/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/171205.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 5, 2017, Vol. 21, No. 338 Headlines 203 LENA: Taps Morrison-Tenenbaum as Legal Counsel 21ST CENTURY: PCO Files 3rd Report 264 LAGOON: Hires Joel Aresty as Attorney 654 SARATOGA ROAD: Jan. 3 Hearing on Disclosures Approval 76 CHESTNUT STREET: Taps Arlene Gordon-Oliver as Counsel ACADIANA MANAGEMENT: PCO Files 2nd Interim Report for Albuquerque ACADIANA MANAGEMENT: PCO Files 2nd Interim Report for Edmond/Mercy ALEVO USA: Seeks March 16 Plan Exclusivity Period Extension ALTON BEAN: Hires Honey Law Firm as Counsel AMG INTERNATIONAL: Exclusive Plan Filing Period Moved to Jan. 30 APOLLO ENSOSURGERY: PTV Sciences Has 24% Equity Stake AUTO MASTERS: Committee Taps Gullett Sanford as Legal Counsel AVAYA INC: Verizon Objects to Cure in Contracts Under Plan AVAYA INC: Wants Exclusive Plan Filing Deadline Moved to Jan. 1 B & B METALS: January 16 Hearing on Amended Disclosure Statement BCP RENAISSANCE: Fitch Rates $1.25BB Sr. Secured Term Loans 'BB-' BEBE STORES: Stockholders Elected Five Directors to Board BERNSOHN & FETNER: Taps Mayerson as Legal Counsel BIG TIME HOLDINGS: Ch. 11 Trustee Hires Rosenberg Musso as Attorney BILLNAT CORP: Ombudsman Makes Recommendations on IP Sale BIOSCRIP INC: Appoints Tony Lopez as VP & Chief Accounting Officer BON-TON STORES: Pays Top Management $1.9M Retention Awards BOND AND COMPANY: Plan Filing Deadline Extended Through Jan. 12 BOWLING GREEN: U.S. Trustee Forms Three-Member Committee C SWANK ENTERPRISES: Hunter to be Paid Over 7 Years at 3.75% CBK FUTURES: Hires Wickens Herzer Panza Cook as Counsel CBK FUTURES: Taps Wickens Herzer as Legal Counsel CCT COMMUNICATIONS: Did Not Commit Breach of Purchase Agreement COBALT INTERNATIONAL: Forgoes $8.1 Million Notes Interest Payment COCRYSTAL PHARMA: Raises $1 Million in Debt Financing COLORADO NATIONAL: Committee Taps Markus Williams Young as Counsel CONCORDIA INTERNATIONAL: Falls Short of Nasdaq's Bid Price Rule CONNEAUT LAKE VOLUNTEER: Unsecureds to Recoup 5% Under Plan CTI BIOPHARMA: Had $31.5M Net Financial Standing as of Oct. 31 DYNAMIC INTERNATIONAL: Tap Ferrere Abogados as Ecuador Counsel EAST NY REALTY: Taps Mishiyeva Law as Legal Counsel ENCLAVE BUSINESS: Hires Property Services Group as Appraiser ENVIGO INTERNATIONAL: Moody's Rates $300MM Sr. Sec. Term Loan B3 EVERGREEN PRODUCTS: Taps Guarino Law as Counsel EXELCO INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors FIDELITY & GUARANTY: Fitch Ups IDR & Sr. Unsec. Note Rating to BB FIELDPOINT PETROLEUM: Approved for Quotation on OTC Markets FORESIGHT ENERGY: Declares Dividend on Common Units FORTY ACRE: Continental, et al., Lose Bid to Junk Trust's Claims GEK REALTY: Taps Pick & Zabicki as New Legal Counsel GEORGIA ANESTHESIA: Hires Morris Manning as Special Counsel GIGAMON INC: Fitch Assigns First-Time 'B' IDR; Outlook Stable GIGAMON INC: Moody's Assigns B3 CFR; Outlook Positive GNC HOLDINGS: Fitch Cuts IDR to B on Revised Financing Proposal GORDMANS STORES: Liquidation Plan Declared Effective H3C INC: Hires Ackerman Fox as Bankruptcy Counsel HARTFORD COURT: Latest Plan Discloses Settlement with the Wejdas HATHAWAY HOMES: Hires Jay Kohler as Attorney HELIOS AND MATHESON: Files Q3 Interim Financial Statements HELIOS AND MATHESON: Invests Additional $1.8M in MoviePass HHGREGG INC: Exclusive Plan Filing Period Extended Through Feb. 5 HRG GROUP: Fitch Upgrades Sr. Secured Notes to BB IGNITE RESTAURANT: U.S. Trustee, Other Parties Object to Plan IHEARTCOMMUNICATIONS INC: Continues Talks on Debt Restructuring IMPERIAL PALMS: Needs More Time to Finalize Sale Pact, File Plan INDEPENDENCE TAX II: Completes Liquidation and Winding-Up INGERSOLL FINANCIAL: Hires Frank Martin Wolff as Attorney INLAND ENVIRONMENTAL: Hearing on Plan Confirmation Set for March 1 IREP MONTGOMERY-MRF: Court Extends Exclusive Plan Filing Date IRONCLAD PERFORMANCE: Seeks Name Change Amid Assets Sale to BBI JAMES HARDIE: Moody's Rates Proposed $400MM Sr. Unsec. Notes Ba1 M & G USA: Taps Crain Caton & James as Special Counsel MARKET SQUARE: Has Until January 10 to File Chapter 11 Plan MAURICE SPORTING: Hires Epiq Bankruptcy Solutions as Claims Agent MAURICE SPORTING: Hires Livingstone as Investment Banker MAURICE SPORTING: Hires Silverman as Financial Advisor MAURICE SPORTING: Hires Young Conaway as Counsel MAURICE SPORTING: U.S. Trustee Forms Seven-Member Committee MERRIMACK PHARMACEUTICALS: John Mendelsohn Resigns as Director METROPOLITAN DIAGNOSTIC: Seeks Interim OK on Cash Collateral Use MOTORS LIQUIDATION: Bares $9M Wind Down Expense Budget for 2018 MULTICARE HOME: Must Show Cause Necessity of PCO Appointment N3C INC: Hires EisnerAmper as Accountant NAVILLUS TILE: U.S. Trustee Forms Three-Member Committee NAVITAS MIDSTREAM: Fitch Assigns First Time B Long-Term IDR NILHAN FINANCIAL: Hires Moffa & Breuer as Special Counsel NORTH FORK GROUP: U.S. Trustee Unable to Appoint Committee OCEAN CLUB: Taps Jeffery C. Patrick as Accountant OCEAN CLUB: Taps Stichter Riedel as Legal Counsel OHLONE TRIBE: Voluntary Chapter 11 Case Summary OKEECHOBEE CC-I LAND: Case Summary & 9 Top Unsecured Creditors PAC ANCHOR: Committee Taps Armory Consulting as Financial Advisor PARETEUM CORP: Gets $6.58M From Private Placement Financing PARETEUM CORP: Underwriter Buys 1.4M Additional Shares PFO GLOBAL: Case Converted into Liquidation Proceeding PLASCO TOOLING: Files Chapter 11 Plan of Liquidation PLAZA BROADWAY: Vaquero's Bid for Ch. 11 Trustee Appointment Junked PREMIER EXHIBITIONS: Seeks Approval of Assets Sale Procedures PRODUCTION PATTERN: Taps W. Donald Gieseke as CRO PROVEN PEST: New Plan Discloses $2K Claim by GA Revenue Dept. REAL INDUSTRY: Files DIP Loan-Related Agreements to Court REAL INDUSTRY: Seeks to Hire Saul Ewing as Co-Counsel REAL INDUSTRY: Taps Morrison & Foerster as Legal Counsel RICHARDSON INVESTMENTS: Whites Buying Joelton Property for $50,000 ROSETTA GENOMICS: Fails to Comply with Nasdaq's Bid Price Rule SHIRAZ HOLDINGS: Exclusive Plan Filing Deadline Moved to Dec. 23 SKY-SKAN INC: U.S. Trustee Forms 3-Member Committee SOUTH SHORE PAINTING: Hires McIntyre Thanasides as Counsel STATESBORO LIFE: Case Summary & 6 Largest Unsecured Creditors TAYLOR-WHARTON: Bid to Amend Discrimination Suit Rejected TDR TRUST: January 10 Plan Confirmation Hearing TERRAVIA HOLDINGS: January 8 Plan Confirmation Hearing TOYS R US: Seeks Court Approval of Sr. Executive Incentive Plan UNITY COURIER: Needs More Time to Solicit Acceptances of Plan UNIVE INC: Plan Confirmation Hearing Set for Dec. 19 VIRGINIA HIGH TECH: Wants to Keep Plan Exclusivity Until Feb. 4 WARWICK YARD: DOJ Watchdog Directed to Appoint Ch. 11 Trustee WEATHERFORD INTERNATIONAL: Will Hold Its Annual Meeting on April 27 WESTMORELAND COAL: Kevin Paprzycki Resigns as CEO WESTMORELAND RESOURCE: Extends GP Services Agreement to April 2018 WESTMORELAND RESOURCE: Kevin A. Paprzycki Resigns as CEO WESTPAC RESTORATION: Taps BKD LLP as Accountant XFS INVESTMENTS: Hires W. Steven Shumway as Counsel [^] Large Companies with Insolvent Balance Sheet ********* 203 LENA: Taps Morrison-Tenenbaum as Legal Counsel -------------------------------------------------- 203 Lena Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Morrison-Tenenbaum, PLLC as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; negotiate with creditors; assist in the preparation of a plan of reorganization; and provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Lawrence Morrison $495 Associates $350 Paraprofessionals $150 Morrison-Tenenbaum received a retainer in the sum of $15,000, and $1,717 for the filing fee. Lawrence Morrison, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence F. Morrison, Esq. Morrison-Tenenbaum, PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: 212-620-0938 Email: lmorrison@m-t-law.com About 203 Lena Inc. 203 Lena Inc., doing business as COCINA TALLER, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-23274) on August 16, 2017. Darlo Oleaga, its secretary, signed the petition. The Debtor operates a restaurant at 416 West 203 Street, NY 10034. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Robert D. Drain presides over the case. 21ST CENTURY: PCO Files 3rd Report ---------------------------------- Melanie L. Cyganowski, as the Patient Care Ombudsman in the chapter 11 cases of 21st Century Oncology Holdings, Inc., and its affiliates, submits a Third Report to the U.S. Bankruptcy Court for the Southern District of New York, which sets forth her overall observations during her visits to the California locations. On October 24, 2017, with the assistance of Gary Delanois, SVP of Operations for 21st Century, and Kathryn Boling, Regional VP of Central California, the PCO visited three facilities in California: (a) Cabrillo Radiation Oncology Center in Ventura; (b) North Oaks Radiation Oncology Center in Thousand Oaks; and (c) Simi Valley Radiation Oncology Center in Simi Valley. The PCO finds that the three offices that she visited are part of a larger group of nine facilities located in Central California that are all part of the Coastal Radiation Oncology Medical Group, Inc. During the visit to California facilities, the PCO has been given the opportunity to speak with several of the technicians and doctors at each office – specifically, Dr. Thomas Fogel (at the Ventura office), Dr. Eugene Ahn (at the Simi Valley office), and Dr. Paul Miller (at the Thousand Oaks office), guiding her of the typical step by step process a patient will go through during each visit, including an explanation of the different radiation procedures and equipment utilized at each site. The PCO makes these observations of the California facilities: (a) clean, professional, and welcoming environments at each of the offices visited; (b) physicians (reflecting all years of experience) that are at the top of their fields and are dedicated to their work and their patients; (c) staff that is friendly and knowledgeable; (d) regional management who knew the history, equipment, and personnel at each of the offices under their supervision; (e) state of the art technology and multiple treatment offerings, which provide patients with the full array of options within each region; and (f) patient volume and physician retention has remained consistent. The PCO shares that the doctors were pleased with the continuing support from the Debtors, there were no reported delays in the receipt of supplies, the back office services provided to the facilities continued to function efficiently, and the doctors were very complementary of the degree of communication that they have been receiving during the bankruptcy cases from management -- which enabled them to anticipate and be prepared for questions from patients, referring doctors, and suppliers. The PCO commends the management for doing an excellent job of keeping the lines of communication open, proactively engaging with physicians and other employees to allay any concerns and arm them with useful information. In addition, the PCO concludes that after visiting six facilities in Florida (the focus of her last report) and three facilities in California, in addition to multiple conversations with management and regional VPs, that patient care has not been impacted in any material manner by the bankruptcy cases. Physician and employee retention appears to be stable, the delivery of supplies has not been interrupted, and the facilities continue to have access to state of the art technology for treatment. The physicians and other employees reported no changes that they have observed since the bankruptcy filings. The PCO would continue to recommend 21st Century Oncology to anyone in need of the cancer care provided at their facilities. A full-text copy of the PCO's Third Report, dated November 16, 2017, is available for free at https://tinyurl.com/y8zprdeu About 21st Century Oncology 21st Century Oncology Holdings, Inc., is a global provider of integrated cancer care services. As of March 31, 2017, the company operated 179 treatment centers, including 143 centers located in 17 U.S. states and 36 centers located in seven countries in Latin America. 21st Century and 59 U.S. affiliates filed Chapter 11 petitions under the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-22770) on May 25, 2017. At the time of the filing, the Debtors estimated their assets and debt at $1 billion to $10 billion. The cases are pending before the Hon. Judge Robert D. Drain. Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP, serves as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent. On June 8, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee has tapped Morrison & Foerster LLP as counsel and Berkeley Research Group, LLC, and financial advisor. 264 LAGOON: Hires Joel Aresty as Attorney ----------------------------------------- 264 Lagoon Dr Lido Beach NY LLC seeks authority from the United States Bankrutpcy Court for the Southern District of Florida to employ Joel M. Aresty of the law firm of Joel M. Aresty, P.A., as attorney. Professional services Joel Aresty will render are: (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. Joel M. Aresty, employed by the law firm of Joel M. Aresty P.A., attests that neither he nor the firm represent any interest adverse to the debtor, or the estate, and they are disinterested persons as required by 11 U.S.C. Sec. 327(a). The Debtor could only afford a very small pre-petition retainer and the filing fee in this case, and has therefore been asked to contribute additional retainer from outside the estate of debtor going forward. The Firm can be reached through: Joel M. Aresty, Esq. JOEL M. ARESTY, P.A. 309 1st Ave S Tierra Verde, FL 33715 Phone: 305-904-1903 Fax: 800-559-1870 E-mail: Aresty@Mac.com About 264 Lagoon Dr Lido Beach NY LLC Based in Miami Beach, Florida, 264 Lagoon Dr Lido Beach NY LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-23136) on October 30, 2017, listing under $1 million both in assets and liabilities. The Debtor is represented by Joel M. Aresty, Esq. of Joel M. Aresty, PA as counsel. 654 SARATOGA ROAD: Jan. 3 Hearing on Disclosures Approval --------------------------------------------------------- Judge Robert E. Littlefield of the U.S. Bankruptcy Court for the Northern District of New York will convene a hearing on Jan. 3, 2018, at 10:30 a.m. to consider the approval of 654 Saratoga Road, LLC's disclosure statement describing its chapter 11 reorganization plan. Written objections to the Disclosure Statement must be filed and served no later than seven days prior to the Disclosure Hearing date. Headquartered in Clifton Park, New York, 654 Saratoga Road, LLC, has been the holding company of real property improved by a tavern/restaurant since May 4, 2012. It owns a 4.8-acre parcel of real property located at 654 Saratoga Road, Glenville, New York 12302. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D.N.Y. Case No. 17-10649) on April 6, 2017, estimating its assets and liabilities at between $500,001 and $1 million each. Michael Leo Boyle, Esq., at Tully Rinckey PLLC serves as the Debtor's bankruptcy counsel. 76 CHESTNUT STREET: Taps Arlene Gordon-Oliver as Counsel -------------------------------------------------------- 76 Chestnut Street, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Arlene Gordon-Oliver & Associates, PLLC, as its attorneys. Services required of AGOPLLC are: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan, including negotiations with creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required of a Debtor who seeks protection from its creditors; d. appear before the court to protect the interests of the Debtor and represent the Debtor in all matters pending before the Court; e. advise the Debtor in connection with any potential refinancing of secured debt or any potential sale of the business; f. represent the Debtor in connection with obtaining post-petition financing; and g. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization. Standard hourly rates of AGOPLLC are: Arlene Gordon-Oliver $485 Law Clerk/Paraprofessionals $150 Arlene Gordon-Oliver, Esq. attests that AGOOLLC does not hold or represent any interest adverse to the Debtor’s estate, and AGOPLLC is a disinterested as defined in Bankruptcy Code Sec. 101(14). AGOPLLC maintains office at: Arlene Gordon-Oliver, Esq. ARLENE GORDON-OLIVER & ASSOCIATES, PLLC 199 Main Street, Suite 203 White Plains, NY 10601 Tel: (914) 683-9750 E-mail: ago@gordonoliverlaw.com About 76 Chestnut Street, LLC Based in Tarrytown, New York, 76 Chestnut Street, LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-23676) on December 16, 2016, listing under $1 million both in assets and liabilities. The Debtor is represented by Arlene Gordon-Oliver, Esq. at Arlene Gordon-Oliver & Associates, PLLC as counsel. ACADIANA MANAGEMENT: PCO Files 2nd Interim Report for Albuquerque ----------------------------------------------------------------- Susan N. Goodman, the appointed patient care ombudsman for Acadiana Management Group, LLC, submits her second interim report regarding her evaluation of the quality of patient care provided at AMG Specialty Hospital - Albuquerque. The Albuquerque facility did not demonstrate patient care decline. Since the First Report, the Albuquerque CEO moved to Las Vegas with the former Chief Clinical Officer assuming Interim CEO duties and a well-respected, multi-faceted clinical nurse assuming the Interim CCO role. Staff, physicians, and patients alike speak positively regarding the interim leadership. Because this AMG location continues to demonstrate strong census, wound care staffing, infection preventionist data analytics, and cross-functional team dynamics, the PCO will consider moving this location to a 90-day visit cycle with a remote-monitoring report every 60 days, in the interest of stewardship so long as these current stability dynamics remain. Facility census was 23, moving to 24 on the date of PCO's site visit out of a total maximum capacity of 25. Clinical staff patient care ratios were reported as consistent with the staffing matrix. The PCO interviewed more than 25% of the patient population. No bankruptcy-related concerns were elicited. AMG and building facility staff were quick to engage on a family member concern that related to a patient room thermostat temperature that was controlled by a zone thermostat control. The dedicated materials management team member was present at the facility this visit. Other than the one vendor challenge, supply sourcing issues were generally denied. PCO confirmed that the inventory management process is manual with the team member having developed a sense of order points and needs that are not formally documented in an item master or with set minimum/maximum par levels. The cross-functional, cohesive team dynamic at the Albuquerque facility remains strong and refreshingly apparent. Staff was consistently seen working cooperatively in patient rooms. Given the stability that has been maintained under the new, interim leadership team, the PCO would be comfortable increasing the length of time between site visits in the interest of Estate stewardship so long as the current team is in place. A full-text copy of the PCO's Second Interim Report for Albuquerque dated Nov. 10, 2017, is available at: http://bankrupt.com/misc/lawb17-50799-462.pdf About Acadiana Management Acadiana Management and several affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Lead Case No. 17-50799) on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Acadiana Management estimated assets of less than $50,000 and debt at $50 million and $100 million. Judge Robert Summerhays presides over the cases. Gold, Weems, Bruser, Sues & Rundell, serves as the Debtors' bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Susan Goodman was appointed as patient care ombudsman. ACADIANA MANAGEMENT: PCO Files 2nd Interim Report for Edmond/Mercy ------------------------------------------------------------------ Susan N. Goodman, the patient care ombudsman for Acadiana Management Group, LLC, submits her second interim report detailing remote monitoring, site visit observations, and analyses of the Debtor's operations in Edmond and Mercy/OKC. The PCO did not observe patient care decline or compromise at either the Edmond or Mercy facilities that share one, 37-bed LTAC license in the greater Oklahoma City metropolitan area. Continued environmental services staff breaches in infection control precautions were directly observed by PCO at Mercy. Moreover, at least one nurse confirmed that none of her patient rooms were cleaned on the date of PCO's visit. Because the PCO reported on these concerns in the First Report, the PCO introduced herself to the hospital-based EVS manager and directly relayed these continued concerns. The PCO asked to review the environmental surface testing specific to the AMG rooms and was told that such information was not available. Because the AMG Infection Preventionist for this location has been actively engaged in providing specific documentation and feedback to the hospital team without affecting a behavior change, PCO recommended to both site and corporate leadership that Mercy engage and pay for their own cleaning verification testing given the persistent lapses in infection control practices. Of note, the quality team member who works closely with the IP resigned, leaving the IP to cover both roles. Leadership indicated that additional assistance may be available from the registered dietician who has extensive facility experience. Unfortunately, the day after PCO's visit, leadership announced the closure of the Edmond facility, reporting to the PCO that wind down will occur naturally as the existing nine patients meet discharge criteria. Because this closure was surprising, the PCO expects some reverberation both in the remaining Oklahoma facilities, as well as potentially in the Indiana market since the Ball and Hancock locations also share one LTAC license. Should staff departures accelerate after the Edmond closure, the PCO will consider shortening the visit cycle from the currently-planned sixty-day interval. Chasing the reverberations of the Edmond closure feels a bit like engaging in a game of Whac-A-Mole. Because the census at Edmond was similar to that at other locations, relative to total bed availability, the PCO expects staff departures at other locations if a clear bankruptcy exit strategy is not forthcoming, particularly given staff’s desire to have assured income during the holiday season. The PCO will engage remotely in an attempt to appropriately prioritize follow-up site visits accordingly. A full-text copy of the PCO's Second Interim Report for Edmond and Mercy/OKC dated Nov. 10, 2017, is available at: http://bankrupt.com/misc/lawb17-50799-461.pdf About Acadiana Management Acadiana Management and several affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Lead Case No. 17-50799) on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Acadiana Management estimated assets of less than $50,000 and debt at $50 million and $100 million. Judge Robert Summerhays presides over the cases. Gold, Weems, Bruser, Sues & Rundell, serves as the Debtors' bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Susan Goodman was appointed as patient care ombudsman. ALEVO USA: Seeks March 16 Plan Exclusivity Period Extension ----------------------------------------------------------- Alevo USA, Inc. and Alevo Manufacturing, Inc. request the U.S. Bankruptcy Court for the Middle District of North Carolina to extend, for a period of three months, the deadline for filing a plan of reorganization and disclosure statement, and their exclusive periods for filing a plan and obtaining acceptances of such plan, through and including March 16, 2018 and May 15, 2018, respectively. The Debtors relate that they are seeking Court approval to hire a liquidator to sell their assets, but the Debtors believe that there is the possibility that events affecting the Debtors' Swiss Parent Companies could provide an opportunity for a more advantageous sale that might provide funding for their plans of reorganization. Therefore, the Debtors desire to protect their rights under 11 U.S.C. section 1121(d) pending further developments in this case and believe that on or before March 16, 2018, they will be prepared to either file a plan or take other appropriate action with approval of the Court. As such, given the current status of the Debtors' bankruptcy cases, the Debtors assert that it is premature for each of the Debtors to file a plan and disclosure statement prior to December 16, 2017. Accordingly, sufficient cause exists to justify the Debtors' request to extend the section 1121(d) exclusive periods in each of their cases for a period of three months. About Alevo USA Inc. Concord-based battery manufacturers Alevo USA, Inc. and Alevo Manufacturing, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case Nos. 17-50876 and 17-50877) on August 18, 2017. Peter Heintzelman, its president, signed the petitions. At the time of the filing, Alevo USA disclosed that it had estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. Alevo Manufacturing estimated assets and liabilities of $10 million to $50 million. Judge Catharine R. Aron presides over the cases. Nelson Mullins Riley & Scarborough, LLP represents the Debtors as bankruptcy counsel. The Debtors hired BDO USA, LLP as their accountant. The Debtors employed CohnReznick Capital Markets Securities, LLC to as investment banker. An official committee of unsecured creditors was appointed on September 1, 2017. The committee hired Northen Blue LLP as its legal counsel. ALTON BEAN: Hires Honey Law Firm as Counsel ------------------------------------------- Alton Bean Trucking, Inc. filed an amended application seeking permission from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Honey Law Firm, P.A. and its attorneys, Marc Honey and Wm. Marshall Hubbard as counsel. Services to be rendered by the Honey Law are: (a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and claims of secured, priority and unsecured creditors and other parties in interest; (b) appear for; prosecute, defend, and represent the Debtor's interest in adversary proceedings and/or contested matters arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the Debtor's avoiding powers; (d) assist in the preparation of pleadings, motions, notices and orders as are required for the orderly administration of this estate; and consult with and advise the Debtor in connection with the operation of or termination of the operation of the business of the Debtor; (e) assist in the preparation of a Plan of Reorganization and to present the Plan to the Bankruptcy Court for approval and confirmation; and (f) undertake all other necessary and appropriate legal representation of the Debtor in this proceeding. Marc Honey, Esq. attests that the law firm and its members and associates do not hold or represent any interest adverse to that of the debtor or the Debtor's estate and that said law firm is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). Honey Law Firm, P.A. charges the Debtor its normal hourly billing rates and its attorneys, Marc Honey and Wm. Marshall Hubbard at the time of this application are $350.00 and $250.00 per hour, respectively. The Counsel can be reached through: Marc Honey, Esq. HONEY LAW FIRM, P.A. P.O. Box 1254 1311 Central Avenue Hot Springs, AR 71902 Tel: (501) 321-1007 Fax: (501) 321-1255 E-mail: mhoney@honeylawfirm.com About Alton Bean Trucking Headquartered in Amity, Arkansas, Alton Bean Trucking, Inc., was founded in 1989. It is engaged in the business of providing trucking transportation services. Alton Bean Trucking filed for Chapter 11 bankruptcy protection (Bankr. W.D. Ark. Case No. 17-72352) on Sept. 20, 2017, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Gary A. Bean, II, its president. Judge Ben T. Barry presides over the case. Marc Honey, Esq., at Honey Law Firm, P.A., serves as the Debtor's bankruptcy counsel. AMG INTERNATIONAL: Exclusive Plan Filing Period Moved to Jan. 30 ---------------------------------------------------------------- The Hon. John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey has entered an Order extending the Exclusive Periods within which AMG International, Inc., may file a Plan of Reorganization and to solicit affirmative votes from impaired classes of claims or interests, to January 30, 2018 and March 31, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtor sought for exclusivity extension, asserting that it requires additional time to evaluate restructuring alternatives. In evaluating the operations and the impacts of the Chapter 11 filing, the Debtor said that it is still considering whether some form of reorganization is possible. The Debtor said that its case is not large. However, as of the petition date, the Debtor had warehouses leased in five different states. The Debtor purchased product from overseas and distributes domestically and internationally. The Debtor recently commenced an adversary proceeding against a supplier in possession of molds used to manufacture product. The Court recently granted the Debtor's request for injunctive relief pertaining to turnover of property of the estate. AMG also related that during the early stage of this case, the Debtor and its representatives have endeavored to cooperate with representatives of the Official Committee of Unsecured Creditors and France Sport. The Debtor and its representatives have provided variance reports, are now current on filing monthly operating reports, and have provided other information relating to operations and financial dealings. The Debtor has provided counsel for the Committee with information and has cooperated, and will continue to cooperate, in an effort to avoid costly discovery. The Debtor's counsel has participated on several calls with counsel for the Committee in order to answer questions pertaining to the Debtor, its operations and potential restructuring alternatives. According to the Debtor, the initial 90 days of this case have been marked with progress. Specifically, the Debtor has cooperated with the Committee in responding to information requests without the need for costly and time consuming formal discovery. The Debtor has closed two warehouses in an effort to streamline operations. In addition, the Debtor has recently commenced an adversary proceeding and was successful in obtaining injunctive relief pertaining to turnover of property of the estate. Finally, the Debtor has enjoyed the use of cash collateral throughout the case on an uncontested basis. About AMG International AMG International, Inc., dba Freeman-CMA and dba Freeman Products Worldwide, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-25816) on Aug. 3, 2017. The petition was signed by Jean-Francois Lefebvre, president. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Hon. John K. Sherwood. Gibbons, PC and SEESE, P.A., serve as counsel to the Debtor. Freeman-CMA -- http://www.freeman-cma.com/-- is a designer, manufacturer, marketer and distributor of award and recognition products including trophy components, plastic and metal figures, resin awards, plastic and metal engraving stock, ribbons and medals, plaques, clocks, pen sets and executive gift items. The Company distributes one of the largest product lines in the awards and recognition industry throughout both the United States and Canada, as well as internationally. The Official Committee of Unsecured Creditors of AMG International, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to retain Jeffrey A. Cooper, Esq. at Rabinowitz, Lubetkin & Tully, LLC as counsel to the Committee, nunc pro tunc to August 21, 2017. APOLLO ENSOSURGERY: PTV Sciences Has 24% Equity Stake ----------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of shares of common stock of Apollo Endosurgery as of Nov. 30, 2017: Beneficial Percentage Reporting Person Ownership of Class ---------------- ---------- ---------- PTV Sciences II, L.P. 4,152,463 24.0% PTV IV, L.P. 4,152,463 24.0% PTV Special Opportunities I, L.P. 4,152,463 24.0% PTV Evergreen Fund, L.P. 0 0.0% Pinto Technology Ventures GP II, L.P.4,152,463 24.0% PTV GP IV, L.P. 4,152,463 24.0% PTV GP SO I, L.P. 4,152,463 24.0% PTV GP Evergreen, L.P. 0 0.0% Pinto TV GP Company LLC 4,152,463 24.0% PTV GP Management IV 4,152,463 24.0% Matthew S. Crawford 4,202,140 24.3% Rick D. Anderson 4,202,140 24.3% The percentages are calculated based upon an estimated 17,290,347 shares of the Issuer's common stock outstanding as of Oct. 20, 2017, as reported by the Issuer in the Form 10-Q filed with the SEC on Oct. 26, 2017. On Nov. 15, 2017, PTV EG distributed 1,266,909 shares of Common Stock in kind, without consideration, to its partners, in connection with which PTV GP EG received 12,669 shares of Common Stock. Immediately upon receipt of those shares, PTV EG distributed all 12,669 shares of Common Stock in kind, without consideration, to its partners, in connection with which each of Crawford and Anderson received 4,223 shares of Common Stock. A full-text copy of the regulatory filing is available at: https://is.gd/LUbLSX About Apollo Endosurgery Headquartered in Austin, Texas, Apollo Endosurgery, Inc. -- http://www.apolloendo.com/-- is a medical device company focused on less invasive therapies for the treatment of obesity, a condition facing over 600 million people globally, as well as other gastrointestinal disorders. Apollo's device based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 80 countries today. Apollo's common stock is traded on NASDAQ Global Market under the symbol "APEN". Apollo Endosurgery reported a net loss attributable to common stockholders of $41.16 million for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $36.38 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Apollo Endosurgery had $114 million in total assets, $57.16 million in total liabilities and $56.83 million in total stockholders' equity. According to the Company's quarterly report for the period ended Sept. 30, 2017, "The Company has experienced operating losses since inception and occasional debt covenant violations and has an accumulated deficit of $169,706 as of September 30, 2017. To date, the Company has funded its operating losses and acquisitions through equity offerings and the issuance of debt instruments. The Company's ability to fund future operations will depend upon its level of future operating cash flow and its ability to access additional funding through either equity offerings, issuances of debt instruments or both." AUTO MASTERS: Committee Taps Gullett Sanford as Legal Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Auto Masters, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Gullett, Sanford, Robinson & Martin, PLLC as its legal counsel. The firm will assist the committee in its consultations with Auto Masters and its affiliates; negotiate with creditors; investigate the Debtors' conduct; assist in the review and negotiation of any bankruptcy plan; and provide other legal services related to the Debtors' Chapter 11 cases. The firm's hourly rates range from $300 to $550 for members, and from $150 to $275 for associates. Paralegals will charge $125 per hour. Gullett Sanford is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Thomas H. Forrester, Esq. G. Rhea Bucy, Esq. Gullett, Sanford, Robinson & Martin, PLLC 150 Third Avenue, South, Suite 1700 Nashville, TN 37201 Phone: (615) 244-4994 Fax: (615) 256-6339 Email: tforrester@gsrm.com Email: rbucy@gsrm.com Email: lcatabay@gsrm.com About Auto Masters Auto Masters, LLC -- https://driveautomasters.com/ -- is a "Buy Here Pay Here" used car dealer in Nashville that offers financing to customers for the cars they sell. The company has dealership locations in Nashville, Smyrna, Franklin, Hermitage, Madison, Clarksville, West Nashville and Thompson Lane (Nashville). On Oct. 17, 2017, Auto Masters, LLC, and 14 affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Case No. 17-07036). Auto Masters estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The Hon. Charles M Walker is the case judge. Dunham Hildebrand, PLLC is the Debtors' bankruptcy counsel. On November 15, 2017, the U.S. trustee for Region 8 appointed an official committee of unsecured creditors. AVAYA INC: Verizon Objects to Cure in Contracts Under Plan ---------------------------------------------------------- BankruptcyData.com reported that Verizon Communications filed with the U.S. Bankruptcy Court an objection to cure amounts in the executory contracts and unexpired leases to be assumed by Avaya Inc., pursuant to the Plan of Reorganization. The objection asserts, "Although Verizon does not generally oppose assumption, it objects to such assumption to the extent that the proposed cure fails to satisfy all existing defaults in accordance with 11 U.S.C. section 365(b). A cure under 11 U.S.C. section 365 means that all unpaid amounts due under the agreement have been paid….In addition, as the cases proceed and Verizon Business continues to provide postpetition services to the Debtors' estates, additional amounts become due under the Agreement. Any post-petition amounts due must also be paid to Verizon Business in order to cure the existing default. Accordingly, unless and until the Debtors cure the pre-petition balances owed to Verizon Business in full and pay any post-petition amounts which may be due, the Debtors cannot assume the Agreement." About Avaya Inc. Avaya Inc. is a multinational company that provides communications products and services, including, telephone communications, internet telephony, wireless data communications, real-time video collaboration, contact centers, and customer relationship software to companies of various sizes. The Avaya Enterprise serves over 200,000 customers, consisting of multinational enterprises, small- and medium-sized businesses, and 911 services as well as government organizations operating in a diverse range of industries. It has approximately 9,700 employees worldwide as of Dec. 31, 2016. Avaya Inc. and 17 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The petitions were signed by Eric S. Koza, CFA, chief restructuring officer. Judge Stuart M. Bernstein presides over the cases. The Debtors have hired Kirkland & Ellis LLP as legal counsel; Centerview Partners LLC as investment banker; Zolfo Cooper LLC as restructuring advisor; PricewaterhouseCoopers LLP as auditor; KPMG LLP as tax and accountancy advisor; and The Siegfried Group, LLP, as financial services consultant. Prime Clerk LLC is their claims and noticing agent. On Jan. 31, 2017, the U.S. Trustee for Region 2, appointed an official committee of unsecured creditors. Morrison & Foerster is the creditors committee's counsel. On April 13, 2017, the Debtors filed their joint Chapter 11 plan of reorganization. Stroock & Stroock & Lavan LLP and Rothschild, Inc., serve as advisors to an ad hoc group -- Ad Hoc Crossholder Group -- comprised of holders of the Company's (i) 33.98% of the $3.235 billion total amount outstanding under loans issued pursuant to a Third Amended and Restated Credit Agreement, amended and restated as of December 12, 2012 (the "Prepetition Cash Flow Term Loans"); (ii) 28.38% of the $1.009 billion total principal amount outstanding under notes issued pursuant to an indenture for the 7.00% Senior Secured Notes Due 2019 (the "7.00% First Lien Notes"); (iii) 12.82% of the $290 million total principal amount outstanding under notes issued pursuant to an indenture for 9.00% Senior Secured Notes Due 2019 (the "9.00% First Lien Notes"); (iv) 83.70% of the $1.384 billion total amount outstanding under notes issued pursuant to an indenture for 10.5% Senior Secured Notes Due 2021 (the "Second Lien Notes"); and (v) 24% of the $725 million outstanding under loans issued under the Debtors' debtor-in-possession financing (the "DIP Facility") pursuant to a Superpriority Secured Debtor-In-Possession Credit Agreement, dated as of Jan. 24, 2017. AVAYA INC: Wants Exclusive Plan Filing Deadline Moved to Jan. 1 --------------------------------------------------------------- Avaya Holdings and its affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to extend the Debtors' exclusive right to file a Chapter 11 plan by approximately 32 days through and including Jan. 1, 2018, and to solicit votes thereon by approximately 30 days through and including March 2, 2018. A hearing to consider the Debtors' request is scheduled for Dec. 12, 2017, at 10:00 a.m. (prevailing Eastern Time). Objections to the Debtors' request must be filed by Dec. 5, 2017, at 4:00 p.m. (prevailing Eastern Time). As reported by the Troubled Company Reporter on Sept. 19, 2017, the Court extended the exclusive periods during which only te Debtors could file and solicit acceptances of a Chapter 11 Plan through and including Nov. 30, 2017, and Jan. 31, 2018, respectively. The Debtors have made significant progress towards achieving their restructuring goals in the eleven months of these multibillion-dollar Chapter 11 cases. Since their last exclusivity extension was granted on Sept. 11, 2017, the Debtors have: -- continued to make significant progress in the reconciliation of their claims pool through their ongoing reconciliation of claims filed against these Chapter 11 estates by filing six separate omnibus claims objections (covering 1200 of 3500 total claims); -- initiated a claims objection proceeding that is currently pending before the Court against litigation counterparty SAE Power Incorporated and SAE Power Company, which included a claims estimation hearing with respect to the administrative expense and general unsecured claims of SAE; -- participated in a successful mediation before U.S. Bankruptcy Judge Cecelia G. Morris, as mediator, with the Creditors' Committee, Ad Hoc First Lien Group, Ad Hoc Crossover Group, Pension Benefit Guaranty Corporation and the Second Lien Notes Trustee as mediation parties, which concluded in a global plan settlement resolving the Ad Hoc Crossover Group's stated plan objections; -- successfully negotiated and filed their Second Amended Joint Chapter 11 Plan of Reorganization of Avaya Inc. and Its Debtor Affiliates with the support of the Mediation Parties; -- successfully resolved the treatment of the Debtors' qualified pension liabilities with PBGC via a joint stipulation and settlement and filed the Debtors' motion for entry of an order (i) approving stipulation of settlement with Pension Benefit Guaranty Corporation; -- obtained court approval with respect to their Disclosure Statement supplement for the Second Amended Joint Chapter 11 Plan of Reorganization of Avaya Inc. and its Debtor Affiliates and Crossover Plan Support Agreement locking up the support of approximately 73% of Second Lien Debt for the Second Amended Plan; -- commenced solicitation on their Second Amended Plan in accordance with the court order (i) approving the Debtors' continued solicitation of the Second Amended Plan and the adequacy of the supplemental Disclosure in connection therewith, (ii) modifying certain deadlines and procedures in connection with plan confirmation and shortening notice with respect thereto, (iii) approving the form of ballot in connection therewith, and (iv) granting related Relief; and -- filed their Plan Supplement for the Debtors' Second Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code. This progress has been achieved against the backdrop of what all parties have recognized are large, complex Chapter 11 cases involving billions of dollars of funded debt and legacy liabilities, global operations, thousands of employees and retirees, and a diverse set of stakeholder constituencies. The brief exclusivity extension requested will permit the Debtors to focus on confirming their Second Amended Plan and emerging from these chapter 11 cases without substantial disruption or delay that would result if parties were permitted to file competing plans at this critical juncture. Continued exclusivity will ensure the Debtors have sufficient time to confirm and consummate their Second Amended Plan -- which enjoys the support of every major creditor constituency and avoids costly and uncertain litigation on complex confirmation issues. The Debtors say that sufficient cause exists pursuant to Section 1121(d) of the Bankruptcy Code to extend the Exclusivity Periods as provided for at least these five reasons: -- first, the Debtors' Chapter 11 cases are large and complex. As previously discussed, these Chapter 11 cases involve 18 Debtor entities, which have over 2,800 employees, two U.S. pension plans, and approximately $6 billion in funded debt. Complicating matters, the Debtors' business operations rely in part on their international footprint, which extends to over 150 non- Debtor affiliates who operate in countries across the globe. The Debtors' challenges are further compounded by a complex corporate and capital structure as well as a transforming telecommunications industry marked by fierce market competition; -- second, the Debtors have made good faith progress towards exiting Chapter 11. The Debtors have used their previous extensions of the Exclusivity Periods constructively by engaging in ongoing, substantive discussions with their key stakeholder groups and/or their advisors around the terms of their ultimate reorganization. In fact, since the previous extension, the Mediation Parties alongside their respective advisors, participated in successful mediation that resulted in the Global Resolution, the terms of which are set forth in the Debtors’ Second Amended Plan; -- third, an Extension of the Exclusivity Periods will not prejudice creditors. The Debtors are requesting an extension of the Exclusivity Periods in order to confirm and consummate their Second Amended Plan and have these Chapter 11 cases go effective without the distraction from competing plans. In particular, the Court recently approved the Debtors' Disclosure Statement Supplement and entry into the Crossover PSA. Notably, the Crossover PSA, along with the First Lien Plan Support Agreement, provides the Debtors with the unfettered ability to consider alternative restructuring transactions and, if appropriate, terminate those agreements in a manner consistent with their fiduciary duties. The Debtors believe that continued exclusivity will therefore enhance (not hinder) the Debtors' ongoing efforts to complete their restructuring on terms that are in the best interest of these Chapter 11 estates; -- fourth, the Debtors are paying their bills as they come due. Since the Petition Date, the Debtors have paid their vendors and third party partners in the ordinary course of business or as otherwise provided by Court order. There are certain vendors, however, that filed motions requesting payment of administrative expenses. The Debtors initiated an estimation hearing in connection with one of these motions and are evaluating all of these motions and working with these vendors to resolve their claims; ultimately, all claims will be resolved through the Debtors' ongoing claims reconciliation process. -- fifth, the Debtors have demonstrated reasonable prospects for filing a viable plan. Following the Court's approval of their Disclosure Statement supplement and continued solicitation order, the Debtors commenced solicitation on the Second Amended Plan. The Debtors respectfully submit that this fact alone, coupled with the Global Resolution, establishes that the Debtors have a 'reasonable prospect' for prosecuting a confirmable plan and supports the Debtors' requested exclusivity extension. A copy of the Debtors' request is available at: http://bankrupt.com/misc/nysb17-10089-1574.pdf About Avaya Inc. Avaya Inc. is a multinational company that provides communications products and services, including, telephone communications, internet telephony, wireless data communications, real-time video collaboration, contact centers, and customer relationship software to companies of various sizes. The Avaya Enterprise serves over 200,000 customers, consisting of multinational enterprises, small- and medium-sized businesses, and 911 services as well as government organizations operating in a diverse range of industries. It has approximately 9,700 employees worldwide as of Dec. 31, 2016. Avaya Inc. and 17 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The petitions were signed by Eric S. Koza, CFA, chief restructuring officer. Judge Stuart M. Bernstein presides over the cases. The Debtors have hired Kirkland & Ellis LLP as legal counsel; Centerview Partners LLC as investment banker; Zolfo Cooper LLC as restructuring advisor; PricewaterhouseCoopers LLP as auditor; KPMG LLP as tax and accountancy advisor; and The Siegfried Group, LLP, as financial services consultant. Prime Clerk LLC is their claims and noticing agent. On Jan. 31, 2017, the U.S. Trustee for Region 2, appointed an official committee of unsecured creditors. Morrison & Foerster is the creditors committee's counsel. On April 13, 2017, the Debtors filed their joint Chapter 11 plan of reorganization. Stroock & Stroock & Lavan LLP and Rothschild, Inc., serve as advisors to an ad hoc group -- Ad Hoc Crossholder Group -- comprised of holders of the Company's (i) 33.98% of the $3.235 billion total amount outstanding under loans issued pursuant to a Third Amended and Restated Credit Agreement, amended and restated as of December 12, 2012 (the "Prepetition Cash Flow Term Loans"); (ii) 28.38% of the $1.009 billion total principal amount outstanding under notes issued pursuant to an indenture for the 7.00% Senior Secured Notes Due 2019 (the "7.00% First Lien Notes"); (iii) 12.82% of the $290 million total principal amount outstanding under notes issued pursuant to an indenture for 9.00% Senior Secured Notes Due 2019 (the "9.00% First Lien Notes"); (iv) 83.70% of the $1.384 billion total amount outstanding under notes issued pursuant to an indenture for 10.5% Senior Secured Notes Due 2021 (the "Second Lien Notes"); and (v) 24% of the $725 million outstanding under loans issued under the Debtors' debtor-in-possession financing (the "DIP Facility") pursuant to a Superpriority Secured Debtor-In-Possession Credit Agreement, dated as of Jan. 24, 2017. B & B METALS: January 16 Hearing on Amended Disclosure Statement ---------------------------------------------------------------- Judge Thomas L. Perkins of the U.S. Bankruptcy Court for the Central District of Illinois will conduct a hearing on January 16, 2018 at 10:00 a.m., to consider final approval of B & B Metals, Inc.'s amended disclosure statement describing the Debtor's Amended Chapter 11 Plan of Reorganization filed by the Debtor on November 09, 2017. January 6, 2018 will be the last day for filing and serving written objections to the Amended Disclosure Statement. About B & B Metals B & B Metals, Inc., sought Chapter 11 protection (Bankr. C.D. Ill. Case No. 17-80859) on June 9, 2017. The petition was signed by Larry Beam, President. The Debtor estimated assets of less than $100,000 and liabilities of less than $500,000. The Debtor tapped Justin Raver, Esq., at Barash & Everett, LLC, as counsel. Since 2012, the Debtor has been in the business of scrapping semi-trailers, selling various parts including the tires, rims, and suspension equipment as well as refrigeration units and then scrapping the remaining metals and selling to regional scrap yards. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of B & B Metals, Inc. as of July 26, according to a court docket. BCP RENAISSANCE: Fitch Rates $1.25BB Sr. Secured Term Loans 'BB-' ----------------------------------------------------------------- Fitch Ratings has assigned an instrument default rating of 'BB-' and a Recovery Rating (RR) of 'RR3' to BCP Renaissance Parent LLC's (BCP) $1.25 billion senior secured term loans. The Rating Outlook is Stable. The instrument default rating of 'BB-' does not incorporate recovery prospects given a default, consistent with Fitch's Rating Criteria for Global Infrastructure and Project Finance. Fitch has issued a separate RR, which is not typically assigned for project finance transactions, to address a specific need for investors in the term-loan market. The 'RR3' is derived from BCP's valuation as a going concern using a bespoke approach, which is primarily used for entities rated 'B+' and below but can be applied to entities rated in the 'BB' category under certain circumstances. KEY RATING DRIVERS Summary: BCP acquired a minority equity interest in the Rover pipeline project, which consists of a greenfield 713-mile interstate pipeline designed to transport 3.25 billion cubic feet per day (bcfd) of natural gas. Rover benefits from contractual revenues anchored by long-term, fixed-price agreements but remains exposed to potential merchant risk for remarketed capacity in the event of a hypothetical shipper bankruptcy. Rover's strong competitive position, linking natural gas production in the Marcellus and Utica shale gas regions with major markets, minimizes volumetric risks. However, basis differentials and shipper credit quality could erode if market conditions weaken due to oversupply and/or slackening demand. BCP's high level of leverage, initially 8.5x in the sponsor case, is partially mitigated by a flexible repayment structure. The term facility provides for rapid deleveraging in the base case with strong prospects for refinancing the balloon maturity even if revenues are reduced and interest rates rise. Debt service coverage ratios (DSCRs) average 1.23x under the rating case during the tenor of the term loans but average more than 2.0x in the post-refinancing period. The 'RR3' is based on a scenario that assumes a combination of lower capacity prices and marketed volumes that cause Rover's revenues to fall 60% below sponsor case levels, resulting in approximately $90 million of annual distributable cash flow to BCP. Fitch applied an EBITDA multiple of 8x to estimate an enterprise value for BCP of approximately $700 million, which is then divided by the principal of the term loans outstanding at default. The results of the recovery analysis fall within the 51%-70% band of recovery rates that correspond to the 'RR3' rating. CONTRACTED REVENUES, WEAK COUNTERPARTIES Revenue risk primarily reflects the sub-investment-grade credit quality of the shipper counterparties, with revenues split almost evenly between shippers rated at or above the 'BB' level and those that are rated either below the 'BB' level or not rated by Fitch. The pricing structure of the take-or-pay agreements provides revenue stability so long as the shippers remain solvent. In the event that a shipper is unable to meet its commitments, Rover would be forced to remarket capacity at prevailing market rates, which may demonstrate high volatility. The potential for a longer-term reduction in demand and the prospect of competing pipeline development could put downward pressure on the pricing of any remarketed capacity. FIRST MOVER, STRONG ECONOMICS Fitch believes Rover should be able to remarket capacity based on the fundamental economics of the Marcellus and Utica shale production regions, particularly in the near to medium term when Rover represents one of the only available transportation options for the contracted shippers. Rover provides shippers with access to multiple regions of steady industrial demand and gas storage locations such that shipper netbacks would improve considerably versus local markets. The competitive position of Rover should support full utilization of the pipeline system going forward, even if pricing is lower than originally contracted following any potential shipper bankruptcy. MITIGATED COMPLETION RISK BCP is largely insulated from completion risks, which are effectively transferred to Energy Transfer Partners, LP (ETP, BBB-/Stable) under a joint venture agreement. BCP's equity funding obligation is capped at a fixed amount with ETP bearing the responsibility for cost overruns, and ETP has committed to pay delay damages if Rover is not operational by a date certain. Delay risks are further mitigated by the advanced stage of construction and the 13-month scheduling buffer before the threshold dates that would trigger capacity step-downs under the shipper agreements. STABLE EXPECTED OPERATING PROFILE Operation risk is generally low based on the favorable evaluation of the independent engineer, the non-complex nature of the asset, the use of conventional technology, and the operator's extensive experience. Tempering the otherwise low-risk operating profile is the greenfield nature of the pipeline system and the lack of risk transfer from the Rover operating company to third parties. HIGH LEVERAGE, REFINANCING RISK BCP's debt structure includes initially high leverage, variable interest rate risk, and refinancing risk. The term facility employs a partially amortizing structure that triggers a balloon payment at maturity, and BCP's ability to refinance will be dependent upon the efficacy of a cash sweep. Financial metrics are generally robust during the seven-year tenor of the term facility and BCP's project life coverage ratio (PLCR) through Sept. 30, 2037 meets or exceeds 1.2x across various stress scenarios. The structural subordination of BCP's indebtedness is low due to lack of distribution covenants at the Rover operating company in conjunction with restrictions on additional indebtedness and capital expenditure activity. FINANCIAL PERFORMANCE BCP's initially high leverage, 8.5x in the sponsor case and 9.3x in the base case, could fall to 5.6x at maturity if base case conditions are maintained. Fitch's rating case increases the interest rate on the term facility, includes higher operating costs, assumes the issuance of additional indebtedness, and reduces revenues to reflect the high level of merchant risk following any potential shipper bankruptcy. DSCRs average 1.23x under rating case conditions during the tenor of the term facility but average more than 2.0x in the post-refinancing period, reflecting the benefit of the flexible repayment profile and the long-term value of Rover's contracts. Leverage is high at 7.8x in 2024 but rapidly falls due to the cash sweep post-refinancing, such that leverage would fall to 5.2x in 2029. PEER GROUP Fitch has assigned investment-grade ratings to comparable pipeline systems, such as Midcontinent Express Pipeline, LLC (BBB-/Stable) and Ruby Pipeline LLC (BBB-/Stable). BCP's initial leverage exceeds 8.0x, which is considerably weaker than the 3.5x leverage exhibited by higher rated peers that also generally have a stronger mix of shipper counterparties. Additionally, debt at the peer pipelines is directly at the operating level. Fitch recognizes the potential for BCP to rapidly de-lever under the term facility, suggesting that BCP has the capacity to improve the capital structure over time if economic conditions are favorable and the shipper contracts remain in force. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Negative Rating Action: -- Increased exposure to merchant risk following a hypothetical shipper bankruptcy, such that Rover is forced to remarket capacity at lower-than-contracted pricing. -- Adverse market conditions that interfere with BCP's ability to meet target amortization levels and/or refinance the balloon maturity in 2024, particularly if leverage exceeds 7.5x. -- Additional indebtedness at Rover that is not offset by an increase in revenue, such that cash distributions to BCP fall below base case levels. Future Developments That May, Individually or Collectively, Lead to Positive Rating Action: -- Financial performance that allows BCP to consistently meet targeted amortization and reduce leverage below 5.0x. -- Improvement in the credit quality of the shipper counterparties to the 'BB' rating category, such that the proportion of contracted revenue exceeds 75% of total projected revenue. TRANSACTION SUMMARY BCP Renaissance Parent LLC is a special purpose company created to finance and acquire a minority equity interest in the Rover pipeline project, which consists of a greenfield 713-mile interstate pipeline designed to transport 3.25 bcfd of natural gas. The pipeline is primarily situated in northern Ohio, extending from the Vector Pipeline interconnection in southeastern Michigan to Ohio's eastern border, with laterals reaching into West Virginia and Pennsylvania. The project has contracted 98% of the pipeline's capacity with nine natural gas producers/shippers under long-term take-or-pay agreements with 15-20-year terms. ETP, which is managing the development and construction of the pipeline, will operate the completed project. The $1.25 billion senior secured term loan financed the sponsor's acquisition of a 32.435% ownership interest in the Rover pipeline from ETP, the previous majority owner. The proceeds of the financing funded the acquisition payment, the sponsor's share of construction costs, interest during construction, and the debt service reserve. In its base case, Fitch applied a 10% reduction to spot revenues and all revenues associated with speculative-grade shippers. The reduction recognizes the potential for a shipper bankruptcy and is approximately equivalent to the loss of all merchant revenues, or the revenues associated with one of the speculative grade shippers other than Ascent Utica. DSCRs average 1.78x during the tenor of the term facility and 3.37x post-refinancing, as leverage declines to 5.6x in 2024 with a PLCR of 1.61x. In 2024, Fitch assumes an effective extension of the term facility and the cash sweep at an all-in average interest rate of approximately 7.25%. Fitch has also run breakeven analyses on key factors with the following results: -- O&M costs increasing by 300% reduces DSCRs below 1x; -- Spot revenues and all revenues associated with speculative- grade shippers fall by 40%, resulting in breakeven DSCR coverages across the seven-year tenor of the term facility; -- Revenues fall by 38% to reach a PLCR of 1.00x in 2024; -- Loss of 92% of the capacity sold to Ascent Utica, Rover's largest counterparty by projected revenue, due to bankruptcy and sale of remarketed capacity at a deep discount. The breakeven results illustrate that BCP remains resilient in extreme cases where significant operational and commercial stresses are applied. Fitch assumes the following combination of stresses to develop its rating case: -- BCP is assumed to immediately exercise its option to issue an additional $50 million of term loans; -- LIBOR is assumed to gradually increase from current rates before reaching a plateau of 4% in 2022. The increase in interest rates ranges from 100-150bps versus the sponsor's assumptions; -- The refinancing rate is increased to 8% for the duration of the refinancing period; -- An increase of 10% is applied to all operating expenses and maintenance capital expenditures; -- A 15% reduction in spot revenues and all revenues associated with speculative-grade shippers. DSCRs average 1.23x under rating case conditions during the tenor of the term facility but average more than 2.0x in the post-refinancing period, reflecting the benefit of the flexible repayment profile and the long-term value of the shipper contracts. Despite the combination of financial and operating stresses with revenue reductions, BCP's PLCR remains at 1.16x in 2024. Leverage is high at 7.8x in 2024 but rapidly falls due to the cash sweep, which reduces leverage to 5.2x in 2029. Fitch views the rating case as a severe scenario in which a near-term market correction effectively eliminates spot revenues and drives the bankruptcy and irrevocable loss of one of Rover's shippers. The market correction is assumed to persist throughout the entire term of the contracts and is accompanied by a sharp increase in interest rates that also persists indefinitely. Notwithstanding these conditions, BCP issues additional indebtedness in a high interest rate environment. Fitch views BCP's financial performance under these conditions as consistent with the 'BB-' rating. Recovery Fitch's recovery analysis considers a combination of lower capacity prices and marketed volumes that cause Rover's revenues to fall 60% below sponsor case levels, resulting in approximately $90 million of distributable cash flow to BCP. The debt service reserve would be depleted such that default occurs at the term loans' maturity in 2024. The reduced level of cash flow is assumed to persist indefinitely and represents BCP's fractional share of Rover's EBITDA in a distressed market environment. Fitch applied an EBITDA multiple of 8.0x, which is above the 6.3x median enterprise valuation multiple for the energy sector as reported in Fitch's publication "Energy, Power and Commodities Bankruptcy Enterprise Value and Creditor Recoveries" dated January 2017. The elevated multiple for BCP recognizes that natural gas pipeline assets typically represent critical energy infrastructure that is difficult to replicate and generally retains significant underlying operational value even in times of financial distress. Reorganization multiples can vary widely based upon the commodity price environment on emergence as well as company-specific factors that lead to restructuring, including full-cycle cost positions, untenable capital structures, or debt-funded M&A activity. Bankruptcy and reorganization within the midstream energy sector, and more specifically for interstate natural gas pipelines, tends to be infrequent. As such, comparable multiple data is limited. Fitch views the 8x EBITDA multiple as reasonable based on the limited multiples observed in pipeline sector bankruptcies with assets similar to that of Rover. SEMGroup, a midstream services provider of energy transportation and storage services that filed for bankruptcy in 2008, demonstrated an enterprise value/post-emergence EBITDA multiple of 7.9x. More recently, the Azure Midstream Partners, LP and Southcross Holdings, LP bankruptcies implied estimated EBITDA multiples of 7.0x and 3.5x, respectively. Fitch applied the 8x EBITDA multiple to estimate an enterprise value for BCP of approximately $700 million, which is then divided by the principal of the term loans outstanding at default. The results of the recovery analysis fall within the 51%-70% band of recovery rates that correspond to the 'RR3' rating. BCP Renaissance Parent L.L.C. was formed by Blackstone Energy Partners II L.P. and Blackstone Capital Partners VII L.P. as the vehicle to acquire and finance Blackstone's investment in Energy Transfer Partners, L.P.'s Rover natural gas pipeline. BEBE STORES: Stockholders Elected Five Directors to Board --------------------------------------------------------- An annual meeting of shareholders for bebe stores inc. was held in Los Angeles, California, on Nov. 29, 2017, at which the shareholders elected Brett Brewer, Corrado Federico, Robert Galvin, Seth Johnson and Manny Mashouf as directors. The shareholders also approved: (a) the compensation of the Company's named executive officers; (b) the three year frequency of future advisory votes on executive compensation; and (c) an amendment to the Amended and Restated Bylaws to reduce the minimum size of the Board of Directors from five members to three members and the maximum size from nine members to five members, with the final decision whether to proceed with the filing of the amendment to be determined by the Board of Directors, in its discretion, following stockholder approval, but not later than Dec. 15, 2018. About bebe stores inc. Based in Brisbane, California, bebe stores inc. (NASDAQ: BEBE) -- http://www.bebe.com/-- is a women's retail clothier established in 1976. The brand develops and produces a line of women's apparel and accessories, which it markets under the Bebe, BebeSport, and Bebe Outlet names. Manny Mashouf founded bebe stores, inc. and has served as chairman of the Board since the Company's incorporation in 1976. Mr. Mashouf became the chief executive officer starting February 2016. He previously served as the Company's CEO from 1976 to February 2004 and again from January 2009 to January 2013. Mr. Mashouf is the uncle of Hamid Mashouf, the Company's chief information officer. The Company operated brick-and-mortar stores in the United States, Puerto Rico and Canada. The Company had 142 retail stores before ending all retail operations in the U.S. by May 27, 2017. As of July 1, 2017, the Company had no remaining stores and had fully impaired, all of its remaining long-lived assets at its corporate offices and distribution center because of the shut-down of its operations. bebe stores reported a net loss of $138.96 million on $0 of net sales for the fiscal year ended July 1, 2017, compared to a net loss of $27.48 million on $0 of net sales for the fiscal year ended July 2, 2016. As of Sept. 30, 2017, bebe stores had $30.87 million in total assets, $39.21 million in total liabilities and a total shareholders' deficit of $8.34 million. The report from the Company's independent registered public accounting firm Deloitte & Touche LLP, in San Francisco, California, for the year ended Dec. 31, 2016, includes an explanatory paragraph stating that the Company has incurred recurring losses from operations and negative cash flows from operations and expects significant uncertainty in generating sufficient cash to meet its obligations and sustain its operations, which raises substantial doubt about its ability to continue as a going concern. BERNSOHN & FETNER: Taps Mayerson as Legal Counsel ------------------------------------------------- Bernsohn & Fetner LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Mayerson and Hartheimer PLLC as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; negotiate with creditors; give advice regarding any potential sale of its assets; and assist in the preparation of a bankruptcy plan. The firm charges $600 per hour for the services of its members, $350 per hour for other attorneys and $100 per hour for paralegals. Mayerson received $35,000 from the Debtor as retainer. David Hartheimer, Esq., disclosed in a court filing that the firm's attorneys are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. Mayerson can be reached through: David H. Hartheimer, Esq. Sandra E. Mayerson, Esq. 845 Third Avenue, 11th Floor New York, NY 10022 Phone: (646) 778-4380 Email: david@mhlaw-ny.com Email: sandra@mhlaw-ny.com About Bernsohn & Fetner LLC Bernsohn & Fetner, LLC -- http://www.bfbuilding.com/-- is a full-service construction management and general contracting firm dedicated to residential, corporate, and retail construction. Bernsohn also offers maintenance service for major New York buildings. The Company was founded in 2003 by Steven Fetner and Randall Bernsohn. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-23707) on November 7, 2017. Steven Fetner, managing member, signed the petition. At the time of the filing, the Debtor disclosed $1.735 million in assets and $920,000 in liabilities. The Debtor had no secured debt. Judge Robert D. Drain presides over the case. BIG TIME HOLDINGS: Ch. 11 Trustee Hires Rosenberg Musso as Attorney ------------------------------------------------------------------- Robert J. Musso, Esq., the Chapter 11 Operating Trustee of the estate of Big Time Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Rosenberg, Musso & Weiner, LLP, as his attorneys to assist him in the administration of the estate. The primary asset is real property located at 200-15 Linden Blvd, Queens, New York. The property is occupied by a commercial tenant on the first floor and upon information and belief the second floor is occupied by Andrew Jones, Esq., the husband of Monique Jones the sole member of the Debtor. Counsel will need to insure rent is being paid as well as collection of any arrears that may be due to the estate. Counsel will assist and represent the Trustee in the most efficient manner to administer the real property Bruce Weiner, Esq. attests that he and his firm are "disinterested" as such term is defined by Section 101(14) of the Code with respect to the Debtor and the estate. The hourly rate for partners is $650.00 and the hourly rate for associates is $500.00. These rates are comparable to the billing rates of other experienced bankruptcy attorneys for the kind of services to be rendered. The Attorney can be reached through: Bruce Weiner, Esq. Rosenberg, Musso & Weiner, LLP 26 Court Street, Suite 2211 Brooklyn, NY 11242 Phone: 718-855-6840 Toll Free: 800-297-6840 Fax: 718-625-1966 About Big Time Holdings, LLC Big Time Holdings, LLC, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-40960), on March 1, 2017. The petition was signed by Andrew Jones, President. At the time of filing, the Debtor had both assets and liabilities estimated to be between $100,000 to $500,000. The case is assigned to Judge Nancy Hershey Lord. The Debtor is represented by David Y. Wolnerman, Esq. at White & Wolnerman PLLC. BILLNAT CORP: Ombudsman Makes Recommendations on IP Sale -------------------------------------------------------- Luis Salazar, the duly-appointed Consumer Privacy Ombudsman of the estate of BillNat Corporation, submits a report to the U.S. Bankruptcy Court for the Eastern District of Michigan concerning the sale of certain intellectual property. On October 13, 2017, BillNat filed a Sale Motion, which, among other things, sought approval of the Asset Purchase Agreement between the Debtor and Woodward Detroit CVS, L.L.C., concerning the sale of certain intellectual property including customer files and related data, as well as contact information and email addresses, and other purchasing history and related information. The Ombudsman finds that BillNat owns and operates convenient stores and pharmacies under the corporate name Sav-On Drugs. BillNat agreed that the Intellectual Property may contain "Personally Identifiable Information" or "PII" and "Protected Health Information" or "PHI." BillNat utilizes Health Business Systems, Inc. to maintain the PHI. Health Business Systems reported that there are 547,189 patient files in use by Sav-On Drugs as of October 31, 2017. The Ombudsman also finds that BillNat gathered Customer PII and PHI solely through its Sav-On Drugs locations. BillNat's website also provided information for customers to join the Sav-On Rewards Club, but were instructed to complete the form and submit same at a store location. In any event, the same Privacy Policy was provided or made available to all customers. The Customer PII and PHI will be used to reach out to consumers and advise them of the purchase. In addition, The Ombudsman determines that CVS’ Privacy Policy is at least as stringent as the Sav-On Privacy Policy. Accordingly, the Ombudsman recommends that the Court may approve the proposed sale and transfer of the Customer PII and PHI subject to the following conditions to be set forth in any sale order: (a) Customer PII may be sold and transferred, provided that BillNat demonstrates that each sale transfer is to a Qualified Buyer, which means an entity that: (a) concentrates its business in the pharmacy health care provider industry; and (b) agrees to treat the Customer PII and PHI under privacy standards at least as stringent as those of the Debtor; (b) PHI may be sold and transferred, provided that BillNat demonstrates that each sale transfer is to a Covered Entity, which is defined under the Health Insurance Portability and Accountability Act of 1996 as health plans, health care providers, and health care clearinghouses. BillNat is considered a health care provider and, therefore, a Covered Entity; (c) The Covered Entity must comply with their respective obligations with respect to the transfer of confidential patient information to ensure that any such transfer is in compliance with applicable privacy law and regulation, including but not limited to HIPAA, Michigan state law, and associated privacy and security Rules promulgated pursuant to such laws; (d) BillNat and the Qualified Buyer/Covered Entity must comply with their obligations with respect to the transfer of confidential patient information to ensure that any such transfer is in compliance with applicable privacy law and regulation, including but not limited to HIPAA, Michigan state law, and associated privacy and security Rules promulgated pursuant to such laws; (e) BillNat and the Qualified Buyer agree to provide notice to any consumer whose Customer PII is being sold and transferred. That notice may be provided by a posting on BillNat's website or in any initial contact email or communication; (f) BillNat is not required to obtain patient's consent to sell or transfer PHI so long as PHI is sold or transferred to another Covered Entity. BillNat must obtain patient consent to transfer PHI to non-Covered Entity; (g) The Court should prohibit the transfer of PHI to any entity that is neither: (i) a Covered Entity, nor (ii) a secure records storage facility unless the Ombudsman has had an opportunity to review such transfer and issue a supplemental report; (h) The Qualified Buyer/Covered Entity shall file a certification within 30 days confirming their compliance with the conditions the Court may impose, or the Court may direct the Ombudsman to file a final report confirming such compliance; and (i) BillNat and the Qualified Buyer agree to provide consumers with an opportunity to opt-out of the transfer of Customer PII as part of the notification process, to the extent required by law. If for any reason the Customer PII and/or the PHI is sold to any other entity that would not meet the requirements of Qualified Buyer or Covered Entity, then the Court should require that: (a) The purchaser must, at a minimum, agree to abide by or substantially meet the standards of BillNat's existing privacy policies; (b) The purchaser must agree to ensure that any such transfer is in compliance with applicable privacy law and regulation, including but not limited to the HIPAA, Michigan state law, Federal regulations, and associated privacy and security rules promulgated pursuant to such laws; (c) BillNat and the purchaser must provide notice to any consumer whose PII it holds of the proposed transfer; and (d) To the extent purchaser is not a Covered Entity, BillNat and the purchaser must obtain patient's consent prior to transferring such patient's PHI. Otherwise, patient's consent is not necessary so long as purchaser is a Covered Entity. A full-text copy of the Ombudsman's Report, dated November 14, 2017, is available at https://tinyurl.com/y7vfkbkv Consumer Privacy Ombudsman can be reached at: Salazar Law 2000 Ponce de Leon Blvd, Penthouse Coral Gables, Florida 33134 Telephone: (305) 374-4848 Facsimile: (305) 397-1021 Email: Luis@Salazar.law About BillNat Corp. BillNat Corporation operates 20 retail pharmacies from leased facilities in Southern Michigan under the name "Sav-On Drugs". It was solely owned by Mr. William G. Newman until all of its capital stock was acquired by the Frank W. Kerr Company in exchange for Mr. Newman receiving additional shares of Kerr in a transaction that closed in August 2015, but was retroactively effective as of Dec. 15, 2014. Novi, Michigan-based Frank W. Kerr Company filed a Chapter 7 petition on Aug. 23, 2016. The Debtor consented to and the Court entered an order for relief under Chapter 11, converting the case to a Chapter 11 proceeding (Bankr. E.D. Mich. Case No. 16-51724) on Sept. 19, 2016. Kerr tapped McDonald Hopkins PLC as counsel. Epiq Bankruptcy Solutions, LLC, serves as the Debtor's noticing, claims and balloting agent. The Debtor hired Conway Mackenzie Management Services, LLC, as restructuring consultant and Jeffrey K. Tischler as chief restructuring officer. BillNat Corporation filed a petition seeking relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mich. Case No. 17-54357) on Oct. 13, 2017. BillNat estimated assets of $10 million to $50 million and debt of $50 million to $100 million. The case judge is the Hon. Maria L. Oxholm. On Nov. 9, the U.S. Trustee, Deniel M. McDermott, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Billnat Corporation. The committee members are: (1) Curt Johnson, Credit Manager (Committee Chair) and (2) Michelle Konwinski, Controller. The official committee of unsecured creditors retained Lowenstein Sandler LLP as lead counsel; Wolfson Bolton PLLC as local counsel; and BDO USA, LLP, as financial advisor. BIOSCRIP INC: Appoints Tony Lopez as VP & Chief Accounting Officer ------------------------------------------------------------------ Tony Lopez was appointed as the vice president, chief accounting officer and controller of Bioscrip, Inc., effective Nov. 29, 2017. Mr. Lopez, 51, has over 30 years of experience as a client service provider, financial statement preparer, auditor, standard setter and regulator. From 2012 to 2017, Mr. Lopez served as Partner Emeritus/Director and from 2008 to 2010 as a partner at KPMG LLP, where he provided accounting and forensic advisory support on US GAAP accounting, IFRS, litigation support and related matters. From 2010 to 2012, he served as deputy chief auditor at the Public Company Accounting Oversight Board. From 2006 to 2008 he served as Senior Managing Director -- SEC and Accounting Advisory Leader for FTI Consulting, and from 2003 to 2006 was an associate chief accountant in the office of the chief accountant at the United States Securities and Exchange Commission. He previously served positions with PricewaterhouseCoopers LLP, the Financial Accounting Standards Board and as a vice president of two Fortune 100 companies. The Company has provided to Mr. Lopez an offer letter, dated as of Nov. 29, 2017, that provides for Mr. Lopez's salary and benefits. Mr. Lopez's annual salary will be $275,000, and he is eligible to participate in the Company's Share the Rewards Incentive Plan. Mr. Lopez is eligible for a bonus of up to 40% of his base salary, in accordance with the terms of the Incentive Plan. Subject to the approval of the Compensation Committee, Mr. Lopez will be granted options to purchase 52,126 shares of the Company's common stock. If granted, the options will vest at a rate of one-third per year over three years commencing on the first anniversary of the grant date. Mr. Lopez will be permitted to participate in all employee benefits plans, policies, and practices now or hereafter maintained by or on behalf of the Company, commensurate with his position and level of individual contribution, if and to the extent he is eligible pursuant to the terms of such plans, policies, and practices, which may be modified by the Company at its discretion. The Company and Mr. Lopez also executed a Severance Agreement in connection with the Offer Letter, which provides that, subject to certain conditions, if Mr. Lopez's employment is terminated by the Company other than for "Cause," as defined in the Severance Agreement, or by Mr. Lopez for "Good Reason," as defined in the Severance Agreement, Mr. Lopez will be entitled to receive salary continuation payments for 52 weeks following the date he executes the Company's standard Separation and Release Agreement. About BioScrip, Inc. Headquartered in Denver, Colo., BioScrip, Inc. is a national provider of infusion service that partners with physicians, hospital systems, skilled nursing facilities and healthcare payors to provide patients access to post-acute care services. The Company operates with a commitment to bring customer-focused infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, the Company aims to provide cost-effective care that is driven by clinical excellence, customer service and values that promote positive outcomes and an enhanced quality of life for those whom it serves. Visit http://www.bioscrip.comfor more information. BioScrip incurred a net loss attributable to common stockholders of $50.59 million for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $309.51 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Bioscrip had $590.24 million in total assets, $588.80 million in total liabilities, $2.73 million in series A convertible preferred stock, $76.70 million in series C convertible preferred stock, and a total stockholders' deficit of $77.99 million. * * * Moody's Investors Service affirmed BioScrip, Inc.'s 'Caa2' Corporate Family Rating. BioScrip's Caa2 CFR reflects the company's very high leverage and weak liquidity, as reported by the TCR on Aug. 3, 2017. In July 2017, S&P Global Ratings affirmed its 'CCC' corporate credit rating on BioScrip Inc. and removed the rating from CreditWatch, where it was placed with negative implications on Dec. 16, 2016. The outlook is positive. "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." BON-TON STORES: Pays Top Management $1.9M Retention Awards ---------------------------------------------------------- The Bon-Ton Stores, Inc. paid a total of $1.98 million retention awards to three of its named executive officers in consideration their "exceptional" performance as follows: Named Executive Officer Cash Retention Award ----------------------- -------------------- William X. Tracy $900,000 President & Chief Executive Officer Nancy A. Walsh $600,000 Executive Vice President - Chief Financial Officer Stephen R. Byers $485,000 Executive Vice President - Stores, Visual & Loss Prevention With the authorization of Bon-Ton Stores' Board of Directors, the Company entered into retention award agreements with certain senior officers, including named executive officers, of the Company on or about Nov. 24, 2017. "The Board determined that each of these employee's performance of his or her duties has been and continues to be exceptional and highly valuable to the Company and the continuation of the employee's performance of these duties is critically important to the Company's ability to manage successfully its business, particularly in light of the challenging business environment facing the Company," the Company stated in a Form 8-K filed with the Securities and Exchange Commission. The Retention Agreements provide that the selected employee is paid, contemporaneously upon entering into the Agreements, a cash award that is subject to repayment by the employee if the employee's employment is terminated under certain circumstances prior to Jan. 1, 2019. In the event that the employee's employment is terminated prior to Jan. 1, 2019 due to a termination by the Company for "Cause" or any termination by the employee other than for "Good Reason", the employee must repay to the Company the entire amount of the Award. In the event that the employee's employment by the Company is terminated prior to Jan. 1, 2019 due to the employees' death or disability, a termination by the Company without Cause or a termination by the employee for Good Reason, the employee is not obligated to repay to the Company any amount of the Award. About The Bon-Ton Stores, Inc. The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 260 stores, which includes nine furniture galleries and four clearance centers, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. The Bon-Ton Stores, Inc. is an active and positive participant in the communities it serves. For further information, please visit http://investors.bonton.com. Bon-Ton Stores reported a net loss of $63.41 million for the year ended Jan. 28, 2017, a net loss of $57.05 million for the fiscal year ended Jan. 30, 2016, and a net loss of $6.97 million for the year ended Jan. 31, 2015. As of Oct. 28, 2017, Bon-Ton Stores had $1.58 billion in total assets, $1.74 billion in total liabilities and a total shareholders' deficit of $155.96 million. * * * As reported by the TCR on Nov. 27, 2017, S&P Global Ratings lowered its corporate credit rating on the York, Pa.-based department store operator The Bon-Ton Stores Inc. to 'CCC' from 'CCC+'. The outlook is negative. "The downgrade reflects our view that Bon-Ton could pursue a debt restructuring to address its capital structure over the next 12 months. We believe Bon-Ton's existing capital structure is unsustainable given our expectation for persistently negative free operating cash flow, continued pressure on operating performance, and diminishing revolver excess availability over time. There are no maturities over the next 12 months. Also in November 2017, Moody's Investors Service downgraded The Bon-Ton Stores Inc.,'s Corporate Family Rating to Caa3 from Caa1. The downgrade reflects the high likelihood of a distressed exchange to reduce its debt obligations and improve the company's long term liquidity profile. BOND AND COMPANY: Plan Filing Deadline Extended Through Jan. 12 --------------------------------------------------------------- The Hon. Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida has extended, at the behest of Bond and Company, Jewelers Inc., the deadline by which the Debtor has to file its plan and disclosure statement is extended through and including Jan. 12, 2018. The 120-day time period during which the Debtor has the exclusive right to propose and file a plan of reorganization is extended through and including Jan. 12, 2018. The exclusivity period during which only the Debtor may solicit acceptances of a plan of reorganization is extended through and including the completion of the hearing on confirmation of the Debtor's timely-filed plan. About Bond and Company Jewelers Inc. Headquartered in St. Petersburg, Florida, Bond and Company, Jewelers, Inc. -- dba Bond Jewelers, Bond Diamonds, and Pandora -- sells various kinds of jewelries with store branches in St. Petersburg, Brandon and Sarasota Florida. bonddiamonds.com, a dynamic online jewelry commerce site, is the online marketing arm of Bond Diamonds and Bond Jewelers. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 17-06561) on July 27, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Marvin K. Shavlan, its president. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as the Debtor's bankruptcy counsel. The Debtor hired CBIZ MHM, LLC as its accountant. BOWLING GREEN: U.S. Trustee Forms Three-Member Committee -------------------------------------------------------- William T. Neary, U.S. Trustee for the Northern Dsitrict of Texas, on Nov. 28 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Preferred Care Inc. and its affiliates. The committee members are: (1) PharMerica Corporation c/o Robert E. Dries, EVP and CFO 1901 Campus Place Louisville, Kentucky 40299 Tel: (502) 627-7000 E-mail: robert.dries@pharmerica.com (2) Healthcare Services Group, Inc. c/o Patrick J. Orr, SVP of Financial Services 3220 Tillman Drive, #300 Bensalem, Pennsylvania 18940 Tel: (215) 688-4359 Fax: (215) 688-4361 E-mail: porr@hcsgcorp.com (3) Cecil Gary c/o Sarah Ware, Legal Guardian 110 Charles Avenue Kevil, Kentucky 42053 Tel: (270) 519-3983 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Bowling Green Bowling Green Health Facilities, L.P., dba Bowling Green Nursing and Rehabilitation Center, and its affiliates, including Preferred Care Inc., filed voluntary protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex., Lead Case No. 17-44641) on Nov. 13, 2017. Bowling Green Nursing and Rehabilitation Center -- http://www.bowlinggreennursing.com/-- is a nursing home in Bowling Green, Kentucky. It is a small facility with 66 beds and has for-profit, corporate ownership. Bowling Green Nursing and Rehabilitation Center is not part of a continuing care retirement community. It participates in Medicare and Medicaid. The case is assigned to Hon. Russell F. Nelms. The Debtors' counsel is Stephen A. McCartin, Esq., and Mark C. Moore, Esq., at Gardere Wynne Sewell LLP, in Dallas, Texas. Bowling Green's Estimated Assets is $1 million to $10 million and Estimated Liabilities is $1 million to $10 million. The petitions were signed by Robert J. Riek, manager of general partner. C SWANK ENTERPRISES: Hunter to be Paid Over 7 Years at 3.75% ------------------------------------------------------------ C Swank Enterprises, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a third amended disclosure statement dated Nov. 13, 2017, to accompany the Debtor's modified third amended plan dated Nov. 13, 2017. Class 11, Hunter Truck Sales & Service is the lien holder of 8 equipment finance contracts. These vehicles were sold to the Debtor by Hunter Truck Sales & Service as a vendor. They were financed through Paccar. Hunter Truck sales and Service was "on recourse" as part of the financing. When the Debtor filed the bankruptcy, Hunter Truck Sales & Service paid the balance of the loans to Paccar in exchange for purchasing the primary security interests over the vehicles, as agreed to by the parties and as expressly ordered by the Court. Thus, Hunter Truck Sales & Service holds the primary secured lien on: A. 2016 Peterbilt 367-1NPTL40X1GM308535-RF# 73 B. 2016 Peterbilt 367-1NPTL40X5GM308537-RF# 74 C. 2016 Peterbilt 367-2NPTL40X5GM308527-RF# 75 D. 2013 Peterbilt 388-1NPWX4EX9DD178788-RF# 38 E. 2013 Peterbilt 388-1NPWX4EX7DD178787-RF# 37 F. 2013 Peterbilt 388-1NPWX4EX8DD178778-RF# 56 G. 2013 Peterbilt 388-1NPWX4EX8DD178779-RF# 57 H. 2015 Peterbilt -1NPWL40X3FD251417-RF# 50 The amount will be paid in full over seven years at a fixed interest rate of 3.75%. Any class 16 general unsecured creditors will be paid in full on the Plan Effective Date without interest. The Debtor believes there are no unsecured creditors. The Plan does not contemplate any distribution to such creditors by the Debtor. Rather, these creditors will receive payments from the third party borrower. Provided the third party fully performs, the Class 17 claims -- Creditors who have claims arising from Guaranties of related entities -- will be deemed paid, and no further sums shall be owed by Debtor. Additionally, so long as the third party makes payments and otherwise fulfills its obligations, the Class 17 creditors will be enjoined from taking any action against the Debtor so long as the third party from which payment is to be made in fact makes such payments and otherwise fulfills its obligations to the Class 17 creditors. Upon confirmation of the Plan, the obligations of the Debtor, any third party obligors, and the Class 17 creditors will be governed by the applicable agreements, contracts and other documents between them, except as expressly modified by the Plan. In the event the third party fails to perform, the injunction will be dissolved automatically, and the Allowed Claim of the Class 17 creditor will then be treated as a General Unsecured Class 16. The holder of a Class 17 Allowed Claim may exercise any and all available rights and remedies they may have under the applicable agreements, contracts and/or other documents and applicable law against the third party obligor to recover the balances owed in connection with their Class 17 Claims. Any amounts recovered from any third party shall serve to reduce the amount of such holder’s Allowed Class 17 Claim. The Debtor's rights against any third party obligor, including for indemnification and/or contribution, are fully reserved and preserved under the Plan. The Plan will be funded by $8,409.88 in cash on hand as Sept. 27, 2017, and $87,000 in cash on hand as of the confirmation date. The Effective Date of Plan is 15 days following entry of the court order confirming the Plan. A copy of the Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/pawb16-23451-302.pdf As reported by the Troubled Company Reporter on Oct. 19, 2017, the Debtor filed with the Court its latest disclosure statement to accompany its plan of reorganization, dated Oct. 10, 2017, which proposed that the Class 3 secured claim of Paccar Financial -- totaling $583,700.76 -- would be paid in full over seven years with a fixed interest rate of five 5%. About C Swank Enterprises Headquartered in Apollo, Pennsylvania, C Swank Enterprises, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 16-23451) on Sept. 15, 2016, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Carol A. Swank, managing member. Judge Carlota M. Bohm presides over the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the Debtor's bankruptcy counsel. The Debtor has no unsecured creditor, according to its Chapter 11 petition. CBK FUTURES: Hires Wickens Herzer Panza Cook as Counsel ------------------------------------------------------- CBK Futures, Inc. seeks authority from the United States Bankruptcy Court for the Northern District of Ohio in Cleveland to employ Wickens, Herzer, Panza, Cook & Batista Co. as counsel. General legal services required of WHP are: (a) counsel the Debtor on its obligations and duties; (b) execute the Debtor's decisions by filing with the Court motions, objections, and other relevant documents, as necessary; (c) appear before the Court on all matters in the case relevant to the interests of the Debtor; (d) assist the Debtor in the administration of the Debtor's chapter 11 case; and (e) take such other actions as are necessary to protect the rights of the Debtor's estates. The firm's billing rates are: Senior Attorney $235 - $480 Of Counsel Attorney $250 - $385 Associate Attorney $185 - $280 Paralegals $80 Law Clerks $75 - $105 Christopher W. Peer attests that WHP is a "disinterested person" as that term is defined in section 101(14) and his firm does not hold any interest materially adverse to the Debtor or its estate. The Counsel can be reached through: Christopher W. Peer, Esq. John A. Polinko, Esq. WICKENS, HERZER, PANZA, COOK & BATISTA CO. 35765 Chester Road Avon, OH 44011-1262 Phone: (440) 695-8000 Fax: (440) 695-8098 E-mail: Cpeer@wickenslaw.com JPolinko@WickensLaw.com About CBK Futures, Inc. CBK Futures, Inc., is a privately held company in Westlake, Ohio, in the restaurants management business. The company is an affiliate of Unique Ventures Group, LLC, which sought bankruptcy protection (Bankr. W.D. Pa. Case No. 17-20526) on Feb. 13, 2017. CBK Futures, Inc. filed a Chapter 11 petition (Bankr. N.D. Ohio Case no. 17-16795) on November 17, 2017. The petition was signed by Dennis P. Zarrelli, vice president. The Debtor is represented by Christopher W. Peer, Esq. and John A. Polinko, Esq. at Wickens, Herzer, Panza, Cook & Batista Co. as counsel. Judge Jessica E. Price Smith presides over the case. At the time of filing, the Debtor estimates $500,000 to $1 million in assets and $1 million to $10 million in liabilities. CBK FUTURES: Taps Wickens Herzer as Legal Counsel ------------------------------------------------- CBK Futures, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Wickens, Herzer, Panza, Cook & Batista Co. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Senior Attorney $235 - $480 Of Counsel Attorney $250 - $385 Associate Attorney $185 - $280 Paralegals $80 Law Clerks $75 - $105 Christopher Peer, Esq., and John Polinko, Esq., the attorneys who are expected to handle the case, will charge $300 per hour and $300 per hour, respectively. Mr. Peer disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher W. Peer, Esq. John A. Polinko, Esq. Wickens, Herzer, Panza, Cook & Batista Co. 35765 Chester Road Avon, OH 44011-1262 Phone: (440) 695-8000 Fax: (440) 695-8098 Email: Cpeer@wickenslaw.com Email: JPolinko@WickensLaw.com About CBK Futures Inc. CBK Futures, Inc. is a privately-held company in Westlake, Ohio in the restaurants management business. It sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 17-16795) on November 17, 2017. Dennis P. Zarrelli, its vice-president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge Jessica E. Price Smith presides over the case. CBK Futures is an affiliate of Unique Ventures Group, LLC, which sought bankruptcy protection (Bankr. W.D. Pa. Case No. 17-20526) on Feb. 13, 2017. CCT COMMUNICATIONS: Did Not Commit Breach of Purchase Agreement --------------------------------------------------------------- In the case captioned CCT COMMUNICATIONS, INC., v. ZONE TELECOM, INC., (SC 19574) (Conn.), the Supreme Court of Connecticut reversed the judgment of the trial court which ruled in favor of defendant Zone Telecom, Inc. The plaintiff, CCT Communications, Inc., appeals from the judgment of the trial court rendered in favor of the defendant, Zone Telecom, Inc., on the plaintiff's complaint and the defendant's counterclaim for damages and declaratory judgment. The case arises from a purchase agreement entered into by the parties in which the plaintiff was to provide various equipment, software, and services to the defendant for a telecommunications switch room located in Los Angeles, California. On appeal, the plaintiff claims that the trial court incorrectly rendered judgment in favor of the defendant on the plaintiff's complaint and the defendant's counterclaim. Specifically, the plaintiff asserts that the trial court incorrectly (1) concluded that it breached the purchase agreement by filing a petition for bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code; (2) determined that a letter from the defendant dated Feb. 5, 2007, was an effective exercise of the defendant's right to terminate the purchase agreement, (3) failed to award the plaintiff certain damages on count one of its complaint, and (4) awarded the defendant damages, costs, and attorney's fees in excess of a limitation of liability clause in the purchase agreement. The Court agrees that the trial court incorrectly concluded that the plaintiff's bankruptcy petition constituted a breach of the purchase agreement and permitted the defendant to terminate that agreement. In its memorandum of decision, the trial court appeared to misunderstand the nature of the defendant's breach of contract counterclaim, construing it as alleging that the plaintiff had breached the purchase agreement by filing for bankruptcy protection. The court then spent seventeen pages parsing the bankruptcy code, ultimately concluding that the relevant provisions did not preclude the defendant from exercising its contractual right to terminate the purchase agreement. The trial court's articulation also did little to clarify the basis for its decision or to dispel the ambiguities identified by the parties. Although one can read the tea leaves in different ways, the fact that the trial court repeatedly has stated that it found breach of contract on the basis of bankruptcy, but studiously has avoided making any clear, express statement that it also found a breach for failure to provide service, strongly favors the plaintiff's interpretation of the decision. In any event, having canvassed the full trial record and reviewed the parties' arguments on reconsideration, the Court is persuaded that the court's memorandum of decision, without additional findings, is simply insufficient to support a conclusion that the plaintiff breached the purchase agreement by failing to provide adequate service. A full-text copy of the Court's Opinion dated Nov. 21, 2017, is available at https://is.gd/FElufk from Leagle.com. Joseph K. Scully -- jkscully@daypitney.com -- with whom was Jeffrey P. Mueller, for the appellant (plaintiff). William M. Murphy -- wmurphy@bpslaw.com -- for the appellee (defendant). About CCT Communications CCT Communications, Inc., was a common carrier engaged in the business of buying and reselling telecommunications services. CCT filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 07-10210) on Jan. 29, 2007, represented by Arnold Mitchell, Esq., at Greene Robinson Brog Leinwand Greene Genovese & Gluck, P.C., at that time. Sanford P. Rosen, Esq., at Rosen & Associates, P.C., and Glenn B. Manishin, Esq., at Duane Morris LLP, also represent the Debtor. At the time of the filing, the Debtor disclosed $774,047 in assets and debts of $1,028,249. CCT filed a Plan of Reorganization on the last possible day -- Nov. 26, 2007 -- to do so as a small business debtor. The Debtor intended to fund the plan distributions, at least in part, with the proceeds generated through adversary proceedings against Global Crossing Telecommunications, Inc., and Zone Telecom, Inc. The Honorable Stuart M. Bernstein conducted a two-day evidentiary hearing, and concluded that CCT is judicially estopped from taking the position that it is not a small business debtor. Chief Judge Bernstein ruled that the case will be dismissed, but the Court will retain jurisdiction over the adversary proceeding between CCT and Global Crossing as well as any fee applications by Court-appointed professionals. COBALT INTERNATIONAL: Forgoes $8.1 Million Notes Interest Payment ----------------------------------------------------------------- Cobalt International Energy, Inc. has elected not to make the interest payment of approximately $8.1 million due on Dec. 1, 2017 with respect to its outstanding 2.625% Convertible Senior Notes due 2019. The indenture governing the 2019 Notes permits the Company a 30-day grace period to make the interest payment. If the Company fails to make the interest payment within the grace period an event of default will result, and the trustee or noteholders holding at least 25% in the aggregate outstanding principal amount of 2019 Notes may elect to accelerate the 2019 Notes causing them to be immediately due and payable. In addition, an event of default under the indenture governing the 2019 Notes would trigger an event of default under all of the Company's other outstanding indebtedness, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. About Cobalt International Formed in 2005 and headquartered in Houston, Texas, Cobalt International Energy, Inc., is an independent exploration and production company with operations currently focused in the deepwater U.S. Gulf of Mexico. In January 2016, the Company achieved initial production of oil and gas from the Heidelberg field. The Company's exploration efforts in the U.S. Gulf of Mexico have resulted in four oil and gas discoveries including the North Platte, Shenandoah, Anchor, and Heidelberg fields, each of which are in various stages of appraisal and development. The Company also has a non-operated interest in the Diaba Block offshore Gabon. Cobalt International reported a net loss of $2.34 billion for the year ended Dec. 31, 2016, a net loss of $694.43 million for the fiscal year ended Dec. 31, 2015, and a net loss of $510.76 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Cobalt had $1.69 billion in total assets, $3.16 billion in total liabilities and a total stockholders' deficit of $1.47 billion. Ernst & Young LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has near-term liquidity constraints that raises substantial doubt about its ability to continue as a going concern. COCRYSTAL PHARMA: Raises $1 Million in Debt Financing ----------------------------------------------------- Cocrystal Pharma, Inc., entered into a securities purchase agreement with two accredited investors, including the Company's Chairman of the Board, pursuant to which the Company sold an aggregate principal amount of $1,000,000 of its 8% Convertible Notes due Nov. 24, 2019, as disclosed in a Form 8-K report filed with the Securities and Exchange Commission. At the option of the holder, the Notes are convertible at $0.27 per share. In the event the Company will close on a Qualified Financing (as defined in the Note) or there is a change of control of the Company (or sale of substantially all of the Company's assets), the outstanding principal amount of the Notes will automatically convert. Upon a Qualified Financing, the Conversion price of the Note will be the lesser of (i) $0.27 per share and (ii) the price per share of the securities sold in the Qualified Financing. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes. The Notes were issued and sold in reliance upon the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. These Notes (and the shares of common stock underlying the Notes) may not be offered or sold in the United States in the absence of an effective registration statement or exemption from the registration requirements under the Act. The investors are accredited investors and there was no general solicitation. About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a pharmaceutical company with a mission to discover novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. Based in Tucker, Georgia, Cocrystal Pharma employs unique technologies and Nobel Prize winning expertise to create first- and best-in-class antiviral drugs. These technologies and the Company's market-focused approach to drug discovery are designed to efficiently deliver small molecule therapeutics that are safe, effective and convenient to administer. The report from BDO USA, LLP, in Seattle, Washington, the Company's independent registered public accounting firm for the year ended Dec. 31, 2016, included an explanatory paragraph stating that that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Cocrystal Pharma reported a net loss of $74.87 million in 2016, a net loss of $50.12 million in 2015 and a net loss of $99,000 in 2014. As of Sept. 30, 2017, Cocrystal Pharma had $122.25 million in total assets, $22.25 million in total liabilities and $99.99 million in total stockholders' equity. COLORADO NATIONAL: Committee Taps Markus Williams Young as Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Colorado National Bancorp seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Markus Williams Young & Zimmermann LLC as its counsel. The professional services that Markus Williams is to render are: a. attend Committee meetings; b. review financial and operational information furnished by the Debtor to the Committee; c. advise the Committee with respect to its rights, powers and duties in the chapter 11 case; d. assist the Committee with investigation of assets, liabilities and financial condition of Debtor and of the operation of the Debtor's business in order to maximize the value of the Debtor's assets for the benefit of all creditors; e. advise the Committee in connection with any potential sales of assets or business; f. assist the Committee in its analysis of and negotiation with any third party concerning matters related to, among other things, the terms of a plan of reorganization; g. assist and advise the Committee with respect to any communications with the general creditor body regarding significant matters in the captioned case; h. commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Committee; i. review, analyze or prepare on behalf of the Committee all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; j. represent the Committee at all hearings and other proceedings; and k. perform all other necessary legal services in the Chapter 11 case as may be requested by the Committee in the Chapter 11 case. The current hourly rates for Markus Williams professionals are: James T. Markus $445 Steven R Rider $430 Donald D. Allen $365 Jennifer Salisbury $365 Matthew T. Faga $350 Bradley T. Hunsicker $310 Donald D. Allen, attorney the law firm of Markus Williams Young & Zimmermann LLC, attests that the firm is a "disinterested person" within the meaning of 11 U.S.C. Section 101(14). The Counsel can be reached through: Donald D. Allen, Esq. MARKUS WILLIAMS YOUNG & ZIMMERMANN LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 Email: dallen@markuswilliams.com About Colorado National Bancorp Colorado National Bancorp, formerly known as Community Bank Partners Inc., operates as a bank holding company for Colorado National Bank that provides banking products and services to businesses and consumers in Colorado and surrounding states. It was incorporated in 2009 and is based in Denver, Colorado. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-20315) on November 8, 2017. Scott D. Jackson, its chief executive officer, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Elizabeth E. Brown presides over the case. CONCORDIA INTERNATIONAL: Falls Short of Nasdaq's Bid Price Rule --------------------------------------------------------------- Concordia International Corp. announced that on Nov. 29, 2017, it received an initial notification letter from the Listing Qualifications Department of the NASDAQ Global Select Market notifying the Company that it had 180 days to regain compliance with the minimum bid price requirement set forth in Nasdaq's continued listing rules. Nasdaq's continued listing rules require that listed securities maintain a minimum bid price of US$1.00 per share, and that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Company's common shares traded below a bid price of US$1.00 for 30 consecutive business days from Oct. 17, 2017, to Nov. 28, 2017. As a result, the Company does not currently meet the minimum bid price requirement. The Company's common shares remain listed on Nasdaq and Concordia has until May 29, 2018, to regain compliance with the minimum bid price requirement to maintain the listing. To regain compliance with the minimum bid price requirement, the Company's common shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance with the minimum bid price requirement by May 29, 2018, Concordia has the option to apply to Nasdaq for additional time to regain compliance. The Company's common shares are also listed on the TSX and the initial notification letter is unrelated to Concordia's continued listing on the TSX. About Concordia Concordia is an international specialty pharmaceutical company with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries. Going forward, the Company is focused on becoming a leader in European specialty, off-patent medicines. Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India. Visit www.concordiarx.com for more information. Concordia reported a net loss of US$1.31 billion for the year ended Dec. 31, 2016, compared to a net loss of US$31.56 million in 2015. As of Sept. 30, 2017, Concordia had US$2.65 billion in total assets, US$4.12 billion in total liabilities and a total shareholders' deficit of US$1.47 billion. * * * As reported by the TCR on Oct. 27, 2017, Moody's Investors Service downgraded the Corporate Family Rating of Concordia to 'Ca' from 'Caa3'. "Concordia's Ca Corporate Family Rating reflects its very high financial leverage, ongoing operating headwinds, and imminent risk of a debt restructuring. Moody's estimates adjusted debt/EBITDA will exceed 9.0x over the next 12 months as earnings decline on a year over year basis." As reported by the TCR on Oct. 19, 2017, S&P Global Ratings lowered its corporate credit rating on Concordia to 'SD' from 'CCC-' and removed the rating from CreditWatch, where it was placed with negative implications on Sept. 18, 2017. "The downgrade follows Concordia International's announcement that it failed to make the Oct. 16, 2016, interest payment on the 7% senior unsecured notes due 2023. Given our view of the company's debt level as unsustainable, and ongoing restructuring discussions, we do not expect the company to make a payment within the grace period." CONNEAUT LAKE VOLUNTEER: Unsecureds to Recoup 5% Under Plan ----------------------------------------------------------- Conneaut Lake Volunteer Fire Department of Conneaut Lake Borough and Sadsbury Township filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a disclosure statement dated Nov. 13, 2017, referring to the Debtor's plan of reorganization dated Nov. 13, 2017. Class 3 General unsecured creditors will be paid a dividend on allowed claims of 5% payable as follows: 1% 30 days after confirmation of the Plan; 1% on or before March 31, 2019; 1% on or before March 31, 2020; 1% on or before March 31, 2021; and a final 1% on or before March 31, 2022. For convenience purposes, the Debtor may elect to make a one-time distribution of 5% 30 days after confirmation of the Plan where the claimant holds a total claim of $5,000 or less. The Plan will be funded by continued operation of fire department and food & beverage service. Current management will continue to operate the business functions profitably. Payment will be made from current available cash. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/pawb17-10818-76.pdf About Conneaut Lake Volunteer Fire Department The Conneaut Lake Volunteer Fire Department of Conneaut Lake Borough and Sadsbury Township provides fire protection services in the borough of Conneaut Lake and the southern and eastern portions of neighboring Sadsbury Township. The Conneaut Lake Volunteer Fire Department filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 17-10818) on Aug. 8, 2017. The petition was signed by Timothy Latta, president. The Debtor estimated assets and liabilities to be between $1 million and $10 million. The case is assigned to Judge Thomas P. Agresti. The Debtor is represented by Daniel P. Foster, Esq., at Foster Law Offices, LLC. It previously sought bankruptcy protection (Bankr. W.D. Pa. Case No. 16-10019) on Jan. 12, 2016. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Conneaut Lake Volunteer Fire Department as of Sept. 14, according to a court docket. CTI BIOPHARMA: Had $31.5M Net Financial Standing as of Oct. 31 -------------------------------------------------------------- CTI BioPharma Corp. or CTI Parent Company reported total estimated and unaudited net financial standing of $31.5 million as of Oct. 31, 2017. The total estimated and unaudited net financial standing of CTI Consolidated Group as of Oct. 31, 2017, was $31.3 million. CTI Parent Company trade payables outstanding for greater than 30 days were approximately $1.3 million as of Oct. 31, 2017. CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $1.5 million as of Oct. 31, 2017. During October 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 Oct. 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 October 2017, the Company's common stock, no par value, outstanding decreased by 6,799 shares. As a result, the number of issued and outstanding shares of Common Stock as of Oct. 31, 2017 was 42,970,377. A full-text copy of the press release is available at: https://is.gd/0mHMaR About CTI BioPharma Based in Seattle, WA, 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 for the year ended Dec. 31, 2016, a net loss attributable to common shareholders of $122.6 million for the year ended Dec. 31, 2015, and a net loss attributable to common shareholders of $95.99 million. The Company had $65.53 million in total assets, $37.12 million in total liabilities and $28.41 million in total shareholders' equity as of Sept. 30, 2017. The Company's available cash and cash equivalents were $52.8 million as of Sept. 30, 2017. CTI believes that its present financial resources, together with payments projected to be received under certain contractual agreements and its ability to control costs, will only be sufficient to fund its operations into the third quarter of 2018. This raises substantial doubt about the Company's ability to continue as a going concern. DYNAMIC INTERNATIONAL: Tap Ferrere Abogados as Ecuador Counsel -------------------------------------------------------------- Dynamic International Airways, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, to hire employ Ferrere Abogados Ecuador Ferec S.A. as special counsel in the Republic of Ecuador. Legal services required of Ferrere are: a. represent the Debtor before local administrative entities in Ecuador in accordance with instructions from the Debtor; b. obtain all necessary permits and authorizations from governmental and regulatory authorities; c. complete all necessary step for updating said registrations as needed; d. consult with the Debtor from time to time on legal matters with respect to aviation and the operation in Ecuador; e. make the Debtor aware of all relevant information concerning local laws, regulations and restrictions affecting the passage of aircraft passengers and cargo in Ecuador, including those relating to taxes, customs, immigration, currency and health and will promptly advise any alteration; f. renew, maintain and update the Debtor's registrations before all municipal entities; g. assist the Debtor with customs and bond requirements and renewals; h. review, prepare, register and advise on all contracts when the counter-party is Ecuadorian or located in Ecuador; i. assist the Debtor in complying with the local; and international legal, statutory, and regulatory requirements with respect to the opening, running and closing of a Debtor entity in Ecuador; j. take steps to ensure that the Debtor activities remain compliant with all laws and regulations on Ecuador. Counsel will also review and prepare employment severance and dismissal agreement; k. coordinate and cooperate with the Debtor's internal and external accountants, auditors, sales and operations in Ecuador. Ernesto Javier Weisson Hidalgo, Esq. attests that neither Ferrere nor any of its partners or associates, hold any interest adverse to the Debtor's estate. The firm's hourly rates for legal services are: Partner $205-$200 Senior Associate $185 Associate $140 Paralegal $70 The Special Counsel can be reached through: Ernesto Javier Weisson Hidalgo, Esq. FERRERE ABOGADOS ECUADOR FEREC S.A. Av. 12 de Octubre N-26-48 y Lincoln Edificio Mirage, Piso 7 RUC 1792573408001 Phone: (593) 238-10950 About Dynamic International Airways Dynamic International Airways, LLC owns and operates a full-service aviation enterprise, and is a licensed and certificated air carrier. It was formed in 2010 and operates in High Point, North Carolina. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 17-10814) on July 19, 2017. The case is assigned to Judge Catharine R. Aron. At the time of the filing, the Debtor disclosed that it had estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The Debtor hired Bell Davis & Pitt, PA, and Garman Turner Gordon LLP, as attorneys, and MJAC L.L.C., d/b/a Allison Consulting, as financial advisor. An official committee of unsecured creditors has been appointed in the Debtor's case. The committee hired Saul Ewing LLP and Poyner Spruill LLP as its bankruptcy counsel, and AlixPartners, LLP, as financial advisor. EAST NY REALTY: Taps Mishiyeva Law as Legal Counsel --------------------------------------------------- East NY Realty II Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Mishiyeva Law, PLLC as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the preparation of a plan of reorganization; give advice on its financial transactions; and provide other legal services related to its Chapter 11 case. The firm will charge $400 per hour for the services of its partners and of counsel. Paraprofessionals charge an hourly fee of $225. Kamilla Mishiyeva, Esq., disclosed in a court filing that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. Mishiyeva Law can be reached through: Kamilla Mishiyeva, Esq. Mishiyeva Law, PLLC 85 Broad Street 18th Floor New York, NY 10004 Phone: (646) 535-1667 About East NY Realty II Inc. East NY Realty II Inc. owns a single-residential condo unit located at 633 East New York Avenue, Unit 4R, Brooklyn, New York. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-44751) on September 14, 2017. Yona Gelernter, authorized representative, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $500,000. Judge Carla E. Craig presides over the case. ENCLAVE BUSINESS: Hires Property Services Group as Appraiser ------------------------------------------------------------ Enclave Business Park, L.P. seeks approval from the United States Bankruptcy Court for the Eastern District of Tennessee in Knoxville to employ Mike Smith and Property Services Group, nunc pro tunc to November 20, 2017, to appraise the debtor's property at Mitchell/Boeing Road, in Oak Ridge, Tennessee. Mr. Smith estimates that the appraisal will cost between $3,500.00 and $5,000.00. Mr. Smith attests that neither he nor his firm hold or represent an interest adverse to the estate or any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in the Debtor or for any other reason. He and his firm are disinterested persons as set forth in 11 U.S.C.Sec. 327. The Appraiser can be reached through: Mike Smith Property Services Group, Inc. 1999 Centerpoint Parkway, Ste. 1000 Pontiac, MI 48341 Phone: 248-637-9800 Fax: 248-637-3280 About Enclave Business Park Enclave Business Park filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 17-33343) on November 3, 2017. The petition was signed by Walter Wise, president of general partner EBP, Inc. Enclave Business Park owns in fee simple interest 32 acres of land located at Mitchell Road Oak Ridge, Tennessee valued at $4 million. The Debtor listed its business as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Hon. Suzanne H. Bauknight presides over the case. Thomas Lynn Tarpy, Esq. at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as counsel. At the time of filing, the Debtor estimates $4.92 million in assets and $1.76 million in liabilities. ENVIGO INTERNATIONAL: Moody's Rates $300MM Sr. Sec. Term Loan B3 ---------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to Envigo International Holdings, Inc.'s (together with Envigo Laboratories Inc., "Envigo") proposed senior secured credit facilities. The ratings on this proposed credit facilities are not under review. All of Envigo Laboratories Inc.'s existing ratings remain under review for upgrade, including the Caa1 Corporate Family Rating (CFR) and Caa1-PD Probability of Default Rating (PDR). The proposed credit facilities consist of a 6-year $300 million senior secured term loan B and a 5-year $50 million senior secured revolving credit facility. The issuance of the credit facilities is contingent upon the completion of Envigo's announced merger with publicly traded, Avista Healthcare Public Acquisition Corp. ("AHPAC"). Cash on hand, a portion of the AHPAC cash investment, and proceeds from the new credit facility will be used to refinance all of Envigo's existing debt. Moody's placed Envigo's ratings under review for upgrade on August 24, 2017 following the company's announcement that it had entered into a definitive merger agreement with AHPAC. Moody's anticipates that Envigo's Corporate Family Rating will be upgraded by one notch to B3 following the transaction as a result of a material decrease in financial leverage. Management expects the transaction to close in the first quarter of 2018. Upon transaction close, Moody's expects to withdraw all ratings at Envigo Laboratories Inc. and assign a CFR and PDR to Envigo International Holdings, Inc. Ratings assigned: Envigo International Holdings, Inc. $300 million senior secured term loan B at B3 (LGD3) $50 million senior secured revolving credit facility at B3 (LGD3) Ratings unchanged and still under review for upgrade: Envigo Laboratories Inc.: Corporate Family Rating, Caa1 Probability of Default Rating, Caa1-PD Senior secured 1st lien term loans, B2 (LGD2) Senior secured 2nd lien term loan, Caa2 (LGD5) Outlook, Rating Under Review RATINGS RATIONALE The anticipated one notch upgrade of Envigo's CFR to B3 reflects the decrease in debt/EBITDA from about 7.5x currently to around 5.0x pro forma for Envigo's announced transaction with AHPAC. Good industry fundamentals combined with cost saving efforts will support earnings improvement through 2018. As a result Moody's believes that debt/EBITDA will improve to around 4.5 times by the end of 2018. Envigo's credit profile benefits from its good customer relationships and high barriers to entry in both of its business segments. However, Envigo's rating is constrained by its small size compared to its main competitors. High profit concentration in the UK exposes Envigo to earnings volatility associated with currency fluctuations and economic risk related to Brexit. The company has higher-than-normal exposure to currency changes due to the fact that most of its earnings are generated in British Pounds, while its debt is denominated in US dollars. Envigo is also subject to earnings volatility inherent in the biomedical research industry and secular demand declines for its laboratory animals (research models). Should the transaction not close as proposed, the credit facilities will not be issued, and it is highly unlikely that Moody's would upgrade Envigo's CFR. Envigo's credit profile would need to be reevaluated at that time. The proposed senior secured credit facilities are rated B3, (the same as the anticipated B3 CFR). This reflects the fact that this debt represents the preponderance of debt in the capital structure. It also reflects a one notch override from the Loss Given Default Model implied outcome. The override reflect Moody's view that Envigo's pension liabilities, which will be junior to the proposed credit facilities, will decline over the next few years. Headquartered in New Jersey, Envigo is an early stage contract research organization (CRO). The company provides non-clinical safety assessment services. It also provides laboratory animals (e.g., rats and mice) for use in non-clinical research by the pharmaceutical, chemical and crop protection industries, as well as academic and governmental institutions. Revenues approximate $400 million. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. EVERGREEN PRODUCTS: Taps Guarino Law as Counsel ----------------------------------------------- Evergreen Products, LLC seeks authority from the U.S. Bankruptcy Court for the Disrict of New Jersey to employ Philip Guarino, Esq. as counsel for the Debtor-in-possession. The Debtor needs representation in order to confirm a plan or reorganization and otherwise conclude its bankruptcy case. Mr. Guarino charges $250 per hour for his services. Mr. Guarino assures this Court that he is a disinterested person under 11 U.S.C. Sec. 101(14) and does not hold any interest adverse to the Debtor or the estate. Mr. Guarino maintains office at: Philip Guarino, Esq. GUARINO LAW, LLC 26 Park Street, Suite 2057 Montclair, NJ 07042 Tel: 973-272-4147 Fax: 973-528-0635 E-mail: pguarino2@gmail.com About Evergreen Products LLC Founded in 2004, Evergreen Products LLC is a manufacturer of packaged terminal air conditioning units. Evergreen offers customers the latest eco-friendly Minisplit products with advanced remote control features. Evergreen's offices and warehouses are located in Woodside, New York. Evergreen filed a Chapter 11 petition (Bankr. D. N.J. Case No. 17-31858) on October 27, 2017. The petition was signed by Christopher Powis, its president. The Debtor is represented by Philip Guarino, Esq. at Guarino Law, LLC. At the time of filing, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. EXELCO INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor affiliates that filed separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Exelco (Asia) Limited 17-12558 359-361 Queen's Road Central 17/F Nan Dao Commercial Building Flat 1701B Hong Kong Exelco International Limited 17-12559 Level 2 Alexander House Cybercity Ebene Mauritius Business Description: Based in Mauritius, Exelco International Limited and its affiliates are engaged in the business of diamond trading. Exelco International Limited is the 100% owner of Exelco North America, Inc. Exelco North America (Case No. 17-12029); Exelco NV (Case No. 17-12030); FTK Worldwide Manufacturing BVBA (Case No. 17-12031); Ideal Diamond Trading USA Inc. Case No. 17-12032) and Ideal Diamond Trading Limited (Case No. 17- 12202) each filed for filed for Chapter 11 bankruptcy protection on Sept. 26, 2017. Exelco NV is owned by the following Debtor and non-Debtors: Exelco International Limited (2%); Lior Kunstler (49%) and Jean Paul Tolkowsky (49%). Debtor FTK Worldwide Manufacturing BVBA is owned by the following non-Debtors: Lior Kunstler (50%) and Jean Paul Tolkowsky (50%). Debtor Ideal Diamond Trading USA Inc. is 100% owned by Debtor Ideal Diamond Trading Limited. Debtor Ideal Diamond Trading Limited is 100% owned by Debtor Exelco International Limited. Debtor Exelco International Limited is owned by the following non-Debtors: Lior Kunstler (50%) and Jean Paul Tolkowsky (50%). Debtor Exelco (Asia) Limited i 100% owned by Debtor Exelco International Limited. Chapter 11 Petition Date: December 3, 2017 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Kevin Gross Debtors' General Bankruptcy Counsel: HUGHES HUBBARD & REED LLP Debtors' Local Bankruptcy Counsel: Michael R. Nestor, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: 302-571-6600 Fax: 302-571-1253 Email: bankfilings@ycst.com mnestor@ycst.com Debtors' Claims & Noticing Agent: DONLIN RECANO & CO. INC. Web site: https://www.donlinrecano.com Estimated Estimated Assets Liabilities ---------- ----------- Exelco (Asia) Limited $1M-$10M $1M-$10M Exelco International Limited $10M-$50M $10M-$50M The petition was signed by Kris Cuyvers, chief restructuring officer. Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/deb17-12558.pdf http://bankrupt.com/misc/deb17-12559.pdf Second Amended Consolidated List of Creditors Holding 20 Largest Unsecured Claims: Entity Nature of Claim Claim Amount ------ --------------- ------------ Eurostar Diamond Traders Trade Debt $6,039,394 Hovenierstraat 53, 2018 Antwerp Belgium Email: ashin.kothari@eurostardiamond.com I.D.H. Diamonds NV Trade Debt $3,198,490 Pelikaanstraat 78 bus 105, 2018 Antwerp, Belgium Email: elianthe@idhtitanium.com Vitraag BVBA Trade Debt $2,526,354 Hovenierstraat 30, 2018 Antwerp, Belgium Email: vitraag@pandora.be Trau Bros NV Trade Debt $2,514,217 Hovenierstraat 53, 2018 Antwerp Belgium Email: info@traubros.be N. Shah & Co. BVBA Trade Debt $2,341,433 Hovenierstraat 53, Office 909 Box 6 2018 Antwerp, Belgium Email: naresh.shah@telenet.be Rottenberg Mardochee Loan $1,155,131 Helanalei 5, 2018 Antwerp, Belgium Email: mr@eadt.be De Hantsetters en Verhaere NV Trade Debt $1,140,577 Schupstraat 21, 2018 Antwerp, Belgium Email: info@dhv.be Pinkusewitz diam traders ltd. Trade Debt $781,788 Jabotinsky 1, 5252002 Ramat Gan, Israel Email: office.ramatagan@pinkusewitz.com Rosy Blue Sales Ltd. Trade Debt $701,202 Maccabi Building B2 1, Jabotinsky Street Ramat Gan 52520, Israel Email: anish.parikh@rosyblue.com Da Trading DMCC Trade Debt $673,938 P.O. Box 340591, Unit No. Almas-43-B Almas Tower, Plot No. LT-2, Jumeirah Lakes Towers, Dubai, U.A.E Email: dainfo@daztrading.com Desert Diamonds LLC Trade Debt $555,456 Office No. 201, Asouk Al Kabeer Area, Near Bank of Baroda, Meena Bazar, Bur-Dubai Email: desert diamonds09@gmail.com Segaldiam Ltd. Trade Debt $536,204 54 Betzalel Street, Ramat-Gan 52521 Israel Email: segaldiam@segaldim.co.il Minda Brothers Trade Debt $434,998 Hovenierstraat 2, 2018, Antwerp, Belgium Email: mindabrothers@ymail.com Kiram Gems Private Limited Trade Debt $400,457 DE-5011, Bharat Diamond Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, India Email: sayaji.dhane@kiragems.com Mahendra Brothers Exports PVT, Ltd. Trade Debt $398,893 CE-7011, 7th Floor, Tower C, G Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, India Email: vilas.palvankar@mahendrabrothers.com Pradar Limited Trade Debt $341,329 P.O. Box 3923364 Pittsburgh, PA 15251-9364 USA Email: kuty@clevertech.biz K. Girdharlal International Ltd. Trade Debt $304,405 1011, Prasad Chambers, Opera House, Mumbai -400 004, India Email: pintu@kgirdharlal.com Mishal NV Trade Debt $282,643 Hovenierstraat 2, 2018 Antwerp Belgium Email: secretary@mishal.be Fishcler Trade Debt $280,150 Schupstraat 21, 2018 Antwerp, Belvium Email: info@fishlerdiamonds.be M. Suresh Company PVT Ltd. Trade Debt $268,527 419, Parekh Market, Opera House Mumbai-400 004, Maharashtra, India Email: hiral@msureshco.com FIDELITY & GUARANTY: Fitch Ups IDR & Sr. Unsec. Note Rating to BB ----------------------------------------------------------------- Fitch Ratings has affirmed the 'BBB' Insurer Financial Strength (IFS) ratings for Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York (collectively F&G Life). Fitch has also upgraded the Issuer Default Rating (IDR) assigned to Fidelity & Guaranty Life Holdings, Inc., (FGLH) to 'BB+' and the senior unsecured note rating to 'BB' following completion of the acquisition. Fitch has assigned a Stable Outlook to all ratings. KEY RATING DRIVERS The rating action follows the company's announcement that it has successfully been acquired by a consortium made up primarily of the founders of CF Corporation (CF Corp.), a special purpose acquisition company, funds affiliated with Blackstone, and Fidelity National Financial in an all-cash transaction valued at approximately $1.8 billion. The upgrade of FGLH's IDR and senior unsecured debt ratings reflect the company's improved financial flexibility under new ownership. Previously, FGLH's ratings reflected non-standard (i.e., wider) notching from the IFS rating as a result of the rating and financial profile of its highly leveraged former parent, HRG Group Inc. (HRG; 'B' IDR). Given the absence of high leverage and more normalized financial flexibility of the company following completion of the transaction, FGLH's ratings were upgraded to reflect standard notching from the IFS ratings. Fitch's ratings for F&G Life continue to reflect the company's relatively narrow product focus and liability profile, strong balance sheet profile, and good operating performance. The ratings also consider the competitive and regulatory challenges tied to the company's strategic focus selling fixed indexed annuities (FIAs) through independent marketing organizations (IMOs), and macroeconomic challenges associated with low interest rates. Fitch believes that longer term, F&G Life's credit profile could improve based on the successful execution of the company's strategies to improve financial performance and investment results under new ownership. F&G Life's strong balance sheet profile reflects the company's strong statutory capitalization, moderate leverage, and good asset quality. The company's year-end 2016 RBC of 412% was strong for the rating category. F&G Life's PRISM capital model score is on the high end of 'Adequate', which is within expectations for its current rating category. F&G Life's financial performance and balance sheet fundamentals remain in line with rating expectations. Operating performance for fiscal year 2017 was good and results have been consistent over the past two years. Stable performance on the investment portfolio as well as the maintenance and widening of net investment spreads, from a combination of reducing crediting rates and asset mix repositioning, have supported overall profitability. Fitch expects the full implementation of the Department of Labor (DOL) fiduciary rule will have a negative impact on the sale of FIAs in qualified markets. While Fitch does not see this as an immediate rating issue, the DOL rules may cause changes in operating strategies that could impact F&G Life's risk profile and ratings longer-term. RATING SENSITIVITIES The following could result in an upgrade of F&G Life's ratings: -- The company maintains operating ROEs above 10% on a consistent basis and consolidated RBC above 400%; -- Prism capital model score remains on the high end of 'Adequate'; -- Fixed charge coverage is at least 8x and financial leverage is below 25%. The following could result in a downgrade of F&G Life's ratings: -- F&G Life's consolidated RBC ratio falling below 300% with operating leverage above 20x; -- Consolidated financial leverage for F&G Life exceeding 35%; -- Fixed charge coverage falling below 5x; -- Operating ROE below 5% over four consecutive quarters. Fitch has affirmed the following ratings: Fidelity & Guaranty Life Insurance Company Fidelity & Guaranty Life Insurance Company of New York -- IFS rating at 'BBB'. Fitch has upgraded the following ratings: Fidelity & Guaranty Life Holdings, Inc. -- Long-term IDR upgraded to 'BB+' from 'BB'; -- Senior unsecured note due April 2021 upgraded to 'BB' from 'BB-'. The Rating Outlook is Stable. FIELDPOINT PETROLEUM: Approved for Quotation on OTC Markets ----------------------------------------------------------- FieldPoint Petroleum Corporation announced that its application for listing and quotation of its Common Stock and Warrants on the OTC Markets Group, Inc. has been approved. The Company's Common Stock has been assigned the new ticker symbol: FPPP on the OTC.QB quotation system and the Company's Warrants have been assigned the new ticker symbol: FPPPW on the OTC.Pink quotation system. The Company was expected to begin trading on Nov. 29, 2017. About FieldPoint Petroleum FieldPoint Petroleum Corporation (NYSE:FFP) acquires, operates and develops oil and gas properties. Its principal properties include Block A-49, Spraberry Trend, Giddings Field, and Serbin Field, Texas; Flying M Field, Sulimar Field, North Bilbrey Field, Lusk Field, and Loving North Morrow Field, New Mexico; Apache Field, Chickasha Field, and West Allen Field, Oklahoma; Longwood Field, Louisiana; and Big Muddy Field, Wyoming. As of Dec. 31, 2015, the Company had varying ownership interests in 472 gross wells (113.26 net). FieldPoint Petroleum Corporation was founded in 1980 and is based in Austin, Texas. For more information, please visit www.fppcorp.com. As of Sept. 30, 2017, FieldPoint had $7.97 million in total assets, $6.59 million in total liabilities and $1.37 million in total stockholders' equity. FieldPoint reported a net loss of $2.47 million in 2016 and $10.98 million in 2015. Hein & Associates LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses, and has a working capital deficit. This, the auditors said, raises substantial doubt about the Company's ability to continue as a going concern. FORESIGHT ENERGY: Declares Dividend on Common Units --------------------------------------------------- Foresight Energy LP issued a notice to the holders of warrants to acquire newly issued common units of the Company disclosing that (i) the Company paid a dividend to the holders of its common units in an amount equal to $0.0605 per common unit, and (ii) as a result of the payment of the Dividend, the Company adjusted the exercise price applicable to the Warrants and number of common units issuable upon the exercise of each Warrant, according to a Form 8-K filed with the Securities and Exchange Commission. About Foresight Energy Based in Saint Louis, Missouri, Foresight Energy L.P. mines and markets coal from reserves and operations located exclusively in the Illinois Basin. As of Dec. 31, 2015, the Company has invested over $2.3 billion to construct state-of-the-art, low-cost and highly productive mining operations and related transportation infrastructure. The Company controls over 3 billion tons of proven and probable coal in the state of Illinois, which, in addition to making the Company one of the largest reserve holders in the United States, provides organic growth opportunities. The Company's reserves consist principally of three large contiguous blocks of uniform, thick, high heat content (high Btu) thermal coal which is ideal for highly productive long-wall operations. Thermal coal is used by power plants and industrial steam boilers to produce electricity or process steam. Foresight reported a net loss of $178.6 million in 2016 following a net loss of $38.68 million in 2015. As of Sept. 30, 2017, Foresight Energy had $2.70 billion in total assets, $1.96 billion in total liabilities and $745.95 million in total partners' capital. FORTY ACRE: Continental, et al., Lose Bid to Junk Trust's Claims ---------------------------------------------------------------- In the case captioned IN RE: QUEYROUZE, et al., SECTION: "E," Civil Action No. 14-2715 (E.D. La.), District Judge Susie Morgan entered an order denying Defendants Continental Casualty Company, Randall Alfred, and Alfred, APLC's motion for summary judgment on the negligence claims by Steve Queyrouze, Plan Trustee for the Forty Acre Corporation Plan Trust. The Defendants' motion to strike is also denied as moot. The Trust filed the instant adversary complaint against Defendants on Oct. 2, 2014. In its Amended Complaint, the Trust brings three causes of action: (1) prebankruptcy petition malpractice, (2) post-bankruptcy petition malpractice, and (3) breach of fiduciary duty. Defendants seek summary judgment on the Trust's malpractice claims based solely on the applicability of the three-year preemptive period found in Louisiana Revised Statutes 9:5605A. Defendants do not seek summary judgment that the claims have prescribed even if Louisiana Revised Statutes 9:5605E, Louisiana Civil Code 3492, and the doctrine of contra non valentem apply. The Trust attached several exhibits to its Opposition to the motion for summary judgment in the Bankruptcy Court, including the affidavits of Queyrouze and Trustee Mark L. Roberts. On June 17, 2016, Defendants filed a motion in the Bankruptcy Court to strike Queyrouze's and Roberts' affidavits, arguing the affidavits "contain self-serving, conclusory statements about the Affiants' lack of awareness of grounds for filing illegal malpractice claim against Alfred" and were not provided to Defendants during the discovery process. The Bankruptcy Court ultimately granted Defendants' motion to strike the two affidavits. The Bankruptcy Court also recommended this Court grant Defendants' motion for summary judgment because all the Trust's claims had prescribed or been preempted. In its Objection, the Trust avers the Bankruptcy Court applied the incorrect prescriptive period to the malpractice claims, contending Alfred's "intentional withholding of facts . . . constitutes fraud with[in] the meaning of La RS 9:5605E, making the preemptive periods of 9:5605 inapplicable in favor of the one-year prescriptive period set forth in La. C.C. art. 3492." The Trust argues that, because Louisiana Civil Code article 3492 and the doctrine of contra non valentem apply to the Trust's claims, the bankruptcy court erred in dismissing its negligence claims as untimely. The issue before the Court is whether subsection A or E of the Louisiana Revised Statutes 9:5605 applies. In its opinion, the Bankruptcy Court held that subsection A applies based on that court's assumption that, to plead fraud, the Trust had to specifically allege Defendants' actions amounted to "fraud" in their complaint. Whether a plaintiff makes out a claim for fraud, however, does not depend on whether the actions are referred to as "fraud," but rather on the underlying facts alleged. "Fraud can be averred by specifically alleging fraud, or by alleging facts that necessarily constitute fraud even if the term 'fraud' is not used." The Bankruptcy Court failed to engage in an analysis of whether the facts alleged would support a claim for fraud. Because the Bankruptcy Court concluded that subsection A applied to the Trust's malpractice claims, the Bankruptcy Court held that the complaint was prescribed on its face, and shifted the burden to the Trust to show that the claims had not prescribed. The Court finds that the proper analysis is for the Court to determine whether the underlying facts alleged by the Trust make out a claim for fraud. The Trust's complaint clearly makes out a claim that Alfred committed a fraud by silence. In this case, the Court finds the Trust alleged the requisite elements of fraud with sufficient particularity, notwithstanding its failure to specifically refer to Alfred's actions as fraud in the amended complaint. The Court finds that subsection E is applicable to the Trust's two malpractice claims. In their motion for summary judgment, Defendants seek dismissal of "all" of the Trust's claims, but base their argument with respect to the negligence claims entirely on Louisiana Revised Statutes 9:5605A, and do not even seek summary judgment on the Trust's breach of fiduciary duty claim. Because Louisiana Revised Statutes 9:5605E applies, the Defendants are not entitled to summary judgment that the negligence claims are preempted under subsection A. A full-text copy of Judge Morgan's Order dated Nov. 8, 2017, is available at https://is.gd/eEsMs3 from Leagle.com. Steve Queyrouze, Plaintiff, represented by Scott David Webre, Webre & Associates. Randall M Alfred, Defendant, represented by William Everard Wright, Jr. -- wwright@deutschkerrigan.com -- Deutsch Kerrigan LLP & Charlotte Collins Meade, Cardone Law Firm. Randall M. Alfred, APLC, Defendant, represented by William Everard Wright, Jr., Deutsch Kerrigan LLP & Charlotte Collins Meade, Cardone Law Firm. Continental Casualty Company, Defendant, represented by David Scranton Daly, Frilot L.L.C., Charlotte Collins Meade, Cardone Law Firm & William Everard Wright, Jr., Deutsch Kerrigan LLP. About Forty Acre Forty Acre Corporation, based in Houma, Louisiana, filed for Chapter 11 bankruptcy (Bankr. E.D. La. Case No. 11-10074) on January 11, 2011. Bankruptcy Judge Elizabeth W. Magner presides over the case. Randall M. Alfred, Esq. -- rmaaplc@bellsouth.net -- served as the Debtor's counsel. In its petition, Forty Acre estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Mike LeBlanc, president. The order confirming Forty Acre's plan directed the Debtor to transfer certain assets, including the Terrebonne Parish land and Forty Acre's causes of action, to The Forty Acre Corporation Plan Trust. GEK REALTY: Taps Pick & Zabicki as New Legal Counsel ---------------------------------------------------- GEK Realty And Home Improvement LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Pick & Zabicki LLP as its new legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; analyze claims of creditors; assist in the preparation of a plan of reorganization; and provide other legal services related to its Chapter 11 case. Pick & Zabicki will replace Arlene Gordon-Oliver & Associates, PLLC. The firm's hourly rates are: Partners $350 - $425 Associates $250 Paraprofessionals $125 Pick & Zabicki is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Douglas J. Pick, Esq. Eric C. Zabicki, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Phone: (212) 695-6000 Email: dpick@picklaw.net About GEK Realty and Home Improvement GEK Realty and Home Improvement LLC, based in Saint Albans, New York, is a partnership that owns a two-family residential property located at 403 Jefferson Avenue, Brooklyn, New York, and a single-family residential property at 2750 Pearsall Avenue, Bronx, New York. GEK Realty filed a Chapter 11 petition (Bankr. E.D. N.Y. Case No. 17-40228) on Jan. 19, 2017. The Hon. Nancy Hershey Lord presides over the case. In its petition, the Debtor estimates $1 million to $10 million in both assets and liabilities. The petition was signed by Gregory Carmichael, its managing member. On August 29, 2017, BHMPW Funding LLC, a secured creditor, filed a disclosure statement, which explains its proposed plan of reorganization for the Debtor. GEORGIA ANESTHESIA: Hires Morris Manning as Special Counsel ----------------------------------------------------------- Northeast Georgia Anesthesia Services, Inc. its affiliates seek authority from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Morris, Manning & Martin, LLP as special counsel to handle the appeal of a Medicare audit. On November 16, 2017, at the hearing on First Day Motions, the Court heard Northeast's Motion for Order Pursuant to 11 U.S.C. Sections 105(a) and 363 Authorizing Debtor to Honor Certain Petition Obligation, which was orally approved by the Court at the conclusion of the hearing. The Court is awaiting submission of an order approving the same. As stated in the Critical Vendor Motion and by counsel for Northeast at the Hearing, in the course of Northeast's businesses, and as is customary with many medical businesses involved in pain management, Northeast is subject to Medicare audits. Northeast has been subject to an Audit for over a year. The Audit resulted in a finding by Medicare that Northeast must repay certain payments received from Medicare. The Audit is on appeal for purposes of determining the precise amount owed by Northeast to Medicare. Medicare currently asserts that approximately $11,000,000.00 must be repaid to it by Northeast. Northeast disputes this amount. Morris Manning estimates that the total fees over the next two years would be approximately $250,000.00, for which Northeast would be responsible for approximately $75,000.00. The firm's standard hourly rates are: Robert Threlkeld $475 Seslee Smith $450 Edgar Bueno $450 Elliott Coward $365 Josh Kirschner $250 David W. Cranshaw $560 Darlene Hill-Parks $185 David W. Cranshaw, Esq., a Partner at Morris Manning & Martin, LLP, attests that neither his firm nor its partners or other attorneys are directors, officers, equity security holders, partners, general partners, mangers, members, persons or entities in control of Northeast Georgia Anesthesia Services, Inc.; and neither his firm nor its partners hold or represent any interests that are adverse to Petitioner or the Estate. The Special Counsel can be reached through: David W. Cranshaw, Esq. Morris Manning & Martin, LLP 1600 Atlanta Financial Center 3343 Peachtree Road, NE Atlanta, GA 30326 Phone: 404.504.7605 Fax: 404.365.9532 Email: dcranshaw@mmmlaw.com About 24 Amherst 24 Amherst, LLC and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. N.D. Ga. Case No. 17-22188) on Nov. 14, 2017. Janene D. Holladay, its member, signed the petitions. The Hon. James R. Sacca presides over these cases. 24 Amherst, LLC, is a real estate company based in Winder, Georgia. Northeast Georgia Anesthesia Services Inc. is a medical group specializing in interventional pain management, anesthesiology, pain management, addiction medicine, physical medicine and rehabilitation. Holladay Holdings has its principal place of business located at 984 Old Forge Lane, Jefferson, Jackson County, Georgia. Holladay Holdings owns three pieces of commercial real property, located at these addresses: (1) 1503 Professional Court, Dalton, Georgia ("Dalton Property"); (2) 1620 Prince Avenue, Athens, Georgia ("Athens Property"); and (3) 1638 Prince Avenue, Athens, Georgia ("HQ Property"). Holladay Holdings rents the Dalton and Athens Property to Northeast, which operates a pain and recovery practice in each of the properties. Holladay Holdings rents the HQ Property to Northeast, where Northeast's headquarters is presently located. The Debtors are represented by Anna Mari Humnicky, Esq., at Cohen Pollock Merlin & Small, P.C. J. Allen Sermour, CPA PC, serves as the Debtors' accountant. GIGAMON INC: Fitch Assigns First-Time 'B' IDR; Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned a first-time 'B' Long-Term Issuer Default Rating (IDR) to Gigamon, Inc. The Rating Outlook is Stable. Fitch has also assigned first-time ratings to the $50 million first-lien secured revolving credit facility (RCF) and $400 million first-lien secured term loan of 'BB-'/'RR2'; and a 'CCC+'/'RR6' rating to the $150 million second-lien secured term loan. The proceeds, along with equity contribution from Elliott Management, a multi-strategy private investment firm, and cash on the balance sheet will be used to fund the $1.6 billion acquisition that was announced on Oct. 26, 2017. Elliott's investment is being led by its private equity affiliate, Evergreen Coast Capital. Fitch's rating actions affect $600 million total debt, including the $50 million RCF. KEY RATING DRIVERS Market Leader: Gigamon is a market leader in the Network Packet Broker (NPB) segment with over 35% market share, more than the combined market share of the next two largest competitors. Since 2014, Gigamon's market position has strengthened, with market share rising by approximately 10 percentage points. Fitch believes the growing market share demonstrates Gigamon's focus and expertise in the NPB segment. Limited Revenue Scale: Given the niche nature of NPB, Gigamon's revenue scale is small relative to other IT networking and security peers. This could lead to greater volatility in revenues and profits; but, given the niche nature of the segment, Fitch does not anticipate meaningful increase in scale through Fitch forecast period. Despite the small revenue scale, Gigamon has historically maintained high renewal rates, which should provide greater revenue visibility for the company. Rising network complexity supports secular growth: Increasing enterprise network complexity and data speeds are driving demand for capabilities that enable full network traffic visibility. Enterprise migration to hybrid cloud is adding additional complexity in full visibility into the end-to-end network. Gigamon's ability to provide visibility across both on-premise networks and cloud infrastructure offers the capabilities required by its enterprise customers. Gigamon partners with network infrastructure providers including network equipment, cloud services, and network monitoring tools; the broad set of partnerships offer compatibilities in wide-ranging enterprise network environments. Susceptible to Industry Cyclicality: Gigamon is susceptible to IT security industry cycles as demonstrated by its weak 2017 revenue growth. Fitch believes the weakness may have been a result of extraordinarily strong growth in the previous two years coinciding with heightened IT security awareness that propelled overall industry growth. Fitch view the current industry environment as normal and a more realistic base for assessing future growth potential. Nevertheless, Gigamon's narrowly focused product expertise will continue to expose the company to industry cyclicality. High Leverage: Pro forma for cost savings and the leveraged buyout by Evergreen Coast Capital Corp, gross leverage will be at 6.8x in 2018, in line with its peers in the 'B' rating category. In addition to the debt issuance, affiliates of Evergreen will be making an $839 million equity contribution; Fitch believes this demonstrates Evergreen's commitment and confidence in the industry and Gigamon. SUMMARY Fitch's ratings on Gigamon are supported by the company's leading position in the NPB segment with over 35% market share, more than the combined market share of the next two largest competitors; NPB provides network traffic visibility for enterprises for management of IT networks and security. While Fitch expects the increasing complexity of enterprise networks will serve as the underlying demand driver for the segment, the niche nature of the NPB segment limits upside for Gigamon's revenue scale. Gigamon's focus on NPB technologies and products, and the relatively small revenue scale expose the company to the industry cyclicality that is inherent to the IT security industry. Despite the cyclicality, Fitch believes Gigamon's EBITDA margins will remain relatively stable given its industry leadership. The announced $1.6 billion acquisition by Evergreen will be financed with $550 million in term loans, equity contribution from affiliates of Evergreen, and cash on the balance sheet at closing. Fitch forecasts Gigamon's gross leverage in 2018 to be 6.8x, gradually declining to approximately 5x by 2020. Gigamon's industry leadership, revenue scale, and leverage profile are consistent with the 'B' rating category. KEY ASSUMPTIONS Fitch's key assumptions within Fitch rating case for the issuer include: -- Revenue growth in the high single digits; -- EBITDA margins approximately 25% after completion of cost reduction measures; -- Capex at approximately 3% of revenue; -- No dividend payment through Fitch forecast period; -- FCF generated used for debt repayment. -- Recovery analysis assumes a going-concern EBITDA that is approximately 15% lower relative to LTM EBITDA assuming a combination of revenue decline and margin compression in a distress scenario when enterprise customers may elect to move to an alternate supplier due to the uncertainties surrounding a distressed supplier; the reduced scale would result in weaker margins. Fitch applies a 6.5x multiple to arrive at an enterprise value (EV) of $445 million. The multiple is higher than the median TMT EV multiple, but is in line with other similar companies that exhibit strong FCF characteristics. In thirteenth edition of Bankruptcy Enterprise Values and Creditor Recoveries case study, Fitch notes seven past reorganizations in the Technology sector, where the median recovery multiple was 4.9x. Of these companies, only two were in the software sub-sector with high recurring revenue characteristics: Allen Systems Group, Inc. and Aspect Software Parent, Inc., which received recovery multiples of 8.4x and 5.5x, respectively. Gigamon's operating profile is supportive of a recovery multiple in the middle of this range. -- Fitch assumes a fully drawn revolver in its recovery analysis. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action: -- Gross leverage sustained below 5.5x; -- FCF margins sustained above 10%; -- Organic revenue growth sustained near or above 5%. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action: -- Gross leverage sustained above 7x; -- FCF margins sustained below 5%; -- Organic revenue growth sustained near or below 0%. LIQUIDITY Fitch expects the company's liquidity to remain solid over the forecast period. Pro forma for the transaction, liquidity will be supported by internal FCF generation, a new $50 million RCF, and $25 million of readily available cash and cash equivalents post-closing. Gigamon's FCF is supported by normalized EBITDA margins of approximately 25%; Fitch estimates FCF margins of nearly 10% after the completion of expected cost reductions resulting in over $35 million of annual FCF generation. FULL LIST OF RATING ACTIONS Fitch has assigned the following ratings: Gigamon, Inc. -- Long-Term Issuer Default Rating 'B'; Outlook Stable; -- $50 milion first-lien secured revolving credit facility at 'BB-/RR2'; -- $400 million first-lien secured term loan at 'BB-/RR2'; -- $150 million second-lien secured term loan at 'CCC+/RR6'. Gigamon Inc. designs, develops and sells products and services that together provide customers visibility and control of network traffic. The Company serves global enterprises, governments and service providers that seek to maintain and improve the security, reliability and performance of their network infrastructure. GIGAMON INC: Moody's Assigns B3 CFR; Outlook Positive ----------------------------------------------------- Moody's Investors Service assigned a B3 Corporate Family Rating to Gigamon Inc. Moody's also assigned a B2 rating to its first lien debt and Caa2 rating to its second lien debt. The debt will be used to finance the acquisition of Gigamon by affiliates of Evergreen Coast Capital. The ratings outlook is positive. Ratings Rationale The B3 Corporate Family Rating is driven by the very high leverage at closing and recent revenue declines. The rating also considers the very strong market position Gigamon has built in the network packet broker (NPB) market with a strong suite of network visibility products for large enterprises. The NPB market is a growing market but evolving rapidly to address changing network architectures and growth in cloud based applications, tools and infrastructure. Leverage at closing is estimated at over 7x pro forma for proposed cost reductions and over 10x excluding those reductions. Pro forma free cash flow at closing is estimated at breakeven or below but expected to be modestly positive within 12-18 months. The ratings also consider the company's reliance on a relatively narrow product line and relatively short history at its current scale. [While the company generates approximately one third of its revenue from predictable maintenance revenues, most rated software peers generate 50% or greater of their revenue from maintenance]. The positive ratings outlook reflects the potential that the company will return to growth and start to generate healthy levels of free cash flow. The ratings could be upgraded if the company returns to mid-single digit or greater growth and drives free cash flow to debt to greater than 5% and leverage under 6.75x (or cash EBITDA based leverage under 5.75x). The ratings could be downgraded if free cash flow is negative and leverage exceeds 8x on other than a temporary basis. Liquidity is good based approximately $25 million of cash at closing, expected positive free cash flow and an undrawn $50 million revolver. Assignments: Issuer: Gigamon Inc. -- Probability of Default Rating, Assigned B3-PD -- Corporate Family Rating, Assigned B3 -- Senior Secured Bank Credit Facility, Assigned B2 (LGD3) -- Senior Secured Bank Credit Facility, Assigned Caa2 (LGD5) Outlook Actions: Issuer: Gigamon Inc. -- Outlook, Assigned Positive The principal methodology used in these ratings was Software Industry published in December 2015. Gigamon Inc. is a leading provider of network visibility software and appliances. The company, headquartered in Santa Clara, CA, had revenues of $303 million for the twelve months ended September 30, 2017. GNC HOLDINGS: Fitch Cuts IDR to B on Revised Financing Proposal --------------------------------------------------------------- Fitch Ratings has downgraded GNC Holdings, Inc.'s Issuer Default Rating (IDR) to 'B', downgraded its proposed Asset-Backed Loan (ABL) Revolver to 'BB'/'RR1' and has assigned a 'BB-'/'RR2' rating to the company's newly proposed $300 million B-1 term loan and $905 million B-2 term loans due 2020 and 2021, respectively. The term loans, which are expected to be used to refinance the company's existing term loan, replace the company's Nov. 8, 2017 proposal to refinance its existing term loan with a mix of term loans ($705 million) and secured notes ($500 million), both due 2022. The proposed ABL amount of $100 million remains the same. While the total principal issuance remains the same as the prior proposal, notable updates include shorter maturities than the original plan and an anticipated higher fixed obligation burden due to higher interest expense and a more aggressive amortization schedule. The Rating Outlook is Stable. The downgrade reflects the material difference in structure proposed by the company relative to its initial refinancing proposal, which both heightens near-term refinancing risk and increases projected fixed obligation burdens. GNC's inability to successfully complete the refinancing as proposed and address upcoming debt maturities in a timely fashion would be a rating concern. The ratings continue to reflect GNC's leading position in the growing health and wellness products market. The rating considers recent market share declines, driven by encroaching competition and executional missteps, which in concert with recent financial policy decisions, have weakened the company's leverage profile. However, the rating also reflects steps the company has made to reverse operational declines and reduce leverage, through diverting FCF towards debt paydown and suspending dividends and share buybacks. Fitch expects total revenue to remain fairly stable in the $2.5 billion range between 2017 and 2020 and EBITDA is expected to trough in the mid-$200 million range in 2017, versus $350 million in 2016 and the average $500 million range between 2012 and 2015. EBITDA is expected to improve to the $300 million to $325 million range by 2019/2020 on modest top line growth and gross margin expansion as a result of store closings leading to reduced occupancy costs and merchandise margin stabilization. Confidence in the company's ability to stabilize EBITDA in the near term has heightened significance given the need for GNC to address approximately $600 million of debt due in 2020. KEY RATING DRIVERS Refinancing Proposal Imposes Structural Changes: GNC's updated refinancing proposal on Nov. 27, 2017 included structural differences that Fitch views to have a negative impact on the company's credit profile relative to the originally proposed terms. Revised terms include shorter maturities and an anticipated higher fixed obligation burden through increased pricing and annual amortization payments, which together place increased urgency on the company's ongoing turnaround efforts. Compared to the original refinancing proposal, Fitch expects annual fixed obligations in 2018 and 2019 to increase around $50 million via higher interest expense and term loan amortization. In 2020, the company will need to address both its remaining Term Loan B-1 principal (approximately $240 million) and the existing $288 million of convertible notes, in addition to around $45 million of Term Loan B-2 amortization. The previously proposed term loan and notes matured in 2022. Fitch previously forecasted that the company could address its 2020 convertible notes maturity with internally generated cash of around $100 million per year but will now need to address around $600 million of maturities in 2020. GNC could address these additional maturities through refinancing or through asset sales or accelerated refranchising activity. Good Position in a Growing Category: GNC is a leading U.S. retailer and manufacturer (with around 6% share) of health and wellness products, including vitamins, minerals and herbal supplements (VMHS), and sports nutrition and diet products. Historically, the company has benefited from stable growth in the VMHS industry, brand leadership, and its broad store footprint and brand presence in the U.S. and internationally. The company has 9,083 stores globally as of September 2017 and manufactures product sold in retailers across the food, drug, and discount category. The company has outsized presence at Rite Aid Corporation stores through a partnership and a storefront on Amazon.com. Overall online sales penetration is around 10%, in line with industry averages. GNC's brand leadership is evident with nearly half of consolidated revenue derived from owned-brand product. The approximately $40 billion VMHS industry has proven to be recession resistant by growing at a mid-single digit rate through economic cycles. The consumable nature of the products and high frequency of usage as part of regular dietary regimens drive the stability and defensibility of the business. Given an aging U.S. population and increased consumer focus on personal health and wellness, Fitch expects the VMHS industry to continue mid-single digit growth over the next several years, making it one of the faster growing segments within retail. Historically, the standalone vitamin retail business has been resilient to channel disruption from discount and online players for several reasons. First, inventory breadth in the category is significant, which is an unappealing characteristic for discount players that prefer a focused, high-turning inventory mix. Second, the nature of the industry's product requires an elevated service component. GNC, whose service model provides product and regimen guidance to less knowledgeable customers, has benefited from this information asymmetry. Finally, loyalty programs have proven effective for standalone players to maintain share in the space, with GNC's (now-replaced) Gold Card discount program generating nearly 80% of company sales. Recent Weakness: Despite good historical fundamentals, GNC's operating trajectory turned in 2014, with sales declining from a peak of $2.6 billion in 2013 to an expected $2.5 billion in 2017, while EBITDA has been halved from around $530 million in 2013 to an expected $260 million in 2017. While the category has continued its growth trajectory, the alternate channels appear to be taking share from standalone players such as GNC. The proliferation of vitamin-related information online coupled with an increased vitamin focus by a number of competitors in the discount, grocery, drug retail and online spaces have limited GNC's competitive advantage in recent years. Fitch believes GNC was also impacted by operational missteps in recent years. The company's marketing and merchandising efforts have historically appealed to sports-related products such as muscle-gain proteins, while industry growth has focused more around natural/organic supplements, particularly for the growing baby boomer population. In addition, while the company's Gold Card loyalty program was a historical advantage, the loyalty scheme more recently created price confusion amongst consumers who increasingly value price transparency. In addition, the pricing structure was misaligned in the company's stores relative to its online channel, where products were heavily discounted. EBITDA declines in recent years have outpaced revenue moderation due to the deleveraging impact on fixed expenses such as rent and store payroll as well as the company's decisions to maintain investments in marketing and product innovation. More recently, margins have declined due to the company's concerted efforts to reduce prices in an increasingly competitive environment and to align pricing across its channels and simplify its pricing model for loyalty card customers. EBITDA erosion has caused the company's leverage profile to weaken, with adjusted debt/EBITDAR forecasted to rise from the mid-4.0x range in 2013 to around 7.0x in 2017. This increase was exacerbated by the company's decision to execute debt-financed share buybacks in 2015 and 1H 2016; outstanding debt balances increased around $300 million from the beginning of 2015 until the company ceased share buybacks in mid-2016. EBITDA Expected to Trough in 2017: Over the past 18 months, GNC has implemented a number of strategic changes that could stabilize results while improving the company's leverage profile. The company has reduced prices to be more competitive and aligned price points across channels to reduce customer confusion. GNC replaced its existing loyalty program, where a paid membership provided ongoing product discounts. The new loyalty program includes both a free tier where customers can earn rewards based on spending, and a paid tier with additional benefits. The goal of the new free tier is to drive higher program enrollees while improving ongoing product margins. Research and development investments have been geared toward enhanced product innovation to drive customer excitement and brand differentiation. Sales staff re-training is designed to fortify the company's ability to effectively counsel and advise customers. GNC's efforts have shown some key signs of improvement, with average transactions improving from negative in 2015-2016 to up over 10% through the first three quarters of 2017 and positive enrollment trends for the company's new loyalty program (nine million members in the free tier and 600,000 members in the paid tier as of October 2017). Comparable store sales (comps) were 1.3% in 3Q 2017, the company's first positive comp since 4Q 2015, and are expected to be positive in 4Q and annually beginning 2018. While sales have shown some evidence of stabilization, GNC's initiatives have had a negative impact on EBITDA. Price reductions have reduced gross margin by over 200 bps to 33% through the first three quarters of 2017, while the elimination of the paid loyalty program has caused significant declines in high-margin membership fee revenue. EBITDA, which was $350 million in 2016, could decline to around $260 million in 2017, with quarterly declines YTD through 3Q but flattish EBITDA in 4Q. Despite recent trends and increased competition from alternate channels, Fitch believes there is long-term viability in the standalone vitamin retail space and that GNC's size, positive free cash flow (FCF) generation, brand recognition and vertical manufacturing capabilities are assets that could allow it to defend share longer-term should its recently enacted strategies be successful. As the company laps significant changes made in 2017, the continuation of modestly comps could yield EBITDA trending above the $300 million level over the next three years. New Financial Policy and FCF Supports Deleveraging: As GNC undertakes these initiatives, the company has also made significant changes to its cash deployment strategies. Over the past 18 months, the company has eliminated both its dividend and share buyback program, and redirected its FCF to debt paydown, repaying nearly $200 million of debt from 2Q 2016 through 3Q 2017. The company's net leverage target of 3x, capitalizing leases at 5x, equates to 4x Fitch-defined leverage (capitalizing leases at 8x) assuming minimal cash balances for both calculations. Assuming the company continues to direct FCF toward debt paydown in concert with its stated financial policy, leverage could approach mid-5.0x in 2020 based on around $200 million of FCF in 2017 and $100 million in FCF annually beginning 2018. RECOVERY CONSIDERATIONS Current Recovery Considerations: Fitch's recovery analysis is based on a going concern value of $1.25 billion, versus approximately $630 million from an orderly liquidation of assets, which are composed primarily of inventory, receivables and owned property and equipment. Post-default EBITDA was estimated at $250 million, similar to the company's trailing 12 month EBITDA. Fitch believes current operating results represent a potential post-bankruptcy scenario following an approximately 50% decline in EBITDA over the past three years. The analysis uses a 5.0x enterprise value/EBITDA multiple, consistent with the 5.4x median multiple for retail going concern reorganization but at the low end of the 12-year retail market multiples of 5x to 11x, and below 7x-12x for retail transaction multiples. The multiple considers GNC's historically strong position in a good category, recent competitive encroachment by alternate channels and operational missteps. After deducting 10% for administrative claims, the remaining $1.125 billion would lead to outstanding recovery prospects (91%-100%) for the senior secured revolver, which is secured the company's receivables and inventory. The revolver is therefore rated 'BB/RR1'. The new secured term loans are pari passu, and have a second lien on revolver collateral and a first lien on other remaining company assets including intellectual property. These securities would have superior recovery prospects (71%-90%) and are therefore rated 'BB-'/'RR2'. DERIVATION SUMMARY The downgrade reflects the material difference in structure proposed by the company relative to its initial refinancing proposal, which both heightens near term refinancing risk and increases projected fixed obligation burdens. The inability of GNC to successfully complete the refinancing as proposed and address upcoming debt maturities in a timely fashion would be a rating concern. The ratings continue to reflect GNC's leading position in the growing health and wellness products market. The rating considers recent market share declines, driven by encroaching competition and executional missteps, which in concert with recent financial policy decisions, have weakened the company's leverage profile. However, the rating also reflects steps the company has made to reverse operational declines and reduce leverage, through diverting FCF towards debt paydown and suspending dividends and share buybacks. GNC is rated similarly to SUPERVALU Inc. (B/Stable) and Rite Aid Corporation (B/Stable). SUPERVALU is a secularly challenged grocery retailer and wholesale grocery operator, with leverage around 4.0x. Rite Aid Corporation (B/Stable) is a drug retailer whose recent market share losses raise questions around EBITDA stabilization prospects; its pro forma leverage following the sale of assets to Walgreens Boots Alliance, Inc. is projected to trend around 7.0x. KEY ASSUMPTIONS Fitch's key assumptions within Fitch rating case for the issuer include: -- Fitch expects total revenue to remain fairly stable in the $2.5 billion range between 2016 and 2020. Revenue is expected to decline 3% in 2017 and decline 1% in 2018 due to store closings before turning modestly positive in the low single digit range. Same store sales are expected to be flat in 2017 given second half improvement and grow in the low single digit range in 2018-2020. -- EBITDA is expected to trough in the mid-$200 million range in 2017, versus $350 million in 2016 and the average $500 million range between 2012 and 2015. EBITDA is expected to improve to the $300 million to $325 million range by 2019/2020 on modest top line growth and gross margin expansion as a result of store closings leading to reduced occupancy costs and merchandise margin stabilization. -- FCF is expected to be $200 million in 2017, partly driven by working capital improvement of $75 million, and $100 million annually thereafter. The company has suspended both its dividend and share buybacks. Fitch would expect the company to use FCF towards debt paydown, including term loan amortization. -- GNC is projected to have approximately $725 million in maturities and/or amortization payments due by the end of 2020 between the $300 million Term Loan B-1 maturing in January 2020, $288 million in convertible notes maturing in August 2020, and $45 million in annual amortization payments due for the B-2 Term Loan. Fitch expects GNC to address these maturities through a combination of internally-generated FCF, refinancing and/or tender of the term loan and converts (respectively), and a possible asset sale or sale-leaseback transaction for incremental proceeds. -- Adjusted leverage (capitalizing rent expense at 8x) is projected at 7x for 2017, versus the 4.5x-5x range in 2013- 2015, but is expected to trend towards the mid-5x by 2020 based on EBITDA growth and debt reduction. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Increased confidence in the company's ability to increase EBITDA to the $300 million range while paying down debt such that leverage trends to the mid-5x, as well as the company's ability to successfully address upcoming maturities. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Lack of expected sales improvement and debt paydown such that leverage remains elevated near current levels and/or the inability of GNC to successfully complete the refinancing as proposed and address upcoming debt maturities in a timely fashion. LIQUIDITY GNC's proposed transaction includes the refinancing of its existing senior secured credit facilities, replacing it with a new $100 million ABL Revolver due 2022, and two tranches of term loan: a $300 million tranche due January 2020 (Term Loan B-1) and a $905 million tranche due January 2021 (Term Loan B-2). This proposed capital structure differs from GNC's initial proposal on Nov. 8, 2017, which included a $705 million Term Loan B due 2022 and $500 million in senior secured notes also due 2022. The change in mix and maturities from the initial proposal is a result of evolving market conditions and demand. In issuing its new capital structure, GNC is redeeming its $300 million revolver due 2018 (of which $48 million was drawn) and its $1.131 billion Term Loan due 2019. The company is not refinancing the $288 million in outstanding convertible bonds due 2020 which has a favorable 1.5% coupon. Fitch does not rate these convertibles given the company does not release public documentation on the issue. FULL LIST OF RATING ACTIONS Fitch has downgraded the following ratings for GNC: GNC Holdings, Inc. -- Long-Term IDR to 'B' from 'B+'. General Nutrition Centers, Inc. -- Long-Term IDR to 'B' from 'B+'; -- Proposed senior secured $100 million ABL to 'BB'/'RR1' from 'BB+'/'RR1'. Fitch has assigned the following ratings to GNC: General Nutrition Centers, Inc. -- Proposed senior secured term loans B1 and B2 'BB-'/'RR2'. The Rating Outlook is Stable. GNC Holdings Inc. is a Pittsburgh, Pennsylvania-based American commercial enterprise focused on the retail sale of health and nutrition related products, including vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products. GORDMANS STORES: Liquidation Plan Declared Effective ---------------------------------------------------- BankruptcyData.com reported that Gordmans Stores' Joint Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on October 18, 2017. BankruptcyData's detailed Plan Summary notes, "The Plan contemplates a liquidation of each of the Debtors and their Estates and is therefore referred to as a 'plan of liquidation.' The primary objective of the Plan is to maximize the value of recoveries to all Holders of Allowed Claims and Allowed Interests and to distribute all property of the Estates that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective and is in the best interest of the Estates and therefore seek to confirm the Plan." BankruptcyData's Plan Summary continues, "General Unsecured Claims will receive its pro rata share of cash from the Plan Administrator Assets available to satisfy the General Unsecured Claims, if the Allowed Class 4 Claim is held by a Holder that votes to accept the Plan, for a rate of recovery of 4.9%--10.6%." About Gordmans Stores Gordmans Stores, Inc. -- http://www.gordmans.com/-- was a retail company engaged in the sale of apparel, home goods, and other merchandise. Founded in 1915, Gordmans operates 106 stores in 62 markets and 22 states throughout the United States and through e-commerce operations. Gordmans Stores, and five of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Lead Case No. 17-80304) on March 13, 2017. Andrew T. Hall, president, CEO and secretary, signed the petitions. At the time of the filing, the Debtors disclosed $274 million in assets and $131 million in liabilities. The cases are assigned to Judge Thomas L. Saladino. The Debtors engaged Patrick J. Nash, Jr., Esq., Brad Weiland, Esq., and Jamie R. Netznik, Esq., of Kirkland & Ellis LLP, as bankruptcy counsel. The Debtors also hired Joyce A. Dixon, Esq., at Kutak Rock LLP as local counsel; Duff & Phelps as financial advisor; Clear Thinking Group LLC as restructuring advisor; and Epiq Bankruptcy Solutions LLC, as claims and noticing agent. On March 15, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee hired Frost Brown Todd LLC, as counsel, Brian J. Koenig, Esq. at Koley Jessen, P.C., L.L.O., as local counsel; and Province Inc., as financial advisor. * * * Houston, Texas-based Stage Stores and a joint venture of liquidators Tiger Capital Group and Great American Group were declared winning bidders for Gordmans' assets at an auction in March 2017. Stage Stores said at that time it plans to operate at least 50 of Gordmans' 105 locations and keep the warehouse in Omaha as a going concern. Stage operates about 800 locations nationwide under the Peebles, Bealls and Goody's brands, among others. The winning bid amounted to $75.6 million, good enough to snare Gordmans' inventory at all stores, its fixtures, furniture, office equipment and other assets, according to a report by the Omaha World-Herald. Gordmans Stores changed its name to G-Estate Liquidation Stores, Inc., following the asset sale. H3C INC: Hires Ackerman Fox as Bankruptcy Counsel ------------------------------------------------- H3C, Inc. d/b/a Left Coast Kitchen & Cocktails, seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Ackerman Fox, LLP as Chapter 11 counsel. The professional services to be rendered by Ackerman Fox are: (a) represent the Debtor, as debtor-in-possession, to prepare and file a chapter 11 bankruptcy petition and schedules, all necessary motions, applications, answers, orders, monthly reports and other necessary and appropriate documents in connection with the administration of the Debtor's estate; (b) prepare and file all necessary adversary proceedings and documents in connection with adversary proceedings and other papers; (c) advise the Debtor with respect to its powers and duties as a debtor and debtor-in-possession in the continued management and operation of his financial affairs; (d) appear at all appropriate meetings before this 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; (e) represent the Debtor in actions 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 object to claims filed against the estate; (f) assist the Debtor in formulating and negotiating a plan of reorganization and disclosure statement; and (g) perform such other further legal services to the Debtor which may be necessary. Neil H. Ackerman, Esq., member of the firm of Ackerman Fox, LLP, attests that his firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), and Ackerman Fox does not hold, or represent any entity with an adverse interest in or in connection with this case. The Firm's Neil Ackerman charges $475 per hour for his service. Other partners and of counsel charge $425 an hour while associates charge $350. The firm charges $125 an hour for all work done by paralegals or legal assistants. The Firm can be reached through: Neil H. Ackerman, Esq. Kamini Fox, Esq. ACKERMAN FOX, LLP 90 Merrick Ave., Suite 400 East Meadow, NY 11554 Telephone: (516) 493-9920 Facsimile: (516) 228-3396 Email: nackerman@ackermanfox.com kfox@ackermanfox.com About H3C, Inc. Based in Merrick, New York, H3C, Inc. d/b/a Left Coast Kitchen & Cocktails filed a voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-77027) on November 14, 2017, listing under $1 million both in assets and liabilities. The Debtor is represented by Neil H Ackerman at Ackerman Fox, LLP as counsel. HARTFORD COURT: Latest Plan Discloses Settlement with the Wejdas ---------------------------------------------------------------- Hartford Court Development, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a second amended disclosure statement in conjunction with its second amended plan of reorganization dated Nov. 10, 2017. The second amended plan provides that the percentage paid on general unsecured claims will depend on the resolution of an objection to a claim filed by creditors Ewa and Dariusz Wejda in the amount of $3,401,734.26. The Debtor has reached an agreement with the Wejdas for the allowance of their claim in the amount of $121,815. At the time of the filing of this Disclosure Statement, the Debtor's motion to approve the settlement of the Wejda claim was still pending in court. Including the Wejda claim in the reduced amount, the total of general unsecured claims is $243,630. If the settlement of the Wejda claim is allowed by the Court, the distribution to general unsecured claims will be approximately 15%. The Debtor expects that the settlement with the Wejdas will be approved before the Effective Date of the Plan. The Debtor will pay the priority claim of the Internal Revenue Service, in the amount of $116.27, in full upon the Effective Date of the Plan. The remaining balance of the Internal Revenue Service claim, in the amount of $390, is a general unsecured claim and will be paid a 15% distribution, or $58.50, upon the Effective Date of the Plan. The Troubled Company Reporter previously reported that Class VI General Unsecured Claims of Ewa and Dariusz Wejda will be paid over five years at 1% to 60% of the claim. The Debtor did not schedule these creditors as holding any claim. The creditors filed a claim in the amount of $3,401,734.26. The Debtor has objected to this claim. A copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/ilnb17-01356-185.pdf About Hartford Court Development Hartford Court Development, Inc., is an Illinois corporation that owns and manages 14 residential condominiums and their related parking spaces, all located in the 5300 block of North Cumberland Avenue, Chicago, IL. Hartford Court Development filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-01356) on Jan. 17, 2017. Paula Walega, the company's president, signed the petition. The Debtor estimated assets and liabilities at $500,000 to $1 million. The case is assigned to Judge Jack B. Schmetterer. The Debtor is represented by David P. Lloyd, Esq. at David P. Lloyd, Ltd. HATHAWAY HOMES: Hires Jay Kohler as Attorney -------------------------------------------- Hathaway Homes Group, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Jay A. Kohler as its attorney. Professional services Jay A. Kohler is to render are: a. give Debtor and Debtor-in-Possession legal advice with respect to its powers and duties under Chapter 11; b. prepare all bankruptcy forms and related court documents to file and process this Chapter 11 case; c. take necessary action to avoid liens as required, and assist the Debtor and Debtor-In-Possession in performing its other statutory duties; d. prepare on behalf of the Debtor all necessary applications, answers, orders, reports and any other legal papers required by the Court; e. file Motion for Use of Cash Collateral and Obtain Authority to incur Secured Debt, when necessary; f. assist the Debtor and Debtor-in-Possession in the preparation of the Disclosure Statement and Chapter 11 Plan; and g. perform all other legal services on behalf of the Debtor and Debtor-In-Possession. Jay A. Kohler will be paid $200.00 per hour plus cost for his services. Jay A. Kohler attests that he does not represent any interest adverse to the Debtor in the matters upon which he is to be engaged. Mr. Kohler can be reached through: Jay A. Kohler, Esq. 482 Constitution Way, Suite 313 Idaho Falls, ID 83402-3537 Tel: (208) 524-3272 Fax: (208) 524-3619 About Hathaway Homes Group Hathaway Homes Group, LLC, is a dealer of recreational vehicle and manufactured homes in South East Idaho. It offers a selection of new modular homes, mobile homes, toy haulers, and pre-owned RVs and trailer homes. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 17-40992) on November 10, 2017. Paul J. Hathaway, authorized representative, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of $1 million to $10 million. Judge Jim D. Pappas presides over the case. HELIOS AND MATHESON: Files Q3 Interim Financial Statements ---------------------------------------------------------- As previously reported in its Current Report on Form 8-K filed with the Securities and Exchange Commission on Aug. 15, 2017, Helios and Matheson Analytics Inc. disclosed its agreement to acquire a majority stake in MoviePass Inc. pursuant to a Securities Purchase Agreement entered into on the same date. As previously reported in its Current Report on Form 8-K filed with the Commission on Oct. 11, 2017, the Company and MoviePass entered into an Amendment No. 1 to the MoviePass SPA on Oct. 6, 2017. The MoviePass Transaction has not yet been completed and the issuance of shares of common stock of the Company to MoviePass pursuant to the MoviePass SPA remains subject to approval by the Company's stockholders in accordance with Nasdaq Listing Rule 5635. On Nov. 30, 2017, the Company filed a Current Report with the SEC to provide audited and interim financial statements of MoviePass and pro forma financial statements of the Company giving effect to the MoviePass Transaction. As of Sept. 30, 2017, MoviePass had $3.75 million in total assets, $25.26 million in total liabilities and a total stockholders' deficit of $21.50 million. MoviePass reported a net loss of $11.69 million on $4.96 million of total revenues for the nine months ended Sept. 30, 2017, compared to a net loss of $4.02 million on $6.81 million of total revenues for the nine months ended Sept. 30, 2016. In accordance with Helios' and MoviePass' unaudited pro forma condensed combined statements of operations, the Companies reported a combined net loss of $105.72 million on $8.64 million of total revenues for the nine months ended Sept. 30, 2017. The Companies' combined pro forma balance sheet as of Sept. 30, 2017, showed $113.34 million in total assets, $87.88 million in total liabilities and $23.35 million in total shareholders' equity. Copies of the Financial Statements are available for free at: https://is.gd/3tTvK6 https://is.gd/hnPsyM https://is.gd/FxjX6w About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Its holdings include RedZone Map, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Through TrendIt, HMNY has acquired technology addressing crowd and migration patterns and consumer behavior in real-time. The patented technology predicts population behavior, along with a crowd's population size, origin and destination. HMNY is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol HMNY. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, compared to a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Sept. 30,2017, Helios and Matheson had $17.46 million in total assets, $41.54 million in total liabilities, $2.09 million in redeemable common stock and a $26.17 million total shareholders' deficit. HELIOS AND MATHESON: Invests Additional $1.8M in MoviePass ---------------------------------------------------------- As previously disclosed, on Oct. 11, 2017, Helios and Matheson Analytics Inc. and MoviePass Inc. entered into an Investment Option Agreement, pursuant to which MoviePass granted HMNY an option to purchase additional shares of MoviePass common stock in an amount up to $20 million based on a pre-money valuation of MoviePass of $210 million amounting to an additional investment of up to 8.7% of the Currently Outstanding Shares of Common Stock (as defined in the MoviePass Option Agreement) of MoviePass, giving effect to the closing of the acquisition by HMNY of a majority stake in MoviePass. The issuance of HMNY's shares of common stock to MoviePass in connection with the MoviePass Transaction remains subject to approval by HMNY's stockholders in accordance with Nasdaq Listing Rule 5635. On Nov. 27, 2017, HMNY used $1.8 million of the cash proceeds received from the mandatory prepayments under those certain investor secured promissory notes issued by certain institutional investors to HMNY on Nov. 7, 2017 in order to exercise an additional $1.8 million of the MoviePass Option. In connection with the MoviePass Option Exercise, MoviePass issued HMNY a subordinated convertible promissory note in the principal amount of $1.8 million. Assuming the closing of the MoviePass Transaction occurs, MoviePass will issue the amount of shares of its common stock to HMNY underlying the MoviePass Option Note, and upon such issuance the MoviePass Option Note will be deemed satisfied in full. Legal Proceedings Update - HMNY/Zone Motion to Dismiss Granted As previously reported, on Aug. 24, 2016, 3839 Holdings LLC filed a summons and complaint in the Supreme Court of the State of New York, New York County, against Theodore Farnsworth, Highland Holdings Group, Inc. and Zone Technologies, Inc. The claims arose out of 3839 Holdings' purchase of a 10% interest in HHGI and an unsuccessful real estate investment by HHGI. On or about Dec. 7, 2016, 3839 Holdings amended the complaint to add HMNY as a defendant. On Nov. 24, 2017, the Supreme Court of the State of New York granted the motion to dismiss of Zone and HMNY, and all claims asserted by 3839 Holdings against Zone and HMNY have been dismissed. About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Its holdings include RedZone Map, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Through TrendIt, HMNY has acquired technology addressing crowd and migration patterns and consumer behavior in real-time. The patented technology predicts population behavior, along with a crowd's population size, origin and destination. HMNY is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol HMNY. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, compared to a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Sept. 30,2017, Helios and Matheson had $17.46 million in total assets, $41.54 million in total liabilities, $2.09 million in redeemable common stock and a $26.17 million total shareholders' deficit. HHGREGG INC: Exclusive Plan Filing Period Extended Through Feb. 5 ----------------------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana has entered an Order extending the exclusive periods during which only hhgregg, Inc. and its affiliated debtors may file and solicit acceptances of a chapter 11 plan through and including February 5 and April 5, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtors needed additional time to formulate and propose a plan in these cases. While the Debtors have sold substantially all of their assets, the Debtors said that they are still working diligently to address issues between creditor constituencies and complete their wind down. The Debtors told the Court that their efforts over the last few months have continued to be focused on the successful wind-down of their estates in order to maximize the value of the Debtors' assets for the benefit of their creditors. The Debtors undertook multiple strategies to liquidate their assets including a store closing sale process, the sale of their intellectual property assets, and are in the process of selling their rights in certain class actions. The Debtors related that, to this point, their efforts have resulted in the successful liquidation of substantially all of their assets, including most recently their intellectual property and their interest in certain class action assets. The Debtors said, however, that they are continuing to evaluate what assets remain in order to maximize the value for their creditors. The Debtors have recently been working collaboratively with the Pre-Petition Secured Lenders, the DIP Lenders, and the Committee to negotiate an amended DIP Agreement that maximizes the value of the Debtors' estate and the return to creditors. As such, the Debtors asserted that extending the Exclusive Periods will allow these negotiations to continue as all constituencies work toward a liquidation of the Debtors' remaining assets. About hhgregg Inc. Indianapolis, Indiana-based hhgregg, Inc., is an appliance, electronics and furniture retailer. Founded in 1955, hhgregg is a multi-regional retailer currently with 220 stores in 19 states that also offers market-leading global and local brands at value prices nationwide via http://www.hhgregg.com/ hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 17-01302) on March 6, 2017. The petitions were signed by Kevin J. Kovacs, chief financial officer. At the time of the filing, hhgregg and HHG Distributing estimated assets and liabilities of less than $50,000. Gregg Appliances estimated assets and liabilities at $100 million to $500 million. The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP as counsel; Berkeley Research Group, LLC as financial advisor; Stifel and Miller Buckfire & Co. as investment banker; Hilco IP Services as intellectual property advisor; Altus Group US, Inc., as tax advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The U.S. Trustee has appointed creditors to serve on the official committee of unsecured creditors in the case of Gregg Appliances, Inc., Case No. 17-01303-RLM-11. No official committee has been appointed in the cases of hhgregg, Inc., No. 17-01302-RLM-11 or HHG Distributing, LLC, No. 17-01304-RLM-11. The Committee hired Cooley LLP and Bingham Greenebaum Doll LLP as counsel, and ASK LLP as avoidance claims counsel. The Committee retained Province Inc. as financial advisor. Counsel to the Agent for the Debtors' prepetition secured lenders and the lenders providing DIP financing are Sean M. Monahan, Esq., at Choate, Hall & Stewart LLP; and Jay Jaffe, Esq., at Faegre Baker Daniels, LLP. Counsel to the FILO Agent is Stuart Brown, Esq., at DLA Piper LLP. * * * When hhgregg filed for Chapter 11 bankruptcy, it had signed a term sheet with an anonymous party to purchase the Company assets. The Company said at that time it expected a quick and smooth process through Chapter 11 with emergence in approximately 60 days. Ten days later, hhgregg said it has terminated the nonbinding term sheet with the anonymous party because the Company was unable to reach a definitive agreement on terms, and said it continues to work with interested third parties to purchase assets of the business. hhgregg added it had received strong interest from third parties interested in buying some or all of the Company's assets. Subsequently, hhgregg executed a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC, and Great American Group, LLC, to conduct a sale of the merchandise and furniture, fixtures and equipment located at the Company's retail stores and distribution centers. In an April order, the Bankruptcy Court approved, at the Company's request, a plan for the Company to close 132 retail stores and the Company's distribution centers. According to a disclosure with the Securities and Exchange Commission in March, debtors Gregg Appliances, Inc., and HHG Distributing, LLC, entered into a Consulting Agreement with a contractual joint venture between Tiger Capital Group and Great American Group to conduct the sale of the merchandise and furniture, fixtures and equipment located at the Company's 132 retail stores and the distribution centers. As of June 8, 2017, the Debtors have completed store closing sales in all its stories. The Company has said it does not anticipate any value will remain from the bankruptcy estate for the holders of the Company's common stock, although this will be determined in the continuing bankruptcy proceedings. HRG GROUP: Fitch Upgrades Sr. Secured Notes to BB ------------------------------------------------- Fitch Ratings has affirmed HRG Group, Inc.'s (HRG) Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Fitch has also upgraded HRG's senior secured notes rating to 'BB'/'RR1' from 'BB-'/'RR2' and its senior unsecured notes rating to 'BB-'/'RR2' from 'B'/ 'RR4'. The ratings have been removed from Rating Watch Evolving. KEY RATING DRIVERS - IDRs and Senior Debt The affirmation of the Long-Term IDR follows the closing of the sale of Fidelity & Guaranty Life (FGL; Long-Term IDR 'BB+'/Stable), a company that was previously 80.4% owned by HRG, to a consortium led by CF Corp. for total consideration of approximately $1.8 billion, plus the assumption of $405 million of existing debt. The consortium includes the founders of CF Corp., funds affiliated with The Blackstone Group, L.P. (Long-Term IDR 'A+'/Stable) and Fidelity National Financial, Inc. (Long-Term IDR 'BBB+'/Stable). CF Corp. also acquired Front Street Re (Delaware) Ltd. (Front Street), which was previously wholly-owned by HRG, for $65 million. The 'B' Long-Term IDR is supported by the credit risk profile and underlying diversity of HRG's largest investment, Spectrum Brands, Inc. (Spectrum Brands; Long-term IDR of 'BB'/Stable), and HRG's adequate liquidity position. While the FGL and Front Street sales will meaningfully reduce HRG's leverage and improve its upstream dividend coverage of holding company interest expense, the rating is constrained by the concentrated nature of HRG's remaining investments. HRG is effectively operating as a single-investment, pass-through structure for Spectrum Brands, which is 59.6% owned by HRG. Its other remaining investments are in NZCH Corporation, a public shell company and Salus Capital Partners, LLC, a secured asset-backed lender that is in run-off. Fitch calculates that upstream dividends from HRG's subsidiaries relative to holding company interest expenses measured 0.5x in fiscal 2017, 0.4x in fiscal year 2016 and 0.5x in 2015. However, proceeds received from the FGL and Front Street transactions, which amount to approximately $1.5 billion, significantly enhance HRG's liquidity position and will enable HRG to repay all of its $864.4 million 7.875% senior secured notes due 2019 and a portion of its $890 million 7.75% senior unsecured notes due 2022 and other obligations. Since HRG expects to receive approximately $60.7 million of dividends from its subsidiaries' distributable earnings in fiscal year 2018, dividend coverage of holding company interest expense should improve comfortably above 1.0x. Debt-to-equity based on the carrying value of HRG's investments remained elevated at 2.4x as of Sept. 30, 2017. Since HRG's largest current holding is in a publicly traded company (Spectrum Brands), Fitch also considers pro forma debt-to-equity based on the market value of HRG's public investment, but recognizing that market values can fluctuate. Nevertheless, on this basis, Fitch calculates that HRG's leverage was 0.6x as of Sept. 30, 2017, compared to 0.4x at FYE 2016 and 0.6x at FYE 2015. Debt-to-equity based on the carrying value of HRG's investments is 0.5x and debt-to-equity on the basis of the market value of HRG's public investments is 0.1x pro forma for the FGL and Front Street sales, which are both strong for the rating. The upgrade of HRG's senior secured debt rating to 'BB'/'RR1' from 'BB-'/'RR2' reflects an expectation of outstanding recoveries for these securities in the event of a corporate default. The improved ratings reflect HRG's increased cash balance pro forma for the FGL and Front Street sales. Given the outstanding recovery prospects for the senior secured notes, the ratings are notched up three notches from HRG's IDR. The upgrade of HRG's senior unsecured debt rating to 'BB-'/'RR2' from 'B'/'RR4' reflects an expectation of superior recoveries for these securities in the event of a corporate default. Given the superior recovery prospects for the senior unsecured notes, the ratings are notched up twice from HRG's IDR. According to HRG's secured and unsecured notes indentures, if a change of control occurs, the noteholders may require HRG to repurchase all or a portion of its notes for cash at a price equal to 101% of aggregate principal amount, plus any accrued and unpaid interest to the date of repurchase. RATING SENSITIVITIES IDR and Senior Debt The following factors may result in upward rating momentum in HRG's IDR: -- A sale to a higher-rated entity; -- Greater clarity with respect to HRG's long-term strategic direction, organizational structure, and ownership framework. The following drivers could result in a downgrade of HRG's IDR: -- A sale to a lower-rated entity; -- Sustained uncertainty with respect to HRG's strategic direction, organizational structure, or ownership framework; -- Deterioration in the operating performance of Spectrum Brands that results in a material decline in its value, dividend capacity and/or credit ratings. The 'BB'/'RR1' senior secured debt rating would be sensitive to any changes in the company's IDR, as well as to changes in the level of available asset coverage. The 'BB-'/'RR2' senior unsecured debt rating is sensitive to potential changes in the company's IDR, as well as to changes in the level of available asset coverage. Fitch has taken the following rating actions: HRG Group, Inc. -- Long-Term IDR affirmed at 'B'; -- Senior secured notes upgraded to 'BB'/'RR1' from 'BB-'/'RR2'; -- Senior unsecured notes upgraded to 'BB-'/'RR2' from 'B'/'RR4'. The Ratings have been removed from Rating Watch Evolving. The Rating Outlook is Stable. Based in New York, N.Y., HRG Group, Inc., through its subsidiaries, provides various branded consumer products. Its product portfolio includes consumer batteries, such as alkaline and zinc carbon batteries, nickel metal hydride rechargeable batteries, battery chargers, battery-powered portable lighting products, hearing aid batteries, and other specialty battery products; small appliances comprising small kitchen appliances and home product appliances; and personal care products, such as electric shaving and grooming products, hair care appliances, and accessories. IGNITE RESTAURANT: U.S. Trustee, Other Parties Object to Plan ------------------------------------------------------------- BankruptcyData.com reported that multiple parties -- including the U.S. Trustee (UST) assigned to the Ignite Restaurant Group case, Navillus Group, Navigators Specialty Insurance Company and current and former employees represented by operation of the Fair Labor Standards Act ("Class Proof of General Unsecured and Priority Claimants") -- filed with the U.S. Bankruptcy Court separate objections to the Company's Plan of Reorganization. The UST asserts, "The Debtors' Plan should not be confirmed because it does not currently satisfy the requirements of section 1129 of the Bankruptcy Code. First, the Debtors' must carry their burden of proof to demonstrate and establish that the elements of 11 U.S.C. section 1129 have been met for Plan confirmation. Second, Plan does not provide sufficient information regarding the proposed substantive consolidation and Debtors must demonstrate that the required legal standards have been met to establish the substantive consolidation of the Debtors. Third, the Plan improperly provides broad third party releases, exculpations and injunctions, in violation of section 524(e) of the Bankruptcy Code and applicable Fifth Circuit law. Lastly, Debtors are liquidating and the overly broad release, exculpation and release provisions contained in the Plan provide a de facto discharge which is contrary to Section 1141(d)(3) of the Bankruptcy Code. The Plan does not meet the requirements of 11 U.S.C. section 1129. In the absence of amendments to deal with such matters as are noted below, the UST recommends that the Court deny confirmation of the Joint Chapter 11 Plan of Reorganization. The UST objects that the Plan is deficient because it proposes a substantive consolidation of the respective Debtors' estates without any discussion as to the legal standards required, how the standard is met in these cases, or the impact on respective creditor recoveries." About Ignite Restaurant Ignite Restaurant Group, Inc., et al., operate two well-known restaurant brands, Joe's Crab Shack and Brick House Tavern + Tap that offer a variety of high-quality food and beverages in a distinctive, casual, high-energy atmosphere. They operate 130+ restaurants and have three international franchise locations, and employ about 8,400 employees. Ignite Restaurant Group and its affiliates filed for bankruptcy in Texas (Bankr. S.D. Tex. Lead Case No. 17-33550) on June 6, 2017. The petitions were signed by Jonathan Tibus, chief executive officer. The Hon. David R. Jones presides over the Debtors' cases. Ignite Restaurant Group and its affiliated debtors sought bankruptcy protection to facilitate a sale of its business to a private equity firm for $50 million in cash plus the assumption of certain liabilities. As of April 30, 2017, the Debtors reported $153.4 million in total assets and $197.4 million in total liabilities. The Debtors have employed King & Spalding LLP as legal counsel; Jonathan Tibus, managing director at Alvarez & Marsal North America, as their chief executive officer; Piper Jaffray & Co. as investment banker; Hilco Real Estate, LLC as real estate advisor; and Garden City Group as their claims and noticing agent. On June 21, 2017, a five-member panel was appointed as the official unsecured creditors committee in the Debtors' cases. The committee tapped Pachulski Stang Ziehl & Jones LLP as counsel, Cole Schotz P.C. as local counsel, and FTI Consulting, Inc., as financial advisor. IHEARTCOMMUNICATIONS INC: Continues Talks on Debt Restructuring --------------------------------------------------------------- iHeartCommunications, Inc. commenced on March 15, 2017, exchange offers to exchange certain series of its outstanding series of debt securities for new securities of the Company, iHeartMedia, Inc. and CC Outdoor Holdings, Inc. and concurrent consent solicitations with respect to the Existing Notes. In addition, on March 15, 2017, the Company also commenced offers to amend its outstanding Term Loan D and Term Loan E borrowings under its senior secured credit facility. The Company has engaged in discussions with certain lenders under its Term Loan D and Term Loan E facilities and certain priority guarantee noteholders and counsel to certain of those Lenders in connection with the Term Loan Offers. In connection with these discussions, the Company and certain Lenders entered into non-disclosure agreements. On Nov. 21, 2017, the Company provided certain Lenders with a proposal, a copy of which is available for free at https://is.gd/AJlUY2. On Nov. 28, 2017, the Lenders provided the Company with a counterproposal, a copy of which is available for free at https://is.gd/TFRxiA. As of Nov. 30, 2017, the Company had not provided those Lenders with, nor had it provided those Lenders access to, confidential information. No agreement has been reached with respect to the discussions and discussions remain ongoing. There can be no assurance that any agreement will be reached. Any such agreement will require the consent of additional debt holders who are not party to the negotiations, and who hold substantial percentages of the Company's debt. About iHeartMedia, Inc. and iHeartCommunications, Inc. Based in San Antonio, Texas, iHeartMedia, Inc. (PINK: IHRT), the parent company of iHeartCommunications, Inc., is a global media and entertainment company. The Company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The Company is dedicated to using the latest technology solutions to transform the Company's products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 34 countries across five continents, connecting people to brands using innovative new technology. iHeartCommunications reported a net loss attributable to the Company of $296.31 million in 2016, a net loss attributable to the Company of $754.62 million in 2015, and a net loss attributable to the Company of $793.76 million in 2014. As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in total assets, $23.93 billion in total liabilities and a total stockholders' deficit of $11.67 billion. * * * In March 2017, Fitch Ratings downgraded iHeartCommunications, Inc.'s Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. The downgrade reflects iHeart's announcement on March 15, 2017, that the company has commenced a global restructuring effort targeting approximately $14.6 billion in debt including all of the outstanding Term Loans and PGNs as well as the senior notes due 2021. Also in March 2017, S&P Global Ratings lowered its corporate credit rating on Texas-based media company iHeartMedia Inc. and its subsidiary iHeartCommunications Inc. to 'CC' from 'CCC'. The rating outlook is negative. The downgrade follows iHeartCommunications' announcement that it has offered to exchange five series of priority-guarantee notes, its senior notes due 2021, and its term loan D and E for longer-dated debt; and, in certain scenarios, stock and warrants, or contingent value rights. "Under all but one scenario, there would be a reduction in the principal amount of debt outstanding and an extension of the debt maturity by two years for exchanged debt," said S&P Global Ratings' credit analyst Jeanne Shoesmith. "The company's debt is trading at significant discounts to par of 20%-60%, and we believe its capital structure is unsustainable." In December 2016, Moody's Investors Service affirmed iHeartCommunications, Inc.'s 'Caa2' Corporate Family Rating. IMPERIAL PALMS: Needs More Time to Finalize Sale Pact, File Plan ---------------------------------------------------------------- Imperial Palms Resort, LLC, asks the U.S. Bankruptcy Court for the Southern District of California to extend the exclusivity periods for the Debtor to file a Chapter 11 plan to Feb. 26, 2018, from Nov. 28, 2017, and to solicit acceptances of the plan to April 27, 2018, from Jan. 27, 2018. A hearing to consider the Debtor's request is scheduled for Jan. 11, 2018, at 2:00 p.m. The Debtor has made an effort to locate potential buyers for the Imperial Palms Resort at Barbara Worth and has received a letter of intent by a Chinese company offering to purchase the Resort from the Debtor for a purchase price of $7.25 million. The LOI was accepted and there are ongoing efforts to finalize a purchase and sale agreement with the LOI buyer. In the meantime, however, the Debtor has sought to increase the number of interested buyers and has signed a Commercial and Residential Income Listing Agreement with P C Realty, Inc., and Sperry Commercial1 in order to list the Subject Property for sale at $8.5 million. The Debtor has been informed by the broker, JC Fan, that there is a third party preparing an offer on the 2050 Country Club 6 Drive, Holtville, California 92250, in the range of $8.5 million. The Debtor anticipates that this offer will be received prior to the hearing on this matter. If this offer is received and finalized as anticipated, the Debtor will have more than enough money to pay Clearinghouse Community Development Financial Institution in full. In fact, if Oasis Growth Partners, Inc., agrees to subordinate its secured claim to all allowed general unsecured claims 'with the exception to claims held by other current and/or former owners of the Debtor, then there will be enough money to pay all non-insider creditors in full. The Debtor says it is interested in working with creditors, including Clearinghouse, towards a consensual plan of reorganization or a liquidation of the Debtor's assets that will pay all non-insider creditors in full. In order to avoid having undue pressure from creditors, and maintaining the status quo for the time being, the Debtor brings this motion to extend the exclusivity period for the filing of a plan of reorganization. The extension will allow the Debtor to finalize a purchase and sale agreement that will hopefully pay all non-insider creditors in full. The extension being sought from the original exclusivity period would be 90 days, well within the outside period provided by Section 1121, which is 18 months after the date of filing. In this case, the filing occurred on July 31, 2017, 20 months from that point would be Jan. 31, 2019. The Debtor's case is fairly complex. The Debtor has no less than five significant secured creditor in Clearinghouse, Kevin Smith, Darryl Readshaw, Qing Tao and OGP. A number of these claimants are current or former insiders. The Debtor also has significant claims with priorities (including various claims from former employees and allegedly unpaid taxes).· As a corporate Debtor, the Debtor must find a way to satisfy the Absolute Priority Rule or, in the alternative, develop a plan that will likely receive approval from all creditor classes. Currently, the Debtor is working on finalizing a purchase and sale agreement that may resolve many issues. The Debtor says that it is anticipated that certain claims will still have to be litigated and/or negotiated, including several of the insider claims that arose due to the purchase of Debtor's securities and the claims of the Internal Revenue Service which are based on tax returns prepared by the previous ownership group, which are being amended at this time. Perhaps more importantly, the Debtor is in a situation where it has equity as an ongoing company but has to continue operations and must find the necessary funds to continue its operations. The Debtor is able to maintain operations as a result of its Chapter 11 bankruptcy, but needs a fully developed strategy to satisfy those creditors that have outstanding arrearages on their claims against the Debtor. In order to satisfy these claims, the Debtor must have a new source of cash, whether it be by Debtor-In-Possession Financing or through the sale of its assets, the avenue being considered at this time. In order to ensure that this occurs, the Debtor is working diligently towards a global plan that will allow it to remain in business and pay its non-insider creditors in full. The Debtor needs to continue its effort to secure a purchaser for the Resort and is working diligently to find a buyer. Alternatively, the Debtor continues to work to obtain financing that would help the Debtor provide payments to secured creditors and establish a longer period to complete the sale of its assets. The Debtor has hired a broker to assist it in identifying potential buyers. These efforts are ongoing, along with discussions with current owners on the potential to have the current shareholders remain as owners of the Debtor by and through further capital contributions. As these talks will likely involve the infusion of significant cash into the Debtor, it is understandable that those discussion proceed at their own pace. However, the Debtor continues to diligently pursue all potential avenues and hopes to have a motion to sell the Resort in a short period of time. The Debtor says it has weathered the slow season and has obtained capital infusions from OGP to continue in operations. The Debtor has also employed a broker for the Debtor to seek and obtain a buyer for the Resort and to pay all non-insider creditors in full. The Debtor anticipates having a hearing take place on a potential sale before the end of January 2018 and does not anticipate needing -- the entire 90-day continuance being requested, but is requesting a longer extension only to ensure that Debtor has enough time to complete negotiations. The Debtor had previously not been paying its ongoing obligations in full. However, with the Debtor entering its peak season the Debtor is paying all ongoing operation costs and should be current with all creditors on all post-petition operation costs. The Debtor assures the Court that there is no harm being done to creditors by the ongoing operation of the Debtor. Indeed, as the Debtor remains in operations, the more interest the Debtor is garnering for the sale of the business. Ongoing negotiations with potential buyers still need to be finalized. As negotiations continue, the Debtor is hoping to have a motion on file to sell the Debtor's property free and clear of liens. The sale would allow the Debtor to pay all non-insider allowed claims in full. The Debtor says it has not had an opportunity to negotiate with creditors due to the general lack of funds. However, as the Debtor enters its peak season and as the Debtor negotiates with potential buyers, the Debtor anticipates that discussions on the ultimate allowance of certain claims will commence once a bona fide offer is received. The Debtor anticipates receiving an offer shortly, certainly prior to the hearing on this matter. A copy of the Debtor's request is available at: http://bankrupt.com/misc/casb17-04553-71.pdf About Imperial Palms Resort Imperial Palms Resort, LLC, owns the Imperial Palms Hotel & Resort located at 2050 Country Club Drive, Holtville, CA 92550, valued at $10 million. The Debtor filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 17-04553) on July 31, 2017. The petition was signed by Rebecca Chiu, CEO and manager. The Hon. Margaret M. Mann presides over the case. The Debtor is represented by John L. Smaha, Esq., at Smaha Law Group, APC. At the time of filing, the Debtor estimates $11.27 million in assets and $8.74 million in liabilities. INDEPENDENCE TAX II: Completes Liquidation and Winding-Up --------------------------------------------------------- Independence Tax Credit Plus L.P. II completed its liquidation and winding-up on Nov. 30, 2017, and has filed a certificate of cancellation with the Secretary of State of Delaware and a Form 15 with the Securities Exchange Commission to terminate registration under Section 12(g) of the Securities of Exchange Act of 1934, after which the Partnership will no longer be required to file reports under Sections 13 and 15(d) of the Exchange Act. The Partnership transferred its entire cash balance, after setting aside a reserve for the payment of accrued operating expenses and accrued liquidation expenses, to a paying agent for distributions to investors. On May 15, 2017, the Partnership sold its last remaining investment. Liquidation of the Partnership in accordance with Section 8.1(ii) of the Limited Partnership Agreement requires the Partnership to dissolve 150 days following the sale of the Partnership's last remaining investment. 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. As of Sept. 30, 2017, Independence Tax had $1.43 million in total assets, $1.93 million in total liabilities and a total partners' deficit of $502,811. Independence Tax reported 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. INGERSOLL FINANCIAL: Hires Frank Martin Wolff as Attorney --------------------------------------------------------- Ingersoll Financial, LLC, seeks approval from the United States Bankruptcy Court for the Middle District of Florida (Orlando) to hire Frank M. Wolff and Frank Martin Wolff, P.A., as attorneys. The professional services that the Attorneys are to render are: a. advise and counsel the debtor-in-possession concerning the operation of its business in compliance with Chapter 11 and orders of this court; b. defend any causes of action on behalf of the debtor-in-possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and e. provide all services of a legal nature in the field of bankruptcy law. FMWPA will be compensated for its services by: a. reasonable compensation for actual necessary services rendered by FMWPA, based on the nature, the extent and the value of such services, the time spent on such services, and the cost of comparable services other than in the case under 11 U.S.C. Sec. 101 et seq.; b. reimbursement for actual, necessary expenses; c. $1,617.50 was paid for legal services provided in this case prior to the petition date; d. $8,382.50 was paid as a retainer for post-petition fees and costs. Frank M. Wolff attests that he and his firm have no connection with the Debtor, creditors, and any other party in interest, their respective attorneys and accountants, the United States Trustee, or any person employed in the office of the United States Trustee; do not hold or represent any interest adverse to the estate; and are disinterested persons within the meaning of 11 U.S.C. 101(14). The Firm can be reached through: Frank M. Wolff, Esq. FRANK MARTIN WOLFF, P.A. 19 E. Central Blvd. Orlando, FL 32801 Tel: (407) 982-4448 Fax: (407) 386-3364 Email: fwolff@fwolfflaw.com About Ingersoll Financial, LLC Headquartered in Orlando, Florida, The Ingersoll Group -- http://www.theingersollgroup.com-- is a national private investment organization founded by Keith Ingersoll 12 years ago. The Group's investments are concentrated in a few primary sectors, including: real estate, sports management, business networking, digital enterprise, finance, hospitality and land development. The Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case no. 17-07077) on November 7, 2017. The petition was signed by Keith R. Ingersoll, president and CEO. The Debtor is represented by Frank M. Wolff, Esq. at Frank Martin Wolff, P.A. as counsel. At the time of filing, the Debtor estimates $1 million to $10 million in both assets and liabilities. INLAND ENVIRONMENTAL: Hearing on Plan Confirmation Set for March 1 ------------------------------------------------------------------ The Hon. Jeff Bohm of the U.S. Bankruptcy Court for the Southern District of Texas has scheduled for March 1, 2018, at 10:00 a.m. the hearing to consider the approval of Inland Environmental and Remediation, Inc.'s disclosure statement and confirmation of its Chapter 11 plan of liquidation. The Debtor will file its amended plan and amended disclosure statement by Feb. 1, 2018. Objections to the Disclosure Statement and plan confirmation must be filed by Feb. 26, 2018. If a plan is not confirmed by March 1, 2018, then absent extraordinary circumstances, this case will be dismissed. As reported by the Troubled Company Reporter on April 18, 2017, the Debtor filed with the Court a disclosure statement dated April 5, 2017, in support of the Chapter 11 plan of liquidation. Under the Plan, Class 3 General Unsecured Claims will be paid a quarterly pro rata distribution by the plan agent from 30% of the proceeds from the sale or liquidation of the road base material manufactured by the Debtor until the conclusion of the Play by court order, payments commencing on 120 days after the Effective Date. About Inland Environmental Inland Environmental and Remediation, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-34624) on Sept. 14, 2016. The petition was signed by David L. Polston, chief executive officer and president. The case is assigned to Judge Jeff Bohm. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. Richard L. Fuqua, II, Esq., at Fuqua & Associates P.C. serves as the Debtor's bankruptcy counsel. IREP MONTGOMERY-MRF: Court Extends Exclusive Plan Filing Date ------------------------------------------------------------- The Hon. Dwight H. Williams, Jr., of the U.S. Bankruptcy Court for the Middle District of Alabama has extended, at the behest of IREP Montgomery-MRF, LLC, the exclusive period to file a Chapter 11-exit plan, as well as the period in which the Debtor has to gain acceptance of the plan by 90 days. As reported by the Troubled Company Reporter on Nov. 2, 2017, the Debtor asked for the extension, saying that it is appropriate for the Court to extend the exclusivity period beyond the anticipated next setting for the 363 Motion. The Debtor related that, prior to filing the case, it has negotiated an asset purchase agreement with the City of Montgomery and the Municipal Solid Waste Disposal Authority, as the Debtor intends to sell its assets under 11 U.S.C. Section 363 utilizing the City and the Authority as a "stalking horse bidder" under the APA. The Debtor asserted some 20 different companies had expressed an interest in operating or purchasing the Facility -- a mixed materials recovery facility -- and that the parties envisioned that the 363 motion would be filed quickly after the commencement of the case and the Debtor would be able to assess fairly whether a plan might be beneficial. About IREP Montgomery-MRF Based in Montgomery, Alabama, IREP Montgomery-MRF, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 16-32279) on Aug. 20, 2016. The petition was signed by Kyle Mowitz, manager. Clyde Ellis Brazeal, III, Esq., and Paul O. Woodall, Jr., Esq., at Jones Walker LLP serve as the Debtor's legal counsel. The case is assigned to Judge Dwight H. Williams Jr. At the time of the filing, the Debtor estimated its assets at $10 million to $50 million and debts at $50 million to $100 million. IRONCLAD PERFORMANCE: Seeks Name Change Amid Assets Sale to BBI --------------------------------------------------------------- BankruptcyData.com reported that Ironclad Performance Wear filed with the U.S. Bankruptcy Court an emergency motion for an order authorizing Debtors to effectuate a name change. The motion explains, "Under the Asset Purchase Agreement between the Debtors and Brighton-Best International ('BBI'), the Debtors 'may not, directly or indirectly, use the name 'Ironclad', 'Ironclad Performance Wear' or any derivative thereof or any similar name, or trade name currently used to identify themselves. Each of [the Debtors] shall be responsible for all filing fees required to be paid in connection with filing [the Debtors'] change of name amendments in the States of Nevada and California, and in each other state in which it is qualified to transact business." As the Court-approved sale of the Debtors' assets to Brighton-Best International will will close, the Debtors are required to change their names as a result of the sale to BBI, according to the report. About Ironclad Performance Wear Ironclad Performance Wear Corporation designs and manufactures branded performance work wear for a variety of construction, do-it-yourself, industrial, sporting goods and general services markets. Since inception, the company has leveraged its proprietary technologies to design task-specific technical gloves and performance apparel designed to improve the wearer's ability to perform specific job functions. Ironclad's gloves are available through industrial suppliers, hardware stores, home centers, lumber yards, and sporting goods retailers nationwide; and through authorized distributors in North America, Europe, Australia, Middle East, Asia and South America. Ironclad Performance Wear Corp, a California corporation and Ironclad Performance Wear Corp, a Nevada corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case Nos. 17-12408 and 17-12409) on Sept. 8, 2017. Geoffrey L. Greulich, CEO, signed the petitions. The cases are jointly administered and are assigned to Judge Martin R. Barash. Ironclad California estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. In its schedules, Ironclad Nevada disclosed $16.6 million in assets and $8.05 million in debt. Levene, Neale, Bender, Yoo & Brill L.L.P serves as counsel to the Debtor. Stubbs Alderton & Markiles, LLP acts as the Debtor's special corporate and securities, special trademark, and special litigation, counsel. Craig-Hallum Capital Group LLC and Michael D. Schwarzmann are the Debtor's financial advisors. On Sept. 22, 2017, the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. The Creditors Committee retained Brown Rudnick LLP as its legal counsel; and Province Inc. as financial advisor. An official committee of equity security holders also has been established in the case. The equity panel retained Dentons US LLP as counsel. JAMES HARDIE: Moody's Rates Proposed $400MM Sr. Unsec. Notes Ba1 ---------------------------------------------------------------- Moody's Investors Service assigned Ba1 ratings to James Hardie International Finance Designated Activity Company proposed $400 million senior unsecured notes due 2025 and $400 million senior unsecured notes due 2028. James Hardie's Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating as well as its Speculative-Grade Liquidity rating of SGL-2 are affirmed. The rating outlook is stable. The proceeds from the two series of unsecured note issuance totaling $800 million will be used to refinance the company's $400 million senior unsecured notes due 2023, pay off advances under its $500 million revolving credit facility ($270 million outstanding as of September 20, 2017), and for general corporate purposes. James Hardie may also use net proceeds from this offering to finance a portion of the previously announced Fermacell acquisition. Assignments: Issuer: James Hardie Intl Fin Designated Activity Co. -- Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4) Outlook Actions: Issuer: James Hardie Intl Fin Designated Activity Co. -- Outlook, Remains Stable Affirmations: Issuer: James Hardie Intl Fin Designated Activity Co. -- Probability of Default Rating, Affirmed Ba1-PD -- Speculative Grade Liquidity Rating, Affirmed SGL-2 -- Corporate Family Rating, Affirmed Ba1 RATINGS RATIONALE The Ba1 Corporate Family Rating benefits from James Hardie's conservative balance sheet management that is aligned with creditor interests and its deep-rooted industry expertise combined with solid operating strategy and world-wide reputation as one of the largest manufacturers of fiber cement. Further strengthening the credit risk profile is the company's financial policy that sets a maximum of 2x net leverage ratio. Even though James Hardie's debt to EBITDA is anticipated to be above 2x over the next 12 months because of the recent acquisition of Fermacell -- an European fiber gypsum manufacturer -- Moody's believe that the company will be below 2x debt to EBITDA sometime in 2019. Furthermore, the company's interest coverage is maintained above 8x over the next 12-18 months. In addition, the Ba1 rating is supported by the company's ability to produce solid cash flow from operations on an ongoing basis (before asbestos related payments). However, the company's exposure to the asbestos liability remains a risk factor. Moody's considers the asbestos liability to be mitigated by the terms of Amended & Restated Final Funding Agreement ("AFFA") and treat it as a non-debt liability. However, a certain percentage of the company's operating cash flows (35%) must be put toward the asbestos fund thereby limiting the cash flow available for the company's core business. At 9/30/2017, the net unfunded liability was $593 million. In addition, the company is building in additional capacity -- one plant already underway and another one will be started in 2018. The CAPEX spend will place a burden on cash flow. Over the next couple of years, free cash flow will most likely be negative. James Hardie's Speculative-Grade Liquidity ("SGL") rating of SGL-2 indicates that the company's liquidity profile is good over the next 12 months. The SGL rating takes into consideration internal liquidity, external liquidity, covenant compliance, and alternative liquidity sources. As discussed above, cash flow from operations is expected to be strong, but CAPEX will place pressure on the cash flow. Cash balance is maintained at around $100 million. The company's liquidity profile is primarily supported by its $500 million unsecured revolving credit facility (unrated by Moody's) that matures in 2020. Pro forma for this transaction, the company will have no advances outstanding. The company is anticipated to use the revolving credit facility for seasonal needs on an ongoing basis. The unsecured credit facility is governed by two maintenance covenants: interest coverage and debt leverage. James Hardie has to maintain an interest coverage ratio at 3.25x (at 9/30/17 the company was at 14.9x per the credit agreement calculation), leverage ratio has to be less than 3x (at 1.39x at 9/30/17). Looking forward for the next 12 to 18 months, James Hardie is expected to have ample room under its covenants. James Hardie also has good alternative liquidity as all of its debt is unsecured. The stable outlook reflects Moody's view that the company's financial performance is expected to continue to improve and that James Hardie will maintain a relatively conservative approach toward shareholder distributions. The ratings could be upgraded if James Hardie substantially reduces its asbestos liability. The ratings upgrade will also consider the company's business profile (narrow product offering, exposure to cyclical end markets) and minimal free cash flow generation both of which are limited when compared to many investment-grade issuers at the lower end of the Baa ratings range. The ratings could be downgraded if the company changes its financial policy to be more shareholder friendly. Further, any negative change in the asbestos liability could result in a downgrade. Also, EBIT/interest expense of less than 5x on a sustained basis would be considered a trigger for downgrade. The principal methodology used in these ratings was Global Manufacturing Companies published in June 2017. James Hardie International Finance Designated Activity Company is a wholly-owned subsidiary of James Hardie Industries plc, domiciled in Ireland, is a global manufacturer of fiber-cement products and systems for internal and external building construction applications primarily sold in the United States, Australia, New Zealand and the Philippines. The company's revenues and net income for the trailing twelve months ended September 30, 2017 were $1.98 billion and $256 million, respectively. M & G USA: Taps Crain Caton & James as Special Counsel ------------------------------------------------------ M & G USA Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Crain Caton & James, P.C. as special counsel. Services to be provided by Crain Caton are: (a) analyze, investigate and assess the validity of liens asserted against the Corpus Christi Plant and related property of the Debtors; (b) analyze, review and potentially arbitrate, litigate, and/or resolve the claims, demands, lawsuits, and arbitrations asserted against the Debtors concerning the Corpus Christi Plant; (c) advise, negotiate and advocate on behalf of the Debtors with respect to their interests in agreements, real estate matters, and relationships with the Port of Corpus Christi, City of Corpus Christi, local pipeline and power companies, and others as to the Corpus Christi Plant; and (d) advise the Debtors' primary bankruptcy counsel and other professionals with respect to the foregoing matters as necessary to pursue the Debtors' chapter 11 efforts, including with respect to a sale of the Corpus Christi Plant. Crain Caton's firm-wide hourly rate are: Shareholders $425 - $595 per hour Associates $265 - $395 per hour Paralegals and Legal Assistants $160 - $235 per hour Melinda M. Riseden, a shareholder at Crain Caton & James, P.C., attests that Crain Caton does not represent any Interested Party or any other known creditor or party-in-interest of the Debtors with respect to the matters for which the Debtors seek to retain Crain Caton pursuant to the Application. Accordingly, Crain Caton is disinterested with respect to the matters for which is it being retained by the Debtors and is eligible for retention pursuant to section 327(e) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Melinda M. Riseden disclosed that: -- the firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- in the 12 months prepetition, the Crain Caton shareholder, associate, and paralegal rates were billed at their hourly rates charged for comparable representations. The range for shareholders billing on the Debtors' matters prepetition was $425 to $520 per hour, the range for associates was $265 to $295 per hour, and the range for paralegals was $160 to $180 per hour. Postpetition, taking effect on January 1, 2018 in accordance with Crain Caton's regular periodic adjustments, the rates for shareholders billing on the Debtors' matters will range from $500 to $560 per hour, for associates from $350 to $380 per hour, and for paralegals from $200 to $220 per hour; and -- the Debtors and Crain Caton expect to develop a prospective budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, recognizing that in the course of these Cases, there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and Crain Caton. The Special Counsel can be reached through: Melinda M. Riseden, Esq. Crain Caton & James, P.C Five Houston Center, 17th Floor 1401 McKinney, Suite 1700 Houston, TX 77010 Phone:713-752-8698 Email: mriseden@craincaton.com About M & G USA Corporation M & G USA Corporation and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12307) on October 30, 2017. The petition was signed by Dennis Stogsdill, its chief restructuring officer. The Hon. Brendan L. Shannon presides over the cases. Scott J. Greenberg, Esq., Carl E. Black, Esq. and Stacey L. Corr-Irvine, Esq. at Jones Day stand as the Debtors' counsel. Pachulski Stang Ziehl & Jones LLP serves as conflicts counsel and co-counsel. Alvarez & Marsal North America, LLC represents the Debtors as restructuring advisor and Rothschild Inc. serves as investment banker. At the time of filing, the Debtors estimated $1 billion to $10 billion both in assets and liabilities. Founded in 1953, M&G Group is a privately owned chemical company in Italy and is controlled through the holding company M&G Finanziaria S.p.A. The M&G Group -- specifically, its chemicals division, which includes the Debtors -- is a producer of polyethylene terephthalate resin for packaging applications. On November 13, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. MARKET SQUARE: Has Until January 10 to File Chapter 11 Plan ----------------------------------------------------------- Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern District of Illinois has extended the time by which only Market Square Hospitality, LLC has the right to file a plan of reorganization to January 10, 2018. The Court also continued this matter to January 10. The Troubled Company Reporter has previously reported that the Debtor sought for an extension of its exclusive period within which to file a Chapter 11 plan for an additional 90 days to February 23, 2018, and until May 3, 2018, to solicit acceptances of its plan. The Debtor explained that its size and debt structure are not particularly complicated. However, its exit strategy for a successful Chapter 11 is complicated because of the loss of its principal pre-petition customer, the Cancer Center of America ("CTCA"). According to the Debtor, to successfully reorganize, it must: (a) find a new customer base for long term operations as a hotel; (b) have new revenue sources to replace the CTCA business in order to facilitate a prospective sale of the business; or (c) find a buyer or joint venture partner to move forward with transitioning the current hotel to more productive use as a senior living or assisted living facility. Market Square said it will necessarily take additional time for the Debtor to replace the lost CTCA business and at the same time proceed with the evaluation of the feasibility of converting the hotel to a congregate living or assisted living facility. The Debtor said it needed time to stabilize the Property and also to perform the due diligence required to evaluate the contemplated conversion to a new use. The Debtor has also expected to market the Property for sale pursuant to 11 U.S.C. Section 363 or become a joint venture partner with a developer that already is in the congregate living assisted living market place. About Market Square Hospitality Market Square Hospitality, LLC, operates a hotel at 2723 Sheridan Rd, Zion, Illinois 60099, USA, known as "The Inn At Market Square". Market Square Hospitality filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 17-22394) on July 27, 2017, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by David Delach and Richard Delisle, managers. Judge Janet S. Baer presides over the case. Abraham Brustein, Esq., and Julia Jensen Smolka, Esq., at Dimonte & Lizak, LLC, serve as the Debtor's bankruptcy counsel. MAURICE SPORTING: Hires Epiq Bankruptcy Solutions as Claims Agent ----------------------------------------------------------------- Maurice Sporting Goods, Inc., and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Bankruptcy Solutions, LLC as their claims and noticing agent. Services to be rendered by Epiq are: (a) prepare and serve required notices and documents in the chapter 11 cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and/or the Court, including (i) notice of the commencement of the chapter 11 cases and the initial meeting of creditors under section 341(a) of the Bankruptcy Code, (ii) notice of any claims bar date, (iii) notices of transfers of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtors' chapter 11 plan, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan, and (vii) all other notices, orders, pleadings, publications and other documents as the Debtors or Court may deem necessary or appropriate for an orderly administration of these chapter 11 cases; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed thereto; (c) maintain (i) a list of all potential creditors, equity holders and other parties in interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010, and update and make the lists available upon request by a party in interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven days of service, which includes (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed with their addresses, (iii) the manner of service, and (iv) the date served; (g) process all proofs of claim received, including those received by the Clerk, check said processing for accuracy and maintain the original proofs of claim in a secure area; (h) maintain an electronic platform for purposes of filing proofs of claim; (i) maintain the official claims register for each Debtor on behalf of the Clerk, and upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers, and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), (vi) the applicable Debtor, and (vii) any disposition of the claim; (j) provide public access to the Claims Registers, including complete proofs of claim with attachments, if any, without charge; (k) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (l) record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); provided, however, that if any evidence of transfer of claim is filed with the Court pursuant to Bankruptcy Rule 3001(e), and if the evidence of transfer or notice thereof executed by the parties purports to waive the 21-day notice and objection period required under Bankruptcy Rule 3001(e), then Epiq may process the transfer of claim(s) to change the name and address of the claimant of such claim to reflect the transfer, and the effective date of such transfer will be the date the evidence of such transfer was docketed in the case; (m) relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of Epiq, not less than weekly; (n) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Registers for the Clerk's review; (o) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the Claims Registers and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; (p) assist in the dissemination of information to the public and respond to requests for administrative information regarding these chapter 11 cases as directed by the Debtors or the Court, including through the use of a case website and/or call center; (q) if any or all of these chapter 11 cases are converted to cases under chapter 7 of the Bankruptcy Code, contact the Clerk within three (3) days of notice to Epiq of entry of the order converting the cases; (r) thirty (30) days prior to the close of these chapter 11 cases, to the extent practicable, request that the Debtors submit to the Court a proposed order dismissing Epiq as Claims Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of these chapter 11 cases; (s) within seven days of notice to Epiq of entry of an order closing these chapter 11 cases, provide to the Court the final version of the Claims Registers as of the date immediately before the close of the chapter 11 cases; and (t) at the close of these chapter 11 cases, box and transport all original documents, in proper format, as provided by the Clerk's, to (i) the Federal Archives Record Administration, located at 14700 Townsend Road, Philadelphia, PA 19154-1096 or (ii) any other location requested by the Clerk. Kathryn Tran, director of Epiq Bankruptcy Solutions, LLC, attests that Epiq is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code with respect to the matters upon which it is engaged. Epiq Systems's pricing schedule for its services: Clerical/Administrative Support $25-$45 IT/Programming $65-85 Case Managers $70-$165 Consultants/Directors/Vice Presidents $160-$190 Solicitation Consultant $190 EVP, Solicitation $215 About Maurice Sporting Goods Maurice Sporting Goods, Inc., established in 1923, is a family-owned distributor of outdoor sporting goods specializing in fishing; marine; sports licensed products and souvenirs; outdoor gifts and decor; hunting; and camping and outdoor recreation. Collectively, Maurice Sporting Goods services more than 15,000 store fronts across the United States, Canada, South America, and Europe. Maurice Sporting Goods, Inc., and 4 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481) on Nov. 20, 2017. The Debtors' cases have been assigned to Judge Christopher S. Sontchi. Maurice Sporting Goods estimated $10 million to $50 million in total assets and $100 million to $500 million in total liabilities. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Patrick J. O'Malley of Development Specialists, Inc., as restructuring advisor; Silverman Consulting as financial advisor; Livingstone Partners LLC as investment banker; and Epiq Bankruptcy Solutions, LLC, as claims, solicitation and balloting agent. MAURICE SPORTING: Hires Livingstone as Investment Banker -------------------------------------------------------- Maurice Sporting Goods, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Livingstone Partners LLC, as investment banker to the Debtors. Maurice Sporting requires Livingstone to: a. assist the Debtors in the preparation and negotiation of any confidentiality agreements to be entered into by third parties potentially interested in participating in a Transactions, all of which shall be subject to the approval of the Debtors; b. upon the Debtors' approval, solicit and contact third parties potentially interested suitable for participating in a Transactions on the Debtors' behalf and, as appropriate, arrange for and orchestrate meetings between these parties and the Debtors; c. present to the Debtors all proposals from third parties potentially interested in participating in a Transactions and make recommendations as to the Debtors' appropriate negotiating strategy and course of conduct; d. assist in all negotiations and in all document review as reasonably requested and directed by the Debtors; e. assist in developing competitive bidding process and management of any auction; and f. provide other financial advisory and investment banking services as are customary for similar Transactions and as may be mutually agreed upon in advance by the and Livingstone. Livingstone will be paid as follows: a. The Debtors shall pay Livingstone a monthly retainer fee (the "Monthly Fee") in the amount of $20,000 due, earned, and payable on the first (1st) of every month until the earlier of: (i) the consummation of a Transaction; (ii) or the termination of Livingstone's engagement. Any Monthly Fee payments received by Livingstone shall be in addition to any Company Sale Fee, Division Sale Fee, or Capital Raise Fee described below. b. Upon the consummation of either a Company Sale, Division Sale, or Capital Raise the Debtors shall pay to Livingstone an Accomplishment Fee as set forth below: i. Upon the consummation of a Company Sale, the Debtors shall pay Livingstone a cash fee (the "Company Sale Fee")equal to 2.0% of Total Consideration; ii. Upon the consummation of a Division Sale, the Debtors shall pay Livingstone a cash fee (the "Division Sale Fee") equal to the greater of (i) 4.0% of Total Consideration and (ii) $500,000; provided that, in the event that one or more Divisions are sold in multiple Transactions, Livingstone shall not be entitled to more than the $500,000 in Accomplishment Fees until such time as all Division Sales shall have generated aggregate Total Consideration in excess of $12,500,000 (i.e., the Total Consideration amount that would generate a $500,000 Accomplishment Fee), in which case Livingstone will be entitled to additional Accomplishment Fee equal to 4.0% of the aggregate Total Consideration in excess of $12,500,000; provided further, the Division Sale Accomplishment Fee shall not be more than 2.0% of Total Consideration in the event the Debtors consummates a Division Sale and a Company Sale; iii. Upon the consummation of a Capital Raise, the Debtors shall pay Livingstone a cash fee (the "Capital Raise Fee") equal to 3.0% of the committed amount of capital Raised; iv. Notwithstanding the foregoing, if any Transaction qualifies in whole or in part as a Company Sale Fee, Division Sale Fee, and Capital Raise Fee, the aggregate amount of the Accomplishment Fee shall be the greater of the Company Sale Fee, Division Sale Fee, and Capital Raise Fee. c. Whether or not a Transaction is consummated, the Debtors will reimburse Livingstone for all reasonable and documented out-of-pocket expenses (including reasonable out-of-pocket fees and expenses of Livingstone's outside counsel, subject to the Debtors' prior approval of cumulative expenditures in excess of $15,000. Out-of-pocket expenses shall include all travel-related, telephone, facsimile, memoranda production costs, duplication, courier, database, research, and other similar expenses. Joseph Greenwood, partner of Livingstone Partners LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Livingstone can be reached at: Joseph Greenwood LIVINGSTONE PARTNERS LLC 443 North Clark, Suite 200 Chicago, IL 60654 Tel: (312) 670-5900 About Maurice Sporting Goods, Inc. Maurice Sporting Goods, Inc., established in 1923, is a family-owned distributor of outdoor sporting goods specializing in fishing; marine; sports licensed products and souvenirs; outdoor gifts and decor; hunting; and camping and outdoor recreation. Collectively, Maurice Sporting Goods services more than 15,000 store fronts across the United States, Canada, South America, and Europe. Maurice Sporting Goods, Inc., and 4 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481) on Nov. 20, 2017. The Debtors' cases have been assigned to Judge Christopher S. Sontchi. Maurice Sporting Goods estimated $10 million to $50 million in total assets and $100 million to $500 million in total liabilities. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Patrick J. O'Malley of Development Specialists, Inc., as restructuring advisor; Silverman Consulting as financial advisor; Livingstone Partners LLC as investment banker; and Epiq Bankruptcy Solutions, LLC, as claims, solicitation and balloting agent. MAURICE SPORTING: Hires Silverman as Financial Advisor ------------------------------------------------------ Maurice Sporting Goods, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Silverman Consulting, Inc., as financial advisor to the Debtors. Maurice Sporting requires Silverman to: a. participate in the restructuring activities, including conferences with the Debtors and their advisors, with the primary focus on developing the overall restructuring strategy of the Debtors; b. maintain the cash flow model, conduct comparisons to actual performance, and provide updates as needed; c. interface with the Debtors' bank group and participate in bank discussions, meetings, and negotiations; as well as provide oversight of bank reporting; d. provide daily and weekly information to the banks as part of the forbearance agreement, including cash flow results, liquidity metrics, vendor activity, customer fill rate statistics, and related information that the banks may require; e. participate in vendor strategy and communication initiatives; coordinate sourcing and finance; cash plan as part of the implementation of the one-for-one program; and communicate with vendors in describing plans for future repayment; f. maintain and update the Debtors' projected cash flow/budget, including providing the bank group reporting, highlighting material variances, and explaining other such items requiring as needed; and g. participate in any other discussions and activities with the Debtors as may be beneficial to the Debtors in the chapter 11 cases. Silverman will be paid at these hourly rates: Michael A. Silverman $400 Dustin Bernstein $140 Prior to the Petition Date, Silverman had received $1,204,240 in total fees and expenses from the Debtors since December 2015, with $760,210 of this amount being received in the current calendar year. As of the Petition Date, Silverman held a retainer of 7,900, and is not owed a pre-petition claim by the Debtors. Silverman will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael A. Silverman, founder of Silverman Consulting, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Silverman can be reached at: Michael A. Silverman SILVERMAN CONSULTING, INC. 5750 Old Orchard Road, Suite 52 Skokie, IL 60077 Tel: (847) 470-0200 Fax: (847) 470-0211 About Maurice Sporting Goods, Inc. Maurice Sporting Goods, Inc., established in 1923, is a family-owned distributor of outdoor sporting goods specializing in fishing; marine; sports licensed products and souvenirs; outdoor gifts and decor; hunting; and camping and outdoor recreation. Collectively, Maurice Sporting Goods services more than 15,000 store fronts across the United States, Canada, South America, and Europe. Maurice Sporting Goods, Inc., and 4 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481) on Nov. 20, 2017. The Debtors' cases have been assigned to Judge Christopher S. Sontchi. Maurice Sporting Goods estimated $10 million to $50 million in total assets and $100 million to $500 million in total liabilities. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Patrick J. O'Malley of Development Specialists, Inc., as restructuring advisor; Silverman Consulting as financial advisor; Livingstone Partners LLC as investment banker; and Epiq Bankruptcy Solutions, LLC, as claims, solicitation and balloting agent. MAURICE SPORTING: Hires Young Conaway as Counsel ------------------------------------------------ Maurice Sporting Goods, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP, as counsel to the Debtors. Maurice Sporting requires Young Conaway to: a. provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their businesses, management of their properties, and any sale of their assets; b. prepare and pursue confirmation of any chapter 11 plan and approval of any related disclosure statement; c. prepare, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; d. appear in Court and protect the interests of the Debtors before the Court; and e. perform all other legal services for the Debtors that may be necessary and proper in these proceedings. Young Conaway will be paid at these hourly rates: Robert S. Brady, Partner $890 Michael R. Nestor, Partner $820 Justin H. Rucki, Associate $495 Ashley E. Jacobs, Associate $430 Tara C. Pakrouh, Associate $340 Debbie Laskin, Paralegal $270 On October 5, 2017, Young Conaway received an initial retainer in the amount of $100,000 in connection with the planning and preparation of initial documents, its proposed postpetition representation of the Debtors, and chapter 11 filing fees. On October 19, Young Conaway received an additional retainer payment in the amount of $200,000. Additionally, Young Conaway received $160,632.50 on October 31 and $126,152.99 on November 15 to replenish the Retainer. After reconciliation of any outstanding balances existing as of the Petition Date, Young Conaway will continue to hold the remainder of the Retainer as a general retainer as security for postpetition services and expenses. Young Conaway will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert S. Brady, a partner of Young Conaway Stargatt & Taylor, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Young Conaway can be reached at: Robert S. Brady, Esq. Michael R. Nestor, Esq. Justin H. Rucki, Esq. Ashley E. Jacobs, Esq. Tara C. Pakrouh, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 About Maurice Sporting Goods, Inc. Maurice Sporting Goods, Inc., established in 1923, is a family-owned distributor of outdoor sporting goods specializing in fishing; marine; sports licensed products and souvenirs; outdoor gifts and decor; hunting; and camping and outdoor recreation. Collectively, Maurice Sporting Goods services more than 15,000 store fronts across the United States, Canada, South America, and Europe. Maurice Sporting Goods, Inc., and 4 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481) on Nov. 20, 2017. The Debtors' cases have been assigned to Judge Christopher S. Sontchi. Maurice Sporting Goods estimated $10 million to $50 million in total assets and $100 million to $500 million in total liabilities. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Patrick J. O'Malley of Development Specialists, Inc., as restructuring advisor; Silverman Consulting as financial advisor; Livingstone Partners LLC as investment banker; and Epiq Bankruptcy Solutions, LLC, as claims, solicitation and balloting agent. MAURICE SPORTING: U.S. Trustee Forms Seven-Member Committee ----------------------------------------------------------- Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 28 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Maurice Sporting Goods, Inc., and its affiliates. The committee members are: (1) Rocking P Inc. Attn: Mark Mansfield 301 Barn Side Ln. Eureka, MO 63025 Tel: (314) 308-9898 (2) Yuan Huang Co., Ltd. Attn: Jake Lu 153 Chun Fu Ln. Chun Tsu Village, Siu Swei Changhua, Taiwan 50405 Tel: (886) 4-7692348 Fax: (886) 4-7696414 (3) Normark Attn: Ryan Rohrbach 10395 Yellow Circle Drive Minnetonka, MN 55343 Tel: (952) 939-4372 Fax: (952) 933-7329 (4) Harrison Hoge Industries Inc. Attn: John Hoge 19 N. Columbia Street, Suite 1 Port Jefferson, NY 11777 Tel: (631) 473-7308 Fax: (631) 473-7398 (5) Sheldons' Inc. Attn: John M. Sheldon 626 Center Street Antigo, WI 54409 Tel: (715) 623-2382, Fax: (715) 623-3001 (6) Thermacell Repellants, Inc. Attn: Thomas Paganetti, CFO 26 Crosby Drive Bedford, MA 01730 Tel: (781) 430-5257 Fax: (781) 541-6007 (7) Shandong WeiHai Huanqiu Fishing Tackle Industrial Co., Ltd. Attn: Rose Bi 18351 Colima Road, # 2880 Rowland Heights, CA 91748 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Maurice Sporting Goods Maurice Sporting Goods, Inc., established in 1923, is a family-owned distributor of outdoor sporting goods specializing in fishing; marine; sports licensed products and souvenirs; outdoor gifts and decor; hunting; and camping and outdoor recreation. Collectively, Maurice Sporting Goods services more than 15,000 store fronts across the United States, Canada, South America, and Europe. On Nov. 20, 2017, Maurice Sporting Goods, Inc., and 4 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-12481). The Debtors' cases have been assigned to Judge Christopher S. Sontchi. Maurice Sporting Goods estimated $10 million to $50 million in total assets and $100 million to $500 million in total liabilities. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as counsel; Patrick J. O'Malley of Development Specialists, Inc., as restructuring advisor; Silverman Consulting as financial advisor; Livingstone Partners LLC as investment banker; and Epiq Bankruptcy Solutions, LLC, as claims, solicitation and balloting agent. Epiq maintains the site http://dm.epiq11.com/#/case/MAU MERRIMACK PHARMACEUTICALS: John Mendelsohn Resigns as Director -------------------------------------------------------------- John Mendelsohn, M.D. provided notice of his resignation from the Board of Directors of Merrimack Pharmaceuticals, Inc., effective as of Nov. 29, 2017, according to a Form 8-K report filed with the Securities and Exchange Commission. On that date, the Board elected George Demetri, M.D. as a director of the Company to fill the vacancy created by the resignation of Dr. Mendelsohn. Dr. Demetri was also elected to serve on the Organization and Compensation Committee of the Board. About Merrimack Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc. -- http://www.merrimack.com/-- is a biopharmaceutical company discovering, developing and commercializing innovative medicines consisting of novel therapeutics paired with diagnostics for the treatment of cancer. The Company was founded by a team of scientists from The Massachusetts Institute of Technology and Harvard University who sought to develop a systems biology-based approach to biomedical research. The Company's initial focus is in the field of oncology. The Company has five programs in clinical development. In it most advanced program, the Company is conducting a pivotal Phase 3 clinical trial. The report from PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm for the year ended Dec. 31, 2016, includes an explanatory paragraph stating that the Company has negative working capital and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. Merrimack reported a net loss of $153.5 million in 2016, a net loss of $147.8 million in 2015 and a net loss of $83.55 million in 2014. As of Sept. 30, 2017, Merrimack had $197.84 million in total assets, $86.21 million in total liabilities and $111.63 million in total stockholders' equity. METROPOLITAN DIAGNOSTIC: Seeks Interim OK on Cash Collateral Use ---------------------------------------------------------------- Metropolitan Diagnostic Imaging, Inc. d/b/a Advanced Medical Imaging, Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois for the interim use of cash collateral. The Debtor needs funding to pay the necessary costs associated with the operation of its business. The Debtor requests that the Court conduct a preliminary hearing, instanter, on the Cash Collateral Motion and set this matter for final hearing for December 19, 2017, at 10:30 a.m. The Debtor asserts that it lacks funds with which to fund this Chapter 11, and specifically with which to continue the operations of its business without the continued use of the Cash Collateral. As such, the Debtor needs access to its post-petition receipts in order to pay employees, independent contractors for imaging reading services, insurance, and other necessary expenses associated with and necessary for the operation of its business. To assist the Debtor in continuing with its operations and to propose a plan of reorganization, the Debtor requires the use of cash collateral in the approximate amount of $75,230 as set forth on the Budget. The Bancorp Bank asserts a perfected security interest in the collateral pursuant to a Loan Agreement, U.S. Small Business Administration Note and U.S. Small Business Association Security Agreement. The approximate balance due and owing to Bancorp is $1,079,826, which is secured by a lien on the assets of the Debtor, including equipment, fixtures, inventory, accounts, instruments, chattel paper, general intangibles, together with all replacements, accessions, proceeds and products. As and for adequate protection for the interests of Bancorp in the collateral, the Debtor proposes that: (a) Bancorp will be granted valid and perfected replacement liens in and to post-petition cash collateral and all post-petition property of the Debtor of the same type or kind substantially equivalent to the pre-petition collateral (excepting avoidance actions of the estate) to the same extent and with the same priority as held pre-petition; and, (b) Insurance will be maintained on the collateral and the policy will reflect Bancorp as a lienholder and loss payee. A full-text copy of the Debtor's Motion and Budget are available at: http://bankrupt.com/misc/ilnb17-35285-3.pdf http://bankrupt.com/misc/ilnb17-35285-3-bgt.pdf About Metropolitan Diagnostic Imaging Inc. Based in Chicago, Illinois, Advanced Medical Imaging Center -- https://www.amic-chicago.com/ -- has been providing radiological services since 1985. Its services include diagnostic breast MRI, digital screening mammography, high field MRI/MRA, open MRI/MRA, digital general x-ray, ultrasound, multi-detector CT/CTA, DEXA and fluoroscopy/arthrography. Metropolitan Diagnostic Imaging, Inc. d/b/a Advanced Medical Imaging, Inc. filed a Chapter 11 Petition (Bank. N.D. Ill. Case No. 17-35285) on November 28, 2017, disclosing $1 million to $10 million in both assets and liabilities. The petition was signed by Moqueet Syed, president. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by Monica C O'Brien, Esq. and Gregory K Stern, Esq. at Gregory K. Stern, P.C. MOTORS LIQUIDATION: Bares $9M Wind Down Expense Budget for 2018 --------------------------------------------------------------- Pursuant to the Second Amended and Restated Motors Liquidation Company GUC Trust Agreement dated as of July 30, 2015 and between the parties thereto, as amended, and that certain Order Authorizing the GUC Trust Administrator to Liquidate New GM Securities for the Purpose of Funding Fees, Costs and Expenses of the GUC Trust and the Avoidance Action Trust, dated March 8, 2012 issued by the Bankruptcy Court for the Southern District of New York, Wilmington Trust Company, in its capacity as trust administrator and trustee of the Motors Liquidation Company GUC Trust is required to provide on an annual basis the projected budgets for certain categories of expenses, other than Reporting and Transfer Costs, to FTI Consulting, Inc., in its capacity as the trust monitor of the GUC Trust, to the DIP Lenders, and to certain additional parties specified in the Liquidation Order. Total wind down expense for calendar year 2018 is expected to be $9.05 million consisting of $2.24 million for governance costs, $4.07 million for financial reporting & claims resolution, $447,000 for investment, accounting & tax advisors and $2.28 million for other expenses. Total reporting costs budget for calendar year 2018 is $5.27 million. Copies of the calendar-year 2018 budgets for Wind-Down Costs and for Reporting and Transfer Costs are available for free at: https://is.gd/HtGJQ1 The budgets are subject to revision by the GUC Trust Administrator, according to the procedures specified in the GUC Trust Agreement. Those budgets were developed based upon assumptions and estimates about future events which could change in the future due to various risks and uncertainties, including those specified under the heading "Forward Looking Statements" in Item 2 ("Management's Discussion and Analysis") of the Form 10-Q filed on November 13, 2017, and in Item 1A ("Risk Factors") of the Form 10-K filed on May 25, 2017. As a result, actual Wind-Down Costs and Reporting and Transfer Costs could be materially higher or lower than the amounts presented, which could materially affect the value of the units of beneficial interest in the GUC Trust. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. MULTICARE HOME: Must Show Cause Necessity of PCO Appointment ------------------------------------------------------------ The Hon. Harlin DeWayne Hale of the U.S. Bankruptcy Court for the Northern District of Texas will hold a hearing on December 11, 2017, at 1:30 p.m., to determine the issue of whether or not a patient care ombudsman will be appointed for the protection of the patients of Multicare Home Health Services, LLC. The Debtor is required to furnish the following information to the governmental regulatory authority: A. All license numbers or other regulatory identification numbers; B. All DBAs or trade names under which the Debtor operates; C. Location of all of the Debtor's operating facilities, including street and P.O. Box addresses. The Debtor will also send said information to: The Office of the Texas Attorney General Attn: Managing Attorney Bankruptcy Regulatory Section P.O. Box 12548, MC 008 Austin Texas 78711 About Multicare Home Health Services Multicare Home Health provides home health care services including nursing, physical therapy, occupational therapy, speech pathology, medical social, home health aide. The company previously sought bankruptcy protection on June 21, 2017 (Bankr. N.D. Tex. Case No. 17-32419). Multicare Home Health Services, LLC filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-34205), on November 6, 2017. The petition was signed by Gloria Wilson, managing member. The case is assigned to Judge Harlin DeWayne Hale. The Debtor is represented by Joyce W. Lindauer Attorney, PLLC as counsel. At the time of filing, the Debtor had $50,000 to $100,000 in estimated assets and $1 million to $10 million in estimated liabilities. N3C INC: Hires EisnerAmper as Accountant ---------------------------------------- H3C, Inc. d/b/a Left Coast Kitchen & Cocktails seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ EisnerAmper, LLP as accountants. Services required of EisnerAmper are: (a) monitor the activities of the Debtor; (b) assist in or the preparation of and/or review the monthly operating reports, budgets and projections; (c) review the filed claims for reasonableness against the Debtor's records and filing schedules; (d) interact with the Creditors' Committee and its retained professionals, should one be appointed; (e) attend meetings with the Debtor and its Counsel, meetings with the Creditors and Court hearings; (f) assist in the preparation of the Plan of Reorganization and the Disclosure Statement; (g) provide assistance as the Debtor and its counsel may deem necessary. EisnerAmper's standard rates are: Partner $550 - $620 per hour Director $545 - $550 per hour Senior Manager $410 - $410 per hour Manager $330 - $340 per hour Senior $210 - $270 per hour Staff Assistants/ $125 to $270 per hour Paraprofessionals Ira Spiegel, CPA, director of EisnerAmper, LLP, attests that Eisner, and its partners and associates are "disinterested persons" as that term is defined in section 101(14) of the Bankruptcy Code; and do not hold or represent any interest adverse to the Debtor's estate. The Accountant can be reached through: Ira Spiegel, CPA EisnerAmper, LLP 750 Third Avenue New York, NY 10017 Phone: 212-949-8700 About H3C, Inc. Based in Merrick, New York, H3C, Inc. d/b/a Left Coast Kitchen & Cocktails filed a voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-77027) on November 14, 2017, listing under $1 million both in assets and liabilities. The Debtor is represented by Neil H Ackerman at Ackerman Fox, LLP, as counsel. NAVILLUS TILE: U.S. Trustee Forms Three-Member Committee -------------------------------------------------------- William K. Harrington, the U.S. Trustee for Region 2, on Nov. 28 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Navillus Tile, Inc. The committee members are: (1) NYC District Council of Carpenters Benefit Funds Attn: Luke Powers, Employer Services Director 395 Hudson Street New York, New York 10014 Tel: (212) 366-7409 (2) Cement and Concrete Workers District Council Funds Attn: Michael Salgo, Trustee 35-30 Francis Lewis Boulevard Flushing, New York 11358 Tel: (718) 762-6133 (3) District Council of New York City & Vicinity of the United Brotherhood of Carpenters Attn: James M. Murphy, General Counsel 395 Hudson Street - 9th Floor New York, New York 10014 Tel: (212) 366-7400 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Navillus Tile Navillus Tile Inc., is one of the largest subcontractors and general contractors in New York, specializing as a high-end concrete and masonry subcontractor on large private and public construction projects in the New York metropolitan area. Navillus works closely with many of New York's most prominent architects, builders, owners, government agencies and institutions and is pre-qualified by numerous commercial and government agencies. Navillus operates its business from a midtown Manhattan headquarters which it has leased since 2015. Donal O'Sullivan, which founded the business with his brothers, is the sole director, president and chief executive officer of Navillus. Navillus Tile filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 17-13162) on Nov. 8, 2017, estimating $100 million to $500 million in assets and debt. Judge Sean H. Lane is the case judge. Cullen and Dykman LLP is the Debtor's counsel. NAVITAS MIDSTREAM: Fitch Assigns First Time B Long-Term IDR ----------------------------------------------------------- Fitch Ratings has assigned a first time 'B' Long-Term Issuer Default Rating to Navitas Midstream Midland Basin, LLC. Additionally Fitch has assigned 'BB'/'RR1' ratings to Navitas' proposed $50 million super senior secured revolving credit facility and $350 million Term Loan B. The ratings reflect Navitas' limited size and scale as well as its position as a single basin focused G&P service provider with moderate customer concentration risk, volumetric risk and both direct and indirect commodity price exposure. The ratings reflect Fitch's expectations for strong growth across Navitas' producer customer base within Navitas' dedicated service acreage. As a result of this volume growth, Fitch's ratings also reflect an expectation that leverage at Navitas will improve from its expected high initial 2018 year-end Fitch forecast of above 8.0x to roughly 5.0x by the end of 2019. This rapid deleveraging will be achieved largely by growth in production volumes across Navitas' system, as well as mandatory amortization and a cash sweep expected to be placed on the term loan. Fitch views Navitas' cash sweep and six-month debt service reserve account to be favorable. The 'BB'/'RR1' rating for the proposed senior secured term loan and super senior secured revolver reflects Fitch's expectation for outstanding recovery (91% to 100%) for the secured term loan in the event of default. Concerns are focused on the limited size/scale, counterparty risk, and the possibility that volume growth will not materialize in the projected amounts, weighing on profitability and exacerbating initially high leverage. Refinancing risk is a longer-term concern, but liquidity is expected to be adequate. Navitas is the second largest privately held natural gas gathering and processing company in the Midland basin with assets spanning Howard, Martin, Midland, Glasscock, and Upton counties. Navitas' assets include 1,570 miles of natural gas, NGL, and condensate pipelines and 325 MMcf/d of natural gas processing capacity. The company has long-term acreage dedications across approximately 356,000 acres. Navitas gathers associated gas from oil production in the Midland basin. The acreage dedications provide some comfort that volumes will flow through Navitas' system, provided production occurs. KEY RATING DRIVERS Small, Single Basin Provider: Navitas' size and scale is limited and generally consistent with a 'B' range Issuer Default Rating. Fitch believes this limited size and scale to be offset in part by Navitas' operational focus within the Midland region of the Permian basin, which is expected to continue to see significant production growth in the near to intermediate term. Fitch expects Midland region production from Navitas' customers to continue to grow in the near to intermediate term and that Navitas will be a beneficiary of this growth. However, given its single basin focus, Navitas is subject to outsized event risk should there be a slowdown in or longer-term disruption of Midland Basin area production. Elevated Initial Leverage, Negative Free Cash Flow: Navitas' initial leverage is expected to be high, with 2018 debt/EBITDA above 8x based of Fitch expectations; however, it is expected to improve dramatically as volumes increase. Any slowdowns in volume growth or negative operating results have the potential to slow any projected deleveraging and further stress high leverage and low coverage metrics limiting operating flexibility. Fitch does project rapid deleveraging over the course of the next several years (2018 - 2020) as volumes along Navitas' system grow significantly. Producer activity along Navitas' dedicated acreage supports this volume growth; however, low commodity prices, slower than expected well completions or producer focus elsewhere in their drilling portfolios all have the potential to hamper volume growth. Competitive Risks: Navitas is located in and around a significant amount of competing existing infrastructure, which could provide a significant amount of competition on new opportunities within Navitas' operating region. The G&P space is and has recently been a very competitive space with low barriers to entry. Offsetting some of the immediate competitive risks is the roughly 356,500 acres dedicated by its producer counterparties to Navitas' operations. Counterparty Exposure & Volumetric Risk: Navitas operations are supported by long-term acreage dedications with six core counterparties supporting the bulk of its volumes and expected volume growth. These counterparties range in credit quality from high-yield single 'B' to 'BB' category small producer names such as Endeavor Energy Resources (Endeavor), SM Energy (SM), Hunt Oil Company (Hunt), and QEP Resources (QEP; BB/Stable) to larger investment grade names Apache Corp. (APA; BBB/Positive Outlook) and Encana Corp. (ECA; BBB-/Stable). Most of the initial growth on the system is expected to be driven by some of the smaller names in the counterparty portfolio with Endeavor, SM, QEP, and Hunt expected to account for of the majority 2018 volume growth. Rig activity on dedicated acreage indicates a high probability that near-term volume growth should materialize in 2018, with 24 rigs currently running on Navitas acreage. However, flattening productivity gains and slower than expected completion activity has led to slower than expected volume growth across the Permian basin with several competing gathering and processing systems experiencing lower than expected volumes. There remains a risk that Navitas could face similar headwinds with respect to volume growth. Longer term, lower than expected commodity prices or better opportunities within producer portfolios have the potential to weigh on volume growth across Navitas' dedicated acreage. Fitch does believe that the Navitas system and its dedicated acreage is well positioned within the Midland basin where drilling economics will favor production within each producer's dedicated acreage. Modest Commodity Price Exposure: Navitas' contracts are largely fee-based; however, a portion of its evergreen and legacy contracts (for existing production) are structured as percent of proceeds (POP) contracts where Navitas will hold commodity price exposure. Roughly 13% of 2018 volumes are POP contracts. Navitas is planning to hedge its commodity price exposure, but does not currently have any hedges in place and the availability of NGL product specific hedges tends to be limited to 12 to 18 months given the lack of liquidity in future contracts. Additionally, several of Navitas' long-term fee based contracts have a floor price, which allows Navitas to retain some upside. Navitas charges a minimum fee to allow it to generate a minimum margin amount and retain some of the upside from commodity prices. Fitch's current base case forecast assumes that Navitas benefits from some of this upside at a $50/Bbl WTI/$3.00 Mcf Henry Hub base case forecast, with NGLs assumed at roughly 53% of WTI. Navitas' profitability could be negatively affected if commodity prices fall below these levels. Strong Recoveries: In its recovery forecast, Fitch utilized a going-concern approach, using a 6.0x EBITDA multiple, consistent with recent reorganization multiples for the energy sector (6.3x). Reorganization multiples can vary widely based upon the commodity price environment upon emergence, as well as company specific factors that led to restructuring, including full-cycle cost positions, untenable capital structures, or debt-funded M&A activity. There have been a limited number of bankruptcies and reorganizations within the midstream sector. Two recent gathering and processing bankruptcies of companies with a short pre-bankruptcy life (Southcross Holdings LP and Azure Midstream Partners, LP) indicate that pro forma exit Enterprise Value over pre-distress EBITDA provide an approximate range of multiples between 3.5x and 7.0x. Another midstream bankruptcy was Semcrude L.P., which had a midpoint EV/Post Emergence EBITDA multiple of 7.9x multiple according to Fitch's Energy, Power and Commodities Bankruptcy Enterprise Value and Creditor Recoveries Special Report (January 2017). Fitch's going concern EBITDA assumption is $68 million, which represents Fitch's expected 2019 base case EBITDA in a $50Bbl WTI and $3.00Mcf Henry Hub as a mid-cycle estimate of sustainable EBITDA. Using this going concern EBITDA recovery of both the revolver (assuming it is fully drawn) and the term loan is RR1 (91% to 100%) after assuming a 10% administrative claim. DERIVATION SUMMARY Navitas ratings are limited by the size and scale of its system. With Fitch expected EBITDA under $100 million annually for the next two years and its single basin focus the Navitas credit profile and rating reflect its counterparty credit risk and lack of diversity. Generally, Fitch views small scale, single basin focused midstream service providers with EBITDA below $100 million as being consistent with 'B' category issuer default ratings. Navitas' leverage metrics are initially high, similar to Permian focused gas gathering and processing peer BCP Raptor/EagleClaw (BB-/Stable Outlook). Although Fitch expects Navitas' 2018 leverage will be significantly higher than EagleClaw's, both companies are expected to de-lever rapidly, supported by production from the Permian basin. Navitas' operations are smaller than EagleClaw's currently, and following expected growth through 2020, will have lower cash flow and processing capacity. Navitas' counter party exposure is largely concentrated in Endeavor Energy Resources (not publicly rated) and SM Energy (not publicly rated) with offsetting exposure to larger investment grade names like APA and ECA, reflecting a moderately riskier, and slightly greater concentrated counterparty profile than EagleClaw or Medallion Midstream Acquisition, LLC (BB-/Stable), the majority of whose volumes are expected to come from 'BB' or higher rated issuers. Fitch expects Navitas to remain free cash flow negative through 2020, as it continues to invest in its system and connect wells. This free cash flow negativity is slightly longer than recently rated 'BB-' IDR systems Medallion, which will flip to FCF positive next year and BCP Raptor, which Fitch forecasts as being free cash flow positive by the end of 2019. KEY ASSUMPTIONS Fitch's key assumptions within the agency's rating case for the issuer include: -- Commodity prices consistent with Fitch's base case price deck: WTI oil price that trends up from $50/barrel in 2017 to a long-term price of $55/barrel; Henry Hub gas price that trends up from $3.00/mcf in 2017 to a long-term price of $3.25/mcf; -- Cumulative maintenance and growth spending between $450 million to $500 million for the period 2018 - 2021. -- Volume growth through 2022, No new acreage dedications or new producer customers assumed. Fitch slowed volume growth in 2018 and 2019 versus management expectations. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Positive free cash flow (before distributions) generation combined with a meaningful improvement in leverage (debt/EBITDA) to below 5.0x on a sustained basis; -- Positive improvement in counterparty credit quality. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Slowdown in volume growth expected across Navitas' acreage, as evidenced by a decline in rig count or a moderation in daily volumes through Navitas system; -- Significant cost overruns on expected growth capital expenditures; -- Meaningful deterioration in counterparty credit quality or a significant event at a major counterparty that impairs cash flow; -- 2019 Leverage above 6.0x. Fitch expects 2018 leverage (Total Debt/to trailing 12 month EBITDA) above 8.0x in 2018, but falling to 5.0x and below in 2019, should leverage be expected to be at or above 6.0x in 2019 without clear visibility on lowering leverage to below 6.0x Fitch would likely take negative rating action; -- Significant decline in commodity prices below $50/oil; $3.00/gas; -- A significant change in cash flow stability profile. A move away from current significant majority of revenue being fee based. LIQUIDITY Liquidity Adequate: Navitas is arranging a $50 million Senior Secured Super Priority Revolver in support of its liquidity. Additionally the Term Loan will have a six-month Debt Service Reserve Account (DSRA). Warburg Pincus and its co-investors (the Sponsors) have a committed equity line of $900 million to support Navitas over time (with $262 million remaining for investment). Fitch believes that this is more than adequate liquidity for Navitas to meet liquidity needs. Capital spending is expected to moderate in late 2018 as the plant capacity project is completed. Capex following plant completion will largely focus on new well connects from existing acreage development and future processing capacity expansion if and as needed. Covenants in the proposed revolver require Navitas to maintain total debt to total capitalization at 50% or below through March 31, 2019. Covenants at March 31, 2019 require Navitas to maintain debt service coverage above 1.1x and super senior leverage below 1.5x. Fitch expects Navitas to maintain compliance with its covenants in the near to intermediate term. FULL LIST OF RATING ACTIONS Fitch has assigned the following first time ratings: Navitas Midstream Midland Basin, LLC -- Long-term IDR 'B'; -- Super Senior Secured Revolver 'BB'/'RR1'; -- Senior Secured Term Loan 'BB'/'RR1'. The Rating Outlook is Stable. Navitas Midstream Midland Basin, LLC, is a Texas incorporated privately owned natural gas gathering and processing company with primary operations in the Midland, Martin, Howard, Glasscock and Upton Counties of the Midland Basin. Navitas was formed in May 2014 and is 85% owned by Warburg Pincus. NILHAN FINANCIAL: Hires Moffa & Breuer as Special Counsel --------------------------------------------------------- Nilhan Financial, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida employ Stephen C. Breuer, Esq., and the law firm of Moffa & Breuer, PLLC, as special counsel. The special counsel's proposed role in this case would be limited to prosecuting two pending cases, Case Nos. 6:17-cv-01252, and 6:17-cv-01281. The cases concern the valuation of a number of parcels owned by debtors Orlando Gateway Partners, LLC, and Nilhan Hospitality, LLC, and the resultant allocation of proceeds of the case of those parcels. The Attorneys will be compensated on an hourly basis, with rates between $325 and $500 an hour. Stephen C. Breuer, Esq., attests that neither he nor his firm hold or represent any interest adverse to the estate upon the matters on which they will be engaged, and he is a disinterested person as required by 11 U.S.C. Sec. 327(e). The Special Counsel can be reached through: Stephen C. Breuer, Esq. MOFFA & BREUER, PLLC 1776 N Pine Island Rd 102 Plantation, FL 33322 Phone: 954-634-4733 Fax: 954-337-0637 Email: Stephen@moffa.law About Nilhan Financial, LLC An involuntary Chapter 7 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-13320) was filed against Nilhan Financial, LLC, by petitioning creditor Moffa & Breuer, PLLC on March 20, 2017. The Petitioning Creditor is represented by: John A. Moffa, Esq. Stephen C Breuer, Esq. Moffa & Breuer, PLLC 1776 N Pine Island Road, Suite #102 Plantation, FL 33322 Tel: (954) 634-4733 Fax: (954) 337-0637 E-mail: John@moffa.law stephen@moffa.law On April 27, venue of the case was transferred to the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, and assigned Case No. 17-03597, before Chief Judge Michael G. Williamson. The Alleged Debtor filed an Answer to the Petition and a hearing was held on July 10, 2017, on whether the case would proceed. The Debtor made an ore tenus motion on July 10 to convert the Chapter 7 case to a case under Chapter 11. The Court entered a Chapter 11 conversion order on July 26. NORTH FORK GROUP: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee on Nov. 28 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of North Fork Group, LLC. About North Fork Group LLC North Fork Group, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 17-05600) on Nov. 6, 2017. Judge David R. Duncan presides over the case. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $1 million. OCEAN CLUB: Taps Jeffery C. Patrick as Accountant ------------------------------------------------- Ocean Club of Walton County, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Jeffery C. Patrick CPA, LLC as its accountant. The firm will prepare the Debtor's federal income tax returns and other required tax returns, and will provide other accounting services in connection with the Debtor's Chapter 11 case. Jeffery Patrick, the accountant who will be providing the services, charges an hourly fee of $225 for tax preparation, and $125 to $150 for bookkeeping and other accounting services. Mr. Patrick disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffery C. Patrick Jeffery C. Patrick CPA, LLC 906 Mar Walt Drive, Suite E Fort Walton Beach, FL 32547 Phone: (850) 226-7722 Fax: (888) 511-1325 About Ocean Club Headquartered in Miramar Beach, Florida, Ocean Club of Walton County, Inc. -- http://theoceanclubdestin.com/-- operates the Ocean Club seafood restaurant located at the entrance to Tops'l Beach & Racquet Resort and across the street from Sandestin Golf and Beach Resort in Destin. The Ocean Club also provides live entertainment from the Emerald Coast artists. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 17-31019) on Nov. 14, 2017, estimating its assets at between $500,000 and $1 million and liabilities at between $1 million and $10 million. The petition was signed by Cary Shahid, its president. Judge Jerry C. Oldshue Jr. presides over the case. Jodi Daniel Cooke, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as the Debtor's bankruptcy counsel. OCEAN CLUB: Taps Stichter Riedel as Legal Counsel ------------------------------------------------- Ocean Club of Walton County, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Stichter, Riedel, Blain & Postler, P.A. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; negotiate with potential financing sources; assist in negotiations to formulate a plan of reorganization; and provide other legal services related to its Chapter 11 case. Stichter received a retainer in the sum of $21,717. Jodi Daniel Cooke, Esq., disclosed in a court filing that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jodi Daniel Cooke, Esq. Edward J. Peterson, Esq. Stichter, Riedel, Blain & Postler, P.A. 41 N. Jefferson Street, Suite 111 Pensacola, FL 32501 Phone: (850) 637-1836 Fax: (850) 791-6545 Email: jcooke@srpb.com Email: epeterson@srbp.com About Ocean Club Headquartered in Miramar Beach, Florida, Ocean Club of Walton County, Inc. -- http://theoceanclubdestin.com/-- operates the Ocean Club seafood restaurant located at the entrance to Tops'l Beach & Racquet Resort and across the street from Sandestin Golf and Beach Resort in Destin. The restaurant's menu includes Smoked Scottish Salmon, Steamed Prince Edward Island Mussels Provencale, Buttermilk Fried Calamari, and Shrimp Cocktail. The Ocean Club prides itself on providing live entertainment from the Emerald Coast artists. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 17-31019) on Nov. 14, 2017, estimating its assets at between $500,000 and $1 million and liabilities at between $1 million and $10 million. The petition was signed by Cary Shahid, president. Judge Jerry C. Oldshue Jr. presides over the case. Jodi Daniel Cooke, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as the Debtor's bankruptcy counsel. OHLONE TRIBE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Ohlone Tribe of Carmel First Settlers of Chino Valley, CA Inc. 10790 Civic Center Drive, Suite 202 Rancho Cucamonga, CA 91730 Business Description: Based in Rancho Cucamonga, California, Ohlone Tribe of Carmel First Settlers of Chino Valley, CA Inc. is a small business debtor as defined in 11 U.S.C Section 101 (51D) and is engaged in activities related to real estate. Chapter 11 Petition Date: December 2, 2017 Court: United States Bankruptcy Court Central District of California (Riverside) Case No.: 17-19965 Judge: Hon. Mark D. Houle Debtor's Counsel: Odeha L Warren, Esq. LAW OFFICE OF ODEHA WARREN 31915 Ranco California Rd Ste 200179 Temecula, CA 92591 Tel: 951-216-5577 Fax: 888-665-2294 Email: odeha.warren@gmail.com Total Assets: $7 million Total Liabilities: $3.40 million The petition was signed by David Vargas, CFO. The Debtor failed to include a list of the names and addresses of its 20 largest unsecured creditors together with the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb17-19965.pdf OKEECHOBEE CC-I LAND: Case Summary & 9 Top Unsecured Creditors -------------------------------------------------------------- Debtor affiliates that filed separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Okeechobee CC-I Land Trust 17-24481 Attn: Barry M. Brant, Trustee 200 S. Biscayne Blvd., 6th Floor Miami, FL 33131 Okeechobee CC-II Land Trust 17-24482 Okeechobbee CC-III Land Trust 17-24483 Business Description: Based in Miami, Florida, the Debtors listed their business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Debtors are affiliated with Lakeshore Properties of South Florida, LLC, which sought bankruptcy protection on Sept. 28, 2017 (Bankr. S.D. Fla. Case No. 17-21866). Chapter 11 Petition Date: December 3, 2017 Court: United States Bankruptcy Court Southern District of Florida (Miami) Judge: Hon. Laurel M Isicoff Debtors' Counsel: Nicholas B. Bangos, Esq. NICHOLAS B. BANGOS, P.A. 2925 PGA Blvd, Suite 204 Palm Beach Gardens, FL 33410 Tel: 561-626-4700 Fax: 561-627-9479 Email: bazban13@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Barry M. Brant, trustee. A full-text copy of Okeechobee CC-I Land Trust's petition containing, among other items, a list of the Debtor's nine largest unsecured creditors is available for free at: http://bankrupt.com/misc/flsb17-22481.pdf PAC ANCHOR: Committee Taps Armory Consulting as Financial Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of PAC Anchor Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Armory Consulting Company as the Committee's financial advisor. Services to be rendered Armory are: a. monitor the Debtor's financial and operating performance including current operations, monthly operating reports, and other financial and operating analyses or periodic reports provided by the Debtor; b. perform due diligence with respect to the assets and liabilities, business, financial conditions, and opportunities for the Debtor to enhance its value; c. assess cash and liquidity requirements of the Debtor; d. investigate potential causes of action, including avoidance actions such as potentially preferential or fraudulent transfers against insiders or third parties; e. analyze the potential values of the Debtor's assets and businesses, the secured and unsecured claims, and the potential recoveries to the unsecured creditors; f. assist in the negotiations, evaluation, and formulation of any financial transaction, any proposed plan of reorganization, or restructuring-related alternatives; g. assist the Committee in determining the best strategy for maximizing values for creditors; h. to the extent necessary, provide testimony (including deposition testimony) before the Bankruptcy Court on matters within the Firm’s expertise; and i. provide other services to the Committee as may be necessary in the Case. James Y. Wong attests that Armory is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Wong's current billing rate is $475.00 per hour. Armory has agreed to discount Mr. Wong's rate by 10%, to $427.50 per hour. To the extent any of Armory's senior consultants render services for this matter, the firm has agreed to discount their standard billing rate by 10%, ranging from $175.00 per hour to $350.00 per hour, thus resulting in an hourly range of $157.50 to $315.00. The Advisor can be reached through: James Y. Wong Armory Consulting Company 3943 Irvine Blvd., #253 Irvine, CA 92602 Phone: (714) 222-5552 phone Emmail: jwong@armoryconsulting.com About Pac Anchor Transportation Pac Anchor Transportation, Inc. was formed from the merger of Pac Anchor Transportation, Inc., and Green Anchor Lines, Inc. Pac Anchor is a trucking company located in Wilmington, California, that provides trucking services throughout the western United States. Pac Anchor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 17-18213) on July 6, 2017. Alfredo Barajas, its president, signed the petition. At the time of the filing, the Debtor disclosed $12.08 million in assets and $11.24 million in liabilities. Judge Ernest M. Robles presides over the case. Haberbush & Associates LLP represents the Debtor as legal counsel. The Debtor hired Trojan and Company Accountancy Corp. as its accountant. On August 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. PARETEUM CORP: Gets $6.58M From Private Placement Financing ----------------------------------------------------------- Pareteum Corporation agreed to sell an aggregate of 7,151,146 shares of the Company's common stock, $0.00001 par value per share. The purchase price per share was $0.92. The shares were offered and are being sold to certain accredited investors in a registered direct offering. Concurrently, the Company agreed to sell in a private placement, warrants to purchase an aggregate of 7,151,146 shares of Common Stock at an exercise price of $1.09 per share with a five year term. The Company received gross proceeds from the offering of approximately $6.58 million. The Company intends to use the net proceeds from the offering for general working capital and corporate purposes and may include debt repayment. Dawson James Securities, Inc. served as placement agent for the offering. A registration statement on Form S-3 relating to the shares has been filed with the U.S. Securities and Exchange Commission and became effective on Nov. 14, 2016. The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained by contacting Dawson James Securities, Inc., Attention: Prospectus Department, 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432, mmaclaren@dawsonjames.com or toll free at 866.928.0928, or by accessing the SEC's website at www.sec.gov. About Pareteum New York-based Pareteum Corporation (NYSEMKT: TEUM), formerly known as Elephant Talk Communications, Inc. -- http://www.pareteum.com-- is an international provider of business software and services to the telecommunications and financial services industry. Squar Milner, LLP, in Los Angeles, California, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has an accumulated deficit of $287,080,234 and has negative working capital. This, according to the auditors, raises substantial doubt about the Company's ability to continue as a going concern. Pareteum incurred a net loss of $31.44 million for the year ended Dec. 31, 2016, following a net loss of $5 million for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $10.28 million in total assets, $15.16 million in total liabilities and a total stockholders' deficit of $4.87 million. PARETEUM CORP: Underwriter Buys 1.4M Additional Shares ------------------------------------------------------ Pareteum Corporation announced that Dawson James Securities Inc., the underwriter of its November 2017 underwritten public offering, has exercised its option to purchase an additional 1,431,421 shares of common stock for additional net proceeds of $1,204,970. The issuance of the additional shares closed on Thursday, Dec. 1, 2017. About Pareteum New York-based Pareteum Corporation (NYSEMKT: TEUM), formerly known as Elephant Talk Communications, Inc. -- http://www.pareteum.com-- is an international provider of business software and services to the telecommunications and financial services industry. Squar Milner, LLP, in Los Angeles, California, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, has an accumulated deficit of $287,080,234 and has negative working capital. This, according to the auditors, raises substantial doubt about the Company's ability to continue as a going concern. Pareteum incurred a net loss of $31.44 million for the year ended Dec. 31, 2016, following a net loss of $5 million for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $10.28 million in total assets, $15.16 million in total liabilities and a total stockholders' deficit of $4.87 million. PFO GLOBAL: Case Converted into Liquidation Proceeding ------------------------------------------------------ BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order converting PFO Global's Chapter 11 reorganization to a liquidation under Chapter 7. The order states, "As the Chapter 11 Trustee is no longer attempting to pursue confirmation of a plan based upon a merger and/or sale of the Debtor's corporate shell and the Court having already determined that conversion to chapter 7 is appropriate pursuant to 11 U.S.C. Section 1112(b). It Is Therefore Ordered that the above-referenced jointly administered bankruptcy cases are hereby CONVERTED." About PFO Global PFO Global, Inc., and its affiliates are a consolidated group of companies that operate in the eyewear and lenses industry worldwide. Global owns 100% of the equity interests in Pro Fit Optix Holding Company, LLC. In turn, Holding owns 100% of the equity interests in Pro Fit Optix, Inc., PFO Technologies, LLC, PFO Optima, LLC, and PFO MCO, LLC. PFO Global, Pro Fit Optix Holding Company, Pro Fit Optix, PFO Technologies, PFO Optima, and PFO MCO, filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 17-30355) in Dallas on Jan. 31, 2017. Rosa R. Orenstein, Esq., and Nathan M. Nichols, Esq., at Orenstein Law Group, P.C., serve as the Debtors' bankruptcy counsel. Haynes and Boone, LLP, is their special corporate and securities law counsel. Mahesh Shetty, a certified public accountant, is the Debtor's financial officer. RBSM, LLP and Litzler, Segner, Shaw & McKenney LLP serve as accountants. In February 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Shraiberg, Ferrara, Landau & Page, P.A. as legal counsel, and McCathern, PLLC as local counsel. On June 21, 2017, Shawn K. Brown was appointed Chapter 11 trustee. The trustee hired Rochelle McCullough LLP as his bankruptcy counsel; Litzler, Segner, Shaw & McKenney LLP as accountant; and Rosen Systems as auctioneer. PLASCO TOOLING: Files Chapter 11 Plan of Liquidation ---------------------------------------------------- Plasco Tooling & Engineering Corporation files with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Plan of Liquidation and Disclosure Statement dated November16, 2017. The Plan divides claims and interests into six classes and treats them as follows: Class I: consists of First State Bank’s Secured Claims, in the aggregate amount of $2,899,271. After the Petition Date, the First State Bank has been paid $2,270,306.39 from liquidation of its collateral, leaving a balance of $628,964.13 plus applicable pre-Petition Date fees and accrued interest. Under the Plan, Reorganized Debtor is authorized to negotiate an appropriate amount for such fees and accrued interest and, in the absence of an agreement, either Reorganized Debtor or First State Bank may request that a determination be made by the Court. To the extent that the remaining proceeds of the First State Bank’s collateral is insufficient to pay its secured claims, the remaining unpaid amount of the its claims will be general unsecured claims. This Class is impaired. Class II: consists of the Allowed Secured Claim of the U.S. Small Business Association in the amount of $339,408.24 secured by the SBA Account. To the extent that the SBA is determined to have a first priority security interest in the SBA Account, the SBA will be paid that amount from the SBA Account. To the extent that the SBA is determined to not have a first priority security interest in the SBA Account, the SBA’s Claim will be a general unsecured claim. This Class is impaired. Class III: consists of the Allowed Secured Claim of Direct Capital Corporation in the amount of $57,839.97 secured by the DCC Account. To the extent that Direct Capital Corporation is determined to have a first priority security interest in the DCC Account, Direct Capital Corporation will be paid that amount from the DCC Account. However, to the extent that Direct Capital Corporation is determined to not have a first priority security interest in the DCC Account, Direct Capital Corporation’s Claim will be a general unsecured claim. This Class is impaired. Class IV: consists of the Secured Claims of the Macomb County Treasurer, in the amount of $6,303.63 for personal property taxes. The Debtor will pay the Macomb County Treasurer its Allowed Secured Claim, in full and final satisfaction of all Claims asserted by the Macomb County Treasurer, within 60 days after the Effective Date. Class V: consists of holders of allowed general unsecured claims, which will be paid a pro rata share of the General Unsecured Claims Payment. The amount of the General Unsecured Claims Payment will be the proceeds of all the Debtor’s assets, including all Causes of Action, after payment of all Secured, Administrative, and Priority Claims. Debtor makes no guaranty or representation that there will be sufficient funds to make a General Unsecured Claims Payment. This Class is impaired. Class VI: consists of the Claims of Interests. The Interests of this Class will be canceled and the Interests of the Reorganized Debtor will be reissued to the Liquidating Plan Committee to be held for the benefit of all Beneficiaries of this Plan. Funding for the administration of the bankruptcy estate and of the Plan and for the actions necessary for the legal wind down of the Debtor will come from funds on hand and the proceeds of the liquidation of Debtor’s remaining assets. A copy of the Disclosure Statement is available at: https://tinyurl.com/ydeps8c3 The Plan was prepared by the Debtor’s Counsel: Ryan D. Heilman, Esq. Michael R. Wernette, Esq. WERNETTE HEILMAN PLLC 24725 W. 12 Mile Rd., Suite 110 Southfield, MI 48034 Telephone: (248) 663-5146 Email: ryan@wernetteheilman.com About Plasco Tooling & Engineering Corporation 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 Company 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. Plasco Tooling 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. 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. Angle Advisors LLC is the Debtor's investment banker. The U.S. Trustee for Region 9 on July 14, 2017, appointed six creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Plasco Tooling & Engineering Corp. The committee members are: (1) Carl Spaeth; (2) Michael Oakley; (3) Randal D. Bellestri; (4) Robert A. Goolsby; (5) Michael MaGuire; and (6) Judith Apel. The Committee hired Varnum LLP, as counsel, Delta Management Resources, LLC, as financial advisor. PLAZA BROADWAY: Vaquero's Bid for Ch. 11 Trustee Appointment Junked ------------------------------------------------------------------- Judge Harlin D. Hale of the U.S. Bankruptcy Court for the Northern District of Texas issued an order denying Vaquero Broadway Partners, LP's emergency motion for appointment of a chapter 11 trustee in the case of Plaza Broadway Retail Group, LLC. The Court finds that Vaquero has not provided clear and convincing evidence that cause exists for the appointment of a chapter 11 trustee. The record indicates that the debtor has not complied with the transparency requirements of the bankruptcy code and such failure, if not remedied, could result in the appointment of a trustee. The debtor's principal is responsible for filing accurate schedules and statement of financial affairs. In this district, the debtor's principal's meet with the US Trustee’s office right after the case is filed and they are given a set of requirements, which they sign. Those are his responsibilities, the debtor's responsibilities, which cannot be passed off to others. A full-text copy of Judge Hale's Order dated Nov. 6, 2017, is available at: http://bankrupt.com/misc/txnb17-30266-11-92.pdf Plaza Broadway Retail Group, LLC Plaza Broadway Retail Group, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 17-30247) on January 22, 2017. Eric A. Liepins, PC served as bankruptcy counsel but was later replaced by Quilling, Selander, Lownds, Winslett & Moser, PC. The Debtor's assets and liabilities are both below $1 million. PREMIER EXHIBITIONS: Seeks Approval of Assets Sale Procedures ------------------------------------------------------------- BankruptcyData.com reported that Premier Exhibitions filed with the U.S. Bankruptcy Court a motion approving procedures in connection with the sale of all of substantially all of the Debtors' assets, scheduling a related auction and approving bid protections. The motion explains, "Bids must be accompanied by a good faith deposit in readily available funds in the form of cash, a wire transfer (to a bank account specified by the Debtors) or certified check payable to Premier Exhibitions in an amount equal to 10% of the Purchase Price. Despite interest from numerous potential buyers, no stalking horse bidder was designated on the timeline contemplated in the Plan Support Agreement. The Debtors and the Supporting Committees, however, believe a sale and auction process may produce bids for the Assets that will provide consideration at levels that the Debtors and Supporting Committees will support. The Debtors request that the Court approve sales procedures that will enable potential buyers to submit bids for the Assets or certain Auction Lots and participate in an Auction on February 6, 2018. If the sale process results in a bid for all of the Debtors' Assets at or above a minimum threshold price agreed to among the Debtors and the Supporting Committees (the 'Reserve Price'), the Supporting Committees have agreed to support the approval of sale of the Assets through either the confirmation of a chapter 11 plan or by motion and hearing pursuant to Section 363 of the Bankruptcy Code. The Debtor requests entry of the Sale Procedures Order . . . authorizing, but not directing, the Debtor, to select one or more Stalking Horse Bidders and to provide, if needed, the Bid Protections to any Stalking Horse Bidder, including (i) a break-up fee of up to 3% of the Purchase Price set forth in the Stalking Horse Bid, and (ii) reimbursement for the reasonable fees and expenses of the Stalking Horse Bidder up to 1% of the Purchase Price." The following dates are fixed: bid deadline: January 30, 2018 and auction: February 6, 2018. About About RMS Titanic, Inc. Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta, Georgia, is a presenter of museum quality exhibitions throughout the world. Premier -- http://www.PremierExhibitions.com/-- develops and displays unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES. The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions lies in its ability to produce, manage, and market exhibitions. RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Former Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Chapter 11 cases are assigned to Judge Paul M. Glenn. The Debtors estimated both assets and liabilities of $10 million to $50 million. The Debtors are represented by Daniel F. Blanks, Esq., and Lee D. Wedekind, III, Esq., at Nelson Mullins Riley & Scarborough LLP. The Debtors employ Brian A. Wainger, Esq., at Kaleo Legal as special litigation counsel, outside general counsel, securities counsel, and conflicts counsel; Robert W. McFarland, Esq., at McGuireWoods LLP as special litigation counsel; Steven L. Berson, Esq., at Dentons US LLP and Dentons Canada LLP as outside general counsel and securities counsel; Oscar N. Pinkas, Esq., at Dentons LLP as outside general counsel and securities counsel. The Debtors also employed Ronald L. Glass as Chief Restructuring Officer and GlassRatner Advisory & Capital Group, LLC, as financial advisors. Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016 appointed three creditors to serve on the official committee of unsecured creditors of RMS Titanic, Inc., and its affiliates. The Committee hired Avery Samet, Esq. and Jeffrey Chubak, Esq., at Storch Amini & Munves PC, and Richard R. Thames, Esq. and Robert A. Heekin, Jr., Esq., at Thames Markey & Heekin, P.A., as counsel. The official committee of equity security holders of Premier Exhibitions Inc. retained Peter J. Gurfein, Esq., at Landau Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq., and Katherine C. Fackler, Esq., at Akerman LLP as Co-Counsel; and Teneo Securities LLC as financial advisor. PRODUCTION PATTERN: Taps W. Donald Gieseke as CRO ------------------------------------------------- Production Pattern and Foundry Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire W. Donald Gieseke and his firm The Galena Group as consultant in the capacity of chief restructuring officer. The Debtor requires the appointment of a chief executive officer or chief restructuring officer to provide financial and operational management services for the Debtor under the direction of the Debtor's Board of Directors. The fee arrangement with Mr. Gieseke consist of a $10,000 monthly fixed fee for his services. Mr. Gieseke attests that he represents no interest adverse to the estate in matters upon which he is to be retained. The CRO can be reached through: W. Donald Gieseke Galena Group, Inc. 8600 Technology Way Reno, NV 89521 Tel: (775) 852-4545 Fax: (775) 852-4002 About Production Pattern and Foundry Production Pattern and Foundry Co., Inc. -- http://www.ppfco.com/ -- is a TS-16949 Certified, casting foundry, producing aluminum castings for a wide variety of industries. PPF produces parts and equipment components for a broad spectrum of markets -- from chip-making equipment to drinking fountains. Typical PPF customer applications have included: housings mounting bases, manifolds, valve bodies, door hinges and brackets. The company also has experience in heavy truck manufacturing, semiconductor chip manufacturing equipment, medical and dental equipment manufacturing, construction, utility, packaging machinery and sports equipment industries. Production Pattern filed a Chapter 11 petition (Bankr. D. Nev. Case No. 17-51106) on Sept. 20, 2017. The petition was signed by Arlene Cochran, president. At the time of filing, the Debtor estimated assets and liabilities of $10 million to $50 million. The case is assigned to Judge Bruce T. Beesley. The Debtor hired Minden Lawyers, LLC as its bankruptcy counsel and Harris Law Practice LLC as co-counsel. PROVEN PEST: New Plan Discloses $2K Claim by GA Revenue Dept. ------------------------------------------------------------- Proven Pest Solutions, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia an amended disclosure statement referring to the Debtor's plan of reorganization Proposed Plan of Reorganization filed by Debtor on October 9, 2017. The amended disclosure statement discloses that the Georgia Department of Revenue has filed a proof of claim alleging that $1,905.24 of the amount owed to it was a priority tax claim pursuant to Section 507(a)(8). Class 3 General Unsecured Claims are impaired by the Plan. All general unsecured claimants that file proofs of claims by the deadline that are allowed will receive 50% of the amount due on the proof of claim in 24 equal payments made monthly for a two year period from the Effective Date. Payments and distributions under the Plan will be funded by the Debtor's income from its operations. A copy of the Disclosure Statement is available at: https://tinyurl.com/ybwygn4g About Proven Pest Solutions Inc. Proven Pest Solutions, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 17-54503) on March 8, 2017. The petition was signed by Brandon Caldwell, president. The case was initially assigned to Judge Paul W. Bonapfel. On March 13, 2017, Judge Bonapfel ordered the transfer of the case to Judge W. Homer Drake in the Newnan Division. The case was assigned a new case number: 17-10564. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. Beth E. Rogers, Esq., and James F. Carroll, Esq., who have an office in Atlanta, Georgia, serve as the Debtor's bankruptcy counsel. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Proven Pest Solutions, Inc., as of May 2, according to a court docket. REAL INDUSTRY: Files DIP Loan-Related Agreements to Court --------------------------------------------------------- BankruptcyData.com reported that Real Industry filed with the U.S. Bankruptcy Court a D.I.P. notes purchase agreement and D.I.P. ABL agreement. According to documents filed with the Court, "Subject to the terms and conditions of this Agreement and the Financing Order and in reliance upon the representations and warranties of the Credit Parties contained herein, each Lender severally and not jointly agrees to make Loans to the Borrowers (collectively, the 'Revolving Loans' and individually, a 'Revolving Loan') from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding such Lender's Revolving Loan Commitment, which Revolving Loan Commitment, as of the Closing Date, is set forth opposite such Lender's name on Schedule 1.1(a) under the heading 'Revolving Loan Commitments'. Borrower Representative may request that one or more L/C Issuers Issue, in accordance with such L/C Issuers' usual and customary business practices and for the account of the Borrowers, Letters of Credit and an applicable L/C Issuer (a 'Letter of Credit'), from time to time on any Business Day during the period from the Closing Date through the earlier of (x) the Final Availability Date and (y) 7 days prior to the Revolving Termination Date; provided, however, that no L/C Issuer shall Issue any Letter of Credit upon the occurrence of any of the following or, if after giving effect to such Issuance: the aggregate outstanding principal balance of Revolving Loans would exceed the Maximum Revolving Loan Amount or (b) the Letter of Credit Obligations for all Letters of Credit would exceed $20,000,000." About Real Industry Real Industry, Inc. -- http://www.realindustryinc.com/-- is a Delaware holding company that operates through its subsidiaries. Its current business focus is supporting the performance of Real Alloy, an aluminum recycling company and its single largest operating business, and to make acquisitions of additional operating companies. The company regularly considers acquisitions of businesses that operate in undervalued industries, as well as businesses that it believes are in transition or are otherwise misunderstood by the marketplace. As a holding company, Real Industry relies on the operations of its subsidiaries and external financing sources for its liquidity needs. During the past year, the holding company's liquidity and financial position declined to levels where the Board of Directors of the Company concluded that it was in the best interests of the Company to reorganize under a Chapter 11 filing. Real Industry, Inc. and eight affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12464) on Nov. 17, 2017. The cases are pending before the Honorable Kevin J. Carey. The Debtors tapped Saul Ewing Arnstein & Lehr LLP, as local bankruptcy counsel; Morrison & Foerster LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Jefferies LLC, as investment banker; and Prime Clerk, as claims and noticing agent. REAL INDUSTRY: Seeks to Hire Saul Ewing as Co-Counsel ----------------------------------------------------- Real Industry, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Saul Ewing Arnstein & Lehr LLP. Saul Ewing will serve as co-counsel with Morrison & Foerster LLP, the firm tapped by the company and its affiliates to be their bankruptcy counsel. The firm's hourly rates range from $395 to $950 for partners, $325 to $660 for special counsel, $250 to $430 for associates, and $80 to $340 for paraprofessionals. The attorneys primarily responsible for representing the Debtors and their hourly rates are: Mark Minuti Partner $710 Sharon Levine Partner $780 Monique Bair DiSabatino Associate $395 The firm received a retainer from the Debtors in the sum of $100,000. Mark Minuti, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Minuti disclosed that his firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements; and that no Saul Ewing professional has varied his rate based on the geographic location of the bankruptcy cases. The Debtors "approved or will be approving a prospective budget" and staffing plan for Saul Ewing's employment for the post-petition period, according to Mr. Minuti. Saul Ewing can be reached through: Mark Minuti, Esq. Monique B. DiSabatino, Esq. Saul Ewing Arnstein & Lehr LLP 1201 N. Market Street, Suite 2300 P.O. Box 1266 Wilmington, DE 19801 Tel: (302) 421-6840 Fax: (302) 421-5873 Email: mark.minuti@saul.com Email: monique.disabatino@saul.com - and - Sharon L. Levine, Esq. Saul Ewing Arnstein & Lehr LLP 1037 Raymond Boulevard, Suite 1520 Newark, NJ 07102 Tel: (973) 286-6718 Fax: (973) 286-6821 Email: sharon.levine@saul.com About Real Industry Real Industry, Inc. -- http://www.realindustryinc.com/-- is a Delaware holding company that operates through its subsidiaries. Its current business focus is supporting the performance of Real Alloy, an aluminum recycling company and its single largest operating business, and to make acquisitions of additional operating companies. The company regularly considers acquisitions of businesses that operate in undervalued industries, as well as businesses that it believes are in transition or are otherwise misunderstood by the marketplace. As a holding company, Real Industry relies on the operations of its subsidiaries and external financing sources for its liquidity needs. Real Industry, Inc., and eight affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12464) on Nov. 17, 2017. The cases are pending before the Honorable Kevin J. Carey. The Debtors tapped Jefferies LLC as investment banker, and Prime Clerk as claims and noticing agent. REAL INDUSTRY: Taps Morrison & Foerster as Legal Counsel -------------------------------------------------------- Real Industry, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morrison & Foerster LLP as legal counsel. The firm will advise the company and its affiliates regarding their duties under the Bankruptcy Code; negotiate with creditors; give advice regarding any potential sale of their assets; assist in the negotiations of financing agreements; prepare a bankruptcy plan; and provide other legal services related to their Chapter 11 cases. The firm's hourly rates range from $675 to $1,360 for partners, $485 to $1,300 for "of counsel" and "senior of counsel," $330 to $830 for attorneys and associates; and $250 to $340 for paraprofessionals. Morrison received an advance payment of $250,000 as retainer prior to the petition date. Gary Lee, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Lee disclosed that his firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements; and that no Morrison professional has varied his rate based on the geographic location of the bankruptcy cases. The Debtors and Morrison expect to develop a budget and staffing plan to comply with the U.S. trustee's requests for information and additional disclosures, according to Mr. Lee. Morrison & Foerster can be reached through: Gary S. Lee, Esq. Mark A. Lightner, Esq. Benjamin Butterfield, Esq. Morrison & Foerster LLP 250 West 55th Street New York, NY 10019 Tel: (212) 468-8000 Fax: (212) 468-7900 Email: glee@mofo.com Email: mlightner@mofo.com Email: bbutterfield@mofo.com About Real Industry Real Industry, Inc. -- http://www.realindustryinc.com/-- is a Delaware holding company that operates through its subsidiaries. Its current business focus is supporting the performance of Real Alloy, an aluminum recycling company and its single largest operating business, and to make acquisitions of additional operating companies. The company regularly considers acquisitions of businesses that operate in undervalued industries, as well as businesses that it believes are in transition or are otherwise misunderstood by the marketplace. As a holding company, Real Industry relies on the operations of its subsidiaries and external financing sources for its liquidity needs. Real Industry, Inc., and eight affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12464) on Nov. 17, 2017. The cases are pending before the Honorable Kevin J. Carey. The Debtors tapped Jefferies LLC as investment banker, and Prime Clerk as claims and noticing agent. RICHARDSON INVESTMENTS: Whites Buying Joelton Property for $50,000 ------------------------------------------------------------------ Richardson Investments LLC of Nashville asks the U.S. Bankruptcy Court for the Middle District of Tennessee to authorize the sale of real property located at 5522 Clarksville Pike, Joelton, Tennessee, to Cannonball and Phyllis White for $50,000. Richardson Investments is concerned that if the sale is not completed quickly it will fall through; therefore, the Motion needs to be heard on an expedited basis. The Debtor asks that the matter be heard on Dec. 12, 2017, at 9:00 a.m. The Debtor owned the Property. It transferred the Property to Robert Richardson, an insider, for no consideration. It was unaware at that time that a judgment lien had been placed on the property by W. David Bridges, Trustee. In lieu of filing a turnover action, Robert Richardson is willing to convey the property back to the bankruptcy estate. However, the Debtor feels that it is in the best interest of creditors to sell the property and use the proceeds to pay the lienholder. The proposed sale is a cash purchase with the Buyers attempting to close before the end of the year for tax purposes. It believes it to be fair market value for the property. A full-text copy of the Purchase and Sale Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Richardson_Investments_12_Sales.pdf From the sale proceeds, the Debtor proposes to pay the pro rata yearly property taxes. It understands that W. David Bridges, Trustee, the creditor holding a lien on the property, must approve the sale, since the debt will not be satisfied in full. The lien held by W. David Bridges, Trustee will attached to the proceeds of the sale. About Richardson Investments LLC of Nashville Richardson Investments LLC, a small business debtor as defined in 11 U.S.C. Section 101(51D), is the fee simple owner of a commercial strip center located at 5428 Clarksville Highway, Whites Creek, Tennessee, valued by the company at $1.1 million. The company reported gross revenue of $55,800 in 2016 and gross revenue of $55,800 in 2015. Richardson Investments LLC of Nashville sought Chapter 11 protection (M.D. Tenn. Case No. 17-07377) on Oct. 31, 2017. Judge Randal S. Mashburn presides over the case. The Debtor estimated total assets at $1.21 million and total liabilities at $920,556. The Debtor tapped Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz as counsel. The petition was signed by Gregory Richardson, its chief manager. The Debtor can be reached at: RICHARDSON INVESTMENTS LLC OF NASHVILLE 5428 Clarksville Highway Whites Creek, TN 37189 ROSETTA GENOMICS: Fails to Comply with Nasdaq's Bid Price Rule -------------------------------------------------------------- Rosetta Genomics, Ltd., received a staff deficiency letter from The Nasdaq Stock Market on Nov. 28, 2017, notifying the Company that for the past 30 consecutive business days, the closing bid price per share of its ordinary shares was below the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(a)(2). As a result, the Company was notified by Nasdaq that it is not in compliance with the Bid Price Rule. Nasdaq has provided the Company with 180 calendar days, or until May 29, 2018, to regain compliance with the Bid Price Rule. This notification has no immediate effect on the Company's listing on the Nasdaq Capital Market or on the trading of the Company's ordinary shares. To regain compliance with the Bid Price Rule, the closing bid price of the Company's ordinary shares must meet or exceed $1.00 per share for a minimum of 10 consecutive business days during the 180 day grace period. If the Company's ordinary shares do not regain compliance with the Bid Price Rule during this grace period, it may be eligible for an additional grace period of 180 calendar days provided that the Company satisfies Nasdaq's initial listing standards for listing on The Nasdaq Capital Market, other than the minimum bid price requirement, and provides written notice to Nasdaq of its intention to cure the delinquency during the second grace period. If the Company does not regain compliance during the initial grace period and is not eligible for an additional grace period, Nasdaq will provide written notice that the Company's ordinary shares are subject to delisting from The Nasdaq Capital Market. In that event, the Company may appeal such determination to a hearings panel. About Rosetta Genomics Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to develop and commercialize new diagnostic tests based on a recently discovered group of genes known as microRNAs. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are believed to play an important role in normal function and in various pathologies. The Company has established a CLIA-certified laboratory in Philadelphia, which enables the Company to develop, validate and commercialize its own diagnostic tests applying its microRNA technology. Visit www.rosettagx.com. for more information. Rosetta Genomics reported a net loss of US$16.23 million on US$9.23 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of US$17.34 million on US$8.26 million of total revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Rosetta had US$6.20 million in total assets, US$5.11 million in total liabilities and US$1.09 million in total shareholders' equity. Kost Forer Gabby & Kasierer, a member of Ernst & Young Global, in Tel-Aviv, Israel, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has recurring losses from operations and has limited liquidity resources that raise substantial doubt about its ability to continue as a going concern. SHIRAZ HOLDINGS: Exclusive Plan Filing Deadline Moved to Dec. 23 ---------------------------------------------------------------- The Hon. Paul G. Hyman, Jr., of the U.S. Bankruptcy Court for the Southern District of Florida has extended, at the behest of Shiraz Holdings, LLC, the exclusive right for the Debtor to file a plan of reorganization and seek acceptances thereof for a period of 60 days or until Dec. 23, 2017, and Feb. 18, 2017, respectively. As reported by the Troubled Company Reporter on Oct. 27, 2017, the Debtor requested the extension, saying that it needs additional time to negotiate and prepare adequate information while it continues to negotiate with its secured and unsecured creditors to advance restructuring of its debt. The Debtor said it is in the process of negotiating with its creditors, it has engaged brokers to help facilitate the sale of leases of its properties, and has reached certain settlements that should prove helpful in its reorganization efforts. About Shiraz Holdings, LLC Shiraz Holdings, LLC, based in Delray Beach, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-17968) on June 26, 2017. The Hon. Paul G. Hyman, Jr. presides over the case. Thomas M. Messana, Esq., at Messana, P.A., serves as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Jordan A. Satary, managing member. SKY-SKAN INC: U.S. Trustee Forms 3-Member Committee --------------------------------------------------- The Office of the U.S. Trustee on Dec. 1 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Sky-Skan Incorporated. The committee members are: (1) Adek Technical Sales, Inc. 3 Infinity Drive Raymond, NH 03077 Attn: Edward King, President and CEO (2) Infitec GmbH Karlstrasse 70 89547 Gerstetten, Germany Attn: Helmut Jorke, Managing Director (3) Opticis USA, LLC 17748 Skypark Circle #260 Irvine, CA 92604 Attn: Mickey Park, Executive Partner Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Sky-Skan Incorporated Sky-Skan, Inc., was founded in 1967 as a company dedicated solely to the development and manufacture of specialized devices for depicting dynamic visualizations of astronomical and meteorological phenomena on planetarium domes in museums, schools, and universities. The company has since grown to become a provider of digital fulldome science visualization, theater control, and show programming systems for hundreds of planetariums on six continents, serving hundreds of clients in the niche field of immersive science interpretation and education. From the initial planning stage to staff training and ongoing support, Sky-Skan provides all services required by the most advanced digital fulldome planetariums and visualization theaters. Sky-Skan, based in Nashua, NH, filed a Chapter 11 petition (Bankr. D.N.H. Case No. 17-11540) on Nov. 1, 2017. Steven T. Savage, president, signed the petition. In its petition, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. Peter N. Tamposi, Esq., at The Tamposi Law Group, P.C., serves as bankruptcy counsel. The Debtor hired Deshaies Law as co-counsel with Tamposi Law Group, and SquareTail Advisors, LLC as financial advisor. SOUTH SHORE PAINTING: Hires McIntyre Thanasides as Counsel ---------------------------------------------------------- South Shore Painting and Waterproofing LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to employ McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A. as counsel. The professional services to be rendered by McIntyre Thanasides are: a. render legal advice with respect to the Debtor's powers and duties as debtor-in-possession, the continued operation of its business and/or the management of its property; b. prepare on behalf of the Debtor any necessary petitions, motions, applications, answers, orders, reports, and other legal papers; c. appear before the Court and the United States Trustee to represent and protect the interests of the Debtor; d. take all necessary legal steps to confirm a plan of reorganization; e. represent the Debtor in all adversary suits, contested matters and matters involving administration of this case; f. represent the Debtor in any negotiations with potential financing sources and preparing contracts, security instruments, or other documents necessary to obtain financing; g. take any necessary action to recover any voidable transfers and avoid any liens against the Debtor's property obtained within 90 days of the filing of the petition in Chapter 11 and at a time when the Debtor was insolvent; h. enjoin or staying any and all suits against the Debtor affecting the debtor-in-possession's ability to continue in business or affecting property in which the Debtor has equity; and i. perform all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. James W. Elliot, Esq., member of McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A., attests that neither he nor any member of the MT Firm represents or holds any interest adverse to the Debtor, or its members, officers, directors, or attorneys or any individual creditors of the Debtor's estate; and MT Firm is a "disinterested person" under 11 U.S.C. Sec 101(14). The Counsel can be reached through: James W. Elliot, Esq. McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A. 500 E. Kennedy Blvd Suite 200 Tampa, FL 33602 Phone: 844-511-4800 About South Shore Painting Based in Brandon, Florida, South Shore Painting and Waterproofing LLC filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-09416) on November 6, 2017, listing under $1 million in assets and liabilities. James W. Elliot, Esq. at McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A. represents the Debtor as counsel. STATESBORO LIFE: Case Summary & 6 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Statesboro Life Restaraunt Group, Inc. 6350 Lake Oconee Pkwy, Suite 110 Greensboro, Ga 30642 Business Description: Based in Greensboro, Georgia, Statesboro Life Restaraunt Group, is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) debtor. The company's principal place of business is located at 6319 Bank Dairy Road, in Statesboro, Georgia. The company was founded in 2010. Chapter 11 Petition Date: December 1, 2017 Case No.: 17-60521 Court: United States Bankruptcy Court Southern District of Georgia (Statesboro) Judge: Hon. Edward J. Coleman III Debtor's Counsel: Jon A. Levis, Esq. MERRILL & STONE, LLC P O Box 129 Swainsboro, GA 30401 Tel: 478-237-7029 Fax: 478-237-9211 Email: bkymail@merrillstonehamilton.com Total Assets: $634,725 Total Liabilities: $1.34 million The petition was signed by Christian Bennett, owner/stockholder. A copy of the Debtor's list of six largest unsecured creditors is available for free at: http://bankrupt.com/misc/gasb17-60521_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/gasb17-60521.pdf TAYLOR-WHARTON: Bid to Amend Discrimination Suit Rejected --------------------------------------------------------- In the case captioned SHEILA ZINNERMAN, Plaintiff, v. TAYLOR-WHARTON CRYOGENICS, LLC, and WORTHINGTON INDUS. INC., Defendants, Civil Action No. 17-00123-KD-B (S.D. Ala.), District Judge Kristi K. Dubose denied Plaintiff's motion to amend the complaint and a proposed second amended complaint. On March 17, 2017, Plaintiff Sheila Zimmerman initiated the current race and age discrimination case against Taylor, Argus Management Corp. and Worthington Industries, Inc. On April 14, 2017, Worthington filed its answer. On April 18, 2017, Argus and Taylor filed a joint motion to dismiss. On May 3, 2017, Plaintiff filed a first amended complaint and stipulated to the voluntary dismissal of Defendant Argus. On May 4, 2017, Defendant Argus was dismissed. On May 17, 2017, Worthington filed its answer to the first amended complaint. Also on this date, Taylor filed a motion to dismiss the first amended complaint. On June 8, 2017, Plaintiff filed a motion to file a second amended complaint and proposed second amended complaint. Per Court Order on June 13, 2017, Taylor's motion to dismiss the original complaint was found moot per Plaintiff's filing of the first amended complaint, and Taylor's motion to dismiss was found moot as Docs. 15, 26 had been mooted. Plaintiff seeks to amend her complaint a second time, "as her matter of right" under Rule 15 "with no new substantive allegations" but to "clearly and separately allege the counts: Counts One and Two against Worthington, and Counts Three and Four against Taylor." Plaintiff asserts that the counts against defendant Taylor should not be dismissed due to Taylor's bankruptcy, and stipulates to limit her recovery against Taylor to the insurance proceeds for any settlement, verdict or judgment in this case, adding that "insurance proceeds, under these circumstances, are not part of a debtor's bankruptcy estate." Plaintiff contends that her filing of a proof of claim in the bankruptcy court does not change said stipulation, and Defendant Taylor "would be free to assert a set-off if there was recovery in the bankruptcy case." Plaintiff adds she is "willing to stipulate to limit her recovery to only non-estate insurance proceeds then the case should proceed as not affecting the bankruptcy estate." In the alternative, Plaintiff argues that if the Court finds that her filing a proof of claim in the bankruptcy court "somehow prevents an insurance proceeds only stipulation, then the only claims against Taylor should be dismissed without prejudice based on the bankruptcy, and the case should proceed on the counts against Worthington." After analyzing all the arguments, the Court finds that there is no dispute that Plaintiff filed a Proof of Claim in the bankruptcy case. There is also no dispute that Plaintiff's May 2016 Proof of Claim is based on discriminatory acts alleged to have occurred before the issuance of the Confirmation Plan order (she was no longer employed as of March 2016 while the Plan/Order issued Sept. 20, 2016). By filing the proof of claim she submitted herself to the jurisdiction of the Bankruptcy Court. Thus, the Bankruptcy Court's injunction appears to apply to plaintiff's complaint in this case. Plaintiff has given this court no basis for determining otherwise. Accordingly, the motion to amend is denied and the motion to dismiss Taylor-Wharton as a party is granted. Further, Worthington opposes the amendment to the extent it is incurring attorneys' fees and expenses to litigate Plaintiff's re-alleging of claims against the other defendant. Despite Worthington's position, this is part of the litigation process and Worthington has not established that any fees/expenses are being incurred unnecessarily. As such, it is ordered that Worthington's request for fees and expenses is denied. A full-text copy of Judge DuBose's Order dated Nov. 8, 2017, is available at https://is.gd/eUQlb3 from Leagle.com. Shelia Zinnerman, Plaintiff, represented by Adam Matthew Milam, Milam & Milam, LLC. Worthington Industries, Inc., Defendant, represented by Michael E. Turner -- met@cabaniss.com -- Cabaniss, Johnston, Gardner, Dumas & O'Neal & Sandy G. Robinson -- sgr@cabaniss.com -- Cabaniss, Johnston, Gardner, Dumas & O'Neal. About Taylor-Wharton Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12075) on Oct. 7, 2015. The petitions were signed by Thomas Doherty as chief restructuring officer. Cryogenics is a leading designer, engineer and manufacturer of cryogenic equipment designed to transport and store liquefied atmospheric and hydrocarbon gases. Cryogenics has a single United States operation in Theodore, Alabama. Cryogenics is the direct or indirect parent of several foreign non-debtor subsidiaries which have manufacturing operations in China, Malaysia, Slovakia, and warehousing operations in Germany and Australia. The Debtors have engaged Reed Smith LLP as general bankruptcy counsel, Nixon Peabody LLP as special counsel, Argus Management Corporation as interim management services provider, Stifel, Nicolaus & Company, Incorporated and Miller Buckfire & Company LLC, as investment banker and Logan & Company, Inc., as noticing and claims agent. Argus Management Corporation is authorized to provide interim management services, and designate Thomas Doherty as chief restructuring officer. Taylor-Wharton International LLC disclosed total assets of $14,463,438 and total liabilities of $47,978,923. O'Neal Steel Inc. is listed as the largest unsecured creditor holding a trade claim of $788,815. Judge Brendan Linehan Shannon is assigned to the case. The Office of the U.S. Trustee appointed the Committee pursuant to Section 1102(a)(1) of the Bankruptcy Code. The Committee is comprised of three members: (a) Pension Benefit Guaranty Corporation, (b) O'Neal Steel, Inc., and (c) Harsco Corporation. On the same day, the Committee selected Lowenstein Sandler LLP and The Rosner Law Group LLC to serve as its co-counsel and EisnerAmper LLP to serve as its financial advisor in the Chapter 11 cases. TDR TRUST: January 10 Plan Confirmation Hearing ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida has conditionally approved the disclosure statement filed by TDR Trust, LLC. The Court will conduct a hearing on confirmation of the Plan, including timely filed objections to confirmation, objections to the Disclosure Statement, motions for cramdown, applications for compensation, and motions for allowance of administrative claims on January 10, 2018 at 9:30 a.m. Any written objections to the Disclosure Statement will be filed and served no later than seven days prior to the date of the confirmation hearing. Parties in interest will submit to the Clerk's office their written ballot accepting or rejecting the Plan no later than eight days before the date of the Confirmation Hearing. Objections to confirmation will be filed and served no later than seven days before the date of the Confirmation Hearing. About TDR Trust, LLC TDR Trust, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-07470) on Aug. 24, 2017, disclosing under $500,000 million in both assets and liabilities. The petition was signed by Mark Heidt, manager. The Debtor is represented by David W. Steen, Esq., at David W. Steen, P.A. TERRAVIA HOLDINGS: January 8 Plan Confirmation Hearing ------------------------------------------------------ Terravia Holdings, Inc. and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a combined disclosure statement and chapter 11 plan of liquidation dated November 16, 2017, which contemplates the liquidation and dissolution of the Debtors and the resolution of all outstanding Claims and Interests. On November 16, 2017, the Bankruptcy Court entered the Interim Order conditionally approving the Combined Disclosure Statement and Plan. The Confirmation Hearing has been scheduled for January 8, 2018 at 1:00 p.m. to consider (a) final approval of the Combined Disclosure Statement and Plan and (b) confirmation of the Combined Disclosure Statement and Plan. The Court has fixed December 29, 2017 as the voting deadline. Any objection to final approval of the Combined Disclosure Statement and Plan must be filed and served by no later than December 29, 2017 (prevailing Eastern Time). Under the Plan, each holder of an allowed Convenience Claim under Class will receive payment in cash equal to such allowed convenience claim. However, if the aggregate of all Convenience Claims exceeds $500,000, the amount in the Convenience Claim Pool, each Class 4 Creditor will receive its Ratable Share of the Convenience Claim Pool. Class 4 initially will consist of all General Unsecured Claims that are not Notes Claims that total $20,000 or less. Payment to Class 4 is in lieu of any treatment as a Class 5 Creditor. Any unsecured creditor with a General Unsecured Claim that is not a Notes Claim above $20,000 electing treatment as a Convenience Claim must affirmatively do so on its Class 5 Ballot. Any funds from the Convenience Claim Pool remaining after satisfaction of all Allowed Convenience Claims will be available for distribution to holders of Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim under Class 5 will receive its Ratable Share of the remaining Sale Proceeds and other assets of the Estates following: (a) payment in full in Cash or such other treatment as to render Unimpaired all DIP Facility Claims, Administrative Expense Claims, Professional Fee Claims, Other Secured Claims, Other Priority Claims and SVB Facility Claims; and (b) funding of the Convenience Claim Pool under the Combined Disclosure Statement and Plan. Further, any Creditor electing treatment as a Class 4 Convenience Claim will not be eligible to receive any treatment or distribution as a Class 5 Creditor. Estimated allowed Class 5 claims is $181,253,700, and the projected recovery for this class is 12.25%. Immediately following the occurrence of the Effective Date, (a) the respective boards of directors and managers of each of the Debtors will be terminated and the members of each of the boards of directors and managers of the Debtors will be deemed to have resigned and (b) each of the Debtors will continue to exist as Liquidating Debtors after the Effective Date in accordance with the respective laws of the state under which each such Debtor was formed and pursuant to their respective certificates of incorporation, bylaws, articles of formation, operating agreements and other organizational documents in effect prior to the Effective Date, except to the extent such organizational documents are amended under the Combined Disclosure Statement and Plan, for the limited purposes of liquidating all of the assets of the Estates and making distributions in accordance with the Combined Disclosure Statement and Plan. On the Effective Date, TerraVia will issue one share of stock in Liquidating TerraVia to the Plan Administrator, which will hold such share of stock, and such share of stock will remain outstanding until Liquidating TerraVia is dissolved in accordance with the Combined Disclosure Statement and Plan. A full-text copy of the Combined Plan and Disclosure Statement is available at: https://tinyurl.com/y8dry5uj About TerraVia Headquartered in South San Francisco, California, TerraVia Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com/-- is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. TerraVia also manufactures a range of specialty personal care ingredients for key strategic partners. On Aug. 2, 2017, TerraVia Holdings, Inc., and its wholly-owned U.S. subsidiaries filed voluntary petitions under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 17-11655). The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil LLC and Solazyme Manufacturing 1, LLC. The Debtors sought bankruptcy protection after reaching a deal to sell the assets to Corbion N.V. for $20 million in cash plus the assumption of liabilities. The Debtors hired Davis Polk & Wardwell LLP as their lead counsel and Richards, Layton & Finger, P.A., as co-counsel. Kurtzman Carson Consultants LLC is the Debtors' claims agent. No official committee of unsecured creditors has been appointed in the Chapter 11 case. TOYS R US: Seeks Court Approval of Sr. Executive Incentive Plan --------------------------------------------------------------- BankruptcyData.com reported that Toys "R" Us filed with the U.S. Bankruptcy Court a motion for entry of an order approving the Debtors' senior executive incentive plan (SEIP). The motion explains, "the Debtors developed the SEIP for 17 senior members of the management team as part of an overall compensation package that is both consistent with the Debtors' historical compensation programs and offers payments similar to its peers. The total amount available for payment under the SEIP on an annual basis is $16 million at the Target Threshold. That amount could double if management attained its 'stretch' goal -- a result the Debtors will find very difficult to achieve. The SEIP Participants are at the forefront of the Debtors' most important endeavours: executing on daily performance and leading Toys "R" US through its restructuring. The importance of having these individuals fully incentivized cannot be overstated." The Court scheduled a December 5, 2017 hearing on the motion. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. UNITY COURIER: Needs More Time to Solicit Acceptances of Plan ------------------------------------------------------------- Unity Courier Service, Inc., asks the U.S. Bankruptcy Court for the Central District of California to extend the exclusive period to obtain acceptances of its plan of reorganization for an additional 120 days, to and including April 26, 2018. A hearing to consider the Debtor's request is scheduled for Dec. 19, 2017, at 10:00 a.m. The Debtor submits that cause exists to extend its exclusive periods to file a Plan and obtain acceptances thereof because, among other reasons, (1) the Debtor timely filed its Plan and Disclosure Statement prior to the expiration of the filing deadline, (2) the Debtor believes the Disclosure Statement may require amendment, and therefore, the Debtor may need additional time to amend the Disclosure Statement and Plan, and timely comply with all applicable rules pertaining to the confirmation of the Plan. By motion filed on Oct. 13, 2017, and entry of an order on Nov. 8, 2017, the Debtor has assumed its non-residential real property leases. The Debtor is current on all material reporting requirements under the Bankruptcy Code, Bankruptcy Rules and Guidelines of the Office of the U.S. Trustee. The Debtor believes that no interested party will be prejudiced by the relief requested. As reported by the Troubled Company Reporter on Aug. 4, 2017, the Court entered an order extending the exclusive periods for the Debtor to file a plan to Oct. 27, 2017, and to solicit acceptances of its plan to Dec. 27, 2017. The Debtor filed its Disclosure Statement dated Oct. 11, 2017, in support of the Debtor's Plan of Reorganization dated Oct. 11, 2017. The Debtor believes that it may have a need for amendment of both the Plan and Disclosure Statement. Given the relatively short amount of time provided by the Bankruptcy Code to solicit acceptances of a plan and preserve exclusivity (only sixty days from the expiration of the plan filing deadline), and the upcoming year-end holidays, the Debtor believes that it may need additional time to comply with solicitation and plan confirmation requirements and preserving its exclusivity periods. About Unity Courier Service Unity Courier Service, Inc., is a courier services provider. It delivers individually addressed letters, parcels, and packages to customers in the United States. Unity Courier Service sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 17-13943) on March 31, 2017, estimating assets and liabilities in the range of $1 million to $10 million. The petition was signed by Larry Lum, president. Judge Ernest M. Robles is assigned to the case. The Debtor employed Ira Benjamin Katz, a professional corporation, and the Law Offices of David W. Meadows as general bankruptcy counsel. UNIVE INC: Plan Confirmation Hearing Set for Dec. 19 ---------------------------------------------------- Judge Roger L. Efremsky of the U.S. Bankruptcy Court for the Northern District of California approved the disclosure statement aspect of Unive, Inc.'s combined plan and disclosures dated Oct. 29, 2017. The Court has approved shortening time allowing the Plan confirmation hearing to be conducted on Dec. 19, 2017, at 1:30 PM, Courtroom 201, Oakland, California. Objections to the plan confirmation must be filed and served by Dec. 8, 2017. Ballots must be received by Debtors' counsel by Dec. 8, 2017. The Troubled Company Reporter previously reported that general unsecured creditors will recover 10% of their allowed claims in one payment on the Effective Date. A copy of the Combined Plan and Disclosure Statement is available at: http://bankrupt.com/misc/canb16-43098-67.pdf About Unive, Inc. UNIVE Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 16-43098) on Nov. 4, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Mufthiha Sabaratnam, Esq. VIRGINIA HIGH TECH: Wants to Keep Plan Exclusivity Until Feb. 4 --------------------------------------------------------------- West Virginia High Technology Consortium Foundation and HT Foundation Holdings, Inc. -- with the consent of Huntington National Bank -- request the U.S. Bankruptcy Court for the Northern District of West Virginia to extend the exclusivity period to file a Plan of Reorganization to February 4, 2018, and the exclusive period to solicit acceptances to such plan to April 4, 2018. Since the Petition Date, the Debtors spent much of the first few months attempting to stabilize their operations and negotiating in good faith with Huntington regarding potential restructuring options. Once the negotiations with Huntington broke down in late September, the Debtors immediately considered their reorganization options and formulated a Plan of Reorganization. On December 2, 2016, the Debtors filed a Plan of Reorganization and Disclosure Statement. However, on January 12, 2017, Huntington filed an objection to the Disclosure Statement. After Huntington filed an Objection to the original Disclosure Statement, the Debtors filed a First Amended Joint Disclosure Statement and First Amended Joint Plan of Reorganization on February 3, 2017. The First Amended Plan and Disclosure Statement were filed in an attempt to address the objections raised by Huntington in its objection to the original Disclosure Statement. Again, Huntington filed an objection to the First Amended Joint Disclosure Statement. Since that date, the Debtors and Huntington have resolved the Debtors' Motion to Surcharge Huntington's Collateral and the Debtors' Complaint to Determine the Secured Status of Huntington. The resolutions of both matters were essential to the Debtors' ability to formulate a revised plan of reorganization and corresponding disclosure statement. The Debtors have also negotiated a sale of the Training Center, which sale was approved by the Court on July 25, 2017. The sale closed on August 31, 2017. The Debtors also filed their Second Amended and Plan and Second Amended Disclosure on August 1, 2017, which intended to address various issues raised by Huntington and the Court. While the confirmation hearing on the Second Amended Plan was originally scheduled for December 11, the Court -- at the request of the Debtors and Huntington -- rescheduled the confirmation hearing for February 22, 2018. The Debtors have continued to work toward a plan of reorganization acceptable to all creditors, in good faith and in the best interest of creditors. Pending confirmation, the Debtors request an extension of the exclusivity period to continue to work with creditors toward an amicable resolution of any claims and toward confirmation of the Second Amended Plan of Reorganization. About West Virginia High Tech West Virginia High Technology Consortium Foundation and HT Foundation Holdings, Inc. filed chapter 11 petitions (Bankr. N.D. W.Va. Lead Case No. 16-00806) on Aug. 4, 2016. The petitions were signed by James L. Estep, president and CEO. In their petitions, the Debtors estimated $10 million to $50 million in both assets and liabilities. Judge Patrick M. Flatley presides over the cases. David B. Salzman, Esq., at Campbell & Levine, LLC serves as bankruptcy counsel. The Debtors employed Rolston & Company as real estate appraiser; Easter Valley, LLC as real estate broker; and Arnett Carbis Toothman, LLP as accountants. On December 2, 2016, the Debtors filed their Chapter 11 plan of reorganization and disclosure statement. WARWICK YARD: DOJ Watchdog Directed to Appoint Ch. 11 Trustee ------------------------------------------------------------- Judge Cecelia G. Morris of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing the U.S. Trustee to appoint a chapter 11 trustee in the case of Debtor The Warwick Yard, LLC. Upon the cross-motion of secured creditor Warwick Valley DLA, L.L.C. for the entry of an order appointing a chapter 11 Trustee, the Court finds that there is cause to grant the relief sought and appointing a chapter 11 trustee is in the best interests of creditors and the estate. During the period before the Court enters an Order approving the person that the U.S. Trustee appoints as trustee, the current management of the Debtor will operate the Debtor's business. The Troubled Company Reporter previously reported that DLA sought the appointment of a chapter 11 trustee because the Debtor lacks control over its own books and records. Testimony of the Debtor's representative at the 341 Meeting also makes clear that the Debtor is mismanaged. About The Warwick Yard The Warwick Yard is a New York limited liability company that operates a sports complex, which has open fields and covered dome field for rent to sports teams, and charges on a per use basis. Warwick Yard's only asset is the real property located at 120 State School Road, Warwick, New York 10990, which has been valued at approximately $5 million. The Warwick Yard filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-36103) on June 28, 2017. The petition was signed by Mark Goldstein, its member and manager. The case is assigned to Judge Cecelia G. Morris. Brian K. Condon, Esq. at Condon & Associates, PLLC represents the Debtor. The Debtor estimates $1 million to $10 million in assets and liabilities. No official committee of unsecured creditors has been appointed. WEATHERFORD INTERNATIONAL: Will Hold Its Annual Meeting on April 27 ------------------------------------------------------------------- Weatherford International plc will hold its 2018 annual meeting of shareholders on April 27, 2018. Because the date of the 2018 Annual Meeting is more than 30 days from the anniversary date of Weatherford's 2017 annual meeting of shareholders, Weatherford is providing the deadline for the submission of any qualified shareholder proposal or qualified shareholder nominations under the rules of the Securities and Exchange Commission. In accordance with Weatherford's Articles of Association, any shareholder proposal or nomination intended to be considered for inclusion in Weatherford's proxy materials for the 2018 Annual Meeting, including any notice on Schedule 14N, must be received by Weatherford at its principal executive offices at Weststrasse 1, 6340 Baar, Switzerland by no later than Dec. 11, 2017, and directed to the Corporate Secretary. Shareholder proposals intended to be considered for inclusion in Weatherford's proxy materials for the 2018 Annual Meeting must comply with the requirements, Weatherford's Articles of Association and all applicable rules and regulations promulgated by the SEC under the Securities Exchange Act of 1934. Shareholders who intend to submit a proposal regarding a director nomination or other matter of business at the 2018 Annual Meeting, and who do not desire to have those proposals included in Weatherford's proxy materials for the 2018 Annual Meeting, must ensure that notice of any such proposal (including certain additional information specified in Weatherford's Articles of Association) is received by the Corporate Secretary at Weatherford's principal executive offices on or before the close of business on Dec. 11, 2017. About Weatherford Weatherford International plc, an Irish public limited company and Swiss tax resident -- http://www.weatherford.com/-- is a multinational oilfield service company. Weatherford provides equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates in over 90 countries and has a network of approximately 860 locations, including manufacturing, service, research and development, and training facilities and employs approximately 29,500 people. Weatherford reported a net loss attributable to the Company of $3.39 billion on $5.74 billion of total revenues in 2016, compared to a net loss attributable to the Company of $1.98 billion on $9.43 billion of total revenues in 2015. As of Sept. 30, 2017, Weatherford International had $12.01 billion in total assets, $10.62 billion in total liabilities and $1.38 billion in total shareholders' equity. * * * As reported by the TCR on Nov. 20, 2017, Fitch Ratings affirmed Weatherford International plc (Weatherford; NYSE: WFT) and its subsidiaries' Long-Term Issuer Default Ratings (IDR) and senior unsecured ratings at 'CCC'. WFT's 'CCC' rating reflects exposure to the oilfield services sector and a stressed balance sheet. Fitch expects an extended down-cycle and delayed recovery from Fitch initial sector recovery expectations due to low to range-bound oil and gas prices. WESTMORELAND COAL: Kevin Paprzycki Resigns as CEO ------------------------------------------------- Kevin A. Paprzycki stepped down from his role as chief executive officer of Westmoreland Coal Company effective Nov. 27, 2017, according to a Form 8-K report filed with the Securities and Exchange Commission. Mr. Paprzycki's departure was not the result of any disagreement with the Company. On Nov. 27, 2017 and in connection with Mr. Paprzycki's departure, the Company's board of directors appointed Michael G. Hutchinson, 61, to serve as interim chief executive officer and interim president. Mr. Hutchinson retired from Deloitte & Touche in July 2012 after a career spanning nearly 35 years, leading its Denver Energy and Natural Resources Practice for the last 15 years while at the same time managing the Audit and Enterprise Risk Management practice of the Denver office. He has been a member of the Board since 2012 and was chairman of the Audit Committee of the Board up until his appointment to this role. Mr. Hutchinson also serves on the board of directors of ONE Gas, Inc., a publicly traded natural gas utility, and as its audit committee chairman. There are no arrangements or understandings between Mr. Hutchinson and any other person in connection with his appointment as interim chief executive officer and interim president of the Company. The Board also approved Mr. Hutchinson's compensation package for his interim role, which consisted of a base salary of $900,000, no grant of equity and a cash bonus target of 40% to 60% of base salary for meeting strategic goals at the discretion of the Board. Adoption of Material Compensatory Plan On Nov. 29, 2017, the Company's Board approved the 2017 Executive Severance Plan, as recommended by its Compensation and Benefits Committee. The Plan provides severance benefits to eligible employees of the Company in the event that an eligible employee's employment is terminated for a reason other than Cause, Disability or death, or is terminated by the eligible employee for Good Reason (as such terms are defined in the Plan). The Company expects to enter into separate agreements under the Plan with executive officers and other participants. The new Individual Agreements will supersede any such prior agreements between a Participant and the Company regarding severance. Participants that meet the requirements for a severance award will be paid between one and two times Base Salary and Reference Bonus (the average cash bonus of the Participant over the most recent three calendar years), as well as being eligible for continued health benefits. Named executive officers of the Company will participate at the two times Base Salary and Reference Bonus level. The Individual Agreements contain customary confidentiality, non-compete, non-solicit and non-disparagement provisions. A full-text copy of the 2017 Executive Severance Plan is available for free at https://is.gd/eeI5nR About Westmoreland Coal Company Based in Englewood, Colorado, Westmoreland Coal Company -- http://www.westmoreland.com/-- is an independent coal company in the United States. Westmoreland's coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership (NYSE:WMLP). Westmoreland Coal reported a net loss of $28.87 million on $1.47 billion of revenues for the year ended Dec. 31, 2016, compared to a net loss of $219.09 million on $1.41 billion of revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Westmoreland Coal had $1.43 billion in total assets, $2.20 billion in total liabilities and a total deficit of $774.14 million. * * * As reported by the TCR on March 2, 2016, Moody's Investors Service downgraded the ratings of Westmoreland, including its corporate family rating to 'Caa1' from 'B3'. The downgrade reflects Moody's expectation that the company's leverage metrics and cash flow generation will continue to be under stress due to the headwinds facing the coal industry. In November 2017, S&P Global Ratings lowered its corporate credit rating on Westmoreland Coal Co. to 'CCC' from 'CCC+'. The outlook is negative. S&P said, "The negative outlook on Westmoreland reflects our expectation that the company could default or pursue a distressed exchange or other restructuring in the next 12 months. We believe that a default could be precipitated by any combination of a covenant breach or difficulties in refinancing Oxford's term loan due December 2018. In our opinion, a restructuring associated with the Oxford debt could adversely impact Westmoreland's credit profile as a whole. WESTMORELAND RESOURCE: Extends GP Services Agreement to April 2018 ------------------------------------------------------------------ Westmoreland Resource Partners, LP and Westmoreland Resources GP, LLC, the general partner of the Partnership, entered into a fourth amendment to the Services Agreement dated as of Jan. 1, 2015, by and between the Partnership and General Partner. The Amendment modified the term of the Services Agreement to extend the current term end date from March 31, 2018 to April 30, 2018. The term of the Services Agreement automatically renews upon the end of term for successive 12-month periods unless either party gives written notice no less than 120 days prior to the end of the current term of the Services Agreement. About Westmoreland Resource Westmoreland Resource Partners, LP -- http://www.westmorelandMLP.com-- is a low-cost producer and marketer of high-value thermal coal to large electric utilities with coal-fired power plants under long-term coal sales contracts. The Company also markets to industrial users and is a producer of surface mined coal in Ohio. The company focuses on acquiring thermal coal reserves that it can efficiently mine with its large-scale equipment and take advantage of close customer proximity through mine-mouth power plants and strategically located rail and barge transportation. Its reserves and operations are well positioned to serve its primary market areas of the Midwest, Northeast and Rocky Mountain regions of the United States. The company's operations are located in Ohio and Wyoming. It sold 7.8 million tons of coal in 2016. Westmoreland Resource is headquartered in Englewood, Colorado. Westmoreland Resource reported a net loss of $31.58 million on $349.3 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $33.68 million on $384.7 million of total revenues for the year ended Dec. 31, 2015. The Company's balance sheet at Sept. 30, 2017, showed $367.34 million in total assets, $409.58 million in total liabilities and a total deficit of $42.23 million. WESTMORELAND RESOURCE: Kevin A. Paprzycki Resigns as CEO -------------------------------------------------------- Kevin A. Paprzycki stepped down from his role as chief executive officer of Westmoreland Resource Partners, LP, effective Nov. 27, 2017. Mr. Paprzycki's departure was not the result of any disagreement with the Partnership, according to a Form 8-K filed with the Securities and Exchange Commission. About Westmoreland Resource Westmoreland Resource Partners, LP -- http://www.westmorelandMLP.com-- is a low-cost producer and marketer of high-value thermal coal to large electric utilities with coal-fired power plants under long-term coal sales contracts. The Company also markets to industrial users and is a producer of surface mined coal in Ohio. The company focuses on acquiring thermal coal reserves that it can efficiently mine with its large-scale equipment and take advantage of close customer proximity through mine-mouth power plants and strategically located rail and barge transportation. Its reserves and operations are well positioned to serve its primary market areas of the Midwest, Northeast and Rocky Mountain regions of the United States. The company's operations are located in Ohio and Wyoming. It sold 7.8 million tons of coal in 2016. Westmoreland Resource is headquartered in Englewood, Colorado. Westmoreland Resource reported a net loss of $31.58 million on $349.3 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $33.68 million on $384.7 million of total revenues for the year ended Dec. 31, 2015. The Company's balance sheet at Sept. 30, 2017, showed $367.34 million in total assets, $409.58 million in total liabilities and a total deficit of $42.23 million. WESTPAC RESTORATION: Taps BKD LLP as Accountant ----------------------------------------------- Westpac Restoration, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire BKD, LLP as its accountant. The firm will provide tax and accounting consultation, including the preparation of income returns and other documents. Tad Goodenbour, the accountant who will be providing the services, will charge $400 per hour. The hourly rates for the firm's staff members range from $150 to $250. Mr. Goodenbour disclosed in a court filing that his firm does not represent any interest adverse to the Debtor's estate or creditors. BKD can be reached through: Tad Goodenbour BKD, LLP 111 S. Tejon Street, Suite 800 Colorado Springs, CO 80903-2286 Phone: (719) 471-4290 About Westpac Restoration, Inc. Westpac Restoration, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 17-18211) on September 1, 2017. WestPac Restorations -- http://www.westpacrestorations.com/-- is a full service aircraft restoration and maintenance facility, complete with an FAA approved repair station # ZW8R398Y. The petition was signed by William R. Klaers, its president and treasurer. The Debtor disclosed total assets of $330,491 and total liabilities of $1.50 million. The Hon. Elizabeth E. Brown presides over the case. Lindquist & Vennum, LLP represents the Debtor as counsel. XFS INVESTMENTS: Hires W. Steven Shumway as Counsel --------------------------------------------------- XFS Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to hire W. Steven Shumway, Esq. as bankruptcy counsel. Services to be rendered by Mr. Shumway are: a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate, and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b) appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; c) appear for, prosecute, defend and represent the Debtor's interest in suits existing in California state courts; d) investigate and prosecute preference, fraudulent conveyance and other actions arising under the Trustee's avoiding powers; e) assist and advise Applicant in the investigation and collection for the estate of any outstanding accounts receivable, deposits or causes of action which may be reasonable obtainable; and f) assist in the preparation of schedules, statements, pleadings, motions, notices and orders as are required for the orderly administration of this estate, and to consult with and advise the Debtor in connection with the operation of the business of the Debtor. Mr. Shumway attests that he is a disinterested person within the meaning of 11 U.S.C. Section 101(14). Mr. Shumway's normal hourly billing rates for bankruptcy work is $300 and paralegal charges $70 per hour. The Counsel can be reached through: W. Steven Shumway, Esq. LAW OFFICE OF W. STEVEN SHUMWAY 3400 Douglas Blvd., Suite 250 Roseville, CA 95661 Phone: (916) 789-8821 Fax: (916) 789-2083 Email: sshumwav(3shumwavlaw. com About XFS Investments, LLC Based in Folsom, California, XFS Investments, LLC filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 17-27184) on October 21, 2017. The petition was signed by David Gruebele, its manager. Judge Christopher D. Jaime presides over the case. Steven W. Shumway, Esq., at the Law Office of W. Steven Shumway, represents the Debtor as counsel. At the time of filing, the Debtor estimates $0 to $50,000 in assets and $1 million to $10 million in liabilities. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ALSWF US 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE OU1 GR 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT CN 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT2EUR EU 94.0 (54.4) (32.8) AGENUS INC AJ81 GR 149.3 (51.6) 29.9 AGENUS INC AGEN US 149.3 (51.6) 29.9 AGENUS INC AJ81 TH 149.3 (51.6) 29.9 AGENUS INC AGENEUR EU 149.3 (51.6) 29.9 AGENUS INC AJ81 QT 149.3 (51.6) 29.9 AIMIA INC AIM CN 4,260.0 (20.8) (1,176.3) ALTAIR ENGINEE-A ALTR US 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 QT 301.5 (60.2) (92.4) ALTAIR ENGINEE-A ALTREUR EU 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 GR 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 TH 301.5 (60.2) (92.4) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYRIS INC AMRS US 138.6 (190.4) (5.7) ARSANIS INC ASNS US 7.6 (16.7) (6.3) ASPEN TECHNOLOGY AZPN US 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST GR 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AZPNEUR EU 202.7 (267.5) (327.7) ATLATSA RESOURCE ATL SJ 193.5 (142.5) (46.4) AUTOZONE INC AZO US 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 TH 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 GR 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZOEUR EU 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 QT 9,259.8 (1,428.4) (155.0) AVID TECHNOLOGY AVID US 225.3 (270.4) (78.0) AVID TECHNOLOGY AVD GR 225.3 (270.4) (78.0) AXIM BIOTECHNOLO AXIM US 3.3 (4.9) (3.5) BENEFITFOCUS INC BNFT US 171.2 (37.0) 7.0 BENEFITFOCUS INC BTF GR 171.2 (37.0) 7.0 BIOHAVEN PHARMAC BHVN US 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN GR 184.7 156.2 157.4 BIOHAVEN PHARMAC BHVNEUR EU 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN TH 184.7 156.2 157.4 BLUE BIRD CORP BLBD US 366.8 (59.6) 32.8 BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4) BOMBARDIER INC-A BBD/A CN 23,709.0 (3,623.0) 103.0 BOMBARDIER INC-B BBD/B CN 23,709.0 (3,623.0) 103.0 BRINKER INTL EAT US 1,368.6 (539.0) (273.5) BRINKER INTL BKJ GR 1,368.6 (539.0) (273.5) BRINKER INTL BKJ QT 1,368.6 (539.0) (273.5) BRINKER INTL EAT2EUR EU 1,368.6 (539.0) (273.5) BROOKFIELD REAL BRE CN 95.0 (31.1) 3.0 BRP INC/CA-SUB V DOO CN 2,575.8 (98.6) 91.1 BRP INC/CA-SUB V B15A GR 2,575.8 (98.6) 91.1 BRP INC/CA-SUB V BRPIF US 2,575.8 (98.6) 91.1 BUFFALO COAL COR BUC SJ 49.8 (22.9) (20.1) BURLINGTON STORE BURL US 2,843.4 (110.5) 22.8 BURLINGTON STORE BUI GR 2,843.4 (110.5) 22.8 BURLINGTON STORE BURL* MM 2,843.4 (110.5) 22.8 CADIZ INC CDZI US 68.9 (76.3) 7.6 CADIZ INC 2ZC GR 68.9 (76.3) 7.6 CAESARS ENTERTAI CZR US 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI C08 GR 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI CZREUR EU 14,353.0 (3,815.0) (5,099.0) CALIFORNIA RESOU CRC US 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CLB GR 6,183.0 (574.0) (294.0) CALIFORNIA RESOU CRCEUR EU 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CL TH 6,183.0 (574.0) (294.0) CAMBIUM LEARNING ABCD US 155.0 (45.0) (55.0) CAREDX INC CDNA US 75.1 (0.2) (14.0) CAREDX INC 1K9 GR 75.1 (0.2) (14.0) CAREDX INC CDNAEUR EU 75.1 (0.2) (14.0) CASELLA WASTE WA3 GR 592.4 (60.5) (1.4) CASELLA WASTE CWST US 592.4 (60.5) (1.4) CASELLA WASTE WA3 TH 592.4 (60.5) (1.4) CASELLA WASTE CWSTEUR EU 592.4 (60.5) (1.4) CHENIERE EN PART CQH US 0.8 (0.1) (0.1) CHENIERE EN PART CE4 GR 0.8 (0.1) (0.1) CHESAPEAKE ENERG CHK US 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 GR 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 TH 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHK* MM 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 QT 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHKEUR EU 11,981.0 (704.0) (1,040.0) CHOICE HOTELS CZH GR 961.2 (200.4) 182.3 CHOICE HOTELS CHH US 961.2 (200.4) 182.3 CINCINNATI BELL CBB US 1,457.3 (133.5) 5.1 CINCINNATI BELL CIB1 GR 1,457.3 (133.5) 5.1 CINCINNATI BELL CBBEUR EU 1,457.3 (133.5) 5.1 CLEAR CHANNEL-A C7C GR 5,580.5 (1,284.2) 337.6 CLEAR CHANNEL-A CCO US 5,580.5 (1,284.2) 337.6 CLEVELAND-CLIFFS CVA GR 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA TH 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF US 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF* MM 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA QT 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF2EUR EU 1,923.3 (833.1) 373.6 COGENT COMMUNICA CCOI US 729.9 (80.1) 236.8 COGENT COMMUNICA OGM1 GR 729.9 (80.1) 236.8 CONSUMER CAPITAL CCGN US 5.2 (2.5) (2.6) DELEK LOGISTICS DKL US 422.9 (25.8) 5.5 DELEK LOGISTICS D6L GR 422.9 (25.8) 5.5 DENNY'S CORP DE8 GR 309.2 (97.6) (45.4) DENNY'S CORP DENN US 309.2 (97.6) (45.4) DINEEQUITY INC DIN US 1,641.2 (216.7) 79.9 DINEEQUITY INC IHP GR 1,641.2 (216.7) 79.9 DOLLARAMA INC DOL CN 1,891.4 (59.4) 291.2 DOLLARAMA INC DLMAF US 1,891.4 (59.4) 291.2 DOLLARAMA INC DR3 GR 1,891.4 (59.4) 291.2 DOLLARAMA INC DOLEUR EU 1,891.4 (59.4) 291.2 DOLLARAMA INC DR3 TH 1,891.4 (59.4) 291.2 DOMINO'S PIZZA EZV TH 816.2 (2,765.3) 194.1 DOMINO'S PIZZA EZV GR 816.2 (2,765.3) 194.1 DOMINO'S PIZZA DPZ US 816.2 (2,765.3) 194.1 DUN & BRADSTREET DB5 GR 2,301.0 (857.3) (71.7) DUN & BRADSTREET DB5 TH 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB US 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB1EUR EU 2,301.0 (857.3) (71.7) DUNKIN' BRANDS G 2DB GR 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKN US 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G 2DB TH 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKNEUR EU 3,139.3 (174.1) 157.8 ERIN ENERGY CORP ERN SJ 229.5 (359.3) (310.8) EVERI HOLDINGS I EVRI US 1,425.6 (123.8) (5.1) EVERI HOLDINGS I G2C TH 1,425.6 (123.8) (5.1) EVERI HOLDINGS I G2C GR 1,425.6 (123.8) (5.1) EVERI HOLDINGS I EVRIEUR EU 1,425.6 (123.8) (5.1) FERRELLGAS-LP FEG GR 1,610.0 (757.5) (43.8) FERRELLGAS-LP FGP US 1,610.0 (757.5) (43.8) FIFTH STREET ASS FSAM US 141.6 (33.5) - FIFTH STREET ASS 7FS TH 141.6 (33.5) - FORESCOUT TECHNO FSCT US 140.7 (63.1) (20.4) FORESCOUT TECHNO F1O GR 140.7 (63.1) (20.4) FORESCOUT TECHNO F1O QT 140.7 (63.1) (20.4) FORESCOUT TECHNO FSCTEUR EU 140.7 (63.1) (20.4) GAMCO INVESTO-A GBL US 231.0 (104.5) - GEN COMM-A GC1 GR 2,063.3 (2.7) 45.3 GEN COMM-A GNCMA US 2,063.3 (2.7) 45.3 GEN COMM-A GNCMAEUR EU 2,063.3 (2.7) 45.3 GEN COMM-B GNCMB US 2,063.3 (2.7) 45.3 GNC HOLDINGS INC IGN GR 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC US 1,969.0 (24.7) 441.6 GNC HOLDINGS INC IGN TH 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC1EUR EU 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC* MM 1,969.0 (24.7) 441.6 GOGO INC GOGO US 1,362.9 (155.5) 322.8 GOGO INC G0G GR 1,362.9 (155.5) 322.8 GREEN PLAINS PAR GPP US 92.8 (64.3) 5.0 GREEN PLAINS PAR 8GP GR 92.8 (64.3) 5.0 H&R BLOCK INC HRB US 2,132.2 (214.3) 271.4 H&R BLOCK INC HRB GR 2,132.2 (214.3) 271.4 H&R BLOCK INC HRB TH 2,132.2 (214.3) 271.4 H&R BLOCK INC HRBEUR EU 2,132.2 (214.3) 271.4 HCA HEALTHCARE I 2BH GR 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCA US 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH TH 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH QT 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCAEUR EU 35,731.0 (5,066.0) 3,837.0 HELIOS & MATHESO QCLN QT 17.5 (24.1) (33.9) HORTONWORKS INC HDP US 211.4 (51.1) (31.0) HORTONWORKS INC 14K GR 211.4 (51.1) (31.0) HORTONWORKS INC 14K QT 211.4 (51.1) (31.0) HORTONWORKS INC HDPEUR EU 211.4 (51.1) (31.0) HP COMPANY-BDR HPQB34 BZ 32,913.0 (3,408.0) (94.0) HP INC HPQ* MM 32,913.0 (3,408.0) (94.0) HP INC HPQ US 32,913.0 (3,408.0) (94.0) HP INC 7HP TH 32,913.0 (3,408.0) (94.0) HP INC 7HP GR 32,913.0 (3,408.0) (94.0) HP INC HPQ TE 32,913.0 (3,408.0) (94.0) HP INC HPQ CI 32,913.0 (3,408.0) (94.0) HP INC HPQ SW 32,913.0 (3,408.0) (94.0) HP INC HWP QT 32,913.0 (3,408.0) (94.0) HP INC HPQCHF EU 32,913.0 (3,408.0) (94.0) HP INC HPQUSD EU 32,913.0 (3,408.0) (94.0) HP INC HPQUSD SW 32,913.0 (3,408.0) (94.0) HP INC HPQEUR EU 32,913.0 (3,408.0) (94.0) IDEXX LABS IDXX US 1,669.3 (48.4) (53.8) IDEXX LABS IX1 GR 1,669.3 (48.4) (53.8) IDEXX LABS IX1 TH 1,669.3 (48.4) (53.8) IDEXX LABS IDXX AV 1,669.3 (48.4) (53.8) IMMUNOGEN INC IMU GR 225.7 (111.3) 133.3 IMMUNOGEN INC IMGN US 225.7 (111.3) 133.3 IMMUNOGEN INC IMU TH 225.7 (111.3) 133.3 IMMUNOGEN INC IMU QT 225.7 (111.3) 133.3 IMMUNOGEN INC IMGNEUR EU 225.7 (111.3) 133.3 IMMUNOMEDICS INC IMMU US 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 GR 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 TH 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 QT 153.4 (67.4) (52.0) INNOVIVA INC INVA US 391.0 (223.0) 187.6 INNOVIVA INC HVE GR 391.0 (223.0) 187.6 INNOVIVA INC INVAEUR EU 391.0 (223.0) 187.6 INSPIRED ENTERTA INSE US 213.4 (2.1) (1.4) INSTRUCTURE INC INST US 135.5 (10.9) (24.0) INSTRUCTURE INC 1IN GR 135.5 (10.9) (24.0) IRONWOOD PHARMAC I76 GR 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWD US 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWDEUR EU 625.1 (17.6) 249.6 JACK IN THE BOX JBX GR 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK US 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK1EUR EU 1,228.4 (388.0) (122.7) JUST ENERGY GROU JE US 1,276.8 (268.4) (183.6) JUST ENERGY GROU 1JE GR 1,276.8 (268.4) (183.6) JUST ENERGY GROU JE CN 1,276.8 (268.4) (183.6) L BRANDS INC LTD GR 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD TH 7,816.0 (1,119.0) 911.0 L BRANDS INC LB US 7,816.0 (1,119.0) 911.0 L BRANDS INC LBEUR EU 7,816.0 (1,119.0) 911.0 L BRANDS INC LB* MM 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD QT 7,816.0 (1,119.0) 911.0 LAMB WESTON LW US 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 GR 2,527.8 (521.6) 321.5 LAMB WESTON LW-WEUR EU 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 TH 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 QT 2,527.8 (521.6) 321.5 LANTHEUS HOLDING LNTH US 281.0 (77.9) 90.5 LANTHEUS HOLDING 0L8 GR 281.0 (77.9) 90.5 MANNKIND CORP MNKD US 56.5 (251.0) (62.8) MCDONALDS - BDR MCDC34 BZ 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO TH 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD TE 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO GR 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD* MM 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD US 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD CI 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO QT 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDCHF EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDEUR EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD AV 32,559.6 (3,477.6) 1,050.1 MCDONALDS-CEDEAR MCD AR 32,559.6 (3,477.6) 1,050.1 MDC PARTNERS-A MDCA US 1,617.8 (328.8) (220.3) MDC PARTNERS-A MD7A GR 1,617.8 (328.8) (220.3) MDC PARTNERS-A MDCAEUR EU 1,617.8 (328.8) (220.3) MEDLEY MANAGE-A MDLY US 135.5 (11.6) 35.7 MICHAELS COS INC MIK US 2,306.1 (1,732.8) 482.5 MICHAELS COS INC MIM GR 2,306.1 (1,732.8) 482.5 MIRAGEN THERAPEU MGEN US 47.1 39.0 39.9 MONEYGRAM INTERN MGI US 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N GR 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N TH 4,546.1 (184.0) (66.1) MONEYGRAM INTERN MGIEUR EU 4,546.1 (184.0) (66.1) MOODY'S CORP DUT GR 8,304.9 (156.8) 296.2 MOODY'S CORP MCO US 8,304.9 (156.8) 296.2 MOODY'S CORP DUT TH 8,304.9 (156.8) 296.2 MOODY'S CORP MCOEUR EU 8,304.9 (156.8) 296.2 MOODY'S CORP DUT QT 8,304.9 (156.8) 296.2 MOSAIC ACQUISITI MOSC/U US 0.6 (0.0) (0.0) MOTOROLA SOLUTIO MTLA GR 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MTLA TH 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI US 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MOT TE 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI1EUR EU 8,618.0 (818.0) 773.0 MSG NETWORKS- A MSGN US 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 GR 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 TH 819.5 (902.7) 193.1 MSG NETWORKS- A MSGNEUR EU 819.5 (902.7) 193.1 NATHANS FAMOUS NATH US 84.5 (60.4) 63.8 NATHANS FAMOUS NFA GR 84.5 (60.4) 63.8 NATIONAL CINEMED XWM GR 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMI US 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMIEUR EU 1,153.4 (61.9) 70.0 NAVISTAR INTL IHR GR 6,080.0 (4,923.0) 767.0 NAVISTAR INTL NAV US 6,080.0 (4,923.0) 767.0 NAVISTAR INTL IHR TH 6,080.0 (4,923.0) 767.0 NEW ENG RLTY-LP NEN US 237.8 (32.4) - NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7) NYMOX PHARMACEUT NYM GR 1.3 (0.7) (0.7) ONCOMED PHARMACE OMED US 120.5 (62.2) 82.0 ONCOMED PHARMACE O0M GR 120.5 (62.2) 82.0 PAPA JOHN'S INTL PZZA US 550.9 (39.4) 29.5 PAPA JOHN'S INTL PP1 GR 550.9 (39.4) 29.5 PHILIP MORRIS IN PM1EUR EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI SW 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 TE 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 TH 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1CHF EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 GR 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM US 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM FP 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI1 IX 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI EB 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 QT 41,951.0 (9,633.0) 2,345.0 PINNACLE ENTERTA PNK US 3,926.3 (343.8) (90.2) PINNACLE ENTERTA 65P GR 3,926.3 (343.8) (90.2) PLANET FITNESS-A PLNT US 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL TH 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL GR 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL QT 1,366.0 (139.6) 49.0 PLANET FITNESS-A PLNT1EUR EU 1,366.0 (139.6) 49.0 PROS HOLDINGS IN PH2 GR 292.6 (35.4) 105.8 PROS HOLDINGS IN PRO US 292.6 (35.4) 105.8 QUANTUM CORP QNT2 GR 211.2 (124.3) (48.3) QUANTUM CORP QTM US 211.2 (124.3) (48.3) QUANTUM CORP QTM1EUR EU 211.2 (124.3) (48.3) REATA PHARMACE-A RETA US 160.4 (132.4) 108.2 REATA PHARMACE-A 2R3 GR 160.4 (132.4) 108.2 REATA PHARMACE-A RETAEUR EU 160.4 (132.4) 108.2 REGAL ENTERTAI-A RGC US 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RETA GR 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGC* MM 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGCEUR EU 2,672.2 (855.2) (59.1) REMARK HOLD INC 3SWN GR 109.7 (9.4) (58.2) REMARK HOLD INC MARK US 109.7 (9.4) (58.2) REMARK HOLD INC MARKEUR EU 109.7 (9.4) (58.2) RESOLUTE ENERGY R21 GR 792.3 (73.8) (109.3) RESOLUTE ENERGY REN US 792.3 (73.8) (109.3) RESOLUTE ENERGY RENEUR EU 792.3 (73.8) (109.3) RESTORATION ROBO HAIR US 16.0 (14.0) (7.5) RESTORATION ROBO 0RR TH 16.0 (14.0) (7.5) RESTORATION ROBO HAIREUR EU 16.0 (14.0) (7.5) REVLON INC-A REV US 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 GR 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 TH 3,167.8 (701.9) 241.5 REVLON INC-A REVEUR EU 3,167.8 (701.9) 241.5 RH RH US 1,819.4 (46.8) 246.4 RH RS1 GR 1,819.4 (46.8) 246.4 RH RH* MM 1,819.4 (46.8) 246.4 RH RHEUR EU 1,819.4 (46.8) 246.4 ROKU INC ROKU US 225.5 (42.8) 52.0 ROKU INC R35 GR 225.5 (42.8) 52.0 ROKU INC R35 QT 225.5 (42.8) 52.0 ROKU INC ROKUEUR EU 225.5 (42.8) 52.0 ROKU INC R35 TH 225.5 (42.8) 52.0 ROSETTA STONE IN RST US 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 GR 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 TH 196.8 (1.4) (58.1) ROSETTA STONE IN RST1EUR EU 196.8 (1.4) (58.1) RR DONNELLEY & S DLLN GR 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRD US 3,956.7 (163.0) 740.3 RR DONNELLEY & S DLLN TH 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRDEUR EU 3,956.7 (163.0) 740.3 RYERSON HOLDING RYI US 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY GR 1,817.3 (14.4) 731.7 SALLY BEAUTY HOL SBH US 2,123.1 (363.6) 595.9 SALLY BEAUTY HOL S7V GR 2,123.1 (363.6) 595.9 SANCHEZ ENERGY C SN US 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SN* MM 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S GR 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S TH 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SNEUR EU 2,240.1 (90.4) (43.2) SAUDI AMERICAN H SAHN US 0.0 (2.6) (2.6) SBA COMM CORP 4SB GR 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBAC US 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBJ TH 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBACEUR EU 7,300.5 (2,257.8) (698.6) SCIENTIFIC GAM-A TJW GR 7,062.4 (1,976.5) 554.8 SCIENTIFIC GAM-A SGMS US 7,062.4 (1,976.5) 554.8 SEARS HOLDINGS SEE GR 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SEE TH 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SHLD US 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SEE QT 8,193.0 (4,007.0) (1,112.0) SEARS HOLDINGS SHLDEUR EU 8,193.0 (4,007.0) (1,112.0) SIGA TECH INC SIGA US 148.7 (312.8) 27.9 SILVER SPRING NE SSNI US 316.5 (39.0) (14.9) SILVER SPRING NE 9SI GR 316.5 (39.0) (14.9) SILVER SPRING NE 9SI TH 316.5 (39.0) (14.9) SILVER SPRING NE SSNIEUR EU 316.5 (39.0) (14.9) SIRIUS XM HOLDIN SIRI US 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO TH 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO GR 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRIEUR EU 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRI AV 8,652.4 (1,050.1) (2,186.3) SIX FLAGS ENTERT SIX US 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT 6FE GR 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT SIXEUR EU 2,528.3 (67.7) (70.3) SOLARWINDOW TECH WNDW US 0.8 (3.6) 0.5 SONIC CORP SONC US 561.7 (201.8) 30.6 SONIC CORP SO4 GR 561.7 (201.8) 30.6 SONIC CORP SONCEUR EU 561.7 (201.8) 30.6 SONIC CORP SO4 TH 561.7 (201.8) 30.6 STRAIGHT PATH-B STRP US 11.9 (17.5) (11.8) STRAIGHT PATH-B 5I0 GR 11.9 (17.5) (11.8) SYNTEL INC SYNT US 461.0 (63.6) 142.3 SYNTEL INC SYE GR 461.0 (63.6) 142.3 SYNTEL INC SYE TH 461.0 (63.6) 142.3 SYNTEL INC SYNT1EUR EU 461.0 (63.6) 142.3 SYNTEL INC SYNT* MM 461.0 (63.6) 142.3 TAILORED BRANDS TLRD US 2,079.7 (46.7) 753.0 TAILORED BRANDS WRMA GR 2,079.7 (46.7) 753.0 TAUBMAN CENTERS TU8 GR 4,108.0 (148.8) - TAUBMAN CENTERS TCO US 4,108.0 (148.8) - TINTRI INC TNTR US 123.7 (48.5) 23.8 TOWN SPORTS INTE CLUB US 230.9 (99.7) (4.1) TRANSDIGM GROUP T7D GR 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG US 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG SW 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGCHF EU 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGEUR EU 9,975.7 (2,951.2) 1,262.6 ULTRA PETROLEUM UPL US 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPL1EUR EU 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 GR 1,862.1 (1,257.8) (157.3) UNISYS CORP UISCHF EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UISEUR EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS US 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS1 SW 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 TH 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 GR 2,296.9 (1,649.9) 340.6 UNITI GROUP INC UNIT US 4,292.2 (1,052.9) - UNITI GROUP INC 8XC GR 4,292.2 (1,052.9) - VALVOLINE INC VVV US 1,915.0 (117.0) 312.0 VALVOLINE INC 0V4 GR 1,915.0 (117.0) 312.0 VALVOLINE INC VVVEUR EU 1,915.0 (117.0) 312.0 VECTOR GROUP LTD VGR GR 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR US 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR QT 1,409.9 (318.2) 431.7 VERISIGN INC VRS TH 2,908.4 (1,229.9) 870.5 VERISIGN INC VRS GR 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSN US 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSNEUR EU 2,908.4 (1,229.9) 870.5 VIEWRAY INC VRAY US 88.1 (26.6) 27.9 VIEWRAY INC 6L9 GR 88.1 (26.6) 27.9 VIEWRAY INC VRAYEUR EU 88.1 (26.6) 27.9 W&T OFFSHORE INC WTI US 887.4 (597.3) 34.5 WEIGHT WATCHERS WTW US 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 GR 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 TH 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WTWEUR EU 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 QT 1,315.5 (1,080.7) (12.7) WIDEOPENWEST INC WOW US 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WU5 GR 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WOW1EUR EU 3,038.4 (291.2) (28.9) WINGSTOP INC WING US 121.1 (57.7) (2.1) WINGSTOP INC EWG GR 121.1 (57.7) (2.1) WINMARK CORP WINA US 47.2 (39.4) 12.5 WINMARK CORP GBZ GR 47.2 (39.4) 12.5 WORKIVA INC WK US 155.6 (14.5) (12.1) WORKIVA INC 0WKA GR 155.6 (14.5) (12.1) WORKIVA INC WKEUR EU 155.6 (14.5) (12.1) YRC WORLDWIDE IN YRCW US 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 GR 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 TH 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YRCWEUR EU 1,701.6 (403.7) 226.5 YUM! BRANDS INC YUM US 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR GR 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR TH 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMEUR EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR QT 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMCHF EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUM SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD EU 5,454.0 (6,121.0) 596.0 ********* 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 ***