/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180112.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 12, 2018, Vol. 22, No. 11 Headlines 1-800 CONTACTS: Bank Debt Trades at 3.42% Off ADVANTAGE SALES: Bank Debt Trades at 9.87% Off ALTA MESA: Copy of Presentation at Goldman Global Energy Conference AMPLIPHI BIOSCIENCES: Has $5.10 Million in Cash as of Dec. 31 ARABELLA EXPLORATION: May Use Cash Collateral on Final Basis ARAMARK SERVICES: Moody's Rates New Unsecured Notes Due 2028 Ba3 ARMSTRONG ENERGY: Feb. 2 Plan Confirmation Hearing AZURE MIDSTREAM: Bank Debt Trades at 11.58% Off BELK INC: Bank Debt Trades at 18.89% Off BIG MAX: Case Summary & 11 Unsecured Creditors BON-TON STORES: 2017 Holiday Sales Dropped 2.9% CANYON RESOURCE: Bank Debt Trades at 3.92% Off CARRANO PROPERTIES: Taps A.J. Santye as Accountant CARRANO PROPERTIES: Taps Trenk DiPasquale as Legal Counsel CROSBY WORLDWIDE: Bank Debt Due 2020 Trades at 2.69% Off CROSBY WORLDWIDE: Bank Debt Due 2021 Trades at 9.12% Off CYTORI THERAPEUTICS: Swissquote Bank Has 12% Stake as of Dec. 29 CYTOSORBENTS CORP: Expects 2017 Total Revenue of Approx. $15M DAVID'S BRIDAL: Bank Debt Trades at 13.65% Off EVIO INC: Closes Acquisition of Calif. Cannabis Testing Laboratory EXPRO HOLDINGS: Taps Freshfields as Special Counsel FIELDPOINT PETROLEUM: Obtains Forbearance Extension from Citibank FITNESS FACTORY CAPITOL: Seeks to Hire Sheila Durant as Counsel FORTERRA INC: Bank Debt Trades at 6.70% Off FREEMAN GRADING: Wants to Use MainSource Bank Cash Collateral GENERAL NUTRITION: Bank Debt Trades at 15.30% Off GETTY IMAGES: Bank Debt Trades at 9.71% Off GIGA-TRONICS INC: Appoints Armanino LLP as New Accountants GLOBAL A&T: Court Confirms Ch. 11 Plan GRAND CANYON RANCH: FCI Files 3rd Amended Plan of Liquidation GREAT VISTA: Case Summary & 8 Unsecured Creditors HELIOS AND MATHESON: MoviePass Tops 1.5M Subscribers as of Jan. 7 IHEARTCOMMUNICATIONS INC: CCOH Demands Repayment of $30M Note INTELSAT JACKSON: Bank Debt Trades at 2.25% Off INTERPACE DIAGNOSTICS: Hal Mintz Reports Ownership of 4.99% ITUS CORPORATION: Incurs $7.01 Million Net Loss in Fiscal 2017 JC PENNEY: Bank Debt Trades at 6.81% Off KRK CP LLC: Wants Authority to Use TransPecos Cash Collateral LAGO RESORT: Moody's Lowers CFR to Caa2; Outlook Negative LEGACY RESERVES: Baines Creek Capital Has 10.7% Stake as of Dec. 29 LIBERTY CABLEVISION: Bank Debt Trades at 3.08% Off LIFE SETTLEMENTS: May Use Cash Collateral Through Feb. 5 M SYLVESTER GONZALES: May Use Cash Collateral Until March 31 MURRAY ENERGY: Bank Debt Trades at 11.92% Off NEOVASC INC: Says Tiara's Clinical Case Load Accelerating NET ELEMENT: Esousa Holdings Has 9.99% Stake as of Dec. 29 NET ELEMENT: Has Resale Prospectus of 1.1 Million Common Shares NET ELEMENT: Oleg Firer Reports 10.8% Stake as of Jan. 8 OFFSHORE SPECIALTY: May Obtain DIP Financing From Schumann/Steier OMINTO INC: Gets Nasdaq Noncompliance Notice Over Filing Delays PHASERX INC: Sale Bid Procedures OKed, Jan. 24 Auction Set PREMIER MARINE: Seeks Authority to Access Cash Collateral REAL INDUSTRY: Seeks Court's Nod on Employee Bonus Programs RENNOVA HEALTH: Sabby Healthcare Reports 9.99% Stake RICEBRAN TECHNOLOGIES: Appoints Chief Operating Officer RUPARI HOLDING: Dec. 29 Plan Effective Date SANDY CREEK: Bank Debt Trades at 16.62% Off SBRS INC: Has Authorization to Access Cash Collateral SERTA SIMMONS: Bank Debt Due 2023 Trades at 8.31% Off SERTA SIMMONS: Bank Debt Due 2024 Trades at 15.25% Off SHIEKH SHOES: Wants to Obtain $5-Mil Term Loan, Use Cash UNI-PIXEL INC: Seeks Case Conversion Into Liquidation Proceeding VERN'S AUTO: Final Cash Collateral Use Order Entered WCD LLC: Court Approves Cash Collateral Use Stipulation WESTINGHOUSE ELECTRIC: Sets Sale/Abandonment Procedures for Assets WINDSTREAM CORP: Bank Debt Due 2021 Trades at 7.17% Off WINDSTREAM CORP: Bank Debt Due 2024 Trades at 10.50% Off [^] BOOK REVIEW: Landmarks in Medicine -- Laity Lectures ********* 1-800 CONTACTS: Bank Debt Trades at 3.42% Off --------------------------------------------- Participations in a syndicated loan under which 1-800 Contacts Inc is a borrower traded in the secondary market at 96.58 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.81 percentage points from the previous week. 1-800 Contacts Inc pays 325 basis points above LIBOR to borrow under the $496 million facility. The bank loan matures on Jan. 22, 2023. Moody's & S&P did not give any ratings on the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. ADVANTAGE SALES: Bank Debt Trades at 9.87% Off ---------------------------------------------- Participations in a syndicated loan under which Advantage Sales & Marketing is a borrower traded in the secondary market at 90.13 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.12 percentage points from the previous week. Advantage Sales & Marketing pays 650 basis points above LIBOR to borrow under the $760 million facility. The bank loan matures on July 25, 2022 and Moody's Caa1 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. ALTA MESA: Copy of Presentation at Goldman Global Energy Conference ------------------------------------------------------------------- The management of Alta Mesa Holdings, LP presented at the Goldman Sachs Global Energy Conference on Jan. 9, 2018, in Miami, Florida. The Company discussed, among other things, its proposed transaction with Silver Run Acquisition Corporation II. Silver Run II has agreed to merge with Alta Mesa and Kingfisher Midstream (collectively renamed Alta Mesa Resources, Inc.), creating a "world class energy company with a high-quality, integrated, and concentrated base in the core of the STAK oil play. This transaction integrates premier upstream and midstream assets developed by a tenured executive team with unmatched complementary experience and track records." The following is a summary of the proposed Transaction: * SRUN/AMR/KFM combines leading upstream and midstream operations for sustained, disciplined growth over 10+ year horizon * Fully-funded, low leverage growth in firmly-established resource * Focus on capital efficiency, growth per debt-adjusted share * Alta Mesa multi-well pattern development projects underway * Alta Mesa has increased core acreage, overall footprint * KFM 200 MMCFD expansion in commissioning, volumes growing * 2018 projections an extension of successful 2017 performance * Production, EBITDAS, EBITDA in line with pro forma forecasts A copy of the conference presentation is available for free at: https://is.gd/SH21RP About Alta Mesa Headquartered in Houston, Texas, Alta Mesa Holdings, LP -- http://www.altamesa.net/-- is a privately-held, independent exploration and production company primarily engaged in the acquisition, exploration, development and production of oil, natural gas and natural gas liquids within the United States. The Company has transitioned its focus from its diversified asset base composed of a portfolio of conventional assets to an oil and liquids-rich resource play in the eastern portion of the Anadarko Basin in Oklahoma (the "STACK") with an extensive inventory of drilling opportunities. Alta Mesa reported a net loss of $167.9 million for the year ended Dec. 31, 2016, and a net loss of $131.8 million for the year ended Dec. 31, 2015. The Company's balance sheet at Sept. 30, 2017, showed $1.08 billion in total assets, $866.39 million in total liabilities and $217.50 million in partners' capital. AMPLIPHI BIOSCIENCES: Has $5.10 Million in Cash as of Dec. 31 ------------------------------------------------------------- AmpliPhi Biosciences Corporation filed a preliminary prospectus supplement with the Securities and Exchange Commission on Jan. 9, 2018, in which the Company disclosed that it had cash and cash equivalents as of Dec. 31, 2017 of $5.1 million. About AmpliPhi Biosciences Based in San Diego, California, AmpliPhi Biosciences Corporation -- http://www.ampliphibio.com/-- is a clinical-stage biotechnology company focused on treating antibiotic-resistant infections using its proprietary bacteriophage-based technology. AmpliPhi's lead product candidates target multidrug-resistant Staphylococcus aureus and Pseudomonas aeruginosa, which are included on the WHO's 2017 Priority Pathogens List. Phage therapeutics are uniquely positioned to address the threat of antibiotic-resistance as they can be precisely targeted to kill select bacteria, have a differentiated mechanism of action, can penetrate and disrupt biofilms (a common bacterial defense mechanism against antibiotics), are potentially synergistic with antibiotics and have been shown to restore antibiotic sensitivity to drug-resistant bacteria. Ampliphi reported a net loss attributable to common stockholders of $24.27 million for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $10.79 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $13.78 million in total assets, $4.02 million in total liabilities and $9.75 million in total stockholders' equity. Ernst & Young LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. ARABELLA EXPLORATION: May Use Cash Collateral on Final Basis ------------------------------------------------------------ The Hon. Russell F. Nelms of the U.S. Bankruptcy Court for the Northern District of Texas authorized Arabella Exploration, LLC, and its affiliates to use the cash collateral on a final basis solely in accordance with and to the extent set forth in the Budget. Platinum Partners Credit Opportunities Master Fund, LP is granted valid, binding, enforceable and perfected replacement liens upon and security interests in all of each Debtor's presently owned or hereafter acquired property and assets, pursuant to sections 361 and 363 of the Bankruptcy Code. Platinum is granted pursuant to sections 503, 507(a) and 507(b) of the Bankruptcy Code, an allowed superpriority administrative expense claim in the Cases and any Successor Case in an amount equal to the Diminution in Value. The Senior Adequate Protection Superpriority Claim will be subordinate only to (i) the payment of the statutory fees of the U.S. Trustee; (ii) the expenses set forth in the Budget, and (iii) any and all fees payable to the Clerk of the Court. A full-text copy of the Final Order is available at: http://bankrupt.com/misc/txnb17-40120-326.pdf About Arabella Exploration Arabella Exploration, LLC, formed on Oct. 2, 2009, is a wholly-owned subsidiary of Arabella Exploration, Inc., a Cayman Islands corporation. It is an oil and gas exploration company that owns working interests in a number of oil and gas properties and interests. Arabella Exploration filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-40120) on Jan. 8, 2017. Charles (Chip) Hoebeke, manager, signed the petition. Arabella Operating, LLC, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-41479) on April 4, 2017. The case is being jointly administered with that of Arabella Exploration. Judge Russell F. Nelms in Ft. Worth, Texas, is the case judge. Raymond W. Battaglia, Esq., of the Law Offices of Ray Battaglia, PLLC, serves as counsel to the Debtor. Miller Johnson serves as Battaglia's co-counsel. Rehmann Turnaround and Receivership's Charles Hoebeke is the Debtor's chief restructuring officer. Arabella Exploration estimated $1 million to $50 million in assets and liabilities. No trustee, examiner or committee has been appointed in the case. ARAMARK SERVICES: Moody's Rates New Unsecured Notes Due 2028 Ba3 ---------------------------------------------------------------- Moody's Investors Service rated Aramark Services, Inc.'s proposed senior unsecured notes due 2028 at Ba3. Existing ratings, including the Ba2 Corporate Family rating ("CFR") and Ba1 senior secured, remain unchanged. The ratings outlook remains negative. The net proceeds of the proposed notes and a $50 million expansion of its senior secured Canadian Dollar term loan will be used to complete the acquisition of AmeriPride Services, Inc. ("AmeriPride") for $1 billion and repay outstanding borrowings under the revolver. Moody's assigned the following rating: Issuer: Aramark Services, Inc. -- Senior Unsecured Note due 2028, at Ba3 (LGD5) RATING RATIONALE Aramark's Ba2 CFR reflects Moody's expectation for the all-debt-financed acquisitions of uniform services provider Ameripride and group purchasing organization ("GPO") Avendra Ltd. ("Avendra") to push debt to EBITDA to above 5 times, but for financial leverage return to below 4.5 times during fiscal 2019 (ends September). The $1.35 billion Avendra acquisition was closed and funded with senior secured term loan proceeds in December. Moody's anticipates profit margin expansion driven bythe scale and cost rationalization benefits of the acquisitions and the application of a large portion of its $300 million of anticipated free cash flow to debt repayment will drive leverage reduction. Moody's considers the acquisitions strategic and beneficial to Aramark's competitive position. Ameripride will solidify Aramark's number two uniform services market position behind industry leader Cintas Corporation (indirect parent of Cintas Corporation No. 2, A3 stable) while bolstering Aramark's position in certain markets such as Canada. Avendra will roughly double the company's GPO business and lead to significant purchasing synergies over time. Increasing the scale of its GPO business, will mitigate the size-driven cost advantages of its significantly larger competitors such as Compass Group PLC (A3 stable) when competing for new contracts. Moody's anticipates that EBITDA margins will improve as Aramark recognizes anticipated financial benefits of the AmeriPride and Avendra acquisitions, including (i) cost reductions from the elimination of duplicate functions (ii) greater efficiency in markets where Aramark and Ameripride had substantial route and customer overlap and (iii) substantially reduced supply costs through the increase in the scale and scope of its captive GPO with the addition of Avendra's customers to its purchasing base. Aramark's business is considered stable and predictable, with long term contracts and fixed asset investments providing high revenue visibility and meaningful competitive barriers. Business risks include labor tightness in its core US market, working capital seasonality and competition from larger companies in the food and related and uniform services markets. Revenue growth will be driven by modest price increases with existing customers, new client additions and new products. Aramark will remain slow-growing and thinly profitable, with only, low single digit revenue growth (on a constant currency basis) anticipated and slowly improving profitability, with EBITA margins expected around 6.5% in 2018 before any benefits of the acquisitions are achieved. All financial metrics cited reflect Moody's standard analytical adjustments. The Ba1 senior secured and Ba3 senior unsecured ratings reflect the Ba2-PD Probability of Default rating and loss given default assessments of LGD3 for the senior secured, reflecting their priority position in the debt capital structure, and LGD5 for the senior unsecured, reflecting their subordinated position in the debt capital structure. The SGL-1 Speculative Grade Liquidity rating ("SGL") reflects Moody's assessment of very good liquidity from about $300 million of anticipated free cash flow, cash balances expected to be at least $100 million and significant availability under revolving credit and unrated receivables securitizations facilities, which Moody's anticipates will be used seasonally. The negative ratings outlook reflects Moody's concerns that difficultly or slowness in achieving the anticipated financial benefits of the recent acquisitions or a shift in financial policies away from an emphasis on debt reduction could lead to a prolonged period of weak financial metrics. The outlook could be revised to stable from negative if Moody's expects some revenue growth, EBITA margins above 6.5% and debt to EBITDA approaching 4 times. Given the negative ratings outlook, an upgrade in the near term is not likely, However, the ratings could be upgraded if Moody's expects Aramark will sustain: 1) debt to EBITDA below 3.5 times; 2) improved free cash flow; and 3) a commitment to conservative financial policies. The ratings could be downgraded if Moody's expects: 1) revenue growth to slow; 2) EBITA margins to remain below 6%; or 3) debt to EBITDA to be maintained around 4.5 times. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Aramark is a provider of food and related services to a broad range of institutions and is the second largest provider of uniform and career apparel in the United States. Moody's expects fiscal 2018 (ending September) revenue (without the Ameripride and Avendra acquisitions) to exceed $15 billion. ARMSTRONG ENERGY: Feb. 2 Plan Confirmation Hearing -------------------------------------------------- Chief Bankruptcy Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, has approved the disclosure statement explaining Armstrong Energy, Inc., et al.'s First Amended Joint Chapter 11 Plan. The Confirmation Hearing will be on February 2, 2018, at 11:00 a.m. Deadline to file objections to Plan confirmation is January 29, 2018, at 4:00 p.m. All unsecured creditors would "receive their pro rata share of certain residual and unencumbered assets of the Debtors' estates after all senior Claims have been satisfied; and existing Interests in the Debtors will be cancelled without any distribution to the Holders of such Interests." Class 1 - Other Priority Claims in the allowed amount of $0 will be granted a full payment by cash from the Priority Claims Reserve unless the Holders and Debtors agree to have a less favorable treatment for the former. Class 2 - Other Secured Claims in the allowed amount of $9,543,400 will be granted a full payment in cash from the Other Secured Claims Reserve. Class 3 - Senior Notes Secured Claims in the allowed amount of $157,611,500 will be entitled to receive, on or as soon as reasonably practicable after the Effective Date, its pro rata share of the following: (i) 100% of the HoldCo Equity as of the Effective Date (before dilution on account of the HoldCo Equity issued to Knight Hawk in exchange for the Contribution as described in the Transaction Agreement) in satisfaction of the Noteholder Equity Issuance Consideration; and (ii) the Remaining Collateral Proceeds available for distribution from time to time as provided under the Plan, until the Allowed Senior Notes Secured Claims are paid in full. Anticipated recovery for holders of Class 3 claims is 75-77%. Class 4 - General Unsecured Claims Holders in the allowed amount of $124,097,700 to $127,847,700 will receive its pro rata share of the GUC Distribution Proceeds as provided under the Plan. Anticipated recovery for holders of Class 4 claims is 0% to 1%. Class 5 - Intercompany Claims will be canceled, released, and extinguished as of the Effective Date, and will be of no further force or effect. Also, each Holder of a Class 5 Claim will not receive any distribution on account of such Class 5 Claim. The same treatment (Class 5) also applies to Class 6 (Interests in Armstrong) Class 7 (Intercompany Interests) and Class 8 (Section 510 (b) Claims) Holders. The Plan will be funded by the following sources of cash and consideration: (i) the HoldCo Equity; (ii) the Remaining Collateral; (iii) the Remaining Available Assets; (iv) the Priority Claims Reserve; (v) the Other Secured Claims Reserve; (vi) the GUC Reserve; (vii) the Debtors rights under the Transaction Agreement; and (viii) all Causes of Action not previously settled, released, or exculpated under the Plan, if any. A full-text copy of the Second Amended Plan is available at: http://bankrupt.com/misc/moeb17-47541-384.pdf A full text copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/moeb17-47541-312.pdf About Armstrong Energy Armstrong Energy, Inc., through its 100% wholly owned subsidiary Armstrong Coal Company, Inc., is a producer of steam coal in the Illinois Basin. Armstrong -- http://www.armstrongenergyinc.com/-- controls over 565 million tons of proven and probable coal reserves and operates five mines in Western Kentucky. Armstrong ships coal to utilities via rail, truck and barge and has the capability to provide low cost custom blend coal to fuel virtually any electric power plant in the Midwest and Southeast regions of the nation. Armstrong Energy and eight affiliates, including Armstrong Coal Company, Inc., sought Chapter 11 protection (Bankr. E.D. Mo. Lead Case No. 17-47541) on Nov. 1, 2017, after reaching a plan that would transfer assets to the Company's senior bondholders and Knight Hawk Holdings, LLC, in exchange for a $90 million credit bid. As of June 30, 2017, Armstrong Energy had $308.95 million in total assets, $435.3 million in total liabilities and a total stockholders' deficit of $126.3 million. The Hon. Kathy A. Surratt-States is the case judge. The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel; Armstrong Teasdale LLP as local counsel; Maeva Group, LLC, as financial advisor; FTI Consulting, Inc., as restructuring advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. The Supporting Holders tapped Paul, Weiss, Houlihan and Carmody MacDonald P.C. as counsel; and Houlihan Lokey, Inc., as financial advisor. Knight Hawk tapped Jackson Kelly PLLC as counsel. Majority shareholder Rhino Resource Partners Holdings LLC is represented by Thompson & Knight LLP. Thoroughbred Resources, L.P., is represented by Willkie Farr & Gallagher LLP. AZURE MIDSTREAM: Bank Debt Trades at 11.58% Off ----------------------------------------------- Participations in a syndicated loan under which Azure Midstream Energy LLC is a borrower traded in the secondary market at 88.42 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.53 percentage points from the previous week. Azure Midstream Energy LLC pays 550 basis points above LIBOR to borrow under the $550 million facility. The bank loan matures on Nov. 15, 2018 and carries Moody's Caa2 rating and Standard & Poor's CCC rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. BELK INC: Bank Debt Trades at 18.89% Off ---------------------------------------- Participations in a syndicated loan under which BELK Inc. is a borrower traded in the secondary market at 81.11 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.86 percentage points from the previous week. BELK Inc pays 475 basis points above LIBOR to borrow under the $1.500 billion facility. The bank loan matures on Dec. 12, 2022 and Moody's B2 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. BIG MAX: Case Summary & 11 Unsecured Creditors ---------------------------------------------- Debtor: Big Max, LLC 126 Atherton Avenue Atherton, CA 94027 Business Description: Founded in 2012, Big Max, LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The company owns a commercial real property located at 88 E. San Fernando Street, Unit Nos. C-89 and C-99 San Jose, CA 95113 valued by the company at $3 million. The Property is placed under Pending Sales status subject to the Bankruptcy Court's approval and overbid procedures. Chapter 11 Petition Date: January 10, 2018 Case No.: 18-30031 Court: United States Bankruptcy Court Northern District of California (San Francisco) Judge: Hon. Dennis Montali Debtor's Counsel: James Andrew Hinds, Jr. HINDS & SHANKMAN, LLP 21515 Hawthorne Blvd. #1150 Torrance, CA 90503 Tel: (310) 316-0500 Fax: (310)792-5977 E-mail: jhinds@jhindslaw.com Total Assets: $5.71 million Total Liabilities: $10.03 million The petition was signed by Tsai Luan Ho, manager and owner. A full-text copy of the petition, along with a list of 11 unsecured creditors, is available for free at http://bankrupt.com/misc/canb18-30031.pdf BON-TON STORES: 2017 Holiday Sales Dropped 2.9% ----------------------------------------------- The Bon-Ton Stores, Inc., announced that its comparable store sales for the nine-week holiday period ended Dec. 30, 2017 decreased 2.9%. Total sales for the nine-week November and December period were $720.8 million compared to sales of $752.1 million in the prior year period. The Company's best performing categories over the period were Cosmetics, Children's, Outerwear and Fine Jewelry. Bill Tracy, president and chief executive officer for The Bon-Ton Stores, Inc. said, "The Company's holiday period comparable store sales decrease of 2.9% is an improvement from the comparable store sales decrease of 6.6% reported in the third quarter. We are actively engaged in discussions with our debt holders in an effort to strengthen our capital structure to support the business going forward." About The Bon-Ton Stores With corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, The Bon-Ton Stores, Inc. -- http://www.bonton.com/-- 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. 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 Dec. 21, 2017, S&P Global Ratings lowered its corporate credit rating on Bon-Ton Stores to 'SD' (selective default) from 'CCC'. The downgrade follows Bon-Ton's recent announcement that it did not make a $14 million interest payment on its 8% second-lien notes due on Dec. 15. A payment default has not yet occurred under the indenture governing the notes, which provides a 30-day elected grace period. S&P said, "However, we believe there is a high likelihood that the company will not make the interest payment in full within the stated grace period. We think the company did not make the interest payment to preserve shrinking liquidity and a restructuring, either out of court or through a court reorganization, is likely in the near future." Also in November 2017, Moody's Investors Service downgraded The Bon-Ton Stores' 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. CANYON RESOURCE: Bank Debt Trades at 3.92% Off ---------------------------------------------- Participations in a syndicated loan under which Canyon Resource Partners LLC is a borrower traded in the secondary market at 96.08 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.61 percentage points from the previous week. Canyon Resource Partners LLC pays 575 basis points above LIBOR to borrow under the $335 million facility. The bank loan matures on Aug. 16, 2020 and Moody's B3 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. CARRANO PROPERTIES: Taps A.J. Santye as Accountant -------------------------------------------------- Carrano Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire A.J. Santye & Co., Inc. as its accountant. The firm will prepare the Debtor's monthly operating reports, financial projections and tax returns; assist the Debtor in valuation, insolvency and liquidation analysis; respond to discovery requests; and provide other accounting services. The firm's hourly rates are: Partner $300 Senior $150 Staff $110 Anthony Greco, a certified public accountant employed with A.J. Santye, disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony Greco A.J. Santye & Co., Inc. 36 E. Main Street Somerville, NJ 08876 Phone: 908-704-1400 Fax: 908-704-1777 Email: info@santye.com About Carrano Properties LLC Carrano Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 17-35963) on December 29, 2017. Judge Michael Kaplan presides over the case. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $1 million. CARRANO PROPERTIES: Taps Trenk DiPasquale as Legal Counsel ---------------------------------------------------------- Carrano Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Trenk, DiPasquale, Della Fera & Sodono, P.C. 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; assist in the disposition of its assets; and provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Partners $375 - $615 Associates $230 - $270 Law Clerks $195 Paralegals/Support Staff $145 - $215 Richard Trenk, Esq., and Joshua Raymond, Esq., the attorneys who will be handling the case, charge $615 per hour and $515 per hour, respectively. Steven Carrano paid the firm $5,000 from his personal funds while the Debtor paid the remaining retainer balance of $10,000. Richard Trenk, Esq., disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard D. Trenk, Esq. Joshua H. Raymond, Esq. Trenk, DiPasquale, Della Fera & Sodono, P.C. 347 Mt. Pleasant Avenue, Suite 300 West Orange, NJ 07052 Phone: 973-243-8600 / 973-323-8660 Fax: 973-243-8677 Email: rtrenk@trenklawfirm.com Email: jraymond@trenklawfirm.com About Carrano Properties LLC Carrano Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 17-35963) on December 29, 2017. Judge Michael Kaplan presides over the case. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $1 million. CROSBY WORLDWIDE: Bank Debt Due 2020 Trades at 2.69% Off -------------------------------------------------------- Participations in a syndicated loan under which Crosby Worldwide Ltd Industrial is a borrower traded in the secondary market at 97.31 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 2.43 percentage points from the previous week. Crosby Worldwide Ltd pays 400 basis points above LIBOR to borrow under the $1.025 billion facility. The bank loan matures on Nov. 7, 2020 and carries Moody's Caa1 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. CROSBY WORLDWIDE: Bank Debt Due 2021 Trades at 9.12% Off -------------------------------------------------------- Participations in a syndicated loan under which Crosby Worldwide Ltd is a borrower traded in the secondary market at 90.88 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 9.27 percentage points from the previous week. Crosby Worldwide Ltd pays 600 basis points above LIBOR to borrow under the $90 million facility. The bank loan matures on Nov. 7, 2021 and carries Moody's Ca rating and Standard & Poor's CCC rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. CYTORI THERAPEUTICS: Swissquote Bank Has 12% Stake as of Dec. 29 ---------------------------------------------------------------- Swissquote Bank SA reported to the Securities and Exchange Commission that as of Dec. 29, 2017, it beneficially owns 5,540,055 shares of common stock of Cytori Therapeutics, Inc., constituting 12 percent of the shares outstanding. A full-text copy of the regulatory filing is available at https://is.gd/CqFpEB About Cytori Based in San Diego, California, Cytori -- http://www.cytori.com/-- is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle platforms for a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori's proprietary technologies and products. Cytori Nanomedicine is developing encapsulated therapies for regenerative medicine and oncologic indications using technology that allows Cytori to use the benefits of its encapsulation platform to develop novel therapeutic strategies and reformulate other drugs to optimize their clinical properties. BDO USA, LLP, in San Diego, California, Cytori's independent accounting firm, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Cytori reported a net loss of $22.04 million for the year ended Dec. 31, 2016, compared to a net loss of $18.74 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Cytori had $26.44 million in total assets, $18.62 million in total liabilities and $7.81 million in total stockholders' equity. CYTOSORBENTS CORP: Expects 2017 Total Revenue of Approx. $15M ------------------------------------------------------------- CytoSorbents Corporation announced preliminary unaudited fourth quarter 2017 and full year 2017 results ahead of filing its Form 10-K, and issued a stockholder letter from Dr. Phillip Chan, chief executive officer of CytoSorbents. 2017 Financial Highlights: The Company expects to announce record results including: * Full year 2017 total revenue in excess of $15 million and Q4 2017 total revenue of approximately $4.6 million (range $4.5- 4.7M) * Full year 2017 CytoSorb sales of approximately $13.2 million (range $13.1 - 13.3M), representing more than 60% growth from $8.2 million in 2016 * Q4 2017 product sales of approximately $4.2 million (range $4.1 - 4.3M), an increase of approximately 60% from $2.6 million in Q4 2016, and more than 20% sequential growth from $3.4 million last quarter * 2017 blended gross product margins, between higher margin direct sales and lower margin distributor sales, that exceed 65% * More than 35,000 cumulative CytoSorb treatments delivered versus 20,000 a year ago * End-of-year cash position of $17.3 million (12/31/17) Dear Stockholders and Friends, 2017 was another outstanding year for the company, witnessing tremendous growth in both sales and usage of CytoSorb across a broad range of critical care and cardiac surgery applications. Most of the catalysts that have been driving this growth - such as ongoing treatment successes, reorders and published data from the rapidly expanding community of CytoSorb users and thought leaders, partnerships, reimbursement, and geographic expansion - remain in place and continue to develop. Meanwhile, we are diligently pursuing additional catalysts, particularly new high volume applications for CytoSorb. This gives us visibility and confidence that accelerated growth is on the horizon this year and beyond. Looking forward in 2018, we are targeting the achievement of the unusual but coveted combination of both rapid growth and operating profitability (excluding non-cash expenses and clinical trial costs) on a quarterly basis this year. This is uncommon for a company of our size, but critically important to building a sustainable, highly profitable business that has the flexibility to choose its own destiny. We believe these goals are possible because of a unique combination of factors that we have strategically and deliberately cultivated since we first began commercializing CytoSorb. * First, CytoSorb is a high clinical impact device, addressing "need to have" medical emergencies, and helping to save lives where little else exists to help these patients. This helps to justify strong average selling prices and reimbursement. The support of the major medical societies that advocated for dedicated reimbursement of CytoSorb in Germany, the largest medical device market in Europe and third in the world, is a testament to this * Second, CytoSorb is a high margin and excellent value "razorblade disposable" that is compatible with the existing blood pump "razor" infrastructure in hospitals around the world. Our strategic partnerships with industry leaders like Fresenius Medical Care and Terumo Cardiovascular, two of the largest manufacturers of extracorporeal blood pumps and disposables, and Biocon and Dr. Reddy's Laboratories, speaks to the potentially significant future value that CytoSorb can have on their businesses * Third, we leverage a mixed revenue model across 44 countries, combining direct sales with our own sales force in five countries, with lower cost strategic partner and distributor sales in the rest. With this model, we can stay in control and drive our own business, while establishing strong industry partnerships, limiting our fixed expenses, and covering a global footprint * Finally, we are the vertically integrated manufacturer of CytoSorb, where our bottom line directly benefits from any and all cost of goods reductions related to volume manufacturing and scale. We expect significant expansion of our product gross margin, particularly as our new manufacturing facility, set to open in the first half of 2018, reaches scaled production We expect the combination of these factors and tight control of expenses will allow more than 50 cents on every dollar in sales to drop to earnings before interest, taxes, depreciation and amortization (EBITDA) once we achieve true profitability. With the new tax law that cuts the U.S. corporate tax rate from 35% to 21%, and together with our substantial federal net operating losses, we will not pay federal income tax for a long time, increasing our generation of cash. As one of the fastest growing companies in North America, as named by the Deloitte 2017 Fast 500 in November 2017, CytoSorbents continues to march forward with its goal of expanding into the United States and bringing our life-saving technology to help those in great need at home. In late December, the FDA approved our investigational device exemption (IDE) application and cleared the way to initiate our REFRESH 2 pivotal trial in cardiac surgery. This trial was designed to provide the clinical data to support U.S. regulatory approval -- a first for our company. We expect to obtain central Institutional Review Board (IRB) approval and finalize clinical trial agreements with two of our top enrolling sites from our REFRESH 1 trial this week, with our first patient enrollment shortly thereafter. In parallel, we are working closely with our contract research organization to speed the ramp up of the rest of the trial. We expect 2018 to be a transformational year for CytoSorbents, with the anticipated combination of rapid growth, operating profitability, and a set timeline for potential U.S. regulatory approval of CytoSorb for the first time. We believe this significantly increases both the probability of long-term success, and the attractiveness of our company to a broader set of investors and potential strategic partners. Meanwhile, we continue to make excellent progress in all aspects of our business, with more exciting updates to come. On behalf of the Board of Directors and the management team, we are extremely thankful to all of the patients and their families, physicians, nurses, researchers, hospital administrators, and other healthcare personnel worldwide who have put their faith and trust in CytoSorb and our company. We deeply value the strong partnerships we have forged with major corporations down to the smallest of our independent distributors, and are motivated by our collective commitment to helping save lives. Finally, we are proud of, and grateful for, the support and commitment of the more than 80 dedicated employees and consultants of our company, and their families, for making all of this possible. Wishing everyone a happy, healthy and prosperous 2018! Dr. Phillip Chan, MD, PhD Chief Executive Officer CytoSorbents Corporation About CytoSorbents Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is engaged in critical care immunotherapy commercializing its CytoSorb blood purification technology to reduce deadly uncontrolled inflammation in hospitalized patients around the world, with the goal of preventing or treating multiple organ failure in life-threatening illnesses. The Company, through its subsidiary CytoSorbents Medical Inc. (formerly known as CytoSorbents, Inc.), is engaged in the research, development and commercialization of medical devices with its blood purification technology platform which incorporates a proprietary adsorbent, porous polymer technology. The Company, through its European subsidiary, conducts sales and marketing related operations for the CytoSorb device. CytoSorb, the Company's flagship product, is approved in the European Union and marketed in and distributed in thirty-two countries around the world, as a safe and effective extracorporeal cytokine absorber, designed to reduce the "cytokine storm" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. CytoSorb is also being used during and after cardiac surgery to remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure. In March 2011, the Company received CE Mark approval for its CytoSorb device. CytoSorbents recognized a net loss of $11.93 million on $9.52 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss of $8.13 million on $4.79 million of total revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Cytosorbents had $22.21 million in total assets, $12.74 million in total liabilities and $9.47 million in total stockholders' equity. WithumSmith+Brown, PC, in New Brunswick, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. DAVID'S BRIDAL: Bank Debt Trades at 13.65% Off ---------------------------------------------- Participations in a syndicated loan under which David's Bridal Inc. is a borrower traded in the secondary market at 86.35 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.29 percentage points from the previous week. David's Bridal Inc pays 375 basis points above LIBOR to borrow under the $520 million facility. The bank loan matures on Oct. 11, 2019 and Moody's Caa1 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. EVIO INC: Closes Acquisition of Calif. Cannabis Testing Laboratory ------------------------------------------------------------------ EVIO, Inc., has completed the acquisition of 60% of C3 Labs, LLC. EVIO also has the option to purchase the remaining ownership. Effective Jan. 1, 2018, C3 Labs LLC was also granted its temporary testing license from the State of California, and will operate under the brand EVIO Labs Berkeley. Located in Berkeley, CA, C3 Labs will serve licensed California cannabis businesses in accordance with the rules set forth by the Bureau of Cannabis Control. The State already issued more than 400 temporary licenses with more than 1,800 applications have been submitted and still pending review. The Bureau of Cannabis Control also implemented emergency rules which require all cannabis harvested or manufactured after Jan. 1, 2018 be tested by a licensed testing laboratory. Testing rules will phase-in, with increased testing requirements both on July 1, 2018 and Jan. 1, 2019. Licensed Cannabis companies seeking to obtain testing services from EVIO Labs Berkeley can reach the lab by calling 888-544-EVIO (3846) extension 2001. "The addition of C3 Labs to the EVIO network is a tremendous milestone for EVIO Inc. C3 Labs generated over $1M in consulting revenues during the last two years, EVIO plans to continue offering these services along with traditional compliance testing. The 8,000 square foot facility is already outfitted with the latest analytical testing equipment, and will become our Northern California hub laboratory," commented William Waldrop EVIO CEO, "This acquisition represents a significant development for EVIO as the Company continues to focus on increasing market share in the state of California. Demand for testing services is expected to increase significantly as the state rolls out its adult-use marijuana market." In consideration of the C3 Labs 60% membership acquisition, EVIO issued a $500,000 convertible promissory note that bears no interest and has a maturity date six months from closing at which time the note will automatically convert at a rate of $0.75 per share. EVIO also issued a $100,000 promissory note that is due within 90 days of closing. For a period of three years from closing date, EVIO has the right to acquire an additional 30% ownership for $450,000 payable in cash and/or stock subject to C3 member approval. Contingent upon exercise of the 30% option, EVIO will have the option to acquire the remaining 10% ownership after three years from closing. The purchase price will be mutually agreeable at that time, or subject to independent third-party valuation. About C3 Labs, LLC. Located in Berkeley, CA, C3 Labs, LLC has been serving the cannabis industry since 2015. C3 Labs was one of the nation's first, true, cannabis-focused contract research organization (CRO), with both field services and a state of the art research center in beautiful Berkeley, California. C3 Labs' highly experienced scientists and engineers utilize cutting edge technology to support their customers in analytical chemistry, process chemistry, formulations, and engineering. C3 Labs applies technologies employed by the food product and pharmaceutical industries to ensure that growers and processors operate in a fully compliant and quality manner and helps clients maintain the highest level of safe and effective medicinal products. Their staff has over 40 years of collective hands-on analytical expertise working in the Pharmaceutical and Petrochemical industries with 7 years of experience consulting to the FDA, USDA, and EPA, as well as the companies regulated by these agencies. About EVIO, Inc. Based in Bend, Oregon, EVIO, Inc. -- http://www.eviolabs.com/-- is a life science company focused on advancing and analyzing cannabis as a means for improving quality of life. The Company provides analytical testing services, advisory services and performs product research in its accredited laboratory testing facilities. The Company's EVIO Labs division operating coast-to-coast provides state-mandated ancillary services to ensure the safety and quality of the nation's cannabis supply. At a special meeting of stockholders held on Aug. 30, 2017, the stockholders of Signal Bay approved, among other things, an amendment to the Company's Restated and Amended Articles of Incorporation to change the name of the Company to "EVIO, Inc." The name change took effect at 12:01 am Sept. 6, 2017. Signal Bay reported a net loss of $2.55 million for the year ended Sept. 30, 2016, following a net loss of $1.45 million for the year ended Sept. 30, 2015. As of June 30, 2017, Signal Bay had $3.97 million in total assets, $3.13 million in total liabilities and $838,396 in total equity. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, stating that the Company has negative working capital, recurring losses from operations and likely needs financing in order to meet its financial obligations. These conditions raise significant doubt about the Company's ability to continue as a going concern. EXPRO HOLDINGS: Taps Freshfields as Special Counsel --------------------------------------------------- Expro Holdings US Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Freshfields Bruckhaus Deringer LLP as special counsel. The firm will provide corporate and financial advice in connection with the financial restructuring of Expro Holdings U.K. 3 Limited and certain of its affiliates through a pre-packaged Chapter 11 bankruptcy proceeding in the United States. It will also advise the Debtors on structuring an exit loan facility and rights offering, and on general corporate matters under U.K. law during the restructuring. The firm's hourly rates applicable to the U.K.-based and U.S.-based attorneys who will be responsible for the work that it will perform are: Partners GBP875 - GBP950 Counsel GBP720 Associates GBP360 - GBP620 Trainee GBP210 Paralegal GBP135 - GBP175 Partners US$1,165 - US$1,250 Counsel US$1,065 Associates US$545 - US$965 Trainee US$395 - US$425 Paralegal US$325 - US$425 Freshfields has agreed that a volume discount of 7.5% will be applied on all fees incurred through March 30, 2018. A retainer payment was made to Freshfields in the sum of GBP250,000 on December 6, 2017, and another GBP450,000 on December 13, 2017. Freshfields does not hold or represent any interest adverse to the Debtors or their estates, according to court filings. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Richard Peter Tett, Esq., disclosed that the base hourly rates and corresponding rate structure that the firm will use is comparable to the corresponding hourly rates and rate structure that it has used previously for other corporate and financing matters of a similar nature, size and complexity. Freshfields has agreed to a volume discount equal to 7.5% with respect to all fees incurred through March 30, 2018, relating to its employment, and this discount is consistent with discounts provided to the Debtors prior to the filing of their bankruptcy cases, according to Mr. Tett. Mr. Tett also disclosed that no Freshfields professional has varied his rate based on the geographic location of the Debtors' cases. Freshfields and the Debtors are in the process of developing and finalizing a budget and staffing plan, according to Mr. Tett. The firm can be reached through: Richard Peter Tett, Esq. Freshfields Bruckhaus Deringer LLP 65 Fleet St., London EC4Y 1HT United Kingdom Tel: +44 20-7936-4000 Fax: +44 20-7832-7001 Email: richard.tett@freshfields.com About Expro Holdings Expro Holdings US Inc. -- https://www.exprogroup.com/ -- is a provider of specialized well flow management products and services to the oil and gas industry, with a specific focus on offshore, deepwater and other technically challenging environments. Expro's products and services help its customers in the oil and gas industry optimize production costs and maximize recoveries by measuring, improving, controlling and processing flow from high-value oil and gas wells. Expro has more than 40 years of experience assisting its customers in all aspects of well management, from exploration and appraisal through to mature field production optimization and eventual well abandonment. Expro has more than 4,100 employees and more than 500 contractors in over 50 countries. Expro was founded in 1973 in the U.K. and is headquartered in Houston, Texas. Expro Holdings US Inc. and 30 affiliates and subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 17-60179) on Dec. 18, 2017. Expro Holdings estimated assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. The Debtors tapped Jackson Walker, L.L.P., and Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel; Alvarez & Marsal as restructuring advisors; and Prime Clerk LLC as claims agent. FIELDPOINT PETROLEUM: Obtains Forbearance Extension from Citibank ----------------------------------------------------------------- FieldPoint Petroleum Corporation announced a seventh amendment to its loan agreement with Citibank, which includes a first amendment to the Forbearance Agreement. The Agreement has an effective date of Dec. 29, 2017. The existing Credit Agreement has been amended to extend the maturity date to March 31, 2018. Unless the Forbearance Period is sooner terminated as provided, Citibank agrees to forbear from the exercise of any of its rights and remedies under the Existing Credit Agreement and the other Loan Documents in connection with the Specified Defaults and the Specified Anticipated Defaults for a period beginning as of the Effective Date and continuing through and including March 31, 2018. The parties agree to reduce the Revolving Credit Borrowing Base to $2,761,632, which Revolving Credit Borrowing Base will remain in effect until redetermined pursuant to the terms of Article III of the Loan Agreement. Phillip Roberson, president and CFO of FieldPoint, stated, "Again, we express our appreciation for the cooperation of CitiBank, as we have been able to pay down debt with a minimal effect on cash flow and collateral. We are finally seeing some stability in energy prices and continue to evaluate opportunities for future growth." A full-text copy of the Seventh Amendment to Loan Agreement and First Amendment to Forbearance Agreement is available for free at: https://is.gd/KqjmSt About FieldPoint Petroleum Based in Austin, Texas, FieldPoint Petroleum Corporation (NYSE:FFP) -- http://www.fppcorp.com/-- 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. 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. FITNESS FACTORY CAPITOL: Seeks to Hire Sheila Durant as Counsel --------------------------------------------------------------- Fitness Factory Capitol Heights, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Sheila Durant, Esq., as its legal counsel. Ms. Durant will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the preparation of a plan of reorganization; and provide other legal services related to its Chapter 11 case. The attorney charges an hourly fee of $375 for her services. Paralegals charge $125 per hour. Ms. Durant is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. Ms. Durant maintains an office at: Sheila Durant, Esq. 201 N. Charles Street, Suite 600 Baltimore, MD 21201 Phone: 410-499-7610 Email: durantsheila@gmail.com About Fitness Factory Capitol Heights Inc. Fitness Factory Capitol Heights, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 17-23311) on October 5, 2017, listing under $1 million in both assets and liabilities. Judge Thomas J. Catliota presides over the case. FORTERRA INC: Bank Debt Trades at 6.70% Off ------------------------------------------- Participations in a syndicated loan under which Forterra Inc is a borrower traded in the secondary market at 93.30 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.69 percentage points from the previous week. Forterra Inc pays 300 basis points above LIBOR to borrow under the $1.047 billion facility. The bank loan matures on Oct. 25, 2023 and Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. FREEMAN GRADING: Wants to Use MainSource Bank Cash Collateral ------------------------------------------------------------- Freeman Grading & Excavating, LLC, asks the U.S. Bankruptcy Court for the Southern District of Indiana for entry of interim and final orders authorizing the Debtor to use cash collateral as set forth in the Budget. The proposed Budget provides total cash expenses of approximately $96,140. As of the Petition Date, the Debtor is indebted to MainSource Bank. The Debtor believes that all of the Debtor's obligations to MainSource may be valid, enforceable and non-avoidable, first-priority liens and security interests in substantially all of the Debtor's personal property. The Debtor has an immediate need to use cash collateral which is the subject of the liens in favor of MainSource, in order to permit, among other things, the orderly continuation of the operation of the Debtor's business, to maintain business relationships with vendors and suppliers and to satisfy other working capital needs. All of the Debtor's cash, cash equivalents and cash on deposit as of the Petition Date and all proceeds of the Debtor's personal property securing the Debtor's obligation to MainSource, among other things, may constitute MainSource's "cash collateral." The Debtor tells the Court that MainSource has placed an administrative hold on the Debtor's bank account at MainSource Bank, which has approximately $20,000 in it and constitutes cash collateral. The Debtor proposes to grant MainSource with replacement liens over cash collateral to the same extent, validity and priority of MainSource's pre-petition liens is fair, reasonable and necessary under the circumstances. As additional adequate protection to MainSource, the Debtor agrees to operate under the budget, which covers the Petition Date through February 9, 2018. The Debtor will also maintain insurance on MainSource's collateral naming MainSource as a loss payee. Additionally, the Debtor will provide MainSource with the following weekly reports, which reports will be current as of the end of the previous week: (a) a detailed aging of accounts receivables; (b) a detailed aging of accounts payable; (c) a detailed retainage report; and (d) a work in process report. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/insb18-00037-14.pdf About Freeman Grading Freeman Grading & Excavating, LLC, is an excavating contractor based in Trafalgar, Indiana. The company is a small business debtor as defined in 11 U.S.C. Section 101(51D). Freeman Grading & Excavating filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 18-00037) on Jan. 3, 2018. The petition was signed by Michael D. Freeman, member and 100% owner. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Jeffrey J. Graham. The Debtor is represented by John Joseph Allman, Esq. and David R. Krebs, Esq. at Hester Baker Krebs LLC. GENERAL NUTRITION: Bank Debt Trades at 15.30% Off ------------------------------------------------- Participations in a syndicated loan under which General Nutrition Centers is a borrower traded in the secondary market at 84.70 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.82 percentage points from the previous week. General Nutrition Centers pays 250 basis points above LIBOR to borrow under the $1.375 billion facility. The bank loan matures on Mar. 4, 2019 and Moody's B3 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. GETTY IMAGES: Bank Debt Trades at 9.71% Off ------------------------------------------- Participations in a syndicated loan under which Getty Images Inc is a borrower traded in the secondary market at 90.29 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.31 percentage points from the previous week. Getty Images Inc pays 350 basis points above LIBOR to borrow under the $1.900 billion facility. The bank loan matures on October 3, 2019 and Moody's B3 rating and Standard & Poor's CCC rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. GIGA-TRONICS INC: Appoints Armanino LLP as New Accountants ---------------------------------------------------------- The Audit Committee of the Board of Directors of Giga-tronics Incorporated approved the engagement of Armanino LLP as the Company's independent registered public accounting firm for the fiscal year ending March 30, 2018, after completing a competitive bid process. As a result of the engagement of Armanino, the Company has dismissed Crowe Horwath LLP from that role on that date. During the Company's two most recent fiscal years and through Jan. 9, 2018, (i) there were no disagreements with Crowe on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Crowe's satisfaction, would have caused Crowe to make reference to the subject matter in connection with their reports on the Company's financial statements for such years; and (ii) there were no reportable events, within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K. Crowe's reports on the financial statements of the Company for the two most recent fiscal years included a qualification based on the Company's disclosure that certain matters raised substantial doubt as to the Company's ability to continue as a going concern. Crowe's reports stated that the consolidated financial statements did not include any adjustments that might result from the outcome of this uncertainty. In addition, during the Company's two most recent fiscal years and through Jan. 9, 2018, neither the Company, nor any party on the Company's behalf, consulted Armanino with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of the audit opinion that might be rendered on the Company's financial statements, and no written report or oral advice was provided to the Company that Armanino concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was subject to any disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto, or a reportable event within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K. About Giga-tronics Headquartered in Dublin, California, Giga-tronics Incorporated produces electronic warfare instruments used in the defense industry and YIG RADAR filters used in fighter jet aircraft. It designs, manufactures and markets the new Advanced Signal Generator (ASG) for the electronic warfare market, and switching systems that are used in automatic testing systems primarily in aerospace, defense and telecommunications. Giga-tronics reported a net loss of $1.54 million on $16.26 million of net sales for the year ended March 25, 2017, compared to a net loss of $4.10 million on $14.59 million of net sales for the year ended March 26, 2016. As of Sept. 30, 2017, Giga-Tronics had $8.48 million in total assets, $8.81 million in total liabilities and a total shareholders' deficit of $335,000. "The Company has experienced delays in the development of features, receipt of orders, and shipments for the new Advanced Signal Generator ("ASG"). These delays have contributed, in part, to a decrease in working capital. The new ASG product has shipped to several customers, but potential delays in the development or refinement of features, longer than anticipated sales cycles, or uncertainty as to the Company's ability to efficiently manufacture the ASG, could significantly contribute to additional future losses and decreases in working capital. "To help fund operations, the Company relies on advances under the line of credit with Bridge Bank which expires on May 6, 2019. The agreement includes a subjective acceleration clause, which allows for amounts due under the facility to become immediately due in the event of a material adverse change in the Company's business condition (financial or otherwise), operations, properties or prospects, or ability to repay the credit based on the lender's judgement. As of September 30, 2017, the line of credit had a balance of $552,000. "These matters raise substantial doubt as to the Company's ability to continue as a going concern," the Company stated in its quarterly report for the period ended Sept. 30, 2017. GLOBAL A&T: Court Confirms Ch. 11 Plan -------------------------------------- On December 21, 2017, the United States Bankruptcy Court for the Southern District of New York approved the disclosure statement disclosure statement explaining Global A&T Electronics, Ltd.'s Chapter 11 Plan of Reorganization and confirmed the Joint Plan. The Plan provides for a comprehensive restructuring of the Debtors' obligations, preserves the going-concern value of the Debtors' business, maximizes recoveries available to all constituents, provides for an equitable distribution to the Debtors' stakeholders, and protects the jobs of more than 10,000 employees. The Debtor entered into prepetition Restructuring Transactions, which provide, among other things, that on the Effective Date: * the Debtors will issue $665 million in 8.5% New Secured Notes due 2022, and the Debtors will distribute approximately $517.64 million of the New Secured Notes to the Initial Noteholders and approximately $84.9 million of the New Secured Notes to the Additional Noteholders; * the Debtors will also distribute $8.89 million of Cash to the Initial Noteholders; * the Debtors will distribute an additional $11.11 million of the New Secured Notes and $1.11 million of Cash to the 2014 Plaintiff Initial Noteholders; * included in the $517.64 million of New Secured Notes that the Debtors will distribute to Initial Noteholders are $5 million of New Secured Notes that would otherwise be distributed to the Holder of the Affiliate Noteholder Notes; * UTAC, the Debtors' ultimate equity owner, will issue common equity to the Additional Noteholders in such amount as to constitute 31% of the outstanding common equity of UTAC on a post-emergence basis, subject to dilution by any post-emergence management incentive plan adopted by UTAC, with the Affinity Entities (other than the Affiliate Noteholder) and TPG collectively holding, directly or indirectly, the other 69% of the outstanding common equity of UTAC on a post-emergence basis; * all outstanding and undisputed General Unsecured Claims against the Debtors will be Unimpaired and unaffected by the Chapter 11 Cases, and will be paid in full in Cash; * all Priority Tax Claims, Other Priority Claims, and Other Secured Claims will be paid in full in Cash, or receive such other customary treatment that renders such Claims Unimpaired under the Bankruptcy Code; * all Administrative Claims shall be paid in full in Cash, or receive such other customary treatment that renders such Claims Unimpaired under the Bankruptcy Code; provided that the Debtors will distribute $31.25 million in New Secured Notes to the Initial Noteholders that are Consenting Noteholders under the Restructuring Support Agreement and $25.1 million in New Secured Notes to the Additional Noteholders that are Consenting Noteholders under the Restructuring Support Agreement in full satisfaction of all Claims arising on account of the Forbearance Fee; and * UTAC will cause UMS -- which provides semiconductor testing and assembly services similar to GATE to its sole customer, Panasonic -- to guarantee the New Secured Notes, and UMS and GATE will be operated by a single management team, owned by UTAC. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nysb17-23931-11.pdf About Global A&T Electronics Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd. that provides semiconductor assembly and test services for integrated circuits for use in analog, mixed-signal and logic, and memory products in the United States, Japan, rest of Asia, Europe, and internationally. UTAC Holdings and its subsidiaries are independent providers of assembly and test services for a broad range of semiconductor chips with diversified end uses, including in-communications devices (such as smartphones, Bluetooth and WiFi), consumer devices, computing devices, automotive devices, security devices, and devices for industrial and medical applications. The company offers its customers a full range of semiconductor assembly and test services in these key product categories: analog, mixed-signal and logic, and memory. UTAC's customers are primarily fabless companies, integrated device manufacturers and wafer foundries. UTAC is headquartered in Singapore, with production facilities located in Singapore, Thailand, Taiwan, China, Indonesia and Malaysia. The company's global sales network is broadly focused on five regions: the United States, Europe, China and Taiwan, Japan, and the rest of Asia. The Debtors have 10,402 full-time employees. Global A&T and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to 17-23943) on Dec. 17, 2017. Michael E. Foreman, general counsel and authorized officer, signed the petitions. At the time of the filing, the Debtors estimated assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. Judge Robert D. Drain presides over the cases. The Debtors hired Kirkland & Ellis LLP as their bankruptcy counsel; Moelis & Company Asia Limited and Moelis & Company LLC as financial advisors; Alvarez & Marsal North America, LLC and Alvarez & Marsal (SE Asia) Pte. Ltd. as restructuring advisors; and Prime Clerk LLC as notice, claims and balloting agent. GRAND CANYON RANCH: FCI Files 3rd Amended Plan of Liquidation ------------------------------------------------------------- Creditor Fann Contracting, Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a second amended disclosure statement to accompany its third amended plan of liquidation for Grand Canyon Ranch, LLC dated Jan. 2, 2018. Class 3B under the latest plan consists of the allowed general unsecured claims, excepting Fann. Holders of allowed general unsecured claims will receive pro rata distributions on account of their claims from the Estate's cash on hand following the consummation of the Settlement Agreement. Class 3B's pro rata distribution will be reduced, if necessary, to ensure that Fann receives no less than a $500,000 distribution. Distributions to Class 3B will made 60 days following the Effective Date of the Plan or as soon as a base number for distribution can be calculated, but all payments will be made later than three years after the Effective Date. Class 3B includes a claim from the Internal Revenue Service in the amount of $34,111.91 and the unsecured claim of the Arizona Department of Revenue in the amount of $7,539.95. The Unsecured Tax Claims are the co- responsibility of non-Debtor entities specifically the Mared Parties and/or the Canyon Rock Parties, and the Unsecured Tax Claims shall be equitably marshaled so that the AZDOR and the IRS must seek repayment of their respective claim from these entities prior to seeking a distribution from the Estate. The Unsecured Tax Claims to the extent Allowed, will be paid their pro rata distribution upon the later of: conclusion of the AZDOR's and IRS's exhaustive attempt to seek repayment of this claim from non-debtor entities; or 14 days following a final order allowing or disallowing in part the Unsecured Tax Claims following claim objection. Additionally, Fann believes that there are other claims that are the co-responsibility of the Mared Parties and/or the Canyon Rock Parties and will be bringing objections to those claims so that they must first seek repayment from non-debtor entities. A full-text copy of Fann's Third Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/nvb15-14145-659.pdf About Grand Canyon Ranch Headquartered in Las Vegas, Nevada, Grand Canyon Ranch, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 15-14145) on July 20, 2015, estimating its assets at between $1 million and $10 million and its liabilities at between $10 million and $50 million. The petition was signed by Nigel Turner, manager. Judge August B. Landis presides over the case. Matthew L. Johnson, Esq., at Johnson & Gubler, P.C., serves as the Debtor's bankruptcy counsel. GREAT VISTA: Case Summary & 8 Unsecured Creditors ------------------------------------------------- Debtor: Great Vista Real Estate Invesment Corporation dba Shelby Luxury Properties, Inc. 126 Atherton Avenue Atherton, CA 94027 Business Description: Great Vista Real Estate Invesment Corporation is a privately owned real estate company based in Atherton, California. The company is the fee simple owner of a single- family residential property located at 126 Atherton Avenue, Atherton, CA 94027 valued by the company at $9.5 million. Chapter 11 Petition Date: January 10, 2018 Case No.: 18-30032 Court: United States Bankruptcy Court Northern District of California (San Francisco) Debtor's Counsel: James Andrew Hinds, Jr., Esq. HINDS & SHANKMAN, LLP 21515 Hawthorne Blvd. #1150 Torrance, CA 90503 Tel: (310) 316-0500 Fax: (310) 792-5977 E-mail: jhinds@jhindslaw.com Total Assets: $12.21 million Total Debts: $10.91 million The petition was signed by Tsai Luan Ho (aka Shelby Ho), CEO. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/canb18-30032.pdf List of Debtor's Eight Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Burke, Williams & Legal Fees and $1 Sorensen, LLP Costs DFI Technologies, LLC Residential $100,000 Single Family Residence, 126 Atherton Avenue, CA 94027 DFI Technologies, LLC Residential Single $57,000 Family Residence 126 Atherton Avenue Atherton, CA 94027 Dykema Gossett LLP Attorney's Fees $359,000 333 S. Grand Ave., #2100 Los Angeles, CA 90071 Law Office of Richard Wahng Attorney's Fees $1 Law Offices of George Eshoo $271,623 702 Marshall Street, #500 Redwood City, CA 94063 Mercedez Benz Early Termination $1 of Lease YCJS 2012 LLC Residential Single $630,792 13566 Toni Anne Place Family Residence Saratoga, CA 95070 126 Atherton Avenue CA, 94027 HELIOS AND MATHESON: MoviePass Tops 1.5M Subscribers as of Jan. 7 ----------------------------------------------------------------- MoviePass Inc., a majority-owned subsidiary of Helios and Matheson Analytics Inc., announced that it has surpassed over 1.5 million paying subscribers as of Jan. 7, 2018, according to a Form 8-K report filed with the Securities and Exchange Commission. About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- provides information technology consulting, training services, software products and an enhanced suite of services of predictive analytics. Servicing Fortune 500 corporations and other large organizations, HMNY focuses mainly on BFSI technology verticals. HMNY's solutions cover the entire spectrum of IT needs, including applications, data, and infrastructure. 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 total shareholders' deficit of $26.17 million. As of Dec. 31, 2016, the Company had cash and working capital of $2,747,240 and $1,229,389, respectively. During the year ended Dec. 31, 2016, the Company used cash from operations of $2,134,313. In addition, as of the date the financial statements were issued, the Company has notes receivable of $6,900,000 from a convertible note holder. Management believes that current cash on hand coupled with the notes receivable makes it probable that the Company's cash resources will be sufficient to meet the Company's cash requirements through approximately April 2018. If necessary, management also determined that it is probable that external sources of debt and/or equity financing could be obtained based on management's history of being able to raise capital coupled with current favorable market conditions. As a result of both management's plans and current favorable trends in improving cash flow, the Company concluded that the initial conditions which raised substantial doubt regarding the ability to continue as a going concern have been alleviated. IHEARTCOMMUNICATIONS INC: CCOH Demands Repayment of $30M Note ------------------------------------------------------------- On Jan. 5, 2018, (i) Clear Channel Outdoor Holdings, Inc., an indirect, non-wholly owned subsidiary of iHeartCommunications, Inc., provided notice of its intent to make a demand for repayment on Jan. 24, 2018 of $30.0 million outstanding under the Revolving Promissory Note, dated as of Nov. 10, 2005, between iHeartCommunications, as maker, and CCOH, as payee, and (ii) the Board of Directors of CCOH declared a special cash dividend payable on Jan. 24, 2018 to CCOH's Class A and Class B stockholders of record at the closing of business on Jan. 19, 2018, in an aggregate amount equal to $30.0 million, to be funded with the proceeds of the Demand. iHeartCommunications will be entitled to receive approximately 89.5%, or approximately $26.85 million, of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $3.15 million, will be paid to the public stockholders of CCOH. About iHeartMedia, Inc. and iHeartCommunications, Inc. iHeartMedia, Inc. (PINK:IHRT), the parent company of iHeartCommunications, Inc., is a global media and entertainment company. Based in San Antonio, Texas, iHeartCommunications 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's outdoor business reaches over 34 countries across five continents. iHeartCommunications reported a net loss attributable to the Company of $296.31 million in 2016, a net loss attributable to the Company of $754.6 million in 2015, and a net loss attributable to the Company of $793.8 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. INTELSAT JACKSON: Bank Debt Trades at 2.25% Off ----------------------------------------------- Participations in a syndicated loan under which Intelsat Jackson Holdings LTD is a borrower traded in the secondary market at 97.75 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.58 percentage points from the previous week. Intelsat Jackson Holdings LTD pays 375 basis points above LIBOR to borrow under the $2 billion facility. The bank loan matures on Nov. 27, 2023 and Moody's B1 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. INTERPACE DIAGNOSTICS: Hal Mintz Reports Ownership of 4.99% ----------------------------------------------------------- Sabby Healthcare Master Fund, Ltd. beneficially owns 120,476 shares of Interpace Diagnostics Group, Inc.'s common stock, representing approximately 0.45% of the Common Stock. Sabby Management, LLC and Hal Mintz each beneficially own 1,339,766 shares of the Common Stock, representing approximately 4.99% of the Common Stock. Sabby Management, LLC and Hal Mintz do not directly own any shares of Common Stock, but each indirectly owns 1,339,766 shares of Common Stock. Sabby Management, LLC, a Delaware limited liability company, indirectly owns 1,339,766 shares of Common Stock because it serves as the investment manager of Sabby Healthcare Master Fund, Ltd and Sabby volatility Warrant Master Fund, Ltd. Mr. Mintz indirectly owns 1,339,766 shares of Common Stock in his capacity as manager of Sabby Management, LLC. A full-text copy of the Schedule 13G/A is available at: https://is.gd/jXvO3o About Interpace Diagnostics Headquartered in Parsippany, New Jersey, Interpace Diagnostics Group, Inc. -- http://www.interpacediagnostics.com/-- is a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for better patient diagnosis and management. The Company currently has three commercialized molecular tests; PancraGEN for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay. Interpace's mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science. BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from continuing operations that raise substantial doubt about its ability to continue as a going concern. Interpace reported a net loss of $8.33 million on $13.08 million of net revenue for the year ended Dec. 31, 2016, following a net loss of $11.35 million on $9.43 million of net revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Interpace Diagnostics had $50.39 million in total assets, $14.01 million in total liabilities and $36.37 million in total stockholders' equity. ITUS CORPORATION: Incurs $7.01 Million Net Loss in Fiscal 2017 -------------------------------------------------------------- ITUS Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to common stockholders of $7.01 million on $362,500 of revenue for the year ended Oct. 31, 2017, compared to a net loss attributable to common stockholders of $5.01 million on $300,000 of revenue for the year ended Oct. 31, 2016. As of Oct. 31, 2017, ITUS Corp. had $8.81 million in total assets, $889,493 in total liabilities and $7.92 million in total shareholders' equity. As of the date of filing of its last annual report on Form 10-K, there was substantial doubt about the Company's ability to continue as a going concern due to the limited amount of cash, cash equivalents and short-term investments it held as compared to its projected cash needs for the ensuing 12 months. The Company evaluated its cash position and future plans for the Company and embarked on a plan to ensure it had sufficient resources to execute its plans. Accordingly, over the past twelve months, the Company raised nearly $12 million through multiple financing arrangements, including a shareholder rights offering, a registered direct offering, and an at-the-market equity offering, and satisfied debt obligations through payments of cash and common stock. With no significant debt and approximately $6.8 million in cash, cash equivalents and short-term investments as of Oct. 31, 2017, the Company believes that it has alleviated substantial doubt about its ability to continue as a going concern. "Based on currently available information as of January 9, 2018, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to fund our activities for the next 12 months," said the Company in the Annual Report. "However, our projections of future cash needs and cash flows may differ from actual results. If current cash on hand, cash equivalents, short term investments and cash that may be generated from our business operations are insufficient to continue to operate our business, or if we elect to invest in or acquire a company or companies that are synergistic with or complimentary to our technologies, we may be required to obtain more working capital. We may seek to obtain working capital during our fiscal year ended 2018 or thereafter through sales of our equity securities or through bank credit facilities or public or private debt from various financial institutions where possible. We cannot be certain that additional funding will be available on acceptable terms, or at all. If we do identify sources for additional funding, the sale of additional equity securities or convertible debt could result in dilution to our stockholders. Additionally, the sale of equity securities or issuance of debt securities may be subject to certain security holder approvals or may result in the downward adjustment of the exercise or conversion price of our outstanding securities. We can give no assurance that we will generate sufficient cash flows in the future to satisfy our liquidity requirements or sustain future operations, or that other sources of funding, such as sales of equity or debt, would be available or would be approved by our security holders, if needed, on favorable terms or at all. If we fail to obtain additional working capital as and when needed, such failure could have a material adverse impact on our business, results of operations and financial condition. Furthermore, such lack of funds may inhibit our ability to respond to competitive pressures or unanticipated capital needs, or may force us to reduce operating expenses, which would significantly harm the business and development of operations." During the year ended Oct. 31, 2017, cash used in operating activities was approximately $3,797,000. Cash used in investing activities was approximately $2,735,000, resulting from the purchase of certificates of deposit totaling $5,501,000 which was offset by the proceeds on maturities of certificates of deposit totaling $2,751,000 and the sale of property and equipment of $45,000 offset by the purchase of property and equipment of approximately $30,000. Cash provided by financing activities was approximately $7,383,000, resulting from the sale of common stock in a shareholder rights offering, an at-the-market offering and a registered direct offering of approximately $4,203,000, $3,461,000 and $3,212,000, respectively, and the proceeds from exercise of stock options of approximately $7,000, offset by payments made on a secured debenture of $3,000,000 and redemption of convertible preferred stock of $500,000. As a result, the Company's cash, cash equivalents, and short-term investments at Oct. 31, 2017 increased approximately $3,601,000 to approximately $6,839,000 from approximately $3,238,000 at the end of fiscal year 2016. A full-text copy of the Form 10-K is available for free at: https://is.gd/mqC3oL About ITUS Corporation San Jose, California-based ITUS Corporation (NASDAQ:ITUS) -- http://www.ITUScorp.com/-- funds, develops, acquires, and licenses emerging technologies in areas such as biotechnology. Formerly known as CopyTele, the Company is developing a platform called Cchek, a series of non-invasive, blood tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence of a malignancy. CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014, to reflect the Company's change in its business operations. JC PENNEY: Bank Debt Trades at 6.81% Off ---------------------------------------- Participations in a syndicated loan under which JC Penney Corp is a borrower traded in the secondary market at 93.19 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.56 percentage points from the previous week. JC Penney Corp pays 425 basis points above LIBOR to borrow under the $1.688 billion facility. The bank loan matures on June 23, 2023 and Moody's Ba2 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. KRK CP LLC: Wants Authority to Use TransPecos Cash Collateral ------------------------------------------------------------- KRK CP, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to use cash collateral to pay expenses of its business operations and this Chapter 11 case. In the course of its business as the lessee of the Property and the operator of the school, the Debtor incurs expenses for goods and services on a periodic basis, pays for services such as salaries for teachers and other employees, food for students, electricity, gas, water, repairs and maintenance of the buildings, grounds and parking lot, insurance, vehicle operating expenses, and accrues property and other taxes. As the lessee of the Property, it also pays for hazard and commercial liability insurance on the Property and its personal property. In addition, the Debtor has expenses of this case that it must pay -- specifically, U.S. Trustee fees and its professionals' fees. The Debtor intends to use the cash collateral of TransPecos Banks, which holds a deed of trust first lien and an assignment of leases and rents in certain commercial real estate, a preschool situated on approximately 5 acres located at 1301 N. Lakeline Blvd., Cedar Park, TX 78613 which is owned by Trimur Partners, Inc. (the Debtor in Case No. 18-10001 pending before the Court). The Debtor's interest in the Property is a leasehold interest. TransPecos holds an Assignment of Leases on the Property. The Property secures Trans Pecos' first lien debt of approximately $3.3 million. TransPecos also holds a security interest in certain personal property of the Debtor, including furniture, fixtures, equipment and accounts. TransPecos claims an interest in the revenues derived from the operations on the Property on which it claims a lien. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/txwb18-10002-4.pdf About KRK CP, LLC Cedar Park, Texas-based Kids R Kids Cedar Park -- https://www.krkcedarpark.com/ -- offers full time care for children from six-weeks to five years including an accredited academic curriculum and enrichment programs. The company provides before and after school care for children from kindergarten through 5th grade. It also offers full day summer camps for school age children. Trimur Partners, Inc., KRK CP's landlord, is an Austin, Texas-based company that is engaged in the real estate leasing business. Trimur Partners, Inc. and KRK CP, LLC, d/b/a Kids R Kids Cedar Park, filed separate Chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 18-10001 and 18-10002, respectively) on Jan. 1, 2018. Patrick W. Murphey, president, signed the petitions. At the time of filing, the Trimur Partners disclosed $3,800,000 in assets and $3,780,000 in liabilities; and KRK CP, LLC estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Frank B. Lyon, Esq., of Frank B. Lyon - Attorney At Law, serves as the Debtors' counsel. LAGO RESORT: Moody's Lowers CFR to Caa2; Outlook Negative --------------------------------------------------------- Moody's Investor Services downgraded Lago Resort and Casino, LLC's (Lago) Corporate Family Rating to Caa2 from B3 while the company's Probability of Default Rating was lowered to Caa2-PD from B3-PD. At the same time, Lago's 1st lien revolver and term loan were downgraded to Caa1 from B2, and its 2nd lien term loan was downgraded to Caa3 from Caa2. The rating outlook is negative. "Despite the fact that del Lago Resort Casino opened on time and on budget and has substantially grown total gaming revenues generated in its primary market area, the property's revenue ramp-up is well below Moody's expectations," stated Keith Foley, a Senior Vice President at Moody's. At the time of the initial rating, Moody's expected that del Lago would ramp up to about $250 million of net revenue in its first full year of operations. The casino, which opened about 9 months ago, has consistently reported gross gaming revenue of about $12.5 million per month. At this rate, del Lago's gross gaming revenue will only hit about $150 million; less than that on a net revenue basis once promotional allowances are considered. Additionally, the company's debt/EBITDA will be well above Moody's stated 6.0 times debt/EBITDA downgrade trigger. While liquidity is weak, Moody's estimates del Lago can cover interest expense at its current operating levels. "Given del Lago's current performance, Moody's is of the view that without a substantial improvement in revenue, del Lago will not be able to achieve a level of performance that can support its existing debt capital structure," added Foley. Lago owns and operates del Lago Resort Casino, a $440 million resort and casino development located in Tyre, NY, between the cities of Rochester and Syracuse and about 50 miles from each. Lago is a joint venture between Wilmot Gaming, LLC and PGP Investors, LLC and is managed by JNB Gaming, LLC. Downgrades: Issuer: Lago Resort & Casino, LLC -- Probability of Default Rating, Downgraded to Caa2-PD from B3- PD -- Corporate Family Rating, Downgraded to Caa2 from B3 -- Senior Secured First Lien Bank Credit Facility, Downgraded to Caa1(LGD3) from B2(LGD3) -- Senior Secured Second Lien Bank Credit Facility, Downgraded to Caa3(LGD5) from Caa2(LGD5) Outlook Actions: Issuer: Lago Resort & Casino, LLC -- Outlook, Changed To Negative From Stable RATINGS RATIONALE Key credit challenges include Lago's slower than expected ramp up, single asset profile, and the highly competitive nature of the market which it operates that may impede the company's ability to support its capital structure. There are five gambling facilities, including four racinos and one Native American full scale casino within 100 miles of del Lago's location. Positive rating consideration is given to del Lago's position as the only full scale casino accessible by the populous cities of Rochester and Syracuse, its ability to offer live table games which are not available at nearby racinos, and its favorable tax rate. The closest full scale casino to del Lago is the Oneida Indian Nation's Turning Stone Resort Casino (unrated) located in Verona, New York -- about 75 miles east of del Lago. However, while located further away from del Lago than Turning Stone, Moody's consider the Oneida Nation casino to be a direct competitor to Lago in that it markets aggressvely to customers in Rochester. Both the Oneida and Seneca tribes also have a more favorable tax regime than del Lago and the racinos. The negative rating outlook considers Moody's expectation that, despite the likelihood that Lago's will cover its cash interest obligations and remain in compliance with its financial covenants during the next 12 months, albeit both marginally, without a substantial improvement in the rate and degree of ramp-up and/or an additional equity investment by the owners, Lago will not be able to achieve a level of performance that can support its existing debt capital structure. Lagos rating could be lowered if it appears there will be a debt restructuring that involves impairment to existing lenders. A higher rating requires a high degree of confidence on Moody's part that Lago will be able to maintain its current debt structure through enough of an improvement in its financial performance and/or an equity investment. The principal methodology used in these ratings was Gaming Industry published in December 2017. LEGACY RESERVES: Baines Creek Capital Has 10.7% Stake as of Dec. 29 ------------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of Legacy Reserves, LP common stock as of Dec. 29, 2017: Shares Percentage Beneficially of Name Owned Shares ---- ------------ ---------- Baines Creek Partners, L.P. (BCP) 4,302,493 5.91% Baines Creek Special Purpose 3,045,694 4.18% Partners, L.P. (BCSPP) Kevin Tracy (KT) 4,035 0.01% Jeremy Carter (JC) 115,311 0.16% James Schumacher (JS) 3,481 0.00% Brian Williams (BW) 350,140 0.48% Baines Creek Capital, LLC (BCC) 7,821,154 10.74% A full-text copy of the regulatory filing is available at: https://is.gd/Q0nxTd About Legacy Reserves LP Legacy Reserves LP -- http://www.LegacyLP.com/-- is a master limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. Legacy Reserves LP reported a net loss attributable to unitholders of $74.82 million for the year ended Dec. 31, 2016, compared to a net loss attributable to unitholders of $720.54 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Legacy Reserves had $1.48 billion in total assets, $1.73 billion in total liabilities and a $247.2 million total partners' deficit. * * * In September 2016, S&P Global Ratings said that it lowered its corporate credit rating on Legacy Reserves to 'CCC' from 'B-'. The rating outlook is negative. The downgrade reflects S&P's expectation that the borrowing base on Legacy's revolving credit facility could be lowered substantially at its re-determination in October. In March 2017, Moody's Investors Service upgraded Legacy Reserves LP's Corporate Family Rating to 'Caa2' from 'Caa3'. "Legacy's upgrade to Caa2 reflects Moody's expectations of improved cash flow and credit metrics in 2017 as a result of debt reduction and higher commodity prices underpinned by good hedges in 2017 and 2018," said RJ Cruz, Moody's vice president. "The upgrade also reflects improved liquidity and the benefits of the amended joint development agreement with TPG." LIBERTY CABLEVISION: Bank Debt Trades at 3.08% Off -------------------------------------------------- Participations in a syndicated loan under which Liberty Cablevision of Puerto Rico is a borrower traded in the secondary market at 96.92 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.59 percentage points from the previous week. Liberty Cablevision of Puerto Rico pays 350 basis points above LIBOR to borrow under the $530 million facility. The bank loan matures on Dec. 25, 2021 and Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. LIFE SETTLEMENTS: May Use Cash Collateral Through Feb. 5 -------------------------------------------------------- The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware has entered an interim order authorizing Life Settlements Absolute Return I, LLC and Senior LS Holdings, LLC, to use cash collateral until the earlier of the final hearing date or the date that is 31 calendar days from the date of the interim order. The hearing will be held on Feb. 5, 2018 at 10:30 a.m. during which time the Court will consider entry of an order authorizing the Debtor's use of cash collateral on a final basis. Any objections to entry of such order must be filed and served no later than Jan. 29, 2018. The Debtors are authorized to use cash collateral to make Policy Payments to Insurers on an uninterrupted basis, in connection with prepetition or postpetition services rendered, and to pay other amounts to the extent specified in the Budget. However, the aggregate amount of such payments made during the interim period will not exceed $60,000. In consideration for the use of the cash collateral, the Debtors will provide the Government Employees' Retirement System of the Virgin Islands ("GERS") to the extent there is a diminution in value of interests of GERS in the cash collateral. GERS is granted replacement security interest and lien in the assets of the Debtors to the same extent and priority granted to GERS pursuant to the Credit Documents. On a regular monthly basis during these Chapter 11 cases, the Debtor will pay or reimburse in cash GERS for reasonable and documented fees and any and all reasonable and documented out-of-pocket costs, expenses, and charges payable under the Amended and Restated Loan Agreement, the Indenture or any related credit or security agreements. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/deb17-13030-27.pdf About Life Settlements Absolute Return Life Settlements Absolute Return I, LLC and Senior LS Holdings, LLC are privately held companies that purchase life insurance policies from policy holders. Their principal assets are located at 6th and Marquette Minneapolis, MN 55479. The Attilanus Fund I, L.P. owns 100% equity interest in Life Settlements Absolute. Affiliates, Life Settlements Absolute Return I, LLC and Senior LS Holdings, LLC filed separate Chapter 11 petitions (Court + Case Nos. 17-13030 and 17-13031, respectively) on Dec. 29, 2017. Robert J. Davey, III, secretary/treasurer, signed the petitions. At the time of filing, Life Settlements estimated $10 million to $50 million in assets and $100 million $500 million in liabilities; and Senior LS estimated $10 million to $50 million in assets and under $50,000 in liabilities. The cases are assigned to Judge Mary F. Walrath. Bayard, P.A., serves as the Debtors' local counsel; Nelson Mullins Riley & Scarborough LLP, is general bankruptcy counsel; and Elliott Davis, LLC, is the accountant. M SYLVESTER GONZALES: May Use Cash Collateral Until March 31 ------------------------------------------------------------ Judge H. Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas authorized M. Sylvester Gonzales DDS PA to use cash collateral to pay ordinary and operating expenses set forth in the budget for the period of January 1, 2018 through and including March 31, 2018 on an interim basis. The budget provides total expenses of approximately $49,416 for the month of January 2018, $48,654 for month of February 2018 and $46,640 for March 2018. The Debtor asserts that a critical need exists for the Debtor to obtain and use cash in order to continue the operation of its business. Without such funds, the Debtor asserts that it will not be able to pay post-petition direct operating expenses and obtain goods and services needed to carry on its business in a manner that will avoid irreparable harm to the Debtor's estate. Under a certain Credit Agreement, the Debtor owed Bank of America past due and outstanding balance of approximately $410,125, as of the Petition Date. Bank of America is granted, effective as of the Petition Date, a valid, binding, enforceable and automatically perfected lien co-extensive with Bank of America's prepetition liens, in all currently owned or hereafter acquired property and assets of the Debtor. The replacement lien will have the same validity, enforceability, and priority as Bank of America's prepetition liens and security interests. In addition, the Debtor is required to pay Bank of America $3,000 per month for three months, beginning from and after the Petition Date on account of the Credit Agreement. The first such payment is due by January 20, 2018. To the extent that all other adequate protection provided by the Interim Order fails, Bank of America will be granted an allowed super-priority administrative claim under Section 507(b) of the Bankruptcy Code, with priority in payment over any and all administrative expenses. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/txwb17-11499-29.pdf M. Sylvester Gonzales DDS PA is represented by: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 1100 Dallas, Texas 75251 Telephone: (792) 991-5591 Facsimile: (792) 972-5788 E-mail: eric@ealpc.com Bank of America, N.A., is represented by: Richard E. Hettinger, Esq. 601 NW Loop 410, Suite 100 San Antonio, Texas 78216 Telephone: (210) 349-6484 Facsimile: (210) 349-0041 E-mail: rhettinger@dtrglaw.com About M. Sylvester Gonzales M. Sylvester Gonzales DDS PA filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 16-11499) on Dec. 2, 2017. M Sylvester Gonzales, owner, signed the petition. At the time of filing, the Debtor had at least $50,000 in estimated assets and $500,000 to $1 million in estimated liabilities. Judge H. Christopher Mott is the case judge. The Debtor is represented by Eric A. Liepins, Esq. of Eric A. Liepins, P.C. MURRAY ENERGY: Bank Debt Trades at 11.92% Off --------------------------------------------- Participations in a syndicated loan under which Murray Energy is a borrower traded in the secondary market at 88.08 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.92 percentage points from the previous week. Murray Energy pays 650 basis points above LIBOR to borrow under the $1.700 billion facility. The bank loan matures on April 10, 2020 and Moody's B2 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. NEOVASC INC: Says Tiara's Clinical Case Load Accelerating --------------------------------------------------------- Neovasc Inc. provided an update on its clinical program for the Tiara valve, a self-expanding mitral bioprosthesis for transcatheter implantation in patients with Mitral Regurgitation, one of the most prevalent valvular heart diseases in western countries. MR is often severe and can lead to heart failure and death. In total, 47 patients have now been implanted with Tiara, 12 of which are enrolled in the Company's CE Mark trial, TIARA-II. Of note, 10 patients have been treated in the last two months, including 4 already in 2018. Fuelling the higher rate of procedures are the additional centres recently activated across Europe. This momentum is expected to continue as the Company expands both the number of centres and its clinical support teams. Procedures are reported to be straightforward, with usual implantation times of approximately 20 minutes. Technical success rates are very high, and typically result in the complete resolution of the patient's MR; paravalvular leak levels are reported as absent, trace, or mild, in 100% of these cases. All cause 30-day mortality in the 42 patients who have reached 30 days post implant with Tiara is 9.5% (4/42). "For those of us who have been close to Tiara's development since its inception, what is so encouraging is both the quality of the data and now the quantity of cases strongly suggest what we have long believed. Namely, that Tiara has the very real potential to be a best-in-class therapeutic treatment for millions of patients suffering with severe MR," commented Neovasc CEO, Alexei Marko. "Throughout 2018, our primary focus will be the TIARA-II trial, as we aggressively drive this medical device towards CE Mark." About Tiara Tiara is a self-expanding mitral bioprosthesis specifically designed to treat mitral valve regurgitation (MR) by replacing the diseased valve. Conventional surgical treatments are only appropriate for about half of MR patients, who number an estimated four million in the U.S. with a similar number of patients affected throughout Europe. Tiara is implanted in the heart using a minimally invasive, transapical transcatheter approach without the need for open-heart surgery or use of a cardiac bypass machine. About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015 and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under investigation in the United States, Canada and Europe. The Company also sells a line of advanced biological tissue products that are used as key components in third-party medical products including transcatheter heart valves. Neovasc reported a loss of US$86.49 million for the year ended Dec. 31, 2016, following a loss of US$26.73 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Neovasc had US$81.75 million in total assets, US$114.73 million in total liabilities and a total deficit of US$32.98 million. Grant Thornton LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, emphasizing that the Company was named in a litigation and that the court awarded $112 million in damages against it. This condition, along with other matters, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern, the auditors said. NET ELEMENT: Esousa Holdings Has 9.99% Stake as of Dec. 29 ---------------------------------------------------------- Esousa Holdings LLC disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 29, 2017, it beneficially owns 350,553 shares of common stock, 404,676 shares of common stock issuable upon exercise of the Purchase Warrants, and 323,907 shares of common stock issuable upon exercise of the Pre-Funded Warrants representing 9.99 percent of the shares outstanding. The percentage is based on 3,509,048 shares of Common Stock issued and outstanding as of Dec. 29, 2017, and assumes the exercise of the purchased warrants and pre-funded warrants subject to the Blockers. Pursuant to the terms of the Warrants, the Reporting Person cannot exercise the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding shares of Common Stock, and the percentage gives effect to the Blockers. Consequently, as of Dec. 29, 2017, the Reporting Person was not able to exercise all of the Warrants due to the Blockers. A full-text copy of the regulatory filing is available at: https://is.gd/FwIIyz About Net Element North Miami, Florida-based Net Element, Inc. (NASDAQ:NETE) -- http://www.netelement.com/-- operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the US and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Net Element reported a net loss of $13.61 million on $54.28 million of total revenues for the 12 months ended Dec. 31, 2016, compared to a net loss of $13.32 million on $40.23 million of total revenues for the 12 months ended Dec. 31, 2015. As of Sept. 30, 2017, Net Element had $20.43 million in total assets, $18.45 million in total liabilities and $1.98 million in total stockholders' equity. Daszkal Bolton LLP's report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, contains an explanatory paragraph expressing substantial doubt as to the Company's ability to continue as a going concern. The independent auditors stated that the Company's recurring losses from operations and working capital and accumulated deficits raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Has Resale Prospectus of 1.1 Million Common Shares --------------------------------------------------------------- Net Element, Inc., has filed a Form S-3 registration statement with the Securities and Exchange Commission relating to the sale of up to 1,079,136 shares of common stock of the Company by Esousa Holdings LLC. Those shares include (i) 350,553 shares of common stock of the Company issued on Dec. 29, 2017, (ii) 404,676 shares of common stock of the Company issuable upon the valid exercise of five-year warrants at an exercise price of $11.12 per share, and (iii) 323,907 shares of common stock of the Company issuable on the valid exercise of five-year pre-paid warrants at an exercise price of $0.01 per share. The prices at which the selling stockholder may sell the Shares will be determined by the prevailing market price for the Shares or in negotiated transactions or through other means described in the section entitled "Plan of Distribution" or a supplement to this prospectus. The selling stockholder may also sell the shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus. The Company will not receive proceeds from the sale of the Shares by the selling stockholder. However, the Company may receive proceeds from the exercise of the five-year warrants at an exercise price of $11.12 per share and the five-year pre-paid warrants at an exercise price of $0.01 per share held by the selling stockholder when exercised, which, if exercised in cash at the current applicable exercise price with respect to all of the Warrants, would result in gross proceeds to the Company of $4,503,236. The Company will pay the expenses of registering the Shares, but all selling and other expenses incurred by the selling stockholder will be paid by the selling stockholder. The Company's common stock is listed on the Nasdaq Capital Market under the ticker symbol "NETE." On Jan. 5, 2018, the last reported sale price per share of its common stock was $11.72 per share. A full-text copy of the regulatory filing is available at: https://is.gd/SsQWb7 About Net Element North Miami, Florida-based Net Element, Inc. (NASDAQ:NETE) -- http://www.netelement.com/-- operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the US and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Net Element reported a net loss of $13.61 million on $54.28 million of total revenues for the 12 months ended Dec. 31, 2016, compared to a net loss of $13.32 million on $40.23 million of total revenues for the 12 months ended Dec. 31, 2015. As of Sept. 30, 2017, Net Element had $20.43 million in total assets, $18.45 million in total liabilities and $1.98 million in total stockholders' equity. Daszkal Bolton LLP's report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, contains an explanatory paragraph expressing substantial doubt as to the Company's ability to continue as a going concern. The independent auditors stated that the Company's recurring losses from operations and working capital and accumulated deficits raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Oleg Firer Reports 10.8% Stake as of Jan. 8 -------------------------------------------------------- Star Equities LLC disclosed to the Securities and Exchange Commission that it is the beneficial owner of 124,455 restricted shares of common stock of Net Element, Inc. consisting of (1) 28,572 restricted shares of Common Stock issued on Nov. 23, 2015 to Star Equities pursuant to the Investment Agreement, (2) 28,572 restricted shares of Common Stock issuable upon exercise of the Amended Option, and (3) 67,312 restricted shares of Common Stock issued to Star Equities pursuant to the conversion of that certain promissory note dated March 1, 2017 by the Company to Star Equities LLC of the entire outstanding amount of $374,253 (including the principal amount of $348,083 and accrued and unpaid interest), for a purchase price of $5.56 per share, representing approximately 3.68% of the outstanding shares of Common Stock, based on 3,355,887 shares of Common Stock issued and outstanding as of Dec. 29, 2017, as disclosed in the Form 8-K filed by the Issuer with the SEC on Dec. 29, 2017. As of Jan. 8, 2018, Oleg Firer is deemed to have beneficial ownership of 368,318 shares of Common Stock consisting of (1) 243,863 restricted shares of Common Stock held directly by Mr. Firer, and (2) as the sole member of Star Equities, Mr. Firer can be deemed to beneficially own the above-described restricted shares of Common Stock beneficially owned by Star Equities (which equals to 124,455 shares as of Jan. 8, 2018, and those shares collectively represent approximately 10.88% of the outstanding shares of Common Stock. Mr. Firer has sole voting power and sole dispositive power with respect to 243,863 restricted shares of Common Stock and shared voting power and shared dispositive power with respect to the shares beneficially owned by Star Equities. On Dec. 28, 2017, 67,500 shares of Common Stock of the Company were awarded to Mr. Firer pursuant to the Company's 2013 Equity Incentive Plan, as amended. 100% of those shares vested immediately as of the date of grant to Mr. Firer. A full-text copy of the regulatory filing is available at: https://is.gd/igb4UH About Net Element North Miami, Florida-based Net Element, Inc. (NASDAQ:NETE) -- http://www.netelement.com/-- operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the US and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Net Element reported a net loss of $13.61 million on $54.28 million of total revenues for the 12 months ended Dec. 31, 2016, compared to a net loss of $13.32 million on $40.23 million of total revenues for the 12 months ended Dec. 31, 2015. As of Sept. 30, 2017, Net Element had $20.43 million in total assets, $18.45 million in total liabilities and $1.98 million in total stockholders' equity. Daszkal Bolton LLP's report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, contains an explanatory paragraph expressing substantial doubt as to the Company's ability to continue as a going concern. The independent auditors stated that the Company's recurring losses from operations and working capital and accumulated deficits raise substantial doubt about its ability to continue as a going concern. OFFSHORE SPECIALTY: May Obtain DIP Financing From Schumann/Steier ----------------------------------------------------------------- The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas has granted Offshore Specialty Fabricators, LLC, permission to obtain secured postpetition financing from Schumann/Steier Holdings, LLC. As reported by the Troubled Company Reporter on Oct. 27, 2017, the Debtor sought court authorization to access a secured $3 million DIP financing facility it has obtained from the DIP Lender, of which $300,000 has been wired to Diamond McCarthy LLP's trust fund account, held in escrow, pending a court ruling. The DIP Facility will comprise a commitment for up to $3 million which will be funded through an interim draw and a final draw. A copy of the court order is available at: http://bankrupt.com/misc/txsb17-35623-317.pdf About Offshore Specialty Fabricators Offshore Specialty Fabricators, LLC -- http://www.osf-llc.com-- provides decommissioning project management utilizing its heavy lift derrick barges for the installation and removal of oil and gas facilities in the Gulf of Mexico. Its facility is located at 115 Menard Rd. in Houma, Louisiana. Offshore Specialty has been providing offshore construction solutions to the international and domestic oil and gas industry for more than 20 years. Offshore Specialty sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-35623) on Oct. 1, 2017. Tammy Naron, its chief executive officer, signed the petition. The Debtor hires Diamond McCarthy LLP as counsel, and Koch & Schmidt Law Firm, as special counsel. At the time of the filing, the Debtor estimated assets of $50 million to $100 million and estimated liabilities of $10 million to $50 million. Judge Marvin Isgur presides over the case. On Oct. 25, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. OMINTO INC: Gets Nasdaq Noncompliance Notice Over Filing Delays --------------------------------------------------------------- Ominto, Inc. received on Jan. 3, 2018 a letter from Nasdaq indicating that the Company is not in compliance with Nasdaq's continued listing requirements under the timely filing criteria outlined in Listing Rule 5250(c)(1). Due to the delay in filing its quarterly report on Form 10-Q for the quarter ended June 30, 2017, the Company is still in the process of completing the audit of its financial statements, and consequentially has not filed its annual report on Form 10-K for the fiscal year ended Sept. 30, 2017 with the U.S. Securities and Exchange Commission. The letter states that the Company must submit a plan no later than March 5, 2018, setting forth the actions it will take to regain compliance with the Listing Rules for continued listing. If Nasdaq accepts such plan, the Company may be granted an exception of up to 180 calendar days from the date the Form 10-K was due, or until June 27, 2018, to regain compliance. The Company intends to submit a plan to Nasdaq as soon as practicable, but in no event later than March 5, 2018. The letter from Nasdaq has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. About Ominto, Inc. Based in Boca Raton, Florida, Ominto, Inc. -- http://inc.ominto.com/-- is a global e-commerce company and pioneer of online Cash Back shopping, delivering value-based shopping and travel deals through its primary shopping platform and affiliated Partner Program websites. At DubLi.com or at Partner sites powered by Ominto.com, consumers shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. The Ominto.com platform features thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back savings to consumers in more than 120 countries. Ominto's Partner Programs offer a white label version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional, reliable web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction. Ominto reported a net loss of $10.30 million for the year ended Sept. 30, 2016, and a net loss of $11.69 million for the year ended Sept. 30, 2015. As of June 30, 2017, Ominto had $58.38 million in total assets, $43.39 million in total liabilities and $14.99 million in total equity. PHASERX INC: Sale Bid Procedures OKed, Jan. 24 Auction Set ---------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved PhaseRx's motion for entry of (i) an order approving bidding procedures in connection with the sale of substantially all of the Debtor's assets, scheduling an auction and sale hearing and (ii) an order approving the asset purchase agreement between the Debtor and the successful bidder and authorizing the sale of substantially all of the Debtor's assets free and clear of liens, claims, encumbrances and interests. As previously reported, "The Debtor and its professionals will market the Assets prior to the Auction, in the manner set forth in the Bidding Procedures Order. During this marketing process, the Debtor reserves the right, subject to consultation with Hercules, to enter into a Stalking Horse agreement (the 'Stalking Horse Agreement') with a bidder if the Debtor believes that such an agreement will further the purposes of the Auction by, among other things, enticing value-maximizing bids. Accordingly, the Debtor requests authority, in the exercise of its reasonable business judgment and after consultation with Hercules, to offer a Stalking Horse bidder (the 'Stalking Horse Bidder') any or all of the following as part of a Stalking Horse Agreement: (a) a break-up fee (the 'Break-Up Fee') in an amount to be determined by the Debtor, not to exceed 3 percent of the total purchase price offered by the Stalking Horse Bidder in the Stalking Horse Agreement; (b) reimbursement of the Stalking Horse Bidder's reasonable and actual fees and expenses incurred as the Stalking Horse Bidder up to $250,000 (the 'Expense Reimbursement'); (c) initial overbid protection in the amount of $100,000 (the 'Initial Overbid' and, together with the Break-Up Fee and the Expense Reimbursement, the 'Bid Protections')." According to the report, the order approves the following general timeline: January 22, 2018 deadline to submit qualified competing bids; January 24, 2018 auction, if necessary, and January 26, 2018 transaction hearing. About PhaseRx, Inc. Based in Seattle, Washington, PhaseRx -- http://phaserx.com-- operates as a biopharmaceutical company that develops a portfolio of mRNA products to correct inherited, life-threatening liver diseases in children. The company was founded by Robert W. Overell, Ph.D. in 2006. PhaseRx filed a Chapter 11 petition (Bankr. D. Del. Case No. 17-12890) on December 11, 2017. The petition was signed by Robert W. Overell, Ph.D., president and CEO. As of Sept. 30, 2017, the Debtor disclosed $4.10 million in assets and $5.60 million in liabilities. Judge Christopher S. Sontchi presides over the case. Christopher A. Ward, Esq. and Shanti M. Katona, Esq., at Polsinelli PC, serve as counsel to the Debtor. Cowen and Company, LLC is the Debtor's investment banker. Donlin, Recano & Company, Inc. stands as the Debtor's claims and noticing agent. PREMIER MARINE: Seeks Authority to Access Cash Collateral --------------------------------------------------------- Premier Marine, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Minnesota to use of cash collateral for the purposes and in the approximate amounts set forth in the budget. The Court will hold a hearing on the Debtor's Motion for use of cash collateral will be held on Jan. 19, 2018 at 2:00 p.m. Any response to this motion must be filed and served not later than Jan. 14, 2018. The Debtor is indebted to American Bank of the North in the approximate total principal amount of $6,521,648, as of the Petition Date, which is secured by a duly perfected first priority lien in substantially all assets of the Debtor, including inventory, accounts, equipment and general intangibles. The Debtor believes that American Bank is over secured. As of the Petition Date, the Debtor is indebted to Trusek, LLC, in the approximate amount of $500,000, secured by a duly perfected lien in substantially all assets of the Debtor, including inventory, accounts, equipment and general intangibles. The Trusek Debt is junior in priority to the lien of American Bank. As of the date of the Motion, American Bank and Trusek have not consented to the use of cash collateral. As adequate protection for American Bank, the Debtor proposes to grant (i) replacement liens in American Bank's respective collateral; and (ii) to make monthly cash payments of interest at the contract rate under the prepetition ABN loan each in the amount of $29,681. As adequate protection for Trusek, the Debtor proposes to grant (i) replacement liens in Trusek’s respective collateral; and (ii) to make monthly cash payments of interest at the contract rate under the prepetition Trusek loan each in the amount of $5,000. With the continued use of cash collateral the Debtor will operate in the ordinary course through the earlier of the effective date of a confirmed plan of reorganization or March 17, 2018. Pending confirmation of a plan of reorganization, the Debtor has a need to use cash collateral through the earlier of the effective date of a confirmed plan of reorganization or March 17, 2018 to pay operating expenses in the amounts identified in the Budget. If the Debtor is not permitted to use cash collateral in the amounts and for the purposes set forth in the Budget from February 3, 2018 through March 17, 2018 the Debtor cannot continue to operate and will suffer immediate and irreparable harm. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/mnb17-32006-200.pdf About Premier Marine For 25 years, Premier Marine, Inc., has manufactured "Premier" brand pontoon boats -- http://www.pontoons.com/-- in Wyoming, Minnesota. Premier Marine designs, builds and markets luxury pontoons and holds many patents on manufacturing elements such as furniture hinges, J-Clip rail fasteners and the PTX performance package. The family-owned and operated Company sells its pontoons through boat dealers located throughout the United States and Canada. Premier Marine is a family owned business formed in 1992 by Robert Menne and Eugene Hallberg. The Menne family controls 72.8% of the company equity. Hallberg controls the remaining 27.2% and is Premier's landlord. Premier Marine, Inc., filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-32006) on June 19, 2017. The need for reorganization in chapter 11 was precipitated by a failed acquisition of another pontoon manufacturer in 2011. The Chapter 11 was filed in response to an eviction action commenced by Hallberg for the nonpayment of rent. The Chapter 11 is necessary to attract a new equity partner, reject the Hallberg leases, consolidate manufacturing under a single roof and reorganize the business for the mutual benefit of the Debtor creditors, employees and dealer network. The bankruptcy petition was signed by Lori J. Melbostad, the Debtor's president. The Debtor estimated assets and liabilities between $10 million and $50 million. The case is assigned to Judge Katherine A. Constantine. The Debtor's counsel are Michael F. McGrath, Esq., and Will R. Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A Professional Association. Guidesource's Richard Gallagher is the Debtor's financial consultant. On June 27, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Fafinski, Mark & Johnson, P.A., represents the committee as bankruptcy counsel. REAL INDUSTRY: Seeks Court's Nod on Employee Bonus Programs ----------------------------------------------------------- BankruptcyData.com reported that Real Industry filed with the U.S. Bankruptcy Court a motion to approve the Real Alloy Debtors' (i) key employee incentive plan (KEIP) and (ii) key employee retention plan (KERP). The KEIP motion explains, "The Real Alloy Debtors have therefore developed two plans - the KEIP and the KERP - that are narrowly tailored and designed to maximize the value of the Real Alloy Debtors' estates through the conclusion of the Sale Process. Specifically, the KEIP is an incentive plan designed for eight (8) executives that will be based on three independent performance metrics: (i) the value of the assets sold in the Asset Sale, (ii) achieving targets related to the Real Alloy Debtors' net cash flow, and (iii) meeting certain EBITDA targets. The KERP, by contrast, is a plan for approximately 275-300 non-insider employees that will be paid upon the consummation of the Asset Sale, regardless of performance targets. The KEIP provides incentive payments to eight (8) key executives of the Real Alloy Debtors (collectively, the 'KEIP Participants'), with a maximum base of $1.3 million if 100% of the targets are achieved (and a potential maximum payout of $1.733 million if targets exceed 100%). Absent the KEIP, the KEIP Participants will otherwise not receive a bonus during the period the KEIP is in place." The KERP motion explains, "The KERP provides retention payments to 275–300 non-insider employees (collectively, the 'KERP Participants') in an aggregate amount of up to $1.3 million. The KERP Participants include employees from various functions, including, but not limited to, sales, human resources, accounting and finance, procurement, legal and operations functions. Payments under the KERP, which comprise 3% to 20% of each KERP Participants' annual base salary, are important for employee morale and general retention." The Court scheduled a Jan. 17, 2018 hearing to consider the KEIP/KERP motions, with objections due by January 10, 2018. About Real Industry Inc. 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 Morrison & Foerster LLP as legal counsel; Saul Ewing Arnstein & Lehr LLP as co-counsel; Berkeley Research Group, LLC as financial advisor; Jefferies LLC as investment banker; Ernst & Young LLP as auditor and tax advisor; and Prime Clerk as administrative advisor. The Ad Hoc Noteholder Group whose members include DDJ Capital Management, LLC, Osterweis Capital Management, HPS Investment Partners, LLC, Hotchkis & Wiley Capital Management, and Southpaw Credit Opportunity Master Fund L.P., hired Latham & Watkins LLP and Young Conway Stargatt & Taylor LLP to represent it in the Chapter 11 bankruptcy cases of Real Industry, Inc., and its affiliates. Andrew S. Vara, Acting U.S. Trustee for Region 3, appointed five creditors to serve on the Official Committee of Unsecured Creditors in the Chapter 11 cases of Real Industry, Inc., and its debtor-affiliates. The Committee hired Duane Morris LLP, as Delaware counsel; Brown Rudnick LLP, as co-counsel; Goldin Associates, LLC, as financial advisor; and Stifel Nicolaus & Co., Inc., as investment banker. RENNOVA HEALTH: Sabby Healthcare Reports 9.99% Stake ---------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Master Fund, Ltd. disclosed that they beneficially own 563,403 and 563,403 shares of Rennova Health, Inc.'s common stock, respectively, representing approximately 9.99% and 9.99% of the Common Stock, respectively. Sabby Management, LLC and Hal Mintz each beneficially own 563,403 shares of the Common Stock, representing approximately 9.99% of the Common Stock. Sabby Management, LLC and Hal Mintz do not directly own any shares of Common Stock, but each indirectly owns 563,403 shares of Common Stock. Sabby Management, LLC, a Delaware limited liability company, indirectly owns 563,403 shares of Common Stock because it serves as the investment manager of Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd., Cayman Islands companies. Mr. Mintz indirectly owns 563,403 shares of Common Stock in his capacity as manager of Sabby Management, LLC. A full-text copy of the regulatory filing is available at: https://is.gd/KVtryP About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, the Company is creating the next generation of healthcare. Rennova Health reported a net loss attributable to common stockholders of $32.61 million on $5.24 million of net revenues for the year ended Dec. 31, 2016, compared with a net loss attributable to common stockholders of $37.58 million on $18.39 million of net revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Rennova had $6.36 million in total assets, $25.15 million in total liabilities and a total stockholders' deficit of $18.78 million. Green & Company, CPAs, in Temple Terrace, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has significant net losses and cash flow deficiencies. Those conditions raise substantial doubt about the Company's ability to continue as a going concern. RICEBRAN TECHNOLOGIES: Appoints Chief Operating Officer ------------------------------------------------------- Brent R. Rystrom, 54, was appointed chief operating officer of RiceBran Technologies on Jan. 8, 2018. Mr. Rystrom continues to serve as the company's chief financial officer, a position he has held since March 2017. Mr. Rystrom brings over 25 years of business finance experience, including over 20 years of service as a director of research and senior financial analyst for several investment banking firms, including Piper Jaffray and Feltl & Company. From 2009 until March 2017, Mr. Rystrom served as director of research for Feltl & Company, a regional investment banking firm headquartered in Minnesota, where he managed research, institutional sales, and trading departments while providing research coverage on consumer products, retail and agriculture companies ranging from micro to large capitalization. Over his 11 years of service at Piper Jaffray he was named a Wall Street Journal "Best on the Street" analyst and a "Top 10" Retailing Industry Analyst from Reuter's. Since 1997, Mr. Rystrom has also successfully acquired and managed a large portfolio of personal agricultural real estate assets, and from 2011 through 2015, he served on the customer advisory board of AgStar, a $10 billion agricultural bank based in Minnesota. Mr. Rystrom holds a degree in business finance from St. Thomas University. About RiceBran Technologies Headquartered in Scottsdale, Arizona, RiceBran Technologies -- http://www.ricebrantech.com/-- is a food, animal nutrition, and specialty ingredient company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran has proprietary and patented intellectual property that allows the Company to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious food, animal nutrition and specialty ingredient products. RiceBran incurred a net loss attributable to common shareholders of $9.10 million in 2016 compared to a loss attributable to common shareholders of $8.3 million in 2015. As of Sept. 30, 2017, RiceBran had $32.90 million in total assets, $20.51 million in total liabilities and $12.39 million in total equity attributable to shareholders. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations resulting in an accumulated deficit of $260 million at Dec. 31, 2016. This factor among other things, raises substantial doubt about its ability to continue as a going concern. RUPARI HOLDING: Dec. 29 Plan Effective Date ------------------------------------------- On December 29, 2017, all conditions to the occurrence of the Effective Date set forth in the a Combined Plan and Disclosure Statement filed by Rupari Holding Corp. and Rupari Food Services, Inc. (collectively "Rupari") and the Official Committee of Unsecured Creditors with the U.S. Bankruptcy Court for the District of Delaware were satisfied or waived according to the Plan and the Effective Date of the Plan occurred. On December 14, 2017, the Bankruptcy Court entered its Findings of Fact, Conclusions of Law, and Order Approving and Confirming First Amended Joint Combined Disclosure Statement and Chapter 11 Plans of Liquidation. Under the Plan a request for payment of an Administrative Expense Claim arising on or after June 15, 2017 through the Effective Date that remains unpaid must be filed with the Clerk of the Bankruptcy Court, by no later than January 29, 2018. The Plan does not provide for the substantive consolidation of the Debtors. Claims -- other than administrative expense claims, professional fee administrative claims, priority tax claims, and statutory fees claims -- are treated as follows: * RUPARI HOLDING CORP. Type Status Under Plan Anticipated Recovery ------------------------- ----------------- ----------- Secured Claims Unimpaired 100% Other Priority Claims Unimpaired 100% General Unsecured Claims Impaired 0% Intercompany Claims Impaired 0% Equity Interests Impaired 0% * RUPARI FOOD SERVICES, INC. Type Status Under Plan Anticipated Recovery ------------------------- ----------------- ----------- Secured Claims Unimpaired 100% Other Priority Claims Unimpaired 100% General Unsecured Claims Impaired 8% Intercompany Claims Impaired 0% Existing Equity Interests Impaired 0% Payments required under the Plan shall be funded from: (a) cash held by the Debtors as of the effective date, (b) the plan contribution payments on the effective date, (c) net proceeds of avoidance actions, and (d) net recoveries resulting from the prosecution of other estate claims and causes of action. A full-text copy of the combined disclosure statement and plan dated December 11, 2017 is available at: http://bankrupt.com/misc/deb17-10793-648.pdf Rupari Holding is represented by: R. Craig Martin, Esq. Maris J. Kandestin, Esq. DLA PIPER LLP (US) 1201 N. Market Street, Suite 2100 Wilmington, DE 19801 Tel: (302) 468-5700 Fax: (302) 394-2341 Email: craig.martin@dlapiper.com maris.kandestin@dlapiper.com -- and -- Richard A. Chesley, Esq. John K. Lyons, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020 Tel: (212) 335-4500 Fax: (212) 335-4501 Email: richard.chesley@dlapiper.com john.lyons@dlapiper.com The Official Committee of Unsecured Creditors is represented by: Wojciech F. Jung, Esq. Bruce S. Nathan, Esq. Jeffrey Cohen, Esq. LOWENSTEIN SANDLER LLP 1251 Avenue of the Americas New York, NY 10020 Tel: (212) 262-6700 Fax: (212) 262-7402 Email: wjung@lowenstein.com bnathan@lowenstein.com jcohen@lowenstein.com -- and -- Christopher M. Samis, Esq. L. Katherine Good, Esq. WHITEFORD, TAYLOR & PRESTON LLP The Renaissance Center 405 North King Street, Suite 500 Wilmington, DE 19801 Tel: (302) 353-4144 Fax: (302) 661-7950 Email: csamis@wtplaw.com kgood@wtplaw.com About Rupari Holding Corp. Established in 1978, Rupari -- http://www.rupari.com/-- is a culinary supplier of sauced and unsauced ribs, barbeque pork, and BBQ chicken. Since 1978, Rupari Foods has been producing and distributing the finest, restaurant-quality, pre-cooked, sauced, bone-in proteins, and related barbeque products. The Company offers a full line of meats under the Rupari brand name, as well as a variety of products under the retail names of Tony Roma's and Butcher's Prime. The Company's products are available at large and mid-sized retailers throughout the United States and Canada. Rupari Holding Corp. and its affiliate Rupari Food Services, Inc., filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 17-10793 and 17-10794, respectively) on April 10, 2017. The petitions were signed by signed by Jack Kelly, CEO. At the time of filing, the Debtors each estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. The cases are assigned to Judge Kevin J. Carey. R. Craig Martin, Esq., Maris J. Kandestin, Esq., Richard A. Chesley, Esq., and John K. Lyons, Esq., at DLA Piper LLP (US) are serving as counsel to the Debtors. Kinetic Advisors LLC is the financial advisor. Donlin, Recano & Co., Inc., is the claims and noticing agent. Andrew R. Vara, Acting U.S. Trustee for Region 3, on April 20, 2017, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Rupari Holding Corp. The Committee tapped Lowenstein Sandler LLP as lead bankruptcy counsel, Whiteford Taylor & Preston LLC, as Delaware counsel, and CohnReznick LLP and CohnReznick Capital Market Securities, LLC, as its financial advisor and investment banker. SANDY CREEK: Bank Debt Trades at 16.62% Off ------------------------------------------- Participations in a syndicated loan under which Sandy Creek Energy Associates is a borrower traded in the secondary market at 83.38 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 2.3 percentage points from the previous week. Sandy Creek Energy Associates pays 400 basis points above LIBOR to borrow under the $1.025 billion facility. The bank loan matures on Nov. 6, 2020 and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. SBRS INC: Has Authorization to Access Cash Collateral ----------------------------------------------------- The Hon. Maureen A. Tighe of the U.S. Bankruptcy Court for the Central District of California has entered an order authorizing SBRS, Inc. to use cash collateral under 11 U.S.C. Section 363(c)(2)(B). A full-text copy of the Order is available at: http://bankrupt.com/misc/cacb17-13063-39.pdf As reported by the Troubled Company Reporter on Dec. 4, 2017, the Debtor sought authorization to use cash collateral for a period through May 30, 2018. Bank of America holds the first mortgage in the scheduled amount of $1.35 million. JP Morgan Chase Bank holds the second mortgage in the scheduled amount of $226,898. Royale Westminster Properties, Inc., holds a third position lien in the scheduled amount of $185,000. The Calabasas Park Homeowners Association holds a fourth position lien in the scheduled amount of $1,200. SBRS said additional adequate protection will include these provisions in the court order approving the use of cash collateral: 1. The Secured Creditors will receive a replacement lien against postpetition cash, accounts, receivables and inventory, and the proceeds of each of the foregoing, to the same extent and priority as any duly perfected and unavoidable liens in cash collateral held by such secured creditor as of the Petition Date, limited to the amount of any cash collateral of such secured creditor as of the Petition Date, to the extent that any cash collateral of secured creditor is actually used by the Debtor. However, the lien will not reach new assets generated from services, like collections from personal training sessions, except to the extent of the value of the member related dues paid in the generation of these services; and 2. The Debtor will provide to the Secured Creditors all interim statements and operating reports required to be submitted to the Office of the U.S. Trustee, and monthly cash flow reports, broken down by the expense line items contained in the budget, within l5 days after the end of each monthly period after the Petition Date. The Debtor contended that those provisions, coupled with the value that will be preserved and generated through the continued operation of the Debtor's business, will provide the Secured Creditors all the protection required under 11 U.S.C. Section 363. About S.B.R.S. Inc. Calabasas, California-based S.B.R.S. is in the real estate business. A foreclosure sale was scheduled on for the company's property located at 3442 Malaga Court, Calabasas, CA 91302. The company previously filed Chapter 11 cases (Bankr. C.D. Cal. Case No. 15-10657) on Feb. 10, 2015, listing $1.81 million in total assets and $1.83 million in total liabilities and on Feb. 14, 2012 (Bankr. C.D. Cal. Case No. 12-11389). S.B.R.S., Inc., again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-13063) on Nov. 16, 2017. The petition was signed by Farokh Erami, president. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Maureen Tighe presides over the case. Michael Jay Berger, Esq. at the Law Offices of Michael Jay Berger serves as its legal counsel. SERTA SIMMONS: Bank Debt Due 2023 Trades at 8.31% Off ----------------------------------------------------- Participations in a syndicated loan under which Serta Simmons Bedding LLC is a borrower traded in the secondary market at 91.69 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.52 percentage points from the previous week. Serta Simmons Bedding LLC pays 350 basis points above LIBOR to borrow under the $1.950 billion facility. The bank loan matures on Nov. 8, 2023 and Moody's B1 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. SERTA SIMMONS: Bank Debt Due 2024 Trades at 15.25% Off ------------------------------------------------------ Participations in a syndicated loan under which Serta Simmons Bedding LLC is a borrower traded in the secondary market at 84.75 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.89 percentage points from the previous week. Serta Simmons Bedding LLC pays 800 basis points above LIBOR to borrow under the $450 million facility. The bank loan matures on Nov. 8, 2024 and Moody's B3 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. SHIEKH SHOES: Wants to Obtain $5-Mil Term Loan, Use Cash -------------------------------------------------------- Shiekh Shoes, LLC, seeks interim authorization from the U.S. Bankruptcy Court for the Central District of California to obtain senior secured postpetition term loan in the principal amount of $5,000,000, and to use cash collateral to pay ordinary and necessary operating and administrative expenses pursuant to the Budget. Prepetition, the Debtor (as borrower), Karmaloop (as lender), and Comvest Capital II, L.P. (as administrative and collateral agent for itself and Karmaloop) entered that certain "Credit Agreement." Pursuant to which, Comvest Capital asserts a claim in an aggregate principal amount of $10,000,000, as of the Petition Date, which is secured by a second priority lien on substantially all of the Debtor's assets. However, the Debtor disputes the Comvest claim in its entirety At the outset of this case, State Bank was owed approximately $7,169,547 on account of its prepetition debt, secured by over $35,000,000 of inventory at cost and a second trust deed on real property in Malibu, California, owned jointly by the Debtor's principal and his brother with an estimated fair market value of $30,000,000. Although State Bank was dramatically oversecured, the State Bank DIP Facility included various "milestones" and other requirements that the Debtor has not satisfied. In response, on December 21, 2017, State Bank issued a notice of default asserting that all obligations to State Bank will now bear interest at the default rate (currently 11.50%) and reserving its rights to exercise all remedies under the State Bank DIP Facility and related loan agreement. State Bank and the Debtor have discussed the option of ongoing financing under the existing State Bank DIP Facility. To proceed, however, State Bank has advised the Debtor of various fees, limitations, and requirements -- such as the continued accrual of interest at the default rate, the posting of the Cash Collateral Guaranty, potentially severe limitations on the availability of funding for the Debtor, and the payment of a $120,000 waiver and amendment fee -- that the Debtor believes render any such continued financing unworkable or less favorable than the presently proposed Term Loan. As a result, the Debtor has determined that continued financing from State Bank on the terms expressed in discussions to date is no longer feasible or in the best interests of the Estate. Instead, the Debtor determined that it is in the best interests of the Estate to retire the State Bank Debt (which, as of January 9, 2018, is estimated to be less than $4.0 million), close the existing State Bank DIP Facility, and, in the interim, fund operations through use of cash collateral pursuant to the Budget. The Debtor provides the following key terms of the Term Loan: A. Term Lender: Anjum Shiekh, the brother of the Debtor's principal, Shiekh S. Ellahi. B. Term Loan Amount: $5,000,000. C. Interest rate at 5.25% per annum. Upon an Event of Default, the interest rate will increase to 7.25%. D. Term: Payable in full at the earlier of: (a) the first business day that is nine months after closing of the loan; (b) confirmation of a chapter 11 plan in this case; (c) conversion of the case to chapter 7; (d) dismissal of the case; or (e) appointment of a chapter 11 trustee in this case. E. Use of Proceeds and Purpose of Loan: Replacement loan to take-out the existing prepetition and postpetition claims of State Bank And Trust Company and retire the State Bank DIP Facility. Any balance of the Term Loan remaining after payment of the State Bank Debt will be used to fund operations, together with cash collateral. While State Bank may be willing to waive defaults under and amend the State Bank DIP Facility, the Debtor believes availability of funding under an amendment would be severely restricted. Moreover, the Term Loan is designed avoid the fees, accruing default interest, and other costs and charges under the existing (or amended) State Bank DIP Facility pending the Debtor’s procurement of a second plug of more substantial funding to provide additional funding for the Debtor's operations and administrative expenses. F. Collateral: Priming lien on all of the Debtor's prepetition and postpetition assets, junior only to: (a) permitted senior security interests that were valid and perfected as of the Petition Date, and (b) certain indemnification claims and related liens (if any) of State Bank until the deadline for the Committee to challenge State Bank's claim and liens set in the interim order on the State Bank DIP Facility expires, subject to the Weekly Advances, the Carve-Out and payment of U.S. Trustee Fees and allowed Professional Fees. G. Other Material Provisions of Interim Order: (a) The Term Lender will have a super-priority claim to be paid ahead of all other administrative expense claims. (b) Comvest Capital will receive adequate protection in the form of replacement liens on the Debtor's inventory, fixtures, furniture, equipment, accounts receivable, and the proceeds thereof generated or acquired by the Debtor if and to the extent that: (i) the prepetition security interest of Comvest is valid, enforceable, properly perfected, and unavoidable; and (ii) the Debtor's use of cash collateral results in diminution in the value of Comvest Capital's collateral. (e) Weekly advances will be made as follows: (i) $35,000 for fees and costs of the Debtor's bankruptcy counsel; (ii) $35,000 for fees and costs of the Debtor's financial advisor; (iii) $30,000 for the fees and costs of the Committee's bankruptcy counsel; and (iv) $30,000 for the fees and costs of the Committee's financial advisor. A full-text copy of the Debtor's Motion is available at; http://bankrupt.com/misc/cacb17-24626-276.pdf About Shiekh Shoes LLC Based in Ontario, California, Shiekh Shoes, LLC -- http://www.shiekhshoes.com/-- is a shoe retailer company with 79 locations in California, five in Nevada, 11 in Arizona, 11 in Texas, two in New Mexico, one in Oregon, six in Illinois, eight in Michigan, and five in Washington. Shiekh Shoes features brands like Shiekh, Adidas, Puma, Timberland, Converse, among others. It offers dress, casual, athletic, infant, toddler, youth, basketball, running, training, and skate shoes; slippers, sandals, wedges, pumps, boots, high heels, and sneakers; and apparel. The company was founded in 1991. Shiekh Shoes sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-24626) on Nov. 29, 2017. Shiekh E. Ellahi, its chief executive officer, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $50 million to $100 million. Judge Vincent P. Zurzolo presides over the case. The Debtor tapped SulmeyerKupetz, APC as its legal counsel; DJM Realty Services, LLC. as real estate lease consultant; and KGI Advisors, Inc. as its financial advisor. UNI-PIXEL INC: Seeks Case Conversion Into Liquidation Proceeding ---------------------------------------------------------------- BankruptcyData.com reported that Uni-Pixel filed with the U.S. Bankruptcy Court a motion to convert its Chapter 11 reorganization to a liquidation under Chapter 7. The motion explains, "Substantially all of the Debtors' assets have been sold and all remaining issues have been resolved (or set for hearing on or before the hearing on this Motion). There is no reason for the cases to remain in chapter 11, and it is in the best interests of all parties for the cases to be converted to chapter 7 so the remaining administration of the estates can be completed by a chapter 7 trustee. Further, no unusual circumstances are apparent that would demonstrate that conversion would not be in the best interests of the creditors and the estate. After the sale of the Debtors' assets, nothing remains to be reorganized. Confirming a liquidating plan of reorganization to distribute the proceeds of the sale (and any other assets) would be far more expensive than allowing a chapter 7 trustee to do so. The interests of the creditors and the estate would be best served by conversion to a liquidation case because there is no reason to continue to incur expenses associated with a chapter 11 case (e.g., preparation and filing of monthly operating reports, ongoing UST fees, etc.) when reorganization would be futile. Based on the foregoing, sufficient cause is established to necessitate conversion of the cases to chapter 7. The interests of the creditors and the estate would be best served by conversion to chapter 7 because unnecessary costs and expenses associated with a chapter 11 case would be avoided, and the Debtors' assets have been sold." The Court scheduled a January 18, 2018 hearing on the conversion motion. About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. -- http://www.unipixel.com/-- develops and markets metal mesh capacitive touch sensors for the touch-screen and flexible displays markets. The Company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The Company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch and Diamond Guard brands. Uni-Pixel, Inc., and its subsidiary Uni-Pixel Displays, Inc., filed Chapter 11 petitions (Bankr. N.D. Cal. Case Nos. 17-52100 and Case No. 17-52101) on Aug. 30, 2017. The Debtors tapped Scott H. McNutt, Esq., at McNutt Law Group LLP, as bankruptcy counsel; and Crowell & Moring LLP, as special counsel. The Official Committee of Unsecured Creditors in the Debtors' cases is represented by John William Lucas of Pachulski Stang Ziehl and Jones LLP. VERN'S AUTO: Final Cash Collateral Use Order Entered ---------------------------------------------------- Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas has entered a final order authorizing Vern's Auto Repair, LLC to use cash collateral to continue its daily operations. The Debtor may use cash collateral under the following conditions: (a) The Debtor should at all times continue to maintain, and share and otherwise preserve and protect the collateral and the post-petition collateral in accordance with RBFCU's prepetition liens. This includes but is not limited to maintaining adequate insurance on the real estate and all the equipment in the shop at all times. RBFCU, after notice and hearing, will have authority to seek to lift the stay to foreclose on the equipment in the event it becomes uninsured or inadequately assured. (b) FC Partners, LP, RBFCU and McKenzie Capital LLC are each granted continuing, replacement lien and security interest in and on all assets and proceeds of assets forming the basis of their collateral, if any, to the extent a pre-petition lien exist, in the same order and priority as currently exists. (c) As adequate protection for any postpetition diminution in the value of the collateral or the dissipation of RBFCU's cash collateral resulting from the Debtor's use thereof, Debtor will pay the sum of $1,537.10 each month to RBFCU. This payment will be due on or before 15th day of each month beginning in the month of December 2017 and continuing until the Effective Dale following confirmation of a plan of reorganization. (d) The grant of such lien and security interest is intended to protect those Creditors' liens and security interests, to the extent one exist, from diminution in value. (e) The Debtor will make no extraordinary expenditures and all expenditures will be those incurred in the ordinary course of business and be only related to payments necessary to operate the real estate owned by Debtor as shown on the budget. A full-text copy of the Final Order is available at: http://bankrupt.com/misc/txwb17-52471-31.pdf About Vern's Auto Repair Vern's Auto Repair, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-52471) on Oct. 26, 2017. Joseph D. Fontenot, its managing member, signed the petition. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. Judge Ronald B. King presides over the case. The Debtor is represented by Steven G. Cennamo, Esq. at Malaise Law Firm as its legal counsel. WCD LLC: Court Approves Cash Collateral Use Stipulation -------------------------------------------------------- The Hon. Jeff Bohm of the U.S. Bankruptcy Court for the Southern District of Texas inked his approval on the Stipulation and Interim Order entered between WCD, LLC and Pendleton Capital Group, Inc., authorizing WCD, LLC to use cash collateral to pay, as necessary, its usual and ordinary postpetition ongoing business obligations in the amount of $61,000 for 30 days as of the petition date. The prepetition liens of Pendleton in the collateral will continue as post-petition replacement liens, and Pendleton will retain its security interests and hold properly perfected first liens on the assets of the Debtor. Pendleton is granted valid, perfected and enforceable replacement security interests and liens upon the collateral to the same extent and priority as existed pre-petition without the necessity of additional filings under applicable non-bankruptcy law. The Debtor is directed to maintain adequate insurance on the collateral as required by the U.S. Trustee and without any lapse in coverage. The next cash collateral hearing will be held on January 22, 2018 at 4:00 p.m. A full-text copy of the Interim Order is available at: http://bankrupt.com/misc/txsb17-36817-12.pdf About WCD, LLC Wildcat Development -- http://www.wildcatdev.com/-- is an end-to-end technology company with teams of mechanical, electrical, and software engineers that provides an integrated and customized solutions for the energy and high-tech industries. The company's team of engineers have years of involvement and experience in prototype 3D printing, custom control systems, prototype development, schematic design, PCB design and layout, PLC & microprocessor programming, application development, SQL database design, mechanical design, and web development & integration. The company is headquartered in Spring, TX. WCD, LLC, d/b/a Wildcat Development, filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-36817) on Dec. 21, 2017. Stuart Williams, member, signed the petition. At the time of filing, the Debtor had $787,962 in total assets and $1,030,000 in total liabilities. The case is assigned to Judge Jeff Bohm. The Debtor is represented by Larry A. Vick, Esq. WESTINGHOUSE ELECTRIC: Sets Sale/Abandonment Procedures for Assets ------------------------------------------------------------------ Westinghouse Electric Co, and affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to authorize the (i) sale procedures by which they may sell property that is no longer needed in their ongoing business activities, and (ii) abandonment procedures by which they may abandon property of inconsequential value that is burdensome to their estates. A hearing on the Motion is set for Jan. 24, 2018 at 10:00 a.m. (PET). The objection deadline is Jan. 17, 2018 at 4:00 p.m. (PET). A hearing will be held to consider the Objections(s) on Jan. 24, 2018 at 11:00 a.m. (PET). Significant developments with respect to the construction of Units 2 and 3 at the Virgil C. Summer Nuclear Generating Station site ("VC Summer Project") and Units 3 and 4 at the Alvin W. Vogtle Electric Generating Plant site ("Vogtle Project") have taken place during these Chapter 11 Cases. The Debtors have transitioned their role at the Vogtle Project from an engineering, procurement, and construction role to an engineering, procurement, and constructionsupport services arrangement, while the construction of the VC Summer Project ceased on July 31, 2017. As a result of these developments, the Debtors rejected over 4,500 executory contracts related to the Projects, and certain personal property owned by Westinghouse is no longer needed by the Debtors. As part of its VC Summer Project wind-down efforts and Vogtle Project transition, Westinghouse has been exploring and pursing opportunities to repurpose and sell such property in order to recover value for its estates. The property the Debtors are asking authority to sell pursuant to the Auction Motion does not comprise all of the property related to the Projects that they may seek to dispose of during these chapter 11 cases. Westinghouse owns additional property of relatively immaterial value that is no longer needed for the Projects, but for which a public auction was not the best platform for their disposition. Instead, it anticipates that it may ask in the future to repurpose such property internally to other parts of its operations, or sell such property by private sale. Further, there may be other miscellaneous property of immaterial value unrelated to the Projects that is no longer needed in their operations, which they may ask to sell outside the ordinary course of business. Requiring a motion to approve every such transaction identified would be administratively burdensome for the Court and costly for the Debtors' estates. Accordingly, Westinghouse asks approval of procedures that would allow it to sell or abandon property where it would be beneficial to their estates to do so. The proposed procedures provide for notice and information regarding proposed dispositions to interested parties, and represent an efficient and cost-effective means to ask Court approval for transactions that will permit the continued orderly wind-down of Westinghouse's involvement in the VC Summer Project, as well as allow Westinghouse to efficiently sell or abandon other property that is burdensome, unnecessary, or of relatively immaterial value to their estates. Accordingly, the Debtors propose to sell certain property for the highest and best offer received, taking into consideration the exigencies and circumstances in each such sale or transfer, using their proposed Sale Procedures. The salient terms of the Sale Procedures are: a. Non-Noticed Sales: For property that has a fair market value less than $1 million, and is proposed to be sold in a transaction, or in a series of related transactions: i. Sale Free and Clear: Any such sale of property will be free and clear of all liens, claims, and encumbrances, with such Liens attaching only to the sale proceeds. ii. Within 30 days of each quarterly period, commencing with the period ending March 31, 2018, the Debtors will file with the Court a report summarizing any Non-Noticed Sales that were completed pursuant to the Sale Procedures during the immediately preceding quarter, and serve it on all Notice Parties. b. Noticed Asset Sales: For property that has a fair market value equal to or greater than $1 million, and less than or equal to $5 million, and is proposed to be sold in a transaction, or in a series of related transactions: i. Sale Free and Clear: Any such sale of property will be free and clear of all liens, claims, and encumbrances, with such Liens attaching only to the sale proceeds. ii. Sale Notice: The Debtors shall, at least seven days prior to closing such sale or effectuating such transfer, serve a written notice of such sale to the Notice Parties. iii. Objection Procedures: The parties objecting to a Sale Notice must file and serve a written objection no later than five calendar days after the date the Debtors serve the relevant Sale Notice. iv. No Objection: If no objection to a Sale Notice is timely filed by any of the Notice Parties within five calendar days of service of such Sale Notice, the Debtors are authorized to immediately consummate such transaction. c. Sale Pursuant to Motion: For property that has a fair market value greater than $5 million, and is proposed to be sold in a transaction, or in a series of related transactions, the Debtors will seek authority to sell such property pursuant to a motion and in accordance with the Bankruptcy Code, Bankruptcy Rules, and Local Rules. The Debtors submit that the sale of property pursuant to the Sale Procedures is both an exercise of sound business judgment and in the best interests of the estates and their creditors. Selling property in the manner proposed herein is the most efficient and cost-effective means of maximizing value. To the extent the Debtors are unable to find purchasers for certain personal property, or the sale of particular personal property is uneconomical, the Debtors ask authority to abandon such property pursuant to the Abandonment Procedures. The salient terms of the Abandonment Procedures are: a. Non-Noticed Abandonment: For property that the Debtors believe has a book value on their books and records or acquisition cost (as applicable) on the property of less than or equal to $500,000: i. Business Judgment Standard: The Debtors are authorized to abandon such property if they determine in the reasonable exercise of their business judgment that such abandonment is in the best interest of their estates, without further order of the Court or notice to any party. ii. Abandonment Reports: Within 30 days of each quarterly period, commencing with the period ending March 31, 2018, the Debtors will file with the Court a report summarizing any non-noticed abandonments that were completed pursuant to the Abandonment Procedures during the immediately preceding quarter, and serve it on the Notice Parties. With respect to each applicable abandonment, and in compliance with Rule 6007- 1 of the Local Bankruptcy Rules for the Southern District of New York, each Quarterly Report will include: (a) identification of the property being abandoned and its location; (b) a summary of the reasons for abandoning such Assets, and (c) the entity to whom the property is proposed to be abandoned, if any. b. Noticed Abandonment: For property that the Debtors believe has a book value on their books and records or acquisition cost (as applicable) of greater than $500,000: i. Abandonment Notice: The Debtors shall, at least five calendar days prior to abandoning such property, serve a written notice of such abandonment to the Notice Parties. ii. Objection Procedures: Parties objecting to an Abandonment Notice must file no later than five calendar days after the date the Debtors serve the relevant Abandonment Notice. iii. No Objection: If no objection to an Abandonment Notice is timely filed by any of the Notice Parties within five calendar days of service of such Abandonment Notice, the Debtors are authorized to immediately abandon the relevant property. iv. Unresolved Objections: If a timely objection is filed and not withdrawn or resolved, the Debtors will file a notice of hearing to consider the unresolved objection. The Debtors respectfully submit that the proposed Abandonment Procedures represent the exercise of sound business judgment, are fair and appropriate, and balance the need for an expeditious reduction of burdensome costs to their estates with the provision of advance notice of proposed dispositions of property. The Debtors ask a waiver of the notice requirements under Bankruptcy Rule 6004(a) and the 14- day stay of an order authorizing the use, sale, or lease of property under Bankruptcy Rule 6004(h). About Westinghouse Electric Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S.-based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, the Debtors' chief transition and development officer. The Debtors disclosed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The Hon. Michael E. Wiles presides over the cases. Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The Debtors hired AlixPartners LLP as financial advisor; PJT Partners Inc. as investment banker; Kurtzman Carson Consultants LLC as claims and noticing agent; K&L Gates as special counsel; and KPMG LLP as tax consultant and accounting and financial reporting advisor. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. On April 7, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Proskauer Rose LLP is the committee's bankruptcy counsel, and Houlihan Lokey Capital, Inc., serves as its investment banker. The Board of Directors of Westinghouse appointed a special panel called the U.S. AP1000 Committee to oversee the company's activities related to certain AP1000 nuclear plants located in Georgia and South Carolina. WINDSTREAM CORP: Bank Debt Due 2021 Trades at 7.17% Off ------------------------------------------------------- Participations in a 2021 syndicated loan under which Windstream Corp is a borrower traded in the secondary market at 92.83 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.07 percentage points from the previous week. Windstream Corp pays 425 basis points above LIBOR to borrow under the $747 million facility. The bank loan matures on Mar. 29, 2021 and Moody's B2 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. WINDSTREAM CORP: Bank Debt Due 2024 Trades at 10.50% Off -------------------------------------------------------- Participations in a syndicated loan under which Windstream Corp is a borrower traded in the secondary market at 89.50 cents-on-the-dollar during the week ended Friday, December 22, 2017, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.85 percentage points from the previous week. Windstream Corp pays 325 basis points above LIBOR to borrow under the $580 million facility. The bank loan matures on Feb. 17, 2024 and Moody's B2 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended December 22. [^] BOOK REVIEW: Landmarks in Medicine -- Laity Lectures -------------------------------------------------------- Introduction by James Alexander Miller, M.D. Publisher: Beard Books Softcover: 355 pages List Price: $34.95 Review by Henry Berry Order your own personal copy today at http://bit.ly/1sTKOm6 As the subtitle points out, the seven lectures reproduced in this collection are meant especially for general readers with an interest in medicine, including its history and the cultural context it works within. James Miller, president of the New York Academy of Medicine which sponsored the lectures, states in his brief "Introduction" that this leading medical organization "has long recognized as an obligation the interpretation of the progress of medical knowledge to the public." The lectures collected here succeed admirably in fulfilling this obligation. The authors are all doctors, most specialists in different areas of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within the Memory of Man," is a consulting roentgenologist at New York's Fifth Avenue Hospital. Harrison Stanford Martland is a professor of forensic medicine at New York University College of Medicine. Many readers will undoubtedly find his lecture titled "Dr. Watson and Mr. Sherlock Holmes" the most engrossing one. Other doctor- authors are more involved in academic areas of medicine and teaching. Reginald Burbank is the chairman of the Section of Historical and Cultural Medicine at the New York Academy of Medicine. He lectured on "Medicine and the Progress of Civilization." Raymond Pearl, whose selection is "The Search for Longevity," is a professor of biology at Johns Hopkins University. The authors' high professional standing and involvement in specialized areas do not get in the way of their aim to speak to a general audience. They are all skilled writers and effective communicators. As the titles of some of the lectures noted in the previous paragraph indicate, the seven selections of "Landmarks in Medicine" focus on the human-interest side of medicine rather than the scientific or technological. Even the two with titles which seem to suggest concern with technical aspects of medicine show when read to take up the human-interest nature of these topics. "The Meaning of Medical Research", by Dr. Alfred E. Cohn of the Rockefeller Institute for Medical Research, is not so much about methods, techniques, and equipment of medical research, but is mostly about the interinvolvement of medical research, the perennial concern of individuals with keeping and recovering good health, and social concerns and pressures of the day. "The meaning of medical research must regard these various social and personal aspects," Cohn writes. In this essay, the doctor does answer the questions of what is studied in medical research and how it is studied. And he answers the related question of who does the research. But his discussion of these questions leads to the final and most significant question "for what reason does the study take place?" His answer is "to understand the mechanisms at play and to be concerned with their alleviation and cure." By "mechanisms," Cohn means the natural--i. e., biological--causes of disease and illness. The lay person may take it for granted that medical research is always principally concerned with finding cures for medical problems. But as Cohn goes into in part of his lecture, competition for government grants or professional or public notoriety, the lure of novel experimentation, or research mainly to justify a university or government agency can, and often do, distract medical researchers and their associates from what Cohn specifies should be the constant purpose of medical research. Such purpose gives medicine meaning to humankind. The second lecture with a title sounding as if it might be about a technical feature of medicine, "X-ray Within the Memory of Man," is a historical perspective on the beginnings of the use of x-ray in medicine. Its author Lewis Cole was a pioneer in the development of x-rays in the late 1800s and early 1900s. He mostly talks about the development of x-ray within his memory. In doing so, he also covers the work of other pioneers, notably William Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist" who discovered x-rays almost by accident and at first resented the application of his discovery to practical uses such as medical diagnosis. Edison, the prodigious inventor who was interested only in the practical application of scientific discoveries, and his co-worker Clarence Dally enthusiastically investigated the practical possibilities of the discoveries in the new field of radiation. Dally became so committed to his work in this field that he shortly developed an illness and died. At the time, no on knew about the dangers of prolonged exposure to x-rays. But sensing some connection between his co-worker's untimely death and his work with x-rays, Edison stopped his own investigations. Cole himself became involved in work with x-rays during his internship at Roosevelt Hospital in New York City in 1898 and 1899. His contribution to this important field was in the area of interpretation of what were at the time primitive x-rays and diagnosis of ailments such as tuberculosis and kidney stones. Cole writes in such a way that the reader feels she or he is right with him in the steps he makes in improving the use of x-rays. He adds drama and human interest to the origins of this important medical technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses the popular mystery stories of Arthur Conan Doyle to explore the role of medicine in solving crimes, particularly murder. In some cases, medical tests are required to figure out if a crime was even committed. This lecture in particular demonstrates the fundamental role played by medicine in nearly all major areas of society throughout history. The seven collected lectures have broad appeal. All of them are informative and educational in an engaging way. Each is on an always interesting topic taken up by a professional in the field of medicine obviously skilled in communicating to the general reader. The authors seem almost mind readers in picking out the most fascinating aspects of their subjects which will appeal to the lay readers who are their intended audience. While meant mainly for lay persons, the lectures will appeal as well to doctors, nurses, and other professionals in the field of medicine for putting their work in a broader social context and bringing more clearly to mind the interests, as well as the stake, of the public in medicine. ********* 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 2018. 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 ***