fiscal
plan from the new administration.  Again, the Oversight
Board raised concerns regarding the proposed fiscal plan. After
reviewing the proposed fiscal plan with the Governor's
representatives and analyzing and deliberating over it with the
Oversight Board's members, economists, consultants, and attorneys,
the Oversight Board informed the Governor on March 9, 2017, that
the Oversight Board had determined the Governor's proposed fiscal
plan did not satisfy PROMESA's requirements.  The Oversight
Board identified violations and recommended revisions.

After the new administration complied with the requirements the
Oversight Board specified, the Oversight Board determined the
revised fiscal plan, with two amendments, would comply with the
requirements for certification. The Oversight Board voted to
certify the plan, as amended, on March 13, 2017.

The fiscal plan is built upon the two pillars of fiscal reform and
structural reform.  Fiscal reform measures are aimed at (1)
enhancing revenues, (2) right-sizing the government, (3) adjusting
healthcare spending, and (4) restructuring the pension system.
Structural reform measures are aimed at increasing economic growth
by (a) aiding business activity, (b) improving capital efficiency,
(c) implementing energy reforms, and (d) promoting economic
development.  Together, these reforms are projected to reduce the
ten-year financing gap by $39.6 billion and to achieve a surplus of
approximately $7.9 billion over ten years that will be available
for debt service.

                  No Consensual Deal Reached

From December 2016 through March 2017, the Oversight Board and the
Commonwealth held more than thirty meetings with creditor
representatives to better understand their perspectives.  On March
13, 2017, after almost six months and numerous internal and
external meetings between the Oversight Board and its advisors, the
Oversight Board certified an amended version of the current
Governor's fiscal plan.  Not happy with the result and the
projected level of debt service, creditors requested the
decertification of the current fiscal plan and the certification of
a new fiscal plan that would have exceeded the certified fiscal
plan's debt sustainability analysis.  The Oversight Board and the
Commonwealth convened mediation on April 13, 2017, to find common
ground and a consensual resolution.

As of the termination of the PROMESA stay, no consensual agreement
was reached.  Given the massive debt load to be addressed, as well
as the need to attain pension and operational reform in accordance
with the fiscal plan, it was determined that the best path forward
was to commence a Title III case to protect Puerto Rico and its
citizens.

Title III was especially compelled by the Commonwealth's need to
restructure $49 billion of pension liabilities because Congress did
not authorize pension restructurings in Title VI.  Utilizing the
tools provided by PROMESA, and with the benefit of the automatic
stay under Sections 362 and 922 of the Bankruptcy Code, the
Oversight Board and the Commonwealth will continue efforts to
negotiate, preferably through consensual deals with all
constituencies, a comprehensive debt restructuring through a Title
III plan of adjustment, which can incorporate all consensual
agreements reached (including those that could otherwise form a
qualifying Title VI modification).

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrión III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) José R. González, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto Rico's
PROMESA petition is posted at
http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq., at
O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


PUERTO RICO: Pending Litigation vs. Commonwealth & Oversight Board
------------------------------------------------------------------
With approximately $74 billion of debt and insufficient
resources to satisfy it, there have been many lawsuits filed
against the Commonwealth of Puerto Rico (and in
some instances, the Oversight Board) before the filing of the Title
III case.

   1. On Jan. 7, 2016, certain insurers of bonds issued by the
public corporations of the Commonwealth of Puerto Rico (the
"Commonwealth") filed a complaint against the Commonwealth's
Governor, Secretary of Treasury, Sub-secretary of Treasury,
Secretary of Justice, and Director of Office of Management and
Budget (the "OMB Director"), the Puerto Rico Tourism Company's
Executive Director (the "Tourism Director"), the President of the
Government Development Bank for Puerto Rico (the "GDB"), and
certain John Does seeking declaratory judgment that certain
executive orders issued by the Governor violate the Takings
Clause and Contracts Clause of the U.S. Constitution. See Assured
Guaranty Corp., et al. v. Garcia-Padilla, et al., No. 16-01037-FAB
(D.P.R. Jan. 7, 2016).

   2. On Jan. 19, 2016, an insurer of debt issued by the
Commonwealth and its public corporations filed a complaint against
the Commonwealth's Governor, Secretary of Treasury, Sub-secretary
of Treasury, Secretary of State, Secretary of Justice, and OMB
Director, the Tourism Director, the GDB's President, and certain
John Does seeking declaratory judgment that section 8 of the Puerto
Rico Constitution, the Management and Budget Office Organic Act,
and executive orders relating to the foregoing (a) are preempted by
the Bankruptcy Code, (b) improperly operate in a field occupied by
Congress, (c) conflict with the Bankruptcy Code, and (d) with
respect to the executive orders, violate the Contracts Clause and
Takings Clause of the U.S. Constitution. See
Financial Guaranty Insurance Company v. Garcia-Padilla, et al., No.
16-01095-FAB (D.P.R. Jan. 19, 2016).

   3. On April 4, 2016, certain holders of outstanding bonds of the
GDB, the Commonwealth's fiscal agent and financial advisor, filed a
complaint against the GDB seeking to enjoin the GDB from (a) making
payments to its creditors, and (b) forgiving or compromising debts
owed to GDB.  See Brigade Leveraged Capital Structures Fund Ltd.,
et al. v. the Government Development Bank for Puerto Rico, No.
16-01610-FAB (D.P.R. Apr. 4, 2016).

   4. On May 10, 2016, the insurer of over $472 million of bonds
issued by the Puerto Rico Highways and Transportation Authority
(the "PRHTA") filed a complaint against the PRHTA seeking expedited
discovery into the PRHTA's financial condition, the appointment of
a receiver, and an injunction against PRHTA preventing it from
further breaches of fiduciary or contractual duties owed to said
insurer. See Ambac Assurance Corp. v. Puerto Rico Highways and
Transportation Authority, No. 16-01893-FAB (D.P.R. May 10, 2016).

   5. On June 15, 2016, the insurer of debt issued by the (a)
Commonwealth, (b) PRHTA, (c) Puerto Rico Sales Tax Financing
Corporation ("COFINA"), and (d) Puerto Rico Industrial, Tourist,
Educational, Medical, and Environmental Control Facilities
Financing Authority filed a complaint against the Commonwealth's
Governor, Secretary of State, and OMB Director seeking declaratory
judgment that sections 201 and 202 of the Moratorium Act are
without force or effect because those provisions (a) are preempted
by the Bankruptcy Clause and the Bankruptcy Code, (b) violate the
Takings Clause and Contracts Clause, and (c) unconstitutionally
purport to bar access to the federal courts.  See National Public
Finance Guarantee Corp. v. Garcia Padilla, et al., No. 16-02101-FAB
(D.P.R. June 15, 2016).

   6. On June 21, 2016, certain beneficial owners of the
Commonwealth's general obligation bonds filed a complaint against
the Commonwealth and the Commonwealth's Governor, Secretary of
Treasury, and OMB Director seeking declaratory relief that the
Moratorium Act violates the (a) U.S. Constitution and Puerto Rico
Constitution, including the Contracts Clause and Takings Clause of
each, and (b) laws of the State of New York, which govern such
bonds.  See Jacana Holdings I LLC et al. v. Commonwealth of Puerto
Rico, No. 16-04702-GHW (S.D.N.Y. June 21, 2016).

   7. On June 30, 2016, certain holders of bonds issued by the GDB
and Puerto Rico Public Finance Corporation (the "PRPFC") filed a
complaint against the Commonwealth's Governor and Secretary of
Department of Treasury, the Puerto Rico Fiscal Agency and Financial
Advisory Authority (the "PRFAFAA"), PRFAFAA's Executive Director,
the PRPFC, the GDB, and GDB's President seeking declaratory
judgment that sections 105, 201, 203, 301, 302, and 401 of the
Moratorium Act are void because those provisions (a) are preempted
by the Bankruptcy Clause and the Bankruptcy Code, (b) violate the
Takings Clause, Contracts Clause, and the Puerto Rico Constitution,
and (c) unconstitutionally purport to bar access to the federal
courts.  See Trigo, et al. v. Garcia-Padilla, et al., No.
16-02257-FAB (D.P.R. June 30, 2016).

   8. On July 18, 2016, certain beneficial owner of bonds issued by
the PRHTA filed a motion seeking relief from the PROMESA stay to
commence and prosecute an action against the Commonwealth's
Governor, Secretary of Treasury, and OMB Director, PRHTA, and
PRHTA's Executive Director seeking declaratory judgment that
sections 105, 201, and 202 of the Moratorium Act are void because
those provisions (a) are preempted by the Bankruptcy Code and
PROMESA, (b) violate the Bankruptcy Clause, Takings Clause,
Contracts Clause, and the Puerto Rico Constitution, and (c)
unconstitutionally purport to bar access to the federal courts.
See Peaje Inv. LLC v. Garcia-Padilla, et al., No. 16-02365-FAB
(D.P.R. July 18, 2016).

   9. On July 20, 2016, certain beneficial owners of bonds issued
by the Commonwealth and its public corporations, guaranteed by the
Commonwealth's good faith, credit, and taxing power, filed a
complaint against the Commonwealth's Governor, Secretary of
Treasury, and OMB Director seeking (a) declaratory judgment that
certain measures taken by the Commonwealth permitting transfers
outside of the ordinary course or in violation of the
Commonwealth's constitution were prohibited under PROMESA, and (b)
an injunction to prevent the same such transfers.  See Lex Claims,
et al. v. Garcia Padilla, et al., No. 16-02374-FAB (D.P.R. July 20,
2016).

  10. On July 21, 2016, certain issuers of insurance policies
guaranteeing payments on bonds issued by the PRHTA filed a motion
seeking emergency relief from the PROMESA stay in order to file a
complaint seeking to enjoin the Commonwealth, the PRHTA, the GDB,
the Commonwealth's Governor, the PRHTA's Executive Director, the
Commonwealth's Secretary of Treasury, and various John Doe
successors to the foregoing from diverting collateral of
bondholders to fund other expenses of the Commonwealth and its
affiliates. See Assured Guaranty Corp. v. Commonwealth of Puerto
Rico, et al., No. 16-02384-FAB (D.P.R. July 21, 2016).

  11. On Aug. 19, 2016, the trustee to certain bonds issued by the
University of Puerto Rico filed a complaint against the
Commonwealth, the Commonwealth's Governor, and the university's
President seeking, among other things, relief from the PROMESA
stay, declaratory judgment that section 201 of the Moratorium Act
is invalid pursuant to the Takings Clause and Contracts Clause, and
an injunction compelling the defendants to comply with the trust
agreement governing such bonds. See U.S. Bank Trust, N.A. v.
Garcia-Padilla, et al., No. 16-02510-FAB (D.P.R. Aug. 19, 2016).

  12. On Sept. 21, 2016, certain holders of bonds issued by the
Employees Retirement System of the Government of the Commonwealth
of Puerto Rico (the "ERS") filed a motion for relief from the
PROMESA stay unless adequate protection were granted by placing ERS
revenues into a segregated account for the benefit of such holders.
See Altair Global Credit Opportunities Fund (A), LLC v.
Garcia-Padilla, et al., No. 16-02696-FAB (D.P.R. Sep. 21, 2016).

  13. On September 28, 2016, a lender to the Puerto Rico
Metropolitan Bus Authority (the "AMA") filed a complaint against
the Commonwealth's Governor, Secretary of Treasury, and OMB
Director, AMA, the AMA's President, and PRHTA's Secretary seeking
(a) relief from the PROMESA stay, (b) declaratory judgment that the
Moratorium Act and an executive order issued in relation thereto
(i) violate PROMESA, (ii) are preempted by the Bankruptcy Code, the
Bankruptcy Clause, and PROMESA, (iii) violate the U.S.
Constitution, including the Contracts Clause and Takings Clause,
and (c) an injunction against the defendants enjoining them from
diverting transfers of certain tax revenues. See Scotiabank de
Puerto Rico v. Garcia-Padilla, et al., No. 16-02736-FAB (D.P.R.
Sep. 28, 2016).

  14. On October 26, 2016, a participant in a certain housing loan
program filed a complaint against the Commonwealth's Governor and
Secretary of Treasury, the GDB and its President, and the Puerto
Rico Housing Finance Authority and its Executive Director seeking
(a) declaratory judgment that (i) the PROMESA stay is not
applicable or, in the alternative, should be lifted, and (ii)
declaring that section 201 of the Moratorium Act do not apply to
the plaintiff's claims or, in the alternative, such provisions are
unconstitutional and preempted, and (b) injunctions against the
defendants compelling their compliance with applicable law and
agreements. See Oriental Bank v. Rosello-Nevares, et al., Case No.
16-02877-FAB (D.P.R. Oct. 26, 2016).

  15. On Dec. 15, 2016, a contractor with the Puerto Rico Aqueduct
and Sewer Authority (the "PRASA") filed a complaint against the
U.S. Environmental Protection Agency (the "EPA"), the GDB, a former
President of the GDB, the Puerto Rico Environmental Quality Board,
the PRASA, the Puerto Rico Infrastructure Finance Administration,
and the Commonwealth's Governor seeking funds allegedly controlled
by the EPA arising from a contract on the grounds that they have
been improperly withheld in breach of contract, and in violation of
said contractor's constitutional rights, including violations of
the Due Process Clause, Takings
Clause, and Contracts Clause. See Longo En-Tech Puerto Rico, Inc.
v. the United States Environmental Protection Agency, et al., No.
16-03151-DRD (D.P.R. Dec. 15, 2016).

  16. On April 12, 2017, a labor union and certain individual
members filed a complaint against the Oversight Board (including
its members), the Commonwealth, and the Commonwealth's Governor
seeking (a) declaratory judgment that the certified fiscal plan
unconstitutionally (i) impairs the plaintiffs' rights, (ii)
violates the Due Process and Takings Clauses of the U.S.
Constitution, and (iii) was not lawfully developed, approved, and
certified under PROMESA, and (b) an injunction against the
defendants from implementing such fiscal plan. See Servidores
Publicos Unidos de Puerto Rico, et al. v. Financial Oversight and
Management Board, et al., Case No. 17-01483-FAB (D.P.R. Apr. 12,
2017).

  17. On May 2, 2017, the insurer of approximately $1.3 billion of
bonds issued by COFINA filed a complaint against the Commonwealth,
its Governor, Secretary of Treasury, and OMB Director, the
Executive Director of the Autoridad de Asesoría Financiera y
Agencia Fiscal de Puerto Rico ("AAFAF"), the Oversight Board, each
member of the Oversight Board, including its chairman and ex
officio member, and any successors to the foregoing seeking (a)
declaratory judgment that the fiscal plan and Fiscal Plan
Compliance Law (i) are unconstitutional for violating the
Contracts, Takings, and Due Process Clauses, (ii) unlawfully
interfere with contractual rights, (iii) are preempted by PROMESA
section 303, (iv) violate PROMESA section 407, and (v) violate the
Commonwealth's covenants under the COFINA Resolution, and (b) an
injunction against the defendants from taking any action pursuant
to the fiscal plan or Fiscal Plan Compliance Law. See Ambac
Assurance Corp. v. Commonwealth of Puerto Rico, et al., Case No.
17-01567 (D.P.R. May 2, 2017).

  18. On May 2, 2017, the insurer of a wide variety of Commonwealth
debt, across numerous structures, filed a complaint against the
Commonwealth's Governor, Secretary of Treasury, and OMB Director,
the AAFAF's Executive Director, the Oversight Board, each member of
the Oversight Board, including its chairman and ex officio member,
and any successors to the foregoing seeking (a) declaratory
judgment that (i) each of the Moratorium Act, executive orders
issued thereunder, the fiscal plan, and the Fiscal Plan Compliance
Act (A) violates the Contracts, Takings, and Due Process clauses,
(B) interferes with Ambac Assurance Corp.'s contractual rides, (C)
is preempted by section 303 of PROMESA, and (D) violates section
407 of PROMESA, and (ii) the orders issued under the Moratorium Act
unconstitutionally deprive litigants access to courts, and (b) an
injunction against the defendants from taking any action pursuant
to the fiscal plan or Fiscal Plan Compliance Law. See Ambac
Assurance Corp. v. Commonwealth of Puerto Rico, et al., Case No.
17-01568 (D.P.R. May 2, 2017).

  19. On May 2, 2017, the insurer of approximately $471 million of
bonds issued by the Puerto Rico Infrastructure Financing Authority
("PRIFA") filed a complaint against the U.S. Department of
Treasury, its Secretary of Treasury, and any successor thereto
seeking (a) an equitable lien on taxes imposed by the U.S.
government on the sale of rum produced in the Commonwealth and sold
in the United States (the "Rum Taxes"), and (b) either (i) an
injunction against the defendants from remitting the Rum Taxes to
the Commonwealth, or (ii) the appointment of a receiver to hold all
Rum Taxes in escrow pending resolution of lawsuits related thereto.
See Ambac Assurance Corp. v. U.S. Department of Treasury, et al.,
Case No. 17-00809 (D.D.C. May 2, 2017).

  20. On May 2, 2017, holders of senior COFINA bonds filed a
complaint against the Commonwealth's Governor, the GDB, its
President, COFINA, its, Executive Director, AAFAF, board members of
the GDB and COFINA, and the ex officio member of the Oversight
Board seeking (a) declaratory judgment the defendants (i)
substantially impaired the plaintiffs' contractual rights, and (ii)
took property without just compensation or due process, (b) a writ
of mandamus ordering the defendants to amend the fiscal plan and
allowing the plaintiffs to inspect documents related to the
restructuring of the Commonwealth's debts, (c) an injunction
against the defendants prohibiting them from further violations of
contractual, property, and constitutional rights, and (d) related
relief. See Perelló, et al. v. Nevares, et al., Case No. 17-01566
(D.P.R. May 2, 2017).

  21. On May 2, 2017, the insurer of $800 million in principal
amount of bonds issued by COFINA filed a complaint against the
trustee of such bonds seeking (a) damages against the trustee, (b)
a declaration that the trustee breached (i) its fiduciary and other
duties to the plaintiff, (ii) the resolution executed in connection
with such bonds, and (iii) the covenant of good faith and fair
dealing implied in such resolution, (c) a declaration that the
plaintiff may remove the trustee, (d) an injunction against the
trustee prohibiting further payments to subordinate bondholders,
(e) an injunction compelling the trustee to recognize an event of
default in connection with such bonds and accelerate payment
thereof, and (e) a declaration that the trustee has a conflict of
interest and must resign. See Ambac Assurance Corp. v. the Bank of
New York Mellon, Case No. 652356/2017 (N.Y. Supreme Ct. May 2,
2017).

  22. On May 2, 2017, certain beneficial owners of approximately
$1.4 billion in principal amount of general obligation bonds issued
by the Commonwealth filed a complaint against the Commonwealth and
its Secretary of Treasury seeking (a) an injunction compelling the
Secretary of Treasury to "apply all available resources of the
Commonwealth to timely payment of all amounts that are or become
due on the [bonds]," and (b) money damages owed to the plaintiffs,
including all overdue interest on principal, all amounts of
principal, and prejudgment interest.. See Aurelius Investment LLC,
et al. v. the Commonwealth of Puerto Rico, et al., Case No.
652357/2017 (N.Y. Supreme Ct. May 2, 2017).

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrión III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) José R. González, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto Rico's
PROMESA petition is posted at
http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq., at
O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is serving as counsel to the Ad Hoc Group of Puerto Rico
General Obligation Bondholders.


PUERTO RICO: PROMESA Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: The Commonwealth of Puerto Rico

        c/o Financial Oversight and Management Board for
        Puerto Rico, as Representative of the Debtor
        Jacob Javits Federal Bldg.
        26 Federal Plaza
        Room 2-128, Attn: Jaime El Koury
        New York, NY 10278

Case No.: 17-01578

About the Debtor: Covered Territory as defined in the Puerto Rico
                  Oversight, Management, and Economic Stability
                  Act Section 5(7).  Puerto Rico is a self-
                  governing commonwealth in  association with the
                  United States.

                  In 2016, the U.S. Congress passed PROMESA,
                  which, among other things, created the Financial

                  Oversight and Management Board and imposed an
                  automatic stay on creditor lawsuits against the
                  government, which expired May 1, 2017.

                  The Commonwealth of Puerto Rico has filed a
                  petition for relief under Title III of the
                  Puerto Rico Oversight, Management, and Economic
                  Stability Act ("PROMESA").

                  Title III of PROMESA provides a means for a
                  covered territory (such as the Commonwealth)
                  that has encountered financial difficulty to
                  work with its creditors to adjust its debts.  To

                  that end, certain sections of the United States
                  Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., are

                  incorporated and made applicable to cases under
                  title III of PROMESA.  During the Title III
                  Case, the Commonwealth will remain in possession

                  and control of its property, and will continue
                  to maintain its functions and provide services
                  for the benefit of the citizens of Puerto Rico.

                  The Commonwealth intends to propose a plan for
                  the adjustment of the Commonwealth's debts.

PROMESA Title III Petition Date: May 3, 2017

Court: United States District Court
       District of Puerto Rico
       150 Carlos Chardon Street
       San Juan, PR 00918-1767
       http://www.prd.uscourts.gov/

Judge: [To be designated]

Attorneys for the
Financial Oversight and
Management Board as
representative for the
Commonwealth of
Puerto Rico:              Martin J. Bienenstock, Esq.
                          Scott K. Rutsky, Esq.
                          Philip M. Abelson, Esq.
                          PROSKAUER ROSE LLP
                          11 Times Square, New York NY 10036
                          Tel: (212) 969-3000
                          Fax: (212) 969-2900
                          E-mail: mbienenstock@proskauer.com
                                  srutsky@proskauer.com
                                  pabelson@proskauer.com

Co-Attorneys for the
Oversight Board:          Hermann D. Bauer, Esq.
                          O'NEILL & BORGES LLC
                          250 Munoz Rivera Ave., Suite 800
                          San Juan, PR 00918-1813
                          Tel: (787) 764-8181
                          Fax: (787) 753-8944
                          E-mail: hermann.bauer@oneillborges.com

Oversight Board's
Strategic Consultant:     MCKINSEY & CO.

Oversight Board's
Municipal Investment
Banker:                   CITIGROUP GLOBAL MARKETS

Oversight Board's
Financial Advisor:        ERNST & YOUNG

Counsel to the
Puerto Rico Fiscal
Agency and Financial
Advisory Authority:       John J. Rapisardi, Esq.
                          Suzzanne Uhland, Esq.
                          Peter Friedman, Esq.
                          O'MELVENY & MYERS LLP
                          7 Times Square
                          New York, NY 10036
                          Tel: 212.326.2000
                          Fax: 212.326.2061
                          E-mail: jrapisardi@omm.com
                                  suhland@omm.com
                                  pfriedman@omm.com

Claims &
Noticing
Agent:                    PRIME CLERK LLC
                          https://cases.primeclerk.com/puertorico

Counsel to
ERS Bondholders:          JONES DAY

Counsel to Ad Hoc Group
of Puerto Rico General
Obligation Bondholders:   PAUL WEISS

The petition was signed by Jaime El Koury, general counsel.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Banco Popular de Puerto Rico        Bond Trustee  $12,096,636,080
209 Munoz, Riveru Avenue
Hato Rey, PR 00918
Attn: Hector Rivera & Jorge Velez
Email: hrivera@bppr.com &
       Jorge.velez@popular.com

U.S. Army Corps of Engineers          Services       $212,302,479
Annex Building
Fundacion Angel Ramos
2nd Floor Suite 202
Franklin Delano Roosevelt Avenue #383
San Juan, Puerto Rico-00917
Fax: 787-729-6875
Email: Antilles.AO@usacc.army.mil

Total Petroleum Corps.                 Supplies       $11,506,512
PO Box 362916
San Juan, Puerto Rico 00936-2916
Attn: Luis Llado
Fax: 787-783-0407
Email: Luis.Llado@tpprc.com

EVERTEC Inc.                           Services       $10,167,835
Carr. #176 k.m. 1.3 Cupey Bajo
Rio Piedras, PR 00926
Fax: 787-250-7356
Email: eserrano@evertecinc.com

Microsoft                              Services        $8,120,058
City View Plaza I Suite 107
#48 State Road 165 Km 1.2
Guaynabo, PR 00968
Attn: Jenny Rivera
Fax: 787-273-3634
Email: jerivera@microsoft.com

Baxter Sales & Distrib PR Corp.        Supplies        $6,974,075
P.O. Box 360002
San Juan, PR 00936-0002
Attn: Eric Ruiz Malave & John Almeida
Fax: 787-792-4646
Email: cric_ruiz@baxter.com
       pat_johnsen@baxter.com
One Baxter Park Way
Deerfield, Illinois 60015

Cesar Castillo Inc.                     Supplies       $6,008,917
PO Box 191149
San Juan, PR 00919-1149
Attn: Jose L. Castillo
Fax: 787-999-1613
Email: jgonzalez@cesarcastilo.com

IKON Solutions, Inc.                    Services       $5,857,040
270 Avenida Munoz Rivera PHI
San Juan, PR 00918
Attn: Pedro J. Latorre Negron
Fax: 787-620-0590
Email: pedro.latorre@ikonpr.com

Kirkland & Ellis LLP                    Services       $5,342,970
655 Fifteen Street, N.W.
Washington DC 20005
Attn: Travis Langenkamp &
      Michael F. Williams
Email: mwilliams@kirkland.com

MC&CS                                  Services        $3,998,904
428 Ave Escorial Caparra Hts
Vicjo San Juan, Puerto Rico 00926
Attn: Carlos Colon Medina
Fax: 787-774-1870
Email: carloscolon@mccspr.com
       ccolon@mccspr.com

Manpower                               Services        $3,236,683
268 Munoz Rivera Ave, Ground Floor
San Juan, PR 00918
Attn: Melissa Rivera
Fax: 787-767-7611
Email: melissa.rivera@manpower.com

COSALL                                 Services        $3,234,442
Carr 181 Km 2.0
Trujillo Alto, Puerto Rico 00976
Attn: Jorge 1, Valentin Asencio
Fax: 787-292-1211
Email: jorge.valentin@cosallpr.com
PO Box 1858
Trujillo Alto, P.R. 00977

Puerto Rico Telephone Company          Services       $3,200,935
1515 F.D. Roosevelt Avenue
Guaynabo, PR 00968
Attn: Enrique Ortiz de Montelano Rangel
Fax: 787-792-9830
Email: enrique.ortiz@claropr.com

Ediciones Santillana, Inc.             Supplies       $2,807,231
Avenida Roosvelt 1506
Guaynabo, PR 00968
Attn: Daniel Sanz & Obed Betancourt
Fax: 787-486-4826
Email: dsanz@santilluna.com
       ydejesus@santillana.com
       obetancourt@santillana.com

Corporacion de Servicios               Services       $2,517,577
Educativos de Yabucoa
Sector Juan Martin
Carretera #3 Km 93.7
Ruta 901
Yabucoa, PR 00767
Attn: Dr. Roque Diaz Tizol
Fax: 787-266-3881
Email: mmedia@cosey.org

Cardinal Health PR                    Supplies        $2,460,000
Centro Internacional de
Distribucion PR -165
Km 2.4 Edificio 10
Guaynabo, PR 00965
Attn: Deborah Weitzman @ Kaleny Nazario
Bartolomei
Fax: 787-625-4322
Email: kaleny.nazario@cardinalhealth.com
       deborah.weitzman@cardinalhealth.com
PO Box 366211
San Juan PR, 00936

Institucion Educativa NETS, LLC       Services        $2,439,180
84-11 70 Street, Sierra Bayamon
Bayamon, PR 00961
Attn: Nydia T. Rodriguez Lopez
Fax: 787-785-5564
Email: mrodriguez@netspr.com

Braxton School of Puerto Rico         Services        $2,153,106
K-2 Ave. San Patricio
Guaynabo, PR 00968
Attn: Angelina Sosa
Fax: 787-793-0495
Email: wmunoz@baraxtonpr.com
       academico@braxtonpr.com
       braxton.dp@gmail.com

Workforce Training and                Services         $2,063,354
Employment Center, Inc. (WOTEC)
Marginal 65 Infanteria #23
Urb. San Agustin
San Juan, PR 00925
Attn: Rosa J. Orama Ortiz
Fax: 787-815-0432
Email: info@wotecpr.org

Ediciones SM                          Supplies         $1,893,127
Barrio Palmas 776
Calle 7, Suite 2
Catano, PR 00962
Attn: Marisol Diaz
Fax: 787-625-9799
Email: marisol.diaz@primaspr.net
       consultas@sm-pr.com


PUERTO RICO: Sr. Bondholders Comment on AAFAF Plan of Adjustment
----------------------------------------------------------------
The COFINA Seniors Coalition comprising 32% of the class of COFINA
Senior Bonds has reviewed but will reject the proposed plan of
adjustment distributed publicly on April 28, 2017 by AAFAF.
Representative for the coalition Susheel Kirpalani of Quinn Emanuel
Urquhart & Sullivan had the following comment:

"Puerto Rico's debt restructuring agency, AAFAF, regrettably has
broken the Commonwealth's decade-old promise not to impair its
first and only rescue financing.  Not only does the proposed plan
of adjustment illegally confiscate the entirety of the dedicated
sales tax revenues pledged to COFINA's bondholders, but AAFAF's
first official proposal seeks to coerce COFINA bondholders into
accepting the plan of adjustment using a Bankruptcy Code tactic
known as a "death trap" which is not contemplated by Title VI of
PROMESA and violates Puerto Rico law.

Specifically, AAFAF's proposal states if COFINA creditors 'reject
the plan of adjustment, COFINA Senior creditors will receive . . .
short-term notes and COFINA Junior creditors will receive no
distribution due to contractual subordination.' This proposed plan
of adjustment is designed to procure votes in an unlawful way from
large institutional mutual funds with conflicting cross holdings of
general obligation (GO) bonds, and both COFINA Senior and
Subordinate bonds.  The plan also inexplicably affords equal
recoveries for Senior and Subordinated COFINA Bondholders, while
expressly recognizing the priority of Senior Bonds over
Subordinated Bonds.

While we appreciate AAFAF's first proposed plan of adjustment and
applaud that the plan expressly recognizes the seniority of COFINA
Senior bonds, its profound defects make it unacceptable to us."

               About the COFINA Seniors Coalition

The coalition of creditors is made up of retirees and individual
investors in Puerto Rico and throughout the United States, as well
as asset managers GoldenTree Asset Management LP, Merced Capital
LP, Tilden Park Capital Management LP, Whitebox Advisors LLC, and
others.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the
United States.  The chief of state is the President of the United
States of America.  The head of government is an elected Governor.
There are two legislative chambers: the House of Representatives,
51
seats, and the Senate, 27 seats.  The governor-elect is Ricardo
Antonio "Ricky" Rossello Nevares, the son of former governor Pedro
Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things,
created the Financial Oversight and Management Board and imposed
an
automatic stay on creditor lawsuits against the government, which
expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose
B. Carrión III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez,
(v)
José R. González, (vi) Ana. J. Matosantos, and (vii) David A.
Skeel
Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for
relief under Title III of the Puerto Rico Oversight, Management,
and
Economic Stability Act ("PROMESA").  The case is pending in the
United
States District Court for the District of Puerto Rico under case
number 17-cv-01578.  A copy of Puerto Rico's PROMESA petition is
posted at
http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker,
and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at
O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is serving as counsel to the Ad Hoc Group of Puerto
Rico
General Obligation Bondholders.


PUERTO RICO: Suit Filed by Assured Guaranty vs. Oversight Board
---------------------------------------------------------------
Andrew Scurria, writing for The Wall Street Journal Pro Bankruptcy,
reported that a bond insurer Assured Guaranty Ltd. on May 4, 2017,
sued Puerto Rico's oversight board to challenge its debt-cutting
plan.

According to the Journal, the bond insurer is looking to minimize
losses on $5.4 billion in Puerto Rico bond guarantees by filing the
suit.

Specifically, the bond insurer said in a statement on the filing of
the suit:

"Assured Guaranty Municipal Corp. and Assured Guaranty Corp., two
bond insurance subsidiaries of Assured Guaranty Ltd. (together with
their parent, Assured Guaranty or the Company), filed an adversary
complaint in Federal District Court in Puerto Rico yesterday
seeking (i) a judgment declaring that the Fiscal Plan violates
various sections of PROMESA and the Contracts, Takings and Due
Process Clauses of the U.S. Constitution; (ii) an injunction
enjoining the Commonwealth and Oversight Board from presenting or
proceeding with confirmation of any plan of adjustment based on the
Fiscal Plan, or taking any other action pursuant to the Fiscal
Plan; and (iii) a stay of the confirmation of any plan of
adjustment based on the Fiscal Plan pending development of a fiscal
plan that complies with PROMESA and the U.S. Constitution."

The bond insurer added:

"With this action, Assured Guaranty challenges the legality of the
Fiscal Plan and its gross violation of the clear statutory mandates
of PROMESA, including its failure to respect liens and priorities,
its misappropriation of pledged special revenues and its failure to
provide for fiscal responsibility or access to capital markets. The
complaint contends that these gross violations of PROMESA turn on
their head generations of federal constitutional law governing the
priority and protection of secured debt by giving all general
governmental expenses payment priority over the payment of bond
debt granted constitutional first priority or secured by liens.
Moreover, the complaint alleges that the Fiscal Plan, by impairing
creditors' contractual rights and stealing their property, ensures
that Puerto Rico will not regain access to the capital markets for
the foreseeable future. Finally, the complaint asserts that the
Fiscal Plan, unless totally recast, cannot possibly be permitted to
serve as the basis for any lawful plan of adjustment that complies
with the constitutions and laws of the United States and Puerto
Rico.

"In light of the Commonwealth's and Oversight Board's blatant
disregard of PROMESA's mandatory requirement to respect lawful
liens and priorities, their brazen and unlawful misappropriation of
secured bondholder collateral, and their rejection of Assured
Guaranty's offer of forbearance, the Company is determined to take
reasonable and necessary actions to protect its rights as insurer
of bonds of the Commonwealth and certain of its instrumentalities.

"As always, investors owning Puerto Rico-related bonds insured by
Assured Guaranty will continue to receive uninterrupted full and
timely payment of scheduled debt service in accordance with the
terms of Assured Guaranty's insurance policies.

"With $12 billion in claims-paying resources across its group of
companies and approximately $400 million generated each year from
its $11 billion investment portfolio alone, Assured Guaranty's
liquidity and capital position are very strong."

The Journal, citing the complaint, said the insurer asserts that
the board overstepped when it ordered the payment of no more than
$787 million annually in debt service over the next decade.  That
sum, less than a quarter of the $3.5 billion creditors are owed on
average each year, is at the heart of a board-approved fiscal plan
that forms the basis for restructuring negotiations, the Journal
noted.

Bond payments, education subsidies and pension spending were all
cut in the plan, which the board approved in April after ordering
more conservative economic assumptions that further diminished the
surplus available for creditors, the report related.

The proposed financial overhaul, "unless totally recast, cannot
possibly be permitted to serve as the basis for any lawful plan of
adjustment," the Journal cited Assured as saying in a statement.

Contact:

     Robert Tucker, Esq.
     Assured Guaranty Ltd.
     Tel: 212-339-0861
     Senior Managing Director,
     Investor Relations and Corporate Communications
     Email: rtucker@agltd.com

        -- or --

     Ashweeta Durani, Esq.
     Tel: 212-408-6042
     Vice President
     Corporate Communications
     Email: adurani@agltd.com

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the
United States.  The chief of state is the President of the United
States of America.  The head of government is an elected Governor.
There are two legislative chambers: the House of Representatives,
51
seats, and the Senate, 27 seats.  The governor-elect is Ricardo
Antonio "Ricky" Rossello Nevares, the son of former governor Pedro
Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things,
created the Financial Oversight and Management Board and imposed
an
automatic stay on creditor lawsuits against the government, which
expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose
B. Carrión III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez,
(v)
José R. González, (vi) Ana. J. Matosantos, and (vii) David A.
Skeel
Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for
relief under Title III of the Puerto Rico Oversight, Management,
and
Economic Stability Act ("PROMESA").  The case is pending in the
United
States District Court for the District of Puerto Rico under case
number 17-cv-01578.  A copy of Puerto Rico's PROMESA petition is
posted at
http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker,
and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at
O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is serving as counsel to the Ad Hoc Group of Puerto
Rico
General Obligation Bondholders.


RANCHO PALOMITA: Plan Outline Okayed, Plan Hearing on June 13
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona will consider
approval of the Chapter 11 plan of reorganization of Rancho
Palomita Advisors, LLC, at a hearing on June 13.

The hearing will be held at 1:30 p.m., at Courtroom 329, U.S.
Bankruptcy Court, 38 S. Scott, Tucson, Arizona.

The court on April 24 approved the company's disclosure statement,
allowing it to start soliciting votes from creditors.  

The order required creditors to file their objections and cast
their votes accepting or rejecting the plan five business days
prior to the hearing.

The plan proposes to pay unsecured creditors 100% of their claims
allowed by the court, plus 3% interest on unpaid balance in 60
equal monthly installments.  These creditors will receive an
estimated monthly payment of $99, with the first payment due 60
days from the effective date of the plan.

                      About Rancho Palomita

Rancho Palomita Advisors, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D. Ariz. Case No. 16-04036) on April 14, 2016.
The petition was signed by Richard A. Spross, managing member.  The
Debtor disclosed zero assets and total debts of $1.62 million.

The Debtor is represented by Eric Slocum Sparks, Esq., at Eric
Slocum Sparks PC. The case is assigned to Judge Scott H. Gan.

No official committee of unsecured creditors has been appointed in
the case.

On July 13, 2016, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


RANGER FABRICATION: Seeks August 28 Plan Exclusivity Extension
--------------------------------------------------------------
Ranger Fabrication, LLC, and certain of its Debtor-subsidiaries
request the U.S. Bankruptcy Court for the District of Delaware to
further extend the exclusive periods during which the Ranger
Debtors may file and solicit acceptances of a chapter 11 plan
through and including August 28, 2017 and October 27, 2017,
respectively.

Unless extended, the Ranger Debtors' Plan Period and Solicitation
Period will expire on April 30, 2017 and June 29, 2017,
respectively.

The Ranger Debtors are Ranger Fabrication, LLC, Ranger Fabrication
Management, LLC, and Ranger Fabrication Management Holdings, LLC.
The TUSA Debtors are Triangle USA Petroleum Corporation, Foxtrot
Resources LLC, and Leaf Minerals, LLC.

The Court entered an order on January 13, 2017, approving, among
other things, the adequacy of the Disclosure Statement and certain
procedures for solicitation of votes with respect to the Second
Amended Joint Chapter 11 Plan of Reorganization of Triangle USA
Petroleum Corporation and its Affiliated Debtors. The deadline for
voting on the Second Amended Plan was February 10, 2017.

The Ranger Debtors relate that although all other creditors of the
Ranger Debtors voted to accept the Second Amended Plan, the one
voting class among the Ranger Debtors, Class 4 Ranger General
Unsecured Claims, narrowly voted to reject the Second Amended Plan.


Triangle Petroleum Corporation, the common parent of all of the
Debtors and the largest creditor in the class, casted the sole
rejecting ballot.

Consequently, the TUSA Debtors filed the TUSA Plan, encompassing
the TUSA Debtors only, which the Court confirmed pursuant to an
Order entered on March 10, 2017. The Effective Date of the TUSA
Plan occurred on March 24, 2017.

At the Confirmation Hearing, the Debtors indicated their intent to
adjourn the Second Amended Plan with respect to the Ranger Debtors
to a subsequent hearing.

As disclosed on the record at the Confirmation Hearing on the TUSA
Plan, the Ranger Debtors require additional time to work toward a
consensual solution for the Ranger cases and estates.

The plan for the Ranger Debtors has always been predicated on the
willingness of TUSA stakeholders to allocate a modest share of the
Rights Offering proceeds to Ranger creditors, in order to
facilitate an orderly wind down of those affiliated entities.
However, following the rejection of the plan by Class 4 Ranger
General Unsecured Claims, the Ranger Debtors are not aware of any
alternative source of funding currently available for the Ranger
plan.

The Ranger Debtors contend that TPC's position on the Ranger plan
is just one of a broader set of intercompany issues that remain to
be resolved. The Ranger Debtors further contend that an integrated
resolution of these issues, that has the support of all key
constituencies, remains the best path to achieving a consensual and
ultimately successful plan for the Ranger Debtors.

However, to date, discussions to resolve the such issues have not
been successful. However, over the next several months, the TUSA
Debtors intend to work towards resolving claims against the TUSA
Debtors, which will involve discussions with TPC and other
stakeholders. While no resolution appears imminent, the discussions
in connection with the claims-resolution process may allow for an
integrated resolution to the outstanding issues, including a
feasible and confirmable plan for the Ranger Debtors. As such, the
requested extension of the Exclusivity Periods will provide the
Ranger Debtors additional time to determine whether such a
resolution is achievable.

The Ranger Debtors assert that no stakeholders will be prejudiced
by the proposed extension as they are not subject to any case
milestones under financing orders or otherwise and they have no
ongoing operations that would suffer if their Chapter 11 Cases were
extended. In addition, the Ranger Debtors do not believe that there
is any realistic path to a confirmable Ranger plan outside of a
consensual, multi-lateral resolution of the broader intercompany
issues. Accordingly, there is little risk that the extension sought
herein will forestall the consideration of other feasible plan
structures for the Ranger Debtors.

         About Triangle USA Petroleum Corporation

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 (Bankr.
D. Del. Lead Case No. 16-11566) on June 29, 2016.  The cases are
pending before Judge Mary F. Walrath.

At the time of the filing, TUSA estimated assets in the range of
$500 million to $1 billion and liabilities of up to $1 billion.

The Debtors have engaged Sarah E. Pierce, Esq., at 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.

A committee of unsecured creditors has not been appointed in the
Chapter 11 case of Triangle USA Petroleum Corporation due to
insufficient response to the U.S. Trustee communication/contact for
service on the committee.   


REGENT UNIVERSITY: Moody's Affirms Ba2 Rating on $86MM Rev. Bonds
------------------------------------------------------------------
Moody's Investors Service has affirmed Regent University, VA's Ba2
rating on $86 million of Series 2006 Educational Facilities Revenue
Bonds issued by the Virginia College Building Authority. The
outlook remains negative.

The Ba2 rating reflects Regent's modest liquidity relative to
structurally imbalanced operating performance, aggressive
enrollment growth strategy, and high leverage. The rating also
incorporates a viable student market draw and a still considerable
cushion of unrestricted reserves given evidence that its marketing
and recruitment strategy is showing some traction through
dramatically increased enrollment and strong revenue growth.

Rating Outlook

The negative outlook reflects the university's thinning financial
cushion and the challenge it confronts to reduce the magnitude of
operating deficits, predicated on a growth strategy, in a highly
competitive student market. Failure to reduce the size of the
operating losses in FY 2018 could trigger a downgrade. However, a
third year of strong enrollment and revenue gains, with positive
cash flow performance could stabilize the outlook.

Factors that Could Lead to an Upgrade

Consistently improving operations with a 5% endowment spending rate
generating operating cash flow sufficient to cover debt service by
at least one time

Material growth in liquid reserves

Factors that Could Lead to a Downgrade

Larger than expected declines in unencumbered liquidity

Failure to maintain access to external liquidity facilities

Operating deficits that are either materially deeper or longer
lasting than those currently projected

Increase in debt absent materially improved cash flow and operating
stability

Legal Security

The Series 2006 revenue bonds have a secured interest in
Unrestricted University Revenues. The Loan Agreement incorporates
limits on additional parity indebtedness. Under these limits pro
forma debt should be less than total cash and investments and less
than 2.0 times expendable financial resources. There is a cash
funded debt service reserve fund.

Use of Proceeds

Not applicable

Obligor Profile

Regent University is a private university founded in 1978 by Pat
Robertson. Regent offers associates, bachelors, masters, and
doctoral degrees, including a law school, at its campus in Virginia
Beach and online.

Methodology

The principal methodology used in this rating was Global Higher
Education published in November 2015.


REPUBLIC AIRWAYS: Exits Chapter 11 Restructuring
------------------------------------------------
Republic Airways Holdings Inc., the parent of Republic Airline, the
world's largest E-Jet operator and the second-largest regional
airline in the United States, disclosed that it emerged from its
Chapter 11 restructuring effective April 30, 2017.  Republic will
be closely held by certain unsecured creditors as outlined in its
court-approved plan of reorganization.

Republic is emerging as an operational leader in the regional
airline industry, focused on delivering exceptional service to its
mainline customers.

"[Mon]day starts a new chapter for Republic," said Bryan Bedford,
Republic's president and chief executive officer.  "We entered this
restructuring process with specific objectives: To restructure
Republic into an airline that produces consistent and outstanding
operational reliability; to simplify our business model in order to
drive financial and operational efficiencies; and to ensure
Republic remained an employer of choice for its current and future
aviation professionals.  I am pleased that we accomplished all of
our restructuring goals timely.  Our future success will be
determined by how well Republic continues to deliver these
competencies."

The U.S. Bankruptcy Court of the Southern District of New York
approved Republic's Plan of Reorganization on April 20, clearing
the way for Republic to emerge.  As of March 31, Republic operated
a fleet of 170 E170/E175 dual-class aircraft and expects to expand
its fleet by more than 10 percent during the remainder of 2017 with
the delivery of 18 additional E-Jet aircraft.

"We have streamlined the airline around a single fleet of E-Jets
and a single operating certificate.  These operational
simplifications, along with restructured commercial agreements with
each of our core business partners, has positioned Republic to
deliver on its mission," Mr. Bedford continued.  "While the
reorganization was successful due to the support of our mainline
customers, aircraft financiers and our strategic suppliers, it
would not have been possible without the daily contributions of our
associates on the ground and in the air.  Our professionals have
worked tirelessly to restore our operations.  Their hard work has
enabled Republic to return to a position of leadership in the
regional airline industry, and they are responsible for flying
millions of passengers safely, comfortably and reliably across
North America and beyond.  It is through their unwavering
leadership and effort that we've been successful to date, and they
are why we will continue to lead in this demanding business.  They
are extraordinary colleagues who do extraordinary things every day,
and I'm proud to be a part of their team."

                    About Republic Airways

Based in Indianapolis, Indiana, Republic Airways Holdings Inc.,
(OTCMKTS:RJETQ) owns Republic Airline and Shuttle America
Corporation. Republic Airline and Shuttle America --
http://www.rjet.com/-- offer approximately 1,000 flights daily to
105 cities in 38 states, Canada, the Caribbean and the Bahamas
through Republic's fixed-fee codeshare agreements under major
airline partner brands of American Eagle, Delta Connection and
United Express.

Republic Airways Holdings Inc. and six affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
16-10429) on
Feb. 25, 2016.  The petitions were signed by Joseph P. Allman as
senior vice president and chief financial officer.  Judge Sean H.
Lane has been assigned the cases.

As of Jan. 31, 2016, on a consolidated basis, Republic had assets
and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited),
respectively.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed seven creditors of Republic
Airways Holdings Inc. to serve on the official committee of
unsecured creditors.  The Committee retained Morrison & Foerster
LLP as attorneys and Imperial Capital, LLC, as investment banker
and co-financial advisor.

                       *     *     *

The Debtors filed a Plan under which unsecured creditors will
either receive a distribution of 45% in cash or 41%-48% new common
stock under the plan.

The Debtors believe that they will have sufficient cash resources
to make the payments required pursuant to the plan, repay and
service debt obligations, and maintain operations on a
going-forward basis.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/nysb16-10429-1312.pdf   


RHINO GEAR: Plan Outline Okayed, Plan Hearing on May 16
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio will
consider approval of the Chapter 11 plan of reorganization of Rhino
Gear Manufacturing Inc. at a hearing on May 16, at 11:00 a.m.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on April 13.

The order set a May 7 deadline for creditors to cast their votes
accepting or rejecting the plan, and a May 9 deadline to file their
objections.

                 About Rhino Gear Manufacturing

Rhino Gear Manufacturing Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 16-16968) on Dec.
22, 2016.  The petition was signed by Richard Reinholz, president.


At the time of the filing, the Debtor estimated assets of less than
$100,000 and liabilities of less than $500,000.

Glenn E. Forbes, Esq., at the Forbes Law, LLC, serves as the
Debtor's bankruptcy counsel.

On February 27, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.  The plan proposes to pay
creditors from the proceeds generated from the sale of its assets.


ROOSTER ENERGY: Files Financial Results for Fiscal Year 2016
------------------------------------------------------------
Rooster Energy Ltd. on April 28, 2017, disclosed that it has filed
on SEDAR its Forms 51-101F1, 51-101F2 and 51-101F3 which includes
summary data on the Company's proved and probable reserves as of
December 31, 2016.  Additionally, the Company has filed its audited
financial statements, related management discussion and analysis
("MD&A") for the three months ("Q4 2016") and twelve months ended
December 31, 2016 ("FY 2016").  Selected financial and operational
information for Q4 2016, FY 2016 is outlined below and should be
read in conjunction with the financial statements and related MD&A.
All dollar amounts herein are expressed in U.S. dollars.

HIGHLIGHTS:

   -- Q4 2016 EBITDA Totaled US$6.3 Million Driven By Well Services
Activity

   -- FY 2016 EBITDA Totaled US$21.5 Million Compared To $24.1
Million In FY 2015

   -- Proved & Probable Reserves Total 12.1 MMBOE, NPV-10% US$126.9
Million

In Q4 2016, the Company produced 149,690 boe, compared to 205,010
boe produced in Q4 2015, a 27% decrease.  The lower sales volumes,
combined with a significant drop in the gain associated with the
Company's derivative contracts, resulted in a 66% drop in Oil & Gas
segment revenues in Q4 2016 to $2.5 million.  The decline in
revenues was partially mitigated by a 35% drop in lease operating
expenses.  The Oil & Gas segment reported EBITDA of $0.4 million in
Q4 2016 compared to a $0.8 million in Q4 2015, representing a 49%
drop from the prior year period.

Utilization at the Well Services segment averaged 19% in Q4 2016,
compared to 30% in Q4 2015, a decline of 11 percentage points, as
lower cash flows continued to weigh on operator budgets and
activity levels.  As a result, Well Services revenues declined 69%
in Q4 2016 to $1.8 million. However, lower revenues were largely
offset by a 62% drop in operating expenses.  Decommissioning
revenues fell 42% from the prior year period to $6.1 million, due
to reduced activity levels associated with the three Cochon fields.
In July, 2016, the Company announced that it had entered into a
$22 million decommissioning contract that was expected to be
completed by the end of the year; however, most of the work related
to this contract was deferred to Q1 2017.  The Well Services
segment reported EBITDA of $6.7 million in Q4 2016 compared to
$11.9 million in Q4 2015, which represents a 44% drop from the
prior year period.

In Q4 2016, the Company's consolidated EBITDA totaled $6.3 million
compared to $11.4 million in Q4 2015, representing a 45% drop from
the prior year period.  The Company recorded a net loss of $66.8
million in Q4 2016, which includes $59.6 million of non-cash
impairment and asset retirement expenses.  Most of the impairment
charge relates to the write-off of the High Island A494
development, as the Company's inability to complete the #B-4 well
resulted in the expiration of the lease in January, 2017.

Rooster's proved & probable reserves fell 28%, or 4.7 million
barrels of oil equivalent (MMBOE), to 12.1 MMBOE at December 31,
2016, primarily due to negative revisions associated with the High
Island A494, Vermilion 67, and Eugene Island 44 fields.  At
December 31, 2016, the pre-tax NPV-10% value of Rooster's proved &
probable reserves totaled $126.9 million.  The Company's reserves
were evaluated by Netherland, Sewell & Associates, Inc. (NSAI) in
accordance with Canadian National Instrument 51-101.

As previously reported, in November, 2016, the Company received a
notice of default on its Senior Secured Notes for non-compliance
with certain covenants required by the Note Purchase Agreement, as
amended. As a result, the Senior Secured Notes were classified as
current at December 31, 2016, which contributed to a $69.0 million
working capital deficit.

Kenneth F. Tamplain, Jr., interim Chief Executive Officer,
commented that "despite the difficult commodity price environment
and subdued activity levels in the Gulf of Mexico, the Company was
able to generate $21.5 million of EBITDA in FY 2016, largely driven
by execution on its decommissioning contracts.  In the first four
months of 2017, Well Services activity levels have improved from
prior year levels, and the Company has nearly completed its $22
million decommissioning contract.  However, the Company is
currently operating without a forbearance agreement with the
holders of our Senior Secured Notes while managing a significant
working capital deficit.  As such, until a restructuring of the
Senior Secured Notes is executed, the Company's liquidity
constraints remain an immediate challenge for the Company."

On March 24, 2017, the Company and holders of the Senior Secured
Notes entered into a non-binding term sheet setting forth the
general terms of a potential restructuring of the Note Purchase
Agreement.  The Company is and continues to conduct business as
usual and continues in negotiations with the holders of the Senior
Secured Notes to restructure the terms and conditions of the Note
Purchase Agreement and its obligations thereunder in accordance
with the term sheet.  However, the holders of the Senior Secured
Notes may exercise their remedies against the Company at any time
since there is no forbearance agreement currently in place.  In
that event, or if the Company is ultimately unable to finalize the
documents to satisfactorily restructure the Senior Secured Notes,
then the Company would in all likelihood exercise all of its
available alternatives to preserve the going concern value of the
Company.  Such alternatives could include filing a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code or
similar restructuring laws, with recognition of any orders entered
thereunder in the appropriate jurisdiction in Canada.

                     About Rooster Energy Ltd.

Rooster Energy Ltd. (TSX VENTURE:COQ) --
http://www.roosterenergyltd.com-- is a Houston, Texas, based
vertically integrated oil and gas 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 business is a service company whose assets consist of
rigless well plugging and abandonment/intervention units and its
oil and gas assets consist of producing oil and gas wells located
on US federal oil and gas leases.


RUPARI HOLDING: Seeks Approval of $1.4 Million Under KEIP
---------------------------------------------------------
Ryan Boysen of Law360 reports that Rupari Food Services Inc. is
asking the U.S. Bankruptcy Court for the District of Delaware to
quickly approve a $1.4 million employee incentive plan and a
$50,000 nonexecutive retention plan, and to waive the customary
14-day waiting period on such measures.

The KEIP would apply to Rupari CEO Jack Kelly, Chief Financial
Officer Micah Valine, Chief Sales Officer Michael Kaczynski, Vice
President of Supply Chain Matthew Jackson, and Vice President of
Marketing Kristin Kroepfl.

Law360 discloses that under that plan, each of the executives would
receive a payout "within five business days" of a successful 363
sale, with Mr. Kelly's payment topping the list at $325,000 and Ms.
Kroepfl's bringing up the rear at $145,000.

The KEIP, meanwhile, will establish a pool of $50,000 to be paid
out to nonexecutive employees as Rupari sees fit, Law360 adds. No
single payment will top $10,500, the company said, according to
Law360.

                  About Rupari Holding Corp.

Established in 1978, Rupari -- http://www.rupari.com/-- is a      
culinary supplier of sauced and unsauced ribs, barbeque pork,  and
BBQ chicken.  Since 1978, Rupari Foods has been producing and
distributing the finest, restaurant-quality, pre-cooked, sauced,
bone-in proteins, and related barbeque products.  The Company
offers a full line of meats under the Rupari brand name, as well as
a variety of products under the retail names of Tony Roma's and
Butcher's Prime.  The Company's products are available at large and
mid-sized retailers throughout the United States and Canada.

Rupari Holding Corp. and its affiliate Rupari Food Services, Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 17-10793 and
17-10794, respectively) on April 10, 2017.  The petitions were
signed by signed by Jack Kelly, CEO.

At the time of filing, the Debtors each estimated $50 million to
$100 million in assets and $100 million to $500 million in
liabilities.

The cases are assigned to Judge Kevin J. Carey.

R. Craig Martin, Esq., Maris J. Kandestin, Esq., Richard A.
Chesley, Esq., and John K. Lyons, Esq., at DLA Piper LLP (US) are
serving as counsel to the Debtors.  Kinetic Advisors LLC is the
financial advisor.  Donlin, Recano & Co., Inc., is the claims and
noticing agent.

No trustee, examiner, or official committee of unsecured creditors
has been appointed in the Debtors' Chapter 11 cases.


SANDHILL ENTERPRISES: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Sandhill Enterprises of
Lakeland, LLC  as of May 1, according to a court docket.

                 About Sandhill Enterprises

Sandhill Enterprises of Lakeland, LLC, filed a Chapter 11 petition
(Bankr. M.D. Fla. Case No. 17-02392) on March 24, 2017.  The
petition was signed by Reginald Pope, Manager.  At the time of
filing, the Debtor estimated assets and liabilities between
$100,000 and $500,000.  Pierce J. Guard, Jr., at The Guard Law
Group, PLLC, is serving as counsel.


SCIENTIFIC GAMES: Reports $725-M Revenues for First Quarter
-----------------------------------------------------------
Scientific Games Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $100.8 million on $725.4 million of total revenue for the three
months ended March 31, 2017, compared to a net loss of $92.3
million on $682 million of total revenue for the three months ended
March 31, 2016.

As of March 31, 2017, Scientific Games had $7.07 billion in total
assets, $9.06 billion in total liabilities and a total
stockholders' deficit of $1.99 billion.

As of March 31, 2017, the Company's principal sources of liquidity,
other than cash flows provided by operating activities, were cash
and cash equivalents and amounts available under its revolving
credit facility.

During the first quarter of 2017, the Company successfully
completed a series of refinancing transactions, including a private
offering of $1.15 billion in aggregate principal amount of 7.000%
senior secured notes due 2022 and an amendment to our credit
agreement which extended the maturity of its term loans and
revolving credit facility, and reduced the applicable interest rate
on the term loans.  These actions reduced the total principal value
of its debt by $45.0 million, including payment of the remaining
$45.0 million on its revolving credit facility, lowered its annual
cash interest cost, extended the maturity to 2021 and 2022 for
approximately 95 percent of its debt and significantly reduced its
interest rate exposure to floating rates.

The amount of the Company's available cash and cash equivalents
fluctuates principally based on borrowings or repayments under its
credit facilities, investments, acquisitions and changes in its
working capital position.  The borrowing capacity under its
revolving credit facility will depend on the amount of outstanding
borrowings and letters of credit issued and on its remaining in
compliance with the covenants under its credit agreement, including
a maintenance covenant based on consolidated net first lien
leverage.  The Company was in compliance with the covenants under
its credit agreement as of March 31, 2017.  The February 2017
Refinancing, among other things, reduced the commitments on the
revolving credit facility to $556.2 million through Oct. 18, 2018,
with a step-down to $381.7 million until the maturity in 2020.

"We believe that our cash flow from operations, available cash and
cash equivalents and available borrowing capacity under our
existing or anticipated financing arrangements will be sufficient
to meet our liquidity needs for the foreseeable future; however, we
cannot assure that this will be the case.  We believe that
substantially all cash held outside the U.S. is free from legal
encumbrances or similar restrictions that would prevent it from
being available to meet our global liquidity needs," the Company
stated in the report.

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/mehdkZ

                   About Scientific Games

Scientific Games Corporation (NASDAQ:SGMS) is a leading developer
of technology-based products and services and associated content
for worldwide gaming, lottery and interactive markets.  The
Company's portfolio includes gaming machines, game content and
systems; table games products and shufflers; instant and draw-based
lottery games; server-based lottery and gaming systems; sports
betting technology; loyalty and rewards programs; and interactive
content and services.  For more information, please visit
ScientificGames.com.

Scientific Games reported a net loss of $353.7 million on $2.88
billion of total revenue for the year ended Dec. 31, 2016, compared
to a net loss of $1.39 billion on $2.75 billion of total revenue
for the year ended Dec. 31, 2015.

                        *    *    *

In November 2014, Moody's Investors Service downgraded Scientific
Games Corporation's Corporate Family Rating to 'B2' from 'B1'
following the announcement that the company had completed its
merger with Bally Technologies, Inc.

As reported by the TCR on Aug. 9, 2016, S&P Global Ratings lowered
its corporate credit rating on Scientific Games to 'B' from 'B+'.
The outlook is stable.  "The downgrade of Scientific Games reflects
our forecast for lower EBITDA growth and weaker credit measures
than we previously expected," said S&P Global Ratings credit
analyst Ariel Silverberg.


SECURITIES INVESTOR: Rothchild Balks at Madoff Trustee Claims
-------------------------------------------------------------
Rick Archer, writing for Bankruptcy Law360, reports that Rothchild
Trust Guernsey Ltd, an investment company that withdrew funds from
Bernie Madoff's $65 billion Ponzi scheme before it collapsed, told
a New York bankruptcy court that the bankruptcy trustee shouldn't
be allowed to change his clawback theory.

Law360 relates that Rothchild Trust argued the trustee should not
be allowed to argue that Rothchild was the initial transferee of
$2.2 million in profits from Madoff's investment company when it
has already argued Radcliff Investments Ltd. was the initial
transferee and had then transferred the money to Rothchild.

In an amended complaint, Irving Picard, as bankruptcy trustee for
Bernard L. Madoff Investment Securities LLC, alleged that Rothchild
controlled Radcliff and was therefore the initial transferee, but
Rothchild argued that it and Radcliff are separate entities, Law360
relays.

Mr. Picard is represented by David J. Sheehan, Nicholas J. Cremona
and Dean D. Hunt of Baker & Hostetler LLP.

Rothschild Trust is represented by Jeff E. Butler and Rijie Ernie
Gao of Clifford Chance US LLP.

The bankruptcy case is Securities Investor Protection Corp. v.
Bernard L. Madoff Investment Securities LLC et al., case number
1:08-ap-01789, in the U.S. Bankruptcy Court for the Southern
District of New York.


SEVEN GROUP: June 6 Plan Confirmation Hearing
---------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut approved The Seven Group Holdings, LLC's
disclosure statement describing its plan of reorganization filed on
Jan. 23, 2017.

June 6, 2017, at 12:00 p.m., is fixed as the date of the hearing to
consider confirmation of the Plan in the U.S. Bankruptcy Court,
Bridgeport Division, 915 Lafayette Blvd, Bridgeport, CT 06604.

Written objections to the Plan shall be filed with the Court no
later than 4:00 p.m. on May 30, 2017.

The Troubled Company Reported reported on January 30, 2017, that no
payment on the Disputed Class 1 Secured Claim will be made until
resolution of the dispute.  Upon closing on a sale of the Property,
any proceeds that would provisionally be due will be held in escrow
pending a final, non-appealable judgment determining the nature,
extent, and enforceability of the Lenders' Class 1 Claim, or other
final resolution of the dispute. No payment will be made to the
Lenders unless and until the Disputed Class 1 Secured Claim becomes
an Allowed Claim.

A copy of the First Amended Disclosure Statement is available at:

              http://bankrupt.com/misc/ctb16-51259-57.pdf

                     About The Seven Group

The Seven Group Holdings, LLC, is a Florida limited liability
company that purchases, rehabilitates, and sells real estate.  The
Debtor is a holding company with no employees or post-petition
operating revenue.  The Debtor is owned 50% by The 6 Group, LLC,
and 50% by Cruz East Venture, LLC.  In August 2016, the Debtor
sold
a rehabilitated parcel of real estate it owned in North Babylon,
New York.   

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Conn.
Case No. 16-51259) on Sept. 20, 2016, disclosing under $1 million
in both assets and liabilities.  The Debtor is represented by
Jeffrey M. Sklarz, at Green & Sklarz, LLC.

No official committee of unsecured creditors has been appointed in
the case.


SMITH HEALTH CARE: Court Terminates Services of PCO
---------------------------------------------------
Judge John J. Thomas of the U.S. Bankruptcy Court for the Middle
District of Pennsylvania entered an Order terminating the services
of Margaret Barajas, as Patient Care Ombudsman for Smith Health
Care, LTD.

The Order was made under the U.S. Trustee's motion for an order
terminating the appointment of PCO for the Debtor.

The Troubled Company Reporter, on March 30, 2017, reported that
Andrew R. Vara, the acting United States Trustee, asked the
Bankruptcy Court to enter an order terminating the appointment of
the PCO given that the Debtor's Plan has been confirmed and that
the Debtor continues to comply with the terms of the Plan and all
of its obligations post-petition.  The United States Trustee
suggested that the services of the patient care ombudsman are no
longer necessary to protect patients.

The Court further ordered the PCO to destroy any and all copies of
confidential patient records in the PCO's possession about the
Debtor's patients or former patients, to which records the PCO was
granted access or possession under the Court's order directing the
appointment of a patient care ombudsman.

                 About Smith Health Care

Smith Health Care, Ltd., aka Smith Nursing Home, dba Smith Nursing
& Convalescent Home of Mountain Top, Inc. (Bankr. M.D. Pa., Case
No. 14-05092) filed a Chapter 11 Petition on October 31, 2014. The
case is assigned to Judge Robert N Opel II.

The Debtor's counsel is John H. Doran, Esq., and Lisa M. Doran,
Esq., at Doran & Doran, P.C., in Wilkes-Barre, Pennsylvania.

The Debtor has estimated assets ranging from $1 million to $10
million and estimated liabilities ranging from $1 million to $10
million.  The petition was signed by Donna L. Strittmatter,
president.


SOTO REEFER: Plan Confirmation Hearing on Aug. 23
-------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Soto Reefer
Containers, Inc.'s disclosure statement dated March 27, 2017,
referring to the Debtor's plan of reorganization.

A hearing to consider the final approval of the Disclosure
Statement and confirmation of the Plan will be held on Aug. 23,
2017, at 9:00 a.m.

Acceptances or rejections of the Play must be filed on or before 14
days prior to the date of the hearing on the confirmation of the
Plan.  Objections to the final approval of the Disclosure Statement
and confirmation of the Plan must be filed on or before 14 days
prior to the date of the plan confirmation hearing.

As reported by the Troubled Company Reporter on April 4, 2017, the
Debtor filed with the Court the Amended Disclosure Statement, which
included the treatment of priority unsecured claims, including the
claims filed by the Internal Revenue Services, State Insurance Fund
Corporation, PR Treasury Department, and Municipio de Ceiba.

                        About Soto Reefer

Soto Reefer Containers, Inc., manages an electric container rental,
transportation, and repair business located at Carr. 3 KM 60.2,
Ceiba P.R. 00735.  The property on which the Debtor operates is
leased to Arnaldo Soto Russe, the Debtor's president and owner in
his personal character of the real property where the Debtor
operates.

The Debtor filed a Chapter 11 petition (Bankr. D.P.R. Case No.
16-07602) on Sept. 26, 2016, and is represented by Rosana Moreno
Rodriguez, Esq., at Moreno & Soltero Law Office, LLC.


SOUTHEASTHEALTH: Fitch Affirms BB+ Rating on $89.3MM 2007 Rev Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the following Cape Girardeau County
Industrial Development Authority bonds issued on behalf of
Southeast Missouri Hospital Association (d/b/a SoutheastHealth) at
'BB+':

-- $89.3 million hospital revenue bonds, series 2007.

The Rating Outlook is revised to Positive from Stable.

SECURITY
The bonds are secured by a pledge and assignment of the
unrestricted receivables of the Obligated Group and a mortgage lien
on Obligated Group property. Further security is provided by a debt
service reserve fund.

KEY RATING DRIVERS

FURTHER PROFITABILITY IMPROVEMENT: The revision of the Outlook to
Positive reflects additional improvements in operating cash flow
through 2016, with steady results expected in 2017. Through 2016
SoutheastHealth generated a solid 10.8% operating EBITDA margin and
2.5x coverage of maximum annual debt service (MADS) by operating
EBITDA, which was ahead of budget. Cash flow is expected to be
sustained at this level going forward.

INCREMENTAL LIQUIDITY GAINS: The 'BB+' rating reflects
SoutheastHealth's relatively light liquidity. Still, incremental
gains are expected and unrestricted cash has improved from $54.6
million at fiscal 2014 to $76.4 million at fiscal 2016, a 40%
increase against a 12% increase in revenue over the same time
frame. SoutheastHealth is expected to further rebuild liquidity,
via healthy operating profitability and marked improvement in its
accounts receivable. Days in accounts receivable have declined to
39.1, well below Fitch's 'BBB' median of 49 days and much improved
from the high 64.4 days at fiscal 2013.

MANAGEABLE CAPITAL NEEDS: SoutheastHealth has a low 8.6 year
average age of plant in 2016 and its capital plans are manageable
at near 100% of its depreciation expense. SoutheastHealth should
generate sufficient cash flow to support expenditures as well as
continue building liquidity.

MIXED MARKET PROFILE: SoutheastHealth's market position remains
stable, though the primary service area has relatively low growth
and modest income levels, which is reflected in a 16% Medicaid and
self-pay payor mix in 2015. As such, SoutheastHealth's secondary
market strategy will be key for future growth in clinical
activity.

RATING SENSITIVITIES

INCREMENTAL IMPROVEMENTS EXPECTED: Fitch anticipates that
SoutheastHealth will generate steady operating profitability and
incremental balance sheet growth through the medium term, absorbing
its modest capital needs. Upward rating movement will be contingent
upon further incremental improvement in liquidity to levels more
consistent with Fitch's 'BBB' category medians.

CREDIT PROFILE

SoutheastHealth is a nonprofit health system in southeastern
Missouri, serving Cape Girardeau and the surrounding region.
SoutheastHealth operates three acute care hospitals and more than
50 care locations in 12 communities, in a network of care serving
patients in a four-state area. Total revenues were $349.5 million
in 2016 (fiscal year ended Dec. 31).

ONGOING IMPROVEMENTS

SoutheastHealth's rating history has been volatile due to revenue
cycle and revenue recognition issues that resulted in covenant
violations and potential ramifications with its then direct bank
loans (refinanced in 2016) in fiscal 2013 and 2014. After
successfully addressing these issues, performance has been solid
since fiscal 2015.

The Outlook revision to Positive is supported in part by better
than expected cash flow in 2016. SoutheastHealth surpassed its
budget for the second consecutive fiscal year in 2016, with a 10.6%
EBITDA margin ahead of the 10.2% budget and despite relatively weak
investment returns. Solid performance was driven by better clinical
volumes, ongoing expense controls, and additional improvements in
revenue cycle.

As a result, SoutheastHealth's liquidity continued to improve
incrementally, to 87.5 DCOH and a 5.1x cushion ratio. Days in A/R
improved organically due to better collections in 2015 and further
in 2016. Further growth is expected, driven by an ambulatory growth
strategy focused on its secondary service area and steady
profitability ahead of manageable capital plans.

DEBT PROFILE

SoutheastHealth has $144.4 million in total long-term debt
outstanding at Dec. 31, 2016, all of which is fixed rate. Debt
service is level, with MADS measured at $14.9 million.
SoutheastHealth generated 2.2x coverage in fiscal 2016 per their
covenant calculation. In addition, SoutheastHealth has a very
conservative investment mix, and no pension exposure.

DISCLOSURE

SoutheastHealth covenants to provide annual disclosure within 150
days of year end and quarterly disclosure within 45 days of quarter
end (for the first three quarters), to the Municipal Securities
Rulemaking Board's EMMA system.


SQUARE INC: R. White Asks 9th Cir. to Revive Discrimination Suit
----------------------------------------------------------------
Ryan Boysen, writing for Bankruptcy Law360, reports that bankruptcy
attorney Robert White has asked the Ninth Circuit for another shot
at his class allegations that Square Inc. discriminatorily
prohibited prostitutes, bookies, bankruptcy lawyers and others from
using its online payment service, saying the Spokeo precedent calls
for a state court retrial.

Robert White's proposed class action had been tossed twice by a
California federal court last year, on the grounds that Mr. White
could not sue under the state's Unruh anti-discrimination law since
he never signed up for Square, Law360 relates.

But the California lawyer told the appeals court on Thursday, April
27, that the U.S. Supreme Court's landmark May 2016 ruling in
Spokeo Inc. v. Robins means the federal court never had the
jurisdiction to hear his case in the first place -- and that even
if the court did, Square's ban on bankruptcy lawyers is exactly the
type of behavior the Unruh Civil Rights Act is meant to prevent,
according to Law360.

In his appeal, Mr. White repeated many of the same arguments and
cases District Judge Jon S. Tigar explicitly rejected last year
when he dismissed the suit with prejudice, according to Law360.

Square declined to comment Monday, and Mr. White did not respond to
a request for comment, according to Law360.

Mr. White is represented by William N. McGrane of McGrane LLP.

Square is represented by David H. Kramer, Sara E. Rowe and Colleen
Bal of Wilson Sonsini Goodrich & Rosati PC.

The case is White v. Square Inc., case number 16-17137, in the U.S.
Court of Appeals for the Ninth Circuit.

Square, Inc. creates tools that help sellers of all sizes start,
run, and grow their businesses -- from payment processing to point
of sale, hardware to software, business loans to payroll and more.
Businesses and individuals can also use Square Cash, an easy way
to send and receive money, as well as Caviar, a food delivery
service for popular restaurants. Square was founded in 2009 and is
headquartered in San Francisco, with offices in the United States,
Canada, Japan, and Australia.



STOMPY BOT: Delays Filing of Annual Financial Statements
--------------------------------------------------------
Stompy Bot Corporation on May 2, 2017, disclosed that it is late in
filing its annual financial statements and management discussion
and analysis ("MD&A") for the year ended December 31, 2016, on the
prescribed deadline of May 1, 2017.

The Company has made an application with the applicable securities
regulators under National Policy 12-203 — Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203") requesting that a
management cease trade order be imposed in respect of this late
filing rather than an issuer cease trade order.  The issuance of a
management cease trade order does not affect the ability of persons
who have not been directors, officers or insiders of the Company to
trade in their securities.

The Company anticipates that it will in a position to prepare and
file the annual financial statements and MD&A on or prior to June
15, 2017.

The Company confirms that it will satisfy the provisions of the
alternative information guidelines under NP 12-203 by issuing
bi-weekly default status reports in the form of news releases for
so long as it remains in default of the filing requirements to file
its financial statements and MD&A within the prescribed period of
time.  The Company confirms that there is no other material
information relating to its affairs that has not been generally
disclosed.


SYFOOD GROUP: Asks Court to Move Exclusive Plan Period to June 29
-----------------------------------------------------------------
Syfood Group, Inc., requests the U.S. Bankruptcy Court for the
District of Puerto Rico for a 60-day extension of the exclusive
period to file its Disclosure Statement and Chapter 11 Plan from
April 30, 2017 to June 29, 2017.

The Debtor tells the Court that it is currently in the process of
auditing its past "IVU" Monthly Tax Returns in order to dispute
certain amounts claimed by the Treasury Departments.  The Debtor's
management asserts that certain payments were not properly applied
thus fines were imposed.

Moreover, the Debtor informs the Court that it is also in the
process of evaluating negotiating with creditor Matosantos
Commercial Corp. a stipulation to pay said creditor's
administrative claim.

                   About Syfood Group

Syfood Group, Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 16-04497) on June 5, 2016. The petition was signed by Spartaco
F. Borsini-Bautista, President.  The Debtor is represented by
Hector Eduardo Pedrosa-Luna, Esq., at the Law Offices of Hector
Eduardo Pedrosa Luna.  At the time of filing, the Debtor had both
assets and liabilities estimated to be between $100,000 to $500,000
each.


TANDOORI AT TRANSIT: Court Extends Plan Filing Period to May 15
---------------------------------------------------------------
Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western
District of New York entered an Order further extending Tandoori at
Transit, Inc. and Ravi Sabharwal's exclusive period for filing a
small business plan and disclosure statement to May 15, 2017.

The Troubled Company Reporter has previously reported that the
Debtors sought the extension of their exclusive period for filing a
small business plan and disclosure statement to July 3, 2017. The
Court granted the Debtors until May 1, 2017 to file their small
business plan and disclosure statement.  

The Debtors related that certain sales tax audit claims of New York
State Department of Taxation and Finance were the subject of
ongoing administrative proceedings with NYS Tax. The Debtors
further related that they were disputing the assertion of NYS Tax
of pre-petition audit claims against the Debtor Tandoori for
priority sales taxes and interest and general unsecured claims for
pre-petition penalties, in addition to liens which it had filed
against the Debtor Tandoori pre-petition.

The Debtors told the Court that the resolution of the NYS Tax sales
tax audit may have a material impact on the amounts which the
Debtors would be able to or be required to pay to their creditors
through their Joint Chapter 11 Plan.

The Debtors related that since the commencement of the cases, the
Debtor Tandoori's principals have had discussions with several
individuals and groups regarding potential new equity investments
in Tandoori's restaurant business, as well as a potential sale of
the business.  The Debtors further related that Debtor Tandoori's
principals have also had discussions with potential lenders
regarding potentially refinancing the mortgage on the real property
in Williamsville, New York, where Tandoori's business is located,
as a potential source of funds which might be used by the Debtors
in connection with a proposed Chapter 11 Plan.

The Debtors submitted that the statutory deadline of January 3,
2017, would not permit sufficient time to achieve their objectives,
nor will it permit the Debtors to pursue financing with potential
lenders who have requested to see financials from the Debtor
Tandoori for 12-months of operations while in Chapter 11.

The Office of the U.S. Trustee consented to a further extension of
the exclusivity deadline.

A further hearing on the balance of the extension being sought
through the Debtor's Motion is scheduled for May 15, 2017 at 10:00
a.m.

                    About Tandoori at Transit

Tandoori at Transit, Inc. is based in Williamsville, New York, and
operates a restaurant and banquet hall facilities serving Royal
Indian cuisine.  It sought Chapter 11 protection (Bankr. W.D.N.Y.
Case No. 16-10413) on March 7, 2016.  At the time of filing,
Tandoori at Transit estimated $50,000 to $100,000 in assets and $1
million to $10 million in debt.

Ravi Sabharwal, vice-president of Tandoori at Transit, sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 16-10362) on Feb.
29, 2016.  His wife, Rita Sabharwal, owns 100 percent of the stock
and is the chief executive officer of Tandoori at Transit.  

On March 28, 2016, the court ordered the joint administration of
the cases.  The Debtors are represented by Daniel F. Brown, Esq.,
at Andreozzi, Bluestein, Weber, Brown, LLP. The Debtor hires Cash
Realty & Auctions as auctioneer.


TAPSTONE ENERGY: S&P Assigns 'B-' CCR, Outlook Positive
-------------------------------------------------------
S&P Global Ratings assigned its 'B-' corporate credit rating to
Oklahoma-based Tapstone Energy LLC.  The rating outlook is
positive.

At the same time, S&P assigned its 'B-' issue-level rating and '3'
recovery rating to the company's proposed $300 million senior
unsecured notes due 2022.  The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery to creditors in the event of a payment default.

"The ratings on Tapstone Energy LLC reflect our assessment of the
company's vulnerable business risk, aggressive financial risk, and
adequate liquidity", said S&P Global Ratings credit analyst Kevin
Kwok.  "Our vulnerable assessment of Tapstone's business risk
incorporates the company's limited geographic diversification with
all of its operations in the Anadarko Basin, and a relatively small
proved reserve base.  Our aggressive financial risk assessment
takes into account the company's current leverage, as well as its
majority financial sponsor ownership by GSO Capital Partners L.P.
We expect capital investments to remain elevated as the company
aims to develop its NW STACK acreage over the next few years."

The positive outlook on Tapstone Energy LLC reflects the potential
for an upgrade should the company be able to successfully execute
on its aggressive development program in the NW STACK play in the
Anadarko Basin while maintaining adequate liquidity.  S&P currently
expects production to be essentially flat in 2017 with over 35%
growth next year.

S&P expects the company to maintain credit measures appropriate for
the current rating, including FFO to debt near 20%.

S&P could revise the outlook to stable if production growth does
not meet its expectations, or if liquidity deteriorates to levels
S&P no longer views as adequate.  This would most likely occur if
the company continued its aggressive spending program and did not
raise additional capital, or if crude oil prices weakened
significantly and the company did not reduce capital spending.  S&P
could also revise the outlook to stable if credit measures weakened
such that Tapstone's FFO to debt approached 12% on a sustained
basis.

S&P could raise the rating if the company is able to successful
increase production and reserves from the NW STACK, while improving
liquidity into 2018.


TEMPEST GROUP: Exclusive Plan Filing Deadline Moved to May 31
-------------------------------------------------------------
The Hon. Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania has granted The Tempest Group,
Inc.'s request to extend its exclusive plan filing period through
May 31, 2017.

As reported by the Troubled Company Reporter on March 24, 2017, the
Debtor told the Court that it is currently in negotiations with its
primary creditor, Avanti Wind Systems, Inc.; and that they have
made significant progress towards resolution of Avanti's claim.
The Debtor said that the resolution of that claim would materially
affect its Plan of Reorganization and as such, it needs additional
time to attempt to finalize a settlement.

              About The Tempest Group, Inc.

The Tempest Group filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Pa. Case No. 16-70496) on July 5, 2016, estimating its
assets at $0 to $50,000 and liabilities at $100,001 and $500,000.
The Petition was signed by Cynthia Cuenin, President.  Robert O.
Lampl, Esq., serves as the Debtor's bankruptcy counsel.

The Office of the U.S. Trustee on Sept. 27, 2016, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of The Tempest Group.


TOO FAST APPAREL: Plan Confirmation Hearing on May 25
-----------------------------------------------------
The Hon. Andrew B. Altenburg, Jr., of the U.S. Bankruptcy Court for
the District of New Jersey has conditionally approved Too Fast
Apparel, LLC's disclosure statement dated April 25, 2017, referring
to the Debtor's plan of reorganization.

A hearing to consider the final approval of the Disclosure
Statement and plan confirmation is set for May 25, 2017, at 10:00
a.m.

Objections to the Disclosure Statement and plan confirmation must
be filed by May 18, 2017, which is also the last day for filing
written acceptances or rejections of the Plan.

                  About Too Fast Apparel, LLC

Too Fast Apparel, LLC, filed a chapter 11 petition (Bankr. D.N.J.
Case No. 16-29175) on Oct. 6, 2016.  The petition was signed by
Maureen Keough, member.  The Debtor is represented by Ira Deiches,
Esq., at Deiches & Ferschmann.  The Debtor estimated assets at
$100,001 to $500,000 and liabilities at $500,001 to $1 million at
the time of the filing.


TRANS-LUX CORP: Amends 2016 Form 10-K to Add Information
--------------------------------------------------------
Trans-Lux Corporation filed with the Securities and Exchange
Commission an amendment No. 1 on Form 10-K/A to its Annual Report
on Form 10-K for the fiscal year ended Dec. 31, 2016, which was
filed with the SEC on March 24, 2017, solely for the limited
purpose of amending Part III, Items 10 - 14 to reflect the
inclusion of the information required by Form 10-K.  Part III
relates to:

ITEM 10. Directors, Executive Officers and Corporate Governance

ITEM 11. Executive Compensation

ITEM 12. Security Ownership of Certain Beneficial Owners and
         Management and Related Stockholder Matters

ITEM 13. Certain Relationships and Related Transactions, and
         Director Independence

ITEM 14. Principal Accountant Fees and Services

A full-text copy of the Form 10-K/A is available for free at:

                     https://is.gd/Ctli8j

                        About Trans-Lux

Trans-Lux Corporation is a supplier of LED technology for displays
and lighting applications.  The Company designs, manufactures,
distributes and services the elements of these systems that are
real-time, programmable digital displays. These display systems
utilize light emitting diode (LED) technologies.

Trans-Lux reported a net loss of $611,000 for the year ended
Dec. 31, 2016, compared to a net loss of $1.74 million on $23.56
million of total revenues for the year ended Dec. 31, 2015.
As of Dec. 31, 2016, Trans-Lux had $13.41 million in total assets,
$14.69 million in total liabilities and a $1.27 million total
stockholders' deficit.

Marcum LLP, in Hartford, CT, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2016, citing that Company has suffered recurring losses from
operations and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the Company is in default of the indenture
agreements governing its outstanding
9 1/2% subordinated debentures which were due in 2012 and its 8
1/4% limited convertible senior subordinated notes which were due
in 2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.


UGHS SENIOR LIVING: Proposes Chapter 11 Plan of Liquidation
-----------------------------------------------------------
UGHS Senior Living, Inc., and its affiliates filed a Chapter 11
plan of liquidation that effectuates the terms of their settlement
agreement with their four largest creditors.

The settlement serves as the basic framework for the structure of
the plan and treatment of claims.

Under the agreement, assets of the Debtors will be transferred to a
liquidating trust and the chief restructuring officer will become
the liquidating trustee.  The trust will be funded with $100,000 to
cover its administrative expenses.

General unsecured creditors will share a pro rata distribution of
$50,000, provided, however, that this amount may increase if the
funds available to satisfy claims of the settling parties exceeds
$5 million.

Pursuant to the agreement, the settlement funds will be distributed
to these unsecured creditors as follows: 50% to White Oak on
account of its subordination agreement with the "seller entities,"
36% to Hillair, and 14% to the UGHS Trust.

The agreement also proposes the consolidation of certain of the
Debtors, according to the disclosure statement filed on April 25
with the U.S. Bankruptcy Court for the Southern District of Texas.

A copy of the disclosure statement is available for free at:

                      https://is.gd/WEeH3t

                 About UGHS Senior Living Inc.

Based in Friendswood, Texas, UGHS Senior Living, Inc. and its
affiliates filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Tex. Lead Case No. 15-80399) on Nov. 10, 2015.  The petition was
signed by Chad J. Shandler, chief restructuring officer.

UGHS estimated assets of less than $50,000 and liabilities of $1
million and $10 million.  TrinityCare Senior Living LLC, one of the
debtors, estimated assets of $1 million and $10 million and
liabilities of less than $500,000.

Judge Letitia Z. Paul presides over the cases.  John F Higgins, IV,
Esq., and Aaron James Power, Esq., at Porter Hedges LLP serve as
the Debtors' bankruptcy counsel.  The Debtors hired CohnReznick LLP
as their accountant.


UNILIFE CORP: Kahle Automation Objects to KERP & Other Motions
--------------------------------------------------------------
BankruptcyData.com reported that Kahle Automation filed with the
U.S. Bankruptcy Court an objection to Unilife's (1) key employee
retention plan; (2) motion for bidding procedures in connection
with the sale of substantially all of the Debtor's assets, asset
purchase agreement between the Debtors and the successful bidder
and sale of substantially all of the Debtor's assets and (3)
post-petition secured super-priority financing motion. The
objection asserts, "Kahle asserts an unsecured claim against
Unilife Medical Solutions in an amount in excess of $4,184,716.41.
Although a committee has not yet been formed, Kahle remains
optimistic that one will be formed in the near future. Kahle is not
in a position to independently fund the payment to its own counsel
to represent the interest of all of the unsecured creditors, but
believes that in a case especially like this it is important that a
committee be formed and counsel be retained to represent the
interests of unsecured creditors and take a position with regard to
the Motions listed above....Kahle further requests that if a
committee has not formed and retained counsel by the time of the
hearing on financing that any financing order entered at the next
hearing be entered as an interim order in order to give unsecured
creditors the opportunity to form a committee and retain counsel
prior to the entry of a final order regarding financing."

                  About Unilife Corporation

Unilife Corporation -- http://www.unilife.com-- is a U.S.-based   
developer and commercial supplier of injectable drug delivery
systems.  Unilife has a portfolio of innovative, differentiated
products with a primary focus on wearable injectors.  Products
within each platform are customizable to address specific customer,
drug and patient requirements.

Unilife Corporation filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y.. Case No. 17-10805) on April 12, 2017.  The Hon. Laurie
Selber Silverstein presides over the case.??Cozen O'Connor, Esq.
represents the Debtor as counsel.

The Debtor disclosed total assets of $82.98 million and total
liabilities of $201.07. The petition was signed by John Ryan, chief
executive officer.


US DATAWORKS: Files Voluntary Chapter 11 Bankruptcy Petition
------------------------------------------------------------
US Dataworks, Inc. disclosed that on May 1, 2017 it elected to seek
protection under federal bankruptcy laws by filing a Chapter 11
bankruptcy petition with U.S. Bankruptcy Court, Southern District
of Texas (case number:17-32765).

US Dataworks (otc pinksheets:UDWK) -- http://www.usdataworks.com--
is a software and technology provider serving the financial
services sector.



V & V SUPERMARKETS: Disclosure Statement Hearing on May 25
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey is set to
hold a hearing on May 25, at 11:00 a.m., to consider approval of
the disclosure statement, which explains the Chapter 11 plan of V.
& V. Supermarkets Inc.

The hearing will take place at Courtroom 3B, Bankruptcy Court, 50
Walnut Street, Newark, New Jersey.  Objections must be filed no
later than 14 days prior to the hearing.

                About V. & V. Supermarkets Inc.

Based in Lake Hiawatha, New Jersey, V. & V. Supermarkets, Inc.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 17-15174) on March 16, 2017.  

At the time of the filing, the Debtor disclosed $915,576 in assets
and $4.21 million in liabilities.

The case is assigned to Judge Vincent F. Papalia.  The Debtor is
represented by Trenk, DiPasquale, Della Fera & Sodono, P.C.
GlassRatner Advisory & Capital Group, LLC is the Debtor's financial
advisor.

No trustee, examiner or creditors' committee has been appointed in
the Debtor's case.


VERNAM BASIN: Foreclosure Auction Set for June 2
------------------------------------------------
Pursuant to judgment of foreclosure and sale entered April 3, 2012
and order dated March 18, 2016,  in the case captioned, NYCTL
1998-2 TRUST SUCCESSOR IN INTEREST TO THE NYCTL 2008-A TRUST AND
THE BANK OF NEW YORK MELLON AS COLLATERAL AGENT AND CUSTODIAN,
Pltf. vs VERNAM BASIN BOAT REPAIR CORP.; et al, Defts. Index
#23251/11, pending before the Supreme Court, Queens County, Morton
Povman as referee, will sell at public auction in Courtroom #25 at
the Queens County Courthouse, 88-11 Sutphin Blvd., Jamaica, NY on
Friday, June 2, 2017 at 10:00 a.m., the premises known as 72-58
Elizabeth Ave., Queens, NY a/k/a Block 16065, Lot 0075.

The approximate amount of judgment is $27,737.65 plus costs and
interest.  The property will be sold subject to terms and
conditions of filed judgment and terms of sale.

Plaintiff is represented by:

    THE DELLO-IACONO LAW GROUP, P.C.
    F/K/A THE LAW OFFICE OF JOHN D. DELLO-IACONO
    105 Maxess Rd., Ste. 205
    Melville, NY


VITARGO GLOBAL SCIENCES: Taps Bolender Law as Insurance Counsel
---------------------------------------------------------------
Vitargo Global Sciences, Inc. seeks approval from the US Bankruptcy
Court for the Central District of California, Santa Ana Division,
to employ Jeffrey Bolender, Esq. and Bolender Law Firm PC as state
court insurance coverage counsel.

As insurance coverage counsel, Bolender will provide all legal
services reasonably required to represent Debtor in the Beers
Cases, Troy Beers v. Vitargo Global Sciences Inc (Case no.
30-2016-00874640-CU-OE-CJC). Counsel will be working on the
insurance coverage work, which involves analyzing the liability
insurance company's coverage position and challenging that
position.

Mr. Bolender will charge the Debtor his current hourly rate of
$350. No retainer has been paid.

Jeffrey Bolender attests that he neither holds nor represent any
interest materially adverse to the interest of the estate or of any
class of creditors or equity security holders, by reason of any
direct or indirect relationship to, connection with, or interest
in, the Debtor or an investment banker for any security of the
Debtor, or for any other reason.

The Firm can be reached through:

    Jeffrey Bolender, Esq.
    BOLENDER LAW FIRM PC
    2276 Torrance Blvd.
    Torrance, CA 90501
    Tel: 310-320-9742
    Fax: 424-230-2642
    Email: jbolender@bolender-firm.com

               About Vitargo Global Sciences, Inc.

Vitargo Global Sciences, Inc., based in Irvina, CA, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 17-10988) on March 15, 2017.
The Hon. Theodor Albert presides over the case.  Michael Jay
Berger, Esq., at the Law Offices of Michael Jay Berger, serves as
bankruptcy counsel.

In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities.


WAVE SYSTEMS: Jive Signs Pact to Become Part of Aurea Family
------------------------------------------------------------
Jive Software, Inc., announced that ESW Capital, LLC, through its
affiliate Wave Systems, is acquiring Jive and that Jive will become
a part of the Aurea family of companies.  The transaction is valued
at $462 million.  Under the terms of the agreement, an affiliate of
Aurea will commence a tender offer for all of the outstanding
shares of Jive common stock for $5.25 in cash per share.  This
represents a premium of 20% to the average of Jive's closing stock
price during the three months ending on April 28, 2017.  Jive's
Board of Directors has unanimously approved the merger agreement
and recommends that Jive stockholders tender their shares in the
tender offer.
"As the leader of the enterprise collaboration category, Jive has
pushed the boundaries in how people work together for the past 16
years.  It's this focus and vision that has enabled us to deliver
industry-leading product innovation, attract a top-notch customer
base with recognized global brands and achieve record earnings and
profitability in the last announced quarter," said Elisa Steele,
CEO of Jive.  "With Jive and Aurea coming together, we can deliver
the superior end-to-end employee and customer experience companies
require in today's digital landscape."

Aurea provides the technology platform and worldwide delivery
capability to enable companies to build, execute, monitor and
optimize the end-to-end customer journey across a diverse range of
industries.  "Jive, in combination with Aurea, enables us to bring
customer experience and employee and customer engagement together.
We look forward to helping Jive clients get the maximum value out
of their investment with Jive," said Scott Brighton, CEO of Aurea.
"Everything we do is driven by our singular core value of client
success."

Completion of the acquisition is subject to customary closing
conditions, including a majority of the outstanding shares having
been tendered in the tender offer and clearance under the
Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.  The
parties expect the transaction to be completed in June 2017.
Following completion of the transaction, Jive's common stock will
be delisted from the NASDAQ and deregistered from the Securities
Exchange Act of 1934.  Morgan Stanley is serving as financial
advisor to Jive, and Wilson Sonsini Goodrich & Rosati, P.C. is
serving as legal advisor to Jive.  Atlas Technology Group LLC is
acting as financial advisor to ESW Capital and its subsidiaries.
Cooley LLP is serving as legal counsel to ESW Capital and its
subsidiaries.

Additional details about the merger agreement will be contained in
a Current Report on 8-K to be filed by Jive with the Securities and
Exchange Commission.

                         About Aurea

Aurea is the technology behind some of the world's greatest
customer experiences, from British Airways in the sky to Disney
World on the ground.  Learn more at www.aurea.com.

                      About Jive Software

Jive (Nasdaq: JIVE) is the leader in accelerating workplace digital
transformation for organizations, enabling people to work better
together.  The company provides industry-leading Interactive
Intranet and Customer Community solutions that connect people,
information and ideas to help businesses outpace their competitors.
With more than 30 million users worldwide and customers in
virtually every industry, Jive is consistently recognized as a
leader by top analyst firms, including Gartner Inc., Ovum and
Aragon Research.  More information can be found at
http://www.jivesoftware.com/or the Jive Blog.  

                     About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX)
--http://www.wave.com/--develops, produces and markets products    

for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

Wave Systems Corp. commenced on Feb. 1, 2016, a bankruptcy case by
filing a voluntary petition for relief under the provisions of
Chapter 7 of Title 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware.

On May 16, 2016, the Bankruptcy Court entered an order converting
the Chapter 7 Case to a case under the provisions of Chapter 11 of
the Bankruptcy Code.  As a result, since May 20, 2016, the Company
has been operated under a court appointed Chapter 11 Trustee under
the jurisdiction of the Bankruptcy Court and in accordance with
applicable provisions of the Bankruptcy Code and orders of the
Bankruptcy Court.  

David W. Carickhoff was appointed as Chapter 11 trustee.  Mr.
Carickhoff tapped Archer & Greiner P.C. as counsel.  The Trustee
also tapped Miller & Company, LLC as accountants and financial
advisors, and UpShot Services LLC as the claims agent and
administrative agent.


WEATHERFORD INTERNATIONAL: Files Amendment 1 to $2B Prospectus
--------------------------------------------------------------
Weatherford International plc, a public limited company organized
under the laws of Ireland, Weatherford International Ltd., a
Bermuda exempted company, and Weatherford International, LLC, a
Delaware limited liability company, may offer up to $2,000,000,000
of ordinary shares, options, warrants and guarantees of debt
securities, or any combination thereof, and sell from time to time
in one or more offerings, at prices and on terms determined at the
time of any such offering, to or through one or more underwriters,
dealers and agents, or directly to purchasers, on a continuous or
delayed basis.

The ordinary shares of Weatherford Ireland are traded under the
symbol "WFT" on the New York Stock Exchange.

A full-text copy of the Form S-3, as amended, is available for free
at https://is.gd/am5IDg

                    About Weatherford

Ireland-based Weatherford International plc (NYSE: WFT) --
http://www.weatherford.com/-- is one of the largest multinational
oilfield service companies providing innovative solutions,
technology and services to the oil and gas industry.  The Company
operates in over 100 countries and has a network of approximately
1,000 locations, including manufacturing, service, research and
development, and training facilities and employs approximately
31,000 people.  

Weatherford International reported a net loss attributable to the
Company of $3.39 billion on $5.74 billion of total revenues for the
year ended Dec. 31, 2016, compared to a net loss attributable to
the Company of $1.98 billion on $9.43 billion of total revenues for
the year ended Dec. 31, 2015.  As of Dec. 31, 2016, Weatherford had
$12.66 billion in total assets, $10.59 billion in total liabilities
and $2.06 billion in total shareholders' equity.

                       *     *     *

In November 2016, Fitch Ratings has downgraded the ratings for
Weatherford and its subsidiaries, including the companies'
Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B+'.

In November 2016, S&P Global Ratings lowered its corporate credit
rating on Weatherford International to 'B+' from 'BB-'.  "The
downgrade reflects our revised free operating cash flow estimates
for Weatherford following weaker-than-anticipated cash inflows in
the third quarter," said S&P Global Ratings credit analyst Carin
Dehne-Kiley.


WEATHERFORD INTERNATIONAL: Reports $448 Million Net Loss for Q1
---------------------------------------------------------------
Weatherford International public limited company filed with the
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss attributable to the Company of $448
million on $1.38 billion of total revenues for the three months
ended March 31, 2017, compared to a net loss attributable to the
Company of $498 million on $1.58 billion of total revenues for the
three months ended March 31, 2016.

As of March 31, 2017, Weatherford had $12.16 billion in total
assets, $10.47 billion in total liabilities and $1.69 billion in
total shareholders' equity.

Mark A. McCollum, president and chief executive officer, commented,
"I am honored to have the opportunity to lead Weatherford, an
organization with a reputation for exceptional technologies and
collaborative customer relationships, a strong global market
presence and a high-caliber, diverse workforce. Building on a rich
base of opportunities, I look forward to guiding our Company to
reach its full potential."

"In our next chapter, we intend to intensely focus on execution and
process discipline, which will serve as our cornerstones for
improved profitability and returns.  As we emerge from the worst
downturn in oilfield history, there has never been a more important
time for collaboration across our organization as well as with our
clients, reinforcing our commitment to being a trusted business
partner to those we serve.  Guided by our core values of ethics,
integrity and accountability, we will challenge ourselves to
consistently deliver greater value for our customers and our
shareholders."

McCollum continued, "Our recently announced joint venture with
Schlumberger, OneStimSM, will offer a significant North America
land-based multistage completions portfolio combined with one of
the largest hydraulic fracturing fleets in the industry for the
development of unconventional resource plays in land markets in the
United States and Canada.  This agreement enables us to take
another step toward improving our balance sheet and strengthening
our returns.  It also confirms our commitment to creating strategic
partnerships, sharing resources and capabilities to develop new
technologies and achieve critical mass as a means to provide our
clients with the lowest cost per barrel."

"Our highest priority will be to improve and strengthen our balance
sheet.  Through more disciplined cost management, we will continue
to streamline our operations, becoming a more efficient and leaner
organization.  This includes the completion of the OneStim joint
venture and the divestiture of our Land Drilling Rigs business.
Delivering heightened service quality and reliability will position
our Company on a solid path toward long-term profitability.
Improved profitability will in turn drive cash flow, and stronger
cash flow will improve our balance sheet. We realize the
responsibility of being good stewards and recognize that there is
work to be done to earn your trust and confidence. We are committed
to meaningfully improving our returns and increasing shareholder
value."

Net cash used in operating activities was $179 million for the
first quarter of 2017, including $144 million of debt interest
payments, $43 million of cash severance and restructuring costs,
and $30 million of SEC legal settlement costs, partially offset by
reductions in working capital balances totaling $3 million. Capital
expenditures of $40 million decreased by $28 million or 41%
sequentially, and decreased $3 million or 7% from the same quarter
in the prior year.  In January 2017, the Company purchased certain
leased equipment utilized in our North America pressure pumping
business for a total amount of $240 million, which upon the closing
of the transaction, will be contributed to the OneStim SM joint
venture.  As of March 31, 2017, the Company remained in compliance
with our financial covenants as defined in its revolving and
secured term loan credit facilities.  Based on the Company's
current financial projections, the Company believes that it will
remain in compliance with these covenants for the remainder of
2017.

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/bzeyOp

                     About Weatherford

Ireland-based Weatherford International plc (NYSE: WFT) --
http://www.weatherford.com/-- is one of the largest multinational
oilfield service companies providing innovative solutions,
technology and services to the oil and gas industry.  The Company
operates in over 100 countries and has a network of approximately
1,000 locations, including manufacturing, service, research and
development, and training facilities and employs approximately
31,000 people.  

Weatherford International reported a net loss attributable to the
Company of $3.39 billion on $5.74 billion of total revenues for the
year ended Dec. 31, 2016, compared to a net loss attributable to
the Company of $1.98 billion on $9.43 billion of total revenues for
the year ended Dec. 31, 2015.  As of Dec. 31, 2016, Weatherford had
$12.66 billion in total assets, $10.59 billion in total liabilities
and $2.06 billion in total shareholders' equity.

                       *     *     *

In November 2016, Fitch Ratings has downgraded the ratings for
Weatherford and its subsidiaries, including the companies'
Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B+'.

In November 2016, S&P Global Ratings lowered its corporate credit
rating on Weatherford International to 'B+' from 'BB-'.  "The
downgrade reflects our revised free operating cash flow estimates
for Weatherford following weaker-than-anticipated cash inflows in
the third quarter," said S&P Global Ratings credit analyst Carin
Dehne-Kiley.


WINDMILL RESERVE: Proposes to Pay Claims from Sale Proceeds
-----------------------------------------------------------
Windmill Reserve Corp. filed with the U.S. Bankruptcy Court for the
Southern District of Florida its proposed Chapter 11 plan of
liquidation.

The plan is predicated upon the previously approved sale of
Windmill's property to 13th Floor Acquisitions, LLC.  This means
that the company proposes to pay claims of creditors from the net
proceeds of the sale (including those claims that were satisfied at
closing and paid from the sale proceeds) and from the settlement of
avoidance actions or causes of action, which may be obtained
against third parties.

Under the liquidating plan, general unsecured claims are divided
into Classes 7(a) and 7(b).  Class 7(a) consists of general
unsecured claims other than the general unsecured claim of Pension
Benefit Guaranty Corp. allowed by the court.  

The plan proposes to distribute to each holder of an allowed Class
7(a) claim its pro rata share of the remaining "estate carve-out."

The projected distribution is estimated to be between $0.10 and
$0.14.

Estate carve-out means 40% of the net closing proceeds carved-out
by PBGC and payable to Windmill for the benefit of holders of
administrative expense claims, priority unsecured claims and
general unsecured claims (excluding PBGCs claim).  As of March 31,
2017, the estate carve-out totaled $1,437,738.52.

Meanwhile, Class 7(b) consists of PBGC's claims and other general
unsecured claims.  Each holder of an allowed Class 7(b) claim will
receive its pro rata share of the proceeds of causes of action, if
any.  The projected distribution is currently unknown, according to
Windmill's disclosure statement filed on April 25.

A copy of the disclosure statement is available for free at
https://is.gd/0KjwKZ

                  About Windmill Reserve Corp.

Windmill Reserve Corp., fka Estates of Swan Lake Corp., is a
Florida corporation that owns and developed the "Windmill Reserve"
community in Weston, Florida.  "Windmill Reserve" consists of 94
single family home sites, 72 of which have been sold and improved.
The Debtor holds title to 22 lots in the community.  The Debtor
also owns two lots used for mitigation and located in Miramar,
Florida.

The Debtor filed a voluntary Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 16-20986) on Aug. 8, 2016.  The petition was
signed by Philip J. Von Kahle as president. The Debtor listed total
assets of $15.53 million and total debts of $42.89 million.  Berger
Singerman LLP serves as the Debtor's counsel.  The case is assigned
to Judge Raymond B Ray.


YINGLI GREEN: Files Extension for 2016 Form 20-F Filing
-------------------------------------------------------
Yingli Green Energy Holding Company Limited, one of the world's
leading solar panel manufacturers, known as "Yingli solar," on
April 28, 2017, disclosed that it has filed with the Securities and
Exchange Commission a Form 12b-25 (the "Form 12b-25") to extend by
fifteen days the due date for filing its annual report on Form 20-F
for the fiscal year ended December 31, 2016 (the "2016 Form
20-F").

The Company is unable to file the 2016 Form 20-F on or before the
prescribed due date of May 1, 2017 without unreasonable effort or
expense, because the Company needs more time to prepare and review
its consolidated financial statements as of and for the year ended
December 31, 2016 and notes thereto, especially those related to
the Company's liquidity, debt restructuring and alternative
financing plans as previously disclosed by the Company in its press
release dated April 13, 2017.  The Company also needs more time to
finalize assessment of its internal control over financial
reporting and to finalize related disclosures in the Form 20-F.  As
disclosed in the Company's press release dated April 13, 2017,
there is substantial doubt as to the Company's ability to continue
as a going concern and the Company expects to disclose the same in
the Form 20-F.

The Company's management expects that the 2016 Form 20-F will be
filed on or before May 16, 2017.

                    About Yingli Green Energy

Yingli Green Energy Holding Company Limited --
http://www.yinglisolar.com-- (NYSE: YGE), known as "Yingli Solar"
or "Yingli", is a solar panel manufacturer.  Yingli's manufacturing
covers the photovoltaic value chain from ingot casting and wafering
through solar cell production and solar panel assembly.
Headquartered in Baoding, China, Yingli has more than 20 regional
subsidiaries and branch offices and has distributed more than 17 GW
solar panels to customers worldwide.



[*] Carl Evander, Kevin Smith Join Renovo Capital
-------------------------------------------------
Renovo Capital has expanded its investing and value creation
capabilities with the hiring of Carl Evander from Bain & Company
and the operating partnership with long-time colleague Kevin
Smith.

Carl S. Evander
VICE PRESIDENT

   * Over 12 years PE experience
   * Previously with Bain & Company
   * Specialized focus on value creation
   * Co-authored Bain's 2016 Global Private Equity Report
   * Graduate of Cambridge University in the UK

Kevin Smith
OPERATING PARTNER

   * 25 years of experience as operating partner, interim executive
and strategic advisor
   * Works with management teams to implement Renovo's Value
Creation Methodology
   * Previously Operating Partner on Formation Brands
   * Currently Chairman and Operating Partner at Global HR
Research

Founded in 2005, Fort Myers, Florida-based GHRR is a provider of
pre-hire intelligence and employee onboarding solutions.

Renovo Capital, LLC is a special situations private equity fund,
investing out of Renovo Capital Fund II, LP, a $132 million
committed capital fund. Renovo is focused on partnering with
business owners, entrepreneurs and management teams to invest in
businesses undergoing varying degrees of operational, financial or
market-drive change.  Renovo's principals and extensive network of
operating professionals have decades of experience delivering
unique capital solutions and operational and strategic leadership
to help solve complex situations and drive long term business value
creation.  Renovo Capital has offices in Dallas, Denver and New
York.


[*] Tomaskovic Named Top Restructuring & Turnaround Professional
----------------------------------------------------------------
Carl Marks Advisors, a corporate restructuring and investment
banking firm to middle market companies, on May 2, 2017, disclosed
that Evan Tomaskovic, a Partner at Carl Marks Advisors and manager
of the firm's investment banking group, was named among Global M&A
Network's 2017's "Top 100 Restructuring & Turnaround
Professionals."

Evan brings over 20 years of investment banking experience, having
supported mid-market companies with tailored financing solutions
throughout mergers and acquisitions and restructurings.  He has
advised both public and privately held companies across a wide
range of constituents, including management teams, boards of
directors, equity investors, and various creditor groups.

"We hold the recognitions by the Global M&A Network in high regard,
and are proud that one of our senior Investment Banking executives
-- Evan Tomaskovic -- counts among the top 100 restructuring and
turnaround professionals," said Duff Meyercord, Managing Partner at
Carl Marks Advisors.  "With the recent promotions and additions to
our Investment Banking team, coupled with this latest industry
award, we will continue to deliver outstanding service and support
to existing and new clients."

With an anticipated uptick in the restructuring cycle across key
industries, including the retail, food/grocery and the healthcare
sector, Carl Marks Advisors continues to bolster its Investment
Banking team, most recently with the promotion of Scott Webb and
David Endo.

According to the Global M&A Network, the annual editorial list
features the most accomplished and innovative consultants,
investment bankers and lawyers from the global restructuring,
distressed M&A, bankruptcy and insolvency industries.

Mr. Tomaskovic can be reached at:

         Evan Tomaskovic
         Partner
         CARL MARKS ADVISORS
         Tel: 212-909-8400
         E-mail: etomaskovic@carlmarks.com

                   About Carl Marks Advisors

Carl Marks Advisory Group LLC (Carl Marks Advisors) --
http://www.carlmarksadvisors.com-- a New York-based corporate
restructuring and investment banking firm serving middle-market
companies, provides an array of investment banking and operational
services, including mergers and acquisitions advice, sourcing of
capital, financial restructuring plans, strategic business
assessments, improvement plans and interim management.

The award-winning firm received the 2017 Turnaround Atlas Award for
Corporate Turnaround of the Year, Special Situation M&A Deal of the
Year and Energy Restructuring of the Year; 2017 M&A Advisor
Turnaround Award for SEC. 363 Sale of the Year; 2016 Turnaround
Atlas Awards' Middle Market Restructuring Investment Banker of the
Year, Middle Market Out-of-Court Restructuring of the Year and
Middle Market Cross Border M&A Deal of the Year; Global M&A Network
2017, 2016 & 2014 annual listing of the Top 100 Restructuring and
Turnaround Professionals; 2015 ACG New York Champion's Award for
Deal of the Year in Manufacturing; and was included in Turnarounds
& Workouts 2015 Outstanding Turnaround Firms and 2014 Outstanding
Investment Banking Firms.  Securities are offered through Carl
Marks Securities LLC, a member of FINRA and SIPC.


[*] US Speculative-Grade Default Rate Turns Lower, Moody's Says
---------------------------------------------------------------
Defaults among US speculative-grade, non-financial companies
continued to abate in the first three months of this year, Moody's
Investors Service says in its latest quarterly US corporate default
monitor. The default rate for these companies has returned to its
historical average of 4.7%, and steady economic growth, significant
recent refinancing activity and a slowly improving commodity sector
bode well for its further descent to 3.0% a year from now.

"The number of US speculative-grade defaults slipped to a two-year
low in the first quarter of 2017," said Moody's Senior Vice
President John Puchalla. "Recent refunding activity is helping to
mitigate the effect of higher interest rates, alongside continued
easing of strains in the commodities sector, even as oil & gas
defaults remain elevated relative to other sectors."

The tally of US non-financial corporate defaults slipped to 10 in
the first quarter of this year from 15 the prior quarter, the
smallest count since the beginning of 2015, Puchalla says in
"Default Rate Turns Lower with More Declines Ahead." Four of the
first quarter's defaulters were energy firms, down from a peak of
17 in the second quarter of last year. Exploration and production
companies accounted for three of the recent defaults, though
liquidity and rating trends indicate that the default risk is
higher for oilfield service companies in the year ahead.

Moody's Liquidity Stress Index (LSI) dropped to 5.3% in March from
a six-year high of 10.3% a year ago. Cash flow supported by
economic growth, the nascent energy recovery, covenant-lite loan
structures and amenable markets are all tempering liquidity and
default risks for US spec-grade companies. At 12.9%, however, the
energy LSI remains above average.

"A large number of low-rated companies are managing to get by with
weak balance sheets because their liquidity is keeping them
afloat," Puchalla added. "While Moody's expects economic growth to
quicken in the next year, a risky speculative-grade borrower rating
distribution will sow the seeds for more defaults if economic
growth is unexpectedly weak, geopolitical issues disrupt trade
flows or accessing the capital markets becomes more difficult."


[*] Wolf Joins Freeborn's Bankruptcy, Restructuring Finance Group
-----------------------------------------------------------------
Freeborn & Peters LLP on April 26, 2017, disclosed that Neal L.
Wolf has joined the firm's Chicago office as a Partner and member
of the Bankruptcy and Financial Restructuring Practice Group.

"We are enthusiastic about Neal joining our firm in Chicago," said
Shelly A. DeRousse, a Partner and Co-Leader of Freeborn's
Bankruptcy and Financial Restructuring Practice Group.  "Neal
brings more than four decades of experience and knowledge to
Freeborn and has consistently been recognized as a leader in the
area of bankruptcy and restructuring law."

Mr. Wolf focuses his practice in the areas of business
reorganizations, workouts, debt restructuring and business
bankruptcy, as well as business litigation.  His diverse insolvency
and bankruptcy practice experience has involved the representation
of secured and unsecured creditors, creditors' committees, debtors,
trustees, liquidating trusts, lessors, and purchasers of stock or
assets of insolvent entities.  His business litigation experience
has included the successful trial and arbitration of cases
involving a broad spectrum of issues, including but not limited to
the Uniform Commercial Code, "lender liability" law, fraudulent
conveyance avoidance, preference avoidance, partnership disputes,
state and federal securities law issues, business torts, and
contract law.

In the course of his career, Mr. Wolf has appeared in the federal
and state courts and regulatory agencies of more than 40 states and
the Territory of Puerto Rico.

Most recently, Mr. Wolf was a partner at Tetzlaff Law Offices LLC
in Chicago.  He previously practiced at Much Shelist, P.C.; the
former Dewey & LeBoeuf LLP; Orrick, Herrington & Sutcliffe LLP and
Winston & Strawn LLP.

Mr. Wolf is a Fellow of the American College of Bankruptcy.  He
earned his J.D. from the University of Chicago Law School and his
Bachelor of Arts (magna cum laude) from Princeton University.

Mr. Wolf can be reached at:

          Neal L. Wolf
          Partner
          FREEBORN & PETERS LLP
          Tel: (312) 360-6923 (Direct)
          E-mail: nwolf@freeborn.com


[^] BOOK REVIEW: Transnational Mergers and Acquisitions
-------------------------------------------------------
Author:     Sarkis J. Khoury
Publisher:  Beard Books
Softcover:  292 pages
List Price: $34.95
Review by Gail Owens Hoelscher

Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers.  Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.

At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today.  With its nearly 100 tables
of data and numerous examples, Khoury provides a wealth of
information for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come.  And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S.  In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms.  Foreign acquisitions of U.S. companies grew from 20 in
1970 to 188 in 1978.  The tables had turned an Americans were
worried.  Acquisitions in the banking and insurance sectors were
increasing sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions.  Khoury answers many of the questions arising from
the situation as it stood in 1980, many of which are applicable
today: What are the motives for transnational acquisitions? How do
foreign firms plans, evaluate, and negotiate mergers in the U.S.?
What are the effects of these acquisitions on competition, money
and capital markets;  relative technological position; balance of
payments and economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979.  His historical review
includes foreign firms' industry preferences, choice of location
in the U.S., and methods for penetrating the U.S. market.  He
notes the importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive.  He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term.  Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective.  Khoury's
research broke new ground and provided input for economic policy
at just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton.  He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.


                            *********

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
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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
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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                            *********

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 2017.  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
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The TCR subscription rate is $975 for 6 months delivered via
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                   *** End of Transmission ***