/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170707.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, July 7, 2017, Vol. 21, No. 187 Headlines 1201 PLEASANTVILLE: B. Stepanian Seeks Ch. 11 Trustee Appointment 8100 VETERANS: Wants Approval on Cash Use, Protection Payments 8281 MERRILL ROAD: Hires Messana as Counsel A-OK ENTERPRISES: Hires Roger Eastwood as Business Consultant A-OK ENTERPRISES: May Use Cash Collateral Until July 13 ACADANIA MANAGEMENT: Wants to Use BOKF, NA Et Al.'s Cash Collateral AK STEEL: Precision Partners Acquisition Credit Pos, Moody's Says ALABAMA STATE UNIVERSITY: Moody's Affirms Ba1 Fee Rev Bonds Rating ANDERSON SHUMAKER: May Use Cash Collateral Until Aug. 1 APEX PROPERTIES: Wants to Use Carolina Lily's Cash Collateral APOLLO MEDICAL: Incurs $8.96 Million Net Loss in Fiscal 2017 APPLIANCES PLUS: Plantscape Seeks Rejection of Plan, Disclosures ARCONIC INC: Fitch Affirms 'BB+' Longterm Issuer Default Rating ARISTA POWER: SEC Charges CEO et al. Over Financing ASPEN COURT: Hires Crane Heyman as Bankruptcy Attorneys BANKRATE INC: Sale to Red Ventures No Impact on Moody's B1 CFR BERTELLI REALTY: Hearing on Plan Confirmation Set for July 18 BILL BARRETT: Modifies Terms of 8.75% Senior Notes Indenture BIODATA MEDICAL: Todd Frealy Named Chapter 11 Trustee BIOSCRIP INC: S&P Affirms 'CCC' CCR, Off CreditWatch Negative CHAMPION EXCAVATION: Hearing on Cash Collateral Use Set for July 10 CHARLIELUCY LLC: Hires Kiem Law as Bankruptcy Attorney CIRCULATORY CENTERS: Asks for Court OK to Use Cash Collateral CLINICAL PET: Wants to Use Cash to Repair TomoTherapy Machine COWBOYS FAR: Provision on Class 3 Treatment Amended in Latest Plan CTI BIOPHARMA: Has Net Financial Standing of $8.3M as of May 31 CULPEPPER ENTERPRISES: UST Asks Court to Convert or Dismiss Case CYRUSONE LP: Moody's Raises CFR to Ba3; Keeps Outlook Positive D.J. SIMMONS: BOKF Seeks Ch. 11 Trustee Appointment DAVIS HOLDING: Disclosure Statement Hearing Set for July 25 DELCATH SYSTEMS: Agrees to Swap $4.2M Notes for 4,200 Pref. Shares DOLPHIN DIGITAL: Proposes to Offer Shares of Common Stock DON ROSE OIL: Taps Walter Wilhelm as Legal Counsel EMPIRE RENTALS: Can Continue Using Cash Collateral Until Dec. 31 ENERGY FUTURE: Obtains Court Nod on $6.3BB Replacement Financing ERIN ENERGY: Chief Financial Officer Resigns EXPERIMENTAL MACHINE: Plan, Disclosures Hearing Set for August 9 FANSTEEL INC: Can Continue Using Cash for July 2017 Expenses FARMERS GRAIN: Has Access to Cash Collateral Through Oct. 31 FIDELITY NATIONAL: Fitch Puts BB+ Sr. Unsec. Debt Rating on RWP FIRST FLIGHT: Wants to Use WashingtonFirst Bank Cash Collateral FLY NATION: Has Authorization to Access Cash Collateral GARBER BROS: Hires Stanley J. Paine Co. as Auctioneer GATEWAY MEDICAL: Hires Marcus & Millichap as Broker GEEAA SPRINGDALE: Case Summary & 4 Unsecured Creditors GENERAL CONCRETE: US Trustee Wants Case Dismissed or Converted GRANDPARENTS.COM INC: DIP Financing, Cash Use Have Final Approval GREAT BASIN: Mitchell Kopin Holds 9.99% Stake as of June 20 GREENSTAR HOSPITALITY: Wants to Use Cash Collateral of Plaza Bank HAHN HOTELS: May Use Cash Collateral Through Sept. 2 HAMILTON ENGINEERING: Hires Stevenson & Bullock as Counsel HAMKEI GENERATION: Asks for Court's Nod to Use Cash Collateral HAMMOND'S TRANSPORTATION: Hires Ed Shorty as Special Counsel HARRINGTON & KING: May Use Inland Cash Collateral Until July 14 HEYL & PATTERSON: Hearing on Plan Confirmation Set for Aug. 14 HIGH PLAINS COMPUTING: May Use Cash Collateral Until Jan. 7, 2018 HTY INC: U.S. Trustee Asks Court to Convert or Dismiss Case IE TEST: August 10 Plan Confirmation Hearing INDEPENDENCE TAX II: Incurs $679K Net Loss in Fiscal 2017 ISO DOC: DOJ Watchdog Seeks Ch. 11 Trustee Appointment JACK COOPER: Moody's Affirms Ca-PD Probability of Default Rating JENSEN INDUSTRIES: Court Prohibits Use of Cash Collateral KATHY DRIVE: Amended Liquidation Plan Hearing Set for August 2 KCST USA: Hearing on Continued Cash Collateral Use Set for July 13 KEELER'S MEDICAL: May Use Cash Collateral Through July 24 KING'S PEAK ENERGY: Taps Onsager Fletcher as Legal Counsel LAKEWOOD AT GEORGIA: Cash Collateral Use Extended Through Aug. 15 LAZAR ENTERPRISES: Asks Court to Convert Case to Chapter 7 LIGHTSTONE GENERATION: Bank Debt Trades at 3% Off LOS DOS MOLINOS: Taps Carmichael & Powell as Legal Counsel MAJORCA ISLES: Hearing on Plan Confirmation Set for July 20 MAYACAMAS HOLDINGS: DOJ Watchdog Seeks Ch. 11 Trustee Appointment MCDERMOTT INT'L: Credit Amendment Credit Positive, Moody's Says MEG ENERGY: Bank Debt Trades at 2% Off METRO GLASS: August 7 Plan, Disclosures Hearing MRCEM LLC: August 7 Hearing on Disclosure Statement MULTICARE HOME: Has Interim OK to Use IRS' Cash Collateral NATIONAL EVENTS: Taly USA et al. Challenge Falcon Lift Stay Bid NAVISTAR INTERNATIONAL: Navistar Fin'l Issues Series 2017-1 Notes NEIMAN MARCUS: Bank Debt Trades at 22% Off NEVER SLIP: S&P Lowers CCR to 'B-' on Weakening Credit Metrics NEXT GROUP: Incurs $10.04 Million Net Loss in 2016 OLYMPIA OFFICE: Noteholder Plan to Pay Unsecured Claims in Full OMINTO INC: Will Utilize Lani Pixels as Strategic Content Partner ONEOK INC: Moody's Hikes Senior Unsecured Notes Rating from Ba1 OPEXA THERAPEUTICS: Signs Merger Agreement with Acer Therapeutics OSSO LLC: Hires Eric Slocum Sparks as Bankruptcy Attorney PACIFIC DRILLING: Fleet Status Report as of July 3, 2017 PARKER PRECISION: Court Rejects Conversion Bid, Dismisses Case PASSAGE VILLAGE: Has Interim Nod to Use Cash Collateral in July PETCO ANIMAL: Bank Debt Trades at 9% Off PETSMART INC: Bank Debt Trades at 8% Off PIN OAK: May Use General Acquisition's Cash Collateral PITTSBURGH ATHLETIC: Board Member Seeks Ch. 11 Trustee Appointment PLASCO TOOLING: Asks for Court OK to Use Cash Collateral POST EAST: May Use Connect REO's Cash Collateral Until Aug. 31 PRECIPIO INC: Third Security Reports 16.3% Stake as of June 29 PREMIER MARINE: May Use Cash Collateral Until July 11 PREMIUM COMMERCIAL: Wants to Use CCG's Cash Collateral PRESSURE BIOSCIENCES: 1.9 Million Shares Prospectus Amended Anew PSH PROPERTIES: Has Court's Final Nod to Use Cash Collateral QSL PORTAGE: May Use Cash Collateral Until July 28 QUADRANT 4: Wants to Obtain Up to $2.5-Mil Financing, Access Cash R.K. KEYSTONE: Hires Michael J. McCrystal as Attorney RENNOVA HEALTH: Has Resale Prospectus of 4.6-M Common Shares RICHMOND LIBERTY: Unsecureds to be Paid 100% Under Exit Plan RIO MOBILE: Liquidating Plan to Pay Unsecured Claims in Full RK KEYSTONE: Wants to Use $30,000 of Cash Collateral RLE INDUSTRIES: Wants to Use Cash Collateral of JP Morgan & BizFi ROJESIE INC: Hearing on Disclosure Statement Set for August 3 ROMAGNA CORP: US Trustee Asks Court to Convert or Dismiss Case ROTHSTEIN ROSENFELDT: Kitterman's 5-Year Sentence Upheld S B BUILDING: U.S. Trustee Directed to Appoint Ch. 11 Examiner S&S SCREW: May Use Cash Collateral Through Aug. 10 SACRED TABLE: Taps Central Coast Bankruptcy as Legal Counsel SAILING EMPORIUM: Peoples Lender No Longer Consents to Cash Use SERVICE WELDING: Can Use Stock Yards Cash Collateral Until July 17 SHARP FINANCIAL: US Trustee Wants Case Converted or Dismissed SNACK SHACK: Asks Court to Convert Case to Chapter 7 SPECTRUM HEALTHCARE: May Use Cash Collateral Until July 15 SUNPOWER BY RENEWABLE: Unsecureds to Get Up to 40% in Latest Plan T&T AIR: Wants $200,000 DIP Financing From William Horner TAKATA HOLDINGS: Chapter 11 Proceedings Recognized in Canada TERRACE MANOR: May Use Cash Collateral Until Aug. 19 TERRAFORM PRIVATE: S&P Raises Issuer Credit Rating to 'B' TIDEWATER INC: BofA Wants Bid to Adjourn Plan Hearing Denied TIDEWATER INC: Equity Panel's Bid to Adjourn Plan Hearing Denied TRUE RELIGION: S&P Lower Corp. Credit Rating to D on Bankr. Filing TURF LLC: Agreed Order Entered Dismissing Case VAN DYKE: Moody's Hikes GOULT Rating from Ba1; Outlook Stable VANDERHALL EXOTICS: Case Summary & 3 Unsecured Creditors VANTIV LLC: S&P Puts BB+ CCR on Watch Developing on Worldplay Deal VIEWPOINT INC: S&P Assigns 'B-' CCR on Planned Acquisition WELLMAN DYNAMICS MACHINING: Can Use Cash for July 2017 Expenses WELLMAN DYNAMICS: Can Access Cash for July 2017 Expenses WESTERN STATES: UST Wants Case Converted to Chapter 7 WIZ-X INC: Plan Outline Okayed, Plan Hearing on July 20 WORDSWORTH ACADEMY: Wants to Use M&T Bank's Cash Collateral [*] Consumer Bankruptcy Filings Down in 2016 [^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings ********* 1201 PLEASANTVILLE: B. Stepanian Seeks Ch. 11 Trustee Appointment ----------------------------------------------------------------- Movant, Berdj Stepanian, asks the U.S. Bankruptcy Court for the Southern District of New York to enter an order appointing a Chapter 11 trustee for 1201 Pleasantville Road Restaurant Holding Group, LLC. According to the Motion, the Debtor has: (a) failed to open debtor-in-possession bank accounts and does not have workers compensation insurance; (b) not paid any post-petition taxes; and (c) not reserved any funds to pay such post-petition taxes, despite that the Debtor is operating at a loss post-petition. Further, the Movant believes that the Debtor's blatant disregard for the basic requirements of chapter 11, which continues the Debtor's pattern of pre-petition misconduct, constitutes cause for the immediate appointment of a trustee. About 1201 Pleasantville Rd. Restaurant Holding Group 1201 Pleasantville Rd. Restaurant Holding Group LLC operates an upscale Italian restaurant in Briarcliff Manor, New York. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-22743) on May 18, 2017. Julia Pandolfo, managing member, signed the petition. At the time of the filing, the Debtor estimated less than $500,000 in assets and liabilities. 8100 VETERANS: Wants Approval on Cash Use, Protection Payments -------------------------------------------------------------- 8100 Veterans SNS, LLC, asks the U.S. Bankruptcy Court for the District of Maryland for seeks authorization to use cash collateral in the ordinary course of its business and for approval of adequate protection payments. The Debtor intends to use its rental income from First Adventure, LLC, in the course of its Reorganization, for the sole purposes of making adequate protection payments to Bank United, NA, paying real property taxes and insurance, and for providing funding for any Plan. The sole asset of the Debtor is a real property located at 8100 Veterans Highway, Millersville, Maryland, together with the rents generated therefrom. The property is used by First Adventure LLC, which is related to the Debtor by common ownership. The property is subject to a consensual lien in favor of BankUnited, NA, to secure payment of the Debtor's obligation, which is currently estimated to be $3,400,000. Accordingly, the Debtor proposes to make payment of its regular monthly installments, in the amount of $21,236, as adequate protection payments commencing August 1, 2017. First Adventure has agreed to pay Rent on a weekly basis in the amount of $7,000, commencing on July 7, 2017, which amount is adequate to pay the regular monthly payment, taxes and insurance and to provide additional funding for reorganization. A full-text copy of the Debtor's Motion, dated June 29, 2017, is available a http://tinyurl.com/y9eesorb About 8100 Veterans SNS 8100 Veterans SNS, LLC, owns real property in Anne Arundel County known as 8100 Veterans Highway, Millersville, Maryland. 8100 Veterans filed a Chapter 11 petition (Bankr. D. Md. Case No. 17-18846) on June 29, 2017. Khalil Ahmad, member, signed the petition. At the time of filing, the Debtor disclosed $4.85 million in assets and $3.43 million in liabilities. The case is assigned to Judge David E. Rice. The Debtor is represented by David W. Cohen, Esq., at the Law Office of David W. Cohen. 8281 MERRILL ROAD: Hires Messana as Counsel ------------------------------------------- 8281 Merrill Road A, LLC, asks the U.S. Bankruptcy Court for the Southern District of Florida for an interim order authorizing the Debtor to employ the Law Firm of Messana, PA as counsel, nunc pro tunc to June 20, 2017. The Debtor requires Messana to: a. advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business and properties; b. attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; c. advise the Debtor in connection with any contemplated sales of assets or business combinations, including the negotiation of sales promotion, liquidation, stock purchase, merger or joint venture agreements, formulate and implement bidding procedures, evaluate competing offers, draft appropriate corporate documents with respect to the proposed sales, and counsel the Debtor in connection with the closing of such sales; d. advise the Debtor in connection with post-petition financing and cash collateral arrangements, provide advice and counsel with respect to pre-petition financing arrangements, and provide advice to the Debtor in connection with the emergence financing and capital structure, and negotiate and draft documents relating thereto; e. advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; f. provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business including attendance at senior management meetings, meetings with the Debtor's financial and turnaround advisors and meetings of the board of directors, and advice on employee, workers' compensation, employee benefits, labor, tax, insurance, securities, corporate, business operation, contracts, joint ventures, real property, press/public affairs and regulatory matters; g. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; h. prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; i. negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; j. attend meetings with third parties and participate in negotiations with respect to the above matters; k. appear before the Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and l. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. Messina will be paid at these hourly rates: Brett D. Lieberman $375 Attorneys $575-$375 Legal Assistants and Paralegals $195 On March 19, 2017, the Debtor executed an engagement agreement with Messana. The firm received $12,500 from the Debtor for services to be rendered both pre-filing and post-filing. On June 1, 2017, Messana received $50,000 from the Debtor for services to be rendered both pre-filing and post-filing. Messana will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas M. Messana, Esq., managing shareholder of the law firm of Messana, PA, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Messana may be reached at: Thomas M. Messana, Esq. Messana, PA 401 East Las Olas Boulevard, Suite 1400 Ft. Lauderdale, FL 33301 Tel: (954) 712-7400 Fax: (954) 712-7401 About 8281 Merrill Road A, LLC 8281 Merrill Road A, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-17027) on June 2, 2017. The Hon. Raymond B. Ray presides over the case. Messana, PA represents the Debtor as counsel. In its petition, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Tim O'Brien, manager of manager. A-OK ENTERPRISES: Hires Roger Eastwood as Business Consultant ------------------------------------------------------------- A-OK Enterprises, LLC and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Kansas to employ Roger Eastwood as business consultant, nunc pro tunc to June 9, 2017. The Debtors require Roger Eastwood to perform as a consultant for the financial and oversight of operations for the Debtors. The Debtor will compensate Roger Eastwood at $150 per hour. Roger Eastwood received $5,000 pre-petition retainer for consultative services. Roger Eastwood assured the Court that he does not represent any interest adverse to the Debtors and their estates. About A-OK Enterprises A-OK Enterprises, LLC, and four affiliated entities are in the business of pawn shops, payday lending and rent-to-own facilities at four Wichita locations. These locations, all on properties leased by the Debtors, are as follows: a. 1525 South Broadway, Wichita, Kansas; b. 2021 North Amidon, Wichita, Kansas; c. 1519, 1535, 1539, 1543, 1547 and 1555 South Oliver Street, Wichita, Kansas; and d. 410 North West Street, Wichita, Kansas. A-OK Enterprises, LLC, and four affiliates, including A-OK, Inc., sought Chapter 11 protection (Bankr. D. Kan. Lead Case No. 17-11096) on June 9, 2017. The petitions were signed by Bruce R. Harris, president, and 98.64% owner of the Debtors. The Hon. Dale L. Somers is the case judge. Hinkle Law Firm, L.L.C., is the counsel to the Debtor, with the engagement led by Edward J. Nazar, Esq. A-OK ENTERPRISES: May Use Cash Collateral Until July 13 ------------------------------------------------------- The Hon. Robert E. Nugent of the U.S. Bankruptcy Court for the District of Kansas has authorized A-OK Enterprises, LLC, et al., to use the cash collateral of Simmons Bank, successor by conversion to Simmons First National Bank, during the period commencing on the Petition Date through the date of any hearing on any final court order. A final hearing on the Debtors' cash collateral use will be held on July 13, 2017, at 10:30 a.m. Objections to the cash collateral use must be filed by July 10, 2017. As reported by the Troubled Company Reporter on June 22, 2017, the Debtors filed with the Court stipulated motions for interim order authorizing use of cash collateral and granting adequate protection to Simmons Bank for use of cash collateral. As adequate protection, Simmons Bank will be granted additional and replacement security interests and liens in and upon all of the prepetition collateral and all of Debtors' now owned and after acquired assets and rights. To the extent of the Debtors' use of cash collateral and any other diminution in value, Simmons Bank will have an allowed superpriority administrative expense claim. The Financing Period will be extended upon entry of a final order for a period of 90 days after entry of the interim order. As adequate protection of Simmons Bank's interest, a monthly payment representing the non-default rate of monthly interest accruing on Simmons Bank's Pre-Petition Credit Facility and Pre-Petition Obligations will be paid no later than the tenth day of each calendar month starting in July 2017, during the Financing Period pursuant to the provisions of Section 363 of the Bankruptcy Code. In addition, the Debtors will have the right to satisfy in full any secured debt due Simmons Bank. Simmons Bank will have and is granted as adequate protection for any post-petition diminution in value of its Pre-Petition Collateral, additional and replacement security interests and liens in and upon all of the Pre-Petition Collateral and all of the Debtors' now owned and after acquired assets and rights of any kind or nature and wherever located, excluding estate causes of action pursuant to Chapter 5 of the U.S. Bankruptcy Code. Copies of the court orders are available at: http://bankrupt.com/misc/ksb17-11099-35.pdf http://bankrupt.com/misc/ksb17-11100-62.pdf About A-OK Enterprises A-OK Enterprises, LLC, and four affiliated entities are in the business of pawn shops, payday lending and rent-to-own facilities at four Wichita locations. These locations, all on properties leased by the Debtors, are as follows: a. 1525 South Broadway, Wichita, Kansas; b. 2021 North Amidon, Wichita, Kansas; c. 1519, 1535, 1539, 1543, 1547 and 1555 South Oliver Street, Wichita, Kansas; and d. 410 North West Street, Wichita, Kansas. A-OK Enterprises, LLC, and four affiliates, including A-OK, Inc., sought Chapter 11 protection (Bankr. D. Kan. Lead Case No. 17-11096) on June 9, 2017. The petitions were signed by Bruce R. Harris, president, and 98.64% owner of the Debtors. The Hon. Dale L. Somers is the case judge. Hinkle Law Firm, L.L.C., is the counsel to the Debtor, with the engagement led by Edward J. Nazar, Esq. ACADANIA MANAGEMENT: Wants to Use BOKF, NA Et Al.'s Cash Collateral ------------------------------------------------------------------- Acadiana Management Group, LLC, et al., seek permission from the U.S. Bankruptcy Court for the Western District of Louisiana to use cash and accounts receivables which may be cash collateral of BOKF, NA dba Bank of Oklahoma, Eastman National Bank, NBC Oklahoma and Trustmark National Bank. Originating prepetition, the banks are the lenders on two lines of credit to the Debtors, namely a $14 million line of credit on which the Debtors are the borrowers and a $1 million line of credit issued to LTAC Hospital of Greenwood, L.L.C. The Debtors and Greenwood granted general security interests to the Lenders which cover, inter alia, the Debtors and Greenwood's cash, bank accounts and accounts receivables, which will constitute cash collateral of the Lenders. Acadiana Management guaranteed both lines of credit and granted the Lenders assignments of its management contracts with the Borrowers and Greenwood ostensibly to secure those respective lines of credit, the proceeds of which arguably constitute cash collateral to the Lenders. The Debtors require use of the proceeds of all accounts receivable and cash on hand and in their bank accounts in the ordinary course of the Debtors' businesses to pay expenses of operations incurred during the course of these Chapter 11 proceedings. Upon information and belief, the Lenders will contend that the proceeds of all accounts receivable and the cash on hand and in the bank accounts of the Debtors and Greenwood are collateral for the lines of credit, along with any proceeds of the management contracts between the Debtors and Greenwood and Acadiana Management, and that the Lenders would be entitled to adequate protection for any use of the proceeds of aforementioned cash collateral. The Debtors show that the indebtedness to the Lenders is approximately $15 million inclusive of both lines of credit. The Debtors maintain that, due to the loan agreements governing the lines of credit, that the Lenders' lines of credits have a loan to value ratio of 3 to 4, meaning that the Lenders have only loaned funds of up to 75% of the value of the collateral given to secure the lines of credit. However, to the extent that the proceeds of all accounts receivable and cash on hand constitute cash collateral and the Lenders' liens thereon are not subject to avoidance or subordination, and adequate protection is determined to be required, the Debtors propose to grant the Lenders replacement liens on the Debtors' post-petition accounts receivable and cash on hand, retroactive to the Petition Date, as adequate protection for the Debtors' use of the proceeds of all accounts receivable and the cash on hand to the extent that the same are cash collateral, and only to the extent of the actual diminution of the value of the Lenders' valid, enforceable security interests in the Debtors' assets. Notwithstanding the granting of the replacement lien, the Debtors will be authorized to use the proceeds of pre- and post-petition accounts receivable and cash on hand and in bank accounts to pay all post-petition expenses of operation of the Debtors' hospitals in the ordinary course of business and to make other expenditures outside the ordinary course of business as may be authorized by the Court. To summarize, the Debtors, as to regards to the lines of credits, would propose making interest only payments on the two lines of credit beginning Aug. 1, 2017. The Debtors tell the Court that the denial of immediate relief by way of use of cash collateral to provide these services would result in the abrupt closure of all of the Debtors' hospitals, and would cease the process by which Acadiana Management Group, LLC, on behalf of all of the Debtors, bills and collects accounts receivables for the various hospitals. Without emergency and immediate relief by way of use of cash collateral, the Debtors' estates and creditors would be irreparably harmed. A copy of the Debtors' request is available at: http://bankrupt.com/misc/lawb17-50799-5.pdf Lafayette, Louisiana-based Acadiana Management Group, LLC -- http://amgihm.com/-- and its affiliates generally own and operate long-term acute care hospitals and associated real estate for some of the hospitals across the United States. The Operating Company Affiliates operate LTAC hospitals in 12 locations: Wichita, KS, Edmond, OK, Oklahoma City, OK, Tulsa, OK, Greenwood, MS, Albuquerque, NM, Las Vegas, NV, Lafayette, LA, West Greenfield, IN, Muncie, IN, Houma, LA and Denham Springs, LA. Central Indiana - AMG Specialty Hospital, L.L.C., operates the West Greenfield and Muncie, IN hospitals. LTAC Hospital of Edmond, L.L.C., operates the hospitals in Edmond and Oklahoma City, OK. AMG provides management, billing, compliance, legal, financial, and accounting services to the affiliated Debtors, and derives income from the provision of those services. The Chapter 11 filings were necessitated by the effects of the U.S. Centers for Medicaid and Medicare Services, new, more stringent LTAC patient criteria, and a severe rate reduction for non-qualifying patients receiving care at AMG LTAC hospitals. These changes went into effect for AMG and its affiliates in or about September 2016. About Acadiana Management Acadiana Management (Bankr. W.D. La. Case No. 17-50799) and its affiliates AMG Hospital Company, LLC (Bankr. W.D. La. Case No. 17-50800), AMG Hospital Company II, LLC (Bankr. W.D. La. Case No. 17-50801), Albuquerque-AMG Specialty Hospital, LLC (Bankr. W.D. La. Case No. 17-50802), Central Indiana - AMG Specialty Hospital, LLC (Bankr. W.D. La. Case No. 17-50803), Tulsa - AMG Specialty Hospital, LLC (Bankr. W.D. La. Case No. 17-50804), LTAC Hospital of Louisiana - Denham Springs, LLC (Bankr. W.D. La. Case No. 17-50805), Las Vegas - AMG Specialty Hospital, LLC (Bankr. W.D. La. Case No. 17-50806), LTAC Hospital of Greenwood, LLC (Bankr. W.D. La. Case No. 17-50807), LTAC Hospital of Louisiana, LLC (Bankr. W.D. La. Case No. 17-50808), Houma - AMG Specialty Hospital, LLC (Bankr. W.D. La. Case No. 17-50809), LTAC Hospital of Edmond, LLC (Bankr. W.D. La. Case No. 17-50810), LTAC Hospital of Wichita, LLC (Bankr. W.D. La. Case No. 17-50811), AMG Realty I, LLC (Bankr. W.D. La. Case No. 17-50812), CHFG Albuquerque, LLC (Bankr. W.D. La. Case No. 17-50813), and AMG Realty Youngsville, LLC (Bankr. W.D. La. Case No. 17-50814) simultaneously filed Chapter 11 petitions on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Judge Robert Summerhays presides over the cases. Bradley L. Drell, Esq., Heather M. Mathews, Esq., and Gene B. Taylor, III, Esq., at Gold, Weems, Bruser, Sues & Rundell serves as the Debtors' bankruptcy counsel. Acadiana Management estimated its assets at up to $50,000 and its debt at between $50 million and $100 million. AK STEEL: Precision Partners Acquisition Credit Pos, Moody's Says ----------------------------------------------------------------- Moody's Investors Service views as credit positive AK Steel Corporation's ("AK Steel" - B2, stable) announcement that it will acquire Precision Partners Holding Company ("Precision Partners") for $360 million. The acquisition will move AK Steel into more downstream, value added capacity to serve the automotive and broader transportation markets and is in line with the company's strategic objectives. Precision Partners is involved in engineering, tooling, die design and hot and cold stamped steel parts. The acquisition also enhances AK Steel's technological capabilities in working with its automotive customers and meeting increasing requirements for advanced higher strength steels and the light weighting focus of the automotive industry. The acquisition is expected to close in the third quarter of 2017 and remains subject to standard regulatory and other closing requirements. AK Steel Corporation, headquartered in West Chester, Ohio, ranks as a middle tier integrated steel producer in the United States operating steelmaking and finishing plants in Indiana, Kentucky, Ohio, Michigan and Pennsylvania. The company also has a tube manufacturing facility in Mexico. Principal end markets include automotive, steel service centers, appliance, industrial machinery, infrastructure, construction and distributors and convertors. Through its AK Coal Resources subsidiary, the company has interests in metallurgical coal production. Revenues for the twelve months ended March 31, 2017 were $5.9 billion. Precision Partners Holding Company is headquartered in Ontario, Canada and has eight plants across Ontario, Alabama and Kentucky. ALABAMA STATE UNIVERSITY: Moody's Affirms Ba1 Fee Rev Bonds Rating ------------------------------------------------------------------ Moody's Investors Service has affirmed the Ba1 ratings for Alabama State University's (ASU) general tuition and fee revenue bonds and Ba2 rating on the Series 2005 lease revenue bonds. The action affects $211 million of outstanding rated debt. The outlook is negative. The affirmation of the Ba1 incorporates ASU's role as a public historically black college and university (HBCU), with stable and timely State of Alabama (Aa1 stable) appropriations combined with material expense cuts in fiscal years (FYs) 2015 through 2017 leading to measured improvement in operating performance. Ongoing challenges include ASU's narrow financial reserves, deep reliance on an operating line of credit for monthly liquidity needs. High financial leverage and a large pension liability also temper the rating. Key leadership transitions of the president and chief financial officer, though temporarily filled by internal personnel, add uncertainty to long term prospects for stability. The Ba2 rating on the Series 2005 lease revenue bonds, rated one level below the university's highest rating, incorporates the essentiality of the energy savings project and the risk associated with the lease-backed security for the bonds issued by the Public Educational Building Authority of Montgomery on behalf of Alabama State University. Rating Outlook The negative outlook reflects the possibility of additional credit deterioration due to tuition pricing and enrollment disruptions or if the university should be unable to sustain improved operating performance. Oversight and fiscal discipline interruptions due to transitions in president and chief financial officer positions would create additional operating pressure. Factors that Could Lead to an Upgrade: Multiple consecutive years of improved sound operating performance and debt service coverage Substantial and sustained liquidity improvement Stability in enrollment and improved growth of net tuition revenue Demonstrated management and governance stability Factors that Could Lead to a Downgrade: Disruption in net tuition revenue growth Inability to reduce annual operating deficits and cover debt service from operations Loss of access to operating line of credit Deterioration of state financial support or delay in funding Significant increase in debt Legal Security The general tuition and fee revenue bonds are secured by the university's tuition and housing revenue. FY 2016 pledged revenues of $62.6 million covered maximum annual debt service (MADS) of $15.7 million by 4.0 times. The outstanding general tuition and fee revenue bonds include the: Series 1982 Bonds (not rated), and the Series 2004, 2006, 2008, 2009, 2010, and 2012A&B Bonds. ASU may issue additional bonds on a parity basis under this pledge as long as the future issue is for facilities improvements and passes the additional bonds test. For the ABT, pledged revenue to MADS must be no less than 1.2 times and MADS may not exceed 12% of Total Current Funds Revenues. Repayment of the Series 2005 lease revenue bonds is a general unsecured obligation of the university under a lease agreement with The Public Educational Building Authority of the City of Montgomery. ASU has prepaid a portion of principal, with the current balance at $825,000. The Ba2 rating of the Series 2005 Lease Revenue bonds, one level below the Ba1 rating for the general tuition and fee revenue bonds, reflects the lease structure for the transaction. The rating is anchored at Ba2 due to the project's essential nature (energy project) to the university and the remote risk of abatement. Use of Proceeds Not applicable. Obligor Profile Alabama State University is a four year public higher education institution offering undergraduate, graduate and doctoral degrees. ASU is one of 100 US historically black college and universities (HBCU), which was established in 1867 and located in the state capital of Montgomery. In FY 2016, the university recorded operating revenues of $119 million, with 5,090 full-time equivalent students. Methodology The principal methodology used in this rating was Global Higher Education published in November 2015. An additional methodology used in the Series 2005 rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments published in July 2016. ANDERSON SHUMAKER: May Use Cash Collateral Until Aug. 1 ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois has entered a fifth interim order authorizing Anderson Shumaker Company to use cash collateral of Associated Bank, N.A., and Forest Park National Bank & Trust Co. from the Petition Date through the earliest to occur of: (i) 5:00 p.m. Central Time on Aug. 1, 2017, and (ii) the termination date. The hearing to consider the final authorization of the Debtor's cash collateral use will be held on Aug. 1, 2017, at 10:00 a.m. Objections to the use of cash collateral must be filed by July 28, 2017. The Debtor will make monthly adequate protection payments of $38,000 to the Lenders in immediately available funds. The initial monthly adequate protection payment was due on June 24, 2017, with each successive monthly adequate protection payment being due on the 24th day of each month thereafter unless or until the monthly adequate payment is modified by court order or written agreement of the Lenders and the Debtor. Associated Bank will receive (i) a replacement lien in the prepetition collateral and in the post-petition property of the Debtor of the same nature and to the same extent and in the same priority it had in the prepetition collateral, and to the extent the liens and security interests extend to property pursuant to Section 552(b) of the U.S. Bankruptcy Code, and (ii) an additional continuing valid, binding, enforceable, non-avoidable, and automatically perfected postpetition security interest in and lien on all cash or cash equivalents, whether now owned or in existence on the Petition Date or thereafter acquired or existing and whatever located, of the Debtor. Associated Bank will be deemed to have an allowed superpriority adequate protection claim to the extent the adequate protection lien is not adequate to protect Associated Bank against the diminution in value of the prepetition collateral. The Debtor is authorized to maintain no more than $10,000 in its account with Forest Park, and will immediately transfer any funds to the Debtor's operating account maintained with Associated Bank. A copy of the Fifth Interim Order is available at: http://bankrupt.com/misc/ilnb17-05206-92.pdf As reported by the Troubled Company Reporter on June 15, 2017, the Court entered a fourth interim order authorizing the Debtor to use the cash collateral of Associated Bank on an interim basis through June 23, 2017. About Anderson Shumaker Based in Chicago, Illinois, Anderson Shumaker Company provides open die forgings and custom forgings in various shapes and finishes using stainless steel, aluminum, carbon steel and various grades of alloy steel. Anderson Shumaker filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-05206) on Feb. 23, 2017. The petition was signed by Richard J. Tribble, chief executive officer. At the time of filing, the Debtor had $1 million to $10 million in estimated assets and $10 million to $50 million in estimated liabilities. The case is assigned to Judge Donald R Cassling. Scott R. Clar, Esq. and Brian P. Welch, Esq. at Crane, Heyman, Simon, Welch & Clar serve as counsel to the Debtor. RSM US LLP is the Debtor's accountant. U.S. Trustee Patrick S. Laying on March 9, 2017, appointed five creditors to serve on an official committee of unsecured creditors. The committee members are: (1) Electralloy, G.O. Carlson, Inc.; (2) Carlson Tool & Manufacturing Corp.; (3) Progressive Steel Treating, Inc.; (4) Haynes International, Inc.; and (5) Ellwood Group. Shelly A. DeRousse, Esq., Devon J. Eggert, Esq., Elizabeth L. Janczak, Esq., and Trinitee G. Green, Esq., at Freeborn & Peters LLP serve as counsel to the Committee. APEX PROPERTIES: Wants to Use Carolina Lily's Cash Collateral ------------------------------------------------------------- Apex Properties, LLC, asks for authorization from the U.S. Bankruptcy Court for the Western District of Virginia to use cash collateral of Carolina Lily Portfolio IV, LLC. Carolina Lily is the holder of notes and deeds of trust creating liens against the Debtor's mobile home park properties and several of its single family homes and other commercial real estate properties. The deeds of trust also contain assignments of rent provisions and agreements that create liens on the rents that the Debtor generates from these properties. Carolina Lily's assignment of rent provisions contained in the deeds of trust constitute a lien on the Debtor's cash collateral. The Debtor needs the use of rents in order to run its business, pay its wages and business operating expenses, and in order to have a successful reorganization. Carolina Lily has consented to the post-petition use of the rents that constitute its cash collateral in consideration of the Debtor making adequate protection payments in the amount of $32,500 per month, commencing in May 2017. Payments will be due on or before the 20th day of each month. Carolina Lily's consent to the use of its cash collateral is interim in nature; it consents to the Debtor's use of cash collateral pursuant to the Debtor's request and an order approving it for a period of four months, commencing May 1, 2017. The Debtor proposes to provide Carolina Lily with a replacement lien on the Debtor's post-petition rents that arise from Carolina Lily's collateral. The replacement lien will be deemed perfected and enforceable without the requirement that Carolina Lily or the Debtor will file any perfection documents. A copy of the Debtor's request is available at: http://bankrupt.com/misc/vawb17-70501-35.pdf Apex Properties LLC, based in Salem, Virginia, is a privately held company and an operator of a non-residential building. Apex filed for Chapter 11 bankruptcy (Bankr. W.D. Va. Case No. 17-70501) on April 14, 2017, listing between $1 million and $10 million in both assets and liabilities. The Hon. Paul M. Black presides over the case. Andrew S Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C., serves as Chapter 11 counsel. The petition was signed by Al Cooper, managing member. APOLLO MEDICAL: Incurs $8.96 Million Net Loss in Fiscal 2017 ------------------------------------------------------------ Apollo Medical Holdings, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to the Company of $8.96 million on $57.42 million of net revenues for the year ended March 31, 2017, compared to a net loss attributable to the Company of $9.34 million on $44.04 million of net revenues for the year ended March 31, 2016. As of March 31, 2017, Apollo Medical had $20.64 million in total assets, $20.37 million in total liabilities and $270,368 i total stockholders' equity. BDO USA, LLP, in Los Angeles, California, expressed substantial doubt about the Company's ability to continue as a going concern. The auditors said the Company has suffered recurring losses from operations and has generated negative cash flows from operations since inception, resulting in an accumulated deficit of $37.7 million as of March 31, 2017. A full-text copy of the Form 10-K is available for free at: https://is.gd/7pQ3NV About Apollo Medical Apollo Medical Holdings, Inc. and its affiliated physician groups -- s http://apollomed.ne.-- are a physician-centric integrated population health management company working to provide coordinated, outcomes-based medical care in a cost-effective manner. Led by a management team with over a decade of experience, ApolloMed has built a company and culture that is focused on physicians providing high-quality medical care, population health management and care coordination for patients, particularly senior patients and patients with multiple chronic conditions. ApolloMed believes that the Company is well-positioned to take advantage of changes in the rapidly evolving U.S. healthcare industry, as there is a growing national movement towards more results-oriented healthcare centered on the triple aim of patient satisfaction, high-quality care and cost efficiency. APPLIANCES PLUS: Plantscape Seeks Rejection of Plan, Disclosures ---------------------------------------------------------------- Plantscape, Inc. filed an amended consolidated objection to the approval of Appliances Plus, Inc.'s disclosure statement and to the confirmation of its chapter 11 plan of reorganization, dated May 17, 2017. Plantscape is the holder of an unsecured claim against the Debtor by virtue of a lease agreement with the Debtor dated August 16, 2010 regarding non-residential real property located at 234 Ninth Street, Braddock, Pennsylvania 15104. As of the Petition Date, the amount due under the Lease was $33,925. Additionally, Plantscape holds an administrative claim against the Debtor in the amount of $6,000. Plantscape complains that the Disclosure Statement is misleading and/or incomplete, contains erroneous, materially misleading, and inadequate information. The Disclosure Statement provides that Administrative Claims, as Class 1 claims, will be paid in full. Plantscape, as the holder of an Administrative Claim, asserts that it should be included in Class 1. With respect to Plantscape's Unsecured Claim, the Disclosure Statement incorrectly classifies this claim and incorrectly identifies Plantscape as a creditor. In addition, by not properly identifying and addressing Plantscape's Claims, the Disclosure Statement does not contain sufficient information to enable creditors or this Court to determine if the Plan is feasible. Regarding the Debtor's Plan, Plantscape contends that its unsecured claim be allowed and should be paid in full under the Plan as other unsecured claims are being paid in full by the Debtor. Further, Plantscape argues that the Plan is not fair and equitable as it fails to provide for payment of Plantscape's Claims. For the said reasons, Plantscape asks the Court to issue an Order denying approval of the Disclosure Statement and confirmation of the Ch. 11 Plan and for such other and further relief as this Court deems just and proper. Counsel for Plantscape, Inc.: Michael C. Mazack, Esq. TUCKER ARENSBERG, P.C. 1500 One PPG Place Pittsburgh, Pennsylvania 15222 Tel: 412-566-1212 Email: bsolomon@tuckerlaw.com About Appliances Plus Appliances Plus, Inc., does business as an appliance sales and service business. The Debtor has one shareholder, Rocco Perla, who owns 100% of the stock. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-23814) on Oct. 11, 2016. The petition was signed by Rocco A. Perla, president. The Debtor is represented by Christopher M. Frye, Esq., at Steidl and Steinberg, P.C. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. The U.S. Trustee has been unable to appoint an official unsecured creditors committee in the case. ARCONIC INC: Fitch Affirms 'BB+' Longterm Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Arconic Inc.'s Issuer Default Rating (IDR) at 'BB+', senior unsecured facilities at 'BB+/RR4', senior unsecured notes at 'BB+/RR4', and class A preferred stock at 'BB-/RR6'. Fitch also affirmed the short-term IDR and commercial paper ratings at 'B'. The Rating Outlook is Stable. The ratings cover approximately $6.9 billion of outstanding debt. KEY RATING DRIVERS The ratings are supported by the company's improved credit metrics following the $1.3 billion debt reduction completed in the first half of 2017; improvements in operating leverage and ongoing cost cutting initiatives; strong competitive positions in the majority of its end-markets; good product and end-market diversification; substantial liquidity; and solid financial flexibility. Further clarity on the company's future strategy and senior leadership, as well as a commitment to an investment grade credit profile, could result in positive rating momentum. The rating is also influenced by the company's cyclical end-markets, although this is somewhat offset by its diversification and the current large backlog in the large commercial aviation market. Other potential concerns include high gross leverage, a sizeable pension deficit, and potential litigation related to the Grenfell Towers fire in June 2017. The Rating Outlook is based on Fitch's expectations that ARNC's leverage metrics will remain adequate for the 'BB+' during the majority of fiscal 2017 despite recent debt repayment. However, Fitch expect ARNC's leverage metrics will continue to improve over the next two years as the company executes on new contracts, follows through on cost cutting initiatives, and improves its product mix. Other credit metrics, such as operating margins, are strong for the current rating or consistent with higher rating levels. Fitch expects the company's adjusted leverage (adjusted debt/EBITDAR) will decline to approximately 3.6x by the end of fiscal 2018. Fitch also expects ARNC's FFO interest coverage will improve to 4.0x by the end of fiscal 2018, up from 3.3x at the end of fiscal 2016. As of the end of fiscal 2016, Fitch calculates the company's adjusted leverage was 5.4x. Fitch believes ARNC's credit profile will improve over the next two years, as its recent debt reduction is coupled with anticipated operational improvements, including cost cutting initiatives, execution of new contracts, and a strong contract mix. The EBITDA margin will likely increase to above 15.5% within the next 18 to 24 months, and adjusted leverage (lease adjusted debt/EBITDAR) will decline below 3.5x during the same period. ARNC exceeded its targeted debt reduction of $1 billion by $250 million during the first half of 2017, but there is risk that potential future debt reduction plans may change following the anticipated hiring of a new CEO. Fitch considers ARNC's liquidity to be a positive credit factor, and the company has adequate financial flexibility to cover foreseeable capital requirements over the rating horizon. Fitch expects the company will continue to maintain a cash balance in the range of $1.2 billion to $2 billion through 2018 and will generate FCF in excess of $300 million. Fitch believes ARNC will experience less working capital fluctuations than those of consolidated Alcoa Inc. (Alcoa) and expects annual capex requirements will be in the range of $650 million to $800 million. The company's cash deployment strategy has focused on debt reduction since the separation of Alcoa. However, Fitch expects the company's ongoing cash deployment strategy will focus on funding capex requirements at approximately 5% to 6% of revenue, while maintaining a modest dividend. ARNC may use excess cash to repurchase equity going forward, though Fitch expects the company would maintain adequate liquidity for the current rating level. Fitch does not expect ARNC to pursue large debt-funded acquisitions over the rating horizon, though internally generated cash-funded bolt-on acquisitions are possible. Fitch has moderate concerns that the company's next full-time CEO may alter its current capital deployment strategy, which may have a negative effect on positive rating momentum, but most strategic changes are likely to be operationally focused. Fitch considers the uncertainty regarding ARNC's CEO search to be an overhang on the company's credit profile. The selection will set the tone of the company's operating and financial policies. An unexpected change in financial policies, which might focus on debt funded acquisitions and/or shareholder friendly activities, could affect Fitch's Rating Outlook for ARNC. Clarity on the future financial policies and operational strategy could result in upward rating momentum. ARNC's end-markets are highly cyclical, as its customers operate in the commercial aerospace, automotive, diversified industrial, and building & construction industries. Exposure to economic cycles and demand fluctuations within these industries could result in significant top line volatility for ARNC. Fitch considers this concern to be modest and mitigated by the company's high product diversification, long production lead time, long-term contracts and relationships, and highly innovative offerings. While the company's individual markets are highly competitive, it does not have any substantial peers that compete across all product offerings and end-markets. Fitch also believes many of Arconic's primary end markets will remain stable or positive over the intermediate term, despite their high degree of cyclicality. In particular, Fitch views favorably the current commercial aviation environment, which is driven by the substantial backlog of large commercial aircraft orders at Airbus and Boeing, as well as positive trends in air traffic and low fuel costs. ARNC is further supported by its diverse product breadth and platform exposure. In the automotive industry, there has been an appetite to shift some content to aluminum and other alloys in recent years, primarily as a way to reduce vehicle weight, while still maintaining performance. The Ford F150 is a prime example of ARNC's involvement in this trend, and the company's contracts have since expanded to include programs such as Toyota's Lexus RX. Fitch believes there is potential for further expansion over the next four to five years as production costs come down. As of Dec. 31, 2016, the company's pension benefit obligation was underfunded by approximately 34%, or $2.4 billion. The total projected benefit obligation is $7 billion. Fitch is concerned that ARNC's sizeable pension deficit may require future debt-funded contributions if the company's liquidity profile and financial flexibility were to deteriorate. ARNC may be exposed to potential litigation related to the Grenfell Tower fire, which occurred on June 14, 2017. However, the timing or magnitude of the litigation against ARNC, if any, is difficult to assess. In response to the event, the company has decided to halt sales of the associated product for use in any high-rise applications. Fitch expects the negative impact on sales to be minimal. Fitch has not incorporated possible litigation payments into its rating case. DERIVATION SUMMARY Fitch believes ARNC's leverage metrics will remain adequate for the 'BB+' during the majority of fiscal 2017, although margins are strong for the rating. Recent debt repayment, coupled with our expectations that EBITDA margins will continue expand, could result in positive ratings momentum within the next 18 to 24 months. During 2017, the company has reduced debt by approximately $1.3 billion, while decreasing exposure to low margin businesses. ARNC does not have any substantial peers that compete across all of the company's different end markets, although it faces competition in each market individually. The company believes it holds the number 1 or 2 market positions in its largest markets and is able to leverage that position into long-term customer relationships. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: -- Company continues to employ a balanced capital deployment strategy; -- Top line growth at Global Rolled Products and Engineered Products & Solutions segments is supported by the expansion of automotive sheet business and a robust commercial aerospace backlog; -- Transportation and Construction Solutions segment experiences modest top-line pressures, partially due to Reynobond products being removed from the market; -- Modest EBITDA margin expansion, driven by improved product mix and cost cutting measures; -- ARNC deploys excess internally generated cash to pursue bolt- on acquisitions and complete modest share repurchases and dividend increases but otherwise continues to employ a conservative financial policy. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- The company deviates from its current capital structure, and operational and cash deployment strategies; -- Adjusted leverage increases above 4.3x to 4.5x for a sustained period; -- Transformative and sizeable debt funded acquisitions that alters the company's credit profile; -- EBITDA margins decline below 12% over a sustained period; -- FFO fixed charge coverage declines below 3.0x for a sustained period; Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Adjusted leverage declines below the range of 3.3x to 3.5x for a sustained period; -- FFO Fixed Charge Coverage increases 3.5x to 4.0x or higher for a sustained period; -- After naming a permanent CEO, the company publicly commits to a financial policy consistent with investment grade ratings. LIQUIDITY Fitch considers ARNC's liquidity position to be a positive credit factor, and it is sufficient to cover the company's potential working capital needs and upcoming debt maturities. As of March 31, 2017, ARNC had total liquidity of approximately $5.6 billion, consisting of $1.9 billion in readily available cash and complete availability under $3.7 billion of bank facilities. The company also had approximately $640 million in cash held overseas, which Fitch considers to be restricted for foreign operations. The company's next maturities are approximately $400 million of convertible notes due in 2019 and $1 billion of senior unsecured notes due in 2020. ARNC had total debt of $8.1 billion as of March 31, 2017. The company's debt structure consists of a commercial paper program supported by a $3 billion unsecured revolver, $7.4 billion of various maturity unsecured fixed price bonds, $401 million of convertible bonds, $250 million of industrial revenue bonds, $715 million of working capital revolvers, and $47 million of other debt. Subsequent to the close of the first quarter ARNC called their 6.75% 2018 and 6.5% 2018 bonds totalling $1 billion. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Arconic, Inc. -- Long-term IDR at 'BB+'; -- Senior unsecured revolving credit facility at 'BB+/RR4'; -- Senior unsecured notes at 'BB+/RR4'; -- Class A preferred stock at 'BB-/RR6' -- Short-term IDR at 'B'; -- Commercial paper at 'B'. ARISTA POWER: SEC Charges CEO et al. Over Financing --------------------------------------------------- The U.S. Securities and Exchange Commission announced charges involving a scheme to disguise the nature of a public company's financing amid financial difficulties, and a corresponding manipulation of the price of the company's stock perpetrated by an individual previously barred from serving as an officer or director. The case is Securities and Exchange Commission v. Arista Power, Inc., et al., No. 17-cv-04598 (S.D.N.Y., filed June 19, 2017). According to the SEC's complaint, filed in federal court in Manhattan, beginning in 2012, Arista Power Inc. began to experience difficulty raising long-term capital for its operations. On the recommendation of William A. Schmitz, Arista's CEO, Michael T. Hughes, Arista counsel, and Peter Kolokouris, an Arista "consultant" who settled fraud charges with the Commission in the 1990s, Arista raised approximately $1 million through private sales of Arista stock owned by Kolokouris' family. According to the SEC, in 2012, Schmitz and Hughes helped the Kolokouris family sell their stock to private investors, with the proceeds then used to provide desperately needed financing for the company, but in the guise of a fictitious loan from a purportedly independent third party, which was in fact controlled by Kolokouris. In order to effectuate the stock sales, the complaint alleges that Kolokouris manipulated Arista stock, which inflated the public market price and thereby misled the private investors to believe that they were acquiring the Kolokouris' family stock at a discount. The complaint further alleges that Arista falsely and misleadingly stated in numerous public filings with the Commission -- beginning with a September 10, 2012 Form 8-K -- that the financing came from a line of credit with a third-party lender. Kolokouris, Schmitz and Hughes created internal Arista documentation designed to give the false appearance that Arista's disclosures were consistent with internal corporate records. Lastly, the SEC alleges that Kolokouris and various Kolokouris family members violated Regulation M by purchasing shares while engaged in a distribution of Arista stock. The SEC's complaint charges: -- Arista with violating Sections 17(a)(1) and (3) of the Securities Act of 1933 and Section 10(b) and 13(a)(1) of the Securities Exchange Act of 1934 and Rules 10b-5, 12(b)-20, 13a-1, 13a-11, and 13a-13 thereunder. -- Schmitz with violating Sections 17(a)(1) and (3) of the Securities Act. -- Hughes with violating Sections 17(a)(1) and (3) of the Securities Act and Section 10(b) of the Exchange Act and Rules 10b-5(a) and (c) thereunder. -- Kolokouris with violating Securities Act Sections 17(a)(1) and (3), Exchange Act Sections 9(a)(1) and 9(a)(2), and 10(b) and Rule 10b-5(a) and (c) thereunder, and Rule 102 of Regulation M, and aiding and abetting Arista's, Schmitz's, and Hughes's violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. -- Janice Papapanu, Michael Papapanu, Ekaterini Kolokouris, Demitrios Kolokouris, Anastasios Kolokouris, Ioannis Kolokouris, Sophia Kolokouris, Terry Bechakas, 100 Demetrios, Inc., 200 Anastasios, Inc., 300 Ioannis, Inc., 400 Terry, Inc., 500 Sofia, Inc., Just Sell Gold, Inc., and Express Gold Cash, Inc. with violating Rule 102 of Regulation M. Schmitz has agreed to settle the SEC's fraud charges, without admitting or denying liability, and has agreed to a three-year officer and director bar, a three-year penny stock bar, and to pay a penalty of $80,000. The settlement is subject to court approval. The SEC's investigation has been conducted by Howard Kim, Sandra Yanez, Jack Kaufman, Alan Maza, Celeste Chase and Adam S. Grace in the New York office. The litigation will be led by Mr. Kaufman and Mr. Kim. The case is being supervised by Lara Shalov Mehraban. ASPEN COURT: Hires Crane Heyman as Bankruptcy Attorneys ------------------------------------------------------- Aspen Court, LLC, an Illinois limited liability Company, seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the law firm of Crane, Heyman, Simon, Welch & Clar as attorneys. The Debtor requires Crane Heyman to: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property as well as its reorganization efforts herein; c. appear in court and to litigate whenever necessary; and d. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtor's business during the administration of this bankruptcy case. Crane Heyman lawyers who will work on the Debtor's case and their hourly rates are: Eugene Crane, Esq. $510 Arthur G. Simon, Esq. $510 Brian P. Welch, Esq. $510 Scott R. Clar, Esq. $510 Jeffrey C. Dan, Esq. $445 John H. Redfield, Esq. $400 David K. Welch, Esq. $325 Prior to the filing of this Chapter 11 case, Crane Heyman was paid $50,242.50 as an advance payment retainer for its representation of the Debtor in this bankruptcy case and matters relating thereto. David K. Welch, Esq., a partner in the law firm of Crane, Heyman, Simon, Welch & Clar, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Crane Heyman may be reached at: David K. Welch, Esq. Arthur G. Simon, Esq. Jeffrey C. Dan, Esq. Brian P. Welch, Esq. Crane, Heyman, Simon, Welch & Clar 135 South LaSalle Street, Suite 3705 Chicago, IL 60603 Tel: (312) 641-6777 Fax: (312) 641-7114 About Aspen Court Aspen Court, L.L.C. -- http://www.aspencourtwiu.com/-- owns an apartment community located at 1507 W. Jackson Street Macomb, Illinois 61455, with four convenient locations within walking distance to the Western Illinois University Campus. Aspen Court offers floor plans that accommodate all types of residents. It is the only apartment community in Macomb to offer 1, 2, and 3 bedroom apartments and 4 bedroom townhomes. Each apartment has a bathroom for every bedrooom! Its complex has just recently been constructed and contains all of the newest construction and communication technology. Every apartment comes with High-Speed Fiber Optic Internet included with data jacks in every bedroom and living room. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 17-16064) on May 24, 2017, estimating its assets and liabilities at between $10 million and $50 million each. The petition was signed by Jonathan Sauser as member and designated representative. Judge Timothy A. Barnes presides over the case. David K Welch, Esq., at Crane, Heyman, Simon, Welch & Clar serves as the Debtor's bankruptcy counsel. BANKRATE INC: Sale to Red Ventures No Impact on Moody's B1 CFR -------------------------------------------------------------- Moody's Investors Service said Bankrate, Inc.'s B1 Corporate Family Rating, existing debt ratings and stable outlook are not immediately impacted by an announcement on July 3 that the company has entered into a definitive agreement to be acquired by Red Ventures in an all-cash transaction valuing the company at $1.4 billion on an enterprise basis (including Bankrate's debt). Headquartered in New York, NY, Bankrate, Inc. is an internet media company that publishes, aggregates and distributes consumer banking and editorial content on its proprietary websites across various verticals including mortgages, deposits, credit cards, auto loans, home equity loans and money market accounts. BERTELLI REALTY: Hearing on Plan Confirmation Set for July 18 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts is set to hold a hearing on July 18, at 10:00 a.m., to consider approval of the Chapter 11 plan of reorganization for Bertelli Realty Group, Inc. The court had earlier approved the company's disclosure statement, allowing it to start soliciting votes from creditors. The latest plan contains additional provisions on the treatment of Class 3 general unsecured claims. Under the plan, general unsecured creditors will be paid in full and will receive four equal payments, the first due within 45 days of the effective date of the order confirming the plan or within 10 days of a final order determining the amount owed on the claim. The last three payments will be paid annually on the anniversary of the confirmation of the plan. If the company's principal asset, located at 935-979 Main Street, Springfield, is transferred at any time after confirmation, Class 3 claims will be paid in full at that time. General unsecured claims total about $16,000, and the company will set aside $75,000 from the closing on such transfer for the payment of unsecured claims and administrative claims. The order confirming the plan will provide that all unsecured claims and administrative claims (as well as priority and secured claims) be paid in full from such closing and at the time of such closing, according to Bertelli's third amended disclosure statement. A copy of the third amended disclosure statement is available for free at: http://bankrupt.com/misc/BertelliRealty_3DS.pdf About Bertelli Realty Group Bertelli Realty Group, Inc., is a corporation whose principal asset is at 935 - 979 Main Street, Springfield, Massachusetts. The Main Street Building is a building in downtown Springfield, and one block from the MGM project being built in Springfield. Bertelli Realty Group filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-31081) on Dec. 21, 2016. The petition was signed by Brent J. Bertelli, president. The Debtor disclosed total assets at $1.80 million and total liabilities at $585,088. The Debtor is represented by Louis S. Robin, Esq., at the Law Offices of Louis S. Robin. On March 20, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. BILL BARRETT: Modifies Terms of 8.75% Senior Notes Indenture ------------------------------------------------------------ The following information is incorporated by reference into the Registration Statement on Form S-4/A filed on June 14, 2017, including the prospectus filed pursuant to Rule 424(b)(3) on June 19, 2017, by Bill Barrett Corporation to make conforming changes to the description of the terms of the indenture governing the Company's 8.75% Senior Notes due 2025. Clause (2) of the definition of "Permitted Indebtedness" is replaced in its entirety as follows (on page 78): "(2) Indebtedness of the Issuer or any Restricted Subsidiary incurred pursuant to the Credit Facilities; provided, however, that immediately after giving effect to the incurrence of Indebtedness under the Credit Facilities, the aggregate principal amount of all Indebtedness incurred under this clause (2) and then outstanding does not exceed the greater of (i) $450.0 million and (ii) the Borrowing Base under the Senior Credit Facility as in effect as of the date of such incurrence; provided, that any Indebtedness incurred under this clause (2) must be secured on a basis that is or would be pari passu with the Senior Credit Facility as in effect on the date of the Indenture;" The term "Senior Credit Facility" is replaced in its entirety as follows (on page 89): ""Senior Credit Facility" means the debt facility provided for under the Third Amended and Restated Credit Agreement dated as of March 16, 2010 among Bill Barrett Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Deutsche Bank Securities Inc., as syndication agents, Bank of Montreal and Wells Fargo Bank, N.A., as documentation agents and the lenders party thereto, or any successor or replacement agreements and whether by the same or any other agent, lender or group of lenders, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreements extending the maturity of, Refinancing, replacing, increasing or otherwise restructuring all or any portion of the Indebtedness under such agreements (provided that any increase in borrowings is permitted under clause (2) of the definition of "Permitted Indebtedness")." About Bill Barrett Denver-based Bill Barrett Corporation is an independent energy company that develops, acquires and explores for oil and natural gas resources. All of the Company's assets and operations are located in the Rocky Mountain region of the United States. Bill Barrett reported a net loss of $170.4 million on $178.8 million of total operating revenues for the year ended Dec. 31, 2016, compared to a net loss of $487.8 million on $207.9 million of total operating revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Bill Barrett had $1.40 billion in total assets, $842.52 million in total liabilities and $559.22 million in total stockholders' equity. BIODATA MEDICAL: Todd Frealy Named Chapter 11 Trustee ----------------------------------------------------- Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California entered an Order approving the appointment of Todd A. Frealy as the Chapter 11 Trustee for BioData Medical Laboratories, Inc., nunc pro tunc to June 26, 2017. The approval was made pursuant to the U.S. Trustee's Application for an Order Approving the Appointment of a Chapter 11 Trustee for the Debtor. About BioData Medical BioData Medical Laboratories, Inc., based in Montclair, California, owns and operates a medical testing business that provides medical services for individuals. The Debtor filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-20446) on Nov. 28, 2016. The Hon. Mark S. Wallace presides over the case. In its petition, the Debtor estimated $2.23 million in assets and $5.90 million in liabilities. The petition was signed by Henry Wallach, CEO. The Law Offices of Robert M. Yaspan serves as general bankruptcy counsel to the Debtor; Darweesh, Lewis, Kelly & Von Dohlen, LLP as special counsel; and Muhammad Khilji and his firm CFO & Tax Solutions Inc. as accountant and business consultant. No trustee or committee has been appointed in the case. BIOSCRIP INC: S&P Affirms 'CCC' CCR, Off CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC' corporate credit rating on home infusion services provider BioScrip Inc. and removed the rating from CreditWatch, where it was placed with negative implications on Dec. 16, 2016. The outlook is positive. In addition, S&P said, "we assigned a 'CCC+' issue-level rating and '2' recovery rating to BioScrip's proposed $200 million first-lien senior secured notes. The '2' recovery indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default. We assigned our 'CC' issue-level rating on the company's $100 million second lien senior secured notes. Our recovery rating on this debt is '6', indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "We also affirmed our 'CC' issue-level rating on the company's senior unsecured notes and removed it from CreditWatch. The recovery rating on the notes remains '6', reflecting our expectation for negligible (0%-10%; rounded estimate: 0%) recovery on this debt in the event of default. "The rating affirmation reflects our view that, although BioScrip addressed its upcoming maturities by refinancing its senior secured credit facilities and improved its liquidity position, the company's credit measures will remain weak in 2017 with debt leverage of about 14x (including our treatment of preferred stock as debt) and funds from operations (FFO) to debt in the low single digits. We expect the company to use about $15 million-$20 million of cash in 2017, inclusive of cash charges associated with restructuring following the recently announced United Healthcare contract termination." The positive outlook reflects the company's less constrained liquidity position, which supports S&P's assessment that the company's ability to fund projected cash deficits over the next year has increased. S&P said, "We could revise the outlook to stable if we believe that the company is likely to use $30 million or more in cash in the second half of 2017, leading us to believe that a payment default is likely within 12 months. This could happen if adjusted EBITDA generation deteriorates from our base case during that time frame, or if the company incurs higher than expected cash charges associated with its restructuring. "We would consider a one-notch upgrade if the company can achieve our base case forecast, which would require generating EBITDA to interest coverage of greater than 1x, while limiting its cash burn to about $20 million. Although leverage would likely remain very high and we would continue to view the capital structure as unsustainable without continued improvements, we think the risk of payment default would extend beyond 12 months." CHAMPION EXCAVATION: Hearing on Cash Collateral Use Set for July 10 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon has moved the final hearing to consider Champion Excavation, Inc.'s cash collateral use to July 10, 2017, at 1:00 p.m. The Court had entered an order authorizing the Debtor to use cash from the operation of the business, pending a final hearing on July 10, 2017. About Champion Excavation Privately held Champion Excavation Inc., is an excavating contractor based in Aumsville, Oregon. Champion Excavation filed a Chapter 11 petition (Bankr. D. Ore. Case No. 17-61839) on June 9, 2017. The petition was signed by Dwayne Deesing, president. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge David W. Hercher. The Debtor is represented by Keith Y. Boyd, Esq., at the Law Offices of Keith Y Boyd. The Debtor hired TKC Solutions Advisory, Inc., as financial consultant. CHARLIELUCY LLC: Hires Kiem Law as Bankruptcy Attorney ------------------------------------------------------ CHARLIELUCY, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ Kiem Law, PLLC as attorney. The Debtor requires Kiem Law to: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; e. represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm received a $5,000 retainer. Tarek K. Kiem, Esq., at Kiem law, PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Kiem Law may be reached at: Tarek K. Kiem, Esq. Kiem law, PLLC 8461 Lake Worth Rd., Suite 107 Lake Worth, FL 33467 Tel: (561)600-0406 Fax: (561)763-7355 E-mail: tarek@kiemlaw.com About CHARLIELUCY, LLC CHARLIELUCY, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-17543) on June 16, 2017. Tarek K. Kiem, Esq. at Kiem Law, PLLC serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. CIRCULATORY CENTERS: Asks for Court OK to Use Cash Collateral ------------------------------------------------------------- Circulatory Centers of America, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. Fifth Third Bank, Inc., is a secured creditor in the estate and claims to hold a first lien security interest in all of the Debtor's assets, including its accounts receivables. The receivables are approximately $185,000 per month. Fifth Third Bank alleges that it has a claim in excess of $3 million. Affiliates of the Debtor are also obligated on the indebtedness to Fifth Third Bank. The Debtor tells the Court that it must use its cash collateral, i.e., receivables to remain in business and maintain the value of its enterprise as an ongoing business. Additionally, continued operations enhance the value of its receivables as well as the value of the business as a going concern. It is essential that the business continues to operate in that the Debtor and its affiliates are preparing to file a sale motion with the Court. Maintaining the business as a going concern enhances the potential value obtained from a sale of the Debtor and its affiliates businesses. In an effort to adequately protect the interests of Fifth Third Bank in its collateral, the Debtor is offering to provide Fifth Third Bank with replacement liens in and to all property of the estate of the kind securing the indebtedness owing to Fifth Third Bank prepetition, to the extent that Fifth Third Bank had a security interest prepetition. The Debtor does not admit that Fifth Third Bank holds valid, perfected or enforceable prepetition liens and security interests in and to all of the collateral it claims (although it is acknowledged that Fifth Third Bank has some collateral) and the Debtor does not waive the right to contest the validity, perfection, extent or enforceability of Fifth Third Bank's alleged prepetition liens and security interests in and to certain properties claimed as collateral. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/pawb17-22572-6.pdf About Circulatory Centers Headquartered in Pittsburgh, Pennsylvania, Circulatory Centers, P.C. and its affiliates http://www.veinhealth.com/-- are in the business of providing varicose vein and spider vein treatment. Circulatory Centers of America, LLC, provides administrative assistance for its operating affiliates, Circulatory Center of Ohio, Inc., Circulatory Center of Pennsylvania, Inc., Circulatory Centers, P.C., and Circulatory Center of West Virginia, LLC. Circulatory Centers, P.C., Circulatory Centers of America, LLC, Circulatory Centers of Ohio, Inc., and Circulatory Center of Pennsylvania, Inc. (Bankr. W.D. Pa. Case No. 17-22576) simultaneously filed Chapter 11 bankruptcy petitions (Bankr. W.D. Pa. Case No. 17-22571, 17-22572, 17-22575, and 17-22576, respectively) on June 23, 2017. A related entity, Circulatory Center of West Virginia, Inc., sought bankruptcy protection on Jan. 20, 2017 (Bankr. W.D. Pa. Case No. 17-20211). Judge Gregory L. Taddonio presides over the cases. Robert O Lampl, Esq., at Robert O Lampl, Attorney At Law, serves as the Debtors' bankruptcy counsel. The Debtors each estimated assets at between $100,000 and $500,000 and its liabilities at between $1 million and $10 million. CLINICAL PET: Wants to Use Cash to Repair TomoTherapy Machine ------------------------------------------------------------- Clinical Pet of Ocala, LLC, seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to be used to make repair of the TomoTherapy machine, to allow cash infusion by parent corporation Atlantis, and to allow the Debtor to repay to Atlantis the money for the repairs. A critical part of the Debtor's business is the therapy provided patients by the Debtor's TomoTherapy machine. This machine is responsible for about 70% of Debtor's business income. The TomoTherapy machine is broken and will require repairs to become operable. The only company who is able to do the repairs is Accuray and the cost of the repairs is $79,000. The Debtor has negotiated with Accuray to accept three installment payments of $30,000 in July 2017, $30,000 in August 2017 and $19,000 in September 2017 for this repair. Atlantis is willing to pay one-half of the costs of the repair thereby infusing $39,500 into the business over the next three months. In exchange, Atlantis is requesting to be repaid this money in October 2017 or at some other reasonable time which the Court deems appropriate. The Debtor tells the Court that it is in the best interests of 1st Manatee Bank and all other creditors that this be approved. 1st Manatee will benefit as the value of its collateral (the TomoTherapy machine) will be greatly enhanced. Additionally, all creditors will benefit as this repair will significantly increase revenues to Debtor thereby increasing its ability to pay its creditors. The Debtor has greatly expanded its network of physicians and currently has eight patients waiting to be treated by the said machine. Medicare reimburses Debtor at the rate of $650 per patient per day and each patient requires an average of 30-35 days of treatment. Therefore, this repair will yield as much as $182,500 in revenue based on current circumstances and more as additional patients come into the Debtor's care. A copy of the Debtor's request is available at: http://bankrupt.com/misc/flmb16-04646-149.pdf About Clinical Pet of Ocala Clinical Pet of Ocala, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-04646), on Dec. 22, 2016. The petition was signed by Ali S. Karim, president. The Debtor is represented by Robert Altman, Esq., at Robert Altman, P.A. At the time of filing, the Debtor estimated both assets and liabilities at $1 million to $10 million each. COWBOYS FAR: Provision on Class 3 Treatment Amended in Latest Plan ------------------------------------------------------------------ Cowboys Far West, Ltd. filed with the U.S. Bankruptcy Court for the Western District of Texas its latest plan to exit Chapter 11 protection. The latest plan classifies the secured portion of Crossroads 2004, LLC's claim in the amount of $4.2 million in Class 4. Under the plan, Crossroads will be paid at its contract rate, save and except that any debt accrued since the filing of Cowboys' case and any attorney's fees incurred by said entity will be added to the "promissory note" balance, and payments will commence 30 days after the effective date of the plan. The maturity date of the promissory note will not be extended, according to Cowboys' second amended disclosure statement which explains the plan. A copy of the second amended disclosure statement is available for free at http://bankrupt.com/misc/CowboysFarWest_2DS.pdf About Cowboys Far West Cowboys Far West, Ltd., is a limited partnership duly organized and existing under the laws of the State of Texas, having an office and principal place of business at 3030 NE Loop 410, San Antonio, Bexar County, Texas. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Texas Case No. 16-51419) on June 24, 2016. The petition was signed by Michael J. Murphy, president of Cowboys Concert Hall-Arlington, Inc., general partner. The case is assigned to Judge Ronald B. King. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. James Samuel Wilkins, Esq., at Willis & Wilkins, LLP, serves as the Debtor's bankruptcy counsel. On October 25, 2016, Business Property Lending, Inc., a secured creditor, filed a disclosure statement, which explains its Chapter 11 plan of liquidation for the Debtor. On November 30, 2016, the Debtor filed a disclosure statement detailing its Chapter 11 plan of reorganization. CTI BIOPHARMA: Has Net Financial Standing of $8.3M as of May 31 --------------------------------------------------------------- CTI BioPharma Corp. or CTI Parent Company issued a press release providing a monthly update of certain information relating to the Company's financial situation. The Company reported estimated unaudited net financial standing of $8.3 million as of May 31, 2017. The total estimated and unaudited net financial standing of CTI Consolidated Group as of May 31, 2017, was $8.9 million. CTI Parent Company trade payables outstanding for greater than 30 days were approximately $2.7 million as of May 31, 2017. CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $3.1 million as of May 31, 2017. During May 2017, there were solicitations for payment only within the ordinary course of business and there were no injunctions or suspensions of supply relationships that affected the course of normal business. As of May 31, 2017, there were no amounts overdue of a financial or tax nature, or amounts overdue to social security institutions or overdue to employees. During the month of May 2017, the Company's common stock, no par value, outstanding decreased by 4,303 shares. As a result, the number of issued and outstanding shares of Common Stock as of May 31, 2017, was 28,389,186. A full-text copy of the press release is available for free at: https://is.gd/sJr9dw About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington. For additional information and to sign up for email alerts and get RSS feeds, please visit www.ctibiopharma.com. CTI Biopharma reported a net loss attributable to common shareholders of $52 million on $57.40 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common shareholders of $122.6 million on $16.11 million of total revenues for the year ended Dec. 31, 2015. As of March 31, 2017, CTI Biopharma had $44.66 million in total assets, $55.03 million in total liabilities and a $10.37 million total shareholders' deficit. "We will need to continue to conduct research, development, testing and regulatory compliance activities with respect to our compounds and ensure the procurement of manufacturing and drug supply services, the costs of which, together with projected general and administrative expenses, is expected to result in operating losses for the foreseeable future. Additionally, we have resumed primary responsibility for the development and commercialization of pacritinib as a result of the termination of the Pacritinib License Agreement in October 2016, and we will no longer be eligible to receive cost sharing or milestone payments for pacritinib's development from Baxalta Incorporated and its affiliates, or Baxalta, which is now part of Shire plc. We have incurred a net operating loss every year since our formation. As of March 31, 2017, we had an accumulated deficit of $2.2 billion, and we expect to continue to incur net losses for the foreseeable future. "Our available cash and cash equivalents were $33.3 million as of March 31, 2017. We believe that our present financial resources, together with payments projected to be received under certain contractual agreements and our ability to control costs, will only be sufficient to fund our operations into the third quarter of 2017. This raises substantial doubt about our ability to continue as a going concern," the Company stated in its quarterly report for the period ended March 31, 2017. CULPEPPER ENTERPRISES: UST Asks Court to Convert or Dismiss Case ---------------------------------------------------------------- Henry G. Hobbs, Jr., the Acting United States Trustee for Region 5, asks the U.S. Bankruptcy Court for the Southern District of Mississippi to convert the Chapter 11 case of Culpepper Enterprises, Inc. or dismiss the case. The U.S. Trustee tells the Court that the Debtor is delinquent in the filing of its monthly operating reports. The Debtor has not filed a MOR for April 2017 and May 2017. The Debtor's June 2017 MOR will be due by July 15, 2017. Without all MORs to review, interested parties are unable to assess whether the Debtor's financial condition is capable of reorganization. According to the Court's Agreed Scheduling Order entered on January 12, 2017, the Debtor was required to file a disclosure statement and confirmable plan of reorganization by May 15, 2017. The U.S. Trustee informally extended the deadline to June 2, 2017, and then to June 30. As of July 5, the Debtor has not filed a disclosure statement and confirmable plan. The U.S. Trustee reserves the right to provide additional grounds for cause to convert or to dismiss this case at any hearing on this matter. The U.S. Trustee notes that the Debtor's quarterly UST fee for the second quarter of 2017 is due to be paid by July 31, 2017. This is the second request seeking conversion or dismissal of the case. As reported by the Troubled Company Reporter on July 5, the Internal Revenue Service has asked the Bankruptcy Court to grant its Renewed Motion to dismiss or convert the case. Henry G. Hobbs, Jr., the Acting United States Trustee, is represented by: Christopher J. Steiskal, Sr. Trial Attorney U.S. Department of Justice Office of the U.S. Trustee, Region 5 501 East Court Street, Suite 6-430 Jackson, MS 39201 Tel: (601) 965-5241 Fax: (601) 965-5226 E-mail: christopher.j.steiskal@usdoj.gov About Culpepper Enterprises Culpepper Enterprises, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Miss. Case No. 16-51978) on Nov. 14, 2016, disclosing under $1 million in both assets and liabilities. Culpepper Enterprises is a small business debtor as defined under 11 U.S.C Sec. 101(51D). The Debtor tapped John D. Moore, at the Law Offices of John D. Moore, P.A., as bankruptcy counsel; and S. Wayne Easterling as special counsel. CYRUSONE LP: Moody's Raises CFR to Ba3; Keeps Outlook Positive -------------------------------------------------------------- Moody's Investors Service upgraded CyrusOne LP's senior unsecured and corporate family ratings to Ba3 from B1 and maintained the positive outlook. The upgrade reflects the REIT's meaningful improvement in portfolio scale and diversity, significant increase in its remaining average lease term and its strong fixed charge coverage. The following ratings were upgraded: CyrusOne LP, Senior unsecured debt to Ba3 from B1 CyrusOne LP, Corporate Family Rating to Ba3 from B1 RATINGS RATIONALE CyrusOne's key credit strengths include a significant increase in asset base while maintaining its portfolio lease rate, improving portfolio quality metrics such as diversity and duration of tenant leases and strong fixed charge coverage. Robust demand for datacenters, a comprehensive product portfolio that caters to wholesale and enterprise tenants, and moderate leverage are some other significant credit strengths. The ratings also consider material new supply in the competitive data center sector, a higher proportion of leased versus owned assets in CyrusOne's portfolio relative to its peer group, its large development pipeline and few alternative uses for specialized datacenter assets. CyrusOne's 2.5 million colocation square feet (csf) data center portfolio was 88% utilized as of 1Q2017. Investment grade tenants account for 65% of CyrusOne's revenue base and the tenant sector mix is diversified with the two largest segments, financial services and Cloud, each accounting for 22% of aggregate revenue. Individual tenant concentration is modest, except for the largest tenant that accounts for 13.9% of portfolio rent. To the extent, large public cloud providers gain market share, the tenant rosters for CyrusOne and other data center landlords could become more concentrated though the credit quality of the tenant list would likely improve. Additionally, wholesale pricing could pressure operating margins. The average remaining lease term for the portfolio, weighted by annualized rent contribution, has increased meaningfully to 4.4 years at the end of 1Q2017 from 2.9 years a year earlier. Modest quarterly churn rate, tenants opting to not renew expiring leases, of 1.6% over the last 8 quarters and higher proportion of leases with rent escalators are other positive trends. CyrusOne's book leverage, debt + preferred as a percentage of gross assets, of 51% and net debt to EBITDA of 6.0x are slightly elevated relative to recent track record due to the $800 million debt issuance in March 2017. The prior four quarter averages were modest for the rating level at 47% and 4.8x respectively. The REIT does not have any secured leverage but CyrusOne's ability to access secured leverage is constrained by the specialized nature of data center assets and third party ownership of some CyrusOne operated assets. Assets leased from third party owners, mainly in the New York metro area, account for 21% of CyrusOne's annualized rent 1Q2017. Fixed charge coverage at 4.4x is strong despite the modest EBITDA margin of 52.5%. The REIT's unsecured debt outstanding at the end of 1Q2017 included a $405 million draw on the $1 billion revolver, $550 million of unsecured term loans and $800 million of senior unsecured private placement notes. In June 2017, the size of the credit facility was increased by $450 million with a $100 million increase in revolver capacity and an additional $350 million term loan commitment. The REIT has no meaningful debt maturities through YE2019. CyrusOne is yet to issue debt in the public unsecured markets. The positive rating outlook reflects the high likelihood that the portfolio will continue to grow with increased demand for data centers and that ratings could be upgraded if REIT continues to pursue prudent operational and financial policies. Factors that could result in an upgrade include net debt to EBITDA remaining at about 5.0x or lower, fixed charge ratio approaching 4.5x and EBITDA margins at 55% of higher, all on a sustained basis. Other important rating considerations would be stabilized portfolio utilization above 90%, proportion of revenue from owned assets above 85% and new projects and acquisitions being funded on, at least, a leverage neutral basis. The rating outlook could be revised to stable if net debt to EBITDA remains above 5.5x, fixed charge is close to 3.5x, or EBITDA margins approach 50%. The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. D.J. SIMMONS: BOKF Seeks Ch. 11 Trustee Appointment --------------------------------------------------- BOKF, NA, d/b/a Bank of Oklahoma, asks the U.S. Bankruptcy Court for the District of Colorado to enter an order appointing a Chapter 11 trustee for the Debtors, Kimbeto Resources, LLC and D.J. Simmons, Inc. The Creditor Bank submits the facts that the Debtors are operating the business and that the Bank holds a $9 million claim secured by most of the Debtors' assets, with an anticipated large unsecured deficiency, and that the Debtors' equity owners no longer want to operate the business. According to the Motion, the Bank's request for trustee appointment will allow for a continuity of the Debtors' operations pending the Bank's submission of a creditor plan that creates a liquidating trust for each of the Debtor and provides for a sale of the Debtors' assets over a two-year period. The Bank further notes that in order to prevent a duplicative time and expense between the trustee, a Chapter 11 trustee must be appointed. The Crediotr Bank is represented by: Donald D. Allen Jennifer Salisbury YOUNG & ZIMMERMANN LLC 1700 Lincoln Street, Suite 4550 Denver, Colorado 80203-4505 Tel.: (303) 830-0800 Email: dallen@markuswilliams.com About D.J. Simmons Company LP Farmington, New Mexico-based D.J. Simmons Inc. -- http://www.djsimmons.com/-- is an independent oil and gas exploration and production company. D.J. Simmons and its affiliates have oil and natural gas reserves from approximately 100 wells operated by DJS, Inc., and 500 wells operated by third parties in Colorado, New Mexico, Utah, and Texas. Kimbeto Resources, LLC, owns 13 wells in Rio Arriba County, New Mexico. DJS, Inc., also operates the wells owned by Kimbeto. D.J. Simmons Company Limited Partnership holds most of the oil and gas and other assets. Kimbeto holds oil, gas, and other related assets on land owned by the Jicarilla Apache Tribe. DJS, Inc, operates the Assets and employs a small administrative staff. DJS Co. LP, Kimbeto and DJS, Inc., filed Chapter 11 petitions (Bankr. D. Colo. Case Nos. 16-11763, 16-11765 and 16-11767) on March 1, 2016. The cases are jointly administered under Lead Case No. 16-11763. The petitions were signed by John Byrom, president of DJS, Inc. DJS Co. LP disclosed $9.94 million in total assets and $12.9 million in total liabilities. Kimbeto disclosed $976,190 in total assets and $9.81 million in total liabilities. Ethan Birnberg, Esq., at Lindquist & Vennum LLP, serves as the Debtors' counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. DAVIS HOLDING: Disclosure Statement Hearing Set for July 25 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana is set to hold a hearing on July 25, at 10:00 a.m., to consider approval of the disclosure statement, which explains the Chapter 11 plan of reorganization for Davis Holding Co., LLC. Objections must be filed at least five days prior to the hearing. Davis Holding's latest restructuring plan bifurcates Class 1-A claim into secured and unsecured portions. Class 1-A claim stems from Davis Holding's indebtedness under the terms of a 2007 promissory note to the City of Lawrenceburg, which is secured by the company's interest in real property located in the city. Under the latest plan, Class 1-A(i) claim will be treated as a secured claim in the amount of $372,500. Upon the effective date of the plan, Class 1-A(i) claim will bear interest at the fixed contractual rate of 2% per annum, amortized for a term of 30 years commencing on the effective date. The company's monthly payment obligation to the holder of the Class 1-A(i) claim will be $1,377. All outstanding amounts will be due in a lump sum on the first business day on or after the day that is 10 years after the effective date. The City of Lawrenceburg will retain its lien in the collateral until the company's obligation is satisfied. Meanwhile, the unsecured portion (under section 506 of the Bankruptcy Code) of the claim in the amount of $292,617.66 is classified as Class 1-A(ii) claim. Upon the effective date, Class 1-A(ii) claim will bear interest at the fixed contractual rate of 2% per annum, amortized for a term of 30 years commencing on the effective date. Davis Holding's monthly payment obligation to the holder of the Class 1-A(ii) claim will be $1,082. All outstanding amounts will be due in a lump sum on the first business day on or after the day that is 10 years after the effective date, according to the company's latest disclosure statement. A copy of the second amended disclosure statement is available for free at https://is.gd/frrZCK About Davis Holding Co. Davis Holding Co., LLC filed a chapter 11 petition (Bankr. S.D. Ind. Case No. 16-91361) on August 24, 2016. The petition was signed by Gregory N. Davis, sole member. The Debtor estimated assets at $500,000 to $1 million and liabilities at $1 million to $10 million at the time of the filing. The case is assigned to Judge Basil H. Lorch III. The Debtor is represented by David M. Cantor, Esq. and William P. Harbison, Esq., at Seiller Waterman LLC. On January 27, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. DELCATH SYSTEMS: Agrees to Swap $4.2M Notes for 4,200 Pref. Shares ------------------------------------------------------------------ Delcath Systems, Inc.'s Board has authorized the establishment of a new series of preferred stock designated as Series A Preferred Stock, $0.01 par value, the terms of which are set forth in the certificate of designations for such series of Preferred Stock which was filed with the State of Delaware on June 30, 2017. On July 2, 2017, the Company entered into an exchange agreement with one of the Company's investors which had purchased certain senior secured convertible notes, convertible into shares of its common stock pursuant to a certain June 6, 2016, securities purchase agreement, of $4.2 million aggregate principal amount of those Notes for 4,200 shares of Series A Preferred Stock. The Exchange is being made in reliance upon the exemption from registration provided by Rule 3(a)(9) of the Securities Act of 1933, as amended. The Series A Preferred Shares will be entitled to the whole number of votes equal to $4.2 million divided by $3.68 (the closing bid price on June 13, 2016, the date of issuance of the Notes as adjusted for the reverse stock split effected in July 2016,) or 1,141,304 votes. The Series A Preferred Stock has no dividend, liquidation or other preferential rights to our common stock, and each share of Series A Preferred Stock will be redeemable for the amount of $0.001, payable in cash, per share at the Company's written election. About Delcath Systems Delcath Systems, Inc., is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. The Company's investigational product -- Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) -- is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. The Company has commenced a global Phase 3 FOCUS clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM) and a global Phase 2 clinical trial in Europe and the U.S. to investigate the Melphalan/HDS system for the treatment of primary liver cancer (HCC) and intrahepatic cholangiocarcinoma (ICC). Melphalan/HDS has not been approved by the U.S. Food & Drug Administration (FDA) for sale in the U.S. In Europe, its system has been commercially available since 2012 under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. Delcath Systems reported a net loss of $17.97 million on $1.99 million of product revenue for the year ended Dec. 31, 2016, compared to a net loss of $14.70 million on $1.74 million of product revenue for the year ended Dec. 31, 2015. As of March 31, 2017, Delcath had $31.03 million in total assets, $31.62 million in total liabilities and a total stockholders' deficit of $586,000. Grant Thornton LLP, in New York, 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 from operations and as of Dec. 31, 2016, has an accumulated deficit of $279.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. DOLPHIN DIGITAL: Proposes to Offer Shares of Common Stock --------------------------------------------------------- Dolphin Digital Media, Inc., filed with the Securities and Exchange Commission a Form S-1 registration statement relating to the offering of a yet to be determined number of shares of its common stock, consisting of shares of common stock, warrants to purchase shares of its common stock and shares of common stock underlying such warrants. The Company's common stock is listed on the OTC Pink Marketplace under the symbol "DPDM." The Company does not intend to apply for listing of the warrants on any securities exchange and it does not expect that the warrants will be quoted on the OTC Pink Marketplace. The last reported sale price of the Company's common stock on the OTC Pink Marketplace on June 27, 2017, was $5.00 per share. Dolphin Digital intends to use part of the net proceeds from this offering to pay an aggregate of $550,000 in principal, plus accrued interest, to redeem three promissory notes issued in April 2017 which were used for working capital. The promissory notes have maturity dates of Oct. 10, 2017, and Oct. 18, 2017, and each accrues interest at a rate of 10% per annum. The remainder of the net proceeds will be available for general corporate purposes, including working capital. A full-text copy of the preliminary prospectus is available for free at https://is.gd/SxzrX1 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 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 March 31, 2017, Dolphin Digital had $34.27 million in total assets, $35.67 million in total liabilities, and a total stockholders' deficit of $1.39 million. 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. DON ROSE OIL: Taps Walter Wilhelm as Legal Counsel -------------------------------------------------- Don Rose Oil Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire legal counsel. The Debtor proposes to hire Walter Wilhelm Law Group to prepare a bankruptcy plan, and provide other legal services related to its Chapter 11 case. The hourly rates charged by the firm range from $200 to $490 for the services of its attorneys, and from $100 to $135 for its paralegals and law clerks. Walter Wilhelm does not hold any interest adverse to the Debtor, according to court filings. The firm can be reached through: Riley C. Walter, Esq. Walter Wilhelm Law Group 205 E. River Park Circle, Suite 410 Fresno, CA 93720 Tel: 559-435-9800 Email: rileywalter@w2ldg.com About Don Rose Oil Co. Inc. Founded in 1972, Don Rose Oil Co., Inc. is in the business of wholesale distribution of petroleum and petroleum products. Based in Visalia, California, the Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 17-12389) on June 22, 2017. John Castellucci, president and CEO, signed the petition. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. Judge Fredrick E. Clementpresides over the case. EMPIRE RENTALS: Can Continue Using Cash Collateral Until Dec. 31 ---------------------------------------------------------------- Judge Kathleen H. Sanberg of the U.S. Bankruptcy Court for the District of Minnesota authorized Empire Rentals, LLC, to use cash, including cash collateral through Dec. 31, 2017 consistent with the Budget. The Budget shows expenses in the aggregate sum of $236,056, comprising payments for maintenance, insurance, repairs, utilities, taxes, U.S. Trustee fee, adequate protection to MidCountry Bank. The Debtor is authorized to grant replacements liens to MidCountry Bank in the Debtor's postpetition assets of the same type and nature as is subject to the prepetition liens of the MidCountry Bank, which will have the same priority, dignity, and effect as prepetition liens on the prepetition property of the Debtor. The Debtor is directed to make adequate protection payment of $5,000 to MidCountry Bank no later than July 15, 2017 and forward. In addition, the Debtor is directed to report monthly cash receipts and expenditures through the monthly operating reports. A full-text copy of the Order, dated June 29, 2017, is available at http://tinyurl.com/yactjtk8 About Empire Rentals Empire Rentals, LLC, a single asset real estate as defined in 11 U.S.C. Sec. 101(51B), has fee simple interests in real properties located in Vermillion Township, Minnesota, valued at $2.82 million. Empire Rentals filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-31929) on June 9, 2017. Vernon Napper, chief manager, signed the petition. The Debtor disclosed $3.22 million in total assets and $1.71 million in total liabilities. The Hon. Kathleen H Sanberg presides over the case. John D. Lamey, III, Esq., at Lamey Law Firm, P.A., serves as bankruptcy counsel. ENERGY FUTURE: Obtains Court Nod on $6.3BB Replacement Financing ---------------------------------------------------------------- Matt Chiappardi, writing for Bankruptcy Law360, reports that Judge Christopher Sontchi has approved an up to $6.3 billion in replacement debtor-in-possession financing for Energy Future Holdings Corp. According to Law360, the judge gave the green light on the DIP refinancing after hearing that EFH had resolved issues the first- and second-lien note trustees had with the terms of the package. Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are to act as joint lead arrangers and joint lead bookrunners, with Citi serving as administrative agent and collateral agent for the DIP term loan, Law360 cites. EFH sought the refinancing as its old DIP loan was set to mature on June 30. Law360 relates that the Company was expected to emerge from bankruptcy before the old DIP loan matured, putting the cap on its reorganization efforts with an $18 billion sale of EFH and its 80 percent share of nondebtor subsidiary Oncor Electric Delivery Co. to NextEra Energy Inc, but those plans failed when Texas utility regulators in Texas denied the deal. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring Agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for The second-lien noteholders owed about $1.6 billion, is Represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of only Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. * * * In December 2015, the Bankruptcy Court confirmed the Debtors' reorganization plan, which contemplated a tax-free spin of the company's competitive businesses, including Luminant and TXU Energy, and the $20 billion sale of its holdings in non-debtor electricity transaction unit Oncor Electric Delivery Co. to a consortium of investors. But the Plan became null and void after certain first lien creditors notified the occurrence of a "plan support termination event." The Debtors filed a new plan of reorganization on May 1, 2016, as subsequently amended. The new Chapter 11 plan features alternative options for dealing with the Company's stake in electricity transmission unit Oncor. On Aug. 29, 2016, Judge Sontchi confirmed the Chapter 11 exit plans of two of Energy Future Holdings Corp.'s subsidiaries, power generator Luminant and retail electricity provider TXU Energy Inc. (the "T-Side Debtors"). The Plan became effective on Oct. 3, 2016. On Sept. 21, 2016, the Debtors filed the E-Side Plan and the Disclosure Statement for the Fourth Amended Joint Plan of Reorganization of Energy Future Holdings Corp., et al., pursuant to Chapter 11 of the Bankruptcy Code as it applies to the EFH Debtors and EFIH Debtors. In February 2017, the Bankruptcy Court confirmed EFH's bankruptcy-exit plan and approved NextEra Energy Inc.'s planned acquisition of Oncor. ERIN ENERGY: Chief Financial Officer Resigns -------------------------------------------- Daniel Ogbonna resigned as senior vice president and chief financial officer of Erin Energy Corporation, effective as of June 30, 2017. The Company said the resignation was not related to any disagreements with the Company on any matter relating to its operations, policies, practices or any issues regarding financial disclosures, accounting or legal matters. At present, the Company does not plan to immediately recommend a chief financial officer replacement, but will review and assess potential candidates. In the interim, the duties of that role will be delegated to Manuel Mondragon, vice president, corporate finance and investor relations and Kent Gilliam, vice president, financial controller and Dippo Bello, vice president, financial planning and treasurer. 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 March 31, 2017, Erin Energy had $287.40 million in total assets, $538.23 million in total liabilities and a total capital deficiency of $250.83 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. EXPERIMENTAL MACHINE: Plan, Disclosures Hearing Set for August 9 ---------------------------------------------------------------- Judge Nancy V. Alquist of the U.S. Bankruptcy Court for the District of Maryland conditionally approved Experimental Machine, Inc.'s small business disclosure statement referring to its plan of reorganization filed on May 26, 2017. The hearing to consider the final approval of the Disclosure Statement and the confirmation of the Plan shall be held in Courtroom 2A of the U.S. Bankruptcy Court, U.S. Courthouse, 101 West Lombard Street, Baltimore, Maryland 21201, on August 9, 2017, at 10:00 a.m. July 26, 2017, is fixed as the last day for filing and serving written objections to the conditionally approved Disclosure Statement or confirmation of the Plan. July 26, 2017, is fixed as the last day for filing written acceptances or rejections of the Plan. The Troubled Company Reporter previously reported that Class X claims shall consist of all general unsecured claims. The total amount of unsecured claims is estimated to be approximately $630,000. A large portion of the unsecured claims is the claim of Merritt Properties, the Debtor's landlord, for $196,742.53. The Debtor is also projecting Merritt Properties will have a lease rejection claim of $250,000. The Debtor will pay interest on unsecured claims at the Treasury rate being .45%. The Debtor estimates total payouts to general unsecured claims will bev$640,000 which will pay all claims in full. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/mdb16-25294-87.pdf About Experimental Machine Experimental Machine, Inc., filed a chapter 11 petition (Bankr. D. Md. Case No. 16-25294) on Nov. 18, 2016. The Debtor tapped Michael S. Myers, Esq., at Scarlett, Croll & Myers, P.A., as counsel. Clark Machinery Sales, LLC, serves as sales broker and Bruce Caulk, C.P.A. and his firm Naden/Lean, LLC serves as accountant to the Debtor. FANSTEEL INC: Can Continue Using Cash for July 2017 Expenses ------------------------------------------------------------ Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the Southern District of Iowa authorized Wellman Dynamics Corporation to continue to use TCTM Financial FS, LLC's collateral for four weeks, beginning on July 1, 2017. The Debtor is authorized to use cash collateral pursuant to and upon the same terms as those previously agreed to by TCTM Financial and the Official Committee of Unsecured Creditors in the Stipulation and Consent Order approved by the Court in its Order dated May 11, 2017. The Debtor's continued use of cash collateral for the four week period will be pursuant to and in conformity with the Budget, which reflects total operating cash disbursements of $655,866 for week ending July 7 through week ending July 28, 2017. A full-text copy of the Order, dated June 29, 2017, is available at https://is.gd/FgRgRp About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Inc., Wellman Dynamics Corporation, and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The Debtors tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC as business broker; and Mark J. Steger, Esq. at the Clark Hill Law Firm as Environmental Counsel. Fansteel, Inc. hired Kerri K. Mumford, Esq. at Landis Rath & Cobb, LLP as special counsel. The firm will assist the Debtor in reopening its previous bankruptcy case filed in Delaware (Bankr. D. Del. Case No. 02-10109) on January 15, 2002. The Debtors filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the Court entered an Order authorizing joint administration on Oct. 17, 2016. The Court subsequently entered an Order on May 24, 2017 vacating its prior Order granting joint administration and discontinuing the joint administration of the Debtors' cases under the lead case of Fansteel. The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine creditors of Fansteel Inc. to serve on the official committee of unsecured creditors. The Official Committee retained Morris Anderson & Associates, Ltd., as financial advisor, and Archer & Greiner, P.C. and Nyemaster Goode, P.C., as counsel. The Troubled Company Reporter has earlier reported that the U.S. trustee for Region 12 announced that the nine-member unsecured creditors' committee of Fansteel, Inc., will no longer serve as the official committee in the company's Chapter 11 case. The bankruptcy watchdog added that it will be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics Corp. and Wellman Dynamics Machinery & Assembly, Inc. In a filing March 22, 2017, the U.S. trustee disclosed that a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. FARMERS GRAIN: Has Access to Cash Collateral Through Oct. 31 ------------------------------------------------------------ The Hon. Terry L. Myers of the U.S. Bankruptcy Court for the District of Idaho authorized Farmers Grain, LLC, to continue using cash collateral from June 12, 2017, through and including Oct. 31, 2017. The Debtor will allowed to pay prepetition grain producer creditor claims for those grain producers holding valid secured liens on the grain, as those payments become due. Payments will only be made to these producers if their claims remain secured at the time of payment. Specifically, the Debtor is authorized to pay these payments in these estimated amounts: Estimated Actual Amount Producer Name Amount (if Known) Due Date ------------- --------- ------------- -------- Allen Schmid $2,840 $2,631 None Bruce Cruickshank $137,399 July 2017 Bruce Cruickshank $1,191 None Chris Unruh (TC62 contract) $81,828 May 2017 Chris Unruh (TC78 contract) $99,802 May 2017 Chris Unruh (C95A contract) $42,765 July 2017 Chris Unruh (C95B contract) $43,618 July 2017 Chris Unruh (C95C contract) $44,800 July 2017 Chris Unruh (C106 contract) $88,408 April 2017 Chris Unruh (C107 contract) $42,584 April 2017 Daryl Eldred $58,420 None DC Land $173,317 $194,531 June 2017 Doug Stipe $57,204 $57,204 May 2017 Harlen Garner $15,966 $15,966 May 2017 Jensen Farms $612 None JLJ Farms $190,841 $190,841 June 2017 Roger Lang $36,457 None Wagster Farms $585 $585 June 2017 All grain producer creditors with valid prepetition liens are granted a postpetition adequate protection lien in all grain and proceeds thereof. In addition, any grain producer creditors later determined by the Court to be secured are granted a postpetition adequate protection lien in all grain and proceeds thereof. This grant of a lien is only to the extent of cash collateral used by the Debtor. Rabo is granted adequate protection liens, in all farm products, inventory, accounts, equipment, general intangibles, hedging agreements, the motor vehicles, and the products and proceeds thereof which may be acquired by the Debtor after the Petition Date. The grant of a lien is only to the extent of cash collateral used by the Debtor. Further, the postpetition adequate protection lien on the vehicles and real estate is granted only to the extent Rabo's Petition Date security position in the remaining assets (in which Rabo held a prepetition lien) is otherwise decreased or impaired by the Debtor's use of cash collateral, taking into account the value of the remaining collateral, the prepetition producer liens held by applicable grain producers, and all adequate protection payments made to Rabo. The Debtor will pay Rabo the sum of $100,000 monthly as an adequate protection payment, starting on June 1, 2017, and continuing on the first day of each succeeding month thereafter until the cash collateral used by the Debtor is paid in full to Rabo, until the adequate protection payment is modified by court order, until a final court order authorizing the use of cash collateral is entered by the Court, or until a Chapter 11 Plan is confirmed by the Court. The Debtor has filed an adversary proceeding to determine the secured vs. unsecured status of those creditors (Adversary Case No. 17-06018-TLM). While the adversary proceeding is pending, the Debtor will deposit in a separate Debtor-in-Possession checking account $500,000 in June 2017, and $300,000 each month thereafter until a sufficient amount has been deposited to pay all potential claims of the grain producer defendants in the adversary proceeding. Those funds will not be used for any purpose, but will remain in the segregated bank account pending further order of the Court. A copy of the Order is available at: http://bankrupt.com/misc/idb17-00450-65.pdf About Farmers Grain LLC Based in Nyssa, Oregon, Farmers Grain LLC buys and sells grain, dry, soya, and inedible beans. Farmers Grain holds a fee simple interest in a real property located at 110, 114, & 255 King Ave. in Nyssa, including all structures and other fixtures valued at $4.13 million. Farmers Grain sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 17-00450) on April 18, 2017. The petition was signed by Galen Jantz, manager. At the time of the filing, the Debtor disclosed $14.10 million in assets and $15.55 million in liabilities. The case is assigned to Judge Terry L. Myers. Angstman Johnson is serving as counsel to the Debtor, with the engagement led by Matthew T. Christensen. FIDELITY NATIONAL: Fitch Puts BB+ Sr. Unsec. Debt Rating on RWP --------------------------------------------------------------- Fitch Ratings has placed Fidelity National Financial, Inc.'s (FNF) title insurance operating subsidiaries 'A-' (strong) Insurance Financial Strength (IFS) rating on Rating Watch Positive. Fitch also has maintained the Rating Watch Positive on FNF's 'BB+' senior unsecured debt rating and 'BBB-' Issuer Default Rating (IDR). KEY RATING DRIVERS Fitch's rating action reflects the company's planned restructuring, which will greatly increase the title insurance subsidiaries capital profile. The rating action also considers FNF's strong business profile, earnings, and improving debt servicing capabilities particularly post transaction. During the third quarter of 2017, FNF plans to execute a tax-free reorganization plan whereby Black Knight Financial Services Inc. and Fidelity National Financial Ventures will legally separate from FNF and be rebranded to Cannae Holdings, Inc. Following the reorganization, FNF will have an operating focus entirely on title insurance underwriting, and a holding company with lower financial leverage and fewer intangible assets. FNF is the largest U.S. title insurance company with approximately 34% market share, which is almost eight points higher than the second largest competitor and more than twice the size of the third and fourth largest competitor. The company's larger scale provides advantages in operating and expense efficiencies that promote consistently higher profit margins versus peers. Fitch currently uses consolidated GAAP accounting as the basis for the holding company ratings. The holding company ratings are widened by an additional notch from standard practices due to more aggressive holding company capital management and higher tangible financial leverage. The reorganization is anticipated to lead to a pro forma 12 percentage point decline in the financial leverage ratio from 28% at March 31, 2017. Additionally, Fitch believes that following the reorganization, capital will be managed similar to other standalone title insurance underwriters, which Fitch views positively. However, Fitch notes that management did cite a potential more active future approach to stock repurchase programs, which could dampen any inherent benefit. RATING SENSITIVITIES Positive resolution of the Rating Watch could lead to a 1 notch increase in the IFS ratings and a 1-2 notch increase in the debt ratings. The following could lead to an upgrade for the holding company ratings: -- The proposed reorganization is executed according to plan thereby reducing financial leverage; -- Capital management consistent with Fitch's guidelines for standard debt notching such as financial leverage at or below 30%. These factors, as well as the following, could lead to an upgrade of both IFS and debt ratings: -- Maintenance of operating company capital strength as demonstrated by a RAC score above 175% and net leverage below 4.0x; -- An improvement in stated financial leverage to 25%; -- Maintenance of GAAP title operating margins at current levels that remain in the top tier versus industry peers. The following could lead to the holding company ratings remaining at current levels: -- Failure to execute the reorganization plans according to publicly disclosed terms; -- Aggressive capital management post reorganization that materially increases financial leverage or materially reduces fixed charge coverage. The following is a list of key rating drivers that could lead to a downgrade: -- A RAC score below 130%; -- Any acquisition that increases financial leverage above 35%; -- A significant write-down in goodwill or signs that indicate a potential write-down of goodwill is possible; -- Deterioration in earnings, primarily measured by consolidated pretax GAAP margins, at a pace greater than peer averages; -- Sustained material adverse reserve development. FULL LIST OF RATING ACTIONS Fitch has maintained the following ratings on Rating Watch Positive: Fidelity National Financial, Inc. -- IDR 'BBB-'; -- $300 million 4.25% convertible senior note maturing Aug. 15, 2018 'BB+'; -- $400 million 5.5% senior note maturing Sept. 1, 2022 'BB+'; -- Four-year $800 million unsecured revolving bank line of credit due July 2018 'BB+'. Fitch has placed the following operating subsidiaries on Rating Watch Positive: Fidelity National Title Ins. Co. Alamo Title Insurance Co. of TX Chicago Title Ins. Co. Commonwealth Land Title Insurance Co. -- IFS 'A-'. FIRST FLIGHT: Wants to Use WashingtonFirst Bank Cash Collateral --------------------------------------------------------------- First Flight Limited Partnership asks the U.S. Bankruptcy Court District of Maryland to enter a consent order authorizing the Debtor's use of cash collateral and granting WashingtonFirst Bank adequate protection of its interest in the prepetition collateral and cash collateral. Prior to the Petition Date, WashingtonFirst Bank extended a commercial loan to the Debtor. WashingtonFirst Bank asserts that as of June 28, 2017, the indebtedness owed by the Debtor under Loan Documents amounted to $4,105,572, consisting of principal in the amount of $3,968,450, accrued and unpaid interest in the amount of $78,872 and late charges in the amount of $58,251. The Debtor acknowledges that WashingtonFirst Bank holds valid, enforceable and properly perfected first-priority liens and security interests in, to and against all of the Prepetition Collateral, including, the Property, the Leases, the Rents, and all products and proceeds thereof. WashingtonFirst Bank is willing to consent to the Debtor's use of Cash Collateral pursuant to the Budget and the other terms and conditions contained in the proposed Consent Order. Under the Consent Order, the Debtor will be permitted to use cash collateral only for the time period set forth in the Consent Order, and only in the amounts and category limits set forth in the Budget. The authorization granted to the Debtor under the Consent Order will terminate upon the earlier of: (a) September 28, 2017; (b) the entry by the Court of an order denying the Debtor's authorization to use Cash Collateral; or (c) at the option of WashingtonFirst Bank, upon the occurrence of an Event of Default. The Debtor will grant WashingtonFirst Bank valid, perfected, enforceable, first-priority replacement liens in, to and against all of the Debtor's collateral, including cash collateral, generated postpetition, equal to the loss or diminution in the value of WashingtonFirst Bank's interest in the cash collateral subsequent to the Petition Date. As further adequate protection for WashingtonFirst Bank's consent to the Debtor's use of cash collateral, the Debtor will deliver to WashingtonFirst Bank a payment in the amount of $19,863 in immediately available funds on or before July 5, 2017. nFurther, payment in the same amount will be made on the 5th day of August 2017 and September 2017. In addition to the adequate protection provided, the Debtor's use of cash collateral is subject to all of the following conditions under the Consent Order: (a) Information Regarding Leases and Rents. The Debtor will provide Washington First Bank with copies of all current Leases (and any amendments thereto) for the Property and a current monthly rent roll for the Property. (b) Financial Information and Reporting. The Debtor will provide WashingtonFirst Bank with certain financial information, documentation and reporting, pursuant to and as more particularly described in the Consent Order. (c) Taxes. The Debtor will make all payments that it is required to make to all Taxing Authorities with respect to all forms of taxes that come due after the Petition Date, when and as said payments are due. (d) Insurance. The Debtor will maintain fire, casualty and other hazard insurance with respect to all of the Properties and the other collateral, in amounts and under such insurance policies as are acceptable to WashingtonFirst Bank. (e) Maintaining Collateral. At all times, the Debtor will maintain the collateral in good repair and will perform such maintenance and repairs with respect to the Collateral as is customarily performed in connection with assets of this type. A full-text copy of the Debtor's Motion, dated June 29, 2017, is available a http://tinyurl.com/y7excu4s About First Flight LP First Flight Limited Partnership, a Virginia limited liability partnership, owns two commercial buildings: 119,166-square-foot office facility & 761,360-square foot industrial(airport/airplane hangars) located at 18540 Showalter Rd. Hagerstown, Maryland. First Flight LP, doing business as Topflight Airpark, filed a Chapter 11 petition (Bankr. D. Md. Case No. 17-18645) on June 25, 2017. The petition was signed by Barrie Peterson, sole member and president of Airpark Holdings, LLC, the general partner of FFLP. At the time of filing, the Debtor disclosed $54.52 million in assets and $14.54 million in liabilities. The case is assigned to Judge Thomas J. Catliota. The Debtor is represented by Morgan William Fisher, Esq. at the Law Offices of Morgan William Fisher, LLC. The Office of the United States Trustee has not appointed an Official Committee of Unsecured Creditors in this case. FLY NATION: Has Authorization to Access Cash Collateral ------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia authorized Fly Nation, Inc., to use cash collateral only for ordinary and necessary business expenses of the Debtor consistent with the specific items and the amounts contained in the Budget. The approved Budget reflects total operating expenses of approximately $48,050. The Debtor's authorization to use cash collateral will cease the sooner to occur of: (a) an order terminating the use of Cash Collateral, or (b) The occurrence or existence of any one or more of the following events or conditions: (1) the conversion or dismissal of the case; (2) the appointment of a trustee or an examiner with expanded powers in the case; (3) the Debtor's failure to maintain casualty insurance insuring the prepetition collateral or Post-Petition Collateral; or (4) the use of Cash Collateral to pay any items not contained in the Budget without the consent of Secured Lender Solutions, LLC, Forward Financing, LLC, Zoomli, Yellowstone Capital, LLC and EBF Partners. Secured Lender Solutions, LLC, Forward Financing, LLC, Zoomli, Yellowstone Capital, LLC and EBF Partners are each granted a valid, attached, choate, enforceable, perfected and continuing security interest in, and liens upon all post-petition assets of Debtor of the same character, type, to the same nature, extent, validity, and priority as their respective liens and encumbrances attached to the Debtor's assets pre-petition. EBF Partners is granted super-priority administrative claims with priority over all administrative expense claims and unsecured claims now existing or after arising for the amount by which adequate protection afforded for the Debtor's use of Cash Collateral proves to be inadequate. The Debtor is directed to remit monthly adequate protection payments in the amount of $1,000 to EBF Partners. A full-text copy of the Order, dated June 29, 2017, is available at https://is.gd/dixtYu EBF Partners LLC is represented by: D. Sharmin Arefin, Esq. Maurice Wutscher LLP 3500 Parkway Lane, Suite 305 Peachtree Corners, GA 30092 Direct: (678) 278-8322 Fax: (866) 581-9302 E-mail: sarefin@mauricewutscher.com About Fly Nation, Inc. Fly Nation, Inc., is a Georgia corporation and its primary place of business is located at 2221 Faulkner Road, Atlanta, Georgia. The Debtor is an online retailer of swimsuits and related accessories. Justina McKee is the owner and president. Fly Nation filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 17-52456) on Feb. 7, 2017. The petition was signed by Justina McKee, President/Owner. At the time of filing, the Debtor had less than$50,000 in estimated assets and $100,000 to $500,000 in estimated liabilities. The Debtor is represented by M. Denise Dotson, Esq., at M. Denise Dotson, LLC. An official committee of unsecured creditors has not been appointed in the Chapter 11 case. GARBER BROS: Hires Stanley J. Paine Co. as Auctioneer ----------------------------------------------------- Garber Bros., Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Massachusetts to employ Stanley J. Paine Co., Inc., as auctioneer. During its operation, the Debtor employed approximately 165 people, including distribution personnel, logistics and IT support staff, and sales, marketing, and merchandising specialists. It operated principally out of a 120,000 square foot facility in Stoughton, Massachusetts, which served as a warehouse and processing facility for its shipments utilizing innovative computerized scanning, conveyer, cutting, sorting, and picking technology. When a significant customer of the Debtor ceased paying on its account, the Debtor's loan with its principal lender, Citizens Bank, N.A., was declared to be in default. In early April 2017, the Debtor ultimately determined to enter into a wind-down of its affairs. As of the Petition Date, the Debtor owned certain inventory, furniture, fixtures, and equipment located at the Premises. The Debtor has filed a motion to sell the Equipment by Public Sale. The Debtor has chosen Paine Co., because of its substantial experience in selling Equipment in a wide range of industries. Paine Co.'s compensation will not exceed 10% of the first $100,000 realized from the Public Sale, 4% of the next $400,000, and 3% of the balance. Stanley Paine, member of the firm of Stanley J. Paine Co., Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Paine Co., may be reached at: Stanley Paine Stanley J. Paine Co., Inc. 373 Boylston Street Newton, MA Tel: (617) 731-4455 About Garber Bros. Garber Bros., is a greater Boston convenience store distributor. It abruptly closed its doors on April 10, 2017, and ceased operations. Alleged creditors signed an involuntary Chapter 7 petition for Garber Bros., Inc. (Bankr. D. Mass. Case No. 17-11802) on May 15, 2017. The petitioning creditors are BIC USA, Conagra Brands, Inc., General Mills, Inc., Mars Financial Services, Mondelez, Nestle USA The Coca-Cola Company, and The Hershey Company. The petitioning creditors are represented by: Janet E. Bostwick Janet E. Bostwick, PC 295 Devonshire Street Boston, MA 02110 Tel: (617) 956-2670 Fax : 617-422-1428 E-mail: jeb@bostwicklaw.com On June 7, 2017, the Court granted the Debtor's motion to convert the case to Chapter 11. Murphy & King, PC represents the Debtor as counsel. Argus Management Corporation serves as the Debtor's financial advisor. On June 28, 2017, the U.S. Trustee appointed an official committee of unsecured creditors. The Committee is represented by Blakeley LLP. GATEWAY MEDICAL: Hires Marcus & Millichap as Broker --------------------------------------------------- Gateway Medial Center II, LLC and its debtor-affiliate seek permission from the U.S. Bankruptcy Court for the Western District of Washington to employ Marcus & Millichap Real Estate Investment Services as real estate broker. The Debtors propose to employ Marcus & Millichap as a real estate broker in the potential sale of the Debtors' real properties located at 2501 NE 134th, Vancouver, WA 98686 and 2621 NE 134th, Vancouver, WA 98686. The Debtors require Marcus & Millichap to: a. assist the Debtors in marketing the Properties; b. circulate materials to interested parties regarding the Properties; c. respond, provide information to, communicate and negotiate with and obtain offers from interested parties and make recommendations to the Debtors as to whether or not a particular offer should be accepted; and d. communicate regularly with the Debtors in connection with the status of the Broker's efforts with respect to the sale of the Properties. Marcus & Millichap's commission shall be 2.5% of the gross sales price if the listing team comprised of John Smelter, David Helvey and Brian Smith are the only agents involved in the transaction. If another agent or agents are involved in procuring the buyer as the selling agent, the commission is to be increased to 3.5%. John R. Smelter, senior vice president investments of Marcus & Millichap Real Estate Investment Services, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Marcus & Millichap may be reached at: John R. Smelter Marcus & Millichap Real Estate Investment Services 4660 La Jolla Village Drive, Suite 900 San Diego, CA 92122 Tel: (858) 373-3233 Fax: (858) 373-3110 About Gateway Medical Gateway is a Washington limited liability company formed on May 28, 2004. Gateway Medical Center, LLC owns a medical office building located at 2501 NE 134th St., Vancouver, Washington. It is adjacent to a medical office building owned by affiliate Gateway Medical Center II, LLC located at 2621 NE 134th St., Vancouver, Washington. Gateway Medical Center, LLC and Gateway Medical Center II, LLC filed separate Chapter 11 petitions (Bankr. W.D. Wash. Case Nos. 17-41779 and 17-41780, respectively), on May 4, 2017. At the time of filing, Gateway Medical Center had $1 million to $10 million in estimated assets and Gateway Medical Center II had $10 million to $50 million in estimated assets. Both Debtors have liabilities estimated to be between $1 million to $10 million. The petitions were signed by Daniel J. Boverman, manager. The cases are assigned to Judge Brian D Lynch. The Debtor is represented by Tara J. Schleicher, Esq. at Farleigh Wada Witt. No trustee or examiner has been appointed. GEEAA SPRINGDALE: Case Summary & 4 Unsecured Creditors ------------------------------------------------------ Debtor: GEEAA Springdale, LLC f/k/a General Electric Employees Activities Association of Evendale Plant, Inc. c/o Matthew Williams 5167 Horseshoe Falls Dublin, OH 43016 Case No.: 17-12461 Business Description: GEEAA Springdale listed its business as a single asset real estate (as defined in 11 U.S.C. Section. 101(51B)) with principal assets are located in Cincinnati, Ohio. The Debtor has rights of redemption in 130.8349 acres of land located at 12110 Princeton Pike - parcel 599-10-314, with a current value of $4.25 million. Chapter 11 Petition Date: July 5, 2017 Court: United States Bankruptcy Court Southern District of Ohio (Cincinnati) Judge: Hon. Jeffery P. Hopkins Debtor's Counsel: Robert A Goering, Sr., Esq. GOERING & GOERING 220 West Third Street Cincinnati, OH 45202 Tel: (513) 621-0912 E-mail: bob@goering-law.com Total Assets: $4.25 million Total Liabilities: $5.76 million The petition was signed by Matt Williams, managing member. The Debtor's list of four unsecured creditors is available for free at http://bankrupt.com/misc/ohsb17-12461.pdf GENERAL CONCRETE: US Trustee Wants Case Dismissed or Converted -------------------------------------------------------------- Judy A. Robbins, the United States Trustee in Maryland, asks the Bankruptcy Court to dismiss the Chapter 11 case of General Concrete Company, Inc., or convert it to a Chapter 7 liquidation proceedings. In the alternative, the U.S. Trustee asks the Court to compel payment of quarterly fees and compliance with the reporting requirements of Fed. R. Bankr. P. 2015(a)(5). By Order entered on November 15, 2016, the Court confirmed the Amended Plan of Reorganization. The U.S. Trustee relates that the Debtor has failed to pay the full amount of the quarterly fees due in this case. Specifically, the Debtor owes quarterly fees in the estimated amount of $9,781.28 of which $4,875 was due by April 30, 2017 and another $4,875 was due January 31, 2016. The remainder of $31.28 pertains to interest that has accrued. The Debtor last made a payment on February 22, 2017. The U.S. Trustee also says the Debtor has failed to file the post-confirmation report for the fourth quarter 2016 and first quarter 2017 concerning disbursements, which necessitates estimating the quarterly fees outstanding based upon prior reports. Judy A. Robbins, the United States Trustee, Region 4, is represented by: Lynn A. Kohen, Esq. Trial Attorney 6305 Ivy Lane, Suite 600 Greenbelt, MD 20770 Tel: (301) 344-6216 Fax: (301) 344-8431 E-mail: lynn.a.kohen@usdoj.gov General Concrete Company, Inc., based in Beltsville, Maryland, filed for Chapter 11 bankruptcy (Bankr. D. Md. Case No. 15-18589) on June 16, 2015. The Debtor listed $1.6 million in total assets and $2.6 million in total liabilities. The petition was signed by Marleny E. Urrutia, president. The Hon. Thomas J. Catliota presides over the case. The Debtor is represented by: Craig Palik, Esq. MCNAMEE HOSEA PA 6411 Ivy Lane, Suite 200 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 Email: cpalik@mhlawyers.com GRANDPARENTS.COM INC: DIP Financing, Cash Use Have Final Approval ----------------------------------------------------------------- The Hon. Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida has entered a final order authorizing Grandparents.com, Inc., and its debtor-affiliates to secure postpetition financing up to the amount of $753,166 during the period from the June 10, 2017, at 5:00 p.m. until Sept. 7, 2017, at 5:00 p.m., and use cash collateral. Prepetition, GP and VB Funding LLC entered into that certain Sept. 15, 2016 Amended and Restated Promissory Note, along with other related documents and agreements. The Lender advanced funds prepetition to GP. The loan obligations are secured by a first priority lien in all the assets of the Debtors. In addition, Debtor Grand Card and non-debtor Grandparents Insurance Solutions, LLC, both wholly-owned subsidiaries of GP, are guarantors under the Loan Documents. The Debtors acknowledge that the Loan Documents are valid and that the security interests granted by the Loan Documents to Lender are enforceable and unavoidable. The Debtors do not have any other secured creditors. GP acknowledges that as of the Petition Date, it owes Lender at least $9,827,621.96. The Debtors are unable to operate without the use of cash collateral and the DIP Loan. The Debtors assert that they are unable to obtain unsecured credit allowable under U.S. Bankruptcy Code Section 503(b)(1) as an administrative expense in an amount necessary to fund operations and that financing on a post-petition basis is not available to pay operating expenses or wage obligations to their employees without the Debtors granting, pursuant to Bankruptcy Code Section 364(c)(1), claims having priority over any and all administrative expenses of the kinds specified in Sections 503(b) and 507(b) of the Bankruptcy Code and the granting of a senior priming lien pursuant to Bankruptcy Code Section 364(d). The Loan Documents are modified and supplemented by the final court order to require that the Debtors will: (i) adhere to the approved budget, (ii) provide Lender with bi-weekly reports which reflect their actual receipts and expenditures for the prior two-week term, and the percentage variance per line item to the Approved Budget, and (iii) use their best efforts to adhere to this timeline for the sale by the Debtors and a plan of liquidation to be proposed by the Debtors, subject to the Court's availability and the noticing requirements set forth in the Bankruptcy Code, Bankruptcy Rules or orders of the Court: Proposed hearing on Bid Procedures April 28, 2017 Advertisements to Start May 3, 2017 Notice of Executory Contracts May 3, 2017 Bid Deadline May 31, 2017 File Notice of Qualified Bidders June 1, 2017 Assignment/Cure Objection Deadline May 31, 2017 Deadline to Object to sale and Designation of Qualification May 31, 2017 Proposed Auction and Sale Hearing June 5, 2017 Notice of Accepted Service Contracts June 1, 2017 Closing June 16, 2017 (or 3rd day after resolution of conditions precedent) Proration Notification June 7, 2017 Date By Which Closing Must Occur June 16, 2017 Deadline For 30 Day Closing Ext. June 14, 2017 Deadline to File Plan of Liquidation June 12, 2017 Deadline For Confirmation of Plan Sept. 7, 2017 The authorization to use cash collateral will expire on Sept. 7, 2017, at 5:00 p.m. The Lender's obligation to provide the DIP Loan and Lender's consent to the use of the cash collateral may terminate upon further notice and order of the Court in the event of default as follows: (i) failure to adhere to the Approved Budget, (ii) failure to timely provide any of the Reconciliation Reports, when due, (iii) failure to abide by the Timeline, or (iv) Sept. 7, 2017. The Lender will be granted a valid, binding, enforceable, non-avoidable and perfected priority replacement security interest in and lien on all currently owned or hereafter acquired assets and properties of Debtors in the same types of collateral and to the same extent and priority existing as of the petition date. A copy of the court order is available at: http://bankrupt.com/misc/flsb17-14711-161.pdf As reported by the Troubled Company Reporter on April 25, 2017, the Court previously authorized the Debtors to obtain credit from VB Funding, LLC, on an interim basis and based on the consent of VB Funding, to use the proceeds of the Interim DIP Loan constituting cash collateral. The Debtors were authorized to advance funds not exceeding the amount of $44,598 during the period from the Petition Date through April 28, 2017, for the payment of the current and necessary expenses, including payments to the U.S. Trustee for quarterly fees, as set forth in the budget. About Grandparents.com, Inc. New York-based Grandparents.com, Inc., together with its consolidated subsidiaries, is a family-oriented social media company that through its Web site, http://www.grandparents.com/, serves the age 50+ demographic market. The website offers activities, discussion groups, expert advice and newsletters that enrich the lives of grandparents by providing tools to foster connections among grandparents, parents, and grandchildren. Granparents.com, Inc., and Grand Cards LLC filed separate Chapter 11 petitions (Bankr. S.D. Fla. Case Nos. 17-14711 and 17-14704, respectively) on April 14, 2017. The petitions were signed by Joshua Rizack, chief restructuring officer, The Rising Group Consulting, Inc. The Hon. Laurel M. Isicoff presides over the cases. The Debtors listed combined assets of $1 million and combined liabilities of $24.9 million. The Debtors are represented by Steven R. Wirth, Esq., and Eyal Berger, Esq., at Akerman LLP. GREAT BASIN: Mitchell Kopin Holds 9.99% Stake as of June 20 ----------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher and Intracoastal Capital LLC disclosed that as of June 20, 2017, they beneficially own 561,674 shares of common stock of Great Basin Scientific, Inc., consisting 9.99 percent of the common stock outstanding. The percentage is based on (1) 2,747,140 shares of Common Stock outstanding as of June 19, 2017, as reported by the Company, plus (2) 295,000 shares of Common Stock that were to be issued to Intracoastal at the closing of the transaction contemplated by the Subscription Agreement and (3) 9,898 shares of Common Stock issuable upon exercise of the Intracoastal Warrant. The Reporting Persons have entered into a Joint Filing Agreement pursuant to which they Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended. The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483. The principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604. A full-text copy of the Schedule 13G is available for free at: https://is.gd/S69rJH About Great Basin West Valley City, Utah-based Great Basin Scientific Inc. is a molecular diagnostic testing company focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. The Company believes that small to medium sized hospital laboratories, those under 400 beds, are in need of simpler and more affordable molecular diagnostic testing methods. The Company markets a system that combines both affordability and ease-of-use, when compared to other commercially available molecular testing methods. Great Basin Scientific reported a net loss of $89.14 million on $3.04 million of revenues for the year ended Dec. 31, 2016, compared to a net loss of $57.89 million on $2.14 million of revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Great Basin had $29.24 million in total assets, $59.10 million in total liabilities and a total stockholders' deficit of $29.86 million. The Company's independent accountants, BDO USA, LLP, in Salt Lake City, Utah, expressed "substantial doubt" about the Company's ability to continue as a going concern noting that the Company has incurred substantial losses from operations, has negative operating cash flows and has a net capital deficiency. GREENSTAR HOSPITALITY: Wants to Use Cash Collateral of Plaza Bank ----------------------------------------------------------------- Greenstar Hospitality LLC asks for authorization from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral of Plaza Bank to operate its motel in the ordinary course of business. The Debtor further requests that it be allowed to continue to use its existing bank accounts with Plaza Bank and US Bank and authorize those banks to honor any outstanding checks drawn on those accounts, whether prepetition or postpetition. Summer and fall are typically the busiest seasons for the motel. The budget assumes typical income and expenses for one year averaged on a monthly basis, as well as ordinary bankruptcy expenses anticipated during reorganization. Because expenses cannot be predicted precisely, and because the Debtor's income is seasonal, the Debtor proposes that it be considered in compliance with the budget as long as the Debtor does not exceed the budget by more than 10% per line item on a cumulative basis. The Debtor requests authority to continue to use any company business forms, including checks, letterhead, order forms and other business forms without alteration or change to avoid expense and an undue investment of time that would burden the Debtor’s estate. The Debtor further requests authority to pay employee salaries that accrued prepetition to ensure the continued operation of the business without loss of current employees or undue burden on those employees. The Debtor assures the Court that Plaza Bank has adequate protection against the diminution in value of its prepetition collateral. First, the collateral has more value as an ongoing business that can be refinanced or sold than as real property. The continued operation of its business preserves the value of the business as an ongoing concern, and as a result prevents diminution of the value of the collateral. The building itself will suffer no diminution in value but rather will benefit from ongoing operation and maintenance by onsite employees. To provide adequate protection and protect against diminution in value of the collateral from its prepetition value, the Debtor proposes to continue the business while attempting to enter into a franchise agreement with Motel 6, resulting in an anticipated increase in the value of the business. As a result the value of the business will preserved and likely enhanced from its prepetition value. Upon conversion to a Motel 6 the Debtor will either refinance or sell the ongoing business. The Debtor says it will suffer immediate and irreparable harm without the interim relief requested. In the absence of an order authorizing the use of cash collateral, the Debtor will have to cease its business operations rather than reorganizing for the benefit of creditors, including Plaza Bank. In such event the foreclosure of the property will become inevitable. It is unlikely that the motel building itself will yield anywhere near the amount Plaza Bank is owed. The Debtor tells the Court that its ability to reorganize and maintain the value of its assets, including the real property that is the collateral for Plaza Bank's loan, hinges on access to cash collateral. Absent an order permitting access to cash collateral it will have to cease operations, putting its employees out of work. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/wawb17-12815-7.pdf About Greenstar Hospitality Greenstar Hospitality LLC owns and operates a business known as the Cabana Motel located at 665 E. Windsor Street, Othello Washington. Greenstar Hospitality filed for Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No. 17-12815) on June 22, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Ahmed Fataftah, managing member. Judge Timothy W. Dore presides over the case. Lamont S. Bossard, Jr., Esq., at Iwama Law Firm serves as the Debtor's bankruptcy counsel. HAHN HOTELS: May Use Cash Collateral Through Sept. 2 ---------------------------------------------------- The Hon. Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas has entered a final order authorizing Hahn Hotels of Sulphur Springs, LLC, et al., to use cash collateral for the time period from July 9, 2017, through Sept. 2, 2017. The Debtors are authorized to engage in intercompany transactions. Any net intercompany receivable resulting from the intercompany transactions will be entitled to administrative priority in accordance with the applicable provisions of the U.S. Bankruptcy Code. The Court has approved the portion of the budget providing for compensation during the second budget period (based on an annualized salary of $240,000) to be paid to Dante Hahn twice monthly, each payment in an amount totaling $9,231. Each payment will be apportioned among the Debtors as follows: Hahn Investments, LLC $3,077 Hahn Hotels of Sulphur Springs, LLC $1,538 Hahn Hotels, LLC $1,538 Sleep Inn Property, LLC $1,538 Copeland's of Longview, LLC $1,538 The authorization to pay compensation to Mr. Hahn is without prejudice to, and does not impair, waive, or preclude any of the following: (1) Debtors' right to seek approval of higher or different compensation in a subsequent motion, (2) the right of any creditor or other party in interest to object to or contest the propriety of any subsequent request for approval of compensation for Mr. Hahn or any other insider, and (3) the rights or claims of any creditor or other party in interest to seek enforcement of, assert, or rely on any agreement, assignment, or other right of subordination regarding any subsequent request for authorization for approval of compensation for Mr. Hahn or any other insider. The replacement liens granted under this court order to each prepetition lender are valid, enforceable, and fully perfected, and no filing or recording or other act in accordance with any applicable local, state or federal law, rule or regulation is necessary to create or perfect the replacement liens. The occurrence of any of the following will be an event of default under the terms of the court order: (a) the Debtor's default, violation, failure to comply with or breach of any of the terms or provisions of the court order; (b) the dismissal of this case or the conversion of this case to Chapter 7; (c) the appointment of a Chapter 11 Trustee in this case; and (d) the occurrence of any event of default or stay terminating event under the terms of any order of this Court modifying the automatic stay. A copy of the court order is available at: http://bankrupt.com/misc/txeb17-40947-144.pdf As reported by the Troubled Company Reporter on June 27, 2017, the Debtors sought permission from Court to continue using cash collateral of Austin Bank, First National Bank of Hughes Springs, Texas Bank and Trust Company, Texas National Bank, Pilgrim Bank, and the Small Business Association from July 9, 2017, through Sept. 2, 2017. The Debtors need to use cash to operate their businesses in order to avoid immediate and irreparable harm to the Debtors and their estates. About Hahn Hotels Headquartered in Sulphur Springs, Texas, Hahn Hotels of Sulphur Springs, LLC, owns the La Quinta Inns and Suites, which provides hotel accommodations for business and leisure travelers across the United States, Canada, and Mexico. Hahn Hotels of Sulphur Springs, LLC, along with its affiliates, including Hahn Investments, LLC, sought Chapter 11 protection (Bankr. E.D. Tex. Lead Case No. 17-40947) on May 1, 2017. The petitions were signed by Dante Hahn, president. Judge Brenda T. Rhoades presides over the cases. Hahn Hotels of Sulphur estimated its assets and liabilities of between $1 million and $10 million. Hahn Investments estimated its assets and liabilities of between $10 million and $50 million. Jessica Leigh Voyce Lewis, Esq., and Judith W. Ross, Esq., at The Law Offices of Judith W. Ross and Eric Soderlund, Esq., who has an office in Dallas Texas, serve as the Debtors' bankruptcy counsel. HAMILTON ENGINEERING: Hires Stevenson & Bullock as Counsel ---------------------------------------------------------- Hamilton Engineering, Inc., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Stevenson & Bullock, PLC as counsel. The Debtor requires Stevenson & Bullock to: a. prepare all schedules, applications, motions, orders, and reports and to appear at bankruptcy court hearings on behalf of the Debtor, in the bankruptcy case; and b. counsel the Debtor in all legal matters during the Chapter 11 case. Stevenson & Bullock lawyers and paraprofessionals who will work on the Debtor's case and their hourly rates are: Michael Stevenson $375 Charles D. Bullock $350 Kimberly Bedigian $300 Sonya N. Goll $300 Ernest M. Hassan, III $275 Elliot G. Crowder $275 Michelle Stephenson $300 Other Attorneys $200-$400 Leslie D. Haas, paralegal $100 Marsha Lawrence $100 Legal Assistants $50-$95 Stevenson & Bullock shall receive a post-filing retainer of $3,500. Stevenson & Bullock received $21,717 for pre-petition fees and expenses for its representation of the Debtor. Ernest M. Hassan, III, Esq., of Stevenson & Bullock, PLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Stevenson & Bullock may be reached at: Ernest M. Hassan, III, Esq. Stevenson & Bullock, PLC 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 Fax: (248) 354-7907 About Hamilton Engineering Founded in 1981, Hamilton Engineering is a family-owned, Livonia, Michigan-based, supplier of specially designed water heating and building heat applications throughout North and South America. Hamilton Engineering, Inc. filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 17-48381) on June 3, 2017. Shareholder Christina McIlhenney signed the petition. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Maria L. Oxholm. The Debtor is represented by Ernest M. Hassan, III, Esq. and Elliot G. Crowder, Esq., at Stevenson & Bullock, P.L.C. HAMKEI GENERATION: Asks for Court's Nod to Use Cash Collateral -------------------------------------------------------------- Hamkei Generation, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral. Cornerstone Bank, Sysco Food Service of Atlanta, LLC, and CB&T assert liens or security against the cash collateral. The Debtor financed the purchase of a store and real property with a small business administration loan through Cornerstone in the original principal amount of $1.27 million. Cornerstone asserts a (i) lien upon and security interest in Debtor's cash collateral, inventory and Real Property. Sysco asserts a junior priority lien on Debtor's cash collateral pursuant to the UCC Financing Statement recorded on Jan. 29, 2009, in the records of Cobb County, Georgia, and continued on Jan. 13, 2014. The Debtor shows that no indebtedness is outstanding to Sysco. CB&T, a division of Synovus Bank, NA, asserts (i) a junior priority lien in the Debtor's cash collateral pursuant to the UCC Financing Statement recorded on Aug. 13, 2015, in the records of Coweta County, Georgia; and (ii) outstanding indebtedness of approximately $35,000. The Debtor is not aware of any other asserted liens or security interest against the Debtor's cash collateral. In order to effectively reorganize, the Debtor must have access to cash to pay the operating expenses of the Store including its employees, gas vendors, inventory vendors, and utilities. If Debtor does not have the authority to use its available cash to pay operating expenses, including insurance, taxes, wages, utilities and supplies, the going concern value will be significantly harmed and the estate and creditors will be negatively affected. The Debtor asks that a final hearing on the cash collateral use be held on July 19, 2017, at 10:10 a.m., and that objections to the cash collateral use be filed by July 14, 2017. A copy of the Debtor's request is available at: http://bankrupt.com/misc/ganb17-11361-4.pdf About Hamkei Generation Hamkei Generation, Inc., is a small business debtor as defined in 11 U.S.C. Section 101(51D) engaged in the retail-convenience stores business. The Debtor operates a gas station and convenience store located at 505 Vernon Street, Lagrange, Troup County, Georgia 30240. The Debtor was formed in 2006 and acquired the Store as an operating business together with the real property. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-11361) on June 26, 2017. Kennin Sato, CEO and president, signed the petition. Leslie M. Pineyro, Esq., at Jones & Walden, LLC, serves as the Debtor's legal counsel. At the time of the filing, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. Judge Homer W. Drake presides over the case. HAMMOND'S TRANSPORTATION: Hires Ed Shorty as Special Counsel ------------------------------------------------------------ Hammond's Transportation, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Edwin M. Shorty, Jr. & Associates, APLC as special counsel for the Debtor. The Debtor requires Ed Shorty to represent the Debtor in these pending matters: a. Goeloe, et al. v. ABC Insurance Company, et al. b. Richardson versus Brocks, et al. c. Jackson, et al. versus Scott, et al. d. Bornes, et al. versus Doe, et al. e. LWCC versus Hammonds Transportation, L.L.C. f. Louisiana Safety Association-Timberman Self Insurance Fund versus Hammonds Transportation, L.L.C. Ed Shorty lawyers who will work on the Debtor's case and their hourly rates are: Edwin M. Shorty $250 Nathan M. Chiantella $150 Edwin M. Shorty, Jr., Esq., attorney at Edwin M. Shorty, Jr. & Associates, APLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Ed Shorty may be reached at: Edwin M. Shorty, Jr., Esq. Edwin M. Shorty, Jr. & Associates, APLC 650 Poydras St., Suite 2515 New Orleans, LA 70130 Phone: (504)207-1370 About Hammond's Transportation Hammond's Transportation LLC -- https://hammondstransportation.com/ -- maintains a fleet of school buses, vans and a staff of drivers, and provides service to any group or organization throughout the Greater New Orleans area. Based in New Orleans, Louisiana, Hammond's Transportation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 17-11350) on May 25, 2017. Mark Hammond, authorized member, signed the petition. At the time of the filing, the Debtor estimated its assets and debt at $1 million to $10 million. Judge Elizabeth W. Magner presides over the case. Christopher T. Caplinger, Esq., at Lugenbuhl, Wheaton, Peck, Rankin & Hubbard serves as its legal counsel. HARRINGTON & KING: May Use Inland Cash Collateral Until July 14 --------------------------------------------------------------- The Hon. Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois has entered an agreed 10th order authorizing Harrington & King Perforating Co. and Harrington & King South Inc. to use Inland Bank & Trust's cash collateral until July 14, 2017. The Motion is continued to July 13, 2017, at 10:00 a.m. As reported by the Troubled Company Reporter on June 30, 2017, the Court previously entered an agreed order extending through June 30, 2017, the Debtor's use of cash collateral. About The Harrington & King Perforating The Harrington & King Perforating Co., Inc., and Harrington & King South Inc. are in the business of manufacturing perforating metal sheets and rolled coils of varying gauges and types to produce hole patterns of various sizes, shapes, and spacing. Most of the work is done to customer specifications and consists of high value-added jobs, not typical of most metal punching. The products are used in automotive, acoustics, architecture, food and pharmaceutical straining and filtering, interior design, manufacturing, safety flooring, pollution control, transportation and mining cleaning and grading, electronics and other fields. The Harrington & King Perforating Co., Inc., and Harrington & King South Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case Nos. 16-15650 and 16-15651) on May 7, 2016. The petitions were signed by Greg McCallister, chief restructuring officer and chief operating officer. The cases are jointly administered under Case No. 16-15650. The Debtors each estimated assets and liabilities in the range of $1 million to $10 million. The cases are assigned to Judge Deborah L. Thorne. The Debtors engaged William J. Factor, Esq., at The Law Office of William J. Factor, Ltd., as bankruptcy counsel. The Debtors tapped Patricia A. Shlonsky, Esq., and Ulmer & Berne LLP as Special Counsel; Miles P. Cahill, Esq. at Spiegel & Cahill, P.C. as Special Workers' Compensation Counsel; Vito Mitria and the Beacon Management Advisors LLC as Financial Advisor; Larry Goldwasser and Cushman & Wakefield of Illinois, Inc. as real estate broker. The Official Committee of Unsecured Creditors of The Harrington & King Perforating Co., Inc. and Harrington & King South Inc. retain Thomas R. Fawkes, Esq., and Brian J. Jackiw, Esq., of Goldstein & McClintock LLLP as its legal counsel. The Committee tapped John B. Pidcock and Conway MacKenzie, Inc., as its financial advisor. HEYL & PATTERSON: Hearing on Plan Confirmation Set for Aug. 14 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania is set to hold a hearing on August 14 to consider approval of the Chapter 11 plan for The Liquidating Estate of H&P, Inc. The hearing will be held at 1:30 p.m., at the U.S. Steel Tower, Courtroom B, 54th Floor, 600 Grant Street, Pittsburgh, Pennsylvania. The court on June 15 approved the company's disclosure statement, allowing it to start soliciting votes from creditors. The order set an August 4 deadline for creditors to file their objections and cast their votes accepting or rejecting the plan. Under the plan, each holder of an allowed Class 4 general unsecured claim will receive cash equal to its pro rata share of the available cash, which amount will be determined after giving effect to any distribution of available cash to holders of allowed unpaid subcontractors claims, according to the company's amended disclosure statement. A copy of the amended disclosure statement is available for free at https://is.gd/rkta8r About Heyl & Patterson Heyl & Patterson Inc. is an American specialist engineering company, founded in 1887 and based in Pittsburgh, Pennsylvania. Heyl & Patterson sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21620) on April 29, 2016. The petition was signed by John R. Edelman, CEO. The case is assigned to Judge Carlota M. Bohm. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, as counsel; and Gleason & Associates as financial advisors. On May 31, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Whiteford, Taylor & Preston, LLC, as its legal counsel; and Albert's Capital Services, LLC, as its financial advisor. On April 28, 2017, the Debtor filed a Chapter 11 plan of liquidation. HIGH PLAINS COMPUTING: May Use Cash Collateral Until Jan. 7, 2018 ----------------------------------------------------------------- The Hon. Joseph G. Rosania, Jr., of the U.S. Bankruptcy Court for the District of Colorado has entered a third cash collateral order, authorizing High Plains Computing, Inc., doing business as HPC Solutions, to use cash collateral from June 30, 2017, through Jan. 7, 2018. As reported by the Troubled Company Reporter on May 29, 2017, the Debtor sought the Court's permission to use cash collateral. The Debtor plans to continue operation of its business throughout the Chapter 11 case and propose a Plan of Reorganization which provides for the continuation of the Debtor's business. In order to pay necessary operating expenses, the Debtor must immediately use cash collateral in which one or more creditors may have an interest. The Debtor identifies these secured creditors that may claim liens in its assets, including its inventory and accounts receivables: GE Commercial Distribution Finance Corp./Wells Fargo Commercial Distribution Finance, LLC, Key Government Finance, Inc., SYNNEX Corp., CSNK Workiing Capital Finance Corp., LiftForward, Inc., FC Marketplace, LLC, CFO Business Advisors LLC and Silicon Mechanics, Inc. As adequate protection of each Secured Creditors' interest in cash collateral proposed to be used by the Debtor in accordance with the new budget for the time period of June 30, 2017, through Dec. 31, 2017, that has been filed with the Court is approved as follows: a. the Debtor will provide Wells Fargo Commercial Distribution Finance, LLC, and any other allowed secured creditor with a post-petition lien on all post-petition inventory, accounts receivable, other income derived from the operation of the business, and all assets, to the same extent and on the same assets that the secured creditor held a pre-petition lien, to the extent that the use of the cash results; b. the Debtor will only use cash collateral in accordance with the budget provided to WFCDF and the U.S. Trustee subject to a deviation on line item expenses not to exceed 15% without the prior agreement of secured creditors and notice to the U.S. Trustee, and to the extent deviation is not in the ordinary course of business an order of the Court; c. the Debtor will keep all of WFCDF's collateral fully insured; d. the Debtor will provide WFCDF with a complete accounting, on a monthly basis, of all revenue, expenditures, and collections through the filing of the Debtor's Monthly Operating Reports; e. the Debtor will maintain in good repair all of WFCDF's collateral; f. the postpetition liens granted will be perfected without the need for WFCDF or any other allowed secured creditor to file any additional UCC-l Financing Statement or any other document; and g. WFCDF or any other allowed secured creditor will be entitled to avail itself of the right to assert a super- priority claim. The Debtor will reduce the WFCDF claim pursuant to a payment schedule which will be implemented commencing in July 2017. All monthly payments will be due by the last day of each month. The payment schedule is: a. July and August 2017: $5,000 per month b. September and October 2017: $10,000 per month c. November and December 2017: $15,000 The Debtor may make the payments on an accelerated basis in the event cash flow from the Debtor's postpetition operations is sufficient to do so. In the event of a default in any payment due to WFCDF, WFCDF will provide the Debtor with a written ten day notice of default with opportunity to cure. If the Debtor does not provide a cure within 10 days, the Debtor's right to use cash collateral will stop pending further order of the Court. In the event that an unsecured creditors committee is appointed in this case, the committee will have 30 days from the date of appointment to object to the Debtor's continued use of cash collateral. A copy of the Third Cash Collateral Order is available at: http://bankrupt.com/misc/cob17-14819-61.pdf About High Plains Computing High Plains Computing, Inc., d/b/a HPC Solutions -- http://www.hpc-solutions.net/-- offers a broad portfolio of services and solutions in Information Technology (IT), Unified Communications, and Professional Services for the government and healthcare industries. The Company works with manufacturers of IT software, cloud computing, collaboration, storage, and integration. It also offers a wide array of professional services to include IT support and developmental services, data management services, network engineering, technical subject matter experts, administrative services, engineering, and more. High Plains Computing, Inc., based in Denver, CO, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 17-14819) on May 23, 2017. The Hon. Joseph G. Rosania Jr. presides over the case. Lee M. Kutner, Esq., at Kutner Brinen, P.C., serves as bankruptcy counsel. In its petition, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Roger Cree, CEO. HTY INC: U.S. Trustee Asks Court to Convert or Dismiss Case ----------------------------------------------------------- Henry G. Hobbs, Jr., the Acting United States Trustee for Region 5, asks the U.S. Bankruptcy Court for the Northern District of Mississippi to convert the chapter 11 case of HTY, Inc., to one under Chapter 7 of the Bankruptcy Code, or dismiss the case. The U.S. Trustee explains that the Debtor has not filed Monthly Operating Report since the July 2017, meaning that the Debtor is now delinquent in filing reports for February 2017, March 2017, April 2017, and May 2017. Without those reports, the U.S. Trustee is unable to ascertain what Quarterly Fees are owed. To the date of this pleading, no plan has been confirmed in this case. The U.S. Trustee reserves the right to provide additional grounds for cause to convert or to dismiss this case at any hearing on this matter. Alternatively, the U.S. Trustee moves the Court to enter an order setting a date certain by which the Debtor must file its Monthly Operating Reports, pay United States Trustee Quarterly Fees, and file a confirmable plan, and stating that should the Debtor fail to comply by that date, the case will be converted to a Chapter 7 proceeding without further notice or hearing. The Acting United States Trustee is represented by: Margaret O. Middleton, Esq. Trial Attorney U.S. Department of Justice 501 East Court Street, Suite 6-430 Jackson, MS 39201 Tel: (601) 965-5244 Fax: (601) 965-5226 E-mail: margaret.middleton@usdoj.gov About HTY, INC. HTY, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 16-13370) on Sept. 28, 2016. The petition was signed by Nathan Yow, president. The Debtor estimated assets at $1 million to $10 million and liabilities at $500,001 to $1 million. The Debtor is represented by Craig M. Geno, Esq., at the Law Office of Craig M. Geno, PLLC. IE TEST: August 10 Plan Confirmation Hearing -------------------------------------------- Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey approved the second amended disclosure statement describing the plan of reorganization filed by IE Test, LLC on June 21, 2017. August 3, 2017, is fixed as the last day for filing and serving written objections to the confirmation of the Plan, and for serving written acceptances or rejections of the Plan. A hearing shall be held on August 10, 2017, at 11:00 a.m. for confirmation of the Plan before the Honorable Vincent F. Papalia, United States Bankruptcy Court, District of New Jersey, Martin Luther King, Jr. Federal Building 50 Walnut Street, Newark, NJ 07102, in Courtroom 3B. About IE Test LLC Headquartered in Fairfield, New Jersey, IE Test, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 15-32425) on Nov. 30, 2015, listing $1.09 million in total assets and $2.25 million in total liabilities. The petition was signed by Patrick Cupo. Judge Vincent F. Papalia presides over the case. Jay L. Lubetkin, Esq., and Barry J. Roy, Esq., at Rabinowitz Lubetkin & Tully, L.L.C., serve as the Debtor's bankruptcy counsel. INDEPENDENCE TAX II: Incurs $679K Net Loss in Fiscal 2017 --------------------------------------------------------- Independence Tax Credit Plus L.P. II filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $679,066 on $0 of revenues for the year ended March 31, 2017, compared to a net loss of $590,835 on $0 of revenues for the year ended March 31, 2016. As of March 31, 2017, Independence Tax had $1.95 million in total assets, $17.50 million in total liabilities and a total partners' deficit of $15.54 million. At March 31, 2017, the Partnership's liabilities exceeded assets by $15,546,422 and for the year then ended, the partnership had net loss of $679,066. These factors raise doubt about the Partnership's ability to continue as a going concern. Partnership management fees of approximately $1,842,000 will be payable out of sales or refinancing proceeds only to the extent of available funds after payments of all other Partnership liabilities have been made and after the Limited Partners have received a 10% return on their capital contributions. As such, the General Partner cannot demand payment of these deferred fees beyond the Partnership's ability to pay them. In addition, where the Partnership has unpaid partnership management fees related to sold properties, such management fees are written off and recorded as capital contributions. The entire mortgage payable balance of $6,641,508 and the accrued interest payable balance of $8,645,541 are of a nonrecourse nature and secured by the remaining property. The Partnership was in the process of selling its last remaining investment which was subsequently sold on May 15, 2017. Historically, the mortgage notes and accrued interest thereon have been assumed by the buyer in instances of sales of the Partnership's interest or have been paid off from sales proceeds in instances of sales of the property. In most instances when the Partnership's interest was sold and liabilities were assumed, the Partnership recognized a gain from the sale. The Partnership owns the limited partner interest in its last remaining investment, and as such has no financial responsibility to fund operating losses incurred by the Local Partnership. The maximum loss the Partnership would incur is its net investment in such Local Partnership. The Partnership has cash reserves of approximately $1,514,000 at March 31, 2017. That amount is considered sufficient to cover the Partnership's day to day operating expenses, excluding fees to the General Partner, for at least the next year. The Partnership's operating expenses, excluding the Local Partnerships' expenses and related party expenses amounted to approximately $177,000 for the year ended March 31, 2017. Management believes the above mitigating factors enable the Partnership to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/tPTTGS About Independence Tax Credit Plus Based in New York, Independence Tax Credit Plus L.P. II was organized on Feb. 11, 1992, and commenced its public offering on Jan. 19, 1993. The general partner of the Partnership is Related Independence Associates L.P., a Delaware limited partnership. The general partner of Related Independence Associates L.P. is Related Independence Associates Inc., a Delaware Corporation. The ultimate parent of Related Independence Associates L.P. is Centerline Holding Company. The Partnership's business is primarily to invest in other partnerships owning leveraged apartment complexes that are eligible for the low-income housing tax credit enacted in the Tax Reform Act of 1986, some of which may also be eligible for the historic rehabilitation tax credit. The Partnership is in the process of developing a plan to dispose of all of its investments. ISO DOC: DOJ Watchdog Seeks Ch. 11 Trustee Appointment ------------------------------------------------------ The United States Trustee for Region 1, William K Harrington, asks the U.S. Bankruptcy Court for the District of Massachusetts to enter an order appointing a Chapter 11 trustee for Iso Doc Inc. The Debtor is represented by: Ronald W. Dunbar, Jr. DUNBAR LAW PC 197 Portland Street 5th Floor Boston, MA 02114 Tel: 617 224-3550 Email: dunbar@dunbarlawpc.com About Iso Doc Iso Doc, Inc. offers a wide variety of software and digital development services, including desktop applications, mobile applications, website development and video production. Iso Doc sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 17-11882) on May 19, 2017. Stefani Kavner, president, signed the petition. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. JACK COOPER: Moody's Affirms Ca-PD Probability of Default Rating ---------------------------------------------------------------- Moody's Investors Service affirmed the Probability of Default Rating (PDR) of Jack Cooper Enterprises, Inc. and appended the rating with a limited default (LD) designation, at Ca-PD/LD from Ca-PD, as previously indicated in Moody's press release dated April 5, 2017. This action follows completion of a debt restructure at less than face value. All other ratings remain unchanged, including the Caa3 corporate family rating (CFR). Moody's will proceed to shortly withdraw all ratings, noting that only a small stub portion of the rated notes survive the debt restructuring. The rating action follows the company's recent disclosure that it has completed a previously announced debt restructuring that will result in the extinguishment of $429.2 million of outstanding rated debt at a deep discount to par (although partially offset by a new unrated notes issuance of about $228 million due 2023), which Moody's deems a distressed exchange. This includes Jack Cooper's senior unsecured PIK toggle notes due 2019 and the senior secured notes due 2020 (issued by Jack Cooper Holdings Corp., JCHC). The reduction in the debt burden and cash requirements for debt service will have somewhat improved the company's credit profile. However, business conditions are likely to remain challenging over the near term, including continued uncertainty as to the retention of business from the company's major customers and moderating demand for automobiles and light trucks. RATINGS RATIONALE Under the terms of Jack Cooper's out-of-court debt restructuring concluded with participating unsecured note holders (about $55.3 million or 94.3%) expected to receive 15 cents on the dollar while participating secured note holders (about $373.9 million or 99.7%) expected to receive 55 cents on the dollar and warrants to purchase Class B non-voting JCEI common stock, par value $0.0001 per share. Under Moody's definitions, this was considered a distressed exchange and a limited default on the notes as it represents a diminished financial obligation relative to the original contract and effectively permits Jack Cooper to avoid bankruptcy or payment default. Substantial covenants under the indentures have been stripped in the exchange's consent and solicitation as well as the removal of certain events of default, a waiver of certain rights and release claims, and a release of the collateral securing the JCHC notes. The following rating was affirmed: Issuer: Jack Cooper Enterprises, Inc. -- Probability of Default Rating, Affirmed Ca-PD /LD (/LD appended) The following ratings are to be withdrawn: Probability of Default, Ca-PD/LD; Corporate Family Rating, Caa3; Senior unsecured notes due 2019, C; Senior secured notes due 2020, Ca (issued by Jack Cooper Holdings Corp.); Speculative Grade Liquidity, SGL-4. Outlook, negative. Jack Cooper Enterprises, Inc. is the direct parent of Jack Cooper Holdings Corp., based in Kansas City, MO, a leading provider of over-the-road transportation of automobiles, SUVs and light trucks in the U.S. and Canada. Total revenues were approximately $655 million for the last twelve months ended March 31, 2017. The principal methodology used in this rating was Global Surface Transportation and Logistics Companies published in May 2017. JENSEN INDUSTRIES: Court Prohibits Use of Cash Collateral --------------------------------------------------------- The Hon. Daniel S. Opperman of the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Eastern District of Michigan has granted the United States of America's request to prohibit Jensen Industries, Inc.'s use of cash collateral, unless the Debtor pays to the Internal Revenue Service all past-due adequate protection payments previously ordered by the Court, and all payments are made by July 10, 2017. As reported by the Troubled Company Reporter on July 3, 2017, the United States of America and the IRS ask the Court to prohibit the Debtor from using any cash collateral of the IRS because the Debtor has failed to provide agreed and court ordered monthly adequate protection payments since January 2017. The Debtor was noticed of the default on April 25, 2017. The United States conferred with the Debtor's attorney on several occasions but, to date, the Debtor has not submitted any additional payments or otherwise cured the deficiencies. About Jensen Industries Jensen Industries, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 16-31959) on Aug. 22, 2016. The petition was signed by Kai Jensen, president. The Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. The case is assigned to Judge Daniel Opperman. The Debtor is represented by Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC. KATHY DRIVE: Amended Liquidation Plan Hearing Set for August 2 -------------------------------------------------------------- Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the District of New Hampshire approved Kathy Drive Realty Trust's second amended disclosure statement with respect to its second amended plan of liquidation, dated June 21, 2017. July 26, 2017, is fixed as the last day for filing written acceptances or rejections of the Plan, and for filing and serving written objections to confirmation of the Plan. The hearing on confirmation of the Plan will be held on August 2, 2017, at 2:00 p.m. at the United States Bankruptcy Court, 1000 Elm Street, 11th Floor, Courtroom 1, Manchester, New Hampshire. About Kathy Drive Kathy Drive Realty Trust was formed on or about 2015, to purchase and develop certain real estate known as Kathy Drive. The Debtor is a realty trust and registered a trade name in the business of "selling, owning, building, developing and leasing residential and commercial real estate." The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 16-11223) on Aug. 29, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Raymond J. DiLucci, Esq., at Raymond J. DiLucci, P.A., as bankruptcy counsel. No official committee of unsecured creditors has been appointed in the case. KCST USA: Hearing on Continued Cash Collateral Use Set for July 13 ------------------------------------------------------------------ The Hon. Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts has scheduled for July 13, 2017, at 11:00 a.m. the hearing to consider KCST USA, Inc.'s use of Axia Net Media Corp.'s cash collateral. The hearing will now be held from the video conference suite at the U.S. Bankruptcy Court, 5 Post Office Square, 11th Floor, Boston, Massachusetts. As reported by the Troubled Company Reporter on June 27, 2017, the Court granted the Debtor interim authorization to use the cash collateral through July 13, 2017. The Debtor is in need of continued financing to preserve its assets and operations. About KCST USA, Inc. KCST USA, Inc., based in Concord, MA, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-40501) on March 22, 2017. The Hon. Elizabeth D. Katz presides over the case. Andrew G. Lizotte, Esq., and Harold B. Murphy, Esq., at Murphy & King, P.C., to serve as bankruptcy counsel. Stephen Darr of Huron Consulting Services, LLC, as chief restructuring officer. In its petition, the Debtor estimated $500,000 to $1 million in assets and $10 million to $50 million in liabilities. The petition was signed by Terrence Fergus, president. KEELER'S MEDICAL: May Use Cash Collateral Through July 24 --------------------------------------------------------- The Hon. Frank L. Kurtz of the U.S. Bankruptcy Court for the Eastern District of Washington has authorized Keeler's Medical Supply Inc. to use cash collateral through the court order after the conclusion of the interim cash collateral hearing set for July 24, 2017. A final in-court hearing on the Debtor's interim motion to use cash collateral is set for July 24, 2017, at 10:00 a.m. Any objections to the Debtor's interim use of cash collateral must be filed no later than July 20, 2017. The Debtor will file with the Court and serve on parties who have filed an objection to the emergency motion or who specifically request notice, a proposed interim cash collateral budget which will run from July 24, 2017, through Aug. 30, 2017, on or before July 7, 2017. The Debtors are not authorized to pay: a. any prepetition debts owed by the Debtor, except that the Debtor is authorized to make payments to its employees for prepetition wages, so long as the work was performed in the two-week period prior to the filing of the case and payment to any single employee does not exceed the sum provided for in 11 U.S.C. Section 507(a)(4); and b. any salaries to insiders unless the Debtor files and serves a notice of intent to compensate insiders in accordance with applicable bankruptcy rules. As partial adequate protection, the Internal Revenue Service and any other party holding a valid, perfected, unavoidable, security interest or lien in the cash collateral is granted a valid, automatically perfected replacement lien against any post-petition accounts receivable of the Debtor for the full amount of the cash collateral which is utilized. As additional adequate protection, during the emergency cash collateral period, the Debtor will provide any party with an interest in cash collateral, the U.S. Trustee and any creditor's committee appointed in this case a weekly report containing the following information: a. the expenses paid by the Debtor during the preceding week on a cash basis with a listing of the payee of each expenditure; b. the cash received by the Debtor during the preceding week; and c. the amount of billings generated by the Debtor during the preceding week. A copy of the court order is available at: http://bankrupt.com/misc/waeb17-01849-20.pdf As reported by the Troubled Company Reporter on June 20, 2017, the Debtor sought court permission to consider and approve its emergency use of cash collateral pursuant to a budget. The Debtor said that it is in immediate need of the use of cash collateral in order to protect, preserve and liquidate its assets as well as pay its employees. The Debtor's payroll is paid every two weeks and each payroll is $15,000 plus applicable taxes. About Keeler's Medical Supply Keeler's Medical Supply, Inc., is a Washington corporation engaged in the business of selling and leasing medical supplies and equipment as well as providing services related to such medical supplies and equipment. Keeler's headquarters and principal plase of business are located at 2001 West Lincoln Avenue in Yakima, Washington. Keeler's was formed in 1971. The common stock of Keeler's is owned as follows: (a) 91.35% by the Estate of Sharon Vetsch; (b) 6.51% by Charles E. Vetsch, Jr. (the President and Chief Executive of Keeler's); and (c) 2.14% by Clinton T. Vetsch. Keeler's Medical Supply filed a Chapter 11 petition (Bankr. E.D. Wash. Case No. 17-01849) on June 15, 2017, estimating assets of less than $50,000 and liabilities of $1 million to $10 million. The petition was signed by Charles Vetsch, president. Roger William Bailey, Esq., at Bailey & Busey PLLC serves as the Debtor's legal counsel. KING'S PEAK ENERGY: Taps Onsager Fletcher as Legal Counsel ---------------------------------------------------------- King's Peak Energy, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Onsager Fletcher Johnson, LLC to, among other things, give legal advice regarding its duties under the Bankruptcy Code, assist in administrative matters, and prepare a bankruptcy plan. The hourly rates charged by the firm are: Christian Onsager $425 J. Brian Fletcher $325 Andrew Johnson $300 Alice White $325 Gabrielle Palmer $175 Paralegals $100 The firm received pre-bankruptcy retainer in the total amount of $77,000 from the Debtor's sole member. Onsager Fletcher is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Christian C. Onsager, Esq. Andrew D. Johnson, Esq. Onsager Fletcher Johnson, LLC 1801 Broadway, Suite 900 Denver, CO 80202 Phone: (303) 512-1123 Fax: (303) 512-1129 Email: consager@OFJlaw.com Email: mguyerson@OFJlaw.com About King's Peak Energy LLC King's Peak Energy, LLC is a corporation based in Lakewood, Colorado and named as a lessee in 27 oil and gas leases. King's Peak Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-16046) on June 29, 2017. Fred Soliz, manager and member, signed the petition. At the time of the filing, the Debtor estimated its assets and debts at $10 million to $50 million. Judge Elizabeth E. Brown presides over the case. LAKEWOOD AT GEORGIA: Cash Collateral Use Extended Through Aug. 15 ----------------------------------------------------------------- Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland issued an order extending the terms and conditions of the Interim Order Authorizing Use of Cash Collateral through and including August 15, 2017. A full-text copy of the new order, dated June 29, 2017, is available at http://tinyurl.com/y9rh8vs7 The Debtor and GCCFC 2007-GG9 Georgia Avenue, LLC, had filed with the Court a consent motion for entry of an interim order authorizing the Debtor's use of cash collateral. About Lakewood At Georgia Avenue Lakewood At Georgia Avenue LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-26171) on Dec. 10, 2016. The petition was signed by George E. Christopher, president of managing member Lakewood Investment Corp. At the time of the filing, the Debtor disclosed $6.04 million in assets and $4.35 million in liabilities. The case is assigned to Judge Thomas J. Catliota. The Debtor is represented by DeCaro & Howell P.C. LAZAR ENTERPRISES: Asks Court to Convert Case to Chapter 7 ---------------------------------------------------------- Lazar Enterprises, Inc., d.b.a. Arizona Stagecoach an Arizona corporation, asks the U.S. Bankruptcy Court for the District of Arizona to enter an order under 11 U.S.C. Sec. 1112(a) and Rule 1017 Fed. R. Bankr. P. converting its case to Chapter 7. The Debtor explains it lacks sufficient capital, credit and revenue to continue operations. The Debtor is represented by: Kasey C. Nye, Esq. KASEY C. NYE, LAWYER, PLLC 1661 North Swan Road, Suite 238 Tucson, AZ 85712 Tel: (520) 399-7361 Fax: (520) 413-2147 E-mail: knye@kcnyelaw.com About Lazar Enterprises Lazar Enterprises, Inc., doing business as Arizona Stagecoach, an Arizona corporation, based out of Tucson International Airport, has offered reliable and affordable transportation service throughout Southern Arizona since 1978. In addition to offering door-to-door to and from Tucson International Airport, Arizona Stagecoach offers transportation services in a 100-mile radius of Tucson, Arizona including, but not limited to Phoenix Sky Harbor, Davis-Monthan Air Force Base, Oro Valley, Saddlebrook, Vail, Green Valley, Nogales, AZ, Fort Huachuca/Sierra Vista, Benson, Bisbee, Tombstone, Douglas and places in between. Arizona Stagecoach also provides wedding, and event transportation. Lazar Enterprises filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 17-06877) on June 16, 2017. The Debtor's bankruptcy counsel is Kasey C. Nye, Esq., at Kasey C. NYE, Lawyer, PLLC. LIGHTSTONE GENERATION: Bank Debt Trades at 3% Off ------------------------------------------------- Participations in a syndicated loan under Lightstone Generation LLC is a borrower traded in the secondary market at 97.42 cents-on-the-dollar during the week ended Friday, June 23, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.67 percentage points from the previous week. Lightstone Generation pays 450 basis points above LIBOR to borrow under the $1.625 billion facility. The bank loan matures on Jan. 30, 2024 and carries Moody's Ba3 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended June 23. LOS DOS MOLINOS: Taps Carmichael & Powell as Legal Counsel ---------------------------------------------------------- Los Dos Molinos Cafe Y Cantina, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire legal counsel. The Debor proposes to hire Carmichael & Powell P.C. to give legal advice regarding its duties under the Bankruptcy Code, and provide other legal services related to its Chapter 11 case. The firm will charge an hourly fee of $375 for its services. Carmichael & Powell does not represent any interest adverse to the Debtor and its estate, according to court filings. The firm can be reached through: Donald W. Powell, Esq. 6225 North 24th Street, 125 Phoenix, AZ 85016 About Los Dos Molinos Cafe Y Cantina Los Dos Molinos Cafe Y Cantina, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-07095) on June 22, 2017. At the time of the filing, the Debtor estimated less than $100,000 in assets, and $1 million in liabilities. Judge Paul Sala presides over the case. MAJORCA ISLES: Hearing on Plan Confirmation Set for July 20 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on July 20, at 11:00 a.m., to consider approval of the Chapter 11 plan of reorganization for Majorca Isles Master Association, Inc. The court will also consider at the hearing the final approval of Majorca Isles' disclosure statement, which it conditionally approved on June 14. Objections are due by July 6. The latest plan proposed by Majorca Isles' Chapter 11 trustee provides for the creation of a trust which will take possession of its assets, including the proceeds in the amount of $11 million received or to be received under a settlement between the bankruptcy trustee and a group including D.R. Horton, Inc. Each creditor will receive a distribution of 100% of its claim with interest at (i) the rate specified in the operative agreement between Majorca Isles and such creditor or in any judgment or decree determining the amount of the claim, or, if no such rate is readily ascertainable, then (ii) the federal judgment rate. In connection therewith, such creditor will receive a pro rata share of the interests in the creditor trust based on the allowed amount of the claim, plus interest, according to the latest disclosure statement. A copy of the second amended disclosure statement is available for free at https://is.gd/0jYQPj About Majorca Isles Majorca Isles Master Association, Inc. filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 12-19056) on April 13, 2012, listing under $1 million in both assets and debts. Initially, the court appointed Scott Brown as Chapter 11 examiner. On June 12, 2012, the court entered an order directing appointment of a Chapter 11 trustee. The U.S. trustee then appointed Barry E. Mukamal as the Debtor's bankruptcy trustee, which appointment was approved by the court. On June 5, 2017, the bankruptcy trustee filed a disclosure statement, which explains his proposed Chapter 11 plan of reorganization for the Debtor. The trustee's legal counsel is Genovese, Joblove & Battista, P.A. MAYACAMAS HOLDINGS: DOJ Watchdog Seeks Ch. 11 Trustee Appointment ----------------------------------------------------------------- Tracy Hope Davis, United States Trustee for Region 17, asks the U.S. Bankruptcy Court for the Northern District of California to enter an order appointing a chapter 11 trustee for the Debtors, Mayacamas Holdings LLC and Profit Recovery Center LLC, or, in the alternative, converting the Chapter 11 bankruptcy cases to one under Chapter 7. The Motion specifically provides that there is a cause in each case for the appointment of a chapter 11 trustee because of the actual conflicts of interest of the Debtors' current management, as well as the preferential transfers by the Debtors' managing member. About Mayacamas Holdings LLC Mayacamas Holdings LLC owns a ranch located on a hilltop ridgeline above the town of Calistoga in Napa, California, known as Mayacamas Ranch. Mayacamas Ranch is Northern California's premier exclusive-use group retreat center for companies, non-profit groups, weddings, and families. Mayacamas Holdings LLC and Profit Recovery Center LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case Nos. 17-30326 and 17-30327) on April 7, 2017. David H. Levy, manager, signed the petitions. At the time of the filing, the Debtors estimated their assets and debts at $1 million to $10 million. Rimon P.C. serves as the Debtors' bankruptcy counsel. MCDERMOTT INT'L: Credit Amendment Credit Positive, Moody's Says --------------------------------------------------------------- Moody's Investors Service noted that McDermott International, Inc. (B1 positive) has entered into an amended $810 million credit agreement that increases its letter of credit borrowing capacity, establishes a revolving cash sublimit and extends the maturity by up to 3 years. The company also used cash on hand to repay all of its outstanding term loan debt which will result in substantial interest savings. These actions are credit positive for McDermott, but will have no impact on its ratings at the present time. Headquartered in Houston, TX, McDermott International, Inc. (McDermott) is a full-service integrated engineering and construction company that provides engineering, procurement, construction and installation (EPCI) and module fabrication services exclusively to the upstream offshore oil & gas sector. McDermott provides both shallow water and deep water construction services and delivers and installs fixed and floating production facilities, pipeline installations and subsea systems. Its customers include national, major integrated and other oil and gas companies. During the twelve months ended March 31, 2017 the company reported revenues of approximately $2.4 billion with about 53% generated in The Middle East (MEA), 37% in Asia (ASA), and 10% in the Americas, Europe and Africa (AEA). MEG ENERGY: Bank Debt Trades at 2% Off -------------------------------------- Participations in a syndicated loan under MEG Energy Corp is a borrower traded in the secondary market at 97.67 cents-on-the-dollar during the week ended Friday, June 23, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.80 percentage points from the previous week. MEG Energy pays 350 basis points above LIBOR to borrow under the $1.235 billion facility. The bank loan matures on Dec. 1, 2023 and carries Moody's Ba3 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended June 23. METRO GLASS: August 7 Plan, Disclosures Hearing ----------------------------------------------- Judge Thomas L. Saladino of the U.S. Bankruptcy Court for the District of Nebraska conditionally approved the small disclosure statement with respect to the plan of reorganization filed by Metro Glass, Inc., on June 22, 2017. July 24, 2017, is fixed as the last day for filing written acceptances or rejections of the plan and for filing written objections to the disclosure statement and confirmation of the plan. The hearing on final approval of the disclosure statement and on confirmation of the plan shall be held August 7, 2017, at 1:00 p.m. Central Time in the Roman L. Hruska Courthouse, 111 South 18th Plaza, Bankruptcy Courtroom #8, 2nd Floor, Omaha, Nebraska. About Metro Glass Inc. Metro Glass, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 17-80183) on February 17, 2017. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $1 million. MRCEM LLC: August 7 Hearing on Disclosure Statement --------------------------------------------------- The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey approved the disclosure statement referring to a chapter 11 plan filed by MRCEM, LLC on May 5, 2017. Written acceptances, rejections or objections to the plan shall be filed not less than seven days before the hearing on confirmation of the plan. August 7, 2017, at 10:00 a.m. is fixed as the date and time for the hearing on confirmation of the plan. About MRCEM LLC Headquartered in Brielle, New Jersey, MRCEM, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 15-13334) on Feb. 27, 2015, listing $2.64 million in total assets and $4.48 million in total liabilities. The petition was signed by James A. Maggs, managing member. Judge Michael B. Kaplan presides over the case. Andrew J. Kelly, Esq., at Kelly & Brennan, P.C., serves as the Debtor's bankruptcy counsel. MULTICARE HOME: Has Interim OK to Use IRS' Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has granted Multicare Home Health Services, LLC, interim authorization to use cash collateral of Internal Revenue Service. A further hearing on the Debtor's request to use cash collateral will be held on July 10, 2017, at 1:30 p.m. As adequate protection, the IRS is granted replacement liens coexistent with their prepetition liens in after acquired property of the estate. A copy of the court order is available at: http://bankrupt.com/misc/txnb17-32419-13.pdf As reported by the Troubled Company Reporter on July 3, 2017, the Debtor sought court permission to use cash collateral, saying that it is in immediate need to use the cash collateral of the IRS to maintain operations of the business. The continued operations of the Debtor will necessitate the use of the cash collateral. About Multicare Home Multicare Home Health Services, LLC, operator and owner of a home healthcare business, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 17-32419) on June 21, 2017. Gloria Wilson, managing member, signed the petition. The Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. Multicare Home is represented by Eric A. Liepins, Esq., in Dallas, Texas. NATIONAL EVENTS: Taly USA et al. Challenge Falcon Lift Stay Bid --------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that creditors Taly USA Holdings Inc. and Hutton Ventures LLC, as well as National Events Holdings LLC and a court-appointed receiver for two affiliated entities, balk at Falcon Investment Advisors LLC's request to lift the stay and collect on liens secured by "substantially all of the debtor's assets." The creditors called the moved premature and "grossly unfair," Law360 relates. Falcon is National Event's biggest investor, having out about $45 million into the Company and controlled one of its two board seats when the Company filed for bankruptcy in June, Law360 says, citing court documents. About National Events Holdings, LLC National Events Holdings, LLC, et al., operate together a ticket broker and wholesale distributor of tickets for sporting and theatrical events that was formed in 2006. The Debtors provide ticketing services for all concert, theater and sporting event tickets, as well as various V.I.P. hospitality packages that deliver exclusive access to big name events, including hotels, celebrity meet and greets and exclusive parties. National Events Holdings, et al., filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 17-11556) on June 5, 2017. The Debtors are represented by Stephen B. Selbst, Esq., and Hanh V. Huynh, Esq., at Herrick, Feinstein LLP, in New York. The Debtor hires Timothy Puopolo of RAS Management Advisors, LLC, as chief restructuring officer. NAVISTAR INTERNATIONAL: Navistar Fin'l Issues Series 2017-1 Notes ----------------------------------------------------------------- Navistar Financial Dealer Note Master Owner Trust II issued a series of notes designated the Floating Rate Dealer Note Asset Backed Notes, Series 2017-1 on June 28, 2017. The Series 2017-1 Notes include four classes of Notes: the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. The principal characteristics of the Series 2017-1 Notes are as follows: Number of classes within Series 2017-1 Notes: Four Initial Class A Notes Outstanding Principal Amount: $211,330,000 Initial Class B Notes Outstanding Principal Amount: $13,120,000 Initial Class C Notes Outstanding Principal Amount: $11,740,000 Initial Class D Notes Outstanding Principal Amount: $13,810,000 Initial Total Series 2017-1 Notes Outstanding Principal Amount: $250,000,000 Class A Note Rate: 1-month LIBOR + 0.78% Class B Note Rate: 1-month LIBOR + 1.25% Class C Note Rate: 1-month LIBOR + 1.55% Class D Note Rate: 1-month LIBOR + 2.30% Closing Date: June 28, 2017 Expected Principal Distribution Date: June 25, 2019 Legal Final Maturity Date: June 27, 2022 Ordinary means of principal repayment: Accumulation Period Accumulation Period Commencement Date: A date within nine months prior to the Expected Principal Distribution Date, as determined by the Servicer Primary source of credit enhancement for Class A Notes: Subordination of Class B Notes, the Class C Notes and Class D Notes, Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account Primary source of credit enhancement for Class B Certificates: Subordination of Class C Notes and the Class D Notes and Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account Primary source of credit enhancement for Class C Certificates: Subordination of Class D Notes and Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account Primary source of credit enhancement for Class D Certificates: Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account Series 2017-1 Subordinated Seller's Interest Percentage: 9.50% divided by 1.00 minus 9.50% Series 2017-1 Target Overcollateralization Amount: the product of the Series 2017-1 Subordinated Seller’s Interest Percentage and the Series 2017-1 Nominal Liquidation Amount Servicing Fee Percentage: 1.0% The terms of the Series 2017-1 Notes and the definitions of capitalized terms may be found in the Series 2017-1 Indenture Supplement, dated as of June 28, 2017, between the Issuing Entity and Citibank, N.A., as indenture trustee. A full-text copy of the Series 2017-1 Indenture Supplement is available for free at https://is.gd/Crp1i9 About Navistar International Navistar International Corporation (NYSE: NAV) -- http://www.navistar.com/-- is a holding company whose subsidiaries and affiliates subsidiaries produce International(R) brand commercial and military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse(R) brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The Company also provides truck and diesel engine parts and service. Another affiliate offers financing services. Navistar reported a net loss attributable to the Company of $97 million on $8.11 billion of net sales and revenues for the year ended Oct. 31, 2016, compared with a net loss attributable to the Company of $184 million on $10.14 billion of net sales and revenues for the year ended Oct. 31, 2015. As of April 30, 2017, Navistar had $5.95 billion in total assets, $11.07 billion in total liabilities and a total stockholders' deficit of $5.12 billion. * * * Navistar carries a 'B3' Corporate Family Rating (CFR) and stable outlook from Moody's. Moody's said in January 2017 that Navistar's ratings reflects the continuing challenges the company faces in re-establishing its competitive position and profitability in the North American medium and heavy truck markets. As reported by the TCR on March 6, 2017, Fitch Ratings has upgraded the Issuer Default Ratings (IDR) for Navistar International Corporation (NAV), Navistar, Inc., and Navistar Financial Corporation (NFC) one notch to 'B-' from 'CCC' and removed the ratings from Rating Watch Positive. The upgrade reflects improved prospects for NAV's financial performance due to its alliance with VW T&B. As reported by the TCR on March 3, 2017, S&P Global Ratings said that it raised its corporate credit ratings on Navistar International Corp. and its subsidiary Navistar Financial Corp. to 'B-' from 'CCC+'. The outlook is stable. The upgrade follows Navistar's strategic alliance with Volkswagen Truck & Bus, which includes Volkswagen Truck & Bus' 16.6% equity stake in Navistar, definitive agreements for the two companies to collaborate on technology, and the formation of a procurement JV. NEIMAN MARCUS: Bank Debt Trades at 22% Off ------------------------------------------ Participations in a syndicated loan under Neiman Marcus Group Inc is a borrower traded in the secondary market at 77.61 cents-on-the-dollar during the week ended Friday, June 23, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.50 percentage points from the previous week. Neiman Marcus pays 300 basis points above LIBOR to borrow under the $2.9 billion facility. The bank loan matures on Oct. 16, 2020 and carries Moody's Caa1 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended June 23. NEVER SLIP: S&P Lowers CCR to 'B-' on Weakening Credit Metrics -------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on West Palm Beach, Fla.-based Never Slip Topco Inc. to 'B-' from 'B'. The outlook is negative. At the same time, S&P said lowered its issue-level rating on the company's senior secured revolving credit facility and senior secured first-lien term loan to 'B-' from 'B'. The recovery rating on the senior secured debt remains '3', reflecting S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Reported debt outstanding as of March 31, 2017, is about $355 million. S&P said, "For analytical purposes, we view Never Slip Topco Inc., its subsidiary SHO Holding I Corp. (the borrower), and all operating subsidiaries to be one economic entity hereinafter referred to as Shoes For Crews (SFC). "The downgrade reflects our expectation that credit metrics will remain very weak over the next year, including leverage well over 8x. We believe softness in the foodservice industry (which represents about 70% of SFC's sales) has contributed to the company's declining growth rate and this has been exacerbated by intensified competition that increasingly sells branded products within their portfolios. While we believe the company still has the leading market position in slip-resistant footwear and a high-quality outsole, we believe increased consumer demand for comfort, variety, and brands caused the company to lose exclusivity on contracts with certain corporate customers over the last year. SFC's recent product redesign and its acquisition of SureGrip, which sells branded shoes such as New Balance, should help address this issue. Still, we expect the company's efforts to improve design and product quality will likely result in higher product costs, which could pressure profitability if the new enhancements do not meaningfully improve top-line performance in the near term." The negative outlook reflects the potential for a lower rating over the next 12 months if SFC can't reverse negative trends and its free cash flow and EBITDA do not improve. S&P said, "We forecast leverage in the mid-8x at the end of 2017 and modestly positive free cash flow. "We could lower the rating over the next two quarters if the company can't reverse profit deterioration, if free cash flow turns negative, or in our view it can't support the company's capital structure. This could occur if the company's new shoe lines don't meet consumer quality requirements or style demands. This could also occur if product costs increase meaningfully to enhance quality and the company can't offset the higher costs with higher volumes and/or selling prices, or if competition further intensifies. "We could revise the outlook to stable if EBITDA interest coverage improves to the high-1x area, which could occur if the company grows sales of its redesigned and expanded product line while successfully managing product costs." NEXT GROUP: Incurs $10.04 Million Net Loss in 2016 -------------------------------------------------- Next Group Holdings, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss before income taxes of $10.04 million on $1.02 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss before income taxes of $1.19 million on $267,133 of total revenue for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Next Group had $718,994 in total assets, $10.32 million in total liabilities, all current, a total stockholders' deficit of $6.44 million, and $3.15 million in non-controlling interest in subsidiaries. Assurance Dimensions, Certified Public Accountants, in Coconut Creek, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company had a net loss before non-controlling interest of $10,041,385 and $1,193,987 and net cash used in operating activities of $929,442 and $794,377, for the years ended Dec. 31, 2016, and 2015, respectively. The Company has a working capital deficit of $9,723,119 and $4,092,479, an accumulated deficit of $13,499,303 and $4,026,827 as of Dec. 31, 2016, and 2015, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/JWrch5 About Next Group Holdings Next Group Holdings, Inc., formerly Pleasant Kids, Inc., through its operating subsidiaries, is engaged in the business of using its technology and certain licensed technology to provide mobile banking, mobility and telecommunications solutions to underserved, unbanked and emerging markets. Its subsidiaries are Meimoun and Mammon, LLC (100% owned), Next Cala, Inc (94% owned). NxtGn, Inc. (65% owned) and Next Mobile 360, Inc. (100% owned). Additionally, Next Cala, Inc. has a 60% interest in NextGlocal, a joint venture formed in May 2016. OLYMPIA OFFICE: Noteholder Plan to Pay Unsecured Claims in Full --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on July 12 to consider approval of the disclosure statement, which explains the Chapter 11 plan of liquidation proposed by a noteholder of Olympia Office LLC. The hearing will be held at 11:30 a.m., at the courtroom of Judge Alan Trust, Alfonse M. D'Amato U.S. Courthouse, 290 Federal Plaza, Central Islip, New York. Objections must be filed no later than July 5. MLMT 2005-MCP1 Washington Office Properties, LLC, filed a plan that proposes to liquidate all nine properties of Olympia Office and its affiliates, and for treatment of claims of creditors. Under the liquidating plan, Class 2 general unsecured creditors will be paid 100% of their allowed claims, without interest, no later than 12 months after the effective date of the plan. Class 2 creditors will be paid (after indefeasible payment in full of the noteholder's claim) from the surplus proceeds remaining from the sale of the properties; revenue generated from the properties; a refinance of the properties; or capital contribution from Class 3 interest holders. Upon the effective date of the plan, the receiver for the properties will be terminated and replaced with a liquidating trustee, according to MLMT's disclosure statement. A copy of the disclosure statement is available for free at https://is.gd/HNJN4T MLMT is represented by: Alan Feld, Esq. Sheppard, Mullin, Richter & Hampton, LLP 30 Rockefeller Plaza New York, NY 10112 Phone: (212) 653-8700 About Olympia Office Olympia Office LLC, based in Cedarhurst, NY, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-74892) on Oct. 20, 2016. The petition was signed by Sung II Han, vice-president. The Hon. Alan S. Trust presides over the case. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The affiliates of Olympia Office LLC: WA Portfolio LLC; Mariners Portfolio LLC; and Seahawk Portfolio LLC filed separate Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Case Nos. 16-75515, 16-75516 and 16-75517, respectively) on Nov. 28, 2016. At the time of filing, each of the debtor-affiliates had $10 million to $50 million in estimated assets and $50 million to $100 million in estimated liabilities. The Debtors are represented by Jordan Pilevsky, Esq., at Lamonica Herbst & Maniscalco LLP. The Debtors employ Kiemle & Hagood Company and Kidder Mathews as real estate brokers; and Demasco, Sena & Jahelka LLP as accountant. An official committee of unsecured creditors has not been appointed. On June 13, 2017, MLMT 2005-MCP1 Washington Office Properties, LLC, a noteholder, filed a Chapter 11 plan of liquidation for the Debtor. OMINTO INC: Will Utilize Lani Pixels as Strategic Content Partner ----------------------------------------------------------------- Ominto, Inc., filed with the Securities and Exchange Commission an amendment No. 2 to the Current Report on Form 8-K for the purpose of further amending that certain Current Report on Form 8-K originally filed by Ominto with the SEC on Dec. 13, 2016, in connection with the purchase of shares of Lani Pixels A/S. On Feb. 27, 2017, Ominto filed an amendment to the Initial Form 8-K, which provided certain pro forma financial information required by As previously reported, Ominto acquired 40.02% of the outstanding shares of common stock of Lani Pixels in exchange for (i) an aggregate of 2,428,571 shares of Ominto's common stock, (ii) $500,000 in cash and (iii) a promissory note in the principal amount of $4,000. Additionally, Ominto entered into a voting agreement with a stockholder of Lani Pixels, pursuant to which Ominto has the right to vote 10% of the outstanding shares of common stock of Lani Pixels. Lani Pixels was founded in 2005 by Kim Pagel and his son Thomas with the goal of producing feature-length, animated films to tell exceptional stories. Kim Pagel, CEO of Lani Pixels, has enjoyed a long and distinguished career creating and producing animated film content, including 18 years as the Lead Design Manager with the LEGO Group. Lani Pixels previously produced several animated projects for the LEGO Group, one of which -- The LEGO Story -- won the Gold Award for animation at the Cannes Media and Television Awards in 2012. Lani Pixels has offices in Dubai, Denmark and Los Angeles. Presently, Lani Pixels is producing its first feature-length, 3D-animated film. The film has a theme of family unity and courage in the face of adversity, and is expected to be released in the fall of 2019. Thomas Pagel will serve as producer of the project, along with Jason Mirch who will serve as co-producer. Verite Entertainment's, Rene Veilleux and Donald Roman Lopez, are associate producers on the project. Lani Pixels is actively seeking to raise additional capital through the issuance of debt and equity to finance the film. Ominto envisions using this film and other films to be produced in the future as a marketing channel for certain of Ominto's products and services. Additionally, Ominto plans to utilize Lani Pixels as a strategic content partner as it further develops its capabilities as a marketing services company. For example, Ominto is working with Lani Pixels to develop animated videos to assist in the training and quality control of its independent business associates. Similarly, Lani Pixels is creating promotional videos to help Ominto advertise its products and services. About Ominto, Inc. Ominto, Inc., is an e-commerce company delivering value-based shopping and travel deals through its primary shopping platform and affiliated Partner Program websites. At DubLi.com or at Partner sites powered by Ominto.com, consumers shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. The Ominto.com platform features thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back savings to consumers in more than 120 countries. Ominto's Partner Programs offer a white label version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional, reliable web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction. For more information, please visit Ominto's corporate website http://inc.ominto.com. Ominto reported a net loss of $10.30 million for the year ended Sept. 30, 2016, compared to a net loss of $11.69 million for the year ended Sept. 30, 2015. As of March 31, 2017, Ominto had $68.62 million in total assets, $48.03 million in total liabilities and $20.58 million in total stockholders' equity. ONEOK INC: Moody's Hikes Senior Unsecured Notes Rating from Ba1 --------------------------------------------------------------- Moody's Investors Service upgraded ONEOK Inc.'s (OKE) senior unsecured notes rating to Baa3 from Ba1. Moody's withdrew OKE's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and SGL-2 Speculative Grade Liquidity Rating and assigned a P-3 Commercial Paper Rating. The rating outlook is stable. At the same time, Moody's downgraded ONEOK Partners, L.P.'s (OKS) senior unsecured notes rating to Baa3 from Baa2, and its Commercial Paper Rating to P-3 from P-2. These actions follow completion of OKE's acquisition of the publicly-traded OKS units it didn't previously own in an all-equity transaction. "The acquisition simplifies OKE's organizational structure and eliminates OKS's burdensome distribution, providing a greater level of stability to OKE's cash flow," noted John Thieroff, Moody's Vice President. "Although OKE has what Moody's views to be an achievable plan to reduce leverage through growth, Moody's don't expects the company to reach its target leverage of 4x until the end of 2018." A complete list of Moody's rating actions: Rating Assigned: Issuer: ONEOK, Inc. -- Senior Unsecured Commercial Paper, Assigned P-3 Ratings Upgraded: Issuer: ONEOK, Inc. -- Senior Unsecured Regular Bond/Debentures, Upgraded to Baa3 from Ba1 -- Senior Unsecured Shelf, Upgraded to (P)Baa3 from (P)Ba1 Ratings Downgraded: Issuer: ONEOK Partners, L.P. -- Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2 -- Senior Unsecured Commercial Paper, Downgraded to P-3 from P-2 Ratings Withdrawn: Issuer: ONEOK, Inc. -- Corporate Family Rating, Withdrawn, previously Ba1 -- Probability of Default Rating, Withdrawn, previously Ba1-PD -- Speculative Grade Liquidity Rating, Withdrawn, previously SGL- 2 Outlook Actions: Issuer: ONEOK, Inc. Outlook: Changed To Stable from Rating Under Review Issuer: ONEOK Partners, L.P. Outlook: Changed to No Outlook from Rating Under Review RATINGS RATIONALE OKE's Baa3 rating reflects the integrated nature of its natural gas and natural gas liquids (NGLs) asset base, well-positioned for opportunistic bolt-on additions following approximately $5.0 billion of growth capital spending over the period 2013-2016. This investment has generated strong EBITDA growth, the majority of which originates from fee-based sources in its Natural Gas Liquids and Natural Gas Pipelines operating segments. Emerging from the 2015 collapse in natural gas and NGL prices, OKE's substantially restructured natural gas processing contracts are now 80% fee-based and position the company to better weather commodity price volatility. As a result, G&P fee-based earnings in 2017 are estimated to increase to over 75% of the G&P total, up from 33% in 2014, when contracts were heavily percentage-of-proceeds based. OKE's total fee-based earnings are expected to approximate 90% in 2017, up from 66% in 2014, stabilizing OKE's cash flow and dividend profile. The acquisition of 100% ownership of OKS simplifies OKE's organizational structure, provides broader access to capital markets and reduces OKE's cost of capital. The elimination of incentive distribution rights (IDRs) at OKS and considerable tax deferrals achieved at OKE through the transaction should allow OKE to maintain dividend coverage in excess of 1.2x, even when considering OKE's aggressive dividend growth target of 10% annually based on the midpoint of management's guidance. Moody's believes the dividend program will provide OKE better flexibility than OKS previously had, given the increasing burden IDRs represented to future growth. OKE's Baa3 rating reflects $9.6 billion in senior unsecured debt at March 31, 2017. OKE's notes are ranked pari passu with the credit facility and outstanding commercial paper. OKE's notes also rank equal to OKS's notes in order of liquidation preference by virtue of cross-guarantees between the two entities. OKE's $2.5 billion revolving credit facility has a scheduled maturity date of June 2022, and also serves as a backstop for the company's commercial paper program. At March 31, OKE had no borrowings outstanding under either of its then-current revolvers, which were replaced by the current facility at the close of the acquisition. OKS had about $1.3 billion of commercial paper outstanding at March 31, 2017. The revolving credit facility requires OKE to maintain a ratio of debt to adjusted EBITDA of 5.75x through the end of 2017, decreasing to 5.5x through the second quarter of 2018 and 5.0x thereafter. A more conservative dividend coverage target of 1.2x following the acquisition of OKS and reduced commodity price exposure will provide greater consistency to OKE's cash flow and enhance liquidity. Growth capital spending is expected to moderate in 2017 and 2018 following an extended period of averaging more than $1 billion annually. The stable outlook reflects Moody's expectation that OKE will sustain financial leverage below 5.0x debt/EBITDA and dividend coverage above 1.2x. An upgrade would be considered if OKE's financial leverage appears sustainable around 4x. OKE's ratings could be downgraded if the company is unable to maintain leverage below 5x and dividend coverage drops below 1x. Corporate Profile Tulsa, Oklahoma-based ONEOK, Inc. (OKE) is a diversified natural gas and natural gas liquids midstream company with good basin diversification spread across several producing areas of Texas, the Midcontinent, Rocky Mountains and the Bakken Shale. OKE operates in three midstream segments: Natural Gas Liquids (59% of 2016 EBITDA), Natural Gas Gathering and Processing (24% of 2016 EBITDA), and Natural Gas Pipelines (17% of EBITDA). The principal methodology used in these ratings was Midstream Energy published in May 2017. OPEXA THERAPEUTICS: Signs Merger Agreement with Acer Therapeutics ----------------------------------------------------------------- Opexa Therapeutics, Inc., and Acer Therapeutics Inc., a privately-held pharmaceutical company, announced that they have entered into a definitive merger agreement under which the stockholders of Acer (including investors in a financing that will close concurrently with the merger) are currently estimated to become holders of approximately 88.8% of Opexa's outstanding common stock on a pro forma basis, with current Opexa shareholders expected to own the remaining 11.2%. The proposed merger remains subject to certain conditions, including approval by Opexa's shareholders and Acer’s stockholders. In conjunction with the proposed merger, an investor syndicate led by TVM Capital Life Sciences and comprised of existing Acer investors and new investors has committed to invest approximately $15.7 million in Acer (including through a conversion of approximately $5.7 million in outstanding convertible notes) immediately prior to closing of the proposed merger. "Acer's goal is to become a leading pharmaceutical company that acquires, develops and commercializes therapies for the treatment of patients with serious rare diseases with critical unmet medical need," said Chris Schelling, chief executive officer and founder of Acer. "We have committed significant resources to rapidly advance our lead candidate EDSIVO, a potential life-saving therapy for patients with vEDS. We believe that the proceeds from the concurrent financing will allow us to advance EDSIVO through NDA submission with the FDA in the first half of 2018. As a public company, we look forward to engaging with a broader pool of investors as we seek to advance and expand our pipeline and make multiple products available to patients over the next several years." Neil K. Warma, Opexa's president and chief executive officer added, "We have chosen to combine with Acer following an extensive review of strategic alternatives. Acer's lead asset, EDSIVO, could be on the market within the next two years. This factor, together with Acer's strategic vision, pipeline, the recently secured financing and Acer's strong management team, provides Opexa shareholders with an opportunity for growth in the value of their shares." About the Proposed Merger Existing stockholders of Acer, as well as investors in Acer's concurrent financing, will receive newly issued shares of Opexa common stock in connection with the proposed merger. On a pro forma basis for the combined company, following the closing of the proposed merger, (a) current Opexa shareholders are expected to own approximately 11.2%, (b) current Acer stockholders are expected to own approximately 63.8% (excluding shares issued to them in the concurrent financing), and (c) the investors participating in the concurrent financing are expected to own approximately 25% (excluding shares previously held by them). The proposed merger has been unanimously approved by the boards of directors of both companies, and a majority of Acer's stockholders have agreed to vote in favor of the transaction. The proposed merger is expected to close during the third quarter of 2017, subject to the approval of the stockholders of Acer and the shareholders of Opexa and other customary closing conditions. The merger agreement contains further details with respect to the proposed merger. If the transaction is consummated, Opexa’s name will be changed to Acer Therapeutics Inc., and Opexa intends to apply to change its ticker symbol on the NASDAQ Capital Market to "ACER." The directors and the sole executive officer of Opexa will resign from their positions with Opexa upon the closing of the proposed merger, and the combined company will be under the leadership of Acer's current executive management team with Chris Schelling serving as president and chief executive officer. Following the closing of the proposed merger, the board of directors of the combined company is expected to consist of 7 members, all of whom will be designated by Acer. The corporate headquarters will be located in Cambridge, Massachusetts. Piper Jaffray & Co. is acting as placement agent for Acer in the concurrent financing. Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Opexa and Foley Hoag LLP served as legal counsel to Acer. A full-text copy of the Agreement and Plan of Merger is available for free at https://is.gd/0sPwNm About Acer Therapeutics Inc. Acer, headquartered in Cambridge, MA, is a pharmaceutical company that acquires, develops and intends to commercialize therapies for patients with serious rare diseases with critical unmet medical need. Acer's late-stage clinical pipeline includes two candidates for severe genetic disorders for which there are few or no FDA-approved treatments: EDSIVO (celiprolol) for vEDS, and ACER-001 (a fully taste-masked, immediate release formulation of sodium phenylbutyrate) for urea cycle disorders (UCD) and Maple Syrup Urine Disease (MSUD). There are no FDA-approved drugs for vEDS and MSUD and limited options for UCD, which collectively impact more than 4,000 patients in the United States. Acer's products have clinical proof-of-concept and mechanistic differentiation, and Acer intends to seek approval for them in the U.S. by using the regulatory pathway established under section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act, or FFDCA, that allows an applicant to rely for approval at least in part on third-party data, which is expected to expedite the preparation, submission, and approval of a marketing application. For more information, visit www.acertx.com. About Opexa Therapeutics, Inc. Opexa Therapeutics is a biopharmaceutical company that has historically focused on developing personalized immunotherapies with the potential to treat major illnesses, including multiple sclerosis as well as other autoimmune diseases such as neuromyelitis optica. These therapies are based on Opexa's proprietary T-cell technology. Opexa incurred a net loss of $7.98 million for the year ended Dec. 31, 2016, compared to a net loss of $12.01 million for the year ended Dec. 31, 2015. As of March 31, 2017, Opexa had $3.06 million in total assets, $818,315 in total liabilities and $2.24 million in total stockholders' equity. Malonebailey, LLP -- http://www.malonebailey.com/-- in Houston, Texas, 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 operating cash flows and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. OSSO LLC: Hires Eric Slocum Sparks as Bankruptcy Attorney --------------------------------------------------------- OSSO, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Arizona to employ the law offices of Eric Slocum Sparks, PC as attorney for the Debtor. The Debtor requires Eric Sparks to: a. give the Debtor legal advice and assistance as to its powers and duties as debtor-in-possession in the continued operation of its affairs; b. provide legal advice and assistance to the Debtor as is necessary to preserve and protect assets, to arrange for a continuation of the working capital and other financing, to prepare all necessary applications, answers, orders, reports and other legal documents, including the drafting of a plan of reorganization and disclosure statement and other related pleadings and documents; c. provide other legal services as may be necessary during the course of the bankruptcy proceedings. Eric Sparks will be paid at these hourly rates: Eric Slocum Sparks $375 Associates $275 Law Clerk $150-$200 Paralegal/Legal Asst. $100-$150 Prior to the bankruptcy filing, Eric Slocum Sparks received from the Debtor $5,000.00 for pre-petition services and $1,717.00 for filing fees. Eric Slocum Sparks, Esq., shareholder of the Law Offices of Eric Slocum Sparks, P.C. , assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Eric Sparks may be reached at: Eric Slocum Sparks, Esq. Law Offices of Eric Slocum Sparks, P.C. 3505 North Campbell Avenue, Suite 501 Tucson, AZ 85719 Tel: (520) 623-8330 Fax: (520) 623-9157 E-mail: eric@ericslocumsparkspc.com About OSSO, LLC OSSO, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.Ariz. Case No. 17-06737) on June 14, 2017. Eric Slocum Sparks, Esq., at Law Offices of Eric Slocum Sparks, P.C. serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. PACIFIC DRILLING: Fleet Status Report as of July 3, 2017 -------------------------------------------------------- Pacific Drilling S.A. posted to its Web site the Company's updated Fleet Status Report dated July 3, 2017. A copy of that report is available for free at https://is.gd/Agumn5 The Fleet Status Report will not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless the Company specifically incorporates the information by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. "By filing this report on Form 6-K and furnishing this information, the Company makes no admission as to the materiality of any information contained in this report. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although the Company may do so from time to time as management believes is warranted. "Certain expectations and projections regarding the Company's future performance referenced in the Fleet Status Report are forward-looking statements. These expectations and projections are based on currently available competitive, financial, and economic data and are subject to future events and uncertainties. In addition to the above cautionary statements, all forward-looking statements contained herein should be read in conjunction with the Company's SEC filings, including the risk factors described therein, and other public announcements." About Pacific Drilling Based in Luxembourg, Pacific Drilling S.A. (NYSE:PACD) is an international offshore drilling contractor. The Company's primary business is to contract its high-specification rigs, related equipment and work crews, primarily on a day rate basis, to drill wells for its clients. The Company's contract drillships operate in the deepwater regions of the United States, Gulf of Mexico and Nigeria. Pacific Drilling reported a net loss of $37.15 million on $769.5 million of revenues for the year ended Dec. 31, 2016, as compared with net income of $126.2 million on $1.08 billion of revenues for the year ended Dec. 31, 2015. The Company's independent auditors KPMG LLP, in Houston, Texas, expressed substantial doubt about the Company's ability to continue as a going concern in their report on the consolidated financial statements for the year ended Dec. 31, 2016. KPMG noted that the Company expects to be in violation of certain of its financial covenants in the next 12 months. * * * In October 2016, Moody's Investors Service downgraded Pacific Drilling's Corporate Family Rating to 'Caa3' from 'Caa2' and Probability of Default Rating (PDR) to 'Caa3-PD' from 'Caa2-PD'. "PacDrilling's ratings downgrade reflects our extremely negative view of the offshore drilling sector with no near term signs of improvement. Depressed prices for the offshore drillships offers weak asset coverage for PacDrilling's overall debt. With no material signs of improving contract coverage or utilization for PacDrilling's drillships, cashflow through 2017 will be severely impacted resulting in an unsustainable capital structure," said Sreedhar Kona, Moody's senior analyst. In February 2017, S&P Global Ratings affirmed its ratings on Pacific Drilling S.A., including its 'CCC-' corporate credit rating. S&P subsequently withdrew all ratings on the company at its request. PARKER PRECISION: Court Rejects Conversion Bid, Dismisses Case -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania denied the request of the United States Trustee to convert the Chapter 11 case of Parker Precision Molding, Inc. to liquidation proceedings under Chapter 7 of the Bankruptcy Code. Instead, the Court dismissed the case at the Debtor's behest. The U.S. Trustee argues that based on the Debtor's postpetition cash flow, the Debtor is unable to propose a confirmable plan within a reasonable period of time. The Debtor conceded that a confirmable plan is not feasible at this time and requested dismissal without prejudice, in lieu of Chapter 7 conversion. Bankruptcy Judge Gregory L. Taddonio sided with the Debtor, citing its representation that its income is expected to increase in the near future, and that it will not be able to propose a confirmable plan by the deadlines established in Sec. 1121 of the Bankruptcy Code. About Parker Precision Parker Precision Molding Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-22825) on July 29, 2016. The petition was signed by Linda Parker, president. The Debtor is represented by Donald R. Calaiaro, Esq., at Calaiaro Valencik. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of $500,001 to $1 million. PASSAGE VILLAGE: Has Interim Nod to Use Cash Collateral in July --------------------------------------------------------------- The Hon. Frank W. Volk of the U.S. Bankruptcy Court for the Southern District of West Virginia has entered a fifth interim order authorizing Passage Village of Laurel Run Operations, LLC, a Delaware Limited Liability Company, and its debtor-affiliates to use cash collateral in July 2017. The Debtors will pay the July Rent ($460,324) and the July tax escrow payment ($28,720) to Welltower, Inc., on or before July 25, 2017. The Debtors will pay PHSG, LLC, an adequate protection payment of $15,000 on or before July 15, 2017, and an additional adequate payment of $35,000, but only after payment in full of the Welltower rent and tax escrow payments. The Debtors will not make any payments to non-debtor related parties except the management fees authorized in the July Budget and payments to Trinity Rehabilitation Services for services actually performed postpetition. The Debtors will provide PHSG with weekly financial reporting, in form and substance reasonably acceptable to PHSG, and will deliver any other financial documents reasonably requested by PHSG on reasonable prior notice. These reports will also be provided to Welltower at the same time as PHSG. A copy of the court order is available at: http://bankrupt.com/misc/wvsb17-30092-348.pdf About Passage Midland, et al. Passage Healthcare -- http://passagehealthcare.net-- is a senior living care provider founded in 2013 by Andrew Turner and William Lasky. Passage Midland Meadows Operations, LLC, and three affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D. W.Va. Lead Case No. 17-30092) on March 13, 2017. The debtor-affiliates are Passage Healthcare Property, LLC; Passage Longwood Manor Operations, LLC; and Passage Village of Laurel Run Operations, LLC. The petitions were signed by Andrew Turner, member-manager of Passage Healthcare, LLC, manager of Passage Midland. Passage Midland estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities as of the bankruptcy filing. The Hon. Frank W. Volk presides over the cases. Jackson Kelly PLLC is the Debtors' bankruptcy counsel. Capozzi Adler, PC, is the Debtors' special counsel, required to provide services related to Pennsylvania regulatory and licensing compliance and Medicare, and Medicaid payment and compliance. Judy A. Robbins, the U.S. Trustee for Region 4, appointed Margaret Barajas as the Patient Care Ombudsman for two of the Debtors: Passage Village of Laurel Run Operations and Passage Longwood Manor Operations. An official committee of unsecured creditors has not been appointed in the Debtors' cases. PETCO ANIMAL: Bank Debt Trades at 9% Off ---------------------------------------- Participations in a syndicated loan under Petco Animal Supplies is a borrower traded in the secondary market at 90.73 cents-on-the-dollar during the week ended Friday, June 23, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.38 percentage points from the previous week. Petco Animal pays 325 basis points above LIBOR to borrow under the $2.506 billion facility. The bank loan matures on Jan. 26, 2023 and carries Moody's NR rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended June 23. PETSMART INC: Bank Debt Trades at 8% Off ---------------------------------------- Participations in a syndicated loan under Petsmart Inc is a borrower traded in the secondary market at 91.53 cents-on-the-dollar during the week ended Friday, June 23, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.70 percentage points from the previous week. Petsmart Inc pays 300 basis points above LIBOR to borrow under the $4.246 billion facility. The bank loan matures on March 10, 2022 and carries Moody's Ba3 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended June 23. PIN OAK: May Use General Acquisition's Cash Collateral ------------------------------------------------------ The Hon. Patrick M. Flatley of the U.S. Bankruptcy Court for the Northern District of West Virginia has entered an agreed order authorizing Pin Oak Properties, LLC, to use cash collateral of General Acquisitions LLC until the occurrence of an event of default, for the maintenance and preservation of its assets and the continued operation of its business, but the use will be only in the ordinary course of the Debtor's business. As reported by the Troubled Company Reporter on June 27, 2017, the Debtor sought court permission to use rental income generated by the Middletown Malls' tenant's lease payments as cash collateral wherein General Acquisitions holds interests. The Debtor may receive the monthly rental payments from the tenants at the mall collateral as cash collateral and request that the tenants make the payments directly to the Debtor. Furthermore, other than the adequate protection payments provided for in the agreed court order, the Debtor will not pay any debts arising prior to the Petition Date without the prior approval by the Court in the form of an order, and no expenditures will be made without providing to counsel for General Acquisitions 10 days' advance notice of proposed expenditures. To the extent the adequate protection provided for proves insufficient to protect General Acquisitions' interest in and to the cash collateral, General Acquisitions will have a super-priority administrative expense claim, pursuant to 11 U.S.C. Section 507(b), senior to any and all claims against the Debtor under 11 U.S.C. Section 507(a), including any amounts borrowed and owed under any debtor-in-possession financing agreement. Starting on July 1, 2017, the Debtor will pay to General Acquisitions monthly adequate protection payments equal to interest-only payments at the non-default interest rate of $80,808 per month, payable on the first day of each month. Failure to make a timely payment will constitute an Event of Default and permit General Acquisitions to file a motion with the Court on an emergency basis to set aside the Agreed Order or any other cash collateral court order entered. The parties agree that only for the July 1, 2017, adequate protection payment the Debtor will not be declared in default unless the full $80,808 is not paid to General Acquisitions by July 31, 2017. The parties recognize that due to the timing of the entry of the Agreed Order, notice being provided to tenants of the Mall Collateral to send monthly rental payments to the Debtor and not to General Acquisitions, and the current cash flow position of the Debtor, the Debtor will not have cash on hand to make a full adequate protection payment on July 1, 2017. Therefore, the parties agree that any rental payments made by the tenants of the Mall Collateral that are received by General Acquisitions during the month of July 2017 will be retained by General Acquisitions and credited to the Debtor's adequate protection payment due and payable on July 1, 2017, with any deficient balance of the adequate protection payment otherwise due and payable on July 1, 2017, being the sole obligation of the Debtor to pay before July 31, 2017. The parties agree that if General Acquisitions receives more than $80,808 in rental monies from tenants of the Mall Collateral during the month of July 2017 those excess funds will be turned over to the Debtor immediately as those monies represent cash collateral the Debtor needs to operate. A copy of the court order is available at: http://bankrupt.com/misc/wvnb17-00608-50.pdf About Pin Oak Properties Pin Oak Properties, LLC, operates the Middletown Mall located at 9429 W Mill Street, White Hall, Marion County, West Virginia. Pin Oak Properties filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 17-00608) on June 7, 2017. Dietrich Steve Fansler, managing member and 100% owner, signed the petition. The Hon. Patrick M. Flatley is the case judge. The Debtor has hired Gianola, Barnum, Bechtel & Jecklin, LC, in Morgantown, West Virginia, as counsel; and Steven G. Williams, CPA/ABV, as accountant. PITTSBURGH ATHLETIC: Board Member Seeks Ch. 11 Trustee Appointment ------------------------------------------------------------------ Yvonne Rose, as a Pittsburgh Athletic Association member, a member of the Pittsburgh Athletic Association Board of Directors, and a Creditor, asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to enter an order directing the appointment of a Chapter 11 trustee for the Debtor Association. The Movant Creditor notes that cause exists for the appointment of a Chapter 11 trustee due to the dishonesty, incompetence, and gross mismanagement of the affairs of the Debtor. Further, the Motion provides that the appointment of a Chapter 11 trustee is also warranted necessary to address any conflicts of interest with respect to the officers or members of the Board that may have an interest in participating in a sale of assets of the Debtors themselves or to a related party; to provide members with full and adequate information and disclosures; and to ensure that proper procedure and rules of governance are being followed with respect to the oversight and management of the Debtors. About Pittsburgh Athletic Association Pittsburgh Athletic is a private social club and athletic club in Pittsburgh, Pennsylvania, USA. Its clubhouse is listed on the National Register of Historic Places. Pittsburgh Athletic is a nonprofit membership club chartered in 1908. It has run into financial difficulties recently and had its liquor license temporarily suspended for not paying Allegheny County drink taxes. Affiliated debtors Pittsburgh Athletic Association (Bankr. W.D. Pa. Case No. 17-22222) and Pittsburgh Athletic Association Land Company (Bankr. W.D. Pa. Case No. 17-22223) filed for Chapter 11 bankruptcy protection on May 30, 2017. The Debtors each estimated their assets and liabilities at between $1 million and $10 million each. The petitions were signed by James A. Sheehan, president. Judge Jeffery A. Deller presides over the case. Jordan S. Blask, Esq., at Tucker Arensberg, P.C., serves as the Debtors' bankruptcy counsel. Gleason & Associates, P.C., is the Debtors' financial advisor. Holliday Fenoglio Fowler, L.P., is the Debtors' real estate advisors. Andrew R. Vara, Acting U.S. Trustee for Region 3, on June 8 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Pittsburgh Athletic Association. The Committee hired Leech Tishman Fuscaldo & Lampl, LLC, as counsel. PLASCO TOOLING: Asks for Court OK to Use Cash Collateral -------------------------------------------------------- Plasco Tooling & Engineering Corporation seeks permission from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral in the ordinary course of the Debtor's business and to pay costs and expenses related to the case and provide adequate protection to the First State Bank, the Michigan Certified Development Corporation, and any other entity that may have an interest in the Debtor's cash collateral. The Debtor requires the use of approximately $309,532 in the month of July to maintain its operations, meet its payroll obligations, and remain in compliance with the U.S. Trustee's operating guidelines. The Debtor requires goods and materials to continue its business operations. The Debtor's vendors require that Debtor pay cash in advance or on delivery. The Debtor's operations will be impaired if it cannot obtain goods and material by July 6, 2017. The Debtor's operations will be seriously impaired resulting in immediate and irreparable harm if it cannot obtain goods and materials by July 7, 2017. The Debtor is current on payment to the majority of its employees. However, due to a cash shortage, the Debtor short-paid its last payroll by $22,669. Certain of the Debtor's employees have agreed to a short delay in receipt of payment, but will require payment as soon as possible and, in any event, by no later than next week. The Debtor requests that a hearing on the cash collateral use be scheduled for July 6 or, at the latest, July 7, 2017. The Debtor agrees that the Bank has first position secured claims against Debtor in these amounts: Loan Number Amount Owed ----------- ----------- 525091547019 $2,000,000 525091547328 $435,034 525091547521 $252,247 525091547682 $211,989 The Debtor anticipates that the Bank may assert that the Bank Debt is greater than the numbers set forth above. The Debtor and Bank are reconciling the differences and hopeful that they will amicably resolve any conflict. The Debtor agrees that it owes $335,882 to SBA Lender. The Debtor proposes to pay monthly adequate protection payments to Bank in the amount of $22,076 and to SBA Lender in the amount of $4,781, representing principle and interest payments. The Debtor further seeks authorization to grant Bank and SBA Lender replacement liens in all the Debtor's postpetition acquired assets to the same extent, and with the same priority, as their prepetition liens and security interests. A copy of the Debtor's request is available at: http://bankrupt.com/misc/mieb17-49638-9.pdf Headquartered in Romeo, Michigan, Plasco Tooling & Engineering Corporation -- http://www.plascocorp.com/about-plasco/-- is globally recognized as a supplier of aircraft and automotive tooling parts. The Debtor offers integrated program management, design, CNC machining, and the manufacture of Invar tools, assembly jigs, checking fixtures, gages, dies, and more while adhering to its customers' stringent quality requirements. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 17-49638) on June 29, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by John Zuccarini, president. Judge Mark A. Randon presides over the case. Ryan D. Heilman, Esq., at Wernette Heilman PLLC serves as the Debtor's bankruptcy counsel. POST EAST: May Use Connect REO's Cash Collateral Until Aug. 31 -------------------------------------------------------------- The Hon. Ann M. Nevins of the U.S. Bankruptcy Court for the District of Connecticut entered a seventh cash collateral order, granting Post East, LLC, permission to use rentals or other funds that may constitute cash collateral in which Connect REO, LLC, asserts secured interests, and that the use, or escrow for future use, may be up to the total amount of expenses projected to be $11,258 for July and $11,258 for August of cash and rental proceeds for the period from July 1, 2017, through Aug. 31, 2017, which sum includes two monthly adequate protection payments of $6,500 each payable to the Secured Creditor. A further hearing on the cash collateral use will be held on Aug. 23, 2017, at 11:00 a.m. Connect REO is granted secured interests in all postpetition rents and leases as the same may be generated, provided, however that the postpetition secured interest will be subordinate to all Chapter 11 quarterly fees that will become due pursuant to 28 U.S.C. Section 1930(a)(6). Connect REO's acceptance of this payment does not act to waive any rights it may have in determining and arguing that the payment amount does not constitute adequate protection in any month after August 2017. Furthermore, acceptance of these payments by Connect REO will in no way act to waive Connect REO's rights in seeking further relief from the Court at a later date, including but not limited to, seeking relief from the automatic stay. A copy of the Seventh Cash Collateral Order is available at: http://bankrupt.com/misc/ctb16-50848-206.pdf About Post East LLC Post East, LLC, owns real estate at 740-748 Post Road East, Westport, Connecticut. The property is a commercial real estate which presently has seven leased spaces. The secured creditor is Connect REO, LLC, which is owed $1,043,000. Post East filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 16-50848) on June 27, 2016. Michael F. Calise, member, signed the petition. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor's bankruptcy attorney is Carl T. Gulliver, Esq., at Coan Lewendon Gulliver & Miltenberger LLC. The Debtor employed Richard J. Chappo of Chappo LLC as mortgage broker. PRECIPIO INC: Third Security Reports 16.3% Stake as of June 29 -------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of shares of common stock of Precipio, Inc. as of June 29, 2017: Amount of Common Stock Percent Beneficially of Reporting Person Owned Class ---------------- ---------------- --------- Randal J. Kirk 1,356,896 16.3% Third Security, LLC 1,356,896 16.3% Third Security Senior Staff 2008 LLC 542,759 6.5% Third Security Staff 2010 LLC 515,107 6.2% On June 29, 2017, Transgenomic, New Haven Labs Inc., and Precipio Diagnostics, LLC closed their merger. In connection with the Merger, Transgenomic filed the Third Amended and Restated Certificate of Incorporation, changing its name to that of Precipio. In connection with the Merger and pursuant to the terms of the Loan and Security Agreement, dated March 13, 2013, as amended by the Termination and Tenth Amendment dated as of Feb. 2, 2017, all of the outstanding indebtedness consisting of $7.243 million of principal and $1.046 million of accrued interest and fees owed under the Loan Agreement was converted into 352,630 shares of Common Stock and 802,925 shares of New Preferred Stock. In connection with the Loan Conversion: Senior Staff received 141,052 shares of Common Stock and 321,170 shares of New Preferred Stock; Staff 2010 received 141,052 shares of Common Stock and 321,170 shares of New Preferred Stock; and Incentive 2010 received 70,526 shares of Common Stock and 160,585 shares of New Preferred Stock. In connection with the issuance of the shares of Common Stock and New Preferred Stock pursuant to the Loan Conversion, the Investors and Incentive 2010 became party to an Investors' Rights Agreement. The Investors' Rights Agreement provides registration rights, piggyback registration rights, preemptive rights and rights of first refusal with respect to the securities issued in connection with the Merger. In connection with the closing of the Merger, the Investors, Incentive 2010 and Staff 2014 also converted all shares of Series A-1 Convertible Preferred Stock held by them into an aggregate of 7,155 shares of Common Stock. Pursuant to the Preferred Conversion, Senior Staff received 2,862 shares of Common Stock, Staff 2010 received 1,431 shares of Common Stock, Incentive 2010 received 1,431 shares of Common Stock, and Staff 2014 received 1,431 shares of Common Stock. A full-text copy of the regulatory filing is available at: https://is.gd/WePz2B About Precipio Precipio, Inc., formerly known as Transgenomic, Inc., has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions, and delivering quality diagnostic information to physicians and their patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, visit precipiodx.com. Transgenomic reported a net loss available to common stockholders of $8 million on $1.55 million of net sales for the year ended Dec. 31, 2016, compared with a net loss available to common stockholders of $34.27 million on $1.92 million of net sales for the year ended Dec. 31, 2015. As of March 31, 2017, Transgenomic had $1.22 million in total assets, $21.87 million in total liabilities and a total stockholders' deficit of $20.64 million. Marcum LLP, in Hartford, CT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has incurred operating losses and used cash for operating activities for the past several years. This raises substantial doubt about the Company's ability to continue as a going concern. PREMIER MARINE: May Use Cash Collateral Until July 11 ----------------------------------------------------- The Hon. Katherine A. Constantine of the U.S. Bankruptcy Court for the District of Minnesota has authorized Premier Marine, Inc., to use cash collateral of American Bank of the North and Trusek, LLC, through July 11, 2017, in an amount not to exceed $4,348,782. The Court will hold a final hearing on the Debtor's cash collateral use on July 11, 2017, at 10:00 a.m. As adequate protection to ABN, the Debtor will (i) grant replacement liens in ABN's respective collateral; and (ii) make monthly cash payments of interest at the contract rate under the prepetition ABN loan each in the amount of $29,681. As adequate protection to Trusek, the Debtor will (i) grant replacement liens in Trusek's respective collateral; and (ii) make monthly cash payments of interest at the contract rate under the prepetition Trusek loan each in the amount of $5,000. A copy of the Interim Order is available at: http://bankrupt.com/misc/mnb17-32006-31.pdf As reported by the Troubled Company Reporter on June 27, 2017, the Debtor asked the Court for authorization to use cash collateral through July 15, 2017. The Debtor projected that it could operate in the ordinary course through Oct. 28 with use of cash collateral and post-petition financing on the terms set forth in the Debtor's Motion to Approve Post-Petition Financing. About Premier Marine, Inc. Premier Marine Inc., a Minnesota corporation, is a family owned business formed in 1992 by Robert Menne and Eugene Hallberg. The Menne family controls 72.8% of the Debtor equity. Hallberg controls the remaining 27.2% and is Premier's landlord. For 25 years, Premier Marine has manufactured "Premier" brand pontoon boats -- http://www.pontoons.com/-- in Wyoming, Minnesota. Premier Marine designs, builds and markets luxury pontoons and holds many patents on manufacturing elements such as furniture hinges, J-Clip rail fasteners and the PTX performance package. The family-owned and operated Company sells its pontoons through boat dealers located throughout the United States and Canada. Premier is headquartered in Wyoming, Minn. The need for reorganization in chapter 11 was precipitated by a failed acquisition of another pontoon manufacturer in 2011. The Chapter 11 was filed in response to an eviction action commenced by Hallberg for the nonpayment of rent. Premier Marine filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-32006) on June 19, 2017. The Chapter 11 is necessary to attract a new equity partner, reject the Hallberg leases, consolidate manufacturing under a single roof and reorganize the business for the mutual benefit of the Debtor creditors, employees and dealer network. The petition was signed by Lori J. Melbostad, president. The Debtor estimated assets and liabilities between $10 million and $50 million. The case is assigned to Judge Katherine A. Constantine. The Debtor's counsel are Michael F. McGrath, Esq., and Will R. Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A Professional Association. Richard Gallagher at Guidesource, is the Debtor's financial consultant. PREMIUM COMMERCIAL: Wants to Use CCG's Cash Collateral ------------------------------------------------------ Premium Commercial Plumbing, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. Commercial Credit Group, Inc., the Internal Revenue Service, and Nextwave Enterprises, LLC, potentially assert a security interest in, among other things, the accounts receivable and cash of the Debtor. The IRS asserts a total claim in the approximate amount of $1.5 million. Commercial Credit has a total claim in the approximate amount of $14,678.99. However, prior to filing this Motion, Commercial Credit filed its claim in the amount of $21,424.70. Nextwave has been paid in full and has no claim against Debtor. The Debtor's counsel has not been able to confirm this fact with Nextwave as of the filing of this motion. The Debtor does not, at this juncture, admit or deny that any of its property constitutes the cash collateral of the Alleged Secured Creditors pursuant to Section 363(a) of the Code. Nonetheless, and without waiving the right to seek another characterization from the Court regarding its property, and in particular, the accounts receivable and cash, the Debtor would demonstrate to this Court that to continue the proper operation and management of Debtor's business operations and its property, and to enable the Debtor to effectuate a viable plan of reorganization, it is necessary that Debtor be authorized to utilize the cash and accounts receivable associated with its operations, in a manner substantially consistent with Debtor's normal course of conduct, in order to meet the day to day operations of Debtor's business and consistent with the two-week budget. The Debtor says that if it is not allowed to use the pre-petition accounts receivable and other cash associated with its operations substantially as it did pre-bankruptcy, immediate and irreparable harm will occur to its business in that the Debtor will have no operating funds. The Debtor's business would be immediately shut down and the Debtor's business operations would have to be discontinued and its estate immediately liquidated. The Debtor offers the following to the Alleged Secured Creditors regarding the provision of adequate protection for any post-petition diminution in value of the Alleged Secured Creditors' alleged pre-petition collateral, if any, caused by the Debtor's continued use of any accounts receivable, cash, or other property claimed by the Alleged Secured Creditors as cash collateral: (a) granting a replacement lien and security interest in the Debtor's accounts receivable and cash (including all receivables collected post-petition), to the extent the use of cash collateral results in a decrease in the value of the Alleged Secured Creditors' interest in the property as of the Petition Date and to the same extent, validity, priority, and value as existed as of the Petition Date, to secure the payment of any decrease in value of cash collateral resulting from the Debtor's use of cash collateral; (b) continuing to pay insurance premiums to insure all inventory and other property constituting the Alleged Secured Creditors' collateral; and (c) furnishing to the Alleged Secured Creditors copies of all monthly operating reports. A copy of the Debtor's request is available at: http://bankrupt.com/misc/txnb17-32426-5.pdf About Premium Commercial Plumbing Headquartered in Caddo Mills, Texas, Premium Commercial Plumbing, Inc., formerly known as Shadetree Electric Of Arkansas Inc., is a nonresidential building operator whose principal assets are located at 4717 State Highway 34 S Greenville, Texas. Premium Commercial filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 17-32426) on June 22, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Roy Wilcox, president. Judge Harlin DeWayne Hale presides over the case. Nathan M. Nichols, Esq., and Rosa R. Orenstein, Esq., at Orenstein Law Group, P.C., serve as the Debtor's bankruptcy counsel. PRESSURE BIOSCIENCES: 1.9 Million Shares Prospectus Amended Anew ---------------------------------------------------------------- Pressure BioSciences, Inc., is offering an aggregate of 1,993,223 shares of its common stock, $0.01 par value per share, and warrants to purchase 996,612 shares of its common stock at a public offering price of $___ per share of common stock and $0.01 per warrant. The warrants have an exercise price of $___ per share (125% of the public offering price) and expire five years from the date of issuance. A warrant to purchase one share of common stock will accompany every two shares of common stock purchased. The shares and warrants will trade separately. The Company's common stock is presently quoted on the OTCQB under the symbol "PBIO". The Company applied to have its common stock and warrants listed on The NASDAQ Capital Market under the symbols "PBIO" and "PBIOW," respectively. No assurance can be given that its application will be approved. On June 15, 2017 the last reported sale price for the Company's common stock on the OTCQB was $6.24 per share. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. A full-text copy of the amended prospectus is available at: https://is.gd/IfilYE About Pressure Biosciences Pressure BioSciences, Inc., headquartered in South Easton, Massachusetts, holds 14 United States and 10 foreign patents covering multiple applications of pressure cycling technology in the life sciences field. Pressure Biosciences incurred a net loss of $2.7 million for the year ended Dec. 31, 2016, compared to a net loss of $7.41 million for the year ended Dec. 31, 2015. As of March 31, 2017, Pressure Biosciences had $1.83 million in total assets, $15.30 million in total liabilities and a total stockholders' deficit of $13.46 million. MaloneBailey LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has a working capital deficit and has incurred recurring net losses and negative cash flows from operations. These conditions raise substantial doubt about its ability to continue as a going concern. PSH PROPERTIES: Has Court's Final Nod to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas has entered a final order authorizing PSH Properties, LLC, to use cash collateral consisting of the rents paid to the Debtor by its tennants to pay actual and necessary expenses incurred in continuing its operations until the earlier of (i) expiration of the deadline to obtain confirmation of a plan of reorganization, or (ii) default by the Debtor under a term of the final court order. Secured creditors Platinum Bank and AIMBANK each filed objections to the Debtor's cash collateral use. The Lenders are granted replacement liens on all leases, rental agreements, rents, proceeds, and all other assets generated or acquired post-petition from their respective collateral. The Debtor may only use Platinum Bank's cash collateral for expenses relating to Platinum Bank's collateral and the Debtor will only use AIMBANK's cash collateral for expenses relating to AIMBANK's collateral. The Debtor will account separately to Platinum Bank and AIMBANK for the use of their respective cash collateral. The Debtor will reserve funds on a monthly basis sufficient to pay the pro-rated estimated insurance on the collateral. The Debtor will provide rent rolls to the Lenders for their respective rents ona monthly basis within 15 days of the end of each month for the said month. As additional adequate protection, commencing with payments due July 15, 2017, and thereafter on the 15th day of each successive month the Debtor will pay to the Lenders monthly payments of one-half of the pre-default interest required by their respective loan documents. These adequate protection payments will continue until the earlier of confirmation of a plan or expiration of the deadline to confirm a plan. The Debtor will file a plan of reorganization no later than July 31, 2017, and will obtain confirmation of a plan of reorganization no later than Sept. 30, 2017, provided, however, if confirmation is delayed for reasons outside the Debtor's control the deadline will be extended to the next available hearing date in Lubbock, Texas. The Debtor's right to use cash collateral will terminate upon the earlier of expiration of the deadline to confirm a plan or a default by the Debtor under this court order. A copy of the court order is available at: http://bankrupt.com/misc/txnb17-50102-38.pdf As reported by the Troubled Company Reporter on June 16, 2017, the Court previously authorized, on an interim basis, the Debtor to use Platinum Bank's cash collateral, consisting of the rents paid to the Debtor by its tenants, to pay normal and ordinary expenses incurred in continuing its operations from May 24, 2017, until the final hearing. About PSH Properties PSH Properties, LLC, is a small nonresidential building operator located in Lubbock, Texas. PSH sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-50102) on April 10, 2017. The petition was signed by David Hodges, managing member. The case is assigned to Judge Robert L. Jones. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. QSL PORTAGE: May Use Cash Collateral Until July 28 -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Indiana has authorized QSL Portage, LLC, to use cash collateral of alleged secured creditors, American Express Bank, FSB, and US Foods, Inc., on an interim basis and after a final hearing on an extended basis. A final hearing on the Debtor's cash collateral use will be held on July 28, 2017, at 11:00 a.m. Objections to the cash collateral use must be filed by July 24, 2017, at 4:00 p.m. (Central Time). As adequate protection for any use or diminution in the value of the Creditors' interests, in the Debtor's prepetition assets, the Creditors are granted valid, enforceable, non-avoidable, and fully perfected liens of the highest available priority upon (i) any property that the Debtor acquires after the Petition Date, and (ii) any proceeds generated from the property. The Creditors may also assert super-priority administrative expense status to the extent that the adequate protection liens are insufficient to protect the Creditors from any diminution in the value of their interests, if any, in cash collateral. A copy of the Interim Order is available at: http://bankrupt.com/misc/innb17-21799-24.pdf As reported by the Troubled Company Reporter on June 30, 2017, the Debtor sought court authorization to use the revenue generated by its restaurant, some of which may be cash collateral, on an interim basis through the week starting on July 16, 2017, to the extent necessary to operate the Debtor's business. About QSL Portage QSL Portage operates the Quaker Steak & Lube restaurant at 6245 Ameriplex Dr., Portage, Indiana, since 2006. The Debtor filed a Chapter 11 petition (Bankr. N.D. Ind. Case No. 17-21799) on June 26, 2017. Larry J. Briski, managing member, signed the petition. At the time of filing, the Debtor estimated less than $500,000 in assets and $1 million to $10 million in liabilities. Gordon E. Gouveia II, Esq., at Shaw Fishman Glantz & Towbin LLC serves as the Debtor's legal counsel. The case is assigned to Judge James R. Ahler. QUADRANT 4: Wants to Obtain Up to $2.5-Mil Financing, Access Cash ----------------------------------------------------------------- Quadrant 4 System Corporation seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to incur postpetition secured financing from BMO Harris Bank, N.A. and to use BMO's cash collateral. The Debtor requests for an interim approval on the agreement of BMO Harris Bank to advance postpetition funds, on a revolving basis, to the Debtor in the aggregate amount outstanding at any one time of up to $2.5 million. The borrowing limit under the DIP financing will be $900,000, all of which will be available to be advanced to the Debtor during the Interim Period. The Post-Petition Financing, will bear interest at Base Rate plus 5.5%. The Debtor further requests for a final authorization for the continued borrowing through at least Sept. 1, 2017, to be considered at a final hearing to be scheduled by the Court. The Debtor intends to use the proceeds of the Post-Petition Financing exclusively for the expenditures set forth in the Initial Budget, and is subject to an allowed variance of 10% for distributions and a variance of 10% for receipts. The Initial Budget sets forth all projected cash receipts, sales and cash disbursements on a weekly basis. It shows total cash disbursements of $6,756,272 for week ending July 7 through week ending Sept. 1, 2017. The Debtor is already indebted to BMO Harris Bank in the aggregate outstanding principal amount of approximately $19,447,315, pursuant to several prepetition agreements, loans, advances and other credit accommodations, secured by perfected, valid, binding and non-avoidable first priority liens and security interests upon all of the Debtor's prepetition collateral, including the postpetition proceeds and products thereof. The Debtor has also entered into a $5,075,000 Senior Subordinated Credit Agreement and related loan documents with BIP Quadrant 4 System Debt Fund I, LLC, as lender and BIP Lender, LLC, as collateral agent. In connection therewith, BMO Harris Bank, the BIP Lender, the Debtor and the Guarantor entered into that certain Intercreditor and Subordination Agreement. Pursuant to the Intercreditor Agreement and the Subordination Agreement, BIP Lender has expressly consented, and the Subordinated Creditor, is deemed to have consented to entry the terms of the Post-Petition Financing and the Interim Order. BMO Harris Bank will receive postpetition priming liens and security interests on substantially all of the assets and properties of the Debtor including avoidance actions and the proceeds thereof, only to the amount of the New Post-Petition Advances to secure the Post-Petition Financing. The Debtor claims that it does not have sufficient unrestricted cash and other financing available to operate its business, maintain the estate's properties, and administer the Chapter 11 Case. As such, the Debtor requires immediate access to interim post-petition financing and use of cash collateral, otherwise, the Debtor will be unable to continue operating its business, thereby causing immediate and irreparable loss or damage the Debtor's estate, to the detriment of the Debtor, its creditors and other parties in interest. A full-text copy of the Debtor's Motion, dated June 29, 2017, is available at https://is.gd/Ok3bWP A copy of the Debtor's Budget is available at https://is.gd/dCHPwK Quadrant 4 System Corporation is represented by: Chad H. Gettleman, Esq. Nathan Q. Rugg, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Blvd, Suite 1050 Chicago, Illinois 60604 Tel.: (312) 435-1050 Fax: (312) 435-1059 About Quadrant 4 System Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/ -- is engaged in the business of selling IT products and services. Its revenues are primarily generated from the placement of staffing or solution consultants, and the sale and licensing of its proprietary cloud-based Software as a Service (SaaS) systems, as well as a wide range of technology oriented services and solutions. Quadrant's principal executive offices are located in Schaumburg Illinois. The Company also operates its business from various offices located in Naples, Florida; Alpharetta, Georgia; Bingham Farms, Michigan; Cranbury, New Jersey; Pleasanton, California; and Ann Arbor, Michigan. Quadrant 4 System is the 100% owner of the issued and outstanding common stock of Stratitude, Inc., a California corporation, which it acquired on or about Nov. 3, 2016. Concurrently with the Stratitude Acquisition, Stratitude acquired certain of the assets of Agama Solutions, Inc., a California corporation. Both Stratitude and Agama are located in Pleasanton and Fremont, California and are engaged in the IT business. The Debtor disclosed total assets of $47.05 million and total liabilities of $31.39 million as of Sept. 30, 2016. Quadrant 4 System Corporation filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-19689) on June 29, 2017. Robert H. Steele, the CEO, signed the petition. Quadrant 4, which was subject to a securities fraud probe that led to the arrest and resignation of its top two executives seven months ago, sought Chapter 11 protection after reaching a settlement with the U.S. Securities and Exchange Commission and signing deals to sell four business segments for at least $6.9 million. The Chapter 11 case is assigned to Judge Jack B. Schmetterer. The Debtor's attorneys are Chad H. Gettleman, Esq., and Nathan Q. Rugg, Esq. at Adelman & Gettleman, Ltd. Silverman Consulting Inc., is the Debtor's financial consultants, and Livingstone Partners, LLC, is the investment banker. Neither a trustee nor a committee of unsecured creditors has been appointed in the Chapter 11 Case. R.K. KEYSTONE: Hires Michael J. McCrystal as Attorney ----------------------------------------------------- R.K. Keystone Mobile Mart, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ the Law Office of Michael J. McCrystal, as attorney to the Debtor. R.K. Keystone requires Michael J. McCrystal to: a. give the Debtor legal advice with respect to analyzing Debtor's financial situation, rendering advice and assistance regarding the prudence of filing a petition in bankruptcy and the preparation and filing a Chapter 11 petition and plan of reorganization; b. provide any other service not currently known to debtor but which may become apparent in the administration of the estate. Michael J. McCrystal will be paid at the hourly rate of $275. Michael J. McCrystal will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael J. McCrystal, member of the Law Office of Michael J. McCrystal, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Michael J. McCrystal can be reached at: Michael J. McCrystal, Esq. LAW OFFICE OF MICHAEL J. MCCRYSTAL 2355 Old Post Road, Suite 4 Lehigh County, PA Tel: (610) 262-7873 Fax: (610) 262-2219 E-mail: mccrystallaw@gmail.com About R.K. Keystone Mobile Mart, Inc. R.K. Keystone Mobile Mart, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 14318) on June 23, 2017, listing under $1 million in both assets and liabilities. The Debtor hired the Law Office of Michael J. McCrystal, as attorney. RENNOVA HEALTH: Has Resale Prospectus of 4.6-M Common Shares ------------------------------------------------------------ Rennova Health, Inc., filed with the Securities and Exchange Commission a Form S-1 registration statement relating to the resale, from time to time, by Sabby Healthcare Master Fund, Ltd., Sabby Volatility Warrant Master Fund, Ltd., Lincoln Park Capital Fund, LLC and Alpha Capital Anstalt of up to 4,636,120 shares of common stock, par value $.01 per share, of the Company issuable upon the conversion of up to $1,808,087 aggregate principal amount of Senior Secured Original Issue Discount Convertible Debentures, due March 21, 2019, based on a conversion price of $0.39. On each monthly amortization date, the Company may elect to repay 5% of the original principal amount of Debentures in cash or, in lieu thereof, the conversion price of each Debentures will thereafter be 85% of the volume weighted average price at the time of conversion. In the event the Company does not elect to pay such amortization amount in cash, each investor may increase the conversion amount subject to the alternative conversion price by up to four times the amortization amount. The Debentures were issued to the Selling Stockholders in private placements on March 21, 2017. The Selling Stockholders may sell the shares of common stock being offered by this prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus under "Plan of Distribution." The prices at which the Selling Stockholders may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions. The Company is not selling any securities under this prospectus and it will not receive any proceeds from the sale of the shares by the Selling Stockholders. Rennova's common stock is listed on The NASDAQ Capital Market and traded under the symbol "RNVA." A full-text copy of the preliminary prospectus is available at: https://is.gd/kI4YLT About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, it is creating the next generation of healthcare. Rennova Health reported a net loss of $32.61 million on $5.24 million of net revenues for the year ended Dec. 31, 2016, compared with a net loss attributable to common stockholders of $37.58 million on $18.39 million of net revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Rennova Health had $8.31 million in total assets, $73.64 million in total liabilities and a total stockholders' deficit of $65.33 million. Green & Company, CPAs, in Temple Terrace, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has significant net losses and cash flow deficiencies. Those conditions raise substantial doubt about the Company's ability to continue as a going concern. RICHMOND LIBERTY: Unsecureds to be Paid 100% Under Exit Plan ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on July 19 to consider approval of the disclosure statement, which explains the Chapter 11 plan of reorganization for Richmond Liberty LLC. The hearing will be held at 2:30 p.m., at Courtroom 3585. Objections are due by July 12. Richmond Liberty's restructuring plan provides for a 100% distribution to creditors on account of their claims. The plan also provides for the company to close on the contract it entered into with WF Liberty LLC in 2013 to purchase real properties in Staten Island, New York. The purchase price under the contract is $8.5 million. Under the plan, each Class 1 unsecured creditor will receive cash in the full amount of its allowed claim, plus interest from the petition date, within five business days of the closing. The payment of the balance of the purchase price due WF Liberty and the distributions to creditors will be funded by the reorganized company, contributions from Richmond Liberty's equity holders and any other source identified at or prior to the hearing on confirmation of the plan, according to the company's disclosure statement. A copy of the disclosure statement is available for free at https://is.gd/jvDJhH Richmond Liberty is represented by: A. Mitchell Greene, Esq. Robinson Brog Leinwand Greene Genovese & Gluck P.C. 875 Third Avenue New York, NY 10022 Phone: (212) 603-6300 About Richmond Liberty Richmond Liberty LLC filed a bare-bones Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 15-44866) on Oct. 29, 2015. David Speiser, vice-president, signed the petition. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. The Debtor employed Robinson Brog Leinwand Greene Genovese & Gluck P.C. as counsel. Judge Elizabeth S. Stong is assigned to the case. On June 13, 2017, the Debtor filed its proposed Chapter 11 plan of reorganization. RIO MOBILE: Liquidating Plan to Pay Unsecured Claims in Full ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on July 12, at 9:00 a.m., to consider approval of the disclosure statement, which explains the Chapter 11 plan of liquidation for Rio Mobile Home and R.V. Parks Inc. Under the proposed liquidating plan, Class 4 general unsecured creditors will recover 100% of their claims allowed by the court. Each creditor will receive a one-time payment in full of its claim after administrative claims are paid. The company estimates the total amount of general unsecured claims at $141,367.73. Rio Mobile Home has $1,577,353.86 in the registry of the court for payment of claims that remain from the sale of real estate in Pharr, Texas. The company believes that it has enough money to pay all allowed claims. The plan proposes to establish a liquidating trust and appoint an official who will administer the trust. All "causes of action" and claims will be transferred or issued to, and vest in, the trust, according to Rio Mobile Home's disclosure statement. A copy of the disclosure statement is available for free at https://is.gd/aFZTUw About Rio Mobile Home and R.V. Parks Rio Mobile Home and R.V. Parks, Inc. is a Texas limited liability corporation that owns, develops, and manages a mobile home and R.V. park in Brownsville, Texas. Rio Mobile Home and R.V. Parks, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 16-10150) on May 10, 2016. In its petition, the Debtor estimated $16,117 in assets and $1.82 million in liabilities. The petition was signed by Dean Gutierrez, president. Judge Eduardo V. Rodriguez presides over the case. Law Office of Antonio Martinez, Jr., P.C. is the Debtor's bankruptcy counsel. RK KEYSTONE: Wants to Use $30,000 of Cash Collateral ---------------------------------------------------- R.K. Keystone Mobile Mart, Inc., seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral of Bancorp Bank and the Bankrupt Estate in the amount of $30,000. The bankruptcy estate has an interest in the Building(s) at 1452 West Tilghman Street, Allentown, Pennsylvania 18102-2115 in favor of the debtor and the realty, rent roll, inventory and equipment which is subject to the Creditor's security interest in the approximate amount of $1.3 million. The Creditor has not agreed to the Debtor's proposed use of cash collateral. The Debtor is informed and believes that there is no alternative other than the use of cash collateral and that the use is necessary to avoid irreparable harm to the Debtor's rehabilitation under the U.S. Bankruptcy Code. The Debtor proposes to provide adequate protection of the Creditor's interest by granting a perfected replacement security interest under 11 U.S.C. Sec. 361(2) to the extent that the secured creditor's cash collateral is used by debtor, to the extent and with the same priority in the Debtor's postpetition collateral and proceeds thereof that secured creditor held in the Debtor's prepetition collateral. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/paeb17-14318-23.pdf R.K. Keystone Mobile Mart, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 17-14318). The Debtor is represented by: Michael J. McCrystal, Esq. 2355 Old Post Road, Suite 4 Coplay, PA 18037 Tel: (610) 262-7873 RLE INDUSTRIES: Wants to Use Cash Collateral of JP Morgan & BizFi ----------------------------------------------------------------- RLE Industries, LLC, and NEI Industries, Inc., ask for permission from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The Debtor has two creditors that assert a security interest in all or part of the Debtors' assets that may constitute cash collateral: JP Morgan Chase Bank and Merchant Cash & Capital, LLC dba BizFi Funding. Upon information and belief, the Debtors are currently indebted to Chase in the approximate outstanding amount of $1.4 million and RLE is currently indebted to BizFi in the aggregate outstanding amount of $360,000. Since Chase's liens and security interests are senior to those of BizFi who, as best holds a security interest only against RLE's accounts, BizFi is likely undersecured pursuant to Section 506(a) in light of RLE's accounts only totaling approximately $550,000 as of the Petition Date. The Debtors will grant the Secured Creditors replacement liens in all of the Debtors' pre-petition and post-petition assets and proceeds, including cash collateral and the proceeds of the foregoing, to the extent that they had valid security interests in pre-petition assets on the filing date and in the continuing order of priority that existed as of the filing date. In addition to the replacement liens and security interests proposed to be granted to Chase, the Debtors propose to make the monthly debt service payments to Chase in the amount of interest only at the contract rates provided for in the underlying Chase Loan Agreements. Until further court order, the Debtors do not propose to make any monthly interest or debt service payments to BizFi. The immediate and continued use of cash collateral is essential to the operation of the Debtors' businesses, and will not only preserve the estates but will help to maximize its value for the benefit of all creditors. A copy of the Debtors' request is available at: http://bankrupt.com/misc/nysb17-11749-8.pdf Founded in 1997, New York-based RLE Industries, LLC dba Robert Lighting & Energy -- http://rleindustries.com/-- manufactures commercial lighting fixtures. RLE Industries (Bankr. S.D.N.Y. Case No. 17-11748) and affiliate NEI Industries Inc. dba Northeast Electric (Bankr. S.D.N.Y. Case No. 17-11749) filed for Chapter 11 bankruptcy protection on June 23, 2017. The petitions were signed by Scott Koenig, president. Judge Michael E. Wiles presides over the case. Dawn Kirby, Esq., and Jonathan S. Pasternak, Esq., at Delbello Donnellan Weingarten Wise & Wiederkeher, LLP, serves as the Debtor's bankruptcy counsel. Foresight Advisors LLC is the Debtors' financial advisors. The Debtors each estimated their assets at between $500,000 and $1 million and their liabilities at between $1 million and $10 million. ROJESIE INC: Hearing on Disclosure Statement Set for August 3 ------------------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico will convene a hearing on August 3, 2017, at 9:30 a.m. to consider and rule upon the adequacy of the disclosure statement filed by Rojesie, Inc. Objections to the form and content of the disclosure statement should be in writing and filed with the court and served upon parties in interest not less than 14 days prior to the hearing. About Rojesie Inc. Adjuntas, P.R.-based Rojesie, Inc., d/b/a Parador Villas Sotomayor, filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-08296) on Oct. 17, 2016, estimating assets and liabilities between $1 million and $10 million. The petition was signed by Jesus R. Ramos Puente, president. Judge Edward A. Godoy presides over the case. The Debtor is represented by Justiniano Law Offices. ROMAGNA CORP: US Trustee Asks Court to Convert or Dismiss Case -------------------------------------------------------------- William K. Harrington, the United States Trustee for Region 2, asks the U.S. Bankruptcy Court for the Southern District of New York for an order converting the Chapter 11 case of Romagna Corp. to Chapter 7 or, in the alternative, dismissing the Chapter 11 case. The United States Trustee relates that, although the small business Debtor filed its bankruptcy petition more than five months ago, it has yet to file a plan of reorganization or otherwise move the case forward. Moreover, the Court has lifted the automatic stay in both cases. The Debtor has not complied with either its operating report requirements or its statutory obligation to pay quarterly fees to the United States Trustee, and otherwise appears incapable of reorganization at this point. Finally, the Debtor's principal appears to be out of touch with Debtor's retained counsel. These deficiencies, the U.S. Trustee explains, constitute cause for the conversion of the Debtor's case to a case under Chapter 7 or, in the alternative, for dismissal of this Chapter 11 case. Conversion is preferred, so that a Chapter 7 trustee can assess the Debtor's personal property and determine whether liquidating those assets is in the best interest of a Chapter 7 estate and its creditors. In the alternative, dismissal is requested. On February 14, 2017, Marion Lee Hoogerwerf, the Debtor's landlord and a general unsecured creditor in this Chapter 11 case, filed a motion, inter alia, to lift the automatic stay and to allow the eviction of the Debtor from the Premises. On April 25, 2017, the Court entered an order granting in part and denying in part the Lift-Stay Motion. Specifically, the Court, by its Order lifted the stay solely . . . to permit the Debtor's landlord "to proceed with the eviction of the Debtor." The Debtor's counsel filed a case status letter, dated June 5, 2017, stating that the Debtor's former landlord now had possession of the Premises. The letter also stated that Debtor's counsel had been unable to contact the Debtor's principal to discuss "preparing monthly operating reports and paying U.S. Trustee fees, as well as to discuss case status and strategy." The Debtor has not filed any monthly operating reports since the Petition Date. The Debtor's reports for the period January 27-January 30, 2017, as well for February-May 2016, are overdue. The Debtor has not paid fees due under 28 U.S.C. Sec. 1930(a)(6) to the United States Trustee since the commencement of its Chapter 11 case. The Debtor's statutory liability to the United States Trustee through the first quarter of 2017 is estimated at $975.00. "The absence of any meaningful activity on the docket since the entry of the Order granting the Lift-Stay Motion, coupled with the Case Status Letter, suggests that the Debtor will not be able to advance this case toward a confirmable plan of reorganization or liquidation. The U.S. Trustee is represented by: Richard C. Morrissey Trial Attorney U.S. Federal Office Building 201 Varick Street, Room 1006 New York, New York 10014 Tel: (212) 510-0500 Fax: (212) 668-2255 About Romagna Corp. Romagna Corp. operated a restaurant at 182 Bleecker Street, New York, New York 10012. Romagna Corp. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-10178) on January 27, 2017. Jonathan S. Pasternak, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP serves as bankruptcy counsel. The Debtor's assets and liabilities are both below $1 million. The United States Trustee has not been able to appoint an official creditors' committee, due to a lack of creditor interest. ROTHSTEIN ROSENFELDT: Kitterman's 5-Year Sentence Upheld -------------------------------------------------------- Carolina Bolado of Bankruptcy Law360 reports that U.S. District Judge Daniel T. K. Hurley adopted a magistrate judge's recommendation to deny the request of Christina Kitterman, a former associate at Rothstein Rosenfeldt Adler PA, for a reduction of her five-year sentence. Ms. Kitterman has been associated with the $1.2 billion Ponzi scheme perpetuated at Scott Rothstein's now defunct law firm. She was one of the more than 15 individuals to face criminal charges by the U.S. government over Rothstein's scheme, her case was the first to go to trial, and she received a guilty verdict on all three wire fraud counts that she faced, Law360 recounts. The case is U.S. v. Kitterman, case number 0:13-cr-60220, in the U.S. District Court for the Southern District of Florida. About Rothstein Rosenfeldt Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler PA -- http://www.rra-law.com/-- was suspected of running a $1.2 billion Ponzi scheme. U.S. authorities claimed in a civil forfeiture lawsuit filed Nov. 9, 2009, that Mr. Rothstein, the firm's former chief executive officer, sold investments in non- existent legal settlements. Mr. Rothstein pleaded guilty to five counts of conspiracy and wire fraud on Jan. 27, 2010. Creditors of Rothstein Rosenfeldt Adler signed a petition sending the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No. 09-34791). The petitioners include Bonnie Barnett, who says she lost $500,000 in legal settlement investments; Aran Development, Inc., which said it lost $345,000 in investments; and trade creditor Universal Legal, identified as a recruitment firm, which said it is owed $7,800. The creditors alleged being owed money invested in lawsuit settlements. Herbert M. Stettin, the state-court appointed receiver for Rothstein Rosenfeldt, was officially carried over as the Chapter 11 trustee in the involuntary bankruptcy case. On June 10, 2010, Mr. Rothstein was sentenced to 50 years in prison. The official committee of unsecured creditors appointed in the case is represented by Michael Goldberg, Esq., at Akerman Senterfitt. RRA won approval of an amended liquidating Chapter 11 plan pursuant to the Court's July 17, 2013 confirmation order. The revised plan, filed in May, is centered around a $72.4 million settlement payment from TD Bank NA. S B BUILDING: U.S. Trustee Directed to Appoint Ch. 11 Examiner -------------------------------------------------------------- Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey entered an Order directing the United States Trustee to appoint a Chapter 11 Examiner for S B Building Associates Limited Partnership, SB Milltown Industrial Realty Holdings, LLC, and Alsol Corporation. Further, the Court directed the Debtors to cure all defaults or defects in the monthly operating reports within 30 days, and to provide to the United States Trustee and the Examiner: (1) an explanation for the funds allegedly diverted from the estate of S B Building Associates Limited Partnership to Realty Management Associates along with any supporting documentation; and (2) an explanation of the funds transferred to Berger and Bornstein from S B Building, along with any supporting documentation. S B Building Associates Limited Partnership (Bankr. D.N.J., Case No. 13-12682), SB Milltown Industrial Realty Holdings, LLC (Bankr. D.N.J., Case No. 13-12685) and Alsol Corporation (Bankr. D.N.J., Case No. 13-12689) filed the Chapter 11 petition on February 11, 2013. S&S SCREW: May Use Cash Collateral Through Aug. 10 -------------------------------------------------- The Hon. Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee has entered an eight interim agreed order authorizing S&S Screw Machine Co., LLC, to use cash collateral through Aug. 10, 2017. A final hearing on the approval of the Debtor's request is scheduled for Aug. 10, 2017, at 9:30 a.m. Pursuant to (i) that certain Business Loan Agreement dated Nov. 15, 2013, in the original principal amount of $2,367,520, (ii) that certain Promissory Note dated Dec. 23, 2014, in the original principal amount of $600,000, (iii) that certain Promissory Note dated Dec. 23, 2015, in the original principal amount of $280,000, and (iv) that certain Promissory Note dated June 15, 2016, in the original principal amount of $1,000,000, by and between the Debtor, as borrower, and Regions Bank, Regions asserts a lien on the assets of the Debtor to secure obligations totaling approximately $3,364,485. Regions further asserts that all of the Debtor's cash and cash equivalents, including all cash that constitutes proceeds of the collateral, are part of the collateral and, therefore, are cash collateral of Regions. The Internal Revenue Service also has a tax lien, recorded on Aug. 11, 2016, in the alleged amount of $2,209,089.76. The IRS Debt is subordinate to the Regions Loan and is undersecured or unsecured. The Debtor's need to use Cash Collateral is immediate and critical to enable the Debtor to administer its Chapter 11 case generally, continue to operate its business in the normal course, and preserve the value of its estate for all stakeholders. The ability of the Debtor to pay employees requires the availability of working capital from the use of cash collateral, the absence of which would immediately and irreparably harm the Debtor, its estate, and its stakeholders. The Debtor does not have sufficient available sources of working capital and financing to pay employees in the ordinary course of business without the authorized use of cash collateral. Regions and the Internal Revenue Service are granted replacement liens, which will attach to the same extent and with the same priority as enjoyed prior to the Petition Date, to the extent of any diminution in value of the collateral and cash collateral in all of the Debtor's post-petition assets of the same kind and description as the collateral. Unless an objection is filed, the Debtor will pay to Regions $20,000 per month as additional adequate protection for the use of Regions' collateral through the cash collateral Period on the 15th of each month during the term of the court order. Each monthly payment will be applied to the secured claim of Regions. Any party in interest objecting to the monthly payment to Regions must file a written objection with the Court by no later than July 31, 2017. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/tnmb16-06829-142.pdf As reported by the Troubled Company Reporter on June 15, 2017, the Court entered a seventh interim agreed order authorizing the Debtor to continue its use of cash collateral through July 6, 2017. About S&S Screw Machine Company S&S Screw Machine Company, LLC, doing business as S&S - Precision, filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 16-06829) on Sept. 24, 2016. The petition was signed by Lawrence J. Battle, authorized member. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The case is assigned to Judge Randal S. Mashburn. Phillip G. Young, Jr., Esq., at Thompson Burton PLLC, is serving as counsel to the Debtor. The Office of the U.S. Trustee on Nov. 10, 2016, appointed three creditors to serve on an Official Committee of Unsecured Creditors. The committee members are: Kenny Wine, of Joseph T. Ryerson & Son; Del Miller, of Kaiser Aluminum Fabricated Products; and Stephen L. Cochran, of Production Pattern & Foundry Co. The Committee tapped Paul G. Jennings, Esq., at Bass Berry & Sims PLC, as its counsel. SACRED TABLE: Taps Central Coast Bankruptcy as Legal Counsel ------------------------------------------------------------ The Sacred Table, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Central Coast Bankruptcy, Inc. to, among other things, give advice regarding matters of bankruptcy law, conduct examinations of witnesses or claimants, and assist in the preparation and implementation of a plan of reorganization. Jason Vogelpohl, Esq., the attorney who will be handling the case, will charge an hourly fee of $350. The firm's paralegals, legal assistants and bookkeeper will charge $175 per hour. Mr. Vogelpohl disclosed in a court filing that he does not have any interest adverse to the Debtor's bankruptcy estate or its creditors. The firm can be reached through: Jason Vogelpohl, Esq. Central Coast Bankruptcy, Inc. 532 Pajaro Street Salinas, CA 93901 Phone: 831.783.0260 Fax: 831.585.1024 Email: jason@centralcoastbankruptcy.com About The Sacred Table Inc. The Sacred Table, Inc. is a corporation operating in Monterey County, California. The Debtor is a cafe, bistro and bakery; it also offers catering services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-51456) on June 16, 2017. Pamela Burns, president, signed the petition. At the time of the filing, the Debtor estimated less than $50,000 in assets and $500,000 in liabilities. Judge Stephen L. Johnson presides over the case. SAILING EMPORIUM: Peoples Lender No Longer Consents to Cash Use --------------------------------------------------------------- The Peoples Lender asks the U.S. Bankruptcy Court for the District of Maryland to prohibit the unauthorized use of its cash collateral by The Sailing Emporium, Inc. The Peoples Lender is a secured creditor of the Debtor pursuant to certain written agreements documents and instruments executed in connection with the indebtedness owed to Lender as of the Petition Date. Notwithstanding that the Debtor's authority to use cash collateral has terminated as set forth in the notice of default, the Debtor clearly continues to use the Lender's cash collateral and continues to use the Lender's cash collateral for unauthorized purposes and in violation of this Court's orders. The Debtor continues to collect and utilize the cash collateral notwithstanding that the Debtor's authority to use the Lender's cash collateral pursuant to the Court's cash collateral court orders has terminated. The Lender does not consent to the Debtor's continued use of Lender's cash collateral. The Court entered its stipulation and consent order authorizing use of cash collateral through Jan. 31, 2017. Prior to the expiration of the first cash collateral court order, the Debtor and Lender agreed to extend the first cash collateral court order through April 30, 2017, and the Court entered a stipulation and consent court order authorizing use of cash collateral through April 30, 2017. On April 28, 2017, the Debtor filed a request for emergency use of cash collateral and the Court held a hearing on the morning of May 3, 2017. On May 10, 2017, the Court entered its consent court order authorizing continued use of cash collateral for the period May 1, 2017, through Aug. 31, 2017. On May 26, 2017, the Lender filed a notice of events of default under the second cash collateral court order due to the discovery that the Debtor violated the second cash collateral court order by, among other things, paying the personal expenses of its principals, the Co-Debtors, and impermissibly paying a salary to William Arthur Willis. By letter dated May 9, 2017, the Debtor was notified that unless either (a) the Lender receives a satisfactory explanation as to why the defaults identified are not, in fact, events of default under the second cash collateral court order, or (b) the Debtor provides evidence that it was refunded for the unauthorized expenditures, within five business days of the May 9 Letter, that the Lender intended to file the notice of default with the Court. By letter dated May 16, 2017, the Debtor responded that the issues raised in the default letter were discussed with the Lender's counsel prior to the May 3, 2017 hearing on the Debtor's request for extended use of cash collateral. The Lender vigorously disputes this, and submits that Mr. Willis' payments to himself in violation of the cash collateral court order were not discovered until his Section 341 meeting later the same day as the May 3, 2017 hearing, when the U.S. Trustee provided evidence of Mr. Willis' undisclosed checking account. The Debtor has not provided a sufficient explanation for the events of default nor has there been any offer to refund the payments Mr. Willis received in February and March 2017. Additionally, Mary Sue Willis' monthly operating report for May 2017 shows a transfer of $1,000 from the Debtor's account to Mrs. Willis' bank account. This transfer also appears on the Debtor's monthly operating report. At the continued section 341 meeting of creditors of Mr. and Mrs. Willis held on June 26, 2017, Mr. Willis admitted that he authorized this transfer and that this transfer was not a transfer of Mrs. Willis' social security income. Mr. Willis also admitted that the Debtor is paying the Willis' individual household expenses. A copy of the Lender's request is available at: http://bankrupt.com/misc/mdb16-24498-143.pdf About The Sailing Emporium The Sailing Emporium, Inc., owns and operates a full service marina located on the picturesque Eastern Shore of Maryland on eight acres on Rock Hall Harbor in Rock Hall, Maryland. Services include boat sales, boat repair and restoration, electronics sales and service and sailboat charters. The Property also includes a marine store and nautical gift shop. The Property has 155 deep water slips and 20 transient slips, and the landscaped grounds and other amenities have made this marina a point of interest in Rock Hall. The Sailing Emporium, Inc., filed a Chapter 11 petition (Bankr. D. Md. Case No. 16-24498) on Nov. 1, 2016. The petition was signed by William Arthur Willis, president. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The case is assigned to Judge Thomas J. Catliota. The Debtor's counsel is Lisa Yonka Stevens, Esq., at Yumkas, Vidmar, Sweeney & Mulrenin, LLC. The Debtor has employed Andrew Cantor and Marcus & Millichap Real Estate Investment Services as broker, and tapped Gary T. Mott & Associates, CPA, P.A., as accountant. SERVICE WELDING: Can Use Stock Yards Cash Collateral Until July 17 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Kentucky signed a second agreed order authorizing Service Welding & Machine Company, LLC, to continue to use, in its ordinary course of business, all of the prepetition accounts receivable of the Debtor and any postpetition accounts receivable generated by the Debtor in this proceeding. The Debtor may use the cash collateral solely to pay normal trade payables, payroll, insurance premiums, taxes and utilities that are necessary to preserve and maintain the assets and business operations of the Debtor as set forth in the Budget, through July 17, 2017. The budget shows anticipated expenses amounting to $145,894. Stock Yards Bank & Trust Company will have, as adequate protection for its claims of security for the use of the accounts receivable as cash collateral of the Debtor, a security interest in the following: (a) A continued security interest in and to all prepetition accounts receivable of the Debtor. (b) A security interest in and to all post-petition accounts receivable of the Debtor in possession and proceeds thereof. (c) A security interest in the inventory of the debtor and the debtor-in-possession and the proceeds thereof. (d) A security interest in the Debtor's causes of action under Chapter 5 of the Bankruptcy Code. Stock Yards Bank is granted an administrative expense claim in the event that the adequate protection granted to Stock Yards Bank fails to adequately protect Stock Yards Bank's interests in the Cash Collateral and/or the post-petition Collateral which will have priority over any and all other administrative expenses of the kind specified in Section 507(a)(2) of the Bankruptcy Code, other than fees payable to the U.S. Trustee and counsel for Debtor in an amount not to exceed $40,000. A full-text copy of the Second Agreed Order, dated June 29, 2017, is available at https://is.gd/Tc8fjK About Service Welding & Machine Service Welding & Machine Company, LLC, based in Louisville, Kentucky, sells and installs single and double wall storage tanks for a variety of industries including petroleum, chemical, distillery, potable water, industrial, and food/agriculture. Service Tanks was established in 1928 and was primarily manufacturing storage tanks and doing repair work. In 2013, the owners sold the business to Jeff Androla, president, and two other investors. Service Welding & Machine Company filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 17-30485) on Feb. 17, 2017. The petition was signed by Jeff Androla, president. In its petition, the Debtor disclosed $516,432 in assets and $2.12 million in liabilities. The Hon. Joan A. Lloyd oversees the case. Charity B. Neukomm, Esq., at Kaplan & Partners LLP, serves as bankruptcy counsel to the Debtor. Mark A. Weber CPA PSC is the accountant. SHARP FINANCIAL: US Trustee Wants Case Converted or Dismissed ------------------------------------------------------------- The U.S. Trustee for the Central District of California asks the U.S. Bankruptcy Court to convert the Chapter 11 case of Sharp Financial LLC to one under Chapter 7 of the Bankruptcy Code. In the alternative, the U.S. Trustee asks the Court to dismiss the case or appoint a chapter 11 trustee to oversee the estate. The U.S. Trustee also asks the Court to enter an order directing the payment of quarterly fees. A hearing on the request is set for July 26, 2017, at 11:30 a.m. The U.S. Trustee tells the Court that despite the fact that this is the Debtor's second Chapter 11 bankruptcy in the past two years, the Debtor has once again chosen to voluntarily commence the incomplete Chapter 11 proceeding, now lacking the required assistance of and representation by formal legal counsel. Indeed, the Debtor and its then-and present managing member, Steve Rogers, aka Steven Rogers, is well aware that the Debtor's first bankruptcy case was dismissed with a 180-day refiling bar for essentially the same deficiencies. Further, it appears that at least one other entity managed/controlled by the Debtor's managing member, Mr. Rodgers, called "Upscale Financial, LLC" has also completed this dubious double filing and dismissal in virtually the same fashion, twice commencing a voluntary, and woefully-incomplete Chapter 11 proceeding, both times without the required assistance of and representation by formal legal counsel, and failing to make a single appearance in either of those proceedings. Unsurprisingly, the U.S. Trustee says, to date, the Debtor has failed to timely fulfill nearly all of its reporting requirements. Given the material lack of compliance, the opaque nature of the Debtor's cashflow, and the Debtor's demonstrated willingness to abuse the bankruptcy system by filing multiple and repeated cases without any apparent intention to even attempt substantive progress, the U.S. Trustee contends that the Debtor is and will remain unable to propose a viable plan or otherwise substantively proceed towards a legitimate goal, resolution or outcome under the Bankruptcy Code. According to the U.S. Trustee, despite the Debtor's self-reported cumulative equity of approximately $7 million in 41 separate real properties, given the "disputed" nature of each of the liens listed against these same real properties, as well as the lack of any demonstrable business operations by the Debtor, it appears very unlikely that there are sufficient assets for a trustee to administer if the case were to be either converted to chapter 7 or a Chapter 11 trustee appointed. The U.S. Trustee also notes that to date, no disclosure statement or plan of reorganization has been filed or submitted by the Court. About Sharp Financial Sharp Financial LLC, based in Los Angeles, California, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 16-20496) on August 8, 2016. The Hon. Robert N. Kwan presides over the case. Al West, Esq., at West & Associates, serves as the Debtor's counsel. In its petition, the Debtor listed $3.3 million in total assets and $13.39 million in total liabilities. The petition was signed by Steven Rogers, authorized agent. SNACK SHACK: Asks Court to Convert Case to Chapter 7 ---------------------------------------------------- Snack Shack, LLC, asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to convert its Chapter 11 case to liquidation proceedings under Chapter 7 of the Bankruptcy Code. Snack Shack contends that: -- the case was not originally commenced as an involuntary case under Chapter 11; -- the Debtor is a debtor-in-possession and has not previously converted the case under 11 U.S.C. Section 1112, Section 1208 or Section 1307; -- the Debtor qualifies to file for relief under Chapter 7 of the Bankruptcy Code. About Snack Shack LLC Based in San Antonio, Texas, Snack Shack, LLC, operates two stores known as the Bourbon Street Candy Company. Its business involves the retail sales of candy and other food products. Snack Shack filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 17-50238) on Feb. 2, 2017. Daniel F. Diotte, managing member, signed the petition. The Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. The Debtor is represented by: David T Cain, Esq. Law Office of David T. Cain 8610 N. New Braunfels Avenue, Suite 309 San Antonio, TX 78217 Tel: (210)308-0388 Fax: (210)341-8432 SPECTRUM HEALTHCARE: May Use Cash Collateral Until July 15 ---------------------------------------------------------- The Hon. James J. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut has entered a tenth order authorizing Spectrum Healthcare LLC, and its debtor-affiliates to use cash collateral of MidCap Funding IV LLC, as assignee of MidCap Financial, LLC, CCP Finance I, LLC, as assignee of Nationwide Health Properties, LLC, as Lender under the NHP Loan, CCP Park Place 7541 LLC and CCP Torrington 7542 LLC as agents for NHP with respect to the NHP Lease, Love Funding Corporation, the Secretary of Housing and Urban Development as additional secured party with LFC, and the State of Connecticut Department of Revenue Services. A hearing on the continued use of cash collateral will be held on July 13, 2017, at 12:00 p.m. The Debtors are authorized to pay only their current expenses as reflected in the budget for the period July 2, 2017, until July 15, 2017, which will include payment of $10,000 per week of rent or use-and-occupancy to the CCP Landlords; provided, however, that Spectrum Manchester Realty or its assignee, MidCap, as the case may be, and the CCP Landlords reserve the right to assert any accrued but unpaid rent or other lease obligations owed or to become owed to them, respectively, as administrative expense claims, which Administrative Rent Claims will be subordinate to any unpaid, non-professional administrative expenses at the conclusion of the sale process contemplated by the court order or any wind down process that may occur in these cases, except, as to subordination, to the extent of $6,000 per week of rent for each of the CCP Landlords and Spectrum Manchester Realty or its assignee, MidCap, as the case may be, starting as of Jan. 13, 2017; provided further, however, that (i) the Administrative Rent Claims will only be payable upon further order of the Court to the extent that funds are available to pay such Administrative Rent Claims; and (ii) nothing will affect any rights of the CCP Landlords, Spectrum Manchester Realty or its assignee, Midcap, or any other party, under Section 365(d)(4) of the U.S. Bankruptcy Code. The Debtors will be and they are authorized to adequately protect Secured Parties by (a) granting to them replacement liens on the Collection Accounts and the debtor-in-possession accounts of the Debtors, nunc pro tunc to the Petition Date, subject to the exclusion and carve-out, to the same extent (if any) and with the same validity, enforceability and priority as the MidCap Prepetition Liens, the NHP Prepetition Liens, the CCP Landlords' Prepetition Liens and the LFC Prepetition Liens (along with HUD's lien as additional secured party) had (and after application of the terms and conditions of the NHC Intercreditor Agreement and the LFC Intercreditor Agreement) against the Debtors' deposit accounts and other assets prior to the Petition Date, and (b) making weekly adequate protection payments of $5,000 to Midcap starting Jan. 20, 2017, and continuing weekly through the duration of the court order. The payments to be made will be applied to the principal of the MidCap Prepetition Obligations, but may be recharacterized as payments of interest (along with reasonable fees, costs, or other charges provided for under the Aug. 27, 2014 Credit and Security Agreement and the Spectrum Derby June 13, 2013 Credit and Security Agreement and the other Financing Documents, as defined in each of the Aug. 27, 2014 Credit and Security Agreement and the Spectrum Derby June 13, 2013 Credit and Security Agreement) in the event it is determined that MidCap is an oversecured creditor, in accordance with Section 506(b) of the Bankruptcy Code. Excluded from the liens and interests held by the Secured Creditors in property of the Debtors' bankruptcy estates, including any replacement lien granted by the court order will be (i) any lien on or interest in the Debtors' claims, causes of claim or proceeds from avoidance actions under Sections 544, 545, 547, 548, 549 and 553 of the Bankruptcy Code and (ii) a carve-out for payment of the Debtors' professional fees in the amount of $260,000 and for payment of the professionals of any Committee appointed in the cases in the amount of $75,000. A copy of the 10th Interim Order is available at: http://bankrupt.com/misc/ctb16-21635-450.pdf As reported by the Troubled Company Reporter on June 7, 2017, the Court issued an amended ninth order granting the Debtors interim authorization to use the cash collateral. The Debtors were authorized to use cash collateral to pay those items set forth in the approved budget. The approved consolidated budget of the Debtors for the period covering May 28, 2017, through July 1, 2017, reflects total cash disbursement of approximately $4.5 million. About Spectrum Healthcare Spectrum Healthcare, LLC, and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case Nos. 16-21635 to 16-21639) on Oct. 6, 2016. The petitions were signed by Sean Murphy, chief financial officer. The Debtors are represented by Elizabeth J. Austin, Esq., Irve J. Goldman, Esq., and Jessica Grossarth, Esq., at Pullman & Comley, LLC. Blum, Shapiro & Co., P.C. serves as their accountant and financial advisor. At the time of filing, the Debtors listed these assets and liabilities: Total Estimated Assets Liabilities ---------- ----------- Spectrum Healthcare $282,369 $500K-$1M Spectrum Healthcare Derby $2,068,467 $1M-$10M Spectrum Healthcare Hartford $4,188,568 N/A Spectrum Healthcare Manchester, LLC $2,729,410 N/A Spectrum Healthcare Torrington, LLC $3,321,626 N/A Spectrum Healthcare and its affiliates previously filed Chapter 11 petitions (Bankr. D. Conn. Case No. 12-22206) on Sept. 10, 2012. William K. Harrington, the United States Trustee for the District of Connecticut, appointed Nancy Shaffer, M.A., a member of the Connecticut Long Term Care Ombudsman's Office, as the Patient Care Ombudsman for Spectrum Healthcare Derby, LLC, Spectrum Healthcare Hartford, LLC, Spectrum Healthcare Manchester, LLC, and Spectrum Healthcare Torrington, LLC. SUNPOWER BY RENEWABLE: Unsecureds to Get Up to 40% in Latest Plan ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada is set to hold a hearing on August 17, at 9:30 a.m., to consider approval of the Chapter 11 plan of reorganization for Sunpower by Renewable Energy Electric, Inc. Objections, if any, to confirmation of the Plan must be filed no later than Aug. 3, 2017. The last date to vote to accept or reject the Plan is Aug. 3, 2017. The company's latest plan proposes to pay Class 8 general unsecured creditors 5% to 40% of their allowed claims over a period of 60 months after payment of all secured, administrative and priority claims. Specifically, Sunpower anticipates paying $200,000 to $380,000 to unsecured creditors over the life of the plan, which includes the company's equity contribution of $50,000. The availability of these funds to unsecured creditors is based on the assumptions that the claims of the Internal Revenue Service will be reduced to zero, and administrative claims will be paid from cash on hand on the effective date of the plan, according to the company's latest disclosure statement, which was approved by the court on June 26. As reported by the Troubled Company Reporter on June 20, 2017, the Debtor filed the plan which proposed that general unsecured creditors receive 5% to 37% of their claims. The plan proposes to pay Class 8 general unsecured creditors 5% to 37% of their allowed claims over a period of 60 months after payment of all secured, administrative and priority claims. A copy of the second amended disclosure statement is available for free at https://is.gd/FyymdV About Sunpower by Renewable Energy Based in Las Vegas, Nevada, Sunpower by Renewable Energy Electric, Inc., fdba V.E.C. Inc., fdba Renewable Energy Electric, Inc., is a solar energy company and provides solar energy services, including the assessment and installation of solar panels to residential and commercial customers in Nevada, Arizona and California. The Debtor filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-14459) on August 12, 2016. The petition was signed by Jason M. Vita, president. At the time of filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. A list of the Debtor's 11 unsecured creditors is available for free at http://bankrupt.com/misc/nvb16-14459.pdf The case is assigned to Judge Laurel E. Davis. The Debtor is represented by Samuel A. Schwartz, Esq., and Bryan A. Lindsey, Esq., at Schwartz Flansburg PLLC. No official committee of unsecured creditors has been appointed in the case. On March 31, 2017, the Debtor filed a Chapter 11 plan of reorganization. T&T AIR: Wants $200,000 DIP Financing From William Horner --------------------------------------------------------- T&T Air LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to obtain up to $200,000 postpetition secured financing from William Horner, a member in the Debtor and the guarantor of the Debtor's senior secured creditor. Mr. Horner proposes to provide a credit facility in the form of a revolving loan which will roll up of the existing postpetition loans of $101,000 into a new revolving facility plus an additional $200,000 in available liquidity. This facility may be enlarged on agreement of the parties and notice to the creditors. The Debtor proposes to grant Mr. Horner an all assets lien subordinate to valid, existing, enforceable prepetition security interests and superiority administrative status, save only usual carve outs for fees, as security for the DIP Loan. The Debtor has been borrowing funds, in the form of deposits made by Mr. Horner to Counsel's IOLTA Account, necessary to pay fees, costs, appraiser fees, rent deposits, rent, insurance premiums and miscellaneous expenses. All these funds have been lent to the Debtor by one of its LLC members, Mr. William Horner. It is intended by the parties that these loans will qualify for allowance as Administrative Expenses under 11 U.S.C. 503(a). Mr. Horner has hired counsel, Mr. Chris Adams, who has indicated that Mr. Horner is not willing to continue lending money to support reorganization and reassembly of the Aircraft without assurances in the nature of a security interest. Negotiations have occurred between the Debtor and Mr. Horner. The Debtor has attempted to find alternative financing but is unable to find a lender willing to lend with the disassembled aircraft as collateral. Mr. Horner has indicated his willingness to lend money to the Debtor in order to fund administration and reassembly of the aircraft on terms which are summarized as follows: a. Name of Lender: William Horner b. Amount of Loan: as requested by Debtor, up to a total of $200,000 c. Applicable Interest Rate: 6% per annum d. Payment Terms: Payment due at closing of sale of aircraft. Payments of accrued interest each month on the 17th day of each month. e. Security: The Debtor will execute a Security Agreement and Lender will record Notice thereof with the FAA providing Lender with a security interest in all assets of the Debtor. f. Priority: The Lender will be entitled to administrative priority under 11 U.S.C. 503(a) for all amounts advanced to the Debtor both prior to and subsequent to the grant of this request. g. Restrictions: The Lender will not be restricted, nor under any duty to refrain, from negotiating with holders of secured claims to acquire assignment of the rights, including secured interests in property of the estate, of any creditor. Upon successfully completing any transaction with a secured creditor in this case, the Lender will notify the court thereof by filing a notice of assignment with the Court and the Lender will, thereupon, be substituted to rights of any assignor with the same character, security, and priority as previously held by said assigning creditor. The mechanism of the Loan proposed between Mr. Horner and the Debtor is such that all prepetition security interests, to the extent that they are allowed, are preserved. Mr. Horner is placed in line ahead of unsecured creditors and, to the extent that he acquires any claims, or collateral interests, in any of the fuselage, engines, APU or other parts of the aircraft by acquiring the rights of secured creditors, he is substituted to their position in the case and their priority with respect to their secured interests in property which can be used, sold or leased by the estate. The Debtor assures the Court that no harm is done to creditors by virtue of the approval of Loans extended to the Debtor by ledger entry by Mr. Horner heretofore as those advances would certainly constitute costs and expenses allowable to Mr. Horner under 11 U.S.C. 503(b). A copy of the Debor's request is available at: http://bankrupt.com/misc/txsb17-31125-46.pdf About T&T Air LLC T&T Air, LLC, initially sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 16-35969) on Dec. 2, 2016. Then on Jan. 9, 2017, the Debtor filed a new Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-30172). T&T Air, LLC, again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Texas Case No. 17-31125) on Feb. 27, 2017. The petition was signed by Justin Smith, manager. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. The new case is assigned to Judge Karen K. Brown. Donald L. Wyatt, Jr., Esq., who has an office in The Woodlands, Texas, serves as the Debtor's legal counsel. TAKATA HOLDINGS: Chapter 11 Proceedings Recognized in Canada ------------------------------------------------------------ An initial recognition order and supplemental order have been issued by the Ontario Court of Justice (Commercial List) pursuant to Part IV of the Companies' Creditors Arrangement Act (Canada) that, among other things: (i) recognizes the Chapter 11 proceedings of TK Holdings Inc. et al. as foreign main proceedings; (ii) recognizes TK Holdings Inc. as the foreign representative of the Chapter 11 Debtors; (iii) orders a stay of proceedings in Canada of any action, suit or proceeding against any Chapter 11 Debtor, among other things; (iv) recognizes certain orders made in the Chapter 11 proceedings; and (v) appoints FTI Consulting Canada Inc. as "information officer" in the Canadian recognition proceedings. The information officer has established a website at http://cfcanada.fticonsulting.com/tkholdingsinc/on which it will post all orders of the Canadian Court made in the Canadian Recognition Proceedings and all reports of the information officer filed in the Canadian Recognition Proceedings, among other things. Any person who wishes to receive a copy of the recognition orders or obtain any further information in respect thereof or in respect of the matters set forth in the notice, should regard to the website or contact the information officer at: FTI Consulting Canada Inc. TD Waterhouse Tower 79 Wellington Street West Suite 2010, PO Box 104 Toronto, Ontario M5K 1G8 Tel: 416-649-8073 Fax: 416-649-8101 Attention: Jeffrey Rosenberg Email: tkholdings@fticonsulting.com Legal counsel for the U.S. Foreign representative is: McCarthy Tetrault LLP Suite 5300, TD Bank Tower Box 48, 66 Wellington Street West Toronto, ON M5K 1E6 Attention: Heather L. Meredith, Esq. Eric S. Block, Esq. Tel: 416-362-1812 Fax: 416-868-0673 Email: hmeredith@mccarthy.ca eblock@mccarthy.ca Additional information regarding the Chapter 11 proceedings may also be accessed by contacting counsel to the Chapter 11 Debtors in the Chapter 11 proceedings at: Weil, Gotshal & Manges LLP 767 fifth Avenue New York, NY 10153 Attention: Marcia L. Goldstein, Esq. Ronit Berkovich, Esq. Matthew Goren, Esq. Tel: 212-310-8214 Fax: 212-310-8007 Email: marcia.goldstein@weil.com ronit.berkovich@weil.com matthew.goren@weil.com About Takata Corp Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. In May 1995, a voluntary recall in the U.S. affecting 8 million predominantly Japanese built vehicles made from 1986 to 1991 with seat belts manufactured by the Takata was conducted. Large recalls of vehicles due to faulty Takata-made airbags then began in 2013. Takata is facing massive costs of recalling 100 million defective airbag inflators worldwide and lawsuits tied to at least 16 deaths and numerous injuries. As of May 19, 2015, Takata has already recalled 40 million vehicles across 12 vehicle brands for defective airbags. In November 2015, Takata was fined $200 million by U.S. federal regulators for mishandling the way it recalled its air bag inflators. The fine is the largest civil penalty in NHTSA history. After reaching a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion, Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court (the "Tokyo Court") on June 25, 2017. In addition, Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11375) on June 25, 2017. Nagashima Ohno & Tsunematsu is the counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor while UBS Investment Bank also provides financial advice to KSS. Prime Clerk is the claims and noticing agent. TERRACE MANOR: May Use Cash Collateral Until Aug. 19 ---------------------------------------------------- The Hon. S. Martin Teel, Jr., of the U.S. Bankruptcy Court for the District of Columbia entered a final order authorizing Terrace Manor, LLC, to use Eagle Bank's cash collateral through Aug. 19, 2017, at 11:59 p.m. Secured creditor Eagle Bank holds a perfected first priority lien on substantially all of the Debtor's assets, including the a 61 unit residential apartment building located at 3341-3353 23rd Street S.E., 3371-3373 23rd Street S.E., 2276 Savanah Street, S.E., and 2270-2272 Savanah Street, S.E. Washington, DC 20020, and the rents generated by the Property pursuant to various loan documents. As of the Petition Date, the Debtor owes the Secured Creditor approximately $2,841,865.82. In the ordinary course of business, the Debtor requires cash flow from its operations, including the Rents, to fund its operating costs. All of the Debtor's cash and cash proceeds are subject to the Secured Creditor's security interest and, as such, constitute cash collateral of the Secured Creditor. Absent the use of cash collateral, the Debtor will not be able to fund its operating expenses and its estate and creditors will suffer irreparable harm. As adequate protection for the use and diminution of the interests of the Secured Creditor in the cash collateral, the Secured Creditor will receive monthly payments of $14,000. As additional Adequate Protection, the Secured Creditor will be granted: (a) superpriority administrative claims against the Debtor, which superpriority administrative claims will be limited solely to any diminution in value of the cash collateral and the Property from and after the Petition Date, having priority in right of payment over any and all other obligations, liabilities, and indebtedness of the Debtor, and over any and all administrative expenses; and (b) replacement liens on all of the Debtor's post-petition assets, which replacement liens will be limited solely to any diminution in value of the cash collateral and the Property from and after the Petition Date. The Debtor will make the adequate protection payment to the Secured Lender on or before the 15th day of each month. The Debtor may not make any monthly payments for management fees unless and until the adequate protection payment is made in a particular month. A copy of the court order is available at: http://bankrupt.com/misc/dcb17-00175-137.pdf About Terrace Manor LLC Terrace Manor, LLC, owns a 61-unit residential apartment building located at 3341-3353 23rd Street S.E., 2276 Savanah Street, S.E. and 2270-2272 Savanah Street, S.E. Washington, DC. It is a single asset real estate as defined in 11 U.S.C. Section 101(51B). Sanford Capital, LLC, is the 100% owner of Debtor. Terrace Manor filed a Chapter 11 petition (Bankr. D.D.C. Case No. 17-00175) on March 30, 2017. The petition was signed by Carter A. Nowell, managing member of Sanford Capital. The case is assigned to Judge Martin S. Teel, Jr. At the time of filing, the Debtor had estimated both assets and liabilities between $1 million to $10 million. Brent C. Strickland, Esq., and Christopher A. Jones, Esq., at Whiteford, Taylor & Preston L.L.P., are serving as bankruptcy counsel to the Debtor. On April 10, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. TERRAFORM PRIVATE: S&P Raises Issuer Credit Rating to 'B' --------------------------------------------------------- S&P Global Ratings said it raised its issuer credit rating on TerraForm Private LLC to 'B' from 'B-' and removed the rating from CreditWatch, where it was placed with positive implications on Feb. 3, 2017. The outlook is stable. S&P said, "We also raised our issue-level rating on the company's secured debt to 'BB-' from 'B'. At the same time, we revised the recovery rating on the secured debt to '1' from '2', reflecting our expectation of very high (90%-100%: rounded estimate: 90%) in the event of default. "The stable outlook reflects our expectation of strong operating performance and one year P90 wind resources; we anticipate that leverage will remain squarely in the highly leveraged category but that the project will retain substantial liquidity. "We could lower the rating if wind resources underperform substantially beneath the P90 level or if operating costs exceed our expectations by some margin. In addition, significant availability issues could lead to lower ratings. "We could raise the rating by a notch if the assets' performance is stronger than expected or if debt reduction occurs more rapidly than we had anticipated; this could occur if assets are sold and funds are used to delever." TIDEWATER INC: BofA Wants Bid to Adjourn Plan Hearing Denied ------------------------------------------------------------ Bank of America, N.A., tells Bankruptcy Judge Brendan L. Shannon that the July 13, 2017, combined hearing to consider confirmation of Tidewater, Inc.'s prepackaged Chapter 11 plan, and approval of the Disclosure Statement, should proceed as scheduled. BofA is the administrative agent under the Debtors' prepetition credit facility. BofA joins in the Objection of Debtors to the Official Equity Committee's Emergency Motion for a Further Adjournment of the Disclosure Statement and Plan Confirmation Hearing. BofA requests that the Court deny the motion. As reported by the Troubled Company Reporter, the Official Committee of Equity Security Holders asked the Court for an additional adjournment of the Combined Hearing to the last week of July. The Equity Committee admits that any extension beyond July 31, 2017 would trip the milestone under the Debtors' restructuring support agreement with lenders. However, the Equity Committee explains that its request is necessary because it does not have sufficient time to challenge confirmation on the current schedule. The Equity Committee said that to be prepared for a contested confirmation hearing on valuation -- after a week's worth of intensive diligence -- requires more than the current schedule permits. A contested valuation hearing requires a lot more work: fact discovery; fact depositions; expert reports; expert depositions; rebuttal expert reports; briefing; and trial preparation. The Equity Committee's request has drawn objections from Tidewater. The unofficial committee of certain unaffiliated holders of Notes Claims filed a joinder to the Objection. Tidewater said the Equity Committee's request is a transparent ploy to exert settlement leverage and should be seen as such. Tidewater also said the potential risk of harm to its business and estates far outweighs any rationale offered by the Equity Committee to extend the date for the Combined Hearing for a second time. Tidewater explains that the Debtors conduct significant (almost 90% of their) operations in foreign countries. As a result, many of the Debtors' creditors and contract counterparties do not transact business on a regular basis with companies that have filed for chapter 11 protection and may not understand the reach of the automatic stay. Moreover, many of the Debtors' contracts are short term contracts. Accordingly, there is no guarantee that customers and/or suppliers will continue to provide the Debtors with business or will not seek to terminate contracts or adjust payment terms due to increased uncertainty caused by a further adjournment. BofA is represented in the case by: Derek C. Abbott, Esq. Jose F. Bibiloni, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 E-mail: dabbott@mnat.com jbibiloni@mnat.com - and - Amy L. Kyle, Esq. Joshua Dorchak, Esq. Matthew C. Ziegler, Esq. MORGAN, LEWIS & BOCKIUS LLP 101 Park Avenue New York, NY 10178 Telephone: (212) 309-6000 E-mail: amy.kyle@morganlewis.com joshua.dorchak@morganlewis.com matthew.ziegler@morganlewis.com About Tidewater Inc. Founded in 1955, Tidewater, Inc. (NYSE: TDW) is a publicly traded international petroleum service company headquartered in New Orleans, Louisiana, U.S. It operates a fleet of ships, providing vessels and marine services to the offshore petroleum industry. Tidewater Inc. and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 17-11132) on May 17, 2017. The petitions were signed by Bruce Lundstrom, executive vice president, general counsel and secretary. Tidewater, Inc. disclosed $4.31 billion in total assets and $2.34 billion in debt as of Dec. 31, 2016. The Debtors tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; Jones Walker LLP, as corporate counsel; AlixPartners, LLP, as financial advisors; Lazard Freres & Co. LLC, as investment banker; KPMG LLP, as restructuring tax consultant; Deloitte & Touche LLP as auditor and tax consultant; Ernst & Young as tax advisor; and Epiq Bankruptcy Solutions, LLC, as administrative advisors, and claims and solicitation agent. An unofficial committee of noteholders of Tidewater Inc., et al., has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP, as restructuring counsel, and Blank Rome LLP, as maritime counsel in connection with restructuring discussions. Andrew R. Vara, Acting U.S. Trustee for Region 3, on June 20 appointed three creditors to serve on the committee of equity security holders; and three creditors to serve on the official committee of unsecured creditors. Counsel to the Equity Committee are Saul Ewing LLP and Brown Rudnick LLP. Lawyers at Whiteford, Taylor & Preston LLC represent the Unsecured Creditors Committee. TIDEWATER INC: Equity Panel's Bid to Adjourn Plan Hearing Denied ---------------------------------------------------------------- Bankruptcy Judge Brendan L. Shannon has denied the request of the Official Equity Committee to further adjourn the July 13 combined Disclosure Statement and Plan Confirmation hearing. "The Court is not satisfied that the Equity Committee has carried its burden to demonstrate need for an adjournment," Judge Shannon says. The judge noted that the Court previously granted an adjournment of the Plan Confirmation and Disclosure Statement hearing with the admonition that a further adjournment would be unlikely. As reported by the Troubled Company Reporter, the Official Committee of Equity Security Holders asked the Court for an additional adjournment of the Combined Hearing to the last week of July. The Equity Committee admits that any extension beyond July 31, 2017 would trip the milestone under the Debtors' restructuring support agreement with lenders. However, the Equity Committee explains that its request is necessary because it does not have sufficient time to challenge confirmation on the current schedule. The Equity Committee said that to be prepared for a contested confirmation hearing on valuation -- after a week's worth of intensive diligence -- requires more than the current schedule permits. A contested valuation hearing requires a lot more work: fact discovery; fact depositions; expert reports; expert depositions; rebuttal expert reports; briefing; and trial preparation. Tidewater balked at the request. The unofficial committee of certain unaffiliated holders of Notes Claims filed a joinder to the Objection. Tidewater said the Equity Committee's request is a transparent ploy to exert settlement leverage and should be seen as such. Tidewater also said the potential risk of harm to its business and estates far outweighs any rationale offered by the Equity Committee to extend the date for the Combined Hearing for a second time. Tidewater explains that the Debtors conduct significant (almost 90% of their) operations in foreign countries. As a result, many of the Debtors' creditors and contract counterparties do not transact business on a regular basis with companies that have filed for chapter 11 protection and may not understand the reach of the automatic stay. Moreover, many of the Debtors' contracts are short term contracts. Accordingly, there is no guarantee that customers and/or suppliers will continue to provide the Debtors with business or will not seek to terminate contracts or adjust payment terms due to increased uncertainty caused by a further adjournment. Bank of America, N.A., also filed a joinder to the Debtors' objection. BofA is the administrative agent under the Debtors' prepetition credit facility. About Tidewater Inc. Founded in 1955, Tidewater, Inc. (NYSE: TDW) is a publicly traded international petroleum service company headquartered in New Orleans, Louisiana, U.S. It operates a fleet of ships, providing vessels and marine services to the offshore petroleum industry. Tidewater Inc. and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 17-11132) on May 17, 2017. The petitions were signed by Bruce Lundstrom, executive vice president, general counsel and secretary. Tidewater, Inc. disclosed $4.31 billion in total assets and $2.34 billion in debt as of Dec. 31, 2016. The Debtors tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; Jones Walker LLP, as corporate counsel; AlixPartners, LLP, as financial advisors; Lazard Freres & Co. LLC, as investment banker; KPMG LLP, as restructuring tax consultant; Deloitte & Touche LLP as auditor and tax consultant; Ernst & Young as tax advisor; and Epiq Bankruptcy Solutions, LLC, as administrative advisors, and claims and solicitation agent. An unofficial committee of noteholders of Tidewater Inc., et al., has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP, as restructuring counsel, and Blank Rome LLP, as maritime counsel in connection with restructuring discussions. Andrew R. Vara, Acting U.S. Trustee for Region 3, on June 20 appointed three creditors to serve on the committee of equity security holders; and three creditors to serve on the official committee of unsecured creditors. Counsel to the Equity Committee are Saul Ewing LLP and Brown Rudnick LLP. Lawyers at Whiteford, Taylor & Preston LLC represent the Unsecured Creditors Committee. Bank of America, N.A., the administrative agent under the Debtors' prepetition credit facility, is represented by Derek C. Abbott, Esq., and Jose F. Bibiloni, Esq., at Morris Nichols Arsht & Tunnell LLP; and Amy L. Kyle, Esq., Joshua Dorchak, Esq., Matthew C. Ziegler, Esq., at Morgan Lewis & Bockius LLP. TRUE RELIGION: S&P Lower Corp. Credit Rating to D on Bankr. Filing ------------------------------------------------------------------ S&P Global Ratings lowered its corporate credit rating on specialty apparel retailer True Religion Apparel Inc. to 'D' from 'CCC'. At the same time, S&P said, "we lowered the issue-level rating on the first-lien term loan facility to 'D' from 'CCC'. The recovery rating on the first-lien term loan facility was '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) at the time of the chapter 11 filing. We also lowered the issue-level rating on the second-lien term loan to 'D' from 'CC'. The recovery rating on the second-term loan was '6', indicating our expectation for negligible recovery (0%-10%; rounded estimate: 0%) at the time of the bankruptcy filing." On July 5, 2017, True Religion Apparel Inc. announced that it filed for Chapter 11 bankruptcy protection. The company plans to engage lenders in an arranged debt-for-equity swap amid weakness in the competitive retail environment and as the company looks to restructure its struggling operations. True Religion had about $368 million of its $400 million first-lien term loan and all of its $85 million second-lien term loan debt outstanding, as well as some outstanding borrowings under its asset-backed lending revolving credit facility, at the time of the bankruptcy filing. TURF LLC: Agreed Order Entered Dismissing Case ---------------------------------------------- The Hon. Patrick M. Flatley of the United States Bankruptcy Court for the Northern District of West Virginia signed off on an agreed order dismissing the Chapter 11 case of Turf, LLC. The United States Trustee filed a Motion to convert the Debtor's case to Chapter 7. Branch Banking & Trust Company filed a Joinder to the U.S. Trustee's request. The West Virginia State Tax Department filed a Motion to dismiss or convert the case to Chapter 7. The U.S. Trustee, the Tax Department, and Turf LLC agreed to settle the U.S. Trustee's and the State's requests. However, BB&T continued to contend that conversion, rather than dismissal, was in the best interests of creditors and the estate. To facilitate the resolution of the U.S. Trustee's and the State's Motions, Turf and BB&T have agreed to the dismissal of the case and that, if the Debtor files another bankruptcy case within 60 days after the Dismissal order, then the automatic stay will be modified in that subsequent case without further Court order, and BB&T and its successors and assigns will not be required to obtain relief from the automatic stay imposed by section 362 of the Bankruptcy Code in any subsequent case before commencing or proceeding with foreclosure proceedings of its liens granted by Turf in Deed of Trust and Security Agreement dated as of October 8, 2013. Counsel to Branch Banking & Trust Company: William L. Hallam, Esq. Rosenberg Martin Greenberg, LLP 25 South Charles Street, Suite 2115 Baltimore, MD 21201 Tel: (410) 727-8545 Counsel to Turf LLC: Tate M. Russack, Esq. 7999 N. Federal Hwy, Suite 100A Boca Raton, FL 33487 Tel: (410) 353-2176 About Turf, LLC Turf LLC, filed for Chapter 11 bankruptcy protection (Bank. N.D. W.Va. Case No. 14-01361) on Dec. 19, 2014, disclosing $3.61 million in assets and $3.26 million in liabilities. The petition was signed by Ronald E. Marcus, member. Tate M. Russack, Esq., at RLC, PA, serves as the Debtor's counsel. VAN DYKE: Moody's Hikes GOULT Rating from Ba1; Outlook Stable ------------------------------------------------------------- Moody's Investors Service has upgraded to Baa3 from Ba1 the general obligation unlimited tax (GOULT) rating of Van Dyke Public Schools, MI. The outlook is stable. The rating action applies to $890,000 of the district's $57.1 million of outstanding GOULT debt. The upgrade to Baa3 reflects the district's sustained financial improvement following significant expenditure reductions beginning in fiscal 2013. The financial strengthening is weighed against a multitude of credit weaknesses, including the district's small, challenged tax base; poor socioeconomic characteristics; falling enrollment; high debt; and exposure to highly unfunded pension liabilities. Rating Outlook The stable outlook reflects Moody's expectations that the district will maintain a weak, but adequate, financial position in support of the current rating. Factors that Could Lead to an Upgrade: Material tax base growth and/or improved socioeconomic indicators Continued strengthening of fund balance and liquidity Stabilization of student enrollment Moderation of the district's high debt burden Factors that Could Lead to a Downgrade Narrowing of operating reserves and liquidity A rising debt or pension burden Legal Security The district's rated bonds are secured by its general obligation unlimited tax (GOULT) pledge. The GOULT pledge for Michigan school districts is a full faith and credit pledge supported by a dedicated debt service levy. The pledge is not secured by statute, nor does it benefit from a lockbox. Use of Proceeds Not applicable. Obligor Profile Van Dyke Public Schools encompasses 5.1 square miles in southern Macomb County directly north of the City of Detroit. The district provides pre-kindergarten through twelfth grade education for 2,600 in a community of an estimated 20,000 residents. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. VANDERHALL EXOTICS: Case Summary & 3 Unsecured Creditors -------------------------------------------------------- Debtor: Vanderhall Exotics of Houston, L.L.C. f/k/a Global Motorcars of Houston, LLC f/k/a Global Motorcars of Nevada, LLC 12978 Sugar Ridge Blvd Stafford, TX 77477 Case No.: 17-34196 Business Description: Global Motorcars -- http://www.globalmotorcars.com/-- is a dealer of exotic and sports super cars. Housed in a 30,000 square foot, contemporary showroom mirroring the charm of a posh Las Vegas Hotel, Global Motorcar's exquisite selection of collectibles live in ultimate viewing pleasure amidst the tones of fast fashion dance music. The Company offers luxury car icons like Bugatti, Lamborghini, Rolls Royce and Bentley. Chapter 11 Petition Date: July 5, 2017 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. David R Jones Debtor's Counsel: Nima Taherian, Esq. LAW OFFICE OF NIMA TAHERIAN 701 N. Post Oak Rd, Ste 216 Houston, TX 77024 Tel: 713-540-3830 Fax: 713-862-6405 E-mail: ntaherian@gmail.com nima@ntaherian.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Leontaritis, managing member. The Debtor's three unsecured creditors is available for free at http://bankrupt.com/misc/txsb17-34196.pdf VANTIV LLC: S&P Puts BB+ CCR on Watch Developing on Worldplay Deal ------------------------------------------------------------------ S&P Global Ratings placed its 'BB+' corporate credit rating on Cincinnati-based Vantiv LLC, and the issue-level ratings on Vantiv's debt, on CreditWatch with developing implications. The CreditWatch placement follows Worldpay's announcement that it has agreed in principle to be acquired by Vantiv for approximately $10 billion. While the contribution of Worldpay provides incremental geographic diversity and improves Vantiv's scale, the size of this transaction and uncertainty around the ultimate transaction structure could lead us to either raise or lower the rating when the transaction closes. S&P said, "We will monitor developments related to the proposed transaction, including the ultimate financing structure, financial policy, and required approvals, and plan to resolve the CreditWatch no later than the close of the acquisition. We expect to revise our CreditWatch placement to either positive or negative if we receive information about the transaction structure that gives us greater certainty around what rating action, if any, we would take at transaction close. VIEWPOINT INC: S&P Assigns 'B-' CCR on Planned Acquisition ---------------------------------------------------------- S&P Global Ratings assigned its 'B-' corporate credit rating to Portland, Ore.-based Viewpoint Inc. The rating outlook is stable. S&P notes that Viewpoint Inc., a software provider serving construction companies, is raising debt to fund its planned acquisition of another construction software provider. The transaction will result in adjusted debt to EBITDA of around 12x (trailing 12-month EBITDA as of March 31, 2017, pro forma for debt raise and acquisition). At the same time, S&P assigned its 'B' issue level rating and '2' recovery rating to the company's proposed $240 million first-lien credit facility, which consists of a $210 million first-lien term loan due 2024 and a $30 million revolving credit facility due 2022. The '2' recovery rating indicates S&P's expectation for substantial (70% to 90%; rounded estimate: 80%) recovery in the event of a payment default. "We also assigned our 'CCC' issue-level rating and '6' recovery rating to the company's proposed $95 million second-lien term loan due 2025. The '6' recovery rating indicates our expectation for negligible (0% to 10%; rounded estimate: 5%) recovery in the event of a payment default," S&P said. The 'B-' rating reflects Viewpoint's high debt leverage, small scale, and narrow scope in the enterprise resource planning (ERP) software market, and slow growth as it continues a restructuring effort to rationalize its offerings. Pro forma for its planned acquisition, leverage is around 12x as of March 31, 2017 (including preferred stock as debt). S&P said, "We expect the company to grow EBITDA through organic low-to-mid-single-digit percentage growth, modest cost savings from its recent restructuring, and modest cost synergies from its planned acquisition. We also believe that the company will have limited free cash flow generation of about $10 million-$15 million in 2018 for debt repayment. As a result, we expect leverage to decline but remain above 8x through the end of 2018. S&P said, "The stable outlook reflects our expectation that the company will grow adjusted EBITDA through low-to-mid-single-digit percentage organic revenue growth, modest cost savings from its recent restructuring, and modest cost synergies from its planned acquisition, but will have limited flexibility to pay down debt over the next year, resulting in adjusted debt to EBITDA remaining above 8x through 2018. "We could lower the rating on Viewpoint if a failure to realize planned cost savings and synergies results in flat or declining EBITDA such that leverage stays above 12x, or if negative free cash flow or weakening liquidity result in a capital structure that is unsustainable in the long term. "Although unlikely in the near term, we could raise the rating on Viewpoint if a successful integration and an acceleration of IT adoption in the construction industry results in sustained EBITDA growth such that leverage stays below 6.5x." WELLMAN DYNAMICS MACHINING: Can Use Cash for July 2017 Expenses --------------------------------------------------------------- Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the Southern District of Iowa authorized Wellman Dynamics Machining & Assembly, Inc. to continue to use TCTM Financial FS, LLC's collateral for four weeks, beginning on July 1, 2017. The Debtor is authorized to use cash collateral pursuant to and upon the same terms as those previously agreed to by TCTM Financial and the Official Committee of Unsecured Creditors in the Stipulation and Consent Order approved by the Court in its Order dated May 11, 2017. The Debtor's continued use of cash collateral for the four week period will be pursuant to and in conformity with the Budget. The Budget provides total operating cash disbursements of $155,520 for week ending July 7, 2017; $48,852 for week ending July 14, 2017; $78,824 for week ending July 21, 2017; and $142,270 for week ending July 28, 2017. A full-text copy of the Order, dated June 29, 2017, is available at https://is.gd/ymXzq8 About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Inc., Wellman Dynamics Corporation, and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The Debtors tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC as business broker; and Mark J. Steger, Esq. at the Clark Hill Law Firm as Environmental Counsel. The Debtors filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the Court entered an Order authorizing joint administration on Oct. 17, 2016. The Court subsequently entered an Order on May 24, 2017 vacating its prior Order granting joint administration and discontinuing the joint administration of the Debtors' cases under the lead case of Fansteel. The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine creditors of Fansteel Inc. to serve on the official committee of unsecured creditors. The Official Committee retained Morris Anderson & Associates, Ltd., as financial advisor, and Archer & Greiner, P.C. and Nyemaster Goode, P.C., as counsel. The Troubled Company Reporter has earlier reported that the U.S. trustee for Region 12 announced that the nine-member unsecured creditors' committee of Fansteel, Inc., will no longer serve as the official committee in the company's Chapter 11 case. The bankruptcy watchdog added that it will be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics Corp. and Wellman Dynamics Machinery & Assembly, Inc. In a filing March 22, 2017, the U.S. trustee disclosed that a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. WELLMAN DYNAMICS: Can Access Cash for July 2017 Expenses -------------------------------------------------------- Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the Southern District of Iowa authorized Wellman Dynamics Corporation to continue to use TCTM Financial FS, LLC's collateral for four weeks, beginning on July 1, 2017. The Debtor is authorized to use cash collateral pursuant to and upon the same terms as those previously agreed to by TCTM Financial and the Official Committee of Unsecured Creditors in the Stipulation and Consent Order approved by the Court in its Order dated May 11, 2017. The Debtor's continued use of cash collateral for the four week period will be pursuant to and in conformity with the Budget. The Budget provides total operating cash disbursements of $781,873 for week ending July 7, 2017; $973,634 for week ending July 14, 2017; $890,721 for week ending July 21, 2017; and $943,600 for week ending July 28, 2017. A full-text copy of the Order, dated June 29, 2017, is available at https://is.gd/gYR59r About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Inc., Wellman Dynamics Corporation, and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The Debtors tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC as business broker; and Mark J. Steger, Esq. at the Clark Hill Law Firm as Environmental Counsel. The Debtors filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the Court entered an Order authorizing joint administration on Oct. 17, 2016. The Court subsequently entered an Order on May 24, 2017 vacating its prior Order granting joint administration and discontinuing the joint administration of the Debtors' cases under the lead case of Fansteel. The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine creditors of Fansteel Inc. to serve on the official committee of unsecured creditors. The Official Committee retained Morris Anderson & Associates, Ltd., as financial advisor, and Archer & Greiner, P.C. and Nyemaster Goode, P.C., as counsel. The Troubled Company Reporter has earlier reported that the U.S. trustee for Region 12 announced that the nine-member unsecured creditors' committee of Fansteel, Inc., will no longer serve as the official committee in the company's Chapter 11 case. The bankruptcy watchdog added that it will be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics Corp. and Wellman Dynamics Machinery & Assembly, Inc. In a filing March 22, 2017, the U.S. trustee disclosed that a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. WESTERN STATES: UST Wants Case Converted to Chapter 7 ----------------------------------------------------- Patrick S. Layng, United States Trustee, asks the U.S. Bankruptcy Court for the District of Wyoming to convert the Chapter 11 case of Western States, Inc., to one under Chapter 7 of the Bankruptcy Code. The U.S. Trustee relates that the Debtor has not filed Monthly Operating Reports. Monthly operating reports, the U.S. Trustee asserts, are required by the United States Trustee's Operating Guidelines and Reporting Requirements dated December 16, 2009. Those reports must be filed by the 21st day of each month following the end of the month covered by the report. The monthly operating reports are critical as they allow the United States Trustee to oversee a debtor in possession's administration of the bankruptcy case. Moreover, timely filing of the monthly operating reports allow the United States Trustee to properly calculate fees imposed upon a debtor by 28 U.S.C. Sec. 1930. The U.S. Trustee notes that the Debtor has submitted a few financial documents to the U.S. Trustee since the inception of the case which evidence that the Debtor has had a negative net income for at least a few months. The U.S. Trust expects that the MORs, once filed, will reveal additional financial concerns. Meanwhile the Debtor continues to accrue administrative expenses while the case is pending. The U.S. Trustee says conversion of this case to Chapter 7, rather than dismissal, appears to be in the best interests of creditors as there appears to be assets listed that can be administered for the benefit of unsecured creditors, primarily, recoverable preferential transfers. As reported by the Troubled Company Reporter, Western States, Inc., has filed a Chapter 11 plan of reorganization that will set aside $240,000 to pay its unsecured creditors. Under the proposed plan, creditors holding Class 4 unsecured claims will be paid $240,000 over a period of 60 months. These creditors, which are owed approximately $500,000, will be paid on a quarterly basis. Class 4 is impaired. Western States will get the funds to pay creditors under the plan from the ongoing operation of its motel or sale of the property. The motel will continue to operate for 60 days after the effective date of the plan, according to the company's disclosure statement filed on May 25 with the U.S. Bankruptcy Court for the District of Wyoming. A copy of the disclosure statement is available for free at https://is.gd/Sij3wL The U.S. Trustee is represented in the case by: Daniel J. Morse, Esq. UNITED STATES DEPARTMENT OF JUSTICE Office of the United States Trustee 308 West 21st Street, Room 203 Cheyenne, WY 82001 Tel: (307) 772-2793 Email: Daniel.J.Morse@USDOJ.GOV About Western States Western States, Inc. operates the Ramada Plaza Casper Motel & Conference Center located in Casper, Wyoming. Its shareholders are Satwant Singh Sran and Daljeet Mann who own 70% and 30% of the shares, respectively. The Debtor filed a Chapter 11 petition (Bankr. D. Wyo. Case No. 17-20041) on Jan. 25, 2017. The petition was signed by Daljeet S Mann, general manager and shareholder. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Cathleen D. Parker presides over the case. The Debtor is represented by Paul Hunter, Esq., in Cheyenne, Wyoming. The United States Trustee has not appointed a trustee, an examiner or an unsecured creditors' committee in the case. WIZ-X INC: Plan Outline Okayed, Plan Hearing on July 20 ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee will consider approval of the Chapter 11 plan of reorganization for Wiz-X, Inc. at a hearing on July 20. The hearing will be held at 9:30 a.m., at Courtroom 680, 200 Jefferson Avenue, Memphis, Tennessee. The court will also consider at the hearing the final approval of the company's disclosure statement, which it conditionally approved on June 13. The order set a July 10 deadline for creditors to file their objections and cast their votes accepting or rejecting the plan. Wiz-X's restructuring plan proposes to pay general unsecured creditors in full, without interest, over 60 months from the effective date of the plan. About Wiz-X Inc. Wiz-X, Inc. maintains its principal place of business at 1999 Madison Avenue, Memphis, Tennessee and is a tobacco and gift shop company with four employees, and two owners. It primarily focuses on the sales of tobacco, paraphernalia and gifts. Wiz-X is a corporation whose two stock holders are Donald Pendergrass and Linda Montgomery. Wiz-X, Inc. filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-28955) on Sept. 30, 2016. The Debtor is represented by Earnest E. Fiveash, Esq. No official committee of unsecured creditors has been appointed in the case. On June 9, 2017, the Debtor filed its proposed Chapter 11 plan of reorganization. The Debtor has continued normal operations during the Chapter 11 case. WORDSWORTH ACADEMY: Wants to Use M&T Bank's Cash Collateral ----------------------------------------------------------- Wordsworth Academy, et al., seek permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral of the existing secured lender and grant adequate protection to secured lender. The Debtors' only prepetition secured lender with an interest in cash collateral is M&T Bank: * The Debtors are parties to a Term Note dated April 8, 2015, in favor of M&T Bank and pursuant to which M&T Bank provided the Debtors with a term loan in the original principal amount of $6 million. As of the Petition Date, the balance of the Prepetition Term Loan was approximately $4.7 million. * The Debtors are also parties to that certain Third Amended and Restated Daily Adjusting LIBOR Revolving Line Note dated Sept. 7, 2016 pursuant to which M&T Bank provided Debtors with access to a revolving line of credit in the amount of $5 million. Prior to the Petition Date, M&T Bank froze the availability of funds under the Prepetition LOC. The Prepetition LOC had no balance as of the Petition Date. * Wordsworth is party to an Agreement for Visa Charge Cards and Card Products, pursuant to which M&T Bank issued Debtors with several corporate credit cards. As of the Petition Date, the Prepetition Credit Card Account had no balance and the cards had a credit limit of $1. To secure the Prepetition Credit Facilities, the Debtors executed: (i) that certain General Security Agreement dated April 8, 2015, in favor of M&T Bank, which granted M&T Bank a first priority security interest in all of the Debtors' personal property, including all accounts, and (ii) that certain Mortgage dated April 8, 2015, in favor of M&T Bank in the maximum amount of $10 million and recorded in the Office of the Recorder of Deeds of Montgomery County, Pennsylvania at instrument number 2015024142. M&T Bank asserts a first position lien on the Debtors' real property located at 2101 Pennsylvania Avenue, Fort Washington, Pennsylvania 19034. The Prepetition Collateral also includes the Debtors' accounts receivable, which as of the Petition Date had an approximate estimated value of $8.5 million. The Debtors intend to use cash collateral and DIP financing to operate their business while they explore various restructuring alternatives. The Debtors and M&T Bank reached a prepetition agreement that, among other things, provides for Debtors' to utilize Debtors' personal property and proceeds of its personal property on which M&T Bank asserts first priority liens and security interests, provided that Debtors continue to honor and make all monthly interest payments on the Prepetition Term Loan, and subject to approval of the budget by the Court. The monthly interest payments on the Prepetition Term Loan will be calculated at the non-default rate. As of the Petition Date, the Debtors did not have sufficient unencumbered cash to fund their business operations and pay present operating expenses. The Debtors say that absent the ability to use cash collateral, the Debtors will not be able to pay insurance, wages, rent, utility charges, and other critical operating expenses. Indeed, without access to cash collateral, the Debtors will not be able to maintain their business operations and continue their restructuring efforts, and would likely be forced to cease operations and liquidate. The Debtors believe that M&T Bank is significantly over-secured with respect to the Prepetition Term Loan. The balance of the Prepetition Term Loan (approximately $4.7 million) is secured by, among other prepetition collateral, the Fort Washington Property, which was valued at approximately $9.35 million as of Nov. 24, 2014. There are no other liens on the Fort Washington Property. Further, among other prepetition collateral, M&T Bank is secured by the Debtors' accounts receivable, which had a value of approximately $8.5 million as of the Petition Date. As additional adequate protection for any diminution in value of M&T Bank's interests, the Debtors request that the Court grant M&T Bank security interests equivalent to a lien granted under Section 364(c)(2) and (3) of the U.S. Bankruptcy Code, as applicable, in and upon the Debtors' real and personal property and the cash collateral, whether the property was acquired before or after the Petition Date, to the extent: (i) that M&T Bank's prepetition security interests in the prepetition collateral are valid and properly perfected, and (ii) of the amount of any diminution in value of M&T Bank's prepetition collateral. A copy of the Debtors' Motion is available at: http://bankrupt.com/misc/paeb17-14463-19.pdf About Wordsworth Academy Philadelphia, Pennsylvania-based Wordsworth Academy is a non-profit that provides education, behavioral health and child welfare services to children and youth who have emotional, behavioral and academic challenges. Wordsworth provides services through two Community Umbrella Agencies. CUA 5 provides services to children and families in the 35th and 39th Police Districts in Philadelphia, encompassing much of North Central Philadelphia. CUA 10 provides services to children and families in the 16th and 19th Police Districts in Philadelphia, encompassing much of West Philadelphia. Wordsworth Academy, along with Wordsworth CUA 5, LLC, and Wordsworth CUA 10, LLC, sought Chapter 11 protection (Bankr. E.D. Pa. Lead Case No. 17-14463) on June 30, 2017. Donald Stewart, the CFO, signed the petitions. Wordsworth Academy estimated assets and debt of $10 million to $50 million. The Hon. Ashely M. Chan is the case judge. Dilworth Paxson LLP is serving as counsel to the Debtors, with the engagement led by Lawrence G. McMichael, Esq., Peter C. Hughes, Esq., and Anne M. Aaronson, Esq. Getzler Henrich & Associates LLC serves as financial advisor, and Donlin, Recano & Company, Inc., serves as claims and noticing agent. [*] Consumer Bankruptcy Filings Down in 2016 -------------------------------------------- Consumers filing for bankruptcy in 2016 reported aggregated assets of $72 billion and aggregated total liabilities of $191 billion, a decline from the previous year, according to an annual report filed by the Judiciary with Congress. The report, required by Congress under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, describes the activities of individuals with predominantly consumer debt. Other highlights of the report are: -- Total assets by consumer debtors fell 7% from 2015 and total liabilities decreased by about 8%, according to the report. 70% of assets were real property, and the remaining assets were personal property. -- Debtors in the Southern District of California and in the Northern District of California reported the highest average assets per petition at $344,000 and $224,000, respectively. Filers in the Western District of Tennessee reported the lowest average assets, $43,000. -- The median average income reported by debtors was $2,668 a month, and the median average monthly expenses were $2,590. There was a total of 750,000 consumer bankruptcy petitions filed in 2016, 6% fewer than in 2015. -- About 61% of the petitions were filed under Chapter 7, in which a debtor's assets are liquidated and proceeds are distributed to creditors, except for exempt assets. About 38% were filed under Chapter 13, in which debtors make installment payments to creditors under court- ordered plans. Debtors were able to successfully pay their debts in a little over half of the Chapter 13 cases closed in 2016 -- 52%. -- Only one-tenth of 1% of petitions by individuals with consumer debts were filed under Chapter 11, which allows businesses and individuals to continue operating while they make plans to reorganize and repay creditors. The data for the report is provided by the debtors either at the time they file bankruptcy petitions or within two weeks of filing, which is required by federal bankruptcy rules. [^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings ------------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Softcover: 240 pages List Price: $34.95 Review by David Henderson Order your personal copy today at http://is.gd/1GZnJk The marvelous thing about capitalism is that you, too, can be a Master of the Universe. If you are of a certain age, you will recall that is the name commandeered by Wall Street bond traders in their Glory Days. Being one is a lot like surfing: you have to catch the crest of the wave just right or you get slammed into the drink, and even the ride never lasts forever. There are no Endless Summers in the market. This book is the behind-the-scenes story of the financial wizards and bare-knuckled businessmen who created the conglomerates, the glamorous multi-form companies that marked the high noon of post- World War II American capitalism. Covering the period from the end of the war to 1983, the author explains why and how the conglomerate movement originated, how it mushroomed, and what caused its startling and rapid decline. Business historian Robert Sobel chronicles the rise and fall of the first Masters of the Universe in the U.S. and describes how the era gave rise to a cadre of imaginative, bold, and often ruthless entrepreneurs who took advantage of a buoyant stock market to create giant enterprises, often through the exchange of overvalued paper for real assets. He covers the likes of Royal Little (Textron), Text Thornton (Litton Industries), James Ling (Ling-Temco-Vought), Charles Bludhorn (Gulf & Western) and Harold Geneen (ITT). This is a good read to put the recent boom and bust in a better perspective. While these men had vastly different personalities and processes, they had a few things in common: ambition, the ability to seize opportunities that others were too risk-averse to take, willing bankers, and the expansive markets of the 1960s. There is something about an expansive market that attracts and creates Masters of the Universe. The Greek called it hubris. The author tells a good joke to illustrate the successes and failures of the period. It seems the young son of a Conglomerateur brings home a stray mongrel dog. His father asks, "How much do you think it's worth?" To which the boy replies, "At least $30,000." The father gently tries to explain the market for mongrel dogs, but the boy is undeterred and the next afternoon proudly announces that he has sold the dog for $50,000. The father is proudly flabbergasted, "You mean you found some fool with that much money who paid you for that dog?" "Not exactly," the son replies, "I traded it for two $25,000 cats." While it lasted, the conglomerate struggles were a great slugfest to watch: the heads of giant corporations battling each other for control of other corporations, and all of it free from the rubric of "synergy." Nobody could pretend there was any synergy between U.S. Steel and Marathon Oil. This was raw capitalist power at work, not a bunch of fluffy dot.commies pretending to defy market gravity. History repeats itself, endlessly, because so few people study history. The stagflation of the 1970s devalued the stock of conglomerates and made it useless a currency to keep the schemes afloat. The wave crashed and waiting on the horizon for the next big wave: the LBO Masters of the 1980s. Robert Sobel was born in 1931 and died in 1999. He was a prolific chronicler of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business history at Hofstra University for 43 years and he a Ph.D. from NYU. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* 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 written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***